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earnings_call_mono

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2bebf3c6917101a6e275	Additionally, we plan to rollout more Bilibili-produced Chinese animes, including Ling Cage, Ling Long, A Mortal's Journey, [Foreign Speech] and The Legend of Tang [Foreign Speech].	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	prepared
be326a34120826329cd9	At the end of June -- July, we hosted our first-ever game release event Enter Your Fantasy World, where we introduced 11 exciting titles across different genres.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	prepared
b7e622db693ba7942134	And the fourth point is on the big events in the second half, there could be new variety shows, as well as new events and gala.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	qa
4f17ed74eca9a3ea3824	During our 11th anniversary, we introduced a new slogan Bilibili-All the Videos You Like, helping to define our brand proposition and appeal to a wider base. With this vision in mind, we launched a branding campaign series that started with our blockbuster New Year's Eve gala in the first quarter, followed by the Hou Lang, Ru Hai, Xi Xiang Feng trilogy videos, which all have been widely successful, and we are seeing a clear uptick in brand perception and brand awareness across different demographics.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	prepared
c80dbe8f7c576c8b6dda	However, under this challenging macro environment, we still delivered a pretty good advertising growth rate at 108% year-over-year. [Foreign Speech] So Bilibili has a video platform, we are one of the biggest beneficiary in the overall videolization industry trend. And we have observed that the advertisers' budget has shifted from the traditional portal to the video platforms. [Foreign Speech] As we mentioned earlier, we have invested significantly in expanding our brand awareness and raised our brand influence in the first half.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	qa
b314827e4edd9eea08ba	With this vision in mind, we launched a branding campaign series that started with our blockbuster New Year's Eve gala in the first quarter, followed by the Hou Lang, Ru Hai, Xi Xiang Feng trilogy videos, which all have been widely successful, and we are seeing a clear uptick in brand perception and brand awareness across different demographics. This strategy is working well for us and we are determined to carry on as we move into the summer peak season.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	prepared
904b19067287ec025caf	And there are two key factors among the live broadcasting industry. One is the good base of live broadcasting host, and second is a good base of users. And we believe we have these particular audiences for the two factors. We have both the highest quality content creator as, aka, our live broadcasting host, and we also have a very high-quality set of users who love to watch live broadcasting content. [Foreign Speech] So compared to other live broadcasting platforms, you're right about the revenue trajectory, we tend to have more stable growth instead of a sharply increased circle because their platform might pursuing [Phonetic] the signing top content host, which will drive the revenue in a short-term. But the merits of our business model is we tend to have a more stable and sustaining life cycle and our content creator, the live broadcasting hosts life cycle will also tend to be longer period. [Foreign Speech] We're quite confident to become the best platform for video content creators, given that the video equals live broadcasting content on our platform, we're also quite confident that will become one of the most popular live broadcasting platform in the future.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	qa
cd306aefb9e8120cbfad	And second is, over the years, our ability to operate and sustain our ACG titles have improved significantly. And we're quite confident to continue the success. [Foreign Speech] And for games like Princess Connect!, with such large user base and within the four-month period of operating history, it has been very smooth in terms of operations and technical operations. So, this once again support our testimony that Bilibili is able to operate this genre's game quite well. As for the long life -- the life cycle of this game, we expect it could be something like FGO and to last couple of years. [Foreign Speech] As for our game -- overall game business, currently, we have over 30 games in our pipeline. And those games are not only ACG titles, we have been actively expanding our content offerings across different genres since last year, and we've made a quite good progress on some of the console games, indie games and have received good results. [Foreign Speech] The Fall Guys game that you mentioned is another example of our successful attempt in expanding into new genres.	BILI	NASDAQ: BILI	Aug 27, 2020, 9:00 p.m. ET	qa
949497b04dfd40f470df	Julio Romero: Got it. So across the board, kind of, dealer and retail did well in June. Brian G. Harris: Yes, June and continued into July.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	qa
540cf272b71e05f822ba	We bought CornellCookson, we had talked about the ability to provide the rolling steel doors as part of the warehouse business that was going to grow.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	qa
63ee9bb7d1f691953d98	Timothy Wojs: Okay, great. And then the free cash flow performance in the quarter was really good. How should we think about free cash flow maybe in the fourth quarter? Should you also have a pretty good quarter, just given the demand strength you've seen? Brian G. Harris: Yes. So, our second half of the year, that's our Q3 that we just ended, and our Q4 is our strongest cash flow months, cash generation quarters, I should say. And we continue to expect to increase cash flow into the fourth quarter.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	qa
79ef1a6ce6f97099c3fb	These results are a reflection of the strategic actions taken by Griffon starting with the September 2017 announcement regarding the disposition of our Plastics business and the purchase of ClosetMaid, further enhanced by the purchase of CornellCookson in June of 2018, coupled with the home improvement trends that I described. Our pivot out of the capital-intensive, commodity-driven Plastics business into branded domestically manufactured Consumer and Professional Product businesses positioned us for market share gains, as well as revenue, earnings, and cash flow growth.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	prepared
4f92a725bf8c4878a815	Note that our overall guidance, even with the conservative Q4 outlook, is higher than our original guidance for the year of $250 million plus of adjusted EBITDA before unallocated expenses that we provided back in November. Further, our full year fiscal 2020 guidance includes approximately $60 million for capital expenditures, $64 million for depreciation and amortization, $65 million for net interest expense and $45 million for unallocated expenses, with all of these remaining the same as originally communicated during our November 2019 earnings call.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	prepared
