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Brian Boyer Bliss (ur. 28 września 1965 w Webster) – były amerykański piłkarz występujący na pozycji obrońcy. Trener piłkarski.

Kariera klubowa
Bliss karierę rozpoczynał w 1983 roku w drużynie piłkarskiej z uczelni Southern Connecticut State University. W 1987 poprzez draft trafił do futsalowej ekipy Cleveland Force, grającego w MISL. W 1989 roku grał dla drużyny Albany Capitals, a rok później dla Boston Bolts. Oba kluby występowały wówczas w American Soccer League.

W 1990 roku Bliss odszedł do enerdowskiego Energie Cottbus z NOFV-Oberligi. Rozegrał tam 13 ligowych spotkań i strzelił jednego gola. W 1991 roku, po zjednoczeniu Niemiec został zawodnikiem zespołu Chemnitzer FC z 2. Bundesliga Süd. W tych rozgrywkach zadebiutował 24 lipca 1991 roku w zremisowanym 0:0 pojedynku z 1. FSV Mainz 05. Przez rok wystąpił tam w 12 ligowych meczach.

W 1992 roku podpisał kontrakt z FC Carl Zeiss Jena, również z 2. Bundesligi. W 1994 roku spadł z zespołem do Regionalligi Nordost, ale po roku powrócił z nim do 2. Bundesligi. W Carl Zeiss Jenie spędził jeszcze rok.

W 1996 roku Bliss wrócił do Stanów Zjednoczonych, gdzie podpisał kontrakt z Columbus Crew, grającym w nowo powstałej lidze MLS. Występował tam przez 1,5 roku, a potem odszedł do MetroStars. Sezon 1998 spędził w Kansas City Wizards, a po jego zakończeniu zakończył karierę.

Kariera reprezentacyjna
W reprezentacji Stanów Zjednoczonych Bliss zadebiutował 2 grudnia 1984 w zremisowanym 2:2 towarzyskim meczu z Ekwadorem. W 1988 roku był uczestnikiem Letnich Igrzyska Olimpijskich, z których jego drużyna odpadła po fazie grupowej.

W 1990 roku został powołany do kadry na Mistrzostwa Świata. Zagrał na nich w meczu fazy grupowej z Austrią (1:2), kiedy w 70. minucie spotkania wszedł na boisko w miejsce Paula Caligiuriego. Stany Zjednoczone odpadły z tamtego turnieju po fazie grupowej. W drużynie narodowej Bliss grał do 1995 roku. W sumie rozegrał w niej 44 spotkania i zdobył 2 bramki.

Bibliografia

Reprezentanci Stanów Zjednoczonych w piłce nożnej
Amerykańscy trenerzy piłkarscy
Piłkarze Energie Cottbus
Piłkarze Chemnitzer FC
Piłkarze FC Carl Zeiss Jena
Piłkarze Columbus Crew
Piłkarze New York Red Bulls
Piłkarze Sportingu Kansas City
Uczestnicy Mistrzostw Świata w Piłce Nożnej 1990
Urodzeni w 1965


The Grand Opera House is the oldest running theater in Wisconsin. We invite you to take in a little bit of history in this intimate setting along with dinner before or after the show.
Enjoy any show and dinner at Gardina's on Main Street. Both are within walking distance from the inn.
(best seats available) and a $25.00 gift certificate to Gardina's or place of your choice.
call the Grand first to find the best seats available for the show you are requesting.


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The minutes from the IPCH Sport Congress 2018 in Lignano, has just been released.
Besides the representatives from the IPCH Sport Executive Committee, there were delegates from Australia, Belgium, Czech Republic, Denmark, Finland, Germany, Italy, Switzerland and the Netherlands.
Read all about what was discussed at the Sport Congress, right here.
No Replies to "SPORT CONGRESS 2018 MINUTES"


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The View Masters
Gutter Trash Podcasting Network
Tag: animated
Episode 310: Guillermo del Toro's Pinnochio
Filed under Movies, Podcast, The View Masters
Recorded Dec 22, 2022 xxx – From IMDB Email Eric or Joe. Time – 47:43 min. / File Size – 34mb Subscribe via RSS Subscribe via iTunes
animated, animation, Cate Blanchett, children's movie, Christoph Walz, Comedy, drama, fantasy, Guillermo del Toro, Guillermo del Toro's Pinnochio, kids movie, Mark Gustafson, Movie, movie review, movie reviews, Netflix, Pinnochio, puppets, review, Ron Perlman, stop-motion, The View Masters, Tilda Swinton, View Masters
Episode 308: G.I. Joe – The Movie
Recorded Dec 08, 2022 The heroic G.I. Joe action force must oppose the ruthless Cobra organization that has secretly allied with a subterranean reptilian people who were their founders. – From IMDB Email Eric or Joe. Time – 66:35 min. / File Size – 48mb Subscribe via RSS Subscribe via iTunes
animated, animation, Burgess Meredith, cartoon, Cobra, Don Johnson, G.I. Joe, G.I. Joe: The Movie, Movie, movie review, movie reviews, review, Sgt. Slaughter, The View Masters, View Masters
Episode 307: The Adventures of Tintin
Recorded Dec 01, 2022 Intrepid reporter Tintin and Captain Haddock set off on a treasure hunt for a sunken ship commanded by Haddock's ancestor. – From IMDB Email Eric or Joe. Time – 54:40 min. / File Size – 39mb Subscribe via RSS Subscribe via iTunes
Action, adventure, Adventures of Tintin, Andy Serkis, animated, animation, Comedy, Daniel Craig, Jamie Bell, Movie, movie review, movie reviews, Nick Frost, Peter Jackson, review, Simon Pegg, Steven Spielberg, The View Masters, Tintin, View Masters
Episode 291: Teen Titans Go! vs. Teen Titans
Filed under League Night, Movies, Podcast, The View Masters
Recorded March 3, 2022 The comedic Teen Titans of Teen Titans Go. Take on their serious counterparts when villains from each of their worlds team up to pit the two Titan teams against each other. – From IMDB Email Eric or Joe. Time – 56:17 min. / File Size – 40mb Subscribe via RSS Subscribe …
Action, animated, animation, Beast Boy, cartoon, Changeling, Comedy, Cyborg, Dan Hipp, DC Comics, HBO Max, Movie, movie review, movie reviews, Raven, review, Robin, sci-fi, Starfire, Superhero, Superheroes, Teen Titans, Teen Titans Go!, Teen Titans Go! vs. Teen Titans, The View Masters, View Masters
Episode 265: The Mitchells vs. The Machines
Recorded July 1, 2021 A quirky, dysfunctional family's road trip is upended when they find themselves in the middle of the robot apocalypse and suddenly become humanity's unlikeliest last hope. – From IMDB Email Eric or Joe. Time – 48:01 min. / File Size – 34mb Subscribe via RSS Subscribe via iTunes
Abbi Jacobson, Action, Alex Hirsch, animated, animation, apocalypse, cartoon, Comedy, Danny McBride, Doug the Pug, family, Jeff Rowe, Maya Rudolph, Michael Rianda, Monchi, Movie, movie review, movie reviews, Netflix, review, robots, sci-fi, The Mitchells vs. The Machines, The View Masters, View Masters
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redpajama_set_name: RedPajamaCommonCrawl


I loved his speech! Because I knew just what he meant – it is work, the best kind of work! What would you rather work at? I could tell Jennifer got it too. Made me really love them.
That is just how I felt! I also thought the "10 Christmases" line was probably a reference to some inside joke or tender moment between them, which I loved as well. They really seem to have a genuine commitment to each other.
Yes! We all have those and I'm sure she totally understood. It was perfect!
I love this and you said it so well. I didn't watch the Oscars because I've resigned that I'll be in bed by 9 pm every night that is possible. But I've always loved that Ben A and Jen A seem like real people with a real marriage and a real life. I love that they're only so glamorous and personally I get tired of all the fake glamour of some couples. They can hide it all they want, but deep down, their just like us.
Thank you, Kelly! I've really gotten to like them as well. They seem to be as "real" as Hollywood couples can be.
A really great post – honest and very, very well-written. Today I somewhat guiltily read an article about Affleck 'clarifying' his remarks (I like to think that I'm above such Hollywood tittletattle, but there it is), but I thought they needed no clarification. You've put the case beautifully.
Thank you so very much! I confess that I, too, sometimes like to snack on some of the gossip — just a taste!
Beautiful, thought provoking post. I've thought a lot about marriage of late, and I decided that CONTENT is not a dirty word.
I agree completely! When I was younger, I had different impressions of marriage. But now, I know that a comfortable, contented union is the best kind. Thanks for reading!
I only heard about the marriage being hard work bit (we don't have the right channels to get the Oscar coverage. But he's right…it does take hard work. Some days are so hard that I want to curl up in the closet and cry and hope that no one finds me (at least til I've given myself a talking to!).
Other days are sunshine and lollipops and are really good. It takes team work because its you & husband/wife against the world some days and you've gotta be a team to defend your home or kids for example.


