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| 8-K - FORM 8-K - Local Insight Regatta Holdings, Inc. | d8k.htm |
OCTOBER 18, 2010
P U B L I C - S I D E L E N D E R P R E S E N T A T I O N
Disclaimer
Safe Harbor for Forward-Looking Statements; Cautionary Statements
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “assumption” or the negative of these terms or other comparable terminology. Regardless of any identifying phrases, these statements relate to future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although Local Insight Media Holdings, Inc. (together with its subsidiaries, the “Company”) believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. The Company cautions that these forward-looking statements are based on assumptions that are subject to a wide range of risks and uncertainties. These and other risks and uncertainties are described in detail in Local Insight Regatta Holdings, Inc.’s (“Regatta”) Annual Report on Form 10-K for the year ended December 31, 2009, Regatta’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 and Regatta’s other periodic filings with the SEC, which are available on the SEC’s internet site (http://www.sec.gov). Recipients are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this presentation, and the Company undertakes no obligation to publicly revise or update such forward-looking statements to reflect events or circumstances that occur after the date of this presentation or to reflect the occurrence of any unanticipated event
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Table of Contents
I
INTRODUCTION
2
II
INDUSTRY OVERVIEW
10
III
BUSINESS STRATEGY / BERRY LEADS
13
IV
FINANCIAL PERFORMANCE
20
APPENDIX
I Introduction
I I N T R O D U C T I O N
Executive Summary
Industry is in flux due to changing consumer behavior, creating both risks and opportunity Small and Medium Businesses’ (“SMBs”) needs are changing and we are adapting
Duration of cyclical pressures gives rise to trade-offs and accelerating secular changes
Advertising is often viewed as discretionary – SMBs must make choices
We believe our investment thesis holds – LIM markets were insulated, not isolated Challenges unique to us: system conversion and rolling out Berry Leads These business decisions have both intentional and unintentional costs to the business Having the right business model is critical in this environment
A channel strategy that is advertiser-focused
We believe we have the right model; need the runway to prove it Preliminary results from Berry Leads are promising Financial results reflect the cyclical and secular pressures
Print revenue declines and increased bad debt and claims and adjustments
2010 revenue and EBITDA are expected to be significantly below prior expectations
We are likely to breach the financial covenants under Regatta’s credit facilities at September 30, 2010 and December 31, 2010
Lazard has been engaged as financial advisor to assist in the evaluation of our capital structure, including balance sheet restructuring options Bank lenders and bondholders have retained advisors; we have engaged with them
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I I N T R O D U C T I O N
Experienced Management Team
DIRECTORY
INDUSTRY
EXPERIENCE
(YEARS)
EXPERIENCE
Marilyn Neal
36
Extensive industry experience over 35-year plus career:
Exec. Chairman
Dex Media, Inc. (Exec. VP, COO)
Assumed senior operational
Verizon / GTE (Regional President, Verizon Information Services)
responsibility in October 2010
Scott Pomeroy
8
Leadership positions in diverse industries, including:
President and CEO
Dex Media, Inc. (CFO)
Eotec Capital
Lewis Food Groups (President and COO)
Kathy Geiger-Schwab
31
EVP of Legacy Berry and President of Berry Network (in addition to Exec. VP, VP of
Chief Strategy and Client
Marketing, Internet Business Development and Consulting Group)
Officer
Association of Directory Marketing, Inc. (Chairman of the Board)
Various positions at BellSouth and AT&T
Kevin Payne
23
Berry Network, Inc. (Group Vice President)
Sr. VP, Client Services
L.M. Berry (Division Manager, Cincinnati and Rochester)
Richard Jenkins
1
Managing Director, Alvarez & Marsal Private Equity Services
Interim Chief Financial Officer
Extensive experience with telecommunications, high-tech and internet-focused