0270ba07635fffa8939a	Julio Romero: Got it. And could you talk about maybe the sequential trend in CPP? Maybe how that business performed in May and June, and maybe give us a sense of how trends and fill rates are quarter-to-date? Ronald J. Kramer: We continue to see trends improving. The stabilization had happened after the last time we spoke, which was late April, went into May, accelerated into the end of the quarter and continues into July. We expect this is going to continue: the market share gains of the products that we provide, the domestic manufacturingand distribution, and we've been talking for several years that this focus of ours on being able to support the biggest providers of all the products, it's clear that the supply chains are moving to domestically sourced product. We are the leading product, leading market share in every major product category that we sell and we're going to continue to invest in the brands to make sure that we get increased market share as we go forward.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	qa
1512efb8f2ec55fef531	Julio Romero: So on CPP, the strength you're seeing there, can you give us a little more granularity on what products are leading that growth? I know, you've got a very diverse portfolio and you called out outdoor lawn and garden, but you've also got some indoor lines like ClosetMaid, that I assume would have also done well, given everyone's kind of cooped up indoors. So I was hoping you could give us some specific examples of some product lines that are kind of leading that growth. Brian G. Harris: Sure. So, you sort of hit it. We have seen growth in demand of -- in both lawn and garden and the home organization side. Home organization is a -- pretty much a do-it-yourself type item where people can buy the products either at a store or online and install it. Home and garden, of course, is something that's done mostly outside and we are seeing people using their time at home and the fact that they're not spending on other things such as travel or going to restaurants and investing in their homes. And generally speaking, our products are at price points that are affordable. They're not very large ticket items. And that's what's been driving some of that demand.	GFF	NYSE: GFF	Jul 30, 2020, 4:30 p.m. ET	qa
d62a6025084bee2d20cd	The foundry segment represented 25% of our systems revenue in the quarter. Strength in this segment is related to spending on the 7 and 5-nanometer nodes.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	qa
ec450c13fc88aae9af3a	If you look at the first half of this year, Vivek -- calendar year again. I never really think too much in terms of fiscal calendar year.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
2d1cecd163f9c1d0c710	And then as a follow-up, I think, Tim in your prepared comments you spoke about how you guys are successfully defended 100% dielectric etch market share.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
233fbe2f451a08ab577e	And EUV also, we have talked about in the past introduces opportunities for new steps like end processes like atomic layer etching that can be used to help increase quality and productivity of the EUV pattern itself. So I think the way you should think about it is our SAM is expanding, competitively our -- we're gaining share at some of these new layers and we feel we're well set up in both the foundry and logic space going forward as technology transitions.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
1334f0efdc5a02c98412	But what we said in the past and I continue to be very comfortable saying today is, I have a hard time envisioning a year when the installed base business doesn't grow, it should grow every single year. Because chamber count grows every year, it's growing this year, even in a depressed memory spending environment and we continue to bring new advanced service offerings to market that we hope enable us to achieve more and more of the customer's opex spend.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
70c4419a19ac7f3004d4	But Tim did point out in his remarks, that some of the strengthening in WFE came from local China probably now and nominally somewhat above $6 billion in WFE. And as we look into next year we absolutely think it will grow again next year, but it will ebb and flow, it will -- these big projects can be lumpy at times, and it will go up and it will go down depending on when equipment ships into any one fab projects.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
126ebb9c50951a6537af	Atif Malik: Hi, thanks for taking my question and good job on the execution. Question on the WFE, Tim, you mentioned WFE going from low $40 billion to mid $40 billion. I want to spend, if the majority of the increase has come from the foundry/logic segment in terms of the revised outlook? Tim Archer: Maybe a few modifications, I mean, clearly, as we've said, we've continued to see strengthening in foundry and logic. So that is a portion of it. The -- some very early indications of NAND spending increase as we now guided for December quarter. And finally, continuing strengthening in the China WFE as we've, kind of, seen increased strength throughout the year. So combination of all those things lead to our upward revision in WFE.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	qa
ca5334b9602a4057b391	Yes, John, I mean, one thing I would point out to you and if you look over the last two years, you will have seen several quarters where the cash we actually deployed moved down somewhat. That was because in the quarter before that we put one of these accelerated share repurchase programs in place. You have the same phenomenon going on this quarter. So even though the cash that we deployed in terms of open market repurchases wasn't all that significant this quarter, that ASR was still executing buying stock back, and that ASR that's currently out there will complete in the December quarter. So we'll be thinking about what we're going to do incrementally as we go forward. So far, just remind you what we talked about and it's been a while now the last Analyst Day that we're committed to at least 50% of free cash flow returned to shareholders, and obviously if you look at our history, over the last five, six years, we've done a whole lot more than that.	LRCX	NASDAQ: LRCX	Oct 23, 2019, 5:00 p.m. ET	prepared
145964a3b2c7a4669543	Also, we continue to spend time in the field with referral partners and business owners working to understand what they may be seeing in the market.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	prepared
8815c1e9824ab814c273	We're looking at where we optimize the efficiency of capacity utilization against where we need to be to make sure we don't stall pipeline or anything.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	qa
ecb7abbe72a22406d803	Regarding our outlook for the remainder of the year, we continue to expect gross billings growth for the next rolling 12-month period to be approximately 8%.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	prepared