Thirteen Costa Rican high school students wrapped up a three-week visit this week in the northwest suburbs.
The lesson they left behind was the same one they took home: Despite differences in language and culture, teenagers are a lot alike.
"We have a lot in common," said 15 year-old Pete Manno, a sophomore from Hoffman Estates whose family hosted 16 year-old Jessica Mavarro. "She just speaks a different language."
During their stay, the Costa Ricans stayed with Conant High School families and visited several Chicago tourist spots, like the Sears Tower, the Hard Rock Cafe and Navy Pier. They also spent each weekday attending classes with their American counterparts.
"In Costa Rica, all the students stay with the same classroom all day," said Mavarro, who found it interesting that Conant students switch classes for various subjects. "Here, they have different classmates in each lesson. I liked it."
Rodolfo Leon, an 18 year-old who is about to enter college, said he enjoyed the country because it is more liberal than his own.
"Discussions here are more open," he said.
Mavarro said she, too, enjoyed expressing herself with clothing and jewelry.
"In Costa Rica, you cannot paint your nails, boys cannot wear earrings, and we have to wear uniforms in school," she said.
Students from Conant High School will visit Costa Rica in July, according to Conant's foreign exchange coordinator, Kathy Schneider.
"We have three programs every year," she explained. "The Germans come in the fall, Costa Ricans in the winter and French come in the spring."


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Air Force Wants to Add 4,700 Airmen; Buy More F-35s, Drones
Airmen group huddle at the conclusion of the Police Week Memorial 5K Ruck March at Yokota Air Base, Japan, May 15, 2017. (Air Force photo/Donald Hudson)
Military.com | By Oriana Pawlyk
The Air Force wants to add 4,700 airmen to its ranks, as well as purchase more F-35 Joint Strike Fighters, MQ-9 Reaper drones, the latest KC-46 tankers and a slew of weapons, according to its fiscal 2019 budget request.
The service is requesting $194.1 billion, including war funding -- a 14 percent increase from the previous request, for more personnel; operations and maintenance; and research and development, among other accounts.
Troops Would Get 2.6% Pay Raise in 2019 Under Trump Budget
To Make Way for Future Bomber, AF Plans to Retire B-1, B-2 in 2030s
Air Force Wants 350K Airmen by 2024
The request would increase the size of the active-duty end strength to just over 329,100 airmen, an increase of 4,000 airmen over the previous year, according to the documents. The Air National Guard is requesting another 500 airmen; the Air Force Reserve wants another 200 airmen.
"We continue to focus on addressing gaps in critical career fields to include intelligence, surveillance and reconnaissance; remotely piloted aircraft; and cyber career fields," the budget request states. That includes ramping up training pipelines for those career fields, it added.
1K New Pilots
The service also seeks more active-duty pilots to combat its ongoing pilot shortage.
"The FY 2019 Active Air Force budget supports production of 989 new pilots and funds 883,748 flying hours while sustaining a fleet of 4,051 aircraft," the document states.
More F-35s, MQ-9s, KC-46s
The service intends to buy 48 F-35A Joint Strike Fighters, a small but steady increase as more F-35s roll off the Lockheed Martin production line.
As drone operations increase and MQ-1 Predators hit the boneyard, the service wants to beef up its Reaper fleet with 13 new drones.
It will also purchase 15 more KC-46 Pegasus refueling tankers, on par with last year's request.
Billions for B-21 Research
In its research and development request, the main focus is on the B-21 Long Range Strike Bomber program. The Air Force is requesting $2.3 billion for modernization efforts, a boost of more than $300 million.
The service also hopes to boost its weapons buying program for multiple aircraft involved in the fight against the Islamic State in Iraq and Syria, as it sees an increasing number of missions in Afghanistan.
Thousands More JDAMs, Hellfires
The Air Force wants 36,000 Joint Direct Attack Munitions, an increase of more than 8,000 new weapons in its quest to build up the precision-guided munition line.
It also intends to buy 4,338 AGM-114 Hellfire missiles, likely to coincide with the MQ-9 increase.
-- Oriana Pawlyk can be reached at oriana.pawlyk@military.com. Follow her on Twitter at @Oriana0214.
Related Topics: Military Headlines Budget Air Force Topics Gear and Equipment Drones F-35 Lightning II - Joint Strike Fighter


The ship Young Teazer exploded and sank in 1813 here in Mahone Bay, and since then folks have reported a burning phantom ship with ghostly crewmen running about on the deck, aflame. The reports seem to come most often near the anniversary of the ship's sinking: June 17. The site has been featured on Creepy Canada.


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<?php

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require_once '../code.php';

class FibonacciTest extends PHPUnit_Framework_TestCase
{

	function __construct() {
			        }

	public function test_find_factors()
    {
		$this->assertEquals( expected, actual,  "ERROR message" );
	}
}

?>

redpajama_set_name: RedPajamaGithub


To delete your FieldLevel account, please send an email to support@fieldlevel.com and be sure to include the name and the email address of the account you would like to delete.
If you have multiple profiles and are looking to merge them into one, please contact us at support@fieldlevel.com and let us know the name and the email addresses you would like merged into one.
Athletes who have committed and/or graduated should mark themselves as alumni. Coaches who have moved to new organizations can change teams while preserving their data and contacts.


White - the colour of snow, marzipan, and this reusable Advent calendar! Tuck 24 gift bags behind the elastic strings and bring joy to your loved ones 24 days before Christmas.
The Advent calendar is made from a sturdy multiplex base with a mushroom-coloured linoleum surface. The strings are pulled through the holes and tied down tight at the back of the calendar. It can be easily mounted with two screws (landscape or portrait).


text:
Research letter
Melioidosis in Far North Queensland is not correlated with severe weather events
James D Stewart, Simon Smith and Josh Hanson
Med J Aust 2017; 207 (9): 394. || doi: 10.5694/mja16.01332
Published online: 6 November 2017
Melioidosis is an opportunistic tropical infection caused by the environmental bacterium Burkholderia pseudomallei. In northern Australia, most patients present with the disease during the wet season, when heavy rainfall increases the B. pseudomallei load in the top soil.1 An increase in the number of pneumonic presentations has been noted after cyclones and tropical storms;2 it has been proposed that heavy rainfall during severe weather events increases the environmental load of B. pseudomallei, while the associated high winds aerosolise the organism, increasing the risk of inhalation and, in susceptible hosts, disease.1 As the frequency of severe weather events is predicted to increase as a result of global climate change, some authors have warned of a potential rise in the burden of melioidosis.3
More than 280 000 people live in Far North Queensland (FNQ), an area where severe weather events are common and the incidence of melioidosis is among the highest in the world.4 The Queensland electronic laboratory database (AUSLAB) was established in January 1997. Between this time and December 2016, 197 microbiologically confirmed cases of melioidosis in FNQ were registered; they were categorised as being associated with a severe weather event if they occurred within 21 days and 150 kilometres of a tropical cyclone.2 During this 20-year study period, 37 tropical cyclones made landfall or passed within 150 kilometres of the FNQ coastline (online Appendix). There was no consistent association between these severe weather events and the incidence of melioidosis; ten cases of the disease (5% of all melioidosis cases) were associated with a tropical cyclone, of which only seven (4%) included pulmonary symptoms (Box). The significance of even these low numbers is confounded by the fact that the cyclone season coincides with the December–April wet season, when most melioidosis cases are reported (154 of the 197 cases [78%] between 1997 and 2016).
While the population density in some parts of FNQ is relatively low, this does not explain our findings. Most tropical cyclones passed through populated areas, and two of the largest ever recorded in Australia (Yasi and Larry) passed through the Cassowary Coast region, which has more than 30 000 residents. Further, no cases were associated with the three tropical cyclones that affected the Torres Strait region, where the incidence of melioidosis is particularly high.4
Even when a correlation between severe weather events and melioidosis has been reported, it has concerned only a minority of cases; in one Northern Territory report, only two of 13 severe weather events were associated with an increase in case numbers,2 suggesting that other environmental factors are more important for explaining variations in the incidence of melioidosis. The strong association with the wet season highlights the significance of rainfall, but other factors include the timing of the rainfall, the physico-chemical properties of the local soil, and fluctuations in the dewpoint and groundwater levels.1,3,5 Improving understanding of these more subtle factors may help clinicians predict the temporo-spatial epidemiology of the disease more reliably.
Box – Annual incidence of melioidosis and cyclones in Far North Queensland
Received 21 November 2016, accepted 6 January 2017
James D Stewart1
Simon Smith2
Josh Hanson2,3
1 Princess Alexandra Hospital, Brisbane, QLD
2 Cairns Hospital, Cairns, QLD
3 Menzies School of Health Research, Darwin, NT
Correspondence: jim.d.stewart@outlook.com
1. Cheng AC, Currie BJ. Melioidosis: epidemiology, pathophysiology, and management. Clin Microbiol Rev 2005; 18: 383-416.
2. Cheng AC, Jacups SP, Gal D, et al. Extreme weather events and environmental contamination are associated with case-clusters of melioidosis in the Northern Territory of Australia. Int J Epidemiol 2006; 35: 323-329.
3. Kaestli M, Grist EP, Ward L, et al. The association of melioidosis with climatic factors in Darwin, Australia: a 23-year time-series analysis. J Infect 2016; 72: 687-697.
4. Faa AG, Holt PJ. Melioidosis in the Torres Strait islands of far North Queensland. Commun Dis Intell Q Rep 2002; 26: 279-283.
5. Hantrakun V, Rongkard P, Oyuchua M, et al. Soil nutrient depletion is associated with the presence of Burkholderia pseudomallei. Appl Environ Microbiol 2016; 82: 7086-7092.