businesses
John Fischer
5
Multiple telecommunications and media appointments including:
General Counsel and
Dex Media Inc. (VP, Deputy General Counsel)
Secretary
Qwest Communications
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I I N T R O D U C T I O N
Acquisition History
Local Insight Media was created through a series of six acquisitions over two years beginning in March 2006 November 2006
November 2007
April 2008
March 2006
March 2007
December 2007 2006-2010
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I I N T R O D U C T I O N
Who We Are
Fifth largest U.S. directory/local search company
~ 290,000 clients in 42 states, Puerto Rico, and Dominican Republic Ability to leverage access to the SMB
Owner/publisher and independent agent
Highly local
Largest DMAs: Greater Cincinnati,
Oahu, Rochester, Anchorage, Orange County (NY), Lincoln Markets and clients segmented for effective sales
FOCUSED ON RURAL AND SUBURBAN MARKETS
Local lead generation on multiple platforms
Print, IYP, websites, SEO/SEM, video
Berry Leads™ -codified, consistent go-to-market approach to leverage digital growth opportunity
As of 6/30/2010
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I I N T R O D U C T I O N
LIM Segment Overview
Brands
Overview
REGATTA
The Berry Company (Regatta’s principal operating subsidiary) serves ~240,000 advertisers in 42 states
Publishes ~850 print Yellow Pages directories on behalf of ~120 telco and other clients
Owns exclusive Windstream Yellow Pages pub rights
Berry does the sales, marketing, billing and production franchise for U.S. operations
WHOLE –BUSINESS SECURITIZATION
(Regatta’sOwn exclusive publishing rights Alaska, Cincinnati, Hawaii markets Securitized entity Structured uses of funds
Outsource all sales, marketing and production to Berry
Serve ~10,000 advertisers through ACS, ~14,000 through HYP, and ~14,000 through CBD
Pay a commission to Berry
CARIBE
37 print products serving ~51,000 advertisers
Puerto Rico
Exclusive publishing rights Dominican Republic Exclusive publishing rights
Increasing amount of Berry’s work is sent to DR for back-office outsourcing
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I I N T R O D U C T I O N
Organizational Structure
The Company is organized into three primary financing silos: Regatta, WBS and CMI
LOCAL INSIGHT MEDIA HOLDINGS, INC.
(“SUPER HOLDCO”)
LOCAL INSIGHT MEDIA, LP LOCAL INSIGHT REGATTA HOLDINGS, INC. (“LIRH”)
CARIBE MEDIA INC. (“CMI”)
LOCAL INSIGHT MEDIA, INC. (“LIMI”)
ACS MEDIA FINANCE LLC CBD MEDIA FINANCE LLC HYP MEDIA FINANCE LLC
(“WBS”)
LEGEND
Direct Owner Indirect Owner
Note: Simplified organizational chart does not include all entities.
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I I N T R O D U C T I O N
Summary of Regatta Affiliate Relationships
Regatta services the WBS markets in Cincinnati, Alaska and Hawaii and has an outsourcing relationship with CMI
The Company’s senior management team, including the preponderance of finance, accounting, legal and human resources staff, resides at LIMI
Regatta has a management agreement in place with LIMI, though LIMI suspended invoicing under the management agreement as of January 1, 2009
REGATTA AND LIMI / WBS REGATTA AND CMI
Management Agreement
LIM Holdings with LIMI: LIMI LIM Holdings “Super suspended invoicing a “Super HoldCo” management fee in 2009. HoldCo”
LIMI LIMI
Billbacks
WBS pays LIMI a Regatta management fee
CMI WBS Regatta WBS pays Berry for the WBS publication and selling of its books
Berry bills and collects for the WBS when the Telco does not (“Foreign
Collections”) and remits collections Caribe to
WBS. Dominicana Axesa
PR pays Berry for outsourced production and publication services for Axesa’s directories
Berry pays DR for outsourced CBD ACS HYP services to perform work on behalf of Axesa and LIRH
Note: Simplified organizational chart does not include all entities. Berry provides marketing, sales, compilation, editing, printing and distribution with respect to ACS Media Finance’s directories (including ACSyellowpages.com); marketing, sales, production, printing and distribution for HYP Media Finance’s directories (including htyellowpages.com); and marketing, sales and production of CBD Media Finance’s directories (including cbyp.com), but not printing or distribution.
