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d9a6ac15e97b81c5acc3ff3dca6a995f | If we think back just over the last few months, even of the fourth quarters, there's been just a huge amount of volatility in closures and what consumers were doing or could do or couldn't do, etc. So how are you trying to think about like all those puts and takes as you formulate your full-year '21 outlook today? And ... | Sure, James. Look, the revenue guide of 19% growth for the year. We sit here in February of 2021, and there's still uncertainty. There's uncertainty with the level of stimulus measures, the pace of the vaccine roll-out. But there are some things that we've seen that certainly give us a lot more confidence than where we... | direct | [
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08ad12bd42a8c5bd34096728593e3dc9 | Could you provide a little more color on the strategy to build out the presence in China, on how you see the combination of GoPay and PayPal position from a competitive standpoint, both within the country as well as the cross-border perspective? | Yeah. I'll take this. Thanks for the question, Colin. So obviously, we're really pleased that we now own 100% of GoPay. And we're the first and so far the only foreign payments company to operate a full domestic payments business in China. And that, obviously, gives us a very strong legal foundation for the business we... | direct | [
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a36c3942ea7baf43e81f3b5cc82f0a85 | It looks like PayPal is increasingly becoming sort of, in my view, the world's best super app, especially now that you're offering bitcoin, QR buy now, pay later and counting. Can you maybe talk a little bit of what you're seeing in terms of engagement that brings PayPal closer to becoming an everyday super app? Maybe ... | Yes. Dan, that's a great question, kind of goes at the heart of a lot of our strategy, and we're going to be talking a lot about that at our investor day next week as well. So let me just very quickly say that we are seeing engagement levels already. I talked about it. If you normalize for Honey and all the incremental... | direct | [
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6014c69f3b437f577f1318e6bbfc3494 | John, I -- in light of the results and some of the stock action tonight, I think it's appropriate to ask the question. You guys have talked a bit openly to the extent that you can about content expansion expected in premium devices, both in the power domain for upcoming this fall and also in work that you've been doing... | Thanks for the question, Matt. Yes. I, obviously, will stress that we don't disclose details of our customers' products, but you are absolutely asking about some of the things we are most excited about. So I do want to provide a little more color as we are a little further along the road than we were one quarter ago. S... | intermediate | [
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2def4c8c9b4872d0bb17eea1e3fff4a3 | Got it Thanks. I appreciate the color and also the sensitivity on it. For my follow-up question, Thurman, I wanted to ask about the printed results for the March quarter. I think most of us that follow the company realized that the June quarter is always transitional and seasonally down, and it's a little bit of throwi... | Matt, maybe I'll just chime in quickly with a couple of thoughts on that because the last time I spoke a little bit about the difficulty of drawing a straight line between what we ship and recognize versus what our peers or customer ships. In particular, the closed-loop controller content with the module assembly phase... | direct | [
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9ef81695a05b13327854faedc2706204 | You kind of change your reporting segments. I'm assuming the easy answer is that your growth coming from these new products, the CLC and the power chip. But just kind of curious, thought process around that, beyond that. And really, just when you look at the segment, I guess, audio was kind of flat year-over-year and q... | You're absolutely right, Blayne, the part of the thinking there is really to eliminate the growth that we anticipate in line with the strategic plan, where we believe we've got great opportunities now and in the future around high-precision mixed-signal category. The growth rates, going back to what I've said about str... | intermediate | [
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53ce8995073f8e2c357691a2d4c4a0d9 | Got you. And I just want to ask, it's obviously harder to kind of back out and analyze now, but just your performance in the Android world in the March quarter. And then I think you mentioned in your letters a positive outlook going forward. But just in perspective as to how that business turn you through you in March ... | I think broadly in Android, our story there has been -- obviously, we're coming from a content headwind in 2021 with the smart codec disappearing. So we've got -- we had some room to make up there. In our key Android customers, momentum was pretty slack during most of the last calendar year, but then really accelerated... | intermediate | [
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5259667c63f8f8b0ea33f0306cf8cdd4 | Yes, thank you. Just a question on the segments. You talked about some of the growth. But what about profitability? Is there a gross margin differential between the new segments? | Broadly, no. The new products that we introduced are really consistent in gross margin profile, whether they're in audio or high-performance mixed signal, Tore. There are one or two obvious exceptions to that in -- we've mentioned in the small print, which you may not have got to yet, but there are some legacy products... | direct | [