text:
J.P. Johnson
J.P. Johnson | Oil on Board | 22.6" x 19.8"
In 1985, at the age of 27, I was commissioned to paint a large mural for the Vista International Hotel in downtown Kansas City. That mural is still in place at the 12th Street Rag Bar located in what is now the Kansas City Marriott Downtown. The mural measures 4' x 140' and wraps around the ceiling, depicting some of the most well-known Jazz musicians of all time. This study was done as part of that project.
J.P. Johnson was an American pianist and composer. A pioneer of stride piano, he was one of the most important pianists in the early era of recording and one of the key figures in the evolution of ragtime… which eventually came to be known as jazz. Johnson was a major influence on artists like Count Basie, Duke Ellington, Art Tatum, and Fats Waller, who was his student.
Johnson composed many hit songs, including the unofficial anthem of the Roaring Twenties, "The Charleston," and he remained the acknowledged king of New York jazz pianists through most of the 1930s. Johnson's artistry, influence on early popular music, and contributions to musical theatre are often overlooked, and as such, he has been referred to by many as "The Invisible Pianist."
Inquiry About J.P. Johnson


text:
Edited Transcript of VNE.N earnings conference call or presentation 25-Oct-18 1:00pm GMT
Thomson Reuters StreetEvents• October 31, 2018
Q3 2018 Veoneer Inc Earnings Call
Oct 31, 2018 (Thomson StreetEvents) -- Edited Transcript of Veoneer Inc earnings conference call or presentation Thursday, October 25, 2018 at 1:00:00pm GMT
* Jan Carlson
Veoneer, Inc. - Chairman, President & CEO
* Mathias Hermansson
Veoneer, Inc. - CFO & Executive VP of Financial Affairs
* Thomas Jönsson
Veoneer, Inc. - EVP of Communications & IR
* Agnieszka Vilela
Nordea Markets, Research Division - Research Analyst
* Ashik Kurian
Jefferies LLC, Research Division - Equity Analyst
* Brian Arthur Johnson
Barclays Bank PLC, Research Division - MD & Senior Equity Analyst
* Christopher Patrick McNally
Evercore ISI Institutional Equities, Research Division - MD
* Daniel V. Galves
Wolfe Research, LLC - Director of Equity Research & Senior Analyst
* David Jon Leiker
Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst
* Erik Golrang
* Hampus Engellau
Handelsbanken Capital Markets AB, Research Division - Automotive Analyst
* Joachim Gunell
DNB Markets, Research Division - Junior Analyst
* Joseph Jerome Heidt
RBC Capital Markets, LLC, Research Division - Associate
* Victoria Anne Greer
Morgan Stanley, Research Division - VP
* Vijay Raghavan Rakesh
Mizuho Securities USA LLC, Research Division - MD of Americas Research & Senior Semiconductor Analyst
Good day, and welcome to the Veoneer Q3 2018 Earnings Presentation. Today's conference is being recorded. At this time, I would like to turn the conference over to Thomas Jönsson. Please go ahead, sir.
Thomas Jönsson, Veoneer, Inc. - EVP of Communications & IR [2]
Thank you very much, Audra. And welcome, everyone, to our third quarter 2018 earnings presentation. Here at Stockholm, we have our Chairman, President and CEO, Jan Carlson; our Chief Financial Officer, Mathias Hermansson; and myself, Thomas Jönsson, Communications and IR.
During today's earnings call, our CEO will comment on the third quarter result, the progress we're making in Veoneer, particularly around order intake and also some commentary on our progress towards our mid- and long-term targets. After this, our CFO will look on our financial results and provide some commentary on the short term.
Then we will remain online for Q&A session. And of course, slides are available through a link on the homepage of our corporate website. So if we turn the page, we have the safe harbor statement, which is an integrated part of this presentation, includes Q&A that follows. During the presentation, we will reference some non-U. S. GAAP measures, and reconciliations of these figures are disclosed in quarterly press release and the 10-Q that will be filed with the SEC. We intend to conclude this call at 4:00 p.m., so I would ask kindly everybody to limit themselves to 2 questions. And with that, I will now turn the microphone over to our CEO, Jan Carlson. Jan, please.
Jan Carlson, Veoneer, Inc. - Chairman, President & CEO [3]
Thank you, Thomas. Welcome everybody to today's call. Before we get started today, I would like to thank the entire Veoneer team for great support and dedication during the third quarter to get our company up and running while we, at the same time, make significant progress with our customers and order intake.
Looking to our business environment, we see some near-term macro and other headwinds. As we have said before, despite our company's strong growth prospects, we are not immune to fluctuations in the underlying vehicle production as we saw during third quarter. The WLTP effect in Western Europe as well as the negative development of light vehicle sales and production in China and the uncertainty around the U.S. SAAR are creating a drag on the near-term light vehicle production, which could also continue into the first half of 2019. All of these currency fluctuations mainly related to the strengthening U.S. dollar are affecting our sales and financial results during the second half of this year.
Looking a little further to the medium term, we see some start of production delays and slower ramp-ups impacting 2019 through 2021 as we need to complete the engineering and launch readiness, even if the sales will take a little longer to materialize. Despite these challenges, we still see a very optimistic future for Veoneer with strong long-term revenue growth and profitability.
Looking now to our customer progress on the next slide. We are very pleased with our customer progress since our Investor Day at the end of May and beginning of June. Our strong order intake through the end of the third quarter is roughly $1.1 billion on a trailing 12-month average sales basis. This is equivalent to around $5.5 billion in lifetime contracts over the last 12 months. As illustrated by the written text on the table, over the last 4 months, we have increased our customer penetration significantly in all product areas with an exception of LiDAR. In summary, we have added 9 new customers to the Bid List, 3 additional customers have become technically qualified and taking orders with 3 new customers, including the 2 we mentioned on our last earnings call.
These pursuit activities have resulted in our second Driver Monitoring customer, our sixth Vision customer and our fourth ADAS ECU customer, which in this instance includes a Robo-taxi application. And lastly, we are very satisfied to now secured our third Brake System contracts with the Detroit-based OEM. These all seem to point to a strong, relevant and competitive product portfolio.
Looking now on the next page. Our order intake momentum has continued into October at a strong pace. During the first 3 weeks of October, our order intake has stepped up to more than $1.3 billion average annual sales over the last 12 months. This is the result of additional business wins with existing customers in both Mono and Stereo vision, Radar, RoadScape, ADAS ECUs and Restraint Control Systems. And additionally, we are satisfied to have secured our feature first software-only award with a premium OEM, which reinforces that this annuity software stack is not only scalable, but capable of supplying important features that OEMs may be lacking.
We should keep in mind that, as we have mentioned before, order intake fluctuates months to months and quarters to quarters, and that we did have a end of 2017 on a very high record level for the quarter and full year.
Looking now to engineering and technology on the next page. Investing in engineering is an important differentiator for Veoneer in the marketplace. During the third quarter, we hired around 370 engineers, which means we have now hired approximately 1,000 engineers, whereof 70% are software skills, over the last 12 months. We indicated during our last earnings call that our RD&E expense would increase this year by around $8 million as compared to 2017. We believe that this year-over-year increase will now be $90 million by the time we conclude 2018.
During the quarter, we introduced to the market our Zeus super computer controlled units for automotive grade and autonomous driving applications. This control unit hosts the Zenuity software stack and utilizes the NVIDIA Xavier platform. We target to launch this key technology during 2021.
Based on all of these developments, I will now provide a progress update to our previously announced targets on the next page.
As I mentioned in my introductory comments, in the short term, we see some delays in the start of production and slower ramp-ups of certain customer models, along with some slight delays in expected business wins. These developments result in a downside risk to our 2020 total sales targets, and we are therefore likely to reach the $3 billion in total sales slightly later than previously anticipated. Despite this, Active Safety remains on track to exceed $1 billion in sales in 2020. Based on the attractiveness of our Active Safety portfolio, strong customer relationships and strong order intake, we see a potential upside to our $4 billion 2022 total sales target, particularly for the $2 billion Active Safety sales.
While these signs are encouraging, we note that order intake can deviate significantly from quarter to quarter, making the exact timing of the future sales growth difficult to forecast. To support the continued high order intake, the Advanced System business and further investment for long-term leadership in Active Safety, we intend to further increase our investments in RD&E. This investments decision for future growth means that we now anticipate reaching our 0 to 5% operating income target between 1 and 2 years later than previously communicated.
I will now turn it over to Mathias, our CFO, for further comments around the quarter.
Mathias Hermansson, Veoneer, Inc. - CFO & Executive VP of Financial Affairs [4]
Thank you, Jan. And if you then move to the next slide for the quarter highlights. As Jan mentioned earlier, the near-term macro environment is adversely affecting our short-term performance. So for the third quarter, our operating results were slightly lower than we anticipated. Overall net consolidated sales declined by around 7% as compared to the same quarter in 2017.
However, this sales result of $526 million was roughly $50 million lower than we expected in the beginning of the quarter. As a consequence of the lower sales, our $58 million operating loss was slightly higher than our internal expectation.
If we then look into some further details for the quarter on the following slide, which is Slide 9. The third quarter was the first time where we can look upon Veoneer as a full cost as a stand-alone company. Our sales decline of $40 million as compared to the same quarter last year was comprised of an organic sales decline of 4.7% or $27 million and a currency headwind of 2.4% or $14 million.
The gross profit decline of $10 million year-on-year was mainly attributable to the volume and product mix impact from lower organic sales, as the net currency effects were minor in the quarter.
RD&E developed largely as expected during the quarter, where the $19 million increase to $109 million from last year was largely in line with our own expectations. The SG&A cost increase was $16 million year-over-year and $7 million higher than in Q2, and this increase is mainly related to the additional costs associated with being a stand-alone listed company, of course.
If we look at operating cash flow. We ended the quarter with minus $17 million, and this was slightly better than expected, as timing differences, in particularly working capital, gave a positive impact for the quarter. The CapEx level was in the high single-digit percentage of revenues, which was in line with our previous communication.
Looking now to the full year 2018 on the following slide. Based on the weaker market conditions in the second half of 2018, we have now updated our full year 2018 indications. Consolidated net sales are now expected to be lower than our previous indication due to the declining LVP in our major markets and the continued strengthening of the U.S. dollar during the second half of 2018.
Consequently, we are reducing our sales indication for the full year to an organic sales decline of around 5% as compared to 2017, rather than a decline of around 3% in our earlier indications.
In addition, the currency translation tailwind is reduced to 1% for the full year 2018 rather than around 3%. This means that consolidated net sales are now expected to decline 4% for the full year 2018 compared to last year, rather than flat year-over-year as we already anticipated.
Based on this full year indication, we expect the fourth quarter sales to remain largely at the same levels as the third quarter, and net RD&E to increase around $20 million from the third quarter due to the hiring of all the engineers, as Jan mentioned.
Lastly, a few words on liquidity. We are well financed, of course, with $920 million of cash, and we aim to continue to have a conservative solid financial position over the long term in order to be able to take full advantage of this attractive opportunity that we have ahead of us.
To be clear, we see no need to raise any additional capital today, even given the updated investments as we have outlined.
Going back to what we have said in May at our Investor Day, our capitalization would also cover bolt-on acquisitions as well as providing a liquidity buffer. And I think it's fair to say that this excess buffer is now being used by our increasing investments in RD&E and the short-term market weakness. So I will now turn back to Jan for some closing comments.
Thank you, Mathias. By turning the page, I just wanted to give you an update on the press release that we sent out yesterday regarding a refinement of our organization. We announced yesterday, as many of you probably have seen, that we are taking the next step as a standalone company by refining our organizational structure within our electronics segment. The major drivers for this change are to create an organization with a stronger drive product development and product roadmaps and equally important, simplify our organization to improve speed and transparency and cost efficiency. This refinement to the organization will not affect the reporting of our company in 2 product segments: Electronics and Brake Systems.
So with this remark, I would say that this concludes the formal presentation for today's call and that we would now like to open up for Q&A. And by turning the page, I leave the word back to you, Audra, to guide us through the instructions for the Q&A session. Thank you.
(Operator Instructions) We'll go first to David Leiker at Baird.
David Jon Leiker, Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst [2]
I just wanted to dig through the comments about the pushing out the 2020 target to 2022. Sounds like there's 3 things. There are some delays in the pace of new contract launches, the ramp curve is flatter than what you were expecting and then I think I heard you say there is -- that there is -- that the win rate, the timing of wins was slower than you thought. I was wondering if we just drill down into each of those a little bit more detail of exactly what's happening there?
It's essentially 2 parts. Some of our programs are delayed in ramp, meaning that start of production is essentially at the same time, but the ramp up on the models are pushed out, meaning that our technology and our product and our launch needs to take place essentially at the same time, driving the readiness and the validation, and thereby also the cost connected to the program in the original pace. However, sales will come at a slower pace. That is one factor contributing to this. The other factor is, that if you recall, at the Investor Day in May, we said that the order book for 2020 is nearly booked. And when reviewing our strong order intake today, we are concluding that to get orders, even if we have a good order win rate, to get orders that will generate sales in 2020 already is diminishing for not getting down to zero. And that is the other contributing factor to this.