0263ee692ed0a3cbbee4	Josh Vogel: Mike, you usually give us some commentary around the average pay and over time trends across your client base. I was wondering if you could share that with us. Michael L. Elich: So, in the quarter, I'll probably defer to the absolutes with Kramer. One of the things that we have seen probably is it relates to growth in same customer sales are still probably coming from wage inflation and, but I'll let Kramer talk to this more of the detail with that.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	qa
f95c4b068fb6b466ff41	So we're tapping a market that allows us to, one, create an experience, we're also getting our brand out in front of us without being -- go on TV and media wise. But we're creating environments to build relationships with our referral channels and then ultimately to begin to expand and create avenues where the brand of BBSI and mybbsi are being seen by those people that might be our audience either today or in the future and creating more of a curiosity approach.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	prepared
1c0c42705c5ab8159f29	And I would probably -- what I meant was the way the channel works is if you look at first meeting to second meeting to third meeting to fourth meeting, there's -- the fall off happens differently. When we finally get to the ultimate yield of the ultimate --- of the first pipeline that we see to the end, it's pretty much in line with what we see and in California as well and it's pretty consistent across all states, but how it happens is different.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	prepared
fe8203d64188ba39a68e	Jeff Martin: I was wondering if you could comment on the implied Q4 guide relative to your updated guidance of $6.05 for the year. What implied down year-over-year, I know there are some things going on with payroll taxes, but I think it'd be helpful to kind of get some insight from you in an open format here on that. Gary Kramer: Yeah. So if you think back for Q4 of '18, we have, call it, two non-recurring, so we had a change in estimate for workers' comp which was like $2.3 million. So when we're giving any forecast for the forward look, we don't forecast for any change in estimate. So that's one of the puts and then the other one was in Q4 of '18, we were estimating that we were going to have a payroll tax that was going to be due that ended up not being due. So, we took down that accrual in Q4 of '18. So you've got, call it, two credits from '18 that don't repeat in '19. So if you normalize for those, we still are getting to earnings growth for Q4 of '19.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	qa
a1e560d6a6cf35bb90ee	Jeff Martin: Right. All right. Okay, last question. Some of your peers have had issues with underwriting healthcare insurance. Just want to clarify that you have no exposure to underwriting healthcare and some of the similar issues that others are having. Gary Kramer: Yeah. So we do not offer healthcare to our clients, as you're seeing with some of our peers that they can be difficult risk to underwrite and we don't really feel the need for it in our value prop. When we think about the risk we do take, call that, workers' comp and for that risk, we have a very methodical process for how we bring clients on, for how we work with the clients to align better for how we can work with them to mitigate risk and we feel like, really we can make that a better underwriting decision as opposed to the healthcare side, which is more of a challenging risk that it's more difficult to mitigate.	BBSI	NASDAQ: BBSI	Nov 6, 2019, 12:00 p.m. ET	qa
d6c6b97307b0e5c05b2a	Yeah. Okay, and then lastly for me, if there's any update on any possible news with the home centers here in the US, that would great.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
a20a821cbae6f0bf1352	To that point, in Australia, constant currency sales were down 12%. The decline was attributable to continued competition, mainly from Chinese manufacturers as I just mentioned.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	prepared
ed0c1d9cc76e012f5bb3	Maybe one -- other one while you're looking at that. The IKEA business has obviously been a lot of volatility -- a source of a lot of volatility.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
af9cea7a064cc287de7c	Dillard Watt: Yeah. Okay, and then lastly for me, if there's any update on any possible news with the home centers here in the US, that would great. Yuval Dagim: So, no formal news at the moment. We are still working on this relationship -- this relationship, I think it's going well so far, but not to the point that we can advise the market on a new deal or that -- or the full agreement on those relationship, but there was still keeping positive on this opportunity.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
371e1bd9e122eb84074f	Dillard Watt: So it's fair to say then that the acceleration in the core business came from more the K&B [Phonetic] type side of the business. Yuval Dagim: Yeah, for sure. I mean, in the US, we saw a decline in IKEA this quarter as well, but the core business grew 12% and it came from K&B, in our retail side of the business and from [Phonetic] the new building, but not from their big books.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
bb754046324d92af1311	All in all, it was -- in the past, it was our focus -- sorry, our guess of the market share in our view and I think it's -- it's too early to say whether say in a different position. Now, definitely what I can say is that we are more -- way more confident that we can capture the opportunity that that we've seen in the market in the US, and we're definitely going to see growth coming from the US business over the next quarters.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
4f7197acf5719fe976b8	Dillard Watt: Thanks. Good morning, gentlemen. I want a follow up and ask a follow up on the India and Turkey and other countries that you're seeing import into the US. Is that a -- are you seeing similar -- either landed prices or retail or however you want to measure the price point, is it still -- is it still a pricing headwind that you were -- you had experience in the past with the Chinese competition that was pretty disruptive to the business? Yuval Dagim: Hi, Dillard, it's it's Yuval. I think it's pretty much the same. We are -- from the data that we have, we are experiencing probably the similar price points coming from different locations. I guess, -- the change from China to India is actually in the same segment with the same prices. So obviously, average price, so it's -- it has -- these are accuracy measurement, but all in all I think normal I think, you'll see the same -- same behavior in the market. There's no shortfall of the low cost manufacturing slabs or sources in the US and again, I think it's -- it's mostly what we are doing internally in our business to capture the opportunity rather than less of competition.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
