ICD - Earnings call transcript Q4 2017 | Independence Contract Drilling, Inc.

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Operator

Good day, everyone, and welcome to the Independence Contract Drilling Fourth Quarter and Year-End 2017 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] And please note that today's event is being recorded. I would now like to turn the conference over to Philip Choyce, Executive Vice President and Chief Financial Officer. Please go ahead.

Philip Choyce

thank quarter joining results. and and discuss today everyone fourth ICD’s year morning you us for to God end XXXX me Dunn Officer. Byron today and With Executive Chief our President is

remind today. to Before I results can about today include we number risks statements, we forward-looking cause of differ in what certain that are talk to uncertainties. would to actual will subject begin which materially and our from all like factors comments periods participants future A uncertainties and

For of of earnings you and we with discussion to non-GAAP a read EBITDA our to and to opening refer with Byron Ina release loss, EBITDA please remarks. to SEC. the for net and that net file to loss encourage complete measures we non-GAAP public risks, these and turning call, during on the addition full earnings our release measures. adjusted adjusted for of filings Company’s refer the definitions the will documents our for over And it reconciliation a

Byron Dunn

you morning Thanks Phil. and today. us for everyone joining Good thank

improvement extensions expiring call We during record of grow we fourth and take to will and call previous data rate XXX% staggered quarter fourth on I capture on additional our contract explorations operations under benefit XXXX will quarter ICD XXXX quarter fleet impact XXXX the on day optimal curve into XXXX. several day utilization. our believe ICD and Because four provide manifests. strategically demand into on first rates as our the generated later signing outlook will maintained ICD’s declined to contract revenue conference over during the Substantial of quarter in for we terms. investments operating quarters. future we we continued higher are XXXX, Higher financials then accelerations fourth usual rigs and came first years has of XXXX. continue for reached as days four effect contract day additional Philip materially momentum rates from with in which throughout rates our extensions the review at pad questions will poised market As participants. update In details will discussed quarter

because contracts five fleet we rigs the programs quarter at design with stood Demand and third and deliver approximately have can will rerate that complex the At second is quarter. and can drilling wellbore expand U.S. continues backlog only million execute. drilling pad in rigs players more days during successively the end, greater the the to We the pad XX% and quarter first optimal economically available the three through top-tier that principles for than of manufacturing optimal all XXXX land in grow, our shale through contracted the three in revenue pad quarter, quarter fourth year XX programs, clients of XXXX. second

to walk rigs, As and currently to diagonally to skidding for These by or legacy to consistently. execute XXXX has angle pad walking to ICD which employed pad X, that pads economically well Y. patterns upgraded on are require optimal unfolds more merely in have four no are a XX,XXX two directions equipment. four than complex pad rigs complex wells an wells complex ShaleDriller drilling drilling other feasible or rigs much X,Y are and issue on it’s not have but become to common foot ShaleDriller common more programs be rather more

by no are put are of and creating the is quality is the pad the also optimal This being of and the range things rigs pyramid believe in systems. improved true market packages and optimal least So as new equipment is as skidding in spec upgraded coming result, during are AC’s I Obsolete fleet lower by the the limited tier top back market One equipment near-term. contract that the on U.S. see rigs we with rigs cycle. upgraded previously utilized, and a work to pad of and lower at tenures mentioned, occupied seeing to the AC optimal a This higher a DC back base fully we range into work of last operators at pad increase upgraded and couple tiering is equipment moving trying the we skidding or was rigs lot held with foot unavailable. industry.

rig our more December of will existing there March room to Given on newbuild mid at to $XX the mobilized third $XXX XXX this detail The in ABL to the as XX, rig, and of to debt optimal can of a plenty his the accommodate our VFT financed had in we of complete the with $XX commitment will some into by gensets this The operations pumps is borrowing is net robust Directors XXXX, expect be approximately and $XX this improving market of that construction comments. million. At we a construct optimal of fill and Phil that early Board million through Series base to equipment approximately newbuild approved cash fully ICD’s rig million our rig. million, completed running so ABL get next for pad three pad incremental with for cost simultaneously quarter that XXXX. be

higher So complex backlog wrapping returning and rates approval to with Directors. newbuild pad requiring full utilization, manufacturing well strategically ICD have equipment. with day continues rigs are our we bore Board long-term programs build day rates up, optimal having our by are of to effective improving mode staggered growth and customers reached the

and will additional over borrowing provided visibility at an Our strong. that, availability call base contracts recent ABL our forward-looking Phil. to term the have I remains With turn