Okay. And then if we look at those delays, this is in the Active Safety part of your business. Can you characterize whether it is ADAS-related, level 2, level 3? Or is it level 4 or level 5 type projects?
It's level 2, level 3 type of projects.
Okay. And then just one last one. It also seems you are pulling forward or ramping your RD&E more quickly in the face of these slower win rates and slower launches. There does seem to -- and when we've seen this happen, the RD&E was going up because the wins were bigger than people expected, so they need the front end spend that. Your -- this seems a little bit different.
Well, I think we have to be clear that it's not across-the-board we are seeing slower ramps and lower order intake. I think we are seeing a strong order intake, and all, essentially, the launches are according to plan. What we mentioned here are some models in a few programs. That is to be clear here. This is not across-the-board we are seeing a delay throughout our order book. And the increase in engineering is to support that stronger order intake that we are facing or a strong order intake we are facing. Essentially, that is the case. But it's also in our complex programs that we have under -- we have won here throughout the year, we have mentioned several of them. Those are also taking somewhat more efforts than originally planned. But it's a mix of both, but strong order intake is a strong driver for this engineering intake.
We'll move next to Hampus Engellau at Handelsbanken.
Hampus Engellau, Handelsbanken Capital Markets AB, Research Division - Automotive Analyst [9]
Hampus Engellau, Handelsbanken. Two questions for me. I noticed that you're talking about Robo-taxi software and previously when we discussed, you always miss on the Zenuity business, it's been very much geared to passenger cars level 4. Could you maybe talk a little bit about this opportunity and also if this is a change in your development, i.e., you're seeing LiDAR as a primary source for decision making and maybe cameras a redundancy source? That's my first question.
Jan Carlson, Veoneer, Inc. - Chairman, President & CEO [10]
No. This is not a change, and this is not a software. This is a hardware. This is an ADAS control unit, an advanced computer for this application that we are producing. So it's the hardware side on a ADAS control that we are submitting here. There is also a very tight cooperation here with the OEM itself, which is doing a majority of that work.
Hampus Engellau, Handelsbanken Capital Markets AB, Research Division - Automotive Analyst [11]
So there is no level 5 software from you guys?
No. There is no level 5 software from ourselves in this case.
Sounds clear. Can I come back to this outlook change. Would it be possible for you to maybe talk a little bit about how much of this is geared to Passive Safety Electronics? And also if you can discuss Restraint Control here? And maybe also if -- how much Active Safety is playing in, to get a more clear understanding on this push out?
This push out that we see here is to a large extent related to, as I said, some models in few programs that is pushed out and where models are delayed. The launch on models on one platform are delayed and that is causing this to happen. So it's essentially on the Active Safety side that we are seeing this delay. When it comes to Restraint Control, we have mentioned before that we have a softer period right now due to slower order intake some years ago, but order intake in Restraint Control as well as in Active Safety is very good and very strong. This will start to ramp in 2020. If you look through the ramp up of Restraint Control and the major ramp ups will happen in 2020. So that is on its way and order intake on the Restraint Control is good from the order side.
And a final for me. On the change also on this profitability target for 0 to 5% profitability. Which would you say is the major driver? Is increasing R&D expenses on the back of getting more business? Or is it seeing lower operating leverage or lower organic sales growth?
We -- see, it's a combination of, as you said, the lower sales, lower gross profit. But the majority of it is related to the increased investments.
Right. And just to clarify, one more for me on this delay. Is this anytime -- anyway related to the WLTP problems that we're seeing, especially on the German OEMs?
No. It's not related to that. I think it's very hard to see any pattern -- real pattern in light vehicle production 2 years out. So these adjustments or, what you can say here, risks that we are facing here now is delayed on more launches and strategic matters that we can see our customers talking about, not related to the current uncertainty in the market or WLTP, et cetera.
We'll take our next question from Vijay Rakesh at Mizuho.
Vijay Raghavan Rakesh, Mizuho Securities USA LLC, Research Division - MD of Americas Research & Senior Semiconductor Analyst [20]
Just a couple of questions. I know you talked about a slower ramp with some of the orders. But is it fair to say your win rate and the startup for all these ramps are still on time, it's just that the validation times are extending? And if so, can you give us some color on what the order intake has been trending year-on-year like it did last quarter?
If you look on the validation and the ongoing, it's delays on the model ramp up. So it has nothing to do with our part of the story. This is related to the delay. And that's -- that is the situation on the program we're talking about now. When it comes to the order intake, we mentioned $1.3 billion on a trailing 12-month as of to date -- trailing 12-month as of right now. On the quarterly basis, we mentioned $1.1 billion. So we are in to a good start of order intake also for quarter 4. Now mentioning this, we have to remember that end of last year was a very strong order intake time for us. And 2017 ended on a very strong note. And LTM basis can also vary from time to time, but the important thing is the trend line. But all quarters may not, on an LTM basis, be higher than the previous, to remember, because that's how it is. It's discreet, sometimes very big orders, and they may fall off a certain date into another quarter. So $1.3 billion as of today in trailing 12 months.
Got it. And on the WLTP side, when do you expect that emission regulation overhang to elevate? I think a lot of the OEMs are still going to recertification. But do you see that resolving sooner? What would you say on how that plays out?
We have very little visibility on this one to say, to be honest with you. I stay out of speculating this. When we talk to our customers, some customers say most of their models are through the testing and they are ramping up and some others are into it right now. But I -- personally, I don't have a good view of this right now to give you.
Got it. And the last question. On the software side, you talked about some more -- some software wins. Can you give us some idea on how the pipeline looks going forward?
Well, we are working, as we have said before, we are working on between 1 and 2 customers, we said in our last earnings call, for software for Zenuity involvement. We are still working on 1 customer here before the year-end to hope to get before the year-end. So that is still up and running.
And our next question comes from Joseph Spak at RBC Capital Markets.
Joseph Jerome Heidt, RBC Capital Markets, LLC, Research Division - Associate [27]
This is Joe Heidt on for Joe Spak, with a quick question just on cash burden. How to think about the funding requirements moving forward? Are there any metrics we should be looking forward to understand if new capital is needed for the business? Like any sort of sensitivity that sales or some increased R&D requirements? Because Mathias, I know you're saying that you guys don't see right now that you need to raise new capital. However, in your release, you do kind of warn that additional funding could be required. So would like to hear some, like, guidance on that and like how we should think about the cash burden moving forward?
Mathias Hermansson, Veoneer, Inc. - CFO & Executive VP of Financial Affairs [28]
Right. Thanks. I mean, I think there are 2 things to that point. I think one of them is that when we mentioned that we may look into that, that also is linked on to the acquisition -- bolt-on acquisition we talked about. So to remember that as well. So if we want to continue to do bolt-on acquisitions as we've done before in the history of the company, then obviously we may have to come back and look at the funding. When it comes to the cash outflows, I think you saw in the third quarter that we are fairly strong in managing the cash flows. You will see, probably, the fourth quarter cash flow a little bit weaker, however you call it. And I think the best way of probably looking at this is, is to look at the quarterly cash flows, because I think that you -- on top of the operating cash flow, you obviously have some CapEx as well when we ramp up some of these productions. I think the easiest way to follow that is to actually look at quarterly net cash flows.
Okay. That's helpful. And then when we think about the bolt-ons and the cash, let's say, there starts to become a squeeze on cash. I mean, would you guys look to kind of push off on these bolt-ons? Or are you willing to raise capital if you see an acquisition that's attractive enough from a bolt-on perspective?
I think it's way too early to talk about this right now. We're just 3 months into this -- the business right now. And -- so I think it's a little bit too early to talk about. But right now, we don't see any need for it.
We'll go next to Erik Golrang at SEB.
Erik Golrang, [32]
First one, just some clarity there on. You talk about the first software only award with a major global OEM. Was that on the Zenuity side?
So does that mean that 1 of the 2...
No. It's a feature software that is beyond the 1 of the 2 that we are talking about. So this is a feature software that we have sold and not like a system like an L3 program, where we take a bigger part of the software stack.
I see. So 1 of the 2 potential bigger ones was lost and you're still open for the 1 then?
I didn't say it was lost, but I said that we are working with 1 with the aim for this year.
Okay. Then on the second question. You -- in terms of trying to sort out when you could turn the business around into actually growing organically, it seems now as we could even have to wait until 2020 before that happens, even though the '16 order pickups should have -- we have a close coming in at some point during 2019. But is there is a risk now that we will have to wait until 2020?
We have said, you recall in the Investor Day, that the ramp will come towards end of '19 and '20, and coming predominantly in 2020. That was our statement in Investor Day. And with this change, it's probably now going to come in 2020. That's essentially the effect out of this.
We will go next to Victoria Greer at Morgan Stanley.
Victoria Anne Greer, Morgan Stanley, Research Division - VP [41]
A couple, please. And when you talk about slightly later your expectation to achieve the 2020 sales target, I know you won't want to put an exact time on that. But should we be think about that as a quarter or 2 or a year, roughly what would be the magnitude of the change? And secondly, just on the balance sheet, talking about no need to raise additional capital. But if I think about free cash flow, I didn't -- say a negative 2.5% margin. You've got pretty significant negative free cash flow, say, $200 million, $250 million at breakeven on EBIT, maybe that's negative $150 million of free cash. So are those about the right numbers? Because if I'm calculating that correctly and then delaying the EBIT breakeven point for another 1 or 2 years, it's pretty significant on the cash side. So if you could help us to think through that, that will be great.
If you look to a downside risk of 2020 target and an upside risk of 2022 -- or upside opportunity, rather, and the risk on the '22 target, those numbers have moved closer to each other, meaning that the $4 billion mark will be passed earlier if we have -- the opportunity is coming through that we see now earlier than '22, and 2020 is coming later than '20. So fair to get sometimes during '21.
So sometime during '21 for the $3 billion. Okay.
For the $3 billion, yes.
To your second question, it's Mathias, I think the way to think about it, obviously, is that what I mentioned earlier, that we had a significant buffer when we started the project and now we're using that mainly at the onset for increasing the RD&E. And when you model that out, you will probably end up in a decent estimate on how much incremental RD&E we are spending. So I think that kind of gives you largely a component. We have given the indication here as well in our statement and in my remarks as well is that, that liquidity buffer is coming down. But obviously, there is lot of uncertainty, both up and down, I think. And we still have not made up full plans yet for 2019 and 2020 even, as of now. So there could be lots of change, of course.
But just to give us a sort of some numbers around that. If I thought about -- let's say, I thought about a 0 EBIT margin, would that be right that that's maybe $100 million, $150 million negative free cash flow, roughly?
I think if you look -- I mean, the 2 things you should think about is that the Zenuity funding is outside of EBIT and then we also have CapEx. And I think if you look back to our Capital Market Day, I think we have given some specifics on how we see, long-term, those develop, and I think -- I don't think that's changed materially.
We'll move next to Ashik Kurian at Jefferies.
Ashik Kurian, Jefferies LLC, Research Division - Equity Analyst [49]
I have got 2. The first one, I'm going to try again what Victoria was asking. I think previously you said, the free cash flow breakeven would be achieved 1 to 2 years after EBIT breakeven. So is that still the case? I mean, are we looking at you reaching a free cash flow breakeven 2 years after revised breakeven target? And also initially when the funding for Veoneer was being decided, I think initially we set up to $1.2 billion, which you revised down to $1 billion. If the exercise would be redone now, would that number still have been $1 billion? Or can you give us some color as to what the adequate funding would have been if you could rerun the exercise?
I think, it's -- thanks for the question. I think from -- on the first question, I think we said around 1 to 2, and I think it's largely probably now closer to 1, if that is helpful. And for the second question, I think it's a little bit strange to speculate backwards, but -- so I think it's -- so we refrain from doing that. But obviously, you probably can figure out the answer.
The second question is more on your ongoing losses and R&D. And I think the trouble that we probably have in terms of the further step-up in R&D against -- granted a strong order intake. But I would assume that you would have baked in an increase in order intake into your 2020 and 2022 targets already, right? But just, I mean, what is the check? Or what is the control that you will have on increased R&D because it seems like you're raising the R&D spending even on what I would assume is expected level of order intake? And then following on from that, it seems like you're probably guiding to flattish revenue growth in 2019. So should we then extrapolate the losses you imply into -- in the fourth quarter into '19? Or what are the drivers that you have to maybe deliver an improvement on the losses that you have in '18?