08c4ed42b0d3f37c18ae	Dillard Watt: Okay. And then I hate to belabor the point too much here on the various low cost competition, but if it's coming in now to Canada, Australia, does they have benefit -- a little bit of some mix of hindsight and experience from what has occurred in the US, -- what might be the strategy to offset some of the volume pressures in those other countries at the same time that you're having some macro pressures there. Yuval Dagim: I think what we're experiencing is more competition in Australia and Canada, mostly in the commercial area with the high rise building and multi-units. This is where -- it's more price sensitive and we see more competition coming. It's only partial or part of our portfolio in those countries and I think we continue to build on our very strong Caesarstone brand in those countries we are very strong with, consumers and the K&B shops. And I think we'll continue to work on, on the demand throughout coming in this -- in this market.	CSTE	NASDAQ: CSTE	Aug 7, 2019, 8:30 a.m. ET	qa
0ef98ab5a167e1e3e40a	So I kind of -- I'd rather ride a wave in Paola Cano and so I look for waves. And to me, the Gig economy is wave.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
6a49889c6dda280fa8c6	And so now if we want to get creative and aggressive with some major partners, so we can collectively change the world, we've got that opportunity.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
455265787095d2ba9a48	The first one I had was just around the early look into 2021. I know you called out roughly $4 billion of stimulus and unemployment benefit.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
814fb9dbf5c4fe116b24	Andrew Garth Schmidt: Understood. Okay. That's good context. And then just my follow-up, maybe I'll ask it. There's a -- obviously, a lot of news about M&A out there. Dan, I was hoping to get your view about just philosophically, how you feel about scale acquisitions versus capabilities? Just philosophically, just interested to kind of get your viewpoint on just the M&A front? Dan Henry: My viewpoint in terms of what are we looking to grow through acquisitions or just like -- I'm not real clear what you're asking.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
f61c72ee12f4bc399e40	Andrew William Jeffrey: I'm also Skeptical often OK. Dan Henry: I know how you make your living. I know. Absolutely. The economics on this product are going to be stronger than, I think, any product that we have at Green Dot currently. And now 6% and 7% cash back rewards, those returns are funded by the merchants who are issuing those reward programs. So those won't come as a cost to us. So it's really about how we can be creative and designing really value which opportunities, propositions for the consumer that they love and embrace, and we still preserve the very good economics on our product.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
b872740b4e8acde60df9	George Frederick Sutton: Congratulations to me. I'm the latest wake less customer for the new Challenger Bank offering. So I Dan Henry: Go to bank. We will be your go to bank for all your seamless and frictionless financial services. So glad to have you on board.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
b6878870f2653bda1e05	Andrew Garth Schmidt: First question on new customer acquisition. So now that we have couple quarters post stimulus under our belt, wonder if you could talk about what you're seeing in terms of organic account growth in the quarter, for lack of a better kind of meaning. Are you seeing an elevated level of net new adds from non stimulus, non unemployment benefit customers? And any help there would be much appreciated. Dan Henry: It's a good question, Andrew. I think it's hard to really pull apart of what a stimulus and what is stimulus. I can say that we have seen an elevated amount of new customers coming into the system. And again, sort of hard to dissect whether they're coming in for non stimulus versus stimulus reasons. But yes, across Q2 and Q3, we saw a significant amount of new acquisition, both in retail and then the strength of the direct business, which is in part the better marketing efforts we have and the better cost per funded, but also in large part to additional stimulus funds and just the attractiveness of our products given this digital acceleration.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
9a232ee8bd11b459cd89	Robert Paul Napoli: Thank you. Good afternoon. Bob. Lot going on. Just maybe a first question, just on direct deposit. And I mean the -- your prior roles. I mean, direct deposit was a big focus. I know it's a big focus here. The penetration rate currently is about 40% on direct deposit accounts. Is there a strategy around building the direct deposit customer base at a faster rate? If so, what is it and what kind of a penetration rate or other metrics would you judge with the success of that program on? Dan Henry: Yes, Bob, I think your question, I think, illustrates the knowledge and awareness of like from what we do. The direct deposit customer is extremely valuable customer. So as we -- when we launch our challenger Bank initiative early next year, we will be very focused on driving that direct deposit growth with that product. So in terms of any sort of metrics or levels of success, can't give those to you at this point? But yes, it's going to be a cornerstone to our strategy and our focus on growth.	GDOT	NYSE: GDOT	Nov 4, 2020, 5:00 p.m. ET	qa
abdaf3e2cc12a201cabf	About two years ago, we migrated from our old technology to Simulcast in order to have a digital platform for selling vehicles from our physical locations.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	prepared
7297549f2ed25fcb0c2c	So we have no desire to go back to the incentives that you speak of from the past. We're going to continue to run this business.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
4ab42fdc75eff8c7eeb3	I think we're now in a position where we've really rightsized the company. We're in a position to really grow the company through this digital transformation.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	prepared
bdc1c3f5f50afc16f370	Yarden Amsalem: I guess, relatedly, if [Indecipherable] prices remains strong through the end of the year, do you expect conversion rates can actually improve in 3Q and 4Q? James P. Hallett: Yeah, conversion rates are well above historic norms. And I would be excited just to maintain those conversion rates as we get through the fourth quarter. Would we take an increase? Indeed, we would. But I'm not sure how much higher the conversion rates can go than where they are right now.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
92cffa55a91361265c8a	Ryan Brinkman: Hi, thanks for taking my question and thanks for the additional disclosure on the intra-quarter trend in volume too which was helpful this quarter. Are you able to comment on the trend subsequent to the quarter in July? Are volumes set to exceed the 8% year-over-year growth in June? James P. Hallett: Yeah, Ryan, good morning, and welcome, and thank you for your question. Listen, we're obviously very, very pleased with the results that we saw in June. I would tell you, as we go through July, prices remained strong, conversion rates remained strong and we expect the business to continue to do well in -- as we go into the third quarter.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
