import java.util.regex.Matcher;
import java.util.regex.Pattern;
public class Example {
public static void main(String[] args) {
final String regex = "^([^a-z]+):(.*(?:(?!\\n[^a-z]+:)[\\r\\n].*)*)";
final String string = " FD (Fair Disclosure) Wire\n\n"
+ " November 19, 2018 Monday\n\n"
+ "Q4 2018 Agilent Technologies Inc Earnings Call - Final\n\n"
+ "LENGTH: 11673 words\n\n\n"
+ "Corporate Participants\n\n"
+ "* Alicia Rodriguez\n\n"
+ "Agilent Technologies, Inc. - VP of IR\n\n"
+ "* Jacob Thaysen\n\n"
+ "Agilent Technologies, Inc. - Senior VP and President of Life Sciences & Applied\n"
+ "Markets Group\n\n"
+ "* Michael R. McMullen\n\n"
+ "Agilent Technologies, Inc. - CEO, President & Director\n\n"
+ "* Robert W. McMahon\n\n"
+ "Agilent Technologies, Inc. - Senior VP & CFO\n\n"
+ "* Samraat Raha\n\n"
+ "Agilent Technologies, Inc. - Senior VP and President of Diagnostics & Genomics\n"
+ "Group\n\n"
+ "Conference Call Participants\n\n"
+ "* Brandon Couillard\n\n"
+ "Jefferies LLC, Research Division - Equity Analyst\n\n"
+ "* Catherine Walden Ramsey Schulte\n\n"
+ "Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst\n\n"
+ "* Daniel Anthony Arias\n\n"
+ "Citigroup Inc, Research Division - VP and Senior Analyst\n\n"
+ "* Daniel Louis Leonard\n\n"
+ "Deutsche Bank AG, Research Division - Research Analyst\n\n"
+ "* Derik De Bruin\n\n"
+ "BofA Merrill Lynch, Research Division - MD of Equity Research\n\n"
+ "* Doug Schenkel\n\n"
+ "Cowen and Company, LLC, Research Division - MD & Senior Research Analyst\n\n"
+ "* Jack Meehan\n\n"
+ "Barclays Bank PLC, Research Division - VP & Senior Research Analyst\n\n"
+ "* Patrick B. Donnelly\n\n"
+ "Goldman Sachs Group Inc., Research Division - Equity Analyst\n\n"
+ "* Paul Richard Knight\n\n"
+ "Janney Montgomery Scott LLC, Research Division - MD, Head of Healthcare Research\n"
+ "& Senior Equity Research Analyst\n\n"
+ "* Puneet Souda\n\n"
+ "Leerink Partners LLC, Research Division - Director, Life Science Tools and\n"
+ "Diagnostics\n\n"
+ "* Ross Jordan Muken\n\n"
+ "Evercore ISI Institutional Equities, Research Division - Senior MD and Head of\n"
+ "Healthcare Services & Technology\n\n"
+ "* Stephen Barr Willoughby\n\n"
+ "Cleveland Research Company - Senior Research Analyst\n\n"
+ "* Stephen Christopher Beuchaw\n\n"
+ "Morgan Stanley, Research Division - Equity Analyst\n\n"
+ "* Tycho W. Peterson\n\n"
+ "JP Morgan Chase & Co, Research Division - Senior Analyst\n\n"
+ "Presentation\n\n"
+ "OPERATOR: Good day, ladies and gentlemen, and welcome to Agilent Technologies\n"
+ "Fourth Quarter 2018 Earnings Conference Call. (Operator Instructions) And as a\n"
+ "reminder, this conference is being recorded for replay purposes. I would now\n"
+ "like to hand the conference over to Alicia Rodriguez, Vice President of Investor\n"
+ "Relations. Please go ahead.\n\n"
+ "ALICIA RODRIGUEZ, VP OF IR, AGILENT TECHNOLOGIES, INC.: Thank you, James, and\n"
+ "welcome, everyone, to Agilent's Fourth Quarter Conference Call for Fiscal Year\n"
+ "2018. With me are Mike McMullen, Agilent's President and CEO; and Bob McMahon,\n"
+ "Agilent's Senior Vice President and CFO. Joining in the Q&A after Bob's comments\n"
+ "will be Jacob Thaysen, President of Agilent's Life Science and Applied Markets\n"
+ "Group; Sam Raha, President of Agilent's Diagnostics and Genomics Group; and Mark\n"
+ "Doak, President of the Agilent CrossLab Group.\n\n"
+ "You can find the press release and information to supplement today's discussion\n"
+ "on our website at www.investor.agilent.com. While there, please click on the\n"
+ "link for Financial Results under the Financial Information tab. You will find an\n"
+ "investor presentation along with revenue breakouts and currency impacts,\n"
+ "business segment results and historical financials for Agilent's operations. We\n"
+ "will also post a copy of the prepared remarks following this call.\n\n"
+ "Today's comments by Mike and Bob will refer to non-GAAP financial measures. You\n"
+ "will find the most directly comparable GAAP financial metrics and\n"
+ "reconciliations on our website. Unless otherwise noted, all references to\n"
+ "increases or decreases in financial metrics are year-over-year. References to\n"
+ "revenue growth are on a core basis. Core revenue growth excludes the impact of\n"
+ "currency and acquisitions and divestitures within the past 12 months. Guidance\n"
+ "is based on exchange rates as of October 31. We will also make forward-looking\n"
+ "statements about the financial performance of the company. These statements are\n"
+ "subject to risks and uncertainties and are only valid as of today. The company\n"
+ "assumes no obligation to update them. Please look at the company's recent SEC\n"
+ "filings for a more complete picture of our risks and other factors.\n\n"
+ "Before I turn the call over to Mike, I would also like to share my plans to\n"
+ "retire at the end of January, making this my last conference call as Agilent's\n"
+ "Vice President of Investor Relations. I have enjoyed working with many of you\n"
+ "over the years, but as Mike says, the best is yet to come and so it is also true\n"
+ "for IR.\n\n"
+ "And now, I'd like to turn the call over to Mike.\n\n"
+ "MICHAEL R. MCMULLEN, CEO, PRESIDENT & DIRECTOR, AGILENT TECHNOLOGIES, INC.:\n"
+ "Well, thanks, Alicia, and hello, everyone. Thank you for joining us today.\n"
+ "Before I cover our financial results, I want to thank Alicia for her years of\n"
+ "service and wish her the best in her retirement. Alicia has superbly led\n"
+ "Agilent's IR team for the past 8 years. She has set a high standard for her\n"
+ "professionalism, integrity and transparency in her engagement with the\n"
+ "investment community. Thank you, Alicia. You are the best and you will be missed\n"
+ "by me. You can see, this has been an emotional day for all of us and our Agilent\n"
+ "team and I'm sure, by everyone that's on today's call.\n\n"
+ "This quarter, we reported our strongest quarterly results since the 2015 launch\n"
+ "of the new Agilent. We're ending the year with a terrific quarter. Our revenues,\n"
+ "profitability and earnings per share are significantly ahead of expectations.\n\n"
+ "Now, some of the specifics. Q4 revenues grew 9% on a core basis to $1.29\n"
+ "billion. This exceeded the high end of our guidance by more than $30 million.\n"
+ "Double-digit end-market growth in pharma, environmental and forensics along with\n"
+ "the continued strength of our Chemical & Energy business are driving results.\n\n"
+ "Geographically, our China business is up sharply, with 16% growth for the\n"
+ "quarter. For the year, the Agilent China team delivered double-digit growth and\n"
+ "achieved a major milestone, crossing over 1 billion in business for the first\n"
+ "time.\n\n"
+ "Q4 adjusted operating margin is 25.2%, up 190 basis points from last year. This\n"
+ "is our 15th consecutive quarter of the Agilent team improving year-over-year\n"
+ "operating margins.\n\n"
+ "Q4 adjusted EPS of $0.81 is $0.07 above the high end of our guidance. Compared\n"
+ "to last year, this is an increase of 21%. In addition, we took advantage of\n"
+ "marketing conditions to purchase $86 million in stock during the quarter. For\n"
+ "the full year, stock repurchases stand at $422 million, underscoring the\n"
+ "confidence we have in our future performance.\n\n"
+ "I am also pleased to report that the Agilent board has just approved a new $1.75\n"
+ "billion share repurchase plan. This quarter more than caps off an excellent\n"
+ "2018. Our strong quarterly performance translates in the full year core growth\n"
+ "of 7.1%, our highest annual growth rate since the launch of the new Agilent.\n"
+ "Total reported revenues grew to $4.9 billion. We continue to deliver improved\n"
+ "profitability while investing for growth. For the year, adjusted operating\n"
+ "margin is 23.1%, up 110 basis points over last year. Our earnings per share are\n"
+ "up 18% for the year to $2.79. The numbers tell the story, a strong team\n"
+ "delivering yet another stellar annual performance.\n\n"
+ "Let's now look at the quarter by business groups. Core revenue grew a healthy 9%\n"
+ "for LSAG, our Life Science and Applied Markets Group. Product strength is\n"
+ "broad-based, driven by mass spec, chromatography and cell analysis. We continue\n"
+ "to introduce innovative new products. We are strengthening our molecular\n"
+ "spectroscopy portfolio with the launch of the Agilent 8700 Laser Direct Infrared\n"
+ "Chemical Imaging System. This is a breakthrough in both chemical imaging and\n"
+ "spectral analysis.\n\n"
+ "We also introduced the Cary 3500 UV-Vis system, the first significant\n"
+ "advancement in UV-Vis architecture in decades. We continue to build out our cell\n"
+ "analysis business. We just closed the acquisition of ACEA Biosciences. ACEA is a\n"
+ "provider of cutting-edge cell analysis instruments and will expand our cell\n"
+ "analysis portfolio. The Agilent CrossLab Group delivered strong 9% core revenue\n"
+ "growth. Demand was excellent across both services and consumables. We continue\n"
+ "to invest in our portfolio and extend our customer reach. We completed the\n"
+ "acquisition of ProZyme, expanding our offering to the biopharma marketplace. We\n"
+ "also acquired our South Korean distributor. This acquisition expands our direct\n"
+ "customer engagement and it further builds out ACG's service business in the\n"
