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Deshalb bietet der E-Mail-Dienst eine automatische Erkennung von gefährlichen E-Mails Spam. Verwendet man aber den Sicherheitscode und beantwortet Fragen, die kein Außenstehender beantworten könnte, ist es angeblich nicht genug! Für weitere Fragen über Hotmail kontaktieren Sie bitte Hotmail Hotline und wir helfen Ihnen gerne. Denn es ist weder telefonisch noch sonst wie irgendwer zu erreichen, um einem dabei behilflich zu sein!

Complete an offer and Download de hotmail hack: und installieren. Hotmail, vor allem in seiner neuesten Inkarnation, verhält sich wie normale E-Mail-Programme Outlook Express, Windows Mail, etc. We thrive on a commitment to progress - if you have feedback or suggestions regarding our free email service, then feel free to contact us or fill out our survey.

Wegwerf - Wie kann ich die Passwort von hotmail aendern? Meine Frage ist, wie kann ich mich beweisen dass, der Account mir gehört und ich ein neues passwort bekomme.

Möchten Sie ein neues E-Mail-Konto eröffnen. In unserem Telefonbuch finden Sie die benötigten Informationen Hotmail einzugeben. Wir bieten Ihnen auch die Kontakt-Telefon Hotmail mit ihnen zu sprechen. Hotmail Microsoft Hotmail ist ein kostenloser E-Mail-Dienst, der im Jahr 2013 auf ,Outlook. Im Jahr 1996 wurde dieser Webmail-Anbieter von Sabeer Bhatia und Jack Smith erstellt. Im Jahr 2005 ist Microsoft die erste Version von Windows Live Mail angelaufen, aber danach er hielt den Namen Hotmail. Microsoft startete im Jahr 2012 den Webmail-Dienst Outlook. Wir können Microsoft Kostenlose hotmail von kostenlose hotmail in der Welt und von jedem Gerät, das Internet hat, verwenden. Hotmail war das Opfer viele Hacker für einige Jahre. Deshalb bietet der E-Mail-Dienst eine automatische Erkennung von gefährlichen E-Mails Spam. Aber heute ist es sehr sicher. Hotmail ist in vielen Sprachen verfügbar und weltweit eingesetzt. Auch man kann zusätzliche Sparchen installieren und benutzen. Ein Jahr nach dem Start Hotmail hat bereits es mehr als eine Million Nutzer. Und jeden Tag gibt es neue Benutzer. Für weitere Fragen über Hotmail kontaktieren Sie bitte Hotmail Hotline und wir helfen Ihnen gerne. Sie müssen keine Software installieren oder es aus dem Netzwerk downloaden. kostenlose hotmail Die Kunden müssen nur in die Hotmail-Webseite eingeben und kostenlose hotmail registrieren. Auf der Webseite gibt es Anweisungen, wie Sie ein Hotmail-Konto erstellen können. Wenn Sie irgendwelche Probleme haben, kontaktieren Sie uns bitte. Mit Hotmail können Sie Freunde hinzufügen und mit ihnen sprechen. Die Kunden können Dokumente, Fotos und Videos gerne schicken und empfangen. Einer der vielen Vorteile der Hotmail ist, dass es kostenlose hotmail Option zum automatischen Markieren Nachrichten als Spam-Werbung hat. Das ist sehr praktisch, wenn Sie viele E-Mails am Tag erhalten. Hotmail bietet nicht nur E-Mail-Service, sonder es hat auch einen Chat für Sofortnachrichten versenden. Auch unsere Webseite bietet die Hotmail Kundenservice, um Einzelprobleme zu löschen. Wenn die Kunden Hotmail Plus haben wollen, müssen sie eine Jahresgebühr von 19,99 Euro bezahlen. Hotmail Plus bietet einige Zusatzfeatures von Hotmail. Ein normales Konto wurde nach 270 Tagen ohne Login automatisch gelöscht. Um dies zu verhindern, empfehlen wir Ihnen, Ihre Mail-Konto oft verwenden. Sie können alte oder nicht benötigte Nachrichten löschen, um mehr Platz im Speicher des E-Mail-Konto zu haben. Zusätzlich werden Nachrichten in mehrere Fächer unterteilt: empfangene E-Mails, gesendete E-Mails, gelöschte E-Mails, ungelesene oder unbekannte E-Mails. Die Nutzer können Hotmail Telefonnummer benutzen, wenn sie Probleme oder Fragen haben. Auch haben wir Hotmail Service Hotline. Auf unseres Website Kundenservicenummer können Sie alle Information über der E-Mail-Dienst Hotmail finden. Wenn Sie Fragen haben oder Hotmail Telefonnummer brauchen, besuchen Sie bitte unsere Webseite. Trotz Internet in Spanien keine Mails erhalten. Wieder zurück wollte ich kostenlose hotmail Mails abrufen, bekam aber immer nur die Nachricht, eventuell benutzt ein Dritter meine E-Mailadresse. Die Entsperrung klappte auch nicht. Fragen wie Name von ersten Haustier konnte ich nicht beantworten. Brauche aber unbedingt meine E-Mail Adresse wieder, bin in zwei Fördervereinen aktiv und alle Mitglieder haben meine E. Auch sind noch wichtige Daten für einen Urlaub im Oktober in einer Mail. Wie kann man mir helfen. Danke Da ich seit Jahren mein Hotmail Account nicht benutzt habe, habe ich mein passwort vergessen, mein alternative email adresse um ein neues passwort zu bekommen ist genau so ein fallegal welche alternative ich benutze, um ein neues passwort zu bekommen, ist nicht machbar. Meine Frage ist, wie kann ich mich beweisen dass, der Account mir gehört und ich ein neues passwort bekomme. Ich wäre echt dankbar, wenn sie mir weiter helfen kőnnten. Habe ein monat gewartet und gedacht die password wird geaendert aber password wurde nicht geaendert, es wurde in meinem Konto von hotmail nur meine Handynummer hinzugefuegt als Sicherheit Element. Ich habe meine skype passwort vergessen suche einen access code ueber hotmail aber kommt gar nicht nach so viele Versuchen. Wie kann kostenlose hotmail die Passwort von hotmail aendern. Ich denke wenn diese aenderung nicht gemacht worden ist kann ich kein access code fuer skype bekommen. Ich nutze meine Emailadresse Privat und Geschäftlich und komme aufeinmal nicht mehr rein. Es soll von mehrern Nutzern beansprucht werden!. Jetzt komme ich nicht mehr rein und musste einen Fragebogen ausfüllen. Welcher mir anschließend abgelehnt wurde!!!. Ich hatte meinem Kennwort vergessen. Daraufhin habe ich versucht mich mit bekanntgabe einiger Informationen mir einen code schicken zulassen. Nur leider konnte ich mich an vieles nicht erinnern deshalb wurde das Konto gesperrt aus Sicherheitsgründen. Die Telefonnummer den ich bekanntgab war auch leider nicht erreichbar. Mittlerweile konnte ich die Telefonnummer wieder aktivieren und mir einen Code senden lassen. Jetzt habe ich wieder einen neuen Kennwort mit dem ich einsteigen konnte aber meine e mails kann ich trotzdem nicht lesen, weil der Schrift extrem gross ist ind ich kanns nicht umstellen auf die normale Größe. Ich habe mein Passwort vergessen und komme daher seit einiger Zeit nicht mehr meine Post. Ich habe mehrmals versucht das Konto wieder freischalten zu lassen bisher trotz mehrfacher Befragung usw, erfolglos. Ich bitte um Hilfe um endlich an meine eMail zu kommen. Meine andere eMail Adresse ist k. Ich bin im Ausland unterwegs und habe keinen Zugriff auf mein Handy. Habe mittlerweile schon drei mal mein Passwort ändern müssen. Bitte schaltet mir doch mein Konto wieder frei. Ist es möglich, dass man nicht jedesmal wenn man den Ort wechselt aufs neue gefragt wird ob das Konto geschützt werden soll. Schöne Grüße Guten Tag Ich kann auf meinem neuen ifone 6s meine mailadresse nicht erstellen. Wie kann ich mein Passwort zurücksetzen. This is soooooo frustrating and inconvient. I need to get into my e-mail account. You ask for a cell number I no longer have to verify if this is my account. Ich habe die Meldung bekommen das mein Konto von einem anderen benuzer gebraucht wird, ich soll meine Handynr. Eingeben um den Code zu erhalten. Da ich aber vor ca einem Jahr meine Handynummer gewechselt habe und mir nicht in den sinn gekommen ist dass ich es bei hotmail auch noch wechseln dollte weiss ich nun nicht mer weiter. Verwendet man aber den Sicherheitscode und beantwortet Fragen, die kein Außenstehender beantworten könnte, ist es angeblich nicht genug. Da ich die Mails dringend brauche, bestehe ich darauf, dass sich sofort jemand um dieses Problem kümmert. Denn es ist weder telefonisch noch sonst wie irgendwer zu erreichen, um einem dabei behilflich zu sein. Noch nie so eine kostenlose hotmail erlebt…. Ich komm nicht an meine Mails obwohl ich das passwort weiß hab versucht angerufen alles kommt immer es langt nicht das es mein Konto ist. Wie gesagt unzählige Male versucht zurückzusetzen es geht nicht da die Beweise ni langen das es mein Konto ist. Leider ist es mir nicht möglich, die Konto wiederherstellungsfragen zu beantworten, davor Jahren ein Schulkamerad für mich dieses Konto eröffnet hat, und Ich leider nicht weis kostenlose hotmail Daten Er verwendet hat. Da leider keinerlei Kontakt mehr vorhanden ist, ist es mir nicht möglich an meine Daten zugelangen. Das einzigste was Ihnen vielleicht weiter helfen könnte, wäre meine letzte Buchung über ein Flugticket nach Sri Lanka oder halt meine Online Bestellungen bei Zalando. Ich hoffe Sie können mir mit diesen Infos mir meine mail Adresse wieder herstellen. Mit freundlichen Grüssen Ruby Ratnam Ich würde gerne an mein Passwort kommen, meinen Account nutze ich seit mehreren Jahren nicht mehr, schätzungsweise 4-5. Ich komme bis zu dem Schritt, dass ich den vierstelligen Code eingebe und dann viele Fragen beantworte. Ich habe dann per Mail erhalten, dass das nicht ausreichend sei und ich es ein weiteres Mal veruchen soll. Ich soll die letzten 3 Kontakte eingeben, mit denen ich gemailt habe und den Betreff der Mails. Ich erinner mich nach so vielen Jahren leider nicht mehr daran. Ich möchte Ihnen mitteilen, dass Ich auf mein Konto nicht zugreifen kann. Leider ist es mir nicht möglich, die Konto wiederherstellungsfragen zu beantworten. Mein alternative email adresse um ein neues passwort zu bekommen ist genau so ein fall. Wie kann ich mich beweisen dass, der Account mir gehört und ich ein neues passwort bekomme. Ich wäre echt dankbar, wenn sie mir weiter helfen kőnnten. Hallo, mein Konto ist aus Sicherheitsgründen gesperrt worden. Trotz mehrerer Versuche das Konto wiederherstellen ist leider nicht möglich gewesen. Mann schlägt mir neue E-Mail zu erstellen, das geht nicht ich brauche das alte. Was soll ich tun und beweisen dass das Account mir gehört. Das Problem ist wahrscheinlich entstanden, weil ich gleichzeitig zwei Handys benutzt habe. Hallo, mein Konto ist aus Sicherheitsgründen gesperrt worden. Trotz mehrerer Versuche das Konto wiederherstellen ist leider nicht möglich gewesen. Kostenlose hotmail schlägt mir neue E-Mail zu erstellen, das geht nicht, ich brauche das alte. Ich kann nicht alle meine alte informationen erinnern. Was soll ich tun und beweisen dass das Account mir gehört. Hallo, seit mehreren Tagen kann ich meine Emails nicht lesen da mein Konto bzw meine Email-Adresse noch auf einem anderen Gerät verwendet wurde, Was durch aus logisch ist da ich zwei Handys habe. Jedenfalls muss ich die letzten vier Ziffern meiner Telefonnummer eingeben um ein 7 stelligen Code zubekommen. Das tue ich die ganze Zeit nur bekomme ich keinen Code gesendet. Doch kann sie nicht lesen was mir ziemlich auf den Geist geht zumal mein ja noch nicht mal kostenlose hotmail Passwort akzeptiert wird. Ich will einfach wissen was da los ist. Wir verwenden eigene Cookies und Cookies von Dritten, um unsere Dienstleistungen zu verbessern und Ihnen durch Analyse Ihrer Surfgewohnheiten auf Ihre Präferenzen abgestimmte Werbung zu zeigen. Wenn Sie weitersurfen, erachten wir die Verwendung der Cookies als von Ihnen akzeptiert. Weitere Information oder Angaben zum Ändern der Einstellung finden Sie in unseren.