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II Industry Overview
I N D U S T R Y O V E R V I E W
Secular and Cyclical Pressures Driving Change in the Industry
OVER 90% OF PYP GROWTH CAN BE EXPLAINED PRODUCT LIFE CYCLE BY GDP GROWTH AND LEVEL OF ONLINE AD
SPEND
Relative Importance (beta weights)
Effect on Revenue T-Stat 100% Unexplained
80%
6.61
Percent Mature of online ad Revenue Decline 60% spend
40%
Growth
20% Real 4.11
GDP Print Search Growth Digital Search Intro 0%
Multivariate regression beta weights Time Cyclical Force Secular Force
Source: Global Insights; BEA; eMarketer; Veronis; Kagan; Yellow Page Association; Analysis from a global strategy consulting firm.
Note: T-stat measures how many standard deviations from zero the estimated coefficient is to confirm that the independent really belongs in the model.
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I I I N D U S T R Y O V E R V I E W
Media Fragmentation Is Growing
SMBs need a trusted advisor to help them with their advertising program
NUMBER OF SOURCES USED IN SHOPPING FOR LOCAL PRODUCTS OR SERVICE S
10
7.9 8
6.5
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5.8 |
5.6 4 2
0
Q1/2007 Q1/2008 Q1/2009 Q1/2010
Source: BIA / Kelsey.
11
I I I N D U S T R Y O V E R V I E W
Access To And Relationships With SMBs Are Core Strengths Of Yellow Pages Publishers
Traditional media and pure play access is a fraction of Yellow Pages publishers
Frequency of contact is greater
Berry Leads strategy aims to address the frequency of contact through year-round coverage
% OF SMBS CONTACTED ANNUALLY IN A GIVEN MARKET
40%
30%
25%-35%
20%
10%
5%
0%
Yellow Pages Publishers
Traditional Media and Digital Pure Plays
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III Business Strategy / Berry Leads
I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Our Business Model
Leveraging the growth opportunity
Competitive /
Unique Core
Asset
Access to SMBs
~240k clients
Proximity to another
1.6M in our markets
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BIA / Kelsey. |
Superior Client Economics
Low Acquisition Costs/Low Churn
Estimated 50-75x more successful than Pure Play companies in getting appointment
Less churn than digital Pure Play companies
Platform
Agnostic
Growth
Opportunities
LEC Directory
Category partners believed to be “best in class” for YP, iYP, search engines, web sites and SEM
Local Search Industry
YoY growth > ~60%(a)
Mobile Search Industry
YoY growth ~50%(a)
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I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Strategic Options: Consumers, Advertisers or Both
All of our investment is focused on one strategy, not divided between strategies
WIN WITH CONSUMERS
“Own the platform”
Description Become the destination of choice for consumers seeking information
WIN WITH ADVERTISERS
“Trusted advisor”
Bring best-in-class lead generation offerings to SMBs and help advertisers navigate digital landscape
Highly fragmented
Digital pure-plays such as web.com and ReachLocal Local ad agencies
“Mom & Pop” designers “DIY” advertisers
Sales force capable of explaining digital offerings Access to SMBs Ability to provide best-in-class digital offerings
Sales force Training Tools
Google, Yahoo!, Bing
YP providers (YP.com, Superpages.com, DexKnows.com)
Competitive Set
Special-interest sites
City sites, vertical destinations, etc.`
Winner-take-all dynamics make leadership in a Success Factors particular segment a must (out-Google Google?)
Product R&D Brand building Investments Cost of driving traffic Back-office IT infrastructure
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III BUSINESS STRATEGY / BERRY LEADS
Benefits of Advertiser-Focused Strategy
Technology - Focused
Internet Marketing
Traditional Offline
SMB Marketing
Providers
Media Companies
Providers
Partners
Scale
Technology
Digital focus
Feet on the street
Strong SMB relationships
Publisher neutrality
Platform flexibility
Distribution Experts
Sales Experts and Publishers
Fulfillment Experts
15
I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Customer Access And Lower Churn Are Competitive Advantages
CUSTOMER ACCESS RESULTS IN LOWER ACQUISITION COSTS
Sales calls required for an appointment
80 75 60
40
Based on digital field test results
20 20
Re-service
Typical canvass
Yodle Berry
LESS PRICE COMPETITION IN OUR MARKETS MEANS HIGHER MARGINS
FOR US
Estimated % of markets in top 25 MSAs
100%
80% 77%
60%
54%
40%
20%
11%
0%
Reach Local Yodle Berry
PREMISE SALES FORCE AND FULL SUITE MEANS LESS CHURN
Estimated annual SEM churn %
80% 40%
~70
55-65
50-60 60%
~50
Favorable Berry churn driven by customer relationships and extended contract lengths
20% 15-20
0%
Source: Research by a global strategy consulting firm in January 2009.