+ "market.\n\n"
+ "The Diagnostics and Genomics Group grew 5% on a core basis. Strength in our NASD\n"
+ "and Genomics businesses drove the quarterly results. In a significant win,\n"
+ "Agilent has been selected by Unilab to be a preferred partner for their\n"
+ "pathology business. Unilab is one of the largest European diagnostic testing lab\n"
+ "providers. This announcement is another strong testament to the advantage of\n"
+ "Agilent's expanding workflow solutions.\n\n"
+ "Before I leave DGG, I want to provide an update on the construction of our new\n"
+ "NASD API production facility. We remain on track for the initial production of\n"
+ "GMP-grade APIs by the end of fiscal year 2019 with material revenue\n"
+ "contributions in FY '20. Overall, it was a great quarter, capping off an\n"
+ "excellent year delivered by the Agilent team.\n\n"
+ "A few final comments before I turn the call over to Bob.\n\n"
+ "Agilent's shareholder value-creation model is fully activated. First, we are\n"
+ "executing on an innovation-driven growth strategy that is delivering. Second, we\n"
+ "continue to focus on improving profitability with our Agile Agilent initiatives.\n"
+ "Finally, we are actively leveraging our balance sheet to drive acquisitions of\n"
+ "fast-growing, innovative companies while also returning cash directly to\n"
+ "shareholders. We have transformed Agilent into a growth company and are focused\n"
+ "on delivering superior earnings growth. We just delivered our highest growth and\n"
+ "profitability since the launch of the new Agilent. Since then, our adjusted CAGR\n"
+ "EPS is up 17%. Our business is also less cyclical today, with non-instrument\n"
+ "sales making up over 56% of our total company revenue. If economic challenges\n"
+ "would arise, our business is now less dependent on capital equipment purchases.\n\n"
+ "Looking ahead to 2019, while acknowledging current trade discussions, we are\n"
+ "expecting market conditions to remain solid. The Agilent team is laser-focused\n"
+ "on sustaining our strong growth into 2019 and beyond. We have momentum. I keep\n"
+ "telling the Agilent team: the best is yet to come. Thanks for being on the call\n"
+ "and we look forward to answering your questions. I'll now hand off the call to\n"
+ "Bob. Bob?\n\n"
+ "ROBERT W. MCMAHON, SENIOR VP & CFO, AGILENT TECHNOLOGIES, INC.: Thank you, Mike,\n"
+ "and good afternoon, everyone. I am very pleased to be talking with you today on\n"
+ "my first earnings call as Agilent's CFO.\n\n"
+ "Before I get started, I want to echo the comments Mike made and say thank you to\n"
+ "Alicia. In my time here, she has been a great partner to me, and I truly wish\n"
+ "her the best in retirement. She will be missed.\n\n"
+ "Now moving onto the financials. In my remarks, I'm going to provide some\n"
+ "additional detail on revenue, walk through the fourth quarter income statement,\n"
+ "touch on a few other key financial metrics and then I'll finish with our\n"
+ "financial guidance for 2019. Unless otherwise noted, my remarks will focus on\n"
+ "non-GAAP results, and percentage changes will be on a year-over-year basis.\n\n"
+ "As Mike mentioned, we delivered a very strong fourth quarter to finish an\n"
+ "excellent fiscal year. Revenue for the quarter was $1.29 billion, with core\n"
+ "revenue growth of 9%, exceeding both our guidance and expectations. For the full\n"
+ "fiscal year, our core revenue growth was 7.1%, a very strong performance.\n\n"
+ "As Mike spoke to the group's performance for the quarter, I will provide some\n"
+ "additional details around our end-market and regional performance. Overall, the\n"
+ "market environment is positive. And based on our channel reach and product\n"
+ "offerings, we saw broad strength across most end markets.\n\n"
+ "Pharma, our largest end market, was up 14%, with double digit contribution from\n"
+ "all business groups. Both the small molecule and biopharma segments performed\n"
+ "well. Traditional areas of strength as well as newer areas of strategic focus\n"
+ "such as cell analysis and a strong performance at NASD contributed to the\n"
+ "results.\n\n"
+ "Chemical & Energy grew an impressive 7% against a very strong comparison of 15%\n"
+ "core growth last year. We continue to see positive ongoing market investment in\n"
+ "this area. Balanced gains in both LSAG and ACG were driven by strength in\n"
+ "spectroscopy, LC/MS, supplies and services. Demand from materials\n"
+ "characterization applications continue to drive robust ICP-MS growth.\n\n"
+ "Environmental and forensics grew 17%, ahead of expectations with good demand\n"
+ "across major regions. Growth was balanced across both end markets. Forensics saw\n"
+ "a notable demand for cobalt Raman spectroscopy and environmental for LC/MS and\n"
+ "ICP-MS.\n\n"
+ "Academia and government reported 10% growth as funding environment stabilized\n"
+ "while diagnostics and clinical grew 1%, and food was flat as expected against a\n"
+ "tough 10% comparison.\n\n"
+ "Geographically, we also saw broad-based strength. China grew by 16%,\n"
+ "accelerating from the 10% core growth we saw in Q3, and as Mike mentioned,\n"
+ "passed the $1 billion mark in sales for the year in the fourth quarter.\n\n"
+ "Other Asia and Japan grew by 12%, and Europe and the Americas had solid\n"
+ "mid-single-digit growth.\n\n"
+ "In addition, we continue to be pleased with the revenue composition as\n"
+ "non-instrument revenue contributed 56% of the total in Q4. Looking forward, we\n"
+ "see non-instrument revenue growth outpacing instrumentation, driving in an\n"
+ "increasingly recurring revenue stream.\n\n"
+ "Now turning to the rest of the P&L. Q4 gross margin of 57.8% increased 170 basis\n"
+ "points compared to the prior year. This was due to product mix and volume as\n"
+ "well as our order fulfillment and supply chain organization continuing to do an\n"
+ "outstanding job driving cost savings using our Agile Agilent approach.\n\n"
+ "Operating margin, including adjusting for the key site billings, was 25.2%, up\n"
+ "190 basis points due to higher gross margins and top line leverage on operating\n"
+ "expenses, even as we invested more in R&D. This led to non-GAAP earnings per\n"
+ "share of $0.81 in the fourth quarter, an increase of 21% compared to the prior\n"
+ "year and more than double the rate of revenue growth.\n\n"
+ "Now before moving to FY '19 guidance, I want to touch on a few additional\n"
+ "financial metrics. We continue to generate very strong cash flow. This quarter,\n"
+ "free cash flow was $336 million, and for the year, we generated over $900\n"
+ "million in free cash, exceeding our commitment.\n\n"
+ "In Q4, we returned $133 million to shareholders, buying back 1.3 million shares\n"
+ "for $86 million and paying out $47 million in dividends. We also completed the\n"
+ "ProZyme and Young In acquisitions. With Young In, we expanded our direct sales\n"
+ "and service capabilities in South Korea. For the fiscal year, we returned $613\n"
+ "million to shareholders, buying back 6.4 million shares for $422 million and\n"
+ "paying out $191 million in dividends. As Mike mentioned, we closed a record\n"
+ "number of acquisitions in 2018, deploying $516 million.\n\n"
+ "We ended the year with $2.2 billion in cash and $1.8 billion in debt, and we\n"
+ "just closed on a ACEA Biosciences last week, so we're starting 2019 where we\n"
+ "left off in 2018. All in all, we entered 2019 with healthy end markets, good\n"
+ "momentum in the business and a very strong balance sheet.\n\n"
+ "Now let's turn to our non-GAAP financial results guidance for the full year and\n"
+ "first quarter of 2019, beginning with our full year guidance. We expect 2019 to\n"
+ "be a strong year overall. But before I get into the actual numbers, let me\n"
+ "mention a few important points.\n\n"
+ "First, we anticipate currency will be a headwind in 2019. Based on exchange\n"
+ "rates as of the end of October, we expect currency will reduce reported sales\n"
+ "growth in 2019 by roughly 220 basis points, translating into roughly a $110\n"
+ "million negative impact for the full year. For comparison, our 2018 reported\n"
+ "sales growth benefited by 210 basis points from currency. Now partially\n"
+ "offsetting the currency impact will be a larger contribution from recent M&A,\n"
+ "including the recently closed ACEA Biosciences acquisition. And in addition,\n"
+ "starting in fiscal 2019, we adopt a new accounting standard, which changes how\n"
+ "we present pension expenses and benefits on the income statement. In effect, we\n"
+ "are reclassifying certain amounts to other income and expense. While this has no\n"
+ "impact to net income, we do expect this will reduce forecasted operating margins\n"
+ "in FY '19 by roughly 40 basis points. As we move through the year, we will\n"
+ "provide a restated 2018 to provide an apples-to-apples comparison.\n\n"
+ "And lastly, we are taking a different approach in setting guidance ranges that\n"
+ "include both upsides and downsides, so I'd encourage you to model to the\n"
+ "midpoint of guidance at this stage.\n\n"
+ "Now for the full year, we are expecting revenue to range from $5.13 billion to\n"
+ "$5.17 billion in fiscal 2019, representing core growth of 5% to 5.5% and\n"
+ "associated reported growth of 4.4% to 5.2%. Currency is estimated to negatively\n"
+ "impact growth by 2.2 percentage points, with M&A contributing roughly 1.6 to 1.9\n"
