Management continues to anticipate a decline in pre-tax margin due to increased benefits, pass through revenues and the grow-over impact of $9 million favourable state unemployment tax settlement in 2010. ❋ Unknown (2011)
As anticipated, ES' pretax margin declined 80 basis point as leveraged from higher organic revenues was more than offset by the following items: higher selling expenses from strong sales growth in the quarter, the grow-over impact of the incremental hiring in sales and service over the second half of fiscal 2010 and the impact of acquisition activity. ❋ Unknown (2011)
We anticipate about 15% revenue growth for PEO services with a decline in pretax margin due to higher benefits pass-through revenues and the grow-over impact of last year's first quarter favorable $9 million state unemployment tax settlement. ❋ Unknown (2011)
Revenue increased 5% if you exclude the foreign exchange translation gains and the negative grow-over deferred revenue, which fully amortized in the second quarter of 2010.
Adjusted EBITDA increased 1% again excluding the foreign exchange translation gains and the negative grow-over our differed revenue.
And if you go to Slide 22, it looks like the grow-over in the first quarter was bigger than you had originally thought. ❋ Unknown (2010)
We expect internal revenue growth to be within a range of zero to 4\%, which includes the grow-over items I mentioned a moment ago. ❋ Unknown (2009)
Credit loss rates are up over 200 basis points since 2008, equating to $90 million, followed by impacts from foreign exchange and an interest only strip gain grow-over of $40 million and $30 million, respectively.
The Company has faced three major headwinds in 2009, which on a full-year basis compared to the prior year, are as follows: higher year-over-year loss rates resulting in a $90 million reduction in adjusted EBITDA; interest only strip grow-over of $30 million related to the Company's securitization program; and foreign exchange rate fluctuations resulting in a $40 million reduction in adjusted EBITDA.
The Company continues to face three major headwinds this year: higher credit losses, foreign exchange rate fluctuations and an interest only strip gain grow-over.
To understand the chart, the first column reflects the grow-over items that actually occurred in Q1 and then the columns with Q1 through 4, called Forecast columns, reflect our plan. ❋ Unknown (2008)
Let's move to Slide 15, which is the grow-over discussion. ❋ Unknown (2008)
Our plan comprehended the higher expenses in the first half associated with incremental investments we made in the second half of last year, as well as lower capitalized conversion expenses this year, which combined created the grow-over expense in the first half of this fiscal year '09. ❋ Unknown (2008)
As we did in August, we're sharing with you the impact to the quarters for the grow-over items we've previously disclosed. ❋ Unknown (2008)
Net earnings, while better than anticipated, were down 1\% as a result of the grow-over items related to last year's corporate build and investment spend, as we forecasted during our first quarter fiscal '08 earnings call. ❋ Unknown (2008)
The first half grow-over is why our full year margin ranges are down from the prior year, but in line with our plan and the guidance we gave in August. ❋ Unknown (2008)