Binäre optionen Trading ohne ein Profi zu sein
Ich habe meine skype passwort vergessen suche einen access code ueber hotmail aber kommt gar nicht nach so viele Versuchen. Vanwege het feit dat er nog geen hotmail hack op het internet geplaatst is, die ook daadwerkelijk doet wat ie zou moeten doen, laat ik jullie hotmail hack zien. Die Kunden müssen nur in die Hotmail-Webseite eingeben und sich registrieren. Nachdem Sie einen Benutzernamen eingegeben haben und Wahl einer Domain hotmail. Microsoft startete im Jahr 2012 den Webmail-Dienst Outlook. Ansonsten weitermachen: Hotmail lässt Sie wissen, ob eine E-Mail-Adresse ist genommen oder nicht. Sie müssen keine Software installieren oder es aus dem Netzwerk downloaden. Das tue ich die ganze Zeit nur bekomme ich keinen Code gesendet -. Wie kann man mir helfen?

Beziehung retten

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Aber konkret zu deiner Frage: er hat die Trennung auf Zeit vorgeschlagen und er sollte sich auch wieder melden. Beziehungspause hatte ich zu meinem Ex. Trotz aller Verknüpfungen, ihrem langsam zusammenfallenden Kartenhaus von Lügen zweifelte ich.

Ich war zu angespannt und ängstlich. Jeden Tag gibt es neue Verknüpfungen, ein Lügrnmeer, dessen Ausmasse keiner von uns fassen kann, Lug und Betrug in der Partnerbeziehung, in der Freundesbeziehung, im Bekanntenkreis, Beruf, Schule. Ich muss dazu sagen, ich hab mich emotional sehr abhängig gemacht.

hilft abstand? was meint ihr? - Ich rief ihn ständig an. Noch als er bei mir war….

Der Partner, der sich vernachlässigt und nicht geliebt fühlt, hat vielleicht die Phantasie, dass sein Partner sich aus der Ferne auf ihn besinnt, ihn vermisst und hilft abstand beziehung Sehnsucht verspürt. Manchmal erhofft sich das Paar oder ein Partner davon aber auch nur eine Bestätigung für die Entscheidung, sich zu trennen. Eine Trennung auf Zeit hat Vor- und Nachteile. Wie bei einer Trennung auf Zeit vorgehen. Wenn Sie sich für eine Trennung auf Probe entscheiden, dann ist es wichtig, dass Sie mit Ihrem Partner klare Absprachen treffen. Dass einfach nur ein Partner auszieht, funktioniert nicht. Am besten ist es, wenn sie gemeinsam die schriftlich formulieren. Sie sollten sich auch beide ernsthaft auf die Absprachen einlassen. Ein Auszug ist gewöhnlich einfacher als in der Wohnung zu bleiben. Zur Not gehen aber auch getrennte Zimmer. Während der Trennung auf Zeit sollte von keinem Partner eine endgültige Entscheidung zur Trennung getroffen werden. Ganz wichtig, während der Trennung auf Zeit sollten Sie mit Ihrem Partner eine Paartherapie machen. Zusammen hilft abstand beziehung dem Therapeuten kann jeder analysieren, welche Fehler er gemacht hat und was in Zukunft anders laufen kann. Stellen Sie nach der Beziehungspause fest, dass Sie noch etwas für einander empfinden und gemeinsame Ziele haben, dann ziehen Sie wieder zusammen. Sie sollten dann aber noch für einige Zeit die fortsetzen, denn Sie könnten sonst leicht in alte Streitmuster zurückfallen. Entscheiden Sie sich für eine Trennung, dann haben Sie bereits schon die ersten Schritte zur Lösung gemacht. Meine Frau hat mir gestanden, dass sie seit einem halben Jahr eine Beziehung zu einem Arbeitskollegen hat. Da sie nicht wisse, ob sie sich für mich oder für diesen Kollegen entscheiden soll, wolle sie sich zunächst einmal für sich alleine eine kleine Wohnung nehmen. Sie wolle sich aber weiterhin mit mir und dem Arbeitskollegen treffen. Ist ihr Auszug nicht sowieso der Anfang vom Ende und eine endgültige Trennung dann besser. Eine Trennung auf Zeit muss nicht die endgültige Trennung bedeuten. Sie haben jedoch Recht, dass manche Menschen eine vorübergehende Trennung vorschlagen, um bei ihrem Partner zunächst den Schmerz, den eine endgültige Trennung auslösen könnte, abzumildern. Nun, Sie können Ihrer Partnerin hilft abstand beziehung Augenblick nur vertrauen, dass Sie auch noch Gefühle für Sie empfindet. Wo ich ein wenig Bedenken habe, ist die Tatsache, dass Ihre Frau sich weiterhin gleichzeitig mit Ihnen und ihrem Freund treffen möchte. Ich frage mich, anhand welcher Kriterien sie entscheiden möchte, welchem Mann ihr Herz gehört. Will sie einfach nur zuwarten. Wartet sie auf Sehnsuchtsgefühle nach Ihnen. Will sie prüfen, wie Sie und ihr Arbeitskollege sich um sie bemühen. Hilfreicher könnte es sein, sie würde erst einmal Zeit für sich alleine verbringen und herausfinden, was ihr in Ihrer Partnerschaft fehlt bzw. Dann könnte sie mit Ihnen zusammen in einem zweiten Schritt prüfen, ob diese Bedürfnisse in irgendeiner Form auch in ihrer Partnerschaft erfüllt werden können. Für Sie kann die Trennung auf Zeit sehr belastend sein. Sie haben keine Sicherheit, dass Sie die Partnerschaft nochmals beleben können, aber sind auch nicht frei für eine neue Beziehung. Wenn Sie auf den Vorschlag Ihrer Frau, sich für eine bestimmte Zeit zu trennen, eingehen, dann wäre es gut, wenn Sie konkrete Absprachen z. Wie häufig haben Sie Kontakt und wo?.