+ "percentage points of growth for the full year.\n\n"
+ "Now onto our EPS guidance. For the full year, we are forecasting a range of $3\n"
+ "to $3.05 per share. Adjusting for the negative currency, this translates to 9%\n"
+ "to 11% growth in EPS and 7.5% to 9.3% on a reported basis. Included in this\n"
+ "guidance is roughly $4 million per quarter in tariffs. This is slightly higher\n"
+ "than the estimate we provided last quarter and is related to List 3.\n\n"
+ "A few other metrics as you build your models. Embedded in our forecast is modest\n"
+ "operating leverage after accounting for the pension adjustment. We are also\n"
+ "expecting the total of interest income, interest expense and OI&E to be $10\n"
+ "million to $15 million in net expense, inclusive of pension and key site\n"
+ "billings. Guidance is based on a full year tax rate of 17%, down 1 point from\n"
+ "2018, and diluted shares outstanding were approximately $322 million, flat to Q4\n"
+ "of this year.\n\n"
+ "We expect operating cash flow of between $1.1 billion to $1.15 billion and\n"
+ "capital expenditures of roughly $175 million. As previously mentioned, the\n"
+ "Agilent board has authorized a $1.75 billion repurchase program, and we plan at\n"
+ "a minimum, to offset dilution throughout the year. We will also continue to look\n"
+ "for M&A like ACEA and other recent tuck-ins and have the financial flexibility\n"
+ "to be opportunistic in share buybacks as well.\n\n"
+ "And finally, we have announced raising our dividend by 10%, continuing a streak\n"
+ "of double-digit increases, providing another source of value to our\n"
+ "shareholders.\n\n"
+ "Now turning to Q1 guidance. For Q1, we're expecting revenue to range from $1.265\n"
+ "billion to $1.28 billion, representing reported growth of 4.4% to 5.7% and core\n"
+ "growth of 4.5% to 5.5%. Please remember that we are going up against a very\n"
+ "tough Q1 comp last year where we grew 10% core.\n\n"
+ "First quarter 2019 non-GAAP earnings are expected to be in the range of $0.71 to\n"
+ "$0.73 per share, which is roughly 9% to 12% x currency and 7.6% to 10.6%\n"
+ "reported growth.\n\n"
+ "Now before opening the call for questions, let me conclude by saying we are very\n"
+ "pleased with the financial results and the continued hard work and focus of the\n"
+ "Agilent team laying the groundwork for future growth and as we enter 2019 with\n"
+ "strong momentum.\n\n"
+ "With that, I will turn it back to Alicia for Q&A.\n\n"
+ "ALICIA RODRIGUEZ: Thank you, Bob. James, will you now open the phone lines for\n"
+ "the Q&A and provide the instructions?\n\n"
+ "Questions and Answers\n\n"
+ "OPERATOR: (Operator Instructions) Our first question comes from Tycho Peterson\n"
+ "with JPMorgan.\n\n"
+ "TYCHO W. PETERSON, SENIOR ANALYST, JP MORGAN CHASE & CO, RESEARCH DIVISION: I'll\n"
+ "be the first to congratulate Alicia. It's been great working with you. I guess\n"
+ "for either Mike or Bob, I'm wondering if you can maybe help us put some\n"
+ "parameters around the guidance for next year, either by end market or segment.\n"
+ "Can you maybe just talk to whether like, for example, Food can get back to\n"
+ "growth post the China restructuring? And how should we think about C&E? It\n"
+ "moderated a bit against tougher comps, but how do you think about the setup for\n"
+ "that next year?\n\n"
+ "MICHAEL R. MCMULLEN: Tycho, I'm in the room. This is Mike, and Alicia really\n"
+ "appreciates your remarks. And Bob, I think maybe you can provide a little bit of\n"
+ "color on Tycho's question.\n\n"
+ "ROBERT W. MCMAHON: Yes. Thanks, Tycho, and a pleasure to speak with you. In\n"
+ "terms of the end markets, I think we still see nice end market growth across all\n"
+ "the markets. When we think about the various markets, pharma, we would expect,\n"
+ "leads the way, probably faster than the overall company growth. But we are\n"
+ "expecting growth throughout all of the end markets. So we expect a return to\n"
+ "growth in Food for sure, but also continued performance across all of the\n"
+ "businesses or all the end markets. And really, we expect kind of broad-based\n"
+ "growth across the end markets as well as our divisions.\n\n"
+ "TYCHO W. PETERSON: And is there any implications on your lab deal on DGG for\n"
+ "next year? Or how did that flow through?\n\n"
+ "MICHAEL R. MCMULLEN: Yes, Tycho. I think there's just one more proof point that\n"
+ "we think we can continue to grow the business, both in terms of winning some big\n"
+ "deals but also as the PD-L1 expands in terms of various cancer states being able\n"
+ "to be treated by the KEYTRUDAs and OPDIVOs of the world. So it was just more of\n"
+ "a proof point. This is why we have confidence we can continue that growth\n"
+ "trajectory.\n\n"
+ "TYCHO W. PETERSON: Okay. And then just lastly, can you comment on the cell\n"
+ "analysis portfolio today with the CNT course? I'm just wondering whether there\n"
+ "are kind of revenue synergy opportunities here? Or how do we think about the\n"
+ "portfolio and the ability to kind of penetrate the single cell market a little\n"
+ "bit further?\n\n"
+ "MICHAEL R. MCMULLEN: Yes. Tycho, I'm going to make a few opening comments here\n"
+ "and then pass it over to Jacob. But as you know, we made our first foray into\n"
+ "cell analysis with the Seahorse acquisition, and we really were attracted by the\n"
+ "growth in this space as well as what Agilent can bring to really accelerate the\n"
+ "growth of acquired assets in this space. And we're super pleased to have ACEA\n"
+ "and the ACEA team as part of Agilent, but I'm going to turn it over to Jacob and\n"
+ "you can share your perspective as well.\n\n"
+ "JACOB THAYSEN, SENIOR VP AND PRESIDENT OF LIFE SCIENCES & APPLIED MARKETS GROUP,\n"
+ "AGILENT TECHNOLOGIES, INC.: Yes. Absolutely, Mike, and I'm as excited as you\n"
+ "are, perhaps even more even since this is in my business. So as you say, we\n"
+ "started into the cell analysis business with the Seahorse acquisition followed\n"
+ "by Luxcel and now here recently with ACEA. And all acquisitions gives us a very\n"
+ "differentiated position in the cell analysis business, where Seahorse is really\n"
+ "a technology that allows for measuring the up and down regulation of metabolism\n"
+ "based on oxygen consumption. We now have ACEA flow, the flow cytometry, which is\n"
+ "a great way and a very easy way of doing cell characterization, identification\n"
+ "based on the genotype and what -- where this will position the market is that is\n"
+ "very ease-of-use and re-allow many different labs that today feel it's very\n"
+ "difficult to work with flow cytometry to really start to get their hands around\n"
+ "that. And finally, the ACEA has the xCELLigence platform, which is a great way\n"
+ "of measuring cell survival viability through impedance measurement. So those 3\n"
+ "different modalities really gives us a strong position, especially in the\n"
+ "immuno-oncology and CAR-T where basically bring the ability to measure live\n"
+ "cells and how they operate under different conditions is going to be key to --\n"
+ "for the entire CAR-T and immuno-oncology. So you will see us continue to invest\n"
+ "into this business, but I'm very pleased where we are today.\n\n"
+ "MICHAEL R. MCMULLEN: And Tycho, you can see the excitement we have on these\n"
+ "products playing out in the cell analysis business. And I think this is a\n"
+ "perfect example of how a company coming into Agilent with this great innovative\n"
+ "new product can really benefit via the scale of Agilent.\n\n"
+ "OPERATOR: Our next question comes from Ross Muken with Evercore.\n\n"
+ "ROSS JORDAN MUKEN, SENIOR MD AND HEAD OF HEALTHCARE SERVICES & TECHNOLOGY,\n"
+ "EVERCORE ISI INSTITUTIONAL EQUITIES, RESEARCH DIVISION: Congrats, guys, and\n"
+ "Alicia, it's always been a pleasure. Maybe let's talk China. So if I look at\n"
+ "some of the color you gave on a segment basis, it seems like not only did the\n"
+ "segment outperform, but it was pretty broad-based. I mean, you called that, I\n"
+ "think, in the presentation, academic as well as some of the more traditional\n"
+ "pieces of when we think about your China business being. So maybe just give us a\n"
+ "feel for the cadence in that business for next year and sort of the underlying\n"
+ "assumptions, and how you're thinking through some of the macro noise in whether\n"
+ "or not tariff or anything else will impact the sort of demand curve on maybe the\n"
+ "nonlife science business next year.\n\n"
+ "MICHAEL R. MCMULLEN: Yes, happy to do so, Ross. I think you anticipated some of\n"
+ "my response, which really was broad-based. I mean, we are delighted with the\n"
+ "numbers, 16% double digit for the entire year, but we saw strong growth in\n"
+ "pharma, academia, which is really, the China government's really focused on\n"
+ "doubling the number of their -- what they call the first class universities, so\n"
+ "a very robust funding environment. You saw the overall numbers for environmental\n"
+ "forensics. I mean, a lot of those being driven by investments in the\n"
+ "environmental space by the Chinese government. We're seeing a strong growth in\n"
+ "the aftermarket, continued strength in chemical energy and finds a return to\n"
+ "growth in the Food segment. So the overall view of China was very positive for\n"
+ "the quarter. And as we look at next year, I think Bob and I were talking about\n"