I think, if you -- I think I almost forgot your first one. But if I take the second one first, I think what you see right now and the really main part is our R&D cost, R&D in the fourth quarter, which you should try to extrapolate into this new stock in running pointing to '19, I would say. The one thing that you should bear in mind is well, that we had said also in May, I think, that we're seeing increasing engineering income coming from over the next few years probably, as a trend. So that's something that will affect, obviously, the net RD&E cost. And so can you repeat the first question, again, so I get it right?
My first question is just more on what is the criteria on which you are increasing the R&D spend? What is the risk that we could continue to see you coming out with increased losses because your R&D is stepping up? Because to us, it doesn't seem like the order intake is beyond what you should have factored in, granted that you have to hit your 2020 and 2022 targets, right? So just curious to know what are the criteria that you have at least as a internal check to basically control the R&D cost increase.
I think there are -- I think, they are 3 aspects to this. And the one is, obviously, that we see stronger order intake than we had in our original plan. So that's driving more work basically, but it's a good thing, obviously. I think we also see that some of the projects that we're running, that are quite new to us and fairly complex, those ones are under a little bit higher cost than we initially anticipated. And I think the third one is also that we see some good traction, particularly from our Vision business in the orders. So I think we also obviously want to increase our pure R&D spend and build stronger products and accelerate that development. So there's kind of 3 different elements to that.
I think, in all essence, the driver for R&D here is customer demand and technology innovation, and the speed of innovation that we see in this industry and how fast it's moving. If you look to our track record here during the quarter by being able to book business in the advanced computing area, we showed now that the first order here for an ADAS controller for Robo-cabs application, we are demonstrating our Zeus super computer for level 4 application. And to be able to be a part of this, its requirement -- is requiring the R&D. But the basic driver for it is customer demand and order intake.
We'll go next to Brian Johnson at Barclays.
Brian Arthur Johnson, Barclays Bank PLC, Research Division - MD & Senior Equity Analyst [57]
I want to ask about your wins. We always invite you to our Florida conference where you can enjoy, restock your sunshine. When -- as you think about the competitive landscape in ADAS and Active Safety, certainly there is -- much of the market is dominated by Intel Mobileye and its related resellers, Valeo, Magnum, Aptiv, Hyundai Mobis, et cetera. When your -- and particularly with these Vision wins, do you see them as your primary competition? Or are they with OEMs who are looking for an alternative, so your competition might be more along the lines of Conti, Bosch, Denso and so forth?
I think we see them both. And I'm not sure that -- how dominant this Vision market is any longer on new order intakes on the -- by one competitor. I think that situation may have evened out a little bit to where we have been able to win more, relatively speaking, than others in this area. That's our belief. But we meet them all, actually, on competition side, depending on where we are and how the product is looking like. Intel Mobileye is very strong in Vision systems and related areas. So that's where they are in, but where we compete those on a system integration level, we compete with advanced computing boxes, we compete with radar technology, et cetera.
Okay. Second question. And if you did it earlier in the call, I apologize, because I rolled over late from another supplier. Certainly, the whole world of autonomous driving has been fairly, obviously, on fire. Can you give us an update of just where Zenuity is in terms of fleet on the road, which is becoming a metric of how people look at this progress? And then it is frankly a bit confusing for us between Volvo, the car company; and Volvo, the truck company. Of course, 2 different companies, both of whom are pursuing autonomous efforts and kind of where -- obviously, the car company is your partner, but are there any opportunities over on the truck side?
We have in total, as we communicated, over 100 cars on the road, whereof 30 of them are directly related to Zenuity. We collect around 8 terabyte of data daily for each vehicle that we are up and running. We are continuing to hire people in Zenuity. We have, by now, around 600 people and that we are expected to be around 650 people in Zenuity. So a good traction to people. Of course, we work with Volvo, no secret in that, Volvo Car Corporation, in this one. And beyond that, we stay out of commenting on our other OEM relationships until we are allowed to do so, that we were with Geely on the L3 program that we took together with Zenuity. But we are -- we have also communicated that we have between 5 and 7 pursuits where we are working with. That is still on the same level, so no change in that area. And Zenuity is making a lot of good progress according to plan. So really no deviation from what we have earlier communicated.
Okay. And in the quarter, of course, Honda took an equity stake in GM's Cruise. Are you open to or talking about equity stakes from any other automakers or any other technology partners?
I'll stay out of commenting on that one here on an earnings call. Of course, any proposals that may or may come will be evaluated by the board. So we'll see if and when and how if such a case will happen or if it will happen.
We'll go next to Joachim Gunell at DNB Markets.
Joachim Gunell, DNB Markets, Research Division - Junior Analyst [64]
So we touched upon this already in terms of the competitive landscape here. But just if you could elaborate a bit on here. I mean, given that the Mobileye ecosystem is done for, well, basically the majority of the Vision algo market, does your current Vision order intake momentum in that you are actually taking customers from that kind of player?
Yes. We may believe so in some cases that could be the case. We definitely acknowledge that Mobileye in sales area today are a leader because they were much earlier out. They've been around for 10, 15 or more years as a company, have been out with their product. So in sales terms, their market share is definitely, as you say, much, much higher. We have been out with our sensor suite since 2016. And I find it very encouraging from our side to be able to catch up that fast and get into our position today with a strong order intake in Vision to be able to compete in such relatively short period of time. Of course, that's based on heavy investments, heavy R&D focus, heavy engineering recruitments and buildup of the resources making this possible. So we see that the investments really pay off. We see that's paying off in order intake. This will materialize in sales later on. And there we will see how the difference will look like between us and Mobileye later on. But it might be so that we are taking product from Mobileye, may be so.
Right. Just a final question here. If we could have some color here on the first dedicated software feature sale from Zenuity down. Is that something that will change your strategic priorities? I mean, going on with more feature sales rather than the whole level 3 software stack?
I wouldn't say it will change our strategic priority. But I would say that maybe we should look more careful for the holes that OEMs may have for certain features where we can apply a part of the Zenuity software that is existing and validated. That may be more interesting for other OEMs as well, and we may market this a little bit different. But there is no strategic change or approach going to feature sales as a major avenue instead of a full software stack side.
Next, we'll move to Agnieszka Vilela at Nordea Markets.
Agnieszka Vilela, Nordea Markets, Research Division - Research Analyst [69]
I have 2 questions. Number one is regarding your guidance. How can you have confidence that you can see upside to the 2022 guidance given the fact that the kind of pace is being lowered right now?
Well, the guidance, if you look on the light vehicle production base, we have traditionally based the plan on IHS numbers for outer years. And given the fact that we are -- that's what we do actually at the baseline to have something to hold on to. If that is varying the whole market, we'll vary, of course. But you have to have some type of comparables. The fact we are seeing an upside is due to the stronger-than-anticipated customer interest and order intake for us that gave us this opportunity to exceed the '22 target.
And then if you can comment on the refinement of your organization. What kind of, say, cost savings or operational enhancements do you see coming from that? And will there be any costs associated with that?
We cannot comment on the savings as such. This will be a much different organization with entrepreneurial customer business units running activities separately for each customer, having full responsibility for the activities from order intake through application engineering, production assay, you can call it a little bit a company within a company, which will drive customer attention even further and customer also -- the delivery and quality to customers, but also, of course, the financials. There will be a group of people in charge and will drive that as their main task. The other part that will be significant here is, we will have a dedicated product development organization led by a CPO, reporting directly to me, that will have time to spend on next-generation product. This will give us scale effect. It will give us a better overview of our product portfolio from the advantage of seeing different customers' demand being consolidated into the product lines. So we hope that, that would give us some scale and thereby cost efficiencies matters. Those are the 2 major things that we're driving with the change.
We'll move next to Chris McNally at Evercore.
Christopher Patrick McNally, Evercore ISI Institutional Equities, Research Division - MD [74]
Just 2 questions. So the first on the 2020 to 2022 movement on the profitability targets. I mean, you talked a little bit about the factors. But could you just reiterate, which is more important? Is it the higher investment you spoke about for Q4 that gets annualized, that moves the targets out? Or is it the actual production being slightly lower? I'm pretty sure it's the investment, but I just wanted to make sure because it's obviously multiple years out, so some of the weakness in production should be fixed by then?
Right, it is the investment that is the majority part of it. It's also affected by the risk of downside and thereby gross profit declining. So the combination there moves the target out between 1 and 2 years. But the majority of it are the investments. I think, as Mathias alluded to here, it's very important to remind ourselves that the increase now we talk about, the $20 million in R&D from quarter 3 to quarter 4 and the annualized level we are exiting quarter 4 on, is probably not the right level as we are seeing an increased customer income coming in 2019 and onwards. So the gross effect here is probably not the right one to look at. It's the net effect that you should really look at for 2019.
Okay, that's great, that's really clear. And then the second question. As we look at the revenue cadence between 2018 and 2020, where you discussed sort of some downside to the $3 billion level. It sounds like ADAS is going relatively well. So when I think about 2018, you're roughly at, I don't know, $1.4 billion of non-ADAS, right? So just the Braking and the Restraint. And you are talking about the previous target, was that $1.4 billion gross to roughly $2 billion, ex the $1 billion of ADAS. If next year is not a lot of growth for the non-ADAS business, could you discuss the timing of when Braking and RCS inflects, because obviously that's a big jump to go from $1.4 billion to $2 billion. So just a little bit of when that inflects? I know some of it's second half '19, but maybe give us your updated thoughts?
Well, it's hard to go into all the details. You are onto something here taking us into the mix of products where we have seen a weaker development of our RCS business temporarily due to weaker order intake. So a decline in RCS business and a continued growth in ADAS could be a case. I'm not saying it is like that. But it's not that easy to describe here the mix between the different product lines for 2019 and then into 2020. We are seeing a good order intake in both of those areas. We are also mentioning here Brake Control also taking orders during the quarter. So all 3 areas are in generally on a good trajectory from an order intake point of view. Remember, though, that this is coming beyond 2020. These orders that we are taking now is coming beyond 2020. So with this upcoming year, it's a mix change that we may come back to at our earnings call in January to discuss, elaborate further when we leave the outlook there. But otherwise, maybe on the Capital Market Day or so sometime during next year.
Okay, that's great. So for Restraint, specifically, it is a situation where some of the legacy orders draining some of the growth now, but you are taking in good orders, so we can think about that reaccelerating 2020 on?
Yes, that you can take. That's right.
Next, we'll move to Dan Galves at Wolfe Research.
Daniel V. Galves, Wolfe Research, LLC - Director of Equity Research & Senior Analyst [81]
Most of my questions have been answered. Maybe one housekeeping. The SG&A level, do you see more increases for stand-alone public company costs? Or are we kind of at the right level in Q3?
I think, we -- you should assume that this is kind of a normal level moving forward. There will be also some swings, I think, in the quarters, but no material ones.
Okay, got it. And then more strategically, it seems like kind of in the pursuit of future levels of automation, there is a path, kind of like consumer-owned vehicle path that looks to be targeting highway autopilot type of systems to give people a more relaxing commute. And then the second path to Robo-taxi is more targeting dense urban areas. I mean, these are very different environments. Can you talk about which Zenuity is focused on? Can they focus on both? And just any comments on kind of those 2 different paths?
The highway pilot, and they moved from level 2, 3 up through level 4 and further is the path that Zenuity is on as a major trajectory. But if you look through the slides that we presented at the Capital Market Day by Zenuity, there is also a path further on into level 5. But that is at a later stage, not yet defined.
Thomas Jönsson, Veoneer, Inc. - EVP of Communications & IR [85]
Okay. We're coming up to the hour here. So we will take the last question.
And that will be Erik Golrang at SEB.
It is a quick follow-up. So you talked to us about 2 to 3 years of lead time between order and production start. It seems as if it's closer to 3 to 4 now, maybe the high end of that. Is that the correct assessment?
I think it's between 3 and 4, yes. It depends also -- it depends a little bit on type of programs and type of orders. System order, complex system orders, definitely 3 to 4. Other type of more component-related orders, RCS business may be somewhat shorter.
That does conclude the Q&A session. I'll turn the conference back over to the management for any closing remarks.
Thank you very much, Audra. I would like to thank, everyone, for the interesting questions and your participation today. We look forward to talk to you, again, at our next earnings call tentatively planned for January 31, 2019. I'd also look forward to seeing you in conferences and roadshows during this quarter here as it takes on. So talk to you end of January next year. And in the meantime, I wish you a good holiday season. Everybody, take care.
And that does conclude today's conference. Again, thank you for your participation.