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ed3f1af845154f10c7318e52d7f63897 | Very good. And when it comes to capacity, you said it's still tight, but you were able to increase your inventory days. I'm just wondering, as we think about the June quarter, do you think that you'll sort of be back into equilibrium before the ramp in the second half or no? | No. We actually -- the constraints that we're seeing now are across a lot of products. And we're doing what we can to build that. But as far as equilibrium, we think that the capacity constraints will actually flow through FY 2022 and even possibly beyond. Again, it's not going to affect any of our ability to meet our ... | direct | [
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0919e02ab36bd5c45f8f4d44e945fa90 | Hey guys. Thanks for the question. Around maybe the PMIC and timing in the back half as well, if you guys can talk about, from a timing perspective there, are there any details around -- is there a preassembly for this? Or is there anything that can pull in the timing for that part? And then as we transition into these... | Let me take a run at that, and you can let us know in the follow up whether we -- whether I hit the nail on the head there, Chris. So first of all, on timing, there's nothing really out of the ordinary. We are, with the power conversion device, preparing for a ramp that takes us through a full launch of a product. It's... | direct | [
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5873b36ec42dea3110fbef1c43d4f652 | Hi guys. Thanks for taking my question. Thurman, I'm wondering if you could provide any detail around the pricing environment? Our ASPs in terms of ASP declines, having an abnormal impact on results or guidance? And then looking forward, do you expect ASP declines to be anything out of the ordinary this year? Any thoug... | No. Our ASPs, we see normal declines on our -- on a year-over-year basis on our ASPs with most of our older products. So I wouldn't say that there was anything abnormal in our ASPs this time or anything that was different from historic. I'd say that probably the bigger effect would be pricing for us in terms of we saw ... | direct | [
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dcf032e36e22754e5402eaa6447906d5 | Got it. And then, John, I'm wondering if you could describe, to the extent you can, how the pandemic maybe opened up new opportunities and new products that use sort of voice authentication and interface in the early days of pandemic? There was a lot of talk about this new normal. We're going to be using voice more. I ... | Not in particular around those technologies, although I would say that one of the exciting areas of growth for us which is certainly, in, on, the back of the pandemic is just through the increased use of laptops, tablets and mobile devices. We've seen, consistent across those categories and across our different custome... | intermediate | [
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14c199a56e574726ab1b861a0e77e51e | Just a quick follow-up. You did mention laptops and haptics in your note here. And I think you actually said there were a couple of customers that were interested there. Perhaps talk about that. And then I don't know if you want to maybe eliminate what mixed-signal product, besides -- I think the PMIC that you're most ... | Sure. Yes. I think I may have just hit on most of my talking points around the PC space. But just to recap, there's a really interesting transition. There are a couple of meaningful changes taking place, in particular, around Ultrabooks, where their architecture and industrial design is becoming more and more akin to s... | intermediate | [
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e7fee9d4d2a0b0e24dcc83516f98f4cc | Cayman Retail, you mentioned that it was-I think volumes were up 8%. Where does volume relate to current volume relate to what it was pre-pandemic. Obviously, we're sort of trending back up, but I want to see potentially how much further volume needs to come back to sort of get back to a normalized level? | Yes. I mean we're still down quite a bit. I think last year, we were down about 20% from pre-pandemic levels not just 25% yes per month yes. So we still have ways to go back. So to get back, however, recognize that the changes that the government made to travel, easing travel restrictions and that sort of thing we made... | intermediate | [
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db61a54d327c3031e4bf3aa2f0d052c2 | And then you talked about the Bahamas as well, maybe higher volumes coming through there or a higher-more of an opportunity, I'm not sure exactly how you phrased it. But is that higher volume, would that translate into higher volume for your facility or translate into maybe even an opportunity for an expansion of your,... | Yes. I mean the Blue Hills plant is pretty much operating at full capacity. And we see the growth potential there is significant. So it could involve expanding those plants at some point. The Windsor plant, which was the sort of newest one there, we have a little bit of additional capacity, I think that we could get ou... | direct | [