+ "this earlier, we're guiding -- embedded in our guidance assumptions is high\n"
+ "single-digit growth in China for next year. And despite all the noise that's out\n"
+ "there, what's really happening on the ground is a lot different. Chinese\n"
+ "customers want to buy the most innovative tools for their work. They want to\n"
+ "support the government-led initiatives, and areas such as investments relative\n"
+ "to healthcare for the citizens are getting funding, and we are one of the\n"
+ "preferred choices for those customers. So despite the noise in the environment,\n"
+ "the environment remains solid.\n\n"
+ "ROSS JORDAN MUKEN: And maybe on the margin side. Obviously, all of the volume\n"
+ "absorption in the quarter, just given how much you beat the revenue piece by\n"
+ "obviously, health. But it feels like still underlying a lot of what you've been\n"
+ "doing across the business is flowing through on both the gross margin and OpEx\n"
+ "side. And so maybe give us a feel for how much you think of sort of the margin\n"
+ "outperformance kind of came from maybe just the underlying revenue streams\n"
+ "versus maybe some of the other actions you're doing in that in the context of\n"
+ "some of the investments obviously, that you'll be making next year into\n"
+ "Lasergen.\n\n"
+ "MICHAEL R. MCMULLEN: Yes, Ross, as you know, it's more than just volume that\n"
+ "drove the margin expansion as you noted. And just leaning over to Bob, my guess\n"
+ "is it's probably 2/3 volume, 1/3 OpEx and specific gross margin initiatives. So\n"
+ "as I noted in my call script, we have a whole series of what I call the Agile\n"
+ "Agilent initiative, which continues to drive efficiency and much more\n"
+ "effectiveness inside the company. A lot has been focused on the gross margins of\n"
+ "late, but also we're going to apply a lot this in -- we've been aligning this to\n"
+ "our OpEx as well. And again, I would underline just the importance of our\n"
+ "digital transformation on there really is going to continue to allow us to drive\n"
+ "improvements here. So when I came into the role a couple of years ago, I wanted\n"
+ "my margin expansion not to come just from volume, and that's been our mantra and\n"
+ "our formula since we started the new Agilent 4 years ago, and it will continue\n"
+ "to be our approach as we move forward. Bob, anything else you'd add? Maybe you\n"
+ "want to get your mic here.\n\n"
+ "ROBERT W. MCMAHON: Yes, I was going to say I think the other thing is if you\n"
+ "look at the various groups, each one of the groups actually improved their\n"
+ "profitability in the quarter, which is nice broad-based performance. And so,\n"
+ "it's not just 1 business or 1 product that's driving the profitability, it\n"
+ "really is across Agilent.\n\n"
+ "MICHAEL R. MCMULLEN: That's a great build, Bob. And one of the things that we\n"
+ "noted to our board last week when we had the board meeting was what we've been\n"
+ "doing on the gross margins of our service business as well, which is we often\n"
+ "think about the margins being relatively stable and flat there. Since it's such\n"
+ "a high labor content in terms of delivery, the marketing team has really been\n"
+ "driving efficiency with new tools and approaches. So it really is broad-based\n"
+ "improvement across all 3 groups.\n\n"
+ "OPERATOR: Our next question comes from Jack Meehan with Barclays.\n\n"
+ "JACK MEEHAN, VP & SENIOR RESEARCH ANALYST, BARCLAYS BANK PLC, RESEARCH DIVISION:\n"
+ "I'd reiterate as well, good luck, Alicia. I enjoyed working together. As the --\n"
+ "just as my first question, I want to dig in a little bit more on the LSAG\n"
+ "performance. I know one of the products that was flagged out was LC/MS. I was\n"
+ "curious if you can give as an update on the Ultivo launch there and just where\n"
+ "you think you're seeing that resonate in the market.\n\n"
+ "MICHAEL R. MCMULLEN: Jacob, I think I'll let you answer this question since it's\n"
+ "one of those good news answers. So why don't I pass it over to you, Jacob.\n\n"
+ "JACOB THAYSEN: Yes, absolutely. Thanks for that question. And I mean, it's kind\n"
+ "of a very straightforward story, is that Ultivo continues to outperform our\n"
+ "expectations. We see our customers, especially where we started out here by\n"
+ "building applications in the food and environmental, and they have been very\n"
+ "happy with what they see. In the end, you can actually -- with the size of it\n"
+ "and the performance, you can actually place 3 in the 3. Ultivo in the same place\n"
+ "as you previously could do with 1 mass spec, which gives a lot of opportunities\n"
+ "in many of the labs that actually are lacking space. But on top of that, we have\n"
+ "done a lot to simplify and improve the software and also the usability as such.\n"
+ "We start to see now also the pharma accounts are really interested in taking on\n"
+ "Ultivo. But the mass spec story and the performance is beyond Ultivo, and we see\n"
+ "a lot also in our 6545XT BioConfirm where we now see on the biopharma side, that\n"
+ "we start to see a very strong uptake on that. So it's really broad-based that we\n"
+ "see that our robust reliable instrumentation is picking up in the market, very\n"
+ "excited about the mass spec. But there's a lot of the elements into the overall\n"
+ "LSAG business. The ICP-MS is also doing strong. LC continues to come back with\n"
+ "great momentum. So overall, we are really right now firing on all cylinders.\n\n"
+ "JACK MEEHAN: Great. Appreciate all that feedback. Just as a follow up, I wanted\n"
+ "to get a status update on the Colorado facility. Just help if you could parse\n"
+ "out some of the language from the prepared remarks a little bit more. Are you\n"
+ "assuming the revenue would start more in fiscal '20 at this point? And then just\n"
+ "on the CapEx side, how much is within the $175 million guide is being attributed\n"
+ "to the facility there?\n\n"
+ "MICHAEL R. MCMULLEN: Yes. Jack, happy to answer the question. I'll take the\n"
+ "first one and then pass the second one to Bob. So the language in the script was\n"
+ "just to reaffirm to the audience that we're on track as planned, and the\n"
+ "construction is actually complete. We're now in the process of validation. We\n"
+ "just had a review late last week on the status. And we will get revenue in 2019,\n"
+ "but what we were just showing was the big pop-up when you get the full year is\n"
+ "going to be 2020.\n\n"
+ "ROBERT W. MCMAHON: Hey, Jack. This is Bob on the capital side and just to build\n"
+ "on what Mike was saying. Yes, that's -- we do expect some revenue contribution\n"
+ "here. But as we've said consistently, the big revenue uptick is in 2020. And in\n"
+ "terms of the capital, of the $175 million, most of the capital has been spent at\n"
+ "the Frederick site already. There is some additional but most of that has come\n"
+ "down and the $175 million is -- the majority of that is still actually the base\n"
+ "business. Now recall, that's higher than perhaps it would have been earlier\n"
+ "because of the acquisitions that we've acquired. So we've acquired some capital\n"
+ "associated in plans -- expansion plans there.\n\n"
+ "MICHAEL R. MCMULLEN: By the way, Bob, I probably also should mention the\n"
+ "specific to our second site or our original site, which is Boulder, we actually\n"
+ "have found some ways to work the efficiency of our efforts there and we're\n"
+ "actually planning to get more volume out of there in 2019 and in 2018.\n\n"
+ "ROBERT W. MCMAHON: That's right.\n\n"
+ "MICHAEL R. MCMULLEN: So our growth in NASD is not only -- is not solely\n"
+ "dependent on the Frederick site.\n\n"
+ "ROBERT W. MCMAHON: That's right.\n\n"
+ "OPERATOR: Our next question comes from Steve Willoughby with Cleveland Research.\n\n"
+ "STEPHEN BARR WILLOUGHBY, SENIOR RESEARCH ANALYST, CLEVELAND RESEARCH COMPANY: I\n"
+ "guess, a couple of things. First, just on tariffs, Mike. You made a comment\n"
+ "about $4 million a quarter, just being up slightly. I was just wondering, is\n"
+ "that including any impacts from pricing or supply chain that you're doing as a\n"
+ "potential offset? And then I have one follow-up.\n\n"
+ "MICHAEL R. MCMULLEN: Oh, yes, hey Steve, thanks for the clarifying question. And\n"
+ "Bob, I'm going to go ahead and take a shot at this. And if I -- if you need to\n"
+ "course correct me, please go ahead. But what we're trying to quantify was the\n"
+ "actual impact of incremental duties after all the mitigation efforts. That does\n"
+ "not include anything else we may be doing relative to pricing. So that's not a\n"
+ "complete drag on the P&L and it's all baked into the guide for next year. But\n"
+ "we've also instituted some other broad-based actions to mitigate that as well.\n"
+ "But that was just trying to isolate the specific amount of the net incremental\n"
+ "duties to the company.\n\n"
+ "ROBERT W. MCMAHON: You got it.\n\n"
+ "MICHAEL R. MCMULLEN: Did I get it right, Bob?\n\n"
+ "ROBERT W. MCMAHON: You got it right.\n\n"
+ "MICHAEL R. MCMULLEN: Okay, all right. Thanks.\n\n"
+ "STEPHEN BARR WILLOUGHBY: Sure. And then just, Bob, just a quick follow-up\n"
+ "question. I guess, just another clarification, I guess, 2 things really. Within\n"
+ "the 5% to 5.5% core growth guidance you're providing, what is your assumption\n"