81c9009857b0da6484ae	I did want to follow up on that last question on TradeRev that you mentioned in your prepared remarks about, I guess, discrepancy in recovery between Canada and the U.S. Could you maybe talk about what you saw as Canada started to improve or maybe break out when TradeRev in the U.S. start really to pick up? Just some more intra-quarter detail would be helpful as we, kind of, can then use that to look at performance in the back half.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
a9bb04590bf0e155b0f1	Ryan Brinkman: Okay and then just last quick question... Eric Loughmiller: If I could, because a lot of investors ask us this. We expect very strong off-lease returns, whether it be through deferrals, but there is also a large number of lease maturities in the second half going back and looking at 2017 lease originations. We expect rental car to be a contributor to our industry. We are doing very well on repossessions. But it will grow because they've been lighter. Dealer consignment -- while July was very good for us, consolidated dealer consignment was up quite a bit year-over-year. That's the area -- with the retailers being so light on inventory, they're retailing more trades that could be tight, but we think that it will grow year-over-year for us. So that -- I just wanted to give a summary walking through the different segments. I do think, though, that the next six months have more visibility. It's still pretty murky looking into 2021 beyond the off-lease area where we know there's a lot of lease returns. How that will do is highly dependent on unemployment figures in the economy.	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
5730f22cec02d2c96f74	Yarden Amsalem: Okay, thank you. I guess, my second question, can you talk about the trend with online-only revenue per vehicle in the quarter and your expectations for the rest of the year? I mean, do you think ARPU on a consolidated basis can -- will likely remain at current levels, or could it actually trend positively, I guess, toward the second half of 2020? Eric Loughmiller: We are seeing it trend positively month-to-month right now and it's primarily because of ancillary services are continuing to grow. Those were -- ancillary services were the deepest cut in our business. We couldn't do anything to a car, other than sell it early in the quarter and that's coming back. And I think one of the misconceptions I hear from investors is that, as it goes online, you're going to reduce the transaction revenue from selling the vehicle. Well, that just isn't true. Our Simulcast and Simulcast+ products are able to maintain the same auction revenue per transaction that we're getting when we had the physical auction. There is no reductions in the fees and the mix is right. And the other thing that's really powerful, the conversion rates we're getting because of the all-digital platforms is actually driving higher gross profit. That's what's doing it. High conversion rates are really good because we're getting great leverage off of a fixed cost infrastructure in the technology. Jim, do you have anything you want to add?	KAR	NYSE: KAR	Aug 5, 2020, 8:30 a.m. ET	qa
8b478afe941088e96d59	You do have a mix play that will be favorable as the product volume kicks out and that's going to be our biggest driver of improvement.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	qa
98f8ccf3ad0972ba48de	And so things for us right now, obviously, torque tension handle and transferring devices are still very interesting. Cutting and bending devices are also very interesting.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	prepared
64551578dbc72b6e440e	Yes, kind of leapfrogging on to your commodity story. Normally as we enter Q3, we're starting to see a ramp-up in construction especially infrastructure type work.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	qa
373ceb0c7ef8d50b908a	I'll add some detail on Q2 from a regional perspective as well as touch on some of our key verticals and distribution and then I'll finish up on Enerpac operations and a few comments about the Cortland business. As a general comment, I think you'll see that this past quarter continues to confirm the significant differences and how our global markets are recovering as well as how the various countries and regions we serve are responding to the continued challenges of this pandemic.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	prepared
755557695ba617c33b39	As we think about the balance of the year in our progress toward normal sales volumes and profitability, we've come to the conclusion the full economics and the sequential improvement will position Enerpac at near parity with our 2019 core sales levels as we exit the fiscal year. Secondly, we fully expect incremental margins to be in the range of 35% to 45% on core sales, and lastly, we will continue to focus on cost control and executing our margin expansion strategy.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	prepared
588079b9fe5f0e0d5c38	Government spending in this sector is expected to remain robust and we are well positioned to capture more of this work in the back half, primarily in our Lifting and Torque and Tension products. I would normally not go into too much detail on this call about specific wins in the quarter, but I have included a picture here on the Dardanelles Bridge project near Istanbul to give you a glimpse of the kind of projects that gets us really excited.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	prepared
a566f0997687dce2bde3	Joe Grabowski: Great. Okay. That's really helpful color. Thank you. And I guess my follow-up question. I'll kind of stick with the same math. If I look at EBITDA second half versus first half, rough math, it implies about a 17% EBITDA margin in the second half versus an 11% on the first half. So pretty healthy incremental sequentially. Maybe just talk about some of the cost headwinds and the cost tailwind that are may be helping or hurting second half to first half to drive that EBITDA margin improvement? Rick Dillon: Sure. I think the -- as we've been saying I think the biggest tailwind will be improving product volume. And so that's going to be the biggest driver to that improvement first half to second half. You'll see about the -- see incremental bonus expense at some level. And you'll see a little bit of incremental savings. We hope to get the benefit of continued improved utilization less under absorption like you saw in Q2. So I think the biggest -- Q1 to Q2 I think the biggest tailwind will be product volume. You do have a mix play that will be favorable as the product volume kicks out and that's going to be our biggest driver of improvement.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	qa