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2015679632403e455273b07431dd630a | In New Providence I mean, I apologize, I'm not exactly familiar with the entire makeup of the island. But is there an increasing build-out of resorts or is it increasing population? Is it increasing water usage, just any thoughts on what's happening in driving some of that demand? | Yes. I mean we don't have all the details because we're not distributing the water on the island. But I can tell you just anecdotally, I mean, I was there at the beginning of March to one of the bigger hotels, and I mean the place was ramped packed looking-seems like there's a big return of tourists to the Bahamas they... | direct | [
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cec447fb5896d2427a4fc9e9583594d1 | You also discussed the Liberty project, but also mentioned that you were pursuing the plant construction opportunity. Could you provide any additional details around when that may be determined in potential size or anything along those lines? | Yes. That's something that's in progress, Gerry. So I mean if anything, amounts from that, and we'll certainly advise investors as soon as possible, but we do have the opportunity to negotiate the build contract with them. I think that's the key. | intermediate | [
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a8dc65a5f192d8c50e0727fef231d0f8 | The DBO Cayman Islands, 2.64 million gallons, 11.5 years. I think you said about $20 million? Does that all-the construction side and does that-what segment does that fall into its manufacturing? | No. It falls into services. That plan will be actually as we signed the contract, they will be constructed by the South Coast and city area in the Cayman Islands. Services consists of PERC and the Selco. And so that will show up as manufacturing revenue, excuse me, construction revenue in our services segment. You oper... | direct | [
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cfdd73eb9c12a7762bec6dc52984c0fa | OK. That was the next question. And then on the construction side, 18 months, is this sort of percentage of completion accounting, how does that -- well, I know it's not exactly $20 million because you have the service side. But how does that sort of flow through over the next 18 months? | So actually, we don't -- the percentage of completion methodology is no longer allowed under GAAP with their new revenue-but they have something -- we use something very similar to it called the inputs method. And so yes, so you can think of it as a percentage of completion. There are some total differences to unlock a... | intermediate | [
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33d98826d3d0f34c86d1dca1795a321c | Thanks. Good morning, gentlemen. Nice quarter. Looks encouraging, it picking up. Interesting too. I have family that lives in Goodyear. So I'll have to-never been out there, but I may have to go out and visit. Two questions, number one, can you speak to the possible M&A landscape? Are you actively looking at some possi... | Yes. Sure, John, and good morning. The M&A stuff, I mean-we still have a couple of opportunities that we're following. One is a technology opportunity that would give us some advantages, a technical advantage in some markets. Another one would be take a span PERC's operating service area. There's, other opportunities t... | intermediate | [
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08c942a77ef537df2c659ef99e2582f2 | Yes. I figured it will be a long drawn-out process. Is there-how frequently do you get any kind of updates? I mean do you have to badger them or kind of how does that work? | We're driving the process, John. So our lawyers are driving this. I mean, I'm working quite regularly with them to move this forward. I mean it's not a matter of badgering the government. I mean they have to respond to the arbitration request so. There's a protocol in place, John, we're following that protocol. And so ... | direct | [
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9e92360b1fbd6e16df5eba3b21d0a69d | Well, that doesn't mean that they'll conform to that. I guess what I was trying to get-it did sounds like there are time schedules. So you get a feedback and you have a certain amount of time that you can respond to it and you do that and then they have a certain amount of time and that kind of the way it goes? | Yes. Pretty much. I mean, we haven't gotten into the details of the case yet. I mean we're still-we've given and notices and notices to appoint arbitrators and that sort of thing. But I can tell you, we're not into the meat of the case yet with them. | direct | [
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17d82fa131d91e3cedd6d2f07f876f02 | Yes. And I don't know if you can say this or say anything about this or not, but is that kind of on a cost I guess, within the SG&A aspect, is it a fairly meaningful amount of certainly time and money that's being spent on that or how does that fit in? | Well, I mean, essentially, if you look at the difference between our continuing operations results and the total results with discontinued operations. I mean that's-that's what it's costing us to maintain a presence there in Mexico that we need and pay for these legal costs. So that's-you can kind of peel that out on a... | intermediate | [
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571f0e7fcda71c13e614fa055d7468b2 | The question we wanted to pose is, we had made a note around the portion of 2Q revenue relative to the full year likely being about 18% to 20%, which implies kind of a higher full year revenue based on what you just reported. And we're wondering the degree to which you might be going at this a little bit conservatively... | Yeah. I guess, it's a mix of headwinds and tailwinds, all of which leads us to reiterate our guidance. So we definitely have headwinds in terms of currency. And we've seen continued weakness in the euro in July and August.