+ "for the incremental revenue from the NASD business in Colorado? And then just\n"
+ "making sure I heard you correctly in terms of operating margins, including this\n"
+ "pension accounting change, what is your assumption for operating margin\n"
+ "expansion next year x this 40 basis point headwind?\n\n"
+ "ROBERT W. MCMAHON: Yes. So on the NASD, what I would look at -- what I would\n"
+ "think about that is looking at NASD in total and the total growth rate is still\n"
+ "there. So rather than looking at it discreet because we've actually found\n"
+ "incremental volume out of the existing plant, so we are expecting growth in NASD\n"
+ "next year, consistent with what we shared back in the summer. And in terms of\n"
+ "margins, what I would say...\n\n"
+ "MICHAEL R. MCMULLEN: Bob, I'd also say that's also been very customer-driven\n"
+ "because customers who have 1 batch at the 1 site would put us to kind of finish\n"
+ "the work there as opposed to going midterm into the other sites.\n\n"
+ "ROBERT W. MCMAHON: That's right. That's right. And then in terms of the\n"
+ "operating margin expansion, what I would say is after adjusting for the 40 basis\n"
+ "point reduction, we are still expecting some modest improvement in operating\n"
+ "margins. So what that would tell you is it's greater than 40 basis points.\n\n"
+ "OPERATOR: Our next question is from Paul Knight with Janney.\n\n"
+ "PAUL RICHARD KNIGHT, MD, HEAD OF HEALTHCARE RESEARCH & SENIOR EQUITY RESEARCH\n"
+ "ANALYST, JANNEY MONTGOMERY SCOTT LLC, RESEARCH DIVISION: Could you talk about as\n"
+ "we -- as you think about that January Lunar New Year and the -- with the effects\n"
+ "you expect out of the way holidays are rolling out, how we should think about\n"
+ "the first quarter specifically? I know there's usually been a little bit of\n"
+ "noise around how calendars lay out.\n\n"
+ "MICHAEL R. MCMULLEN: Paul, thanks for the question. So it's my hope 1 year as\n"
+ "CEO not to be talking about the Chinese Lunar New Year, and 2019 may actually be\n"
+ "that year. So as you know, in 2018, it caused a lot of seasonality swings\n"
+ "between quarters and also prior year compares. The way it's playing out this\n"
+ "year, it's happening at the same period of time as it happened in 2018. So Bob,\n"
+ "I think we're not really expecting anything unusual this year from the timing of\n"
+ "the Chinese Lunar New Year.\n\n"
+ "ROBERT W. MCMAHON: That is correct.\n\n"
+ "PAUL RICHARD KNIGHT: And then lastly, I don't know if this question was put in.\n"
+ "But how should we think about tax this year and also going forward even beyond\n"
+ "FY '19?\n\n"
+ "MICHAEL R. MCMULLEN: I think Bob's got a really good story here. So why don't\n"
+ "you talk to him about what's going to happen in '19?\n\n"
+ "ROBERT W. MCMAHON: Yes. Thanks, Paul. And so this year in FY '18, we ended the\n"
+ "year roughly at 18% effective tax rate. We're guiding to 17% in FY '19, and\n"
+ "we're working on plans to continue to improve that going forward.\n\n"
+ "OPERATOR: Our next question comes from Patrick Donnelly with Goldman Sachs.\n\n"
+ "PATRICK B. DONNELLY, EQUITY ANALYST, GOLDMAN SACHS GROUP INC., RESEARCH\n"
+ "DIVISION: Mike, maybe one for you. We've seen continued news flow on some of the\n"
+ "bigger buildouts from chemical companies in China. Can you just talk through the\n"
+ "market demand there? I know chemical and energy is an area you've been pretty\n"
+ "bullish on historically in that region. So where are we in the process of some\n"
+ "of those bigger projects building out capacity in GC, some of the other areas\n"
+ "you act as a supplier in?\n\n"
+ "MICHAEL R. MCMULLEN: Yes, Patrick, happy to share my insights here. So I have\n"
+ "been bullish on the growth prospects of China as it relates to the chemical and\n"
+ "energy market for, I think, good reason because we have some pretty good insight\n"
+ "in terms of the projects that are underway. And as I mentioned I think in a\n"
+ "prior call, a lot of this is not only to support their economic growth but also\n"
+ "as what they view as an element of national security to continue to invest in\n"
+ "the colder chemical plants to really reduce their dependency on natural --\n"
+ "imported natural gas, for example. So we've seen the project. They have a\n"
+ "multiyear program. I think we're probably in the third or fourth inning of what\n"
+ "looks to be a multiyear buildout of planned capacity. And this is really\n"
+ "important for our GC business as you mentioned, Patrick, because that actually\n"
+ "is the tool of choice. And Jacob, I know you just got back from a trip to China.\n"
+ "And are you hearing the same thing from the teams?\n\n"
+ "JACOB THAYSEN: Yes, certainly, Mike. It's really just a repeat that there are\n"
+ "plenty of opportunities in China right now with larger HPI installations coming\n"
+ "in here also in '19 and '20. So I think there are great opportunities in front\n"
+ "of us also in that place.\n\n"
+ "MICHAEL R. MCMULLEN: So I guess the message here, Patrick, is it's not over yet.\n"
+ "So we think we've got a few more years of really solid growth in this segment of\n"
+ "the market in China.\n\n"
+ "ROBERT W. MCMAHON: Yes, and I think -- Patrick, this is Bob. Maybe just to build\n"
+ "on that. Obviously, as Jacob and team laid the groundwork for putting in the\n"
+ "instrumentation, I think Mark and his team around the chemistries and the\n"
+ "supplies business also continue to drive very strong growth in China. So I think\n"
+ "it's a multi-phased opportunity for us as we go forward, and so we're really\n"
+ "excited about that.\n\n"
+ "PATRICK B. DONNELLY: Great. And then, Bob, maybe now that you've been on the\n"
+ "seat for a few months, can you just talk through kind of initial impressions,\n"
+ "maybe a particular focus on the margin side? Obviously came in to a nice, clean\n"
+ "balance sheet. We've seen some activity there between the dividend increase and\n"
+ "the bigger share repo than historical trend. But maybe just on the margin side,\n"
+ "given some cost saving initiatives have been in place for a few years, what\n"
+ "opportunities have you seen, confidence level and continued expansion\n"
+ "opportunities going years out?\n\n"
+ "ROBERT W. MCMAHON: Yes -- no. Thanks, Patrick. I think one of the things that\n"
+ "I've been pleasantly surprised with is the amount of rigor and discipline that\n"
+ "the organization actually comes through. We probably under market the Agilent\n"
+ "approach externally. But I think the teams are very operationally focused, not\n"
+ "just on cost savings at the gross margin line but really through increasing\n"
+ "productivity and efficiency across the organization. What I would say is there\n"
+ "are still several big opportunities as we go forward. Obviously, still focused\n"
+ "on gross margin. But Mike mentioned the digital aspect to this, and this has a\n"
+ "multifaceted approach. Not only does it enable us to actually do business easier\n"
+ "with our customers and actually drive some stickiness. It also is going to be\n"
+ "driving efficiencies in our customer -- cost per order dollar activities and so\n"
+ "forth. And so as we think about that driving, I'd see multiple layers -- levers\n"
+ "there. And I think there's opportunity to continue to do that as well as\n"
+ "continue to reinvest some of those proceeds in R&D. So very excited about the\n"
+ "things going forward.\n\n"
+ "OPERATOR: Our next question comes from Dan Arias with Citigroup.\n\n"
+ "DANIEL ANTHONY ARIAS, VP AND SENIOR ANALYST, CITIGROUP INC, RESEARCH DIVISION: I\n"
+ "just wanted to -- Mike, I wanted to follow up on the expectations for growth in\n"
+ "food this year. How far along are you at this point in working through the\n"
+ "government reorganization headwind in China? Have you fully come through on the\n"
+ "other side there? Or are you still working through some things?\n\n"
+ "MICHAEL R. MCMULLEN: I think you're talking specifically to China, yes. So by\n"
+ "the way, one of the things we know -- so when you look at our food numbers,\n"
+ "Europe was relatively flat against the double-digit compares. So I know we're\n"
+ "going to -- I know your question was focused on China, but that's -- we also saw\n"
+ "some smaller geographic dynamics in the fourth quarter. Albeit said, we think\n"
+ "the business will be growing again in 2019. We think -- you may recall, I think\n"
+ "it was the second quarter I talked about 2 sets of reorganizations. One we\n"
+ "thought would happen faster, which was the environmental one, which is done. And\n"
+ "you can see that popped in some of the growth rates we had. And relative to food\n"
+ "ministries, we expect that to take longer to get that side of the reorganization\n"
+ "done. I think it's still holding true to form, which is we're anticipating that\n"
+ "kind of taking through the rest of this calendar year. That being said, we also\n"
+ "know some of the money is starting to move to the Tier 3 and Tier 4 cities, and\n"
+ "we've been actively building up our channel there over the last several quarters\n"
+ "to ensure we can capture the growth. So I guess the message here is still\n"
+ "developing as we thought a few quarters ago, not done yet.\n\n"
+ "ROBERT W. MCMAHON: Yes, I would agree with that, Mike. And what I would also\n"
+ "point to is if you look at the performance of our China business, it's\n"