Learn to write picture books, junior fiction, and young adult novels. Discover key differences between genres, the secrets of structure and planning, how to write realistic dialogue, and more. Excellent for aspiring and long term writers alike.
Drawing on writing craft and child psychology, this course will will help you write strong, authentic stories that will speak to your readers.
As you work through this course, you'll analyse current trends and successful children's books, develop one or more stories, and workshop existing material.
This course is excellent for aspiring writers seeking to build confidence in their abilities, or improve their fundamentals. It will also help more experienced writers develop a deeper understanding of genre, modes, and writing types, or an introduction to the theoretical underpinnings of creative writing.
Analyse and understand what is needed for the different categories, etc.
Where & how to find inspiration/influence.
Texts (writing to satisfy curriculum).
Other (eg. nature, history, biography, hobbies).
Write a short story, picture book or kids page for a (hypothetical) periodical.
Plan, evaluate, edit and present a piece of writing for children.
Analyse the page(s) in a text aimed at children in terms of language complexity and style, conciseness of the writing, content, graphic layout, and more.
Write short articles or stories, suitable for situations such as: An educational magazine, A preschooler or infant magazine, or a magazine for teenage boys or girls.
Children's writing is about more than books: web content, game content, educational content, and apps for children all require understanding of this specialised audience.
Educational texts published as ebooks are increasingly used by schools as they move to children using readers and computers.
Children research their school work online; and read all sorts of things online today.
Writing for children is easier for some people than others. It requires not only an ability to write; but also an understanding of children; and how the needs, interests and abilities of children vary at different ages.
Opportunities to write for printed books have diminished. At the same time, other opportunities have emerged though. Children are reading more than ever; and this means that opportunities to write for children are greater than ever. The trick is to find where the new opportunities are; and carve out an income from those opportunities.
In the past, children's writers began their career by submitting manuscripts to publishers; and persisting with that approach; until they finally got something published and started to build a reputation.
That approach may still occasionally work; but for most there are other ways which are more likely to bring dividends.
Editors are receiving so many manuscripts from would-be children's writers that many are strictly limiting what they will accept. Many publishers will no longer accept submissions for picture books. With so much to choose from, and so many publishers, the children's book market is highly competitive and editors can afford to demand high quality and uniqueness.
Some editors will only consider books that they know will sell well. Some publishers might accept an exceptional book or one that is different on the chance that it becomes a new best-seller, but most have exacting requirements, and the writer must do the research needed to know what the publisher wants. On the other hand, publishing is a changing business, reflecting the sometimes rapid changes in readers' tastes and expectations and reading levels.
Before starting out as a children's writer it is important that you clearly identify the age group and genre you wish to write for.
Learn to better understand children.
Focus on the message. It is essential to have a clear focus on the information that you want to convey. When writing is verbose (too wordy), the reader will find it more difficult to focus on the key facts. Therefore, an important skill is to reduce wordiness.
Be self critical. Learn to step outside your own natural perspective to look at your work as others might. Imagine who might read your work, and consider how you might target different people in your audience. When writing for popular newspapers and magazines, you will write for a great range of people, from uneducated unemployed people, to highly qualified academics. Your content can remain complex, but if you want all these readers to understand you, the delivery must be as simple and uncomplicated as possible.
If you have a choice, use simpler words with fewer letters and fewer syllables. Use words that are most familiar to the receiver. If you use a word in a way that is not familiar to the reader, you can help the reader understand what you want to get across by using the word in a context that clarifies the meaning. If the word itself might not be familiar, explain the word within the text (in fictional writing), or use a footnote (in non-fictional writing) to explain the meaning. Some ways to avoid misunderstanding are described in the following section.
If you have a choice, write shorter sentences and shorter paragraphs. This is particularly relevant to non-fiction writing where the message must be very clear and concise. In fictional writing, however, and also in some non-fiction such as essays, brevity is not always appropriate or desirable. Sometimes, wordiness and complexity can add an important dimension to the atmosphere, tone and meaning of a text, and are needed to reflect a particular personality, perspective or historical period. If wordiness and complexity are not key elements of the story or text, it is best to avoid them, especially if you are a beginning writer.
Where possible, present complex factual information in tables, charts, graphs or in point form to allow it to be grasped more readily.