But, we are well positioned for the second half of the year with our sports products. We look fo... | intermediate | [
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3f2711c190b2d61a16075fdbbee38ae9 | Would you consider that to be the largest kind of impact or headwind is the currency? | Yeah, I would say so. As you know and as I touched upon as well, we had initially expected Ohio to launch in September, it's now confirmed for January. But that's no new news at this stage. That was communicated, when we presented last quarter. | direct | [
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3a8de56f09a90494fd9d8619ed384e80 | We hear so many different perspectives and/or guesses about California. I'd love to hear, I'm sure everyone would benefit from hearing yours, and whether it passes and what form? | Well, we are digital marketers, not pollsters or campaigners for ballot initiatives. But clearly, it's the most expensive ballot initiative ever. I think what we have going against us is the fact that there's two competing proposals, statistically speaking, that makes it harder to get either one of them through. But I'... | intermediate | [
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ce6c9ca323d9eecb64d55248955b4383 | I noticed you recently filed a shelf. Wondering if there's any color you could provide on your intent there. | Yeah. No problem. We did. The reason we filed it when we did was purely a function of the one year anniversary of the IPO.
We couldn't do it until then. And the rationale behind doing it was simply to give ourselves maximum optionality, in the event that we need to raise some additional resources for M&A. We continue ... | direct | [
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dfeddd1f7dcf9149c0299f5184aa03e1 | Got it. And I think we're all excited about the potential in the US, but I was curious to get maybe some more thoughts on Europe. Some competitors have noted challenges across Europe and some are even exploring strategic opportunities there. So with that, can you maybe talk about A, your overall view, broadly speaking ... | We still have a preference for US M&A, but we wouldn't be doing our job if we didn't also consider the attractive European M&A targets that are out there. If you look at us and some of our peers and you compare those businesses in Europe, we're not -- Europe's a big place. We're not all in the same markets. We have a p... | intermediate | [
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994455d5e28fb304a454f26254d41bdd | And if I could sneak in one more, I think it's clear, many operators feeling pressure to hit profitability. I think you guys make a strong case how the affiliate model is more helpful than hurtful there, but I'm curious if you're seeing any pressure on CAC economics or really anything where the operators are sort of tr... | Honestly, Barry, it's the opposite. Now, that we've got a thriving business in the United States with real momentum, we can have pushier conversations with our clients about what we want to charge them per NDC. That scale is very important from a pricing perspective. If you're an operator and you can go to affiliate A ... | direct | [
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fdbe67c43ec0ff1908dc8d06f6a3ee60 | I wanted to start and follow up on one of Barry's questions and some of your prepared remarks at the end, Charles, specifically on M&A. Just curious, like, are you seeing interesting assets being marketed out there for sale right now? And as a follow-up, are you starting to see the sell-off in public equities and in th... | In terms of the smaller targets out there, which are obviously private and completely disconnected from the public markets, there is a bit of education involved to explain to them that these companies that might have bought them were now trading on very different valuations than they were six months ago. And I think th... | intermediate | [
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6f5353cfbd39db60c7fccc0be70e3429 | And then, for my follow-up, I appreciate the comments earlier. I wanted to kind of drill in and take your pulse further on the sentiment around iGaming legislation. At the moment, there are a handful of states entertaining the notion of adding iGaming, but just curious to hear your perspective on potential expansion in... | Yeah. I mean, it is a bigger app, but Illinois and Indiana are going to have a serious think about it next year. There is chatter coming out of New York that they might consider it as well. Of course, that would be a total game changer if New York came online for only casino.
The comments today on the call were not me... | direct | [
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49f29dfa7fb5fc31be9cf2f08c980dc1 | Yeah. Hi. Thanks for taking the question. So just in terms of the top line, can you just talk about the lower component revenue is pretty evenly split, I guess, between military and industrial. Was that all related to supply chain issues and there was nothing around demand around that? And then also, can you just touch... | So in both cases, yes, it was supply chain issues in both the defense and the industrial and it really was the last couple of weeks of the quarter when it kind of hit us. And so as John indicated in the prepared remarks, we think we're in good shape going forward. We do expect intermittent supply chain issues now. And ... | direct | [
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b3ceb15857b15e0a2579271f43cd7026 | I guess would there be any catch-up in revenue over the next couple of quarters based on the fact that the demand was there and now the supply chain issues perhaps are in a better situation? Is that something to think about? | That's definitely the goal. Yes. That's why we anticipate growth. | direct | [