+ "accelerated quarter-on-quarter. So I don't want that to be lost after just\n"
+ "posting a 16% year-on-year growth rate for the total company.\n\n"
+ "MICHAEL R. MCMULLEN: Thanks for the reminder, Bob.\n\n"
+ "DANIEL ANTHONY ARIAS: Yes, that's helpful. Okay. And then if I could just go\n"
+ "back to the guidance range just to make sure that I have it correct. It looks\n"
+ "like you tightened things up relative to where you were at the Analyst Day. So\n"
+ "I'm curious if you can just sort of hone in where you feel like you're maybe 50\n"
+ "bps better at the low end and then it seems like things are going pretty well,\n"
+ "so I guess -- and you called 6% prudent at the Analyst Day, so why trim 50 bps\n"
+ "at the top of the range?\n\n"
+ "MICHAEL R. MCMULLEN: Just as a reminder, at the Analyst Day, we actually didn't\n"
+ "guide for '19. We're really just trying to illustrate really about what our\n"
+ "margin expansion might look like at different revenue levels. But I think\n"
+ "relative to our guide, Bob, I think we're actually feeling very, very positive\n"
+ "about it. I think we came out stronger this year than we did last year. So what\n"
+ "else could you add to that?\n\n"
+ "ROBERT W. MCMAHON: No, I think that's right. I think when we think about core\n"
+ "growth of 5% to 5.5%, that's faster than what we are expecting the overall\n"
+ "market growth to be. So we're feeling bullish about our ability to continue to\n"
+ "gain share not only through launching new products that we talked a little bit\n"
+ "about but also continued market execution across our businesses. And as we\n"
+ "mentioned, this will probably be led by the pharma in China areas, but we're\n"
+ "expecting solid growth across all of our end markets as well as geographies.\n\n"
+ "OPERATOR: Our next question comes from Dan Leonard with Deutsche Bank.\n\n"
+ "DANIEL LOUIS LEONARD, RESEARCH ANALYST, DEUTSCHE BANK AG, RESEARCH DIVISION: So\n"
+ "first question, can you elaborate more on time line for the share repurchase and\n"
+ "any target capital structure you have in mind?\n\n"
+ "ROBERT W. MCMAHON: Dan, this is Bob. I'll take that. We are thinking about it in\n"
+ "2 ways. One is obviously, as I mentioned, doing something throughout the course\n"
+ "of the year to maintain our share count at roughly 322 million shares, and then\n"
+ "we'll be opportunistic, similar to what we had done in the first quarter. Still\n"
+ "a little early for me to actually come out and give a target in terms of capital\n"
+ "structure, but what I can tell you is I'd expect us to continue to be very\n"
+ "active in the M&A market. And I think we have an opportunity to optimize the\n"
+ "strong balance sheet more effectively going forward.\n\n"
+ "DANIEL LOUIS LEONARD: Okay. And then as a follow-up on your forward-looking\n"
+ "commentary on end markets. So how should we think about in regard to pharma\n"
+ "where you expect strength in 2019, how should we think about the sensitivity if\n"
+ "capital markets were to climb up here? Is it all -- would Agilent be sensitive\n"
+ "to that? Or just walk us through you're thinking on that front.\n\n"
+ "MICHAEL R. MCMULLEN: Yes, great question. My view is that what's powering the\n"
+ "investments in pharma, it's really all about investments to improve the human\n"
+ "condition. It's all about investing in new classes of drugs, new therapies,\n"
+ "whether it be the biopharma, whether it be cell therapies, various gene\n"
+ "approaches that are going on there. We see new class of drugs such as the\n"
+ "RNA-based therapeutics. So we think they're fairly resilient, if you will, to\n"
+ "those kinds of headwinds -- economic headwinds, the fact that they would occur.\n"
+ "But also I'd just remind you particularly in our pharma space how much of our\n"
+ "business is noninstrument related. So we have a very large recurring revenue\n"
+ "business, really centered around our ACG business.\n\n"
+ "OPERATOR: Our next question comes from Derik De Bruin with Bank of America.\n\n"
+ "DERIK DE BRUIN, MD OF EQUITY RESEARCH, BOFA MERRILL LYNCH, RESEARCH DIVISION:\n"
+ "Alicia, as one of the only other New Mexicans on Wall Street that I know, I'm\n"
+ "going to miss you. And so a couple of questions. So when you look at your\n"
+ "segments for 2019, the implied sort of organic core growth rate you're looking\n"
+ "for is something around 3% to 4% for LSA, mid-single digits for Diagnostics and\n"
+ "7% to 8% for ACG. Is that a good way to sort of look at it?\n\n"
+ "ROBERT W. MCMAHON: Yes, what I would say is you're in the ballpark.\n\n"
+ "DERIK DE BRUIN: Okay. And one of the key questions we're getting from a lot of\n"
+ "investors is obviously the macro has been choppy. There's a lot of angst about\n"
+ "how businesses performed during the downturn. I mean, obviously, you're a heck\n"
+ "of a lot less cyclical than you once were. But I guess, could you sort of think\n"
+ "about how the current portfolio performed during a steeper recession? Be sort of\n"
+ "like back as to what you've just announced or think about where we've grown in a\n"
+ "tougher time.\n\n"
+ "MICHAEL R. MCMULLEN: Yes. Sure, Derik. I think you pointed out -- made one very\n"
+ "good point, which is the portfolio of businesses is a lot different than it was\n"
+ "a few years ago. In fact, I sort of anticipated I might get this question,\n"
+ "that's why you saw a comment I made in my script, economic headwinds would\n"
+ "occur, it's a different company. By the way, we're not at all predicting that's\n"
+ "in fact going to be the case. And I would say that we'll probably follow a\n"
+ "fairly similar pattern than we saw a few years ago, mainly reflecting --\n"
+ "impacting the replacement cycle in certain industries, most likely the chemical\n"
+ "market. But a lot of the areas where there's money being spent on research, I\n"
+ "would think it would be fairly resilient. I don't remember the exact numbers,\n"
+ "but that would be kind of my top of mind thinking on that.\n\n"
+ "ROBERT W. MCMAHON: Yes. I think maybe to build on that point, Mike. As I look at\n"
+ "the business and the characterization, obviously, the product portfolio that we\n"
+ "have today is very different than what we had before, and I think it's actually\n"
+ "more focused on what customers need in terms of solving their problems. And so\n"
+ "whether that's be OpenLAB, where we're actually helping productivity and so\n"
+ "forth, or the CrossLab's group just in general, I actually -- you could envision\n"
+ "where you may have some impact on the instrumentation. But that potentially\n"
+ "could be offset because you'd actually have more consumable usage going through\n"
+ "as they're looking to keep their instruments longer and so forth or want them\n"
+ "serviced. And so I think we're in better position now than we've ever been. And\n"
+ "as we think about where our growth is coming from, it's coming from the fastest\n"
+ "part of our business -- or I should say is growing is in fast-growing markets\n"
+ "like cell analysis that we talked about before, which is going to be less\n"
+ "impacted, I think. And now, just because of research and the pace of innovation,\n"
+ "our ACG business and then obviously, our Diagnostics and Genomics Group as well.\n\n"
+ "DERIK DE BRUIN: Right. I mean just sort of when I was talking about the segment\n"
+ "growth, I'm just noticing that back in 2015 and '16, when oil was softer, you\n"
+ "basically were growing LSAG in the 3% to 4% range. So I'm just assuming that\n"
+ "you're already building some sort of -- some conservatism in the numbers, just\n"
+ "given just historically how that -- what the condition of the business at that\n"
+ "time, business growing at size.\n\n"
+ "MICHAEL R. MCMULLEN: I think the same. Don't you think, Bob?\n\n"
+ "ROBERT W. MCMAHON: Yes.\n\n"
+ "OPERATOR: Our next question comes from Steve Beuchaw with Morgan Stanley.\n\n"
+ "STEPHEN CHRISTOPHER BEUCHAW, EQUITY ANALYST, MORGAN STANLEY, RESEARCH DIVISION:\n"
+ "Just a couple of trends, to dig a little deeper on the points that were raised.\n"
+ "I think, first, maybe on margins. Bob, there have been some questions asked\n"
+ "about some of the specific points on the margin progression from '18 to '19. But\n"
+ "as I take a step back, there are actually a lot of moving parts when I think\n"
+ "about Lasergen spending, the impact of M&A, spending on NASD, the accounting\n"
+ "change you flagged in FX. Any chance you have a view on what core operating\n"
+ "margin expansion is next year to give people a sense for what a jumping off\n"
+ "point might be for fiscal '20 because, hey, it's never too soon to start\n"
+ "thinking about '20, right?\n\n"
+ "ROBERT W. MCMAHON: Yes. Gee, we haven't even finished the call for the initial\n"
+ "FY '19, but I'll give it a shot. What I would say is there are a number of\n"
+ "moving pieces. Obviously, we've got a full year of Lasergen built into the plan.\n"
+ "That being said, we're still guiding full year operating margins to grow despite\n"
+ "that important investment. And then we've got NASD as well and some of the\n"
+ "headwinds around the FX. But when I look at operating margin incremental, so\n"
+ "this is not necessarily core but this will be just looking at the incrementals.\n"
+ "In FY '19, they're very consistent with kind of how we exited FY '18. And what I\n"
+ "would say is we're focused on continuing to drive operating margins but also,\n"
