We have built a spectacularly successful company by focusing on great products supported by great services. In some of our product markets, customers are now asking us to do more — to develop an operating model in which we become actively involved in the business outcomes they get from our technology. They also want us to better align our financial results with theirs. For the first time, connected products and data analytics make it possible for us to do that profitably and at scale. Although this model may have some impact on the short-term financial performance of the company, we know it’s what our customers want of us, and therefore, it is in the best long-term interest of shareholders.

This transformation will require many of you to venture out of your comfort zone. There will be some changes to organizations and job descriptions as we add new offers to our portfolio. However, it does not mean that we are transforming the company in one dramatic shift. Tahter, we will begin updating and adding to our corporate capabilities. We will learn new skills and play new roles that help customers realize the full potential of our technology. Soon we will be able to operate profitably in different product markets using different operating models.

I would like to turn the meeting over to our COO to explain how we will accomplish this…

B4B, J.B. Wood, Todd Hewlin and Thomas Lan 2013