David Manthey

“First off, number one, the 20 basis points of timing benefits. Could you give us your definition of timing? I mean, is that catching up for past accruals, or is it pulling benefits from the fourth quarter back into the third quarter?”

“And from what I'm hearing you say, Mark, it was just a, for whatever reason, a lack of targets that were available, and that has since started to free up. Am I hearing you right on that?”

“So, I don't want to split atoms here, but when I look at the declining segment, refining came out. It doesn't mean it's not still flat or negative, but in chemicals remains the first industry that's named there.”

“That was a little higher than we thought based on the revenues of the two companies coming in. So that would calculate to, I think, $14 million. and we were looking for like 10.”

“First question is on the refunds, of course. One thing you mentioned in the slide deck, I think you said the majority of refunds are reflected in the second quarter, but you didn't say all.”