+ "most importantly, earnings growth.\n\n"
+ "STEPHEN CHRISTOPHER BEUCHAW: Okay. And then the second thing I wanted to see if\n"
+ "I could get both of you, Mike and Bob, to talk a little bit about was guidance,\n"
+ "policy guidance, practice. You alluded in the prepared remarks to a hope that\n"
+ "people would model at the middle of the guidance range. And I got a sense from\n"
+ "the prepared remarks that you thought that there might have been a change or at\n"
+ "least a need for there to be a perception of change the way you guys went about\n"
+ "constructing the guidance for the year. It would be really helpful to hear you\n"
+ "talk about how you went through that? And why you think the middle of the range\n"
+ "is the right thing. And before I lose the podium here, I will echo the thanks\n"
+ "for Alicia. Thanks for being so helpful for us as we ramp up on the story of the\n"
+ "last few years.\n\n"
+ "MICHAEL R. MCMULLEN: Well, thanks, Steve. And I know Alicia has been enjoying\n"
+ "all the great feedback from you and others today. So -- and as you heard in my\n"
+ "opening comments, there's been mixed feelings about here moving on to her new\n"
+ "role, in terms of being a retired Mexican who used the work on Wall Street.\n\n"
+ "ALICIA RODRIGUEZ: You still have to answer the question.\n\n"
+ "MICHAEL R. MCMULLEN: I still have to answer the question. That's right. So\n"
+ "Steve, as you can see in our script, we were leading the witness a little bit. I\n"
+ "think you picked up on it. So I want to make some initial comments, and then\n"
+ "turn it over to Bob. So I think it's important to go back in time when we\n"
+ "started the new Agilent. And I would dare say, we really lacked credibility in\n"
+ "terms of a company that consistently delivered results relative to expectations.\n"
+ "So Didier and I really set forth a philosophy that really ensured that we are\n"
+ "being reasonable in terms of our outlook, but also that you could count on us to\n"
+ "deliver. And we now have a track record of almost 4 years of doing that. And I\n"
+ "would -- but we do think it's time for an evolution of approach because I think\n"
+ "that's what Bob has brought to Agilent and perhaps why don't you share your\n"
+ "thinking there, Bob?\n\n"
+ "ROBERT W. MCMAHON: Yes. Thanks, Mike, and I would agree. I mean, I think one of\n"
+ "the things that we want to do is obviously continue to be -- feel comfortable\n"
+ "about our forecast, but also recognize some of the potential upsides that we\n"
+ "have as well as acknowledge some potential downsides and try to shrink the gap.\n"
+ "And that's what we've attempted to do here, is to actually provide a little more\n"
+ "color in terms of where we think the business is going in terms of our\n"
+ "performance, particularly when we just come off of some very strong business,\n"
+ "and we're forecasting strong end markets. And so as Mike said, it's not a\n"
+ "revolution. It's more of an evolution of the guidance to help. And we've got a\n"
+ "track record that gives us more confidence in our ability to upgrade that.\n\n"
+ "OPERATOR: Our next question comes from Catherine Schulte with Baird.\n\n"
+ "CATHERINE WALDEN RAMSEY SCHULTE, SENIOR RESEARCH ANALYST, ROBERT W. BAIRD & CO.\n"
+ "INCORPORATED, RESEARCH DIVISION: Congratulations and thank you, Alicia. You'll\n"
+ "certainly be missed. First for Mike, and maybe Jacob can comment on this as\n"
+ "well. As you think about your innovation pipeline for fiscal '19, what gets you\n"
+ "most excited? Should we be expecting to see the technology used in Ultivo\n"
+ "applied to some of your other platforms as well?\n\n"
+ "MICHAEL R. MCMULLEN: So I think we're -- just like any parent would be, we're\n"
+ "excited by all of the members of our family. So we've got a lot of great new\n"
+ "things coming on. I made a few announcements already of things that are\n"
+ "happening on the molecular side, but I think we've got more coming, right?\n"
+ "Without sharing the specifics, what would you say there, Jacob?\n\n"
+ "JACOB THAYSEN: Yes, I think I will not go out and destroy Christmas by going out\n"
+ "and telling all the presents we have for you over the next year here. So I'm not\n"
+ "going to speak directly to what is coming out, but what I can say is that I'm\n"
+ "very proud and I'm very excited about '19 on the NPIs that will come out there.\n"
+ "I think we have already started strong with the 3 NPIs that came out the first\n"
+ "few weeks in the year here between the LDIR and the Cary 3500 and also the\n"
+ "ICP-MS water analysis system and the CSI, so that was at Q4, and there's much\n"
+ "more to come. So I'm pretty pleased, but I won't speak to the specifics yet. It\n"
+ "will be positively surprising to see it.\n\n"
+ "MICHAEL R. MCMULLEN: I would add, Catherine, to your comment about the\n"
+ "technology leverage across our platform. In fact, that is the intent both for\n"
+ "the Intuvo and the Ultivo. In fact, we haven't really had an Intuvo question\n"
+ "today, but I would just question that I think we posted 14% unit growth in the\n"
+ "Intuvo this past year as well.\n\n"
+ "CATHERINE WALDEN RAMSEY SCHULTE: Great. Very helpful. And then, Bob, you\n"
+ "mentioned remaining active on M&A front. So can you and Mike just comment on\n"
+ "your appetite for potentially a larger acquisition and then what your key areas\n"
+ "of focus would be?\n\n"
+ "MICHAEL R. MCMULLEN: Yes, Catherine, happy to. Just I don't think there's really\n"
+ "a new story here because what we've been saying for probably the better part of\n"
+ "last year or so is that have we developed our own internal capabilities, and\n"
+ "then I think we've just augmented our capability here with the addition of Eric\n"
+ "Gerber coming over to us from Danaher, we believe that we have the ability to\n"
+ "really deliver for our shareholders value on the M&A we do. And so I'm much more\n"
+ "confident in our ability to tackle M&A and really make it part of the Agilent\n"
+ "growth story. So we would be willing to take on larger acquisitions. Bob\n"
+ "mentioned in his comments, there's plenty of room in the balance sheet. I think\n"
+ "it really is more about having the right opportunities. And we will continue to\n"
+ "be -- remain very disciplined in terms of what we look at, but I think it's\n"
+ "really limited -- our actions will be limited by availability of active targets\n"
+ "as opposed to our willingness to engage.\n\n"
+ "ROBERT W. MCMAHON: Yes. And Catherine, what I would add to what Mike is saying\n"
+ "is when we think about M&A, I think we're focused mostly on the 3 groups, the\n"
+ "channels and the strength that we have to be able to leverage as opposed to\n"
+ "creating a new leg.\n\n"
+ "MICHAEL R. MCMULLEN: Yes, that's correct.\n\n"
+ "OPERATOR: Our next question comes from Brandon Couillard with Jefferies.\n\n"
+ "BRANDON COUILLARD, EQUITY ANALYST, JEFFERIES LLC, RESEARCH DIVISION: Alicia, I\n"
+ "echo the sentiments here. You'll be missed. Quick one for Samraat, if you can\n"
+ "give as an update as to whether you're finished with the Dako rollout quest yet,\n"
+ "whether those instruments have been fully transitioned and started scaling? And\n"
+ "then secondly, if there's a plan to port the PD-L1 assays over to the Omnis\n"
+ "platform any time soon.\n\n"
+ "MICHAEL R. MCMULLEN: I'm going to pass it right over to you, Sam.\n\n"
+ "SAMRAAT RAHA, SENIOR VP AND PRESIDENT OF DIAGNOSTICS & GENOMICS GROUP, AGILENT\n"
+ "TECHNOLOGIES, INC.: Yes. Thank you very much for the question. We are, as you\n"
+ "know, very pleased to have earned the business of Quest, and we're continuing to\n"
+ "ramp. We have a significant percentage of that business where we've made\n"
+ "conversions, but there's still work in progress, which is actually good news. It\n"
+ "means increased opportunity for us. And in terms of your second question,\n"
+ "absolutely, we are -- it is in our road map to continue expanding the menu on\n"
+ "this. And having PD-L1 available on this is absolutely something that's within\n"
+ "our plan. It's something that will happen in 2019.\n\n"
+ "BRANDON COUILLARD: Now 2 quick ones for Bob. The operating cash flow growth\n"
+ "implies only about 3% growth in fiscal '19. Anyone timers to point out there?\n"
+ "And then secondly, I think there was an asset impairment in the fourth quarter.\n"
+ "Could you elaborate on where that was?\n\n"
+ "ROBERT W. MCMAHON: Yes. Thank you. Thanks, Brandon. In terms of cash flow, yes,\n"
+ "I mean, I think it's prudent forecast right now at the beginning of the year.\n"
+ "There were no one timers really in the -- in FY '18 or the fourth quarter other\n"
+ "than tremendous performance that we had, not only on the revenue coming in early\n"
+ "in the early part of the quarter and then also which enabled us to generate\n"
+ "tremendous cash flows with our accounts receivable teams and so forth. So I\n"
+ "think it will evolve as we go forward. In terms of the asset impairment, that's\n"
+ "a small business within our DGG business, and we're still expecting it to grow\n"
+ "but not at the level that we had forecasted.\n\n"
+ "OPERATOR: Our next question comes from Doug Schenkel with Cowen.\n\n"
+ "DOUG SCHENKEL, MD & SENIOR RESEARCH ANALYST, COWEN AND COMPANY, LLC, RESEARCH\n"
+ "DIVISION: First off, I know it's been said a bunch of times already, but thanks\n"