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I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Berry Leads Overview
In February 2010, Berry launched Berry Leads, its new business model
Over 2 years in development
Extensive proprietary research and field testing conducted
~$40 million of investment in Berry Leads and underlying platform and systems Rollout on a market-by-market basis in 2010 and early 2011
Redesigned sales and marketing approach
Year-round sales; segmentation; account prioritization
Extensive training of Berry’s entire sales force is complete
Management training and certification launched in 2010 Sales Execution Guide
Berry Leads offers clients an integrated set of 5 products:
Print YP; IYP; website development; Search Engine Marketing (“SEM”); and video advertisements
Strategic outsourcing to access products, services and technologies, including:
Yodle and Web.com for website development and SEM YP.com for IYP
Salesforce.com for CRM
Designed to provide transparent proof of value and performance tracking through Client Dashboard, which is still under development
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I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Berry Leads Development
DIGITAL
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MIGRATION STRATEGY |
Collect the facts Primary research Competitor profiles Secondary research Prioritize the opportunities Attractiveness and fit with LIM Build the business case for digital migration
GO-TO-MARKET PLANNING
2
& FIELD TEST
Design offering and Go-to-Market plan Who, what, why, how? Test offering in field Refine and repeat field testing to get model right
Design “roadmap” to achieve desired end-stateValidate ROI and make go/no-go decision
3 MOBILIZE
Re-design/deploy sales force
Acquire fulfillment capability (technology and delivery) Acquire/build service capability Back office
Ensure internal resources are aligned against planned rollout date
4 ROLLOUT
Staged rollout
Evaluation of results vs. goals in early territories Resolve problems/issues as they arise Nine pillars of transformation
COMPLETED MARCH 2009 COMPLETED JUNE 2009 PARTIALLY COMPLETE DELAYED
This program has been developed over 2 years through a deliberate process and a structured investment of resources, including spending ~$40 million of investment in Berry Leads and underlying platform and systems
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I I I B U S I N E S S S T R A T E G Y / B E R R Y L E A D S
Berry Leads: Preliminary Results
Key Highlights
Preliminary results for Berry Leads are promising
NPS scores continue to show significantly higher client loyalty over business-as-usual (“BAU”)
NPS scores for clients who buy websites and SEM fulfilled by our partners are showing significant increases
Reps who consult/sell to the “gold standard” have increased performance and NPS scores
Systems issues are impacting productivity
Early results are showing improvement in the renewal rate trend
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IV Financial Performance
I V F I N A N C I A L P E R F O R M A N C E
Regatta Overview
($ in millions)
PERFORMANCE OBSERVATIONS
Major books published through Q3 are generally experiencing double-digit YoY sales declines
Large number of non-pay accounts this year who are cancelled out
of the books
Economy is still impacting the Company’s Publications
Unemployment and foreclosure rates are high
Clients are skeptical about recovery and cautious about spending
BERRY ILOB SUMMARY
~120 Telco sales agency agreements ~650 books published Revenue percentage paid to Berry:
Average 40% print, 50% digital
Billback certain expenses at equivalent percentages Approximates gross margin perspective
Competition from AT&T, YellowBook and ReachLocal is strong
However, Regatta’s digital offerings and Pay4Performance (“P4P”) bolstered sales in many markets
FINANCIAL SUMMARY
Regatta
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2009
LTM
Revenue
$145
$145
$144 $144
$135 $132
$578 $554
EBITDA(a)
21 26
27 26
18 20
100 91
Quarterly Revenue Growth NA
(0.1%)
(0.6%) (0.3%)
(6.4%) (2.2%)
NA
NA
EBITDA Margins
NA
17.8% 18.8% 18.0% 13.1% 15.3% 17.3% 16.4%
(a) EBITDA reflects adjustments made for covenant purposes
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I V F I N A N C I A L P E R F O R M A N C E