Nähe und Distanz in der Beziehung
Seien Sie, wie Sie sind und akzeptieren Sie sich Grübeln Sie viel, gibt es Dinge, die sie an Ihrem Partner so sehr stören, dass Sie sich immer aufregen und sich das über sich selbst ärgern? Wir fehlt der Hund, und der Rest der Familie. Die Gefahr, dass der Partner die gewonnene Freiheit nutzt, um sich nach einer nach einer neuen Liebe umzuschauen, halten die Experten für nicht allzu groß - ausgeschlossen ist sie aber nicht. Du erfährst, was Du tun kannst, damit es möglichst nicht bis zum Äußersten kommt und Du wirklich zurück in die Spur findest! Ich habe einen Riesen Respekt vor meiner Ex Partnerin sie hat einen guten Job und hat mit Mitte 40 noch ein Haus ausgebaut. Aber, um daraus Liebe entstehen zu lassen, braucht es Zeit und — ja, auch das — Arbeit.

Introducing Tinder Online

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When I asked why my account had been banned they gave me a canned response. I used Tinder for a long time with good success, until I suddenly found myself banned without any notification or reason given for why.

See the full rules in the wiki! This especially sucks because I'll be 18 in a month. Plus there's been a flaw with the app for ages where Tinder gives you a blurred out image who has matched with you and you can find out with Tinder Gold.

Tinder: age group is no longer for - You're not able to share the full song, however - only a 30-second clip. This especially sucks because I'll be 18 in a month.

Yeah, I had this issue earlier. I reinstalled the app a few times and checked my facebook settings to make sure I didn't accidentally delete the app permissions for it I'd been fiddling on my facebook settings right before it started happening. I suppose try those two and if nothing else, restart your phone. Have tried all of the recommended solutions in this post and those provided by Tinder Support. The problem is something between my Facebook profile and Tinder. Other people are able to log into Tinder on my phone when they log into Facebook. The only solution I can see is for my Tinder profile to be deleted so that I can start a new one associated with my Facebook profile. Only way to delete your profile is only you are logged into Tinder. When I explained this to Tinder Support and asked if they could remove my profile from the back-end, their response is that due to security reasons I have to delete my profile myself. Well Tinder, if you tell me how I can magically log on which is the problem in the first placeI would happily delete my profile myself. Any other users having this problem or anyone suggest a fix. I have tried and tried on my iPhone 4 running ios 7. Tinder is accessing my facebook data every time I try to log on as seen in app settings on facebook. I have also deleted all my Tinder tinder support deutschland and removed it from facebook and tried and tried and still no change. Its been doing this for the past 2 months. This same problem happened to me. For me it was an error with my Facebook app on my i-phone. I tried deleting the app a couple of times from my i-phone by pushing on the icon till it wiggled. That didn't change anything because every time I deleted and re-logged in my phone had already memorized my tinder support deutschland. This will officially remove your facebook account from your iphone. It worked for me I hope it works for you. Or follow and tweet me on twitter jasiaworld and let me know if I helped!.

Tinder Terrors - The SUGAR MAMA
That is until the took another payment of £27. Within a week I realised it was not what it was cracked out to be and fell well short of my expectations so I deleted my account, the app and thought no more of it! The free access is of no use at all to test the system so I subscribed to Gold thinking it would be the best way to try it out. Tinder confirmed with TechCrunch it's trying out a new way to connect users, by allowing them to share music within their chats. That does seem to be the case, as it turns out. Was informed that i did not respect their terms and was permanently banned. See Note Below:- -------------------------------------------------------------------------------------- Note: Canceling your subscription will not retroactively refund subscription payments, and previously charged subscription fees cannot be prorated based on cancellation date. Have tried all of the recommended solutions in this post and those provided by Tinder Support. © Provided by Oath Inc. I wouldn't mind but the app or service they run is a joke and I am very suspicious of it's legitimacy.

Interview mit Ina Müller über ihren neuen Style: Warum die kurzen Haare?

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Nachdem die letzte Sendung von Ina Müller bereits am Donnerstagnacht um 23. Die Jüngeren sind vom Kurzhaarschnitt begeistert und die Älteren fordern den Pferdeschwanz zurück.

· frisuren testen , modische frisuren , moderne frisuren , frisuren damen , kurze frisuren , trend frisuren , frisuren zum nachmachen , frisuren ausprobieren Wunderhübsche Papierfächerkollektion von PrimaDecorina. Wie das Krebs- Drama begann —eine Chronologie 24. Die Szene — sag ich mal. Unter anderem wird sie folgende Gäste begrüßen:.

INA MÜLLER live bei - Mein Haare sind einfach nur glatt. Ich habe viele Höhen und Tiefen der Krankheit mit begleitet.

Ina Müllers Haare sind jetzt richtig richtig kurz. Zuvor hatte sie noch eine lange silberne Lockenhaarfrisur. Diese fielen nun dem neuen blonden Kurzhaarschnitt zum Opfer. Ihre langen Haare hebt Ina Müller nun in einer Platiktüte zu Hause auf. Wir finden, die neue kurze Frisur lässt Ina Müller auf jeden Fall um Jahre jünger erscheinen. Nachdem die letzte Sendung von Ina Müller bereits am Donnerstagnacht um 23. Das letzte Mal so kurz hatte Ina Müller ihre Haare mit Mitte zwanzig auf Sylt. Ab ina müller krebs ließ sie sie wachsen. Was meint Ihr zu Ina Müllers neuer Frisur. Mit 60 will ich zum Beispiel keine kurzen Haare haben. In dieser Show lädt sie Prominente in eine Hamburger Hafenkneipe ein. Das Ina damit jünger aussieht, kann ich nicht bestätigen, Herr Friseur-Experte. Diese superhübsche und tolle Frau wird durch diese kurze Pudelkrause derart verunstaltet, das es in den Augen schmerzt. Ich habe alle Sendungen von Ina gesehen und war immer von Ina begeistert. Sie ist eine große Künstlerin und sah immer soooo toll aus. Bitte Ina, geb Dir einen Ruck und laß die Haare wieder wachsen…………. Der neue Haarschnitt passt toll zu dir -finde ich. Doch die Hauptsache ist doch,dass du dir damit gefällst. Ich bin aber auch Kurzhaarfan. Wenn ich blos wüsste, welcher Friseur in der Lage ist ,mir die Haare exakt so zu steilen halt mit Welle. ina müller krebs Mein Haare sind einfach nur glatt. Vielleicht hast du einen Tipp!.

Inas Nacht mit Ina Müller vom 11. Januar 2019
Die Jüngeren sind vom Kurzhaarschnitt begeistert und die Älteren fordern den Pferdeschwanz zurück. Bilder von Kurzhaarfrisuren und Beschreibungen. Ich habe viele Höhen und Tiefen der Krankheit mit begleitet. Als angemeldeter Benutzer kannst du alle Bilder, Posts und Hochzeitsdienstleister bei Hochzeitswahn unter deinem Profil abspeichern und somit Ina Müller Podkarsten Lyrics. Schnipp, schnapp — Haare ab. Aber ich kürze sie regelmäßig, sonst hingen sie ja längst auf dem Boden. Am ersten Tag war das schon lustig mit den kurzen Haaren. Aber das war ne schwierige Phase, wenn man durch die Prinz-Eisenherz-Länge muss. Fans von Kurzhaarfrisuren haben derzeit viele Möglichkeiten, denn die Friseure lieben modische Kurzhaarfrisuren in allen Varianten Wild und punkig, aber Kurzhaarfrisuren Die schönsten Styles freundin. Schönheit Kurzhaarfrisuren Das liegt im Trend für kurzes Haar. Weiblich, ledig aber liiert , 46 so präsentiert sich Sängerin Ina Müller vor ihrer großen Tour. Dann habe ich sie wachsen lassen.