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322f5d3abe0166f7353d7d11af797afc | Yes. Right. So a question also for John. Can you talk about the new Oculus that's coming out? I believe it's -- they're talking about an OLED display there. Can you just give us your thoughts on what you think about the new product and what that means for the stuff that you're doing, whether it be with -- it doesn't se... | Yes. Of course, this is still kind of not totally official, but we can guess what it is, right? So it is OLED. Our guess is all on glass. It's the OLED on silicon. But OLED, that's still a happy news that may -- the one current one is LCD on glass. So you can see the shift from LCD to OLED, which we always anticipate. ... | intermediate | [
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600c5fe6cd1d299ebe4f889658e343e1 | Hi, gents. Thanks for having me. Could you comment on maybe the number of devices that you had to reengineer the supply chain on, I guess, the number of components that had to go through additional testing? | We probably may not be reviewed this way they care for Rich. There's so much involved with defense. Yeah. Honestly, Kevin, we did get a notification from the U.S. government that there's a lot of supply chain issues out there, and they are somewhat concerned about companies involving information around it. And they ref... | fully_evasive | [
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3b38dc02547047a004f155ea71e33d75 | OK. Rich, you mentioned you didn't think you were out of the woods yet. What do you think we should look out for? | Well, so we have commitments from vendors, which would indicate that we're in good shape for the rest of the year. But we're just putting up a but caveat there that I think given the situation, I think it's unrealistic to think that we're out of the woods. We do see -- we talk to people in the industry, they do see lig... | intermediate | [
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e65f1879afc6b68eb7dcf4ba0718d0c9 | OK. Fair enough. You've referenced backlog a number of times. I guess you don't want to quantify it, which is fair. But can you give us a relative move versus the end of the year? | Well, so we did indicate that we had a $19.8 million quarter PO in December. In November, we had a 2.3% and then there was another $1 million something for another program. So those were all in November, December. So you can assume that's all shipping this year and possibly into the beginning of next year, but the bulk... | intermediate | [
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be363d74cf44dc6ee114ae7341100e30 | OK. John, you touched on the micro-LED. And if I remember correctly, you're developing both in Japan and China. Can you give us a status on that? What's your view to having this? | Yes. The micro-LED, as you well know, and some people always consider the ultimate display, which it is true, if it can be developed and producing a cost-effective way, it probably solve everything that we want to do AR/VR and MR. We work with a Chinese company on monocular â monochrome micro-LED, and we work with the ... | direct | [
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6537cb6d23fefc4bff91e6154f7829a5 | OK. That means you could have product next year, maybe, right, '23? | God willing. It is a tough technology, it's a tough technology. Our goal is to demonstrate the potential of this display and show display this year. If we can do that, it could be a major achievement, not just for Kopin, for the industry. | intermediate | [
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07829c61b2c6f344e5ef754b8f721df1 | OK. I know you referenced the conflict in Europe. I was wondering if you've seen any, I guess, change in thinking because of that from your defense-related customers? | Well, I mean, nobody want to celebrate for such a disaster. But we are in defense industries, and we do make systems and help the component for the systems, which are used extensively in the world. | fully_evasive | [
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371c424417958d4beec15ce4dd9cd82b | Right. So I guess what I'm wondering is, is there a greater interest in part of your customers? Is some of the product that you're making involved? | Well, just for a simple example, that was announced, so we can say that. Germany announced they want to buy more F-35. And we are also F-35. So you can -- I think we can connect dots. | direct | [
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8ca13c05e06c572ec72aa29f6465a788 | Right. Thank you. I appreciate you helping me with that, John. Now am I also correct in assuming that that supply chain is predominantly in the U.S.? Or are you still sourcing product from Asia that goes into defense-related components? | Yeah. I think as you well know, a lot of supply chain problem is agonizing because automobile industry is affected by it too. What you missing is like a microcontroller, which is a very low-tech product, it is made by everybody in the whole world, Taiwan, Korea, China, Japan, but they're short. And once they're short, ... | intermediate | [
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eff0cdba50eb32d9dce297fd26d489bf | I see. OK. I got it. I got it. Thank you. Just maybe your take on the progress that RealWear and Solos are making? Sort of just a finish-up line of questions. | Yeah. I mean I'm glad you mentioned that those are the companies that we license and in fact, take equities in. I don't want to go lot too far into it. Obviously, some of them are already making progress, so we have to write up the equity gain. And I think that will continue. The one that were from three, four, five ye... | intermediate | [
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6de5ad656410218d29ee90b156ecdc2e | OK. Rich, I want to give you credit for being -- I want to give Rich credit for being conservative in the past few quarters on the supply chain issues. And it sounds like that's now behind us with the but caveat. But I want to thank you as a shareholder. And then secondly, John, I want to talk to you about a couple of ... | Well, I guess the market temporary is not very efficient, I guess. | fully_evasive | [