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Sunny to partly cloudy. High 96F. N winds shifting to SE at 10 to 15 mph..
Mostly clear. Low near 65F. Winds NW at 5 to 10 mph.
Ivanka Trump visit to Littleton rescheduled for Monday
Paul Klee: John Elway takes new approach in his 25th training camp with Broncos
Colorado Springs sales tax declines for first time in 18 months
New indoor rock climbing facility coming to northeast Colorado Springs
Foodie fest brings wild adventure to Cheyenne Mountain Zoo
Colorado Springs area art events starting July 18
Movie previews for the week of July 18
PHOTOS: The Broadmoor Pikes Peak International Hill Climb - Practice Day 3
From the 2019 Pikes Peak International Hill Climb series
By: Parker Seibold
Parker Seibold
Scenes from day three of practice for The Broadmoor Pikes Peak International Hill Climb on Thursday, June 27, 2019.
062819-news-PPIHC 1.JPG
Steve Goeglein of Falcon, Colo., makes his way up a stretch of Pikes Peak near Devil's Playground in a 2002 Chevy Camaro as the sun rises during the third day of practice for the 97th Broadmoor Pikes Peak International Hill Climb on Thursday morning.
Parker Seibold, The Gazette
A competitor in the Broadmoor Pikes Peak International Hill Climb rounds a corner with the backdrop of Pike National Forest and the North and South Catamount reservoirs early Thursday morning during the third day of practice.
Rookie racer Iaian Dobson, of Avon Lake, Ohio, rounds a corner in a 1970 Fort Escort RS1600. Dobson is one of six racers representing the United Kingdom in this years race.
Christian Schmitter, of Strabourg, France, a rookie in this years race, drives through shadows on a straight stretch before a hairpin turn.
Greg Tracy, of Long Beach, Calif., looks to his right as he comes around a turn during a practice run on Thursday morning.
Raphael Astier, of Le Teli, France, comes around a hairpin turn with the mountains as a backdrop as the sun casts dark shadows onto the road on Thursday morning.
Fred Veitch, of Colorado Springs, Colo., rounds a corner during a practice run on Thursday morning.
Bert Howerton of Milton, N.C., comes around a turn as the sun rises above the horizon.
The sunrise paints the mountainside with hues of pink, yellow and orange as Akio Kobayashi does his first practice run of the day in his 2000 Prosche 911 GT3 on Thursday morning.
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Akio Kobayashi nears the final turns of his first practice run on Thursday morning.
Steve Goeglein rounds a corner in a 2002 Chevy Camaro during sunrise.
Iaian Dobson's 1970 Ford Escort RS1600 casts a shadow across the road during a practice run on Thursday morning.
A scene of William Cavailhes of Montpellier, France, during day three of practice for the 97th Broadmoor Pikes Peak International Hill Climb.
William Cavailhes of Montpellier, France, makes his way up Pikes Peak Toll Road in a 2008 Porsche 911 GT3 RGT during his first practice run Thursday.
A streak of sunlight paints part of a hairpin turn early during Thursday morning's practice.
A scene from the third day of practice for the Broadmoor Pikes Peak International Hill Climb on Thursday morning.
Kevin Wesley of Grand Ledge, Mich., leaves a cloud behind as he nears the final turns of his first practice run on Thursday.
David Sterckx, of Alhambra, Calif., drives through a portion of the course surrounded by dense forest on Thursday morning.
David Sterckx's 2005 Mitsubishi Lancer Evolution is silhouetted by the sunrise on Thursday morning.
Light reflects off the pavement as Robin Shute drives the final portion of the first practice run on Thursday.
Robin Shute sports a neon helmet in his 2018 Wolf TSC-Honda.
Snow is still piled high on the sides of the road during the third day of practice for the Broadmoor Pikes Peak International Hill Climb on Thursday.
Tyler Pappas, of Jackson, N.J., approaches a hairpin turn during practice Thursday for The Broadmoor Pikes Peak International Hill Climb.
Day three of practice for the 97th Broadmoor Pikes Peak International Hill Climb.
Parker Seibold The Gazette
Akit Kobayashi comes up a straight stretch with a view of the mountains behind him Thursday morning.
Robin Shute comes up a straight stretch on the middle section of the course Sunday during the Broadmoor Pikes Peak International Hill Climb.
Chris Fillmore, of Oxford, Mich., leans down as he comes out of a corner and into a straight stretch Thursday during practice for The Broadmoor Pikes Peak International Hill Climb, which is set for Sunday.
Codie Vahsholtz, of Woodland Park, leans into a turn Thursday on his 2019 Ducati MTS-1260 motorcycle on Pikes Peak.
A scene from day three of practice for the 97th Broadmoor Pikes Peak International Hill Climb.
A rider looks at the starting line during the third day of practice for the 97th Broadmoor Pikes Peak International Hill Climb.
A competitor in the motorcycle portion of the Broadmoor Pikes Peak International Hill Climb uses an oxygen boost before a practice run on Thursday morning.
Crews get the motorcycles ready for day three of practice for the 97th Broadmoor Pikes Peak International Hill Climb.
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33 updates
Stories, photos, videos and more from the 97th running of The Race to the Clouds.