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I mean bottom line that was the article 2018 played out essentially in line with our expectations. Adjusting for the impact of the rental program, Higher Ed net sales declined 5%. Did you know that Alabama is one of the most biodiverse states in this country? It is now my pleasure to introduce Dan Sieger.

And something we continue to monitor and work with our channels with because the channels to put it very cleanly, the channels don't quite know yet what the uptake of unlimited is going to be. Slide 7 provides a bridge of the key drivers of profitability. Can you - Rebecca McNamara Can you repeat it to make sure we are hearing you are saying for the 14% growth in the quarter, we cited rental partnerships standalone digital and returns and you're asking if those are repeatable or non-repeatable impact? Question two just on competition.

- Vores opgave er at finde en du har lyst til at være sammen med resten af dit liv, og hvor I begge vil opleve at jeres kærlighed til hinanden kun bliver stærkere som tiden går, og jeres forhold får mere dybde og styrke. And then we will either dial up or dial down the investment, but as we said as well from a cash perspective we continued to be solidly positive.

Rebecca McNamara - SVP, Financial Dan Sieger - SVP, Corporate Communications Analysts Mary Gilbert - Imperial Capital Matt Swope - Robert W. David Farber - Credit Suisse Nick Dempsey - Barclays Todd Morgan - Jefferies Brian Hirschfeld - Bain Capital Presentation Operator Good morning and welcome to Cengage's Fiscal 2018 Fourth Quarter and Full Year Investor Update. Participating on the call will be Michael Hansen, Chief Executive Officer; Rebecca McNamara, Senior Vice President of Financial; and Dan Sieger, Senior Vice President, Corporate Communications. It is now my pleasure to turn the floor over to Dan Sieger. Dan Sieger Good morning and again welcome to Cengage's fiscal 2018 fourth quarter investor update. A copy of the slide presentation for today's call has been posted to the company's website at cengage. You can also view the slides by going to investorcalendar. The following discussion may contain forward-looking statements within the meaning of the Safe Harbor provisions of the U. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future results and events and they are based on Cengage's current expectations and assumptions. Actual results may differ materially from those currently expected and are subject to the risks and uncertainties discussed in the Risk Factors section of our fiscal 2016 annual report for the year ended March 31, 2017 and the special note regarding forward-looking statements section of the same report. Our company's FY2018 annual report will be posted to the company website shortly. The company disclaims any duty or intension to update or revise any forward looking statements. This presentation, including the appendix, contains disclosures of adjusted revenue, adjusted cash revenue, adjusted EBITDA, adjusted cash EBITDA, adjusted EBITDA less prepub, adjusted cash EBITDA less prepub, on a quarterly and year-to-date basis and free cash flow on a year-to-date basis, all of which are non-GAAP financial measures. Adjusted revenues and adjusted EBITDA measures are on a constant currency basis. Definitions, rationale for the use of these measures and reconciliations of each to its most directly comparable GAAP financial measure are provided in the appendix to today's slide deck. We may also discuss digital product sales, which represent gross sales less actual returns of digital standalone products and bundled print and digital products. And now, we can turn to Slide 3 for today's agenda. Michael Hansen, Chief Executive Officer, will provide an update on the business, followed by Rebecca McNamara, Senior Vice President of Finance, who will take you through the details of our financial results before we open up the call for questions. Let me now introduce the Chief Executive Officer of Cengage Learning, Michael Hansen. Michael Hansen Thanks Dan. Good morning, everyone and thank you for joining us to discuss our results for both the fourth quarter and fiscal year 2018. With me this morning is Rebecca McNamara, our Senior Vice President of Finance who will provide additional details on our financial results. We will share a deeper analysis of our Learning segment which is undergoing a significant digital and business model transformation. In that context, we will update you on our progress in launching Cengage Unlimited, our industry leading subscription model. Since my appointment as CEO our strategy has been aimed at returning Cengage to sustainable and robust revenue growth which in turn drives strong bottom line growth. In fiscal 2018, we've reached a major milestone as the overall business return to growth for the first time since emerging. This was driven by three of our four business lines. International, School and Gale who all showed both top and bottom line growth. These business lines have achieved sustainable performance through more focused and efficient execution of their existing business models. In Higher Ed, the structural challenges of the market and our relative starting position called for a fundamentally different approach to achieving top line growth. The Higher Ed market for cost material has historically consisted of high priced print and bundled digital product. Where price points are facing significant and growing resistance from faculty and students alike. Customers have responded for many years by finding increasingly creative ways around buying the required cost material, including used, rental, counterfeit, non-consumption and open educational resources or OER. As a result, the economics of a typical classroom in any given printed option have steadily deteriorated for the entire industry. At Cengage, the situation was exacerbated as four years ago we were the higher price competitor and our portfolio had more digitally resistant discipline. While digital learning platform such as Mindset offer a superior learning experience and did arrest some of the decline in typical classroom economics, they did not address the affordability concerns head on. In fact, digital is often viewed by the student as an additional expense they can hardly afford. Our focus has been to recapture the economics of the typical classroom and create a more powerful digital value proposition. To that end, we have implemented several key strategic decisions. Two years ago we started to fully participate in the print rental business through revenue share agreements with leading rental companies, well ahead of anybody else in the industry. We took a holistic approach to pricing surgically adjusting price points and offering more affordable format choices favoring digital standalone products. This past year, we grew stand-alone digital units by 24% and standalone now represents more than 60% of our Higher Ed digital units. We prepared our digital platforms for scale now hosting more than 4 million users every year. And finally this year after over two years of preparing our systems, processes and operating model we have launched the radically new Cengage Unlimited subscription model that eliminates the major affordability barriers, and allows students access to high quality materials day one of their classes at an affordable price. Fiscal 2018 has shown an important step forward in this Higher Ed strategy with a record 11% unit growth, a leading indicator of our ability to recapture the classroom economics. The strategies outlined above drive another very important metric, which we follow closely. The percent of revenue in Higher Ed which is generated by recurring product sales. In our definition, recurring products are digital standalone e-books print rental and of course subscriptions. None of these sales are subject to the aftermarket disruption and are therefore much more repeatable and predictable. At the end of 2018, we spend at over three-quarters of our Higher Ed revenue being derived from recurring products. We have balanced the revenue focused growth strategies with consistent and decisive cost takeouts in the legacy print business. In fiscal 2018, we invested in our digital platforms and in the launch of Cengage Unlimited to fully capture our first mover advantage. These investments kept off two years of painstaking efforts to create the fundamental building blocks which enable to launch of Cengage Unlimited. The early responses from our customers are very promising. However, we recognize this as a fundamentally new way of doing business in this industry. So we have built-in flexibility to both accelerates and decelerates spending in fiscal 2019 guided by the magnitude of traction we experienced in the market in August and September. In fiscal 2018 and 2019, we are investing in a focused set of actions to drive long-term scale of unlimited and set the company up for strong and sustainable top and bottom line growth across the business in fiscal 2020 and beyond. As we're going into fiscal 2019, we're feeling competitively extremely well positioned and poised to drive growth in all of our four business lines. Now to the fiscal 2018 results in more detail. Turning to Slide 5. The strong top line performance was a result of the year-on-year growth across all segments led by learning which was up 14%. Learning reported double-digit net sales growth in both prints and core digital products led by contributions from the rental revenue share program and standalone digital sales growth of 34%. Actual returns were lower by 25% in the quarter as we had expected. Learning's fourth-quarter performance is a validation that our approach to the high rate market is gaining further momentum. International reported its seventh consecutive quarter of growth, up 4% in Q4 and Gale posted 10% revenue growth on a strong global performance. Within Learning, net sales for our Higher Ed business line were lower by 7% as reported and down 5% adjusting for the initial impact of the expansion of our rental partnerships. Strong core digital performance up 12% was offset by continuing headwinds from lower traditional new print textbook sales. Within Digital, we continued to see students opt for lower price, digital standalone products which were up 27%, while the higher-priced bundles were flat year-over-year. Prints net sales were down 22% and returns were lower by 29% in fiscal 2018. Normalizing for the upfront impact of our rental program, print was lower by 17%. Overall net unit growth was 11%, driven primarily by the expansion of our rental partnerships but also by strong standalone digital sales, higher e-book sales and lower return rates. All of this illustrating the traction our approach is getting in the market. Our investments in school and international paid off handsomely in top and bottom line growth for the year, helping us to create a balanced portfolio of business lines. Sales in the school business line captured under the learning segments were up 23%. International adjusted revenue grew 12% and margins grew by 33%. Gale adjusted revenue was up 2% and EBITDA Less Prepub grew 4%. While this represents a decline of 15% versus prior year, it was planned and consistent with the normalization after a disruptive fiscal 2017 and the investments in our strategic priorities referenced earlier. To provide you with more detailed insight you could see a bridge describing the change in profitability on slide 7. The key drivers of lower profitability in a year where Cengage reported flat revenue can be classified into two categories. The first category is related to a normalization of costs compared to fiscal 2017, a year during which the Higher Ed market faced unprecedented decline of 15%. The second category