3d5c9522ce588ee46c04	Brendan Popson: Hi. Good morning. Thanks for taking my question. I just wanted to ask with your commentary on the back half of the year. Obviously, Q3 is typically the strongest, but it sounds like you're expecting the recovery -- sequential growth in the Q4. I just want to confirm if that's the case. And then following up on that, you also had a comment that you expect to be at pre-COVID levels at the exit of the year. So I guess outside of any further hiccups, is that looking out beyond FY '21? Is that a good way to think about your revenue potential as we exit the year? Randy Baker: Yes, that's exactly what we were referring is that first of all, the sequential improvement will accelerate. And we're very happy with the inbound orders that we've seen to date in March. And one of the interesting elements that we're watching is that if you recall last year, the big drop-off didn't occur until the last week or so of March. And so the fact that we were already 15% up versus prior year in March is really supporting our projections that it's going to accelerate and we're going to have somewhat of an off-cycle or a typical year, where the third quarter is our peak, followed by the fourth. We believe that that will be -- that cycle will not occur this year that will be sequentially better each month and each quarter.	EPAC	NYSE: EPAC	Mar 24, 2021, 11:00 a.m. ET	qa
77f04142316627153fb7	For the smaller tenants, I think it's still going to be kind of on a work order basis, which would make sense for them as well.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
3929323624523a607a17	By comparison, in last year's second quarter, we reported GAAP income from continuing operations of negative $136.8 million or negative $2.05 per diluted share.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
d543fa29b14b856e5a57	I wanted to start first with going back to the acquisition commentary in the press release and what you've talked about a little bit more recently.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
11dd3c05b0cda3a15f63	We also continue to benefit from efficient labor management as our flexible labor model enabled us to identify and capitalize on staffing efficiencies arising from the adoption of remote and hybrid work environments, particularly within our B&I segment where office occupancy in large metropolitan areas remain relatively low. As employees transition back to the office, we anticipate some easing in our labor efficiency, but we expect revenue growth in the second half of the year and increased work orders to mitigate that effect.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
8e9b5d13aa7d078698d7	And that's a product of a number of things, including special grants that came up last year, as well as just how we're actually tracking on the grants that will actually come to vesting this year. Again, you're going to see some lumpiness in that that year-over-year increase, you'll see the vast majority of that impacting in this past quarter, Q2 year-over-year as last year we took a significant reduction in our reserve, as we were anticipating the impacts of the pandemic.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
96adf9a49af670f5e7d1	You may recall that at the very outset of the pandemic, we established 19 operational task forces or pods as we call them, to marshal our tremendous internal resources on the issues at hand, to focus on our virus disinfection offerings; our field operations; as well as finance, legal, liquidity, cash flow and human resources. This task force model proved to be a fast and effective way of identifying potential business issues and utilizing cross-functional expertise to develop and implement solutions.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
4056bbd631ed5a248021	Finally, the energy efficiency and retrofit solutions that we offer in our Technical Services segment, our highest margin business, provide significant operating cost savings for our customers and enable them to reduce their environmental impact. Now that we have greater access to client sites, we expect to increasingly work through our Technical Services backlog, which was at a record level at the end of the second quarter. Additionally, this segment is well positioned to benefit from the new administration's priorities around decarbonization and energy efficiency. As we look toward the second half of the fiscal year, we are confident that we can leverage our significant competitive advantages to achieve continued progress. You may recall that at the very outset of the pandemic, we established 19 operational task forces or pods as we call them, to marshal our tremendous internal resources on the issues at hand, to focus on our virus disinfection offerings; our field operations; as well as finance, legal, liquidity, cash flow and human resources.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
e849a794cac35f40ca6b	In short, our second quarter performance reflected a consistently high level of operational execution by our team amid gradually improving business conditions, in sync with the reopening of the economy. This strong showing and our current visibility have enabled us to increase our full-year guidance for adjusted earnings per share, while we continue to invest to support future growth. Consistent with what we have discussed over the past several quarters, our customers continue to prioritize protecting their people and spaces, driving strong demand for our higher-margin virus disinfection work orders. EnhancedClean, our proprietary and trusted protocols for cleaning and disinfecting spaces was an important contributor to our second quarter results as well. We also continue to benefit from efficient labor management as our flexible labor model enabled us to identify and capitalize on staffing efficiencies arising from the adoption of remote and hybrid work environments, particularly within our B&I segment where office occupancy in large metropolitan areas remain relatively low.	ABM	NYSE: ABM	Jun 9, 2021, 8:30 a.m. ET	prepared
aa28df728f0a379cb17c	Importantly, our control over marketing, our products, and our operating costs gives us a number of levers to optimize them. Here is what we are doing.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
21871a91e0c131928dd5	We continue to present adjusted EBITDA, which is EBITDA adjusted for fair value adjustments on warrants and earnout liability, associated foreign exchange movements, and non-recurring expenses.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
14d4f1d1dae403407189	After our prepared remarks, we will open the call up for questions, and we will also be joined by Richard Hasson, president and chief operating officer.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
378f2f45ef7d7dced236	Despite being partially offset by declines in Europe and Canada, growth in sports betting net gaming revenue from Africa and outback markets represent positive momentum resulting from continued good growth on the customer base and retention rates in some of the few markets where it would appear that the COVID lockdowns had relatively limited impact. The growth in APAC impact was also due to the full IPL season during 2022 after the cancellation of the IPL season in 2021 due to COVID.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