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b36f1846380ec02edf46cf54b85c88aa | OK. All right. I'll take that as a positive. OK. And then I wanted to ask you, as far as plastic pancake optics is concerned, how do you plan to go to market with that? Because if we go back to the HBT days, if I understand it correctly, you had the greatest technology in the HBT, but the competition came in and steppe... | Yeah. With regard to the HPT, I think some of the shareholders may know, it is a transistor we invented and then for cellphones, it's a power transistor and the sky work and Coco used it for five years with exclusive to it. And then, of course, some point we actually didn't patent it, stupid me. And then somebody Asia ... | intermediate | [
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e34cfc6ac0874bff8a462e0605314544 | OK. And then lastly, on the research and development side of the equation, the revenue side of the equation. How many VR customers do you have? Can you answer to that? Or is that a secret? | Well, I think this how many units, how many component revenues. Just listen, the F-35 is the most advanced VR/AR system in the entire world. They don't build too many of them, but they pay well. They do pay well and we're making profit on it. So there's not really how many units, it's how many the customers willing to ... | intermediate | [
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f926736b520f500d3bff5c150e258026 | Well, you know how you guys doing? | Well, it's sunny and 30 here, but we're got our heads down. They'll be become. | fully_evasive | [
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3875e5070892e951fa9eb467511d9153 | Understood. But to be fair, just another day in Miami, so I bet against you. I am not nearly not not not nearly as fantastic as being cooped up in Connecticut. So appreciate that visibility is kind of tempered right now. But a couple of questions that I just want to make sure that, to the extent that you don't really h... | Well, our data expert, Paul Johnston. In the first quarter, we really didn't see it. We had a pretty good balance between system sales as opposed to just an outdoor replacement. Perhaps anecdotally, we'll see a little bit more of a repair or just replace the outdoor unit in the second quarter perhaps. Really, we're not... | direct | [
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df6dc3acd54291ba1981eec7d68f62b4 | Got it. Which would be more of a social distancing comment? Not a like, "Hey, I ran out of money" comment? | Correct. But we also have a very effective consumer finance program that would help at such a thing, if it should come to that. | direct | [
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461400137d99d752ca11f222057680d8 | Got it. And then I guess, I'll leave some of the other kind of near-term or macro questions to some of the other folks. But maybe to turn away from COVID for a second. Obviously, one of your major equipment partners is now kind of liberated from their multi-industry owner. What have been kind of the early changes, obse... | Well, first, it was good news that they separated. They can be focused on our industry, and they are. They're very well led. They're very responsive. I think it's all great news going forward. I couldn't be happier. | intermediate | [
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bad243465b120496cf3b7ad547b9a610 | Anything, I guess, more specific on where they're saying, "Hey, we did this before, but now we've rethought that initiative." Anything, I guess, more tangible on an action? | Well, I keep saying the focus, there they don't have to worry about dividends going up to the parent, United Technologies, that can be more focused than they are. And they assure us in investing in their own industry and their own company. It's all great news. There's nothing negative about what's occurred. And we very... | fully_evasive | [
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5ba6830c287a360624f03e23dec63767 | Just a question on pricing. I guess, from your vantage point, are you seeing any signs of deflationary pressures across some of your markets as we've shifted in April here, be it on the equipment side or other products, which I think you typically do see at first in? | No, we're not seeing any deflation. In fact, we've had some of our commodity pricing actually starting to move back up again. So no, no deflation. | direct | [
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087d1b64bbacd91d564f8bf578f1f9a8 | Okay. And I guess I'll ask the April question. Maybe just an update on the trend so far. You did mention in the release it decelerated. But just any sense on the magnitude? And then if you could maybe just drill down into the regional or state-by-state view. Any particular regions that stand out strong or weak? | Well, in terms of April, we don't like to get ahead of ourselves because once again, the most important thing is that the first quarter is over. That's always the fourth and first quarter always don't tell you much. But April is beginning of the second quarter, and that's about the same time that people were asked to s... | intermediate | [
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3ce451b755678477283e6bbd6610f092 | A couple of sort of recession questions for you since we seem to be heading into one. I think you alluded earlier, maybe it was Paul, to the fact that you might see some mix shift toward parts and away from units. Is that something you've seen historically? And should we expect a little but of margin improvement becaus... | Well, I can say this unequivocally that last time there was a downturn, the product mix went a little bit more toward parts than equipment because they consumers wanted to repair more than they want to spend money for new equipment. What were the results to our company when that occurred? Well, first of all, our workin... | intermediate | [