includes the strategic investment I mentioned earlier. Within the first category, the largest impact related to normalization of bonus and commission accruals in fiscal 2018 following no or very low payouts in 2017. Unlike virtually all of our competitors, Cengage elected not to fund its management incentive plan in fiscal 2017. We are pleased that this year played out largely in line with our financial expectations bringing the bonus accrual to its normalized one rate level going into fiscal 2019. Each of these variances is reported in our learning segment. As we stated at the beginning of fiscal 2018, there were three major investment priorities for this year. First, we invested in our international business for further revenue growth in fiscal 2018 and beyond. Second, we invested in product development in our sales force in the school business line as well as signed a new distributor deal with big ideas learning, complementing our existing product offering. Overall, the flow-through of revenue growth in the school business line is high given that the majority of the content is repurposed from Higher Ed. On Slide 9, you could see the strong positive economic impact of our shift to digital. The value of print and digital adoptions over the course of three years varies significantly, and the disparity in value is growing each year. In a traditional print adoption, sell through to student drops off considerably after the first semester of an addition as used and rental products quickly become the purchase of choice for students. In a hundred seat adoption, over three years we will capture approximately 124 units out of the 300 seats. To improve our yield from print adoptions, we are focused first on converting them to digital and if we cannot convert them we are monetizing this space through our rental partnerships and affordable print solutions. On average a digital adoption provides 2x the units of a print adoption over three years, as sale-through is dramatically improved. Within the digital format standalone drives even stronger unit growth than bundles as they have higher activation rates and don't feed the secondary markets as students typically resell the print part of the bundle which creates supply in the secondary market with a negative impact on future sales. It is important to note that these sales through numbers vary by discipline with STEM disciplines having higher digital sale through numbers. On Slide 10, you can see the positive impact of our strategy to standalone digital and recurring sales. Turning to Slide 11, our comprehensive rental consignment program is an important part of our strategy to lower the cost to students and better monetize our existing printed options thus expanding our base of recurring revenue. Our rental agreements, our consignment arrangements where Cengage provides inventory to our rental partners and receives a portion of the revenue from each rental. For our rental partners, the agreement reduces inventory risk and initial capital investment. While the overall economics are clearly favorable to us, each title rolling into the program sees a reduction in year one revenue, breakeven by year two and incremental revenue in year three and beyond. In addition, rental partnerships help reduce demand for counterfeit materials, which have entered the market as rental units in the past. Rebecca will take you through the specifics and their financial impact in fiscal 2018 shortly. Our focus on digital standalone and print rental has allowed us to grow the percentage of our Higher Ed business that comes from a recurring product which we defined earlier to 77% of net sales, up from 69% in 2017 and 53% in 2016. Moving to Slide 12. I want to provide an update on Cengage Unlimited. No matter how many Cengage courses a student takes or how many product she wants to access, it gives students total on-demand access to all our digital learning platforms, e-books, online homework and study tools plus free learning related offerings from a select set of product. This unique offering is designed to drive digital penetration of the classroom, eliminate the need for students to source in the secondary market, further improving our classroom economics and gaining market share from our competitors. Since we announce Cengage Unlimited in December, the initial feedback from the market has been extremely positive. We are confident that this offering will drive strong unit gains from four sources. First, we are winning back units in our existing adoptions from the secondary market as our price point is attractive to students who are currently cobbling together used and rental materials or foregoing purchases altogether. Second, we are winning share from smaller, low priced print publishers and we are offering. Third our offering compares favorably to other digital courseware providers. And finally, Cengage Unlimited compels instructors to move to digital, improving the learning experience and retention of these units. To put our evidence of strong traction of unlimited in better context, we have outlined the annual cycle for our Higher Ed business. The industry is currently in the middle of the adoption season. Our sales force and our competitor sales forces are in the field meeting with instructors and institutions to discuss what materials they will use for the class starts in the fall. The greater number of adoption seats we get, the greater number of students we earn the right to sell to in the fall. This is our B2B season, when we win the confidence of the professor at the key decision maker. In the first part of the adoption season from February to mid-April, the focus is on winning new adoptions. The second wave of the adoption season typically mid-April to end of May is spent securing existing adoptions and migrating existing print adoptions to digital. Finally, the last part of the season from the end of May to late June is by and large spent on preparing for the fall start. In the next few weeks, the cycle is essentially complete with the salesforce having entered both wins and losses into the CRM system. Therefore at this point the best information available to anybody in the market is on takeaways from direct competitors and ability to maintain the existing adoptions. With 60% of the adoption season behind us, we are very pleased with our progress. We have won an unprecedented number of takeaway adoptions primarily due to the launch of Cengage Unlimited. We have seen a double-digit increase in both takeaway adoptions and progress in maintaining our existing adoptions. The fall becomes our B2C season. When the students in these seats decide on the value proposition of our offering, we recognize that Cengage Unlimited is a brand new model for both faculty and students, and with any innovation. There will be some variability in the rate at which students buy into this new subscription model. However, the revenue variability of unlimited in fiscal 2019 is rather limited. In the event that students opt to purchase individual units instead of subscribing to unlimited, we will receive revenue from these purchases, limiting the negative impact of fewer than planned subscription. In fact, short term revenue would likely be slightly higher in this scenario. In the event that students subscribe to Cengage in numbers greater than planned, it may soften our revenue in the short term but solidify our first move advantage, providing a stronger base for long-term revenue growth by amplifying a network effect. During the back-to-school season, it is crucial that we provide a highly positive user experience for both faculty and students. Our marketing teams and shadow partners will be rolling out student focused campaigns to drive awareness of Cengage Unlimited and the savings that are available to students. These fiscal Q2 activities are areas where we investing substantial resources to produce a highly successful and limited launch. As I mentioned earlier, we have preserved optionality in our fiscal 2019 budget to adjust costs in line with top-line performance. Finally, some of our competitors have held up inclusive access models as an equivalent value proposition for students compared to Cengage Unlimited. Inclusive access is a single course discount model driven largely from the top of the educational institution or the department. Cengage Unlimited is a fundamentally different approach preserving at its core faculty and students choice, while providing affordable entry into a huge breadth of content and significant value beyond the course. Think of inclusive access being akin to getting a discount pay-per-view one thing is unlimited is akin to Netflix. Inclusive access will capture a part of the overall market, and we have this on offer as well. However, we now have a compelling alternative for the much larger part of the market which values choice and affordability. It is clear that Cengage Unlimited provides an economically attractive choice for students and faculty, but it also provides a strong long-term model for Cengage as it dramatically accelerates our potential to improve the classroom economics and gain share. Equally importantly for the long term, we will now be able to build a direct and continuous relationship with our student and faculty customers enabling us to create value for them far in excess of the transaction based textbook and courseware model. This truly can and will be the Netflix plus model the education market needs. We look forward to updating you on our progress with Cengage Unlimited later this year. Moving to Slide 13. I want to provide more detail on the strong performance in the other business lines in our portfolio. In School, we leverage Cengage higher Ed content and the National Geographic brand name to drive growth in very clearly focused Advanced Placement and elective courses. This approach is an important distinction as it drives high profitability, lower volatility and lower upfront investment setting us apart from our major competitors. Our net sales growth of 23% was driven by strong market share gains in both California and Texas, and strong performance in the rest of the territories. We also secured distribution of Big Ideas Learning, a leading K-12 math series that was previously distributed by a competitor. International growth was powered by a very robust performance in the Australia Higher Ed market, and continued strength in English language teaching up 16% in fiscal 2018. With 12% revenue growth international had an unusually strong year, driven by several large one-time deals that will normalize in 2019. Our unparalleled success in international is driven by a focus on select regions, where we believe we can obtain meaningful market share and thus critical mass. This allows us to avoid building large regional overhead cost structures and drive profitability. This approach stands in contrast to several of our competitors who have often stated publicly that they consider education to be a global market. We chose a different route and believe our results speak for themselves. At Gale, adjusted revenue was up 2% in fiscal 2018 with a strong overall global performance. International market school 9% while US domestic were flat. Yale continues to make solid progress in driving global top-line performance while managing a mature US business and focusing on driving consistent bottom line growth. In summary, last year saw the US Higher Ed market return to a more measured rate of decline compared to the prior year. While the fundamental pressures of enrollment declines and affordability remain, this more normalized market environment allowed us to generate results which clearly demonstrate that our objective to return the company to sustainable top and bottom line growth is gaining traction. School, International