+ "again to Alicia. We'll miss you. I want to start with a follow-up on an earlier\n"
+ "chemical and energy question. Broadly, not just in China, what are you seeing\n"
+ "amongst chemical and energy customers given the recent decline in oil prices and\n"
+ "a bit more of an uncertain macroeconomic backdrop? And relatedly, what are you\n"
+ "assuming for growth within fiscal '19 guidance across the chemical and energy\n"
+ "subsegments, meaning breaking it down by chemical, refining and E&P?\n\n"
+ "MICHAEL R. MCMULLEN: Doug, thanks. Happy to provide a perspective on that. And\n"
+ "as we've mentioned earlier, the oil price gets a lot of attention, but it really\n"
+ "is the view of global growth that often drives a lot of this market. But we're\n"
+ "seeing a couple of things going on here. First of all, we're not seeing any\n"
+ "change in customer buying behavior. In fact, we continue to see a lot of demand\n"
+ "for replacement products. So the new generation of equipment tied to our OpenLAB\n"
+ "informatics portfolio really drives productivity. So customers are seeing an\n"
+ "economic benefit of the investments. So even in situations where perhaps the --\n"
+ "there is some uncertainty about oil prices and economic growth, they want to\n"
+ "invest because it helps the P&L by taking costs out of the structure. So we see\n"
+ "no changes in buying behavior. And really, the growth in chemical and energy has\n"
+ "been really broad-based. We talked a bit about China already, but we saw -- and\n"
+ "again, I'm talking about the CapEx side of things, really broad-based across all\n"
+ "regions. And then again, I would just say that the -- our ACG business continues\n"
+ "to do quite well here as well. And Bob, anything else you'd add there?\n\n"
+ "ROBERT W. MCMAHON: Yes. The only thing I would add, Doug, is in terms of your\n"
+ "question around FY '19, we're not going to get to that level of specificity into\n"
+ "the submarkets within the chemical and energy market. But what I would tell you\n"
+ "is if we look at chemical and energy, we're expecting that business to grow\n"
+ "slightly lower than what our core guide is.\n\n"
+ "DOUG SCHENKEL: Okay. That's great. And Bob, maybe if I can, just as a follow-up,\n"
+ "sneak in a couple of guidance clarification questions. First, on the buybacks,\n"
+ "which have come up a couple of times. Your stock seems pretty depressed relative\n"
+ "to your strong operational performance and relative to peers on a valuation\n"
+ "basis, and your balance sheet is very pristine. Your guidance assumes a flat\n"
+ "share count in spite of the fact that you have plenty of cash on the balance\n"
+ "sheet to get more aggressive with buybacks and still have room to do more and\n"
+ "bigger M&A. I guess it's still unclear to me why you're not getting more\n"
+ "aggressive with the pace and size of buybacks. Is this really a function of it\n"
+ "just being pretty early in your tenure? And then, I guess, the second guidance\n"
+ "clarification question would be on just regarding the tax rate. Your cash tax\n"
+ "rate is still a lot lower than 17%. I'm just wondering if there's any\n"
+ "opportunity or chance that ultimately the tax rate goes a lot lower than what\n"
+ "your guidance incorporates.\n\n"
+ "ROBERT W. MCMAHON: Yes. Thanks, Doug. You hit the nail on the head. I mean, it's\n"
+ "still relatively early in my tenure as I'm trying to figure out all the various\n"
+ "pieces. But what I would tell you is I think there's opportunity. Now our\n"
+ "primary use of cash is actually to do M&A after investing in the business and\n"
+ "grow. And I think we've seen that starting with the work that we did in FY '18\n"
+ "and then just starting here in FY '19 with closing of C&E and so forth. But I do\n"
+ "think we were opportunistic in Q4, and I think that there will be opportunities\n"
+ "that we will -- if there are opportunities, I should say, we will capitalize on\n"
+ "them in FY '19. And then in regards to -- what was the second one?\n\n"
+ "MICHAEL R. MCMULLEN: The second one is cash rate. I love this one, which is,\n"
+ "yes, Doug, there sure is a difference between our cash tax rate and our non-GAAP\n"
+ "tax rate. And I think Bob and team have brought it down a point so far, but I\n"
+ "think you're still looking at some things, and we're not...\n\n"
+ "ROBERT W. MCMAHON: Yes, stay tuned. I'll tell you, stay tuned on that.\n\n"
+ "MICHAEL R. MCMULLEN: We're not ready to commit, but -- we're not done on our\n"
+ "work yet.\n\n"
+ "OPERATOR: Our next question comes from Puneet Souda with Leerink Partners.\n\n"
+ "PUNEET SOUDA, DIRECTOR, LIFE SCIENCE TOOLS AND DIAGNOSTICS, LEERINK PARTNERS\n"
+ "LLC, RESEARCH DIVISION: Obviously, Alicia, thanks for all the help, and really\n"
+ "good -- great working with you. So if I could touch, first on just wanted to\n"
+ "clarify how much of a contribution was USP regulation and LSAG? If you could\n"
+ "quantify that. It seemed like in past quarters, we'd seen some significant\n"
+ "contribution from ICP-MS. I just wanted to make sure we have that number for\n"
+ "this quarter, too.\n\n"
+ "MICHAEL R. MCMULLEN: Yes. I don't think we have that level of granularity in\n"
+ "terms of specific numbers. What I can tell you is that it's been part of the\n"
+ "story of our pharma growth, and I think that ICP-MS has double digit kind of\n"
+ "growth.\n\n"
+ "ROBERT W. MCMAHON: Yes, it was well in excess of -- it was greater than 20%.\n\n"
+ "JACOB THAYSEN: Yes. We've gotten a tailwind from that regulation. So yes, that\n"
+ "was good.\n\n"
+ "PUNEET SOUDA: And then what's your expectation there of how long of a tail that\n"
+ "could be for USP longer term? Could you give us a sense of how many quarters or\n"
+ "maybe years that this could last?\n\n"
+ "MICHAEL R. MCMULLEN: Yes. This would be just my guess, but I think it's probably\n"
+ "1 year, we're not done yet. I think we expect it to continue into '19.\n\n"
+ "JACOB THAYSEN: Yes. I think we saw a lot of great performance base on that\n"
+ "regulation in '18, and we will also see a tail into '19. But we have a lot of\n"
+ "other things going on in ICP-MS, and we really see that technology being applied\n"
+ "in most spaces now with the water regulations coming out where we have really\n"
+ "made a nice workflow. I think that we can see a lot of opportunities there. But\n"
+ "generally speaking, ICP-MS is just being a tool that will be picked up from many\n"
+ "other opportunities. So I don't think that we are dependent on one path and one\n"
+ "workflow, but we will see these great opportunities in '19.\n\n"
+ "PUNEET SOUDA: Got it. And then, Mike, on Intuvo, you pointed out the 14% growth,\n"
+ "unit growth here. I just wanted to get a sense of do you want to address broader\n"
+ "applications here? My question is would Intuvo evolve into another set of\n"
+ "product? Or should we expect maybe potentially a next-gen 7890 here, along the\n"
+ "lines that -- what you have produced in the past to address the full market\n"
+ "compared to the GCs that you've had in the past?\n\n"
+ "MICHAEL R. MCMULLEN: Puneet, thanks for the question. So I was trying to preempt\n"
+ "the audience about it because we're really quite pleased with the pick up or\n"
+ "really the double-digit growth, if you will, of the Intuvo products because as\n"
+ "we said for -- since launch, we knew it'd be a measured adoption by customers\n"
+ "because they really want to put the equipment through the phases, really be\n"
+ "convinced that it actually does work as advertised. And guess what? It does. And\n"
+ "now we're starting to see some really nice multiple unit orders coming in,\n"
+ "particularly as it relates to mass spec and at the risk of being Santa Claus or\n"
+ "destroying Christmas, whatever Jacob said earlier, what I can tell you is that\n"
+ "our plan is to leverage a lot of the core technologies that were developed in\n"
+ "the Intuvo product group, potential new versions of gas chromatographs and work\n"
+ "really hard to keep the overall complete portfolio as competitive as possible.\n"
+ "And as you know, the Intuvo covers only about 60% of the application space, so\n"
+ "there's work to do on the rest of the portfolio as well.\n\n"
+ "OPERATOR: I show no further questions in queue, so I'd like to turn the\n"
+ "conference back over to Ms. Rodriguez for closing remarks.\n\n"
+ "ALICIA RODRIGUEZ: Thank you, James, and on behalf of myself and the management\n"
+ "team, I'd like to thank everybody for joining us today. If you have any\n"
+ "questions, feel free to give us a call in IR. Thanks a lot. Bye-bye.\n\n"
+ "OPERATOR: Thank you. Ladies and gentlemen, that does conclude today's\n"
+ "conference. Thank you very much for your participation. You may all disconnect.\n"
+ "Have a wonderful day.\n\n"
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+ "SEC filings. Although the companies may indicate and believe that the\n"
+ "assumptions underlying the forward-looking statements are reasonable, any of the\n"
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+ "DECISIONS.]\n\n"
+ "LOAD-DATE: December 1, 2018\n\n"
+ "LANGUAGE: ENGLISH\n\n"
+ "TRANSCRIPT: 111918a12115535.735\n\n"
+ "PUBLICATION-TYPE: Transcript\n";
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Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for Java, please visit: https://docs.oracle.com/javase/7/docs/api/java/util/regex/Pattern.html