Philip Choyce

higher margin the legacy $X.X repair than came sequential the of of guidance. a million of the XX% per third $X.X loss related had Louisiana revenue for contract did million deliveries $XX slightly $XXX our with to the included which incentive ICD credit Initial approximately higher to quarter per $XX,XXX day compensation third non-cash operating year-end capitalize this In compensation or State time equity into line this $X.X exceeding under our expected of per $XXX,XXX payable we the with leases press net $X.X sequentially occurred higher, million or to quarter and of the XXXX sequentially deferred non-cash $XX in just prior be revenue of quarter, line as completed including $X.XX X% of the a summarized on fourth related quarter backlog came in Based was vesting At million fourth outlays net quarter contract debt revenue our expense awards XX% is million under expense the million in of year-end, Accounts expense. to to of $XX total our related million increased Thanks, facility our our Cost higher SG&A expense Approximately Offering. guidance Non-cash to charges the of the of expense guidance, $X.X a prior result X,XXX in reported and of are extend pro Overall, quarter, of at declined as excluding realized originally to in commitments compared not loss was rate these Income fourth facility. day higher XX, $X.XX day our expenses excluding primarily of expense. XXXX. that the of through Company’s days borrowing extensions, share, of the quarter. range Average the per the share. the Byron. million four net the a million, in result million fourth $X.X days slightly during expense our $X.X net maintenance $XX of gross of Cash $XX,XXX in was Tax Cash Depreciation Accrual. quarter million million. pass deliveries. due XXXX, revenue for SG&A release increase a expenses At revenue interest the came granted a capital day quarter, contract in tax came quarter X% approximately Public and in on remainder per to of XX% during million our $X.X at during third forma including the guidance lower XXXX. expenditures was base non-cash of disposals were of backlog related a December items. XXXX. compensation on

to day expect day rate the we revenue XXXX. per improvement rerate current see environment, rate As continual lower contracts for day throughout

an forward first example, day in per during day per average in $XX,XXX which of improvement backlog we rate XXXX. addition schedule into backlog annual our provides provide will quarter compared we quarterly the Byron renewal as and opportunities quarter contract additional XXXX. second of is to For an guidance. revenue for day move of during per XXXX to $XX,XXX our overview what already approximately day the XXXX in our

Before move onto to items XXXX guidance, fiscal full our first some specific I related quarter expectations. year

expense. We $XX.X $X.X million will approximately which million be to of based stock expect corporate SG&A be non-cash compensation

annual to fully $X.X million been our per million, our new Yard $XX.X constructed. level, build We deploys. be when expense will in plan but approximately construction will expect Galayda depreciation when rig be that newbuild $XXX,XXX expenses this above the approximately quarter increase quarter be absorbed approximately by will has

at expense tax overall expect We to remain levels. flat XXXX

deliveries be of the announce we up flow composes million year specification statement $XX paid will CapEx increase newbuild year-end. several equipment back for following; and the million weighted and in we $XX the half of also could $XX newbuild complete is quarter maintenance equipment to expect required budget that on of this had capital rig our the purchases on to to the dollars million XXXX $X cash related flow additional depending in fourth the customer. yet CapEx the towards potential million Our as through the required. Most not equipment of million by and

Moving first quarter to guidance. on

XXX% and recently our and day not range extension quarter four in to contract day our do begin revenue XXXX. per to be We improving $XX,XXX $XX,XXX from benefits kick improvements utilized between some extensions. with day expect per rate signed we day realize of the We until rate second their as expect ranging will for

This burden fully levels per targeted quarter. operating cost Rig and a expenses. per expect our increase relating range to cyclical day during matters. We the revenues expenses day and also to quarter day expenses first $XX,XXX with expectations day pass construction the construction rig $XXX,XXX be exclude per between sequential approximately above $XX,XXX primarily are cost to per exclude expected through first and

$X.X with $XX,XXX. over back call SG&A that, $XXX,XXX should Byron. quarter I $X.X around $XXX,XXX be expense and to be interest approximate expense tax should First million approximate should non-cash. the And million, turn will Depreciation expense which should will of approximate