Regatta Year-to-Date Performance
($ in millions)
RESULTS
Revenue: Revenue declines have been driven by loss of print revenue. Print ad sale declines have been impacted by the economy, competition, directory extensions in 2009 and a trend towards digital. Digital revenue is experiencing slight growth over 2009
Margin: Overall margin has been impacted due to directory extensions in 2009 and unabsorbed fixed cost as print revenue has declined Operating Expenses: Reduction in force has helped reduce operating expenses (net of severance). This reduction is partially offset by an increase in personnel costs, professional fees and contract labor assisting with the system integration and investment in Berry Leads
Bad Debt: Bad debt has increased to ~6% due to economic pressure facing small to medium sized businesses and the impact from 2009 directory extensions
Claims and adjustments: Claims and adjustments at June 30, 2010 was 1.58% compared to 1.84% in 2009; however, C&A is trending higher
Q1
Q2
YTD 2010
Net Revenue
$134.6
$131.6
$266.1
Cost of Sales
88.7
85.0
173.7
Gross Profit
45.9
46.5
92.4
Gross Margin
34.1%
35.4%
34.7%
Operating Expenses
24.5
17.5
42.0
Bad Debt
6.9
9.8
16.7
Total Operating Expenses
31.4
27.3
58.7
EBITDA(a)
$14.5
$19.2
$33.7
EBITDA %
10.8%
14.6%
12.7%
(a) Reflects opening EBITDA
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I V F I N A N C I A L P E R F O R M A N C E
Print, P4P and Digital Detail
Ad sales decline higher than expected; impacted by the following: Economy Competition Directory extensions in 2009 Secular trends Regatta has lost some Telco contracts
P4P
Leads-based pricing program that enables advertisers to pay for calls received from print and digital advertising
By reducing risk for advertisers through a pay per call pricing model we have generated incremental revenue
by “selling more to more”
and retaining advertising revenues from “at risk” customers
As a new program without full data visibility at inception, we have encountered forecasting issues but have tightened our forecasting methodology
The result was a general overstatement of expected call volumes for these non-core headings Since call volumes have been lower than anticipated, AVO per customer is lower than expected
Digital
Training under the Berry Leads program has been completed
YoY increase in Digital revenue reflects the roll-out of Berry Leads. This growth has been driven by the SEM and Website product offerings as SMBs continue to utilize online services to promote their businesses. The increase in cost is due to higher cost associated with the delivery of the new product set
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I V F I N A N C I A L P E R F O R M A N C E
Regatta Bad Debt & Claims and Adjustments
ISSUES
Bad debt expense has risen from 4.6% in 2009 to ~6.0% YTD 2010 due to the following factors:
Economic Decline – Many SMBs are experiencing financial difficulties, which has led to prioritization of spending away from advertising and bankruptcies
Directory Extension – These publications have strained collection efforts in 2010
Systems – Delay in system integration functionality has required additional resources to focus on billings, rather than collections; additionally, implementation of process improvements has been delayed
P4P – Can be more difficult to collect from these accounts
Claims and adjustments at June 30, 2010 was 1.58% compared to 1.84% in 2009; however, C&A is trending higher
BAD DEBT EXPENSE
6.5%
6.0%
6.0%
5.5%
5.0% 4.7% $29 million
4.5% $27 million
4.0%
3.5% 2009 YTD 6/10
3.0%
Note: Calculated as percent of gross print and digital revenue. 2009 includes full settlements.
MITIGATING FACTORS
Improved treatment levels
CBT treating foreign
Increased focus with additional temps
Higher use of OCA’s
Collections 2009 vs. 2010
Propped up a reorganized B&C function
C&A reduced the outstanding P.I. adjusted
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I V F I N A N C I A L P E R F O R M A N C E
Regatta Cost Saving Initiatives
Prior year cost saving initiatives (since the Berry acquisition in Q2 2008)
Four office closures (Birmingham, Alabama; Macedonia, Ohio; Lincoln, Nebraska and Monroeville, Pennsylvania) The elimination of approximately 290 positions A majority of finished graphics work in print directories has also been outsourced to Macmillan India Ltd.