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eb632fc2489343779c14b79d4bfbd48c | Okay. Great. You sort of predicted my follow-on, Al. Are you guys planning to reduce your inventories already? Or is it too early to make that decision? | Well, we're going into the season now. I wouldn't say we're planning to reduce, but we're certainly and I think the question is, well, as if we're talking about how we're handling orders for the future. And we have great software that helps us with that. But basically, we're a decentralized organization. And our region... | intermediate | [
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afd0b0448d5806fe4fb05e0871af8b25 | Yes, decelerate. I think, Al, you said kind of stabilized here. Is that just in the last couple of days? Last week? And I know you never want to over-extrapolate a couple of days of sales, but what makes you confident that maybe we could be stabilizing? | Daily sales numbers. And I would say, over the last few days. | intermediate | [
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5675a9509c0705946966c8a811dfe3af | Okay, OK. I guess we'll see. And then the 5% resi equipment growth, that's what I would have expected, but then it was 2% to the total company. So it implies some big declines in some of the other areas. Can you just expand on that? | Well, I'll let Barry add to it. But we said in our statements earlier, Canada, Mexico and exports in Latin America compared to last year were much softer. And it's been a soft business, the international business. And it's also the regions that you could common sense is that the northeast of the United States is having... | direct | [
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a4b3001d465f35d83b5775baa4dd3a60 | So first question, what part of your business goes away under social distancing? I'm thinking if my AC stopped working down here in mid-80s Florida today, and I knew for a fact that my contractor had COVID, I'd probably still take my chances. I'm just trying to understand. | Well, that's a very valid issue. I don't think that people will do that because you don't want to be uncomfortable when the heat comes, this the hot weather. But if it's mild, you'll postpone. The weather is mild. Because you don't want a stranger in your home. I'm guessing these things. I don't have data to reflect th... | intermediate | [
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584334f670d6a70fc0cdf34d313d7422 | Right. Yes, I definitely consider you essential. Second question, in when we look back to '08, '09, it was obviously a housing-driven recession. It's probably not a good template. But if you go back to '01 and '02, the housing market barely paused during that time frame. And your revenues, I think, were down 5% to 7% i... | You mean in terms of revenue growth? Oh, gosh, we don't want to do that. It's too early, much too early. I don't want to guess. I'd rather report something that we're a little more certain of. But I do know that we're so strong financially that we have an edge over our competition, and our technology gives us an edge i... | fully_evasive | [
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ff2a8a7a4979d645b04122d56e4620ec | So I guess you guys aren't going to comment really on your revenues, but like Lennox was out talking about a 15% decline in the industry. I mean, any broad color on kind of what you think the industry is going to do this year, not really talking about you guys? | See, I'm not that smart. Paul, do you want to give it a shot? Boy, if you're not that smart, I'm certainly not that smart. Steve, we represent so many different products, we represent so many different OEMs and constantly polling them for what their outlooks are and that type of thing. And frankly, there's no consensus... | intermediate | [
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b5ce0e19fb94c365f019997122f09e51 | Right, right. Okay. On the margin side, how are you guys thinking about gross margins kind of over the course, assuming I don't know, if you assume kind of trends that are in line with the first quarter, I guess, or like a flat kind of revenue dynamic? Like where would you how do we think about gross margin going forwa... | I understand why you want to know that. But again, that's hard to predict. But nevertheless, let me tell Mr. Logan, he should try to answer that. Sure. Well, again, with the concentration in equipment and the OEMs having a fairly close watch over their own pricing and margin, I don't think there's any disruption or any... | intermediate | [
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3089cc418c26be3a77b58b8aa8a8127f | I guess you guys had guided for up gross margins last quarter. I mean, is that did we kind of read into that too much? Is that still kind of on the board? Or maybe I misread that comment? | Oh, gosh, whatever we did last quarter, we weren't no pandemic was in view at the time. | fully_evasive | [
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8f4895cb24737cec3c83d8492490524d | That's a very, very, very fair comment. Just one last one. I know you guys don't touch commercial a ton. But what are you seeing there in the last several weeks on the commercial unitary front or VRF front? | Yes, it's very heavily skewed toward internationally and the Northeast for us on the VRF and the commercial applied products. It's all those projects and jobs have basically been stopped. So perhaps, we'll have a little backlog there. On the unitary side, unitary has been weak. And it's going to probably be a little bi... | direct | [