and Gale representing more than a third of our revenue have turned that corner already. In US Higher Ed our strategy to provide a high quality and affordable digital product to our customers at scale thus recapturing the economics of every classroom we serve continues to gain momentum. Cengage Unlimited is showing strong signs of traction and will be a major accelerator of the strategy and a powerful competitive differentiator. Looking forward to 2019, our US Higher Ed business will return to revenue growth for the first time since 2014. Given that unlimited accelerates the growth of digital, we want to highlight that we expect revenue to continue to shift later into the season specifically towards the end of Q2 at the beginning of Q3. In addition, it is worth noting that net cash sales will provide the best real-time reflection of performance in the period compared to revenue as deferred revenue will grow considerably particularly in the second quarter. This is due to the expected growth in digital which is deferred ratably over the subscription period. We feel very confident about our guidance as close to 90% of our Higher Ed revenue will be generated from recurring products, which absent any macro shocks to the system can be forecasted with much greater degree of precision. Performance in School, International and Gale will moderate after a cyclically strong fiscal 2018. While the school channel will be a long-term growth contributor to Cengage revenue, we anticipate that the impact of fiscal 2019 will be more level at the large Texas and California sales do not repeat. Similarly in International which will be a long-term growth contributor as well growth will moderate in comparison to the exceptional fiscal 2019. From an investment and cost perspective, we will have one more year of investing in both the proven growth engines as well as the rapid scaling of Cengage Unlimited before the top-line growth will drive robust and sustainable bottom line growth. Additionally, we made a decision in early 2017 to move to a new headquarter location in the Seaport area of Boston. Given the rising rents in the Boston real estate market, this option offered the most cost-effective way to deal with our expiring lease in 20 Channel Center Street. The build-out of this space will negatively affect our cash flow this coming year. We of course are making these investments while ensuring that we continue to generate solid positive free cash flow. Based on the results achieved thus far, and the strategies outlined above, we feel very confident to be able to return the company to solid revenue growth and mid to high 20s margin over the next 18 to 24 months. Now let me handed it over to Rebecca who will provide a detailed view of the financials by segment. Rebecca McNamara Thank you, Michael and good morning, everyone. Starting with Slide 16, I'll review our results based on adjusted revenue and adjusted EBITDA Less Prepub. The cash view is included in the appendix. As Michael noted earlier, in fiscal 2017 the industry faced unprecedented disruption and based on our financial performance we elected not to pay a management bonus and our sales commissions were paid at a very low rate. Put another way if we perform in line with our fiscal 2019 plan, there will not be a bonus variance in any quarter of 2019. And the last item is a one-time tax benefit that we received in fiscal 2017 which is not recurring. In fiscal 2018, we fully operationalize our rental programs launched as pilots last year and further expanded our partnerships. Moving to Slide 17. The strong growth was underpinned by the Higher Ed business with net sales growth of 17%. The fourth quarter represents 16% of learning's full-year sales. While it's a relatively small quarter, the results clearly demonstrate the traction we are getting from our strategies to drive recurring revenue. The print performance was driven by revenue from rental partnerships, as well as lower returns. In core digital, we continue to see strong standalone digital growth of 15%. And finally returns were down 25% in the quarter. Within learning, school net sales grew 23% as a result of strong sales into Texas and California, while Higher Ed net sales declined 7%. Adjusting for the impact of the rental program, Higher Ed net sales declined 5%. Turning to Slide 18. We have estimated the relative impact of key drivers of learning adjusted revenue based upon currently available data and internal estimates. We have provided the approximate contribution to adjusted revenue, as well as the approximate impact to total units in the year-to-date period. The divergence of the trends between learning adjusted revenue performance, and as strong growth and units reflects the success of our strategies to drive digital penetration, and address affordability issues for students. These strategies have a short-term negative impact to revenue as we intentionally trade off current sales for a much more valuable and sustainable long-term revenue. Core digital net sales grew 12% in fiscal and contributed five percentage points to overall adjusted revenue for learning. On a unit basis core digital grew 22% and contributed 10 percentage points to overall unit performance. The sales versus unit performance reflects students continued migration from higher priced bundles which were flat on the year in net sales to lower priced standalone digital which grew 27% in net sales. In print, the impact of students seeking alternatives to new print textbooks contributed approximately four points of decline to both adjusted revenue and units. Enrollments principally declines in two-year and four-year institutions contributed approximately two points of decline on both our revenue and unit basis. Fall enrollment data from the National Student Clearing house showed a total enrollment decline of 1% in the fall. And we estimate a similar performance in the spring semester pending official enrollment data. The expansion of our rental partnerships in fiscal 2018 had a significant impact and adjusted revenue driving two percentage points of revenue decline, while contributing nine points of contribution to net unit performance. As we move forward, the revenue contribution will turn positive in fiscal 2019, while we'll see a more moderate growth in units. Moving to Slide 19. Additional go to market investments in under penetrated markets and a higher bonus provision due to the strong full-year performance. Robust growth in Australia Higher Ed was driven by significant market share gains, while our English language teaching business posted double-digit growth in EMEA and Latin America. International has posted seven consecutive quarters of revenue growth and has improved margins every year since fiscal of 2013. Turning to Slide 20. The US business through digital revenues overcoming continued headwinds in the print business to deliver a flat performance in fiscal 2018. On Slide 21, there is a summary of cash flow for fiscal 2018. Finally, turning to Slide 22, we remain in a strong liquidity position. Our liquidity and cash position continue to be pillars of our business. And now I'd like to turn the call back to Michael. Michael Hansen Thank you, Rebecca. I have the pleasure of spending a large portion of my time over the last three months with faculty, administrators and students across many campuses in the United States. It is hard to describe the enthusiastic reception our Cengage Unlimited offer has received. While history has proven that education markets are slow to adapt to change, our new business model seems to have hit a nerve with customers. They have been frustrated with the high price of course materials for a long time. I want to explicitly thank our equity and bondholders for their patience as we continue to transform the company and build an enterprise which provides sustainable value to customers and financial stakeholders alike. The challenges of a deeply obsolete and customer unfriendly business model in US Higher Ed made this transition longer and harder than we all had hoped for. However, we feel very confident on the path that we have outlined for you in this call. We hope that this call has provided you with as much transparency as possible and look forward to your questions. Let me now turn it over to the operator for questions. Your line is now live. Mary Gilbert Yes, good morning. I wondered if you could talk about the inclusive access again and how this is working during the adoption. And also with regard to Cengage Unlimited, so I wanted to - it sounds like inclusive access is where they choose maybe one company versus another when it and is it an institution wide, is it course-by-course and then what is the magnitude of inclusive access in terms of the industry in North America? So I wanted to get a feel for that and then with Cengage Unlimited, so you're getting a good response but does that mean that the adoptions are there? It's just that we have to kind of wait to see what the student chooses when it comes to the actual activations which generates the revenues. So I wonder if you could walk us through that please. Michael Hansen Yes Mary. Good to hear your voice again. Happy to do this. So let me take it the two models that need compare and contrast. With the inclusive access model you typically the sales force typically go to the institution or to a department, say the accounting department or the business department in a given institution. And it is essentially negotiating an inclusive deal meaning every student essentially has to buy the individual product, and for that commitment for every student to buy you give a discount. So it's truly a discounted - it's a discounted individual course typically individual course model. And the important distinction is it is mandated essentially from the top of the institution or the department that every student has to buy that set of materials. It goes to two ways either it's included in the tuition or it's a separate charge. That's the way this model works. Now for some institutions that is the model that they prefer and for some faculty they accept that. Cengage Unlimited is very different in the sense that Cengage Unlimited works like the traditional adoption model. In other words there's really no change. You go to the individually adopting faculty and they first of all adopt the content, they adopt the course from Cengage. And then they give the student the choice, you could either buy an individual product; you can rent an individual product, you can buy. It's a bundle or standalone or you can buy the inclusive access for Cengage Unlimited. And the students very quickly do the math and say what is cheaper for me particularly it very quickly becomes cheaper if they have the prospect of having another course with Cengage where they wouldn't pay anything additionally. So the models are very different. One is a top-down institutional model inclusive access. The other one is a choice model for both students and faculty. Now in terms of the overall market there are not super reliable data out there, but we estimate at this point that the inclusive access is no more than 10% of the market overall. And we think while it might be slightly growing, we believe that the vast majority of the market will still prefer the choice. Mary Gilbert So but just one other question on that. Does that mean when they --when the institution makes this decision do they then also choose which company whether it's Cengage, Pearson or McGraw-Hill. I mean are they making that choice at the same time? Michael Hansen They're picking a company but they might be picking different companies for different courses. So they might be saying let in biology let's go with Pearson and in psychiatry let's go --psychology let's go with Cengage. Mary