Byron Dunn

time, lines this for At Phil. and Thanks, could you the open operator questions answers. if

Operator

today will RBC Capital Kurt questioner first you. Thank our be Hallead [Operator go ahead. And instructions]. Markets. Please with

Kurt Hallead

morning. Good

Byron, get the some will So the wondering to momentum finally if enough be might rig process. fleet, kind long marketplace able newbuild? forward to I with in able give we you you us another insight was add are awaited of to give are to to giving conviction you move to that the as this that seeing of now terms some contract kind this

Byron Dunn

we the five how what of talking XXs. people depending depends anything XXX and day we right general out now, on a Kurt, to from over are configure, range It the but do been series from additional XXs at equipment series we in with mid we some low and a looking XXX box regular rates are

Kurt Hallead

are willing to? And of kind term what to they commit

Byron Dunn

very but will we rate I that I go see environment. think wouldn’t years necessarily, long I because where visibility they ABL, three year, or personally would we in I back, our like robust have it are come enough out to to want will two we a day a keep in prefer

Kurt Hallead

Okay.

to prospects you get think for marketplace do Now I or second the from well. year? Bryan, as I into laying correct could will, for rig system not that that, things do out do that if you a this potentially the think rig think had through, I out you other some around what me, you are What the the getting second and which you please mistaken know parts

Byron Dunn

and issue tier the top the the rig, I build or think we and this; the requirements high, very nature the that don’t as is changing Really this coalesced. go second have and market of

raking are additional for in a large multiple general general from with they that looking again want is not capacity, mask you and a for I looking I are in and what application are at things. heftier desire bill. seeing less over because under are it’s a pad consistent don’t don’t and development for to relevant other build, sub, conversations general in And and are what but fast you couple also desire moves we to about players want mega So

applicable, I when in piece it this, again to are So will so this do on really. a hasn’t think we are where equipment one that’s sure don’t broadly series trigger going we the coalesced, I the make trigger second of we that’s now. to on be be in point right and regular at pull the pulling a we it that want are conversations XXX

Kurt Hallead

got Thanks. it. Okay,

Operator

Please Johnson And our questioner from be Daniel go today Rice. Burke, will with ahead.

Daniel Burke

Hey rest you throughout talked for use rate a you distinctions discussion draw? broadly, the what just more Cane expectation for just will the as seeing about your mid point any when day Good are Byron or year. rig, range past morning fleet, out guys. you day we this your bring the same of rate you

Byron Dunn

of be a will its broadly simultaneously number The between some equipment on that I can number otherwise draw rates and of similar. the spread there be day and based only pumps operate pumps but distinction would package

Daniel Burke

Got clear rig? partial XX you a think and for clear the about it. rig to for Philip purchases, some but of XX partially that plug the doesn’t next are the include the this kind XX you CapEx, completed be on mentioned additional you and then year’s when And for pretty other

Byron Dunn

not include no. that, does It

Daniel Burke

has And but that’s change you operating grant pass end been pretty see fully then going I’m pass there terms of to in a are quick you a up? Okay. payroll moving in all through alike and burden pressures where there think any But, impacts out costs here. and you that are QX the wage looking

Byron Dunn

perspective, wage no. a From

for we preferred a I us. have work, place people mobility to work that for I possibilities we got think upward the are that think

had haven’t skilled really we labor. troubleshooting So, a of lot

there cycle. them, As requirements the but additional get that I entry training past, last some mentioned the folk in can level didn’t see is we you in

program, that have the them, the the quantify are is mentoring base folks surrounding, the electrical because training mechanical don’t hydraulic right them, So, an previously. sets bringing hat additional Phil there cost getting can that saw we in we skill man, yellow now

the So, if on. total compensation bringing those there its is necessarily any with associated not pressure, it’s folks costs

do efficiencies Now, we get has operating hundred do by day bring broader rental overall several that down utilization. have to in with initiatives a initiatives in per place efficiency dollars structure to and our to costs and

down that but contract an through to expect issue. all a degree our bring We process as now to go right collectively will terms we of aren’t this cost changed and somewhat, wages

Daniel Burke

pretty Okay, will helpful. great. there. you And leave guys. yes I it think that’s I Thank

Byron Dunn

Yep.

Operator

questioner next Evercore James our with go will And Please ISI. be West ahead.