d17fcae5e8dbd9f4588a	Compared to Q2 last year, Sportsbook revenue increased by 6 million or 6%, mainly due to good growth in key markets in Africa and outback regions. Despite being partially offset by declines in Europe and Canada, growth in sports betting net gaming revenue from Africa and outback markets represent positive momentum resulting from continued good growth on the customer base and retention rates in some of the few markets where it would appear that the COVID lockdowns had relatively limited impact.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
618ec6ddae478ab59820	Our results of this quarter of net gaming revenue of EUR 316 million and adjusted EBITDA of EBITDA 54 million and for the half year of net gaming revenue of EUR 631 million and adjusted EBITDA of EUR 117 million remain resilient despite the impact of the normalization of entertainment spending patterns post-COVID and the current headwind effects of general economic uncertainty on discretionary spending. We expect that these effects will continue to be felt for the remainder of the year and have updated our guidance accordingly.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
8a4741378d09ce8c60e2	Jason Tilchen: Yeah. Good morning. Thanks for taking the question. I just wanted to focus on Canada a bit. You mentioned both inflationary pressures and sort of normalizing behavior compared to the COVID impact from last year for the declines there. I'm just wondering if the read through there is that competition from sort of more operators in the market was not a factor there or just less of a factor. And maybe you can just as a follow up, also touch on the delay in the licensing for Spin and whether last quarter you talked about you're still able to operate in as you were previously with regulator knowledge. I'm wondering if that took place throughout the entire period from last quarter to now or if there's any change to that. Thanks. Thanks a lot. Neal Menashe: OK. So I'll take that. So yes, with Canada, as with all other markets, we operate in, there is competition. There's competition in all our markets. So for us is Canada is we're the same company as we were a year ago. Canada is all about, obviously, gaming now regulated in Ontario with Betway went last week and then Spin going next week. So up to now they've been operating on the old software and they've now moved over. And Betway in the last seven to eight days is in line with our expectations. So Spin's going next week. So we've learned a lot from Betway and then we can implement that into Spin.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	qa
b12d8710a101cd1834ae	This quarter, we again demonstrated the benefits of our global model and recently formed a holding company structure, which with good progress made in a number of areas. We grew average monthly active customers to 2.7 million, up 3% from the second quarter of 2021. We saw good growth in key markets such as Africa and Asia Pacific. Our sports betting continued to deliver positive growth. We kept a smooth Ontario license process with the transition of Betway into the regulated regime with Spin to follow next week. And we have progressed the U.S. state per state licensing of Super Group that is a prerequisite for the acquisition of Digital Gaming Corporation, DGC. Our results of this quarter of net gaming revenue of EUR 316 million and adjusted EBITDA of EBITDA 54 million and for the half year of net gaming revenue of EUR 631 million and adjusted EBITDA of EUR 117 million remain resilient despite the impact of the normalization of entertainment spending patterns post-COVID and the current headwind effects of general economic uncertainty on discretionary spending.	SGHC	NYSE: SGHC	Aug 11, 2022, 8:30 a.m. ET	prepared
4f3cd14158fe21849065	Still in the unaffiliated channel, you guys saw a good improvement. We can see the trend in terms of the lower redemptions, still were fairly steady.	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
4f861f1fb286312c5a48	Lastly, we implemented additional digital and technology capabilities for our employees throughout the quarter for continued operational productivity and efficiency, while we navigate the work-from-home environment.	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	prepared
f0d4a613192be2a4a16d	And we are very much aligned as a management team and with our Board on that. So I apologize if that's duplicative, but hopefully, that helps.	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	prepared
e6ad2fde93f7e4e9b8e6	Mike Carrier: Maybe first one, just on the net flows. Still in the unaffiliated channel, you guys saw a good improvement. We can see the trend in terms of the lower redemptions, still were fairly steady. But anything particularly driving that just in terms of like certain products or certain platforms you noticed like a significant change? Obviously, like industry trends got better, but just wanted to see if there was anything specific for Waddell. Philip J. Sanders: Amy, do you want to touch on that?	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
4eaa702090653c67c521	Dan Fannon: Thanks. So I just wanted to talk about the advisor backlog and kind of the outlook for advisor growth. And if you could just talk about where that sits today. And I know you mentioned recruiting is getting a little bit easier, but also talk about the typical profile of the advisor that's coming on your platform, year-to-date, the 21, I think, new advisors you've added? Philip J. Sanders: Sure. Shawn, do you want to take that one?	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
b03fe361d49d8c5a7f18	Mike Carrier: Okay. And then just a quick follow-up. So on the fee rate, you guys mentioned the price changes and for everyone, the mix this quarter created a lot of volatility. I don't know if you can parse that out in terms of the impact, but just trying to get a sense of what's more normal just given the pretty significant move in the quarter? Philip J. Sanders: I don't know Ben, do you want to take that?	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
ae04bbaa9f5bebdfa419	Yes. The pipeline we've been working has been relatively fluid for us. When we look really across the segment, most predominantly it's the other independent channels, so other independent firms where we're seeing most inflows of advisors coming into the what on reorganization. And I think what's resonating there is really the overarching package that we've assembled here, a competitive technology, payout grids, overarching product and open architecture, development on our advisory programs that we've been working on for the past several quarters, but it's really resonating around additional support models with advanced sales support through our Wealth Solutions Group, the materiality of our practice development team as well as field support that we have embedded out there. We've done a lot over the course of 2020 to still maintain service levels and support models in light of COVID-19, evaluating the situation and doing a variety of different types virtual opportunities, including the migration of our in-person conference to a virtual-based conference that had a lot of success associated with it.	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