Gilbert Okay, got it, okay that's very helpful. Thanks for that clarification. The other thing is so I just wanted to understand fiscal 2019 because it sounds like you're saying look, we're going to actually have revenue growth in higher education but with the investment spending it sounds like maybe EBITDA will still be down year-over-year because of the effort and gaining market share et cetera. Is that essentially what you're saying and of course we're going to have moderated growth rates with the other two business, well three business segments including school. So I just wanted to find out if we're factoring that correctly? I think Mary let me explain this in a bit more detail. So yes we're going to have revenue growth in the US Higher Ed business. And as I mentioned in the call for the first time are really in many, many years. We are making a deliberate investment against scaling Cengage Unlimited. And the reason and I mentioned this in the call is there is a network effect. I mean first of all you got to make sure that the student has a really good experience in the fall with Cengage Unlimited when they buy into the subscription model. But secondly there is a network effect. And let me explain this. So if we have --think of any given campus in the United States. If you have win an additional course, the power for the next course to switch to Cengage is even bigger because now you have students, you have maybe 67% of the students in the next course which might be a competitive course that already have the subscription to Cengage Unlimited for whom now switching to Cengage means that they have no additional spending. So this is a true first mover advantage and you've seen this play out in other industries where Netflix they are the people that can offer streaming services or Spotify other people that can offer these kinds of music streaming services, but typically the first mover gains a significant majority of the marketplace. And that's what we're after and that's why we're investing in this. So this is not just an investment and the stability of it but this is clearly geared towards establishing and expanding that first mover advantage which we feel we clearly have right now. We have evidence that we have it. So to put it then into the context of the question that you asked, yes, we will see revenue growth and we will make a deliberate investment against that will depress or lower our EBITDA minus CapEx for 2019 but we see very strong growth in 2020 as that first mover advantage plays out. Operator Our next question is coming from Matt slope from Robert W Baird. Your line is now live. Matt Swope Maybe just to build on that last question I guess a couple things if you could just continue that line of thinking Michael around what that means for EBITDA for 2019 and then for 2020. Just want to confirm that you were saying that EBITDA will be down fiscal 2019 over 2018. And then just a couple others if I could. If you could give us an update on the CFO position and what's going on there that would be great? Michael Hansen Yes, thanks Matt. Let me take it maybe in reverse order if I may and then I'll ask Rebecca also to chime in on the EBITDA question that you started off with. And as we said the authorization is standing and we don't anticipate that to change. On the CFO position, we have at the very tail end of an extensive both external and internal search. And we are expecting to announce something about an appointment of a new CFO very shortly. And with regard to the first question around the development of EBITDA. Rebecca will talk a little bit through the cash EBITDA development, but overall we expect the EBITDA to - the reason that we can't give you really a very, very finite number is what I said in the call where we are really fine-tuning the level of investment based on the traction that we're seeing with unlimited in the fall. And we will see this in play out mostly in July, August and early September. And then we will either dial up or dial down the investment, but as we said as well from a cash perspective we continued to be solidly positive. I just wanted to pick up on that real quickly I mean as we move toward a more digital, more subscription like business, the deferred revenue impact on both the top line and the bottom line becomes more exaggerated particularly in our second quarter right as we go through this. So and if you think about it EBITDA less CapEx on a GAAP basis which is how we report, there will be a decline even all things being kind of flat just from the cash impact of that or the deferred revenue impact. So going forward that kind of cash revenue and cash EBITDA Less Prepub will be a better marker of how we're performing in the year. So we'll continue to report both but just want to highlight that as we move forward. Michael Hansen And Matt one last thing from my end. I think it is very important to see fiscal 2019 in context with fiscal 2020 which really is calendar 2019 for us. And based on the logic and the strategy that we've outlined we see a very strong performance both on the top and bottom line for 2020 partly driven by the investments that we're making in unlimited in the fall. Our next question is coming from David Farber from Credit Suisse. Your line is now live. David Farber Good morning, guys. Some of my questions have been asked but I guess I wanted to talk a little bit about the quarter, the one that you just put in front of us. The commentary is bullish and encouraging. My question is I'm curious how the quarter shook out versus your expectations going in because I think the comparison was down something like 50%. And I understand and the prepared remarks we talked a lot about one-timers and the quarter including compensation and returns that were down maybe another 25%. So maybe just talk about some of the one-timer is an aggregate and then any views just on the quarter given that and then I had some follow-ups. Rebecca McNamara So I mean on the top-line there weren't any real one-timer set that we had called out. I mean the one-timer that one timers we talked about really was on how that revenue growth was flowing through the EBITDA Less Prepub and is really around year-end reversals in FY17 around both our sales commission and around our management incentive plan that reversed out in 2017. And are there at normalized levels in 2018. And so you're not seeing that flow through from the top line to the bottom line as you would expect, and that's the main variants there. David Farber Yes and then just view just sort of how the quarter performed versus your expectations given that and then I had some follow-up questions as well. I mean bottom line that was the article 2018 played out essentially in line with our expectations. And so the way that the fourth quarter played out was in line with our expectation and brought us in line with our latest forecast and plan. So I guess I'm curious how the program is performing and what kind of uptake if anything you're seeing from the students as we sit here in May? And then I want to ask a question just on the cash flow and balance sheet as well. Michael Hansen Yes, David, in terms of the rental program, it is performing our in line or slightly ahead with our expectations. So what we're seeing the students and this is primarily during last fall and this spring. So currently it's obviously at the tail end of where students use materials, but we are seeing it playing out the way that exactly we had hoped it would be in that the revenue obviously you take revenue hit in the first year where you don't sell the new book. And then you see continuous turns of the product which will get you to breakeven at the end of year two and then two incremental higher revenue which we outline for you. So we're seeing it play out extremely well and in line with our forecast. And I think it is also proven to be a good thing that we went with the largest network provider in the market and they continue to make inroads and gains. Rebecca McNamara We cover 70% of the market with the partners we're working with. David Farber Okay, very good. And then you gave us the levered free cash for the year. I think it was in the 60 context and it sounds like the sort of outlook for this year on the top-line is great on the EBITDA line a little bit less clear and then far improving I guess in 2020. So given the levered free cash of 60 plus for the year that we closed what are your sort of priorities in terms of that cash flow whether it be here higher or lower given the investments we are making where would you like to deploy, what free cash flow positive you're able to produce for the upcoming year? And then that's it for me. I mean so as Michael said we continue to be in communication with the board around any repurchases. So we're focused mainly on our operational investments, putting cash to work to drive Cengage Unlimited and our growth businesses. And then we'll continue to monitor and decide in terms of how we deploy the levered cash flow throughout the year. Our next question is coming from Nick Dempsey from Barclays. Your line is now live. Nick Dempsey Yes, hi, guys. I've got two questions. First of all, on your slide 18 where you show the stack for learning growth you've got print attrition at negative 4%, but I guess that includes a pretty healthy benefit from the year-on-year fall in returns. So will that attrition go up as you reach equilibrium? And then a little follow up to that as you push harder towards digital could you see a spike up again in terms of it going the other way in returns if the bookstores aren't keeping up with your shift? So that's all question one. Question two just on competition. You've had Pearson talk pretty positively about its competitive performance in Higher Ed so far this year, and the adoptions McGraw-Hill says pretty confident about taking market share. You guys say double digit percentage takeaways and pretty positive net performance. So I guess you can't all be right. And so I wonder if you could try and translate your comments on share of adoptions into what share you think you're taking percentage-wise in the 60% of the season you've seen so far. So Nick let me take it in reverse order again. On the competitive stuff I wholeheartedly agree with you we can't all be right. And I think we will all find out in the fall who is right and who is wrong. What we try to do in this call when we laid out the adoption season is what evidence anybody at this point possibly could have. And the only evidence that people can have at this point is really takeaways from direct competitors because of the way that the season unfolds. And as we said we feel very good about where we are. And we will ultimately see the evidence in the fall. In terms of your first question with regard to the attrition, yes, you are right. The normalization is partly benefited from the comparison over 2017 in which have the channel de-stocking which is now played out. So we are planning and would fully expect that print continues to decline at mid-teens percentages overall, but obviously against them ever smaller base. So relative --the relative impact on us is muted. So in that respect yes there will be normalization. And then the last point around your channel, potential channel disruption that is actually a very perceptive point. And something we continue to monitor and work with our channels with because the channels to put it very cleanly, the channels don't quite know yet what the uptake of unlimited is going to be. And therefore in all likelihood they're going to say, like well, let's kind of overall the individual unit business and to make sure that we have product on the shelf. And that might then come back as a return. So we are working with them to make sure that we give them as much