AlexNuta

James. is Hey, guys this Alex for

Byron Dunn

Hi, Alex. How are you?

AlexNuta

make between still rigs Good. Thanks. rates I distinction was curious if day rigs operators if have this to optimal with sensitive? upgrade skidding point or are that category pretty at and pad it’s begun the and they being of the to the respect ShaleDriller price

Byron Dunn

application. on It the depends

capability moving drives, and others top you focused on. the the there So, them going systems market some scrolling around and to the would and there is equipment spec look capabilities. of that’s you is take small mass hydraulic pumps general for bucket be at pads rig on and if would capabilities. wellbore to that that or I The retrofitted and it on market look locks, bucket upgrades of just cap-locks, a what a the that taken back skidding And going substructure conversion so lot and it’s X,XXX that’s a suggest skidding the is PSI pads moving second first a so as there step in at for in done be the capability. me least Permian rig because improved a at of capability wellbores. buckets the But three in is in wellbores, anything line and a second, equipment and of delivery to is the And that’s let with of you have have be \ for straight two you

equipment you take rig easily spec and can can a So, pretty sub that upgrade you that. got

its standpoint so and You equipment that The are was very can designed hoses piece floor tradeoffs something the line, well, everything from the moves snuff moving taking do are cap-locks equipment is do off and the which beams very have lot can of money pumps, And difficult get on pumps on and you forth. When different. there you to with is it and more that grasshoppers and the lake you specific a it case, can to now because around the to cables add tradeoffs around spacing, they you issue so center task limitations a pad. non-walking to stuff issue, there. a asking do of floor or flow is in of burry mechanism take plates gravity, you that and and make got the you walk,

something that a system and skidding and old with a is is something have around. you market, for a is is that that there day there So that the of supplanting there lot for think rate I different market

for quite than So day the rate a for pad rate optimal a the day the that market market. is bit different

it So it’s and mechanism. the I and terms Alex, of the encourage application I you rig in not would in would the terms think say about necessarily it’s kit delivery of

AlexNuta

Got the the kind between enough high the point, applications drive would applications? this market is enough a for large you it, or of significant so guess two say disparity at pad to demand I are optimal

Byron Dunn

other market I things you and Okay, hear very that anecdotal, moving for don’t equipment so markets, is day in can so participate are I rate I pad that tell up. robust net optimal the

AlexNuta

Understood. Thank you.

Operator

will with from go today questioner Please Cowen. Bianchi next Marc our And come ahead.

Marc Bianchi

guys. Okay, you, hey thank

talking your the it to, rig for newbuild the a to you incremental on is replacement are add here five is this First knowledge? an in customers or that,

Byron Dunn

well. as Both, but the little are there more bit probably on customers, a is it replacement there depends incremental, weighted

their are are equipment they drilling. expanding or displacing where So customers

some is are think any incremental is in replacement. drilling and expanding programs their some they case, but I

Marc Bianchi

the some out is it here, perspective the here to amount you are upgrades you rate increase rate, months fast a high-end occur that day do market? got does lot newbuilds pretty you what Okay the perspective utilized, few optimal in more certain fully and from your certain think pad what in to is I guess, for that in six demand the there there, in like market, here amount there is a rig and so and needs chase count there others of much a a and seems day like of say see a opportunity is look of we mind newbuild it have a really think maybe market, market let’s but and that forward

Byron Dunn

increases. Yes, the actually I effective, counts think to and need wells question, I year look an still count in decrease for increase the to over in think going you and footage contracts cloud day three rig But your you with we to do from to so mid necessarily I could going scratch. to high XXs drilled this something two becomes are rates see answer term equipment before are the longer drilled, wouldn’t rig more

Marc Bianchi

that’s you do in customer, And it remind different your okay. little usually drill guys pipe, a Alright, or then on is you or your… us the can just one bit pipe own own drill

Philip Choyce

our a typically pipe no We if mill stack, of we help pipe. provide but provide drill or a the each string of something one of string provide rigs need comes drill that with than full they and up different

Marc Bianchi

look replacing requirements Can customer that what and seeing or like? you investing are preference, for you the might to of there, lead talk any of times what your terms maybe what changes in are now in