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Ben H's Girls
ADDED 10/16
7. Lauren Himle: 25, Ann Arbor, MI. Graduated Grand Valley St. University in 2012. Currently teaches at Novi Woods Elementary School in Novi, Michigan. Also has a side job that a lot of these girls do, selling jewelry & accessories for Keep Collective. Has a sister Jen, whose boyfriend, Sam Marsh, ironically tweeted at me the day I tweeted out the pictures of Lauren on the date.
Instagram – keepbylauren
Google Plus – Lauren Himle
8. Lauren Barr: 23. Stillwater, OK. Grew up in Missouri, was a Pi Phi and graduated Oklahoma St. University in 2013. She's currently a buyer for a fashion boutique. Has a sister, Megan Redden. I can tell you that she's already been eliminated.
Instagram – _lbarr_ (deactivated as of 10/16)
9. Lauren Bushnell: 25, Originally from Portland, Oregon. Attended Whitworth University in Spokane, Washington. Graduated with a B.A. in Business Management. Currently lives in LA and is a flight attendant for Alaska Airlines. Her roommate in LA is Whitney Young, who posts numerous pictures of them in bikinis if you're into that sort of thing. Has a brother Brett, a brother Bryant, and a sister Mollie.
Instagram – lauren_bushnell (deactivated as of 10/16, re-activated 11/21)
So what's Lauren's claim to "fame?" Well, she knows the girl that Josh Murray just dumped, Anna Von Staehle, as they are both in this picture. Assuming it's the Oregon connection (Lauren is on the far right):