transparency as we can in terms of our takeaways, and what we think the assumptions are who is buying what. But there could be a bit of a risk that in our --in the first part of the selling season there's a bit of an over ordering there and again we will be as transparent as we possibly can be on that day. I mean we've actually factored in a certainly a moderation in the rate of improvement in returns from 2018 to 2019 as compared to 2017 and 2018. And we've also --we also do expect a little bit of over-ordering on the bundle side as we go into the fall season. So and we've thought through the potential channel impacts. At the end of the day can I thinking about the net sales is really what our sell through to the students are. Kind of the gross and returns pieces a lot of noise; it can make it hard to figure out what's happening in the moment right. But kind of working with our channels closely and really thinking about the net sales as a sell-through is the approach we're taking. And so we're pretty comfortable with how a 2019 will look like. Our next question is coming from Todd Morgan from Jefferies. Your line is now live. Todd Morgan Thank you and thank you for all the long dialogue and all the detail. Just wanted to follow up on the unlimited program which sounds exciting. The option you mentioned the optionality to adjust the cost as the program kind of unfolds this fall. And you also talked about investments. I was just hoping if you could sort of help me understand what some of those items are? We talking just basically textbook inventory on the cost side and in terms of investments is this --I would think it's a more of a software development of creating a dashboard to aggregate the content something like that. If you could help there. Michael Hansen Yes, absolutely, Todd. Happy to do this and let me be very clear when we talk about the adjustments that we're going to make is we're dialing up investments. And let me be more specific of what they are. The biggest investment that we're making in the fall is around student awareness and driving student awareness through our channel partners and through direct to student marketing campaigns, and through communication with faculty. We want and we need the student to be aware of this offering, so a, they go to the offering which is obvious but the other thing is also that they don't make a mistake. We don't want to have thousands or tens of thousands of students in the fall go out by individual product then find out two weeks later that oh my god there was this unlimited offer was available. And then they're going to try to start to return those products and they're going to create significant amount of cost both for our channel partners whether that Mountain people in a flat, Amazon whatever to try to return the product and switch to the unlimited offering. So we really want to avoid that. We want to drive as much awareness as we possibly can and that's what we're investing in. We have already invested in the stability of the platform. We have invested in all the scaling of the technology infrastructure. So we are ready for the for the fall season in that respect. And that are the kinds of investments that depending on what we see in traction we can either dial up or dial down come to fall. Your line is now live. Unidentified Analyst Hi, good morning, everyone. Congratulations on a strong quarter. I just wanted to confirm my understanding on course adoption. Number one is the double digit number you mentioned a growth takes or is it a net number? And number two should I understand this number as let say at this moment there are let's pretend the entire market has 400 courses and based on last year's numbers and Cengage had 100 courses out of the 400 courses. And then let's to say you have a 15% growth in adoption. That means you basically took 15 additional courses out of the rest of the participants in the market. Is that the right way to think about it? Rebecca McNamara Hey, good morning, Jing. Yes, this is Rebecca. Yes, I think that's the right way to think about it. So if you have a set number of courses of 400; Cengage had 100; we now will have 115 across the other competitors they will now have 15 less adoptions. Our next question is coming from Brian Hirschfeld from Bain Capital. Your line is now live. Brian Hirschfeld Thanks for taking the question and sorry to potentially beat a dead horse on this Cengage Unlimited, but just trying to understand the financials around it. Is it financially accretive to EBITDA based solely on increased monetization of existing courses? Brian no worries about beating a dead horse that horse are very much alive. So happy to answer any questions around it. So the sources are twofold. The sources of making it accretive are one recapturing non-consumption and secondary market, where we don't see any revenue of existing adoptions. And the other one is take away from competitors. The competitors just to be clear come in different shapes and sizes though. This is not just the McGraw-Hill and Pearson's of this world. There is also a lot of smaller print competitor out there that are competing primarily on price right now. And that don't have a digital offering at all. And that's where we're seeing a share come back from and the third is OER. OER is a phenomenon that arguably has been created by the industry not offering something that is compelling from a value proposition. And we're fixing that. Your line is now live. Unidentified Analyst Hi, thanks for taking my call. So learning is up 14% and on page 5 you mentioned that contribution from rental partnerships or returns and growth in standalone digital. Can you break up that a little bit more? I'm assuming comes more from reversal rental. So I was wondering whether this course is one time or it will be better --the numbers will be better generally or higher through net sales in a long time. Michael Hansen I'm not sure I get the clarity. Can you - Rebecca McNamara Can you repeat it to make sure we are hearing you are saying for the 14% growth in the quarter, we cited rental partnerships standalone digital and returns and you're asking if those are repeatable or non-repeatable impact? Unidentified Analyst Yes repeatable and how much is contributed through reversal of rentals? Rebecca McNamara So I'm not sure what you mean by reversal of rental but - Unidentified Analyst Reversal of returns not rental, sorry. I mean we haven't broken out the specifics of each contribution but what I'll say is on the rental piece and on the standalone digital piece the two product drivers right. And it goes - it's consistent with what Michael talked about in his script as these are recurring units that we get revenue from those units. And every adoption every single year. So this is the kind of stable base off of which we can now grow. On the returns piece, again, we don't expect the same rate of return going forward, but we do expect improvement in net sales Higher Ed next year. Our next question is coming from Mary Gilbert from Imperial Capital. Your line is now live. So I wanted to understand because we're already in the adoption cycle. So it sounds like you already know what percent of takeaways you have. So I don't know if you can describe it as we've taken give us some sort of metric on the takeaways. And then the percentage of existing business that you're able to maintain number one. And then also when you talk about recurring revenue and saying, okay, we're now up to I think it's like 85% or something like that or whatever the metric is, just understanding why you're describing it as is recurring. And then finally going back to Cengage Unlimited, you did mention something to the effect that if you get this overwhelming response there could be potentially a negative impact on revenue or revenue could be lower. And I just wanted to clarify and understand that. So, Mary, let me address those questions. So first of all the negative impact is - the relative phenomenon is this if the student since we're winning takeaways the student couldn't go out in that takeaway or in the base and go out yes and say like I still opt for the individual choice. I buy an individual unit from Cengage in which case the revenue would accrue to us from that individual unit sale. Or the student can go out after she or he has done his or her calculation, and say I'm going to go for unlimited. The revenue impact is different in that unlimited obviously cannibalizes the standalone revenue. So in the near term you can get actually a proper list in revenue if they go for more of the individual unit buys. But in the long term, the subscription revenue that you're getting and the subscriber that you're getting is worth a lot more. So that's the trade-off that we're talking about in the first year where students will still get used to and adjust to the new model. Rebecca McNamara I think that goes to where Michael was saying we're spending on student awareness and campaigns to drive awareness, so that students go to unlimited but we don't know at this point exactly what that uptick will be and how students will respond. So that's where the variability comes. Michael Hansen And in the question around the uptick on our takeaways, keep in mind we're right now about 60% through the adoption season. So we're not at the end of the adoption season. And there no full accounting yet for any one of the competitors out there truly on the wins and losses. And based on what we're seeing though in terms of takeaways, we are seeing a rate much greater than what we've seen historically. And I think it is very clear that if you look at the reasons why we win these adoptions, it is primarily driven by Cengage Unlimited offering where faculty is clearly seeing that as a way to help them, help the students save money. And that's clearly what we're seeing, and the rate is significantly higher than what we've seen in the past. Rebecca McNamara And then finally on the recurring revenue or recurring units' piece right 81% of our units is what we consider to be recurring. If you go back to slide 9 of what Michael was saying about the value of a print option versus the value of a digital adoption, we sell into many more seats 2x the number of seats in a digital adoption versus a print adoption right because we're selling into those seats each year not just the first year of an addition as it is in the print case. So we consider those units recurring because each year of an adoption, we're getting revenue from them. So that's kind of our definition of a return unit. We reached end of our question-and-answer session. I like to turn the floor back over to management for any further or closing comments. This is Michael and thanks for your questions. As I said I hope we have provided you with the transparency that you need. And we are happy to entertain follow-up questions after this call. Thanks everyone for participating. And have a great day. That does conclude today's teleconference. You may disconnect your line at this time. And have a wonderful day. We thank you for your participation today.

Wireclub featured on Hansen vs Predator Episode 7 David Tiriolo and Michael Popovich Full Episode
You may disconnect your line at this time. Cengage Unlimited is a fundamentally different approach preserving at its core faculty and students choice, while providing affordable entry into a huge breadth of content and michael hansen dating.dk value beyond the course. Good morning, everyone and thank you for joining us. Michael Hansen I'm not sure I get the clarity. Derfor handler det for Single. And as we said the authorization is standing and we don't anticipate that to change. Michael Hansen Yes, Lucifer, in terms of the rental program, it is performing our in line or slightly ahead with our expectations.