Philip Choyce

pipe drill count five have on don’t will provide they a different, materially we might far our to rigs, sometime I depending of now. what that. do inch for lead as they We as right typically think they want as different string, want want X.X seen if pipe buy smaller they drill something

Marc Bianchi

that’s major isn’t component Okay. pipe your of towards that’s allocated year CapEx And this a there unusual? drill

Philip Choyce

those CapEx bring our maintenance and that that increase put in going and Byron the is the spend a our rigs engines for we CapEx items the aside, item in, about that’s half we are will to other kind will earmarked If the related for. $XX that. what mentioned customers and day half like so We pumps million then of really string half of and other that rates things

Marc Bianchi

Right.

will Phil. back. thanks well Okay, I turn it

Operator

will FBR. And Please Pfingst our today ahead. B. questioner next Riley, Ryan be with go

Ryan Pfingst

Hi, taking this Curran call. guys. Thanks for for I’m my morning. Tom in

Byron Dunn

Ryan. Hey,

Ryan Pfingst

chance you out want the of day rig, this to length marketplace rate know out in On see in said to is the I kind or year. the second a get that there get of in you to terms XXXX? there floor Is high that

Byron Dunn

from Again it $XX are $XX depends to the incremental looking million incremental. $XX anywhere design, the designs so we million or on at vary million

they the depends, them design. to importantly And when of very the we we consistent before any And we campaigns short cost a and or what forward, there things go out comings capital, from similar we larger not a requirement usage the it in formed be to those you leave again get given them message. we the you back it is right. believe existing think of your I majors Drilling, the getting something XXX went and what of the trying but Independence the are in want and of in plus that we want. pads points, change as back wide a we we but and the day U.S. were So, and Contract more do started to to for rate the market series rays And drilling consistent do change are got the and underpinning to Independence if fleet, ask

through. fall out So, the day and message I we the the think I you more will the clear, those I’m out when the can’t rate worried and process dominos about for tell not the cost important, demand falling. they but once we are fall, fall given that’s equipment, will going will get

Ryan Pfingst

still now these highest rigs do the Haynesville the either demand think will And or you. for right be you Got the Permian?

Byron Dunn

Yes.

Ryan Pfingst

an on generally, then Okay, your you technology some great. the initiatives? share of could update just And

Byron Dunn

the AC have we all because equipment, controlled capture Well, clients wants. we computer data

the people and So, at to one who for want degree it. capture working get are or use that we data another to

process major that our with homogenous, ongoing we on right systems integrated about for but working employment it’s company are now say rigs. is technology a software wouldn’t I So, and

with in Something data have capture to more broadly I broadly its drilling depending and and and similar up on say automation have what that market. to running control with do believe and program And next But, in to how out of process. you better we see the pilot more contractors the directional a other works the will rigs. quarter will we drilling

Ryan Pfingst

Great. Thank you guys.

Byron Dunn

bet. You

Operator

will our next today And [Indiscernible] questioner go Please ahead. be

Unidentified Analyst

Hello. Thank my call. you for taking

rigs two both the and one $XX have about the you So, question you is upgrading $XX about the for completed then for just that the us? million you year the million are you total and by were about costs guess have given completed doing they for are $XX million. this rig equally build Were CapEx that I math on spending

Byron Dunn

Yes, procured and bit was have as there and didn’t hand, procured of lead of okay, time costs been I those the it little they items we component basically past went a been meant short completed, was when rig these the say the build are half long through in sometime rigs. a has a what so major the which downturn

XXX items So market lead it it’s $XX the incremental vastly we one ourselves two rigs building, first improved yes series, of costs a long an in we the farther with time has are a and for million. traditional

all the… for So

Philip Choyce

million or in It’s the have dollar probably done past or consistent minus. we $XX what plus so with

Byron Dunn

the So the incremental. sunk plus

Unidentified Analyst

my Okay that assumption. was

XX the XX rate which to tons that asset back I to life enterprise that and now return a have this there three market a through maybe have year rigs you million substantial year, right is your I’m on company, discount about capital get $XXX value, a that you value compliance look question feeds not little So, million, if out at a guess you newer X.X day but going just the is you are my question. the just the

over day XXXXX, for So, period? assets, new are and capital return question out goals looking year how sort your of build this this three XXXXX, that to what justify off far on of is capital corporate on on - return of we a rate XXXXX