2010 cost saving initiatives: Initial Plan
Three office closures contemplated (Matthews, North Carolina; Hudson, Ohio and Erie, Pennsylvania) The elimination of 320 headcount, primarily in the areas of operations, sales and field marketing, information technology and marketing
2010 cost saving initiatives: Progress-to-Date
The closing of Hudson, Ohio has been postponed pending resolution of operational challenges
Through June 2010, ~$3.2 million in severance and related costs was incurred in connection with the 2010 Restructuring Plan. Accrual will be evaluated in light of need to reduce RIF
Approximately 460 headcount departures to date, through the planned reduction in force and attrition Approximately 225 headcount additions related to Berry Leads, backfilling open positions and to address operational impacts Approximately 235 net headcount reductions year-to-date
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I V F I N A N C I A L P E R F O R M A N C E
Systems Conversion and Production Issues
Although the Company has made progress on reducing costs, systems / IT issues have led to increased costs in 2010 and are likely to persist into 2011
Core production system implementation began in Q4 2009; system went live Q1 2010
Issues started to be identified in late Q2 2010; books began publishing on the new system in July, with the volume of books published on the new system accelerating in August and September
We have experienced printing errors and delays in production and had to undertake additional proofing of books Due to these issues, the decision was made to stop cut-over processes for books not already converted
Direct costs
Additional resources to work on system implementation
Resources required for manual work around that are necessary where system functionality is not complete Additional resources to support two systems: core and legacy
Consequential impacts
Bad debt / claims and adjustments impacts
Lowered productivity of sales force due to decreased functionality of software and increased work load due to administrative requirements Difficult to ascertain the collateral impact of customer behavior stemming from the operational issues Implementation of certain process improvements has been delayed
Steps being taken
Additional technical resources have been added by the system vendor to fix defects Alternative simpler technical solutions are being evaluated for order entry Data conversion issues are being addressed through a cleansing initiative
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I V F I N A N C I A L P E R F O R M A N C E
Summary / Public Lender Q&A
Our industry is in flux, creating both risks and opportunity
Print platform is mature and in decline in many markets
Digital local search in our markets is already a big business and expected to grow
Our print business is unlike other print media business models (i.e., newspapers, magazines). We have no consumer revenues (i.e., subscriptions) at risk. We are purely advertiser supported
SMBs still need to get “found” Their needs are changing and we are adapting
We are uniquely positioned to capture SMB spend on local search marketing
Relationship with ~240,000 advertisers and proximity to another 1.6 million in our markets Local search is our DNA
We have invested heavily to build the necessary new capabilities
Preliminary results from Berry Leads rollout are promising
When we execute on the model as designed, we believe we will generate growth in our digital business
2010 and 2011 are pivotal years (cyclical pressures continue, addressing secular growth opportunity on a rollout schedule) Sales process execution and systems implementation are keys to success
Restructuring effort
2010 revenue and EBITDA are expected to be significantly below prior expectations
We are likely to breach the financial covenants under Regatta’s credit facilities at September 30, 2010 and December 31, 2010 Lazard has been engaged as financial advisor to assist in the evaluation of our capital structure, including balance sheet restructuring options Bank lenders have engaged FTI Consulting and Simpson Thacher; bondholders have engaged Houlihan Lokey and Milbank Tweed We have engaged with the administrative agent and the advisors for the bank lenders and bondholders; we are prepared to work with the steering committee when formed
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Appendix
A P P E N D I X
List of Defined Terms
Term
Meaning
ACS
ACS Media Finance LLC
B&C
Billing and Collections
BAU
Business as Usual
C&A
Claims and Adjustments
CBD
CBD Media Finance LLC
CMI
Caribe Media, Inc.
CRM
Customer Relationship Management
HYP
HYP Media Finance LLC
ILOB
Independent Line of Business
IYP
Internet Yellow Pages
LEC
Local Exchange Carrier
OCA
Outside Collection Agency
P4P
Pay for Performance
PI
Previous Issue
Premise Sales
Face-to-face sales representative
PYP
Print Yellow Pages
SEM
Search Engine Marketing
SEO
Search Engine Optimization
SMB
Small to Medium-Sized Business
WBS
Whole-Business-Securitization
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