23a293c42a2a968d2178	And I think what's resonating there is really the overarching package that we've assembled here, a competitive technology, payout grids, overarching product and open architecture, development on our advisory programs that we've been working on for the past several quarters, but it's really resonating around additional support models with advanced sales support through our Wealth Solutions Group, the materiality of our practice development team as well as field support that we have embedded out there. We've done a lot over the course of 2020 to still maintain service levels and support models in light of COVID-19, evaluating the situation and doing a variety of different types virtual opportunities, including the migration of our in-person conference to a virtual-based conference that had a lot of success associated with it. So all of those things are resonating with advisors and promoting that opportunity to organically grow the organization with obviously seeing the inflection point modestly here this past quarter with an uptick in advisor headcount, just a modest uptake.	WDR	NYSE: WDR	Jul 28, 2020, 10:00 a.m. ET	qa
7b3e13c0f766742f5efe	And then last question for me. Where do you stand having a normalized SKU assortment given some of the supply chain issues that have been experienced?	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	qa
66a101dc47c246f61d67	And on a two-year stack, we saw that 6% top-line growth. So the point here is that underlying business fundamentals remain strong, demand is still there.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	prepared
edc388053dd17bc6b190	And so much so that it has allowed us to actually gain distribution at shelf because we generally have been able to deliver to our customers.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	prepared
42c7a8d1ed1398d6512f	I guess the headline there would be that as we have managed through this initial phase of pricing, which is now in effect, the elasticities that we have modeled have generally performed as expected. We can't predict what green coffee is going to do over the long term in terms of costs, but we are certainly not at historical highs and so we would anticipate that as we think about further pricing actions and elasticity, that we should be able to manage through that.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	prepared
1f972fd7d87ae845fd63	And so as we continue to see how the pandemic plays out, as we continue to ensure the investment and reinvestment in our brands for the long-term health of our business and therefore for the benefit of at-home consumption and the stickiness of households that we've gained, we hope to continue that momentum in this fiscal year and beyond. Today is probably not the time to quantify what we think that is, but the momentum that we've generated continues to perform.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	qa
9fdec937f17fe58ad5cb	Ryan Bell: Thanks. Is there any sense for the magnitude of some of those impacts that you're modeling into your guidance? Or is that a little bit less so for fiscal 2022 and it's more of a longer-term question? Tucker Marshall: Ryan, we are anticipating continued momentum in at-home consumption and our coffee portfolio, as Mark acknowledged, and our consumer portfolio also driven by the Uncrustables brand, along with the pet dynamics. And so as we continue to see how the pandemic plays out, as we continue to ensure the investment and reinvestment in our brands for the long-term health of our business and therefore for the benefit of at-home consumption and the stickiness of households that we've gained, we hope to continue that momentum in this fiscal year and beyond. Today is probably not the time to quantify what we think that is, but the momentum that we've generated continues to perform.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	qa
97d58c15b91bd2c5d0e9	The second was also weather patterns in the West, specifically the Pacific Northwest that impacted fruit. So those are two areas of commodities or ingredients where we've seen inflation come through, particularly in the second half of our fiscal year. Transportation, due to the volatility and tightness of supply chain, continues to be real not only from a labor standpoint but also from a unit standpoint, and just an overall sort of backlog in the system that has persisted throughout the entire pandemic. And then on the packaging front, packaging continues to have the implications of just ongoing pricing pressures that continue candidly from the weather disruption that occurred in the winter time frame in Texas due to the freeze. And so as a result of this persistent inflation, we continue to manage through very effectively, not only through our supply chain and relationships with our suppliers and the great work by our teams, but we've got to acknowledge this inflation in our P&L and we need to recover it.	SJM	NYSE: SJM	Aug 26, 2021, 9:00 a.m. ET	prepared
6acbde2f0267cb8f6144	Sales of occasion and party dresses surged toward the end of the quarter as new receipts finally arrived. Momentum in that class has continued into November.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	prepared
c5872abf11495e79fc73	Thanks, good afternoon. So it sounds like you're confident that you'll have enough inventory for holiday, but as you think about spring, I guess two pieces.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	qa
7c46d9988388c39ff608	Well, the holiday season is upon us and we're optimistic about our prospects. Consumer demand remains powerful, despite the various sentiment reports that would suggest otherwise.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	prepared
0d5a565faa7c93b18f35	And with that is one of our answers to how are we going to operate in this inflationary environment. We have a number of other initiatives that we're doing and I'll let Frank talk about them in a second, but I will talk about the real estate first, and the real estate, we opened 56 stores this year and closed 20 some, I think for a net gain with 35, over half of those stores were Free People Movement stores, so rather small but highly productive.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	prepared
e2f9efc1d7a848b5da24	So I could tell you coming into the third quarter, we were certainly lighter than we would have liked to have been in almost all the apparel categories in all brands. I think both Urban and Anthropologie were more significantly impacted by this because their inventory volumes were a little bit lower than where Free People was running due to obviously the significantly strong Free People comp and not to say that Free People wasn't impacted as well.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	prepared
bdad7e2a9a3509670707	Well, as you know, over the last six, seven years we have consistently talked about keeping our inventory as lean as possible, testing and learning and going back in quickly and buying more of certain items or things that are like the certain items that are selling and replenishing that way. Right now, we don't have the choice of doing that because supply chain is anywhere from four to six weeks longer than it was two years ago.	URBN	NASDAQ: URBN	Nov 22, 2021, 5:15 p.m. ET	prepared