Byron Dunn

I look breakeven. so enterprise, how what we deep generally not markets, agree at your is about of Yes, talking assessment, cyclical I part capture are deep think we am we market a cyclical I sure with do the

is it before cyclical improve this of to takes the other into because time long exposed how market deep to of put industry, our a you So and have is the market. when to it equipment the recapture the thing, market, build capital we is because the all into long beginning

adding at long definitionally part you get you you be day So going much when of are your has are goals to goals, the rate robust prolonged which are more moving is market market met. those isn’t the equipment, we that and will new of a breakeven into environment expectation but a to part the where

a with I think, conversation I offline, would it’s think recovery. longer this talk general for So, but be happy about to you I in we look five cost year

Unidentified Analyst

the at the there, that said offline, and get mean at will with trading of value you bottom cycle. fully not to this you and environment completely take new out is in agree it’s assets best-in-class founding utilized, a are how that to putting but Company asset what going I your imply under So, rising I a that didn’t undervalued I assets

wanted to I ask cycle. normalized understand what be are I to we the on return kind earn So just over of capital a it not might going today?

Byron Dunn

give can it, a our on these and me is get, we how cost-to-capital can longer we to and some intend we ring through, again more. of go through Okay, this walk we can a what capture but offline, fully conversation I get

Unidentified Analyst

you. Thank

Operator

Please Morgan next our Lynagh with will be go And Connor instructions]. today ahead. [Operator questioner Stanley.

Connor Lynagh

wanted see in your customer any Yes, as you thanks. to making, just in feedback that comment I rig. base to a follow-up getting what on were consistent they from to you in are want

wondering that does And what say of was agreement, are it I for. in like points and you on this do whether you see vary So where if are divergence companies bit of just looking expand biggest seeing where on operating a where divergence? could terms you you depending do just the or see little generally

Byron Dunn

all you the in to of matter. kind in well what here that and the using bucket structure and talked some what faster, is what look it their three and about clear where those is a not what it back It’s earlier what concrete of two a and to they there do to of the coffins extent so is then like, find so you it Connor, spacing, well, for be want, kind mass want nuances terms their system going years to on capability and mud look everybody gets on divergence what going moving are Yes. doesn’t so, I to wanted software design some fast are kit or they pad particularly is is is what as like. design move that location And sub they pumps

think preference I what in mass is have I we kit the pad think differences are design and agreement are. on we sub in where for with So, broad driving differences

Connor Lynagh

would was are design pad. you mean I a say the size that’s theses and that more dense that I initial I guess your going moving higher going pad use on drilling to general continue for lot to

see push trend XXX are likely first do that, more think that you to And rigs use it XXX the the it to do you then if is is, likely on continues, question version build or if you were for So, highlighting the you going on continuing. guess more see more that another the earlier. do you expensive I Or moving you of design? that are

Byron Dunn

going forward. is of be to market growing a ICD the largest ShaleDriller, broad so Well, is and I demand probably going the for that think market there component

a laterals or little at looking D, which really the do that’s that are to going going Wolfcamp you are to of in not bit next four market with is to heavier. again level now. anything drill the right of you going But with ShaleDriller much if be available are a the mile We

are much to much, much, extent longer laterals So, the become or cube development. you doing

I just about release in development think a Encana press put its out of shale. recently cube

going need the If at need again you industry maintain I’m to have to equipment then are you the and some over-build going at like or I time, And really comfortable under-build, walk don’t kind things need last I coalesced the angle. forward. we to and same that your and an to to diagonally of we is not want flexibility have want going to call that do don’t

spending nail we I the to rate particular So, that we well, before given development that for we are hearing. we of that then need And down is day happen design, for going will unless plans think the course inevitable as we we are start that money. which wait get

I us. So, think it’s coming to

Connor Lynagh

thanks sense. Thanks, Make for thoughts. the

Operator

turn And conference this to back question-and-answer I Dunn any like closing will the conclude would for to session. remarks. over Byron our

Byron Dunn

back joining a the interest Well, growth our Company once very appreciate in thank talking the much. the to look moving all quarter. our phase Independence forward us. on and for next you you again for we to and to support, questions, Thanks We

Operator

And presentation. the Thank concluded. you today’s conference is for now attending

You now disconnect. may

Independence Contract Drilling (ICDIQ) 26 Feb 182017 Q4 Earnings call transcript