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449082247a99705cda8c2eaccef52e65 | So we the Credit for Comfort numbers, utilization is up quite a bit there. Obviously, Watsco is in a very strong liquidity position. But how are your customers feeling right now? Is there any stress there? Just any comment on credit, yes. | That's a great question. Yes. They're feeling it, naturally, but that's where we come in. We can help them. We can give them dating programs so that they can use our money to develop their business. And we can help their consumers the same way. It's it gets rough for customer our contractors. But as we continue to say,... | direct | [
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a5f47e90b14ae190f4eac42c0adbaf00 | Is there any way to quantify kind of any additional cost to operate some of the shorter-term costs, I assume, in terms of social distancing, additional PPE, that kind of thing? Or can't you really break that out from the SG&A at the moment? | No. Those categories, as you mentioned, don't apply to us. We're not installing anything where our customers are. I don't see any additional information there. Anybody else? Paul? No. No, no. It really hasn't impacted us. | direct | [
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b8d75a687c39875872dc59c6838e424d | Got it. And then I know a lot's changed since last call, but I believe there was like some ongoing OEM price cost negotiations. Did everything that's happened, the pandemic and stuff, has that impacted those ongoing talks? Or is the margin outlook and stuff just more based on the uncertainty around what happens with th... | Our OEMs are very cooperative. We work as a team. And it's in their best interest also to keep this competitive. And I certainly feel they're doing that. And it's just a very strong relationship. We are generally, every I think we have 1,000 vendors, and I'm guessing, but I think we're the largest customer of 1,000 ven... | intermediate | [
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5739c389ef4d4ab7dbcb23ad182c0313 | Great. And then a quick question on inflation. Do you think possibly that you're going to have to raise your prices as well or have you always been able to manage the engineering of your products to get, to maintain the margins? | Well, I'll point to Q2 margins at 50 -- nearly 53 -- what was it, 54%, Dennis? 52%. So that's reflective of the cost of our material and labor. So I think we've done a very good job at that. We can't obviously reprice that, which is in our backlog. But we do, on a regular basis, rerun all costs and pricing. We, histori... | intermediate | [
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50c6bb3c3cb1e712b74ec6e55926da98 | Got you. OK, appreciate that. And then a follow-up question. Are you guys seeing any benefit from disruptions from your competitor? And were you able to hire any sales people away from them? | We have hired a salesperson away from our competitor that you referenced. We still see them in the marketplace every day, and I think that's -- I don't believe that's going to change. | intermediate | [
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209ff9cf0c90773bcea5758d446ec255 | Thank you. Sorry, I just had one more question. I was curious about the Zonehaven products that you guys have launched recently to Colorado, Oregon, Georgia, Kentucky, Missouri and Texas. Do you guys -- are you guys looking to any other -- do you have any other states in the pipeline? And do you guys have any plans to ... | I'd say yes to every one of those questions. So if you look at the Western states here in the U.S., from Colorado, New Mexico, Texas, California, all of them are experiencing significant fires and the season is just beginning. We announced our first win in Oregon. We announced our first win in Colorado. And I expect yo... | direct | [
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1b4017a6413494e45a9757994afb91d8 | I wanted to dig a little more into the build and provide the most helpful products and services. Maybe if you can sort of talk to us about Search, how do you think about the key investment priorities and innovation areas to continue to make Search more and more helpful for your users and your advertisers? | On Search, great question, I still think we are in a very early stages. Recent example, which I was proud of, was when the ship was stuck in the Suez Canal and then it got out, if you ask the question to Google, I think very soon after that we had the right answer. It seems obvious to do except we need to provide right... | direct | [
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6514cc9903a40f7cc09fff0aa5e60f46 | You've highlighted for years that machine learning is clearly a strength and differentiation of the overall platform, including in cloud services where we're also seeing competitors focus more on their capabilities here. So, I'm wondering if you could talk about the pace of change around data science and how Google can... | Colin, on -- thanks. Obviously, yes, we are thinking about AI. It all starts with foundational R&D we do. I think we are one of the largest R&D investors in AI in the world. And so thinking ahead and doing that and we're doing it across all the foundational areas, and we are taking many diverse approaches. So, as we ma... | intermediate | [
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1a867631f814d96b5a824ba3d55fed66 | You mentioned the strength in the supply side products in the network business. Wondering if you might be able to comment on how the demand side products are doing? And maybe in a similar vein, some of the changes you've made in that technology over the last few years, may have had the effect of drawing some of your ad... | So, in terms of overall on Network revenues, as I -- I think I noted briefly in opening comments, what we're really seeing is the ongoing strength in advertiser spend, both Philipp and I talked about that, particularly what we saw was AdMob and Ad Manager and particular strength in app campaigns and all of this just un... | intermediate | [
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8c0849cf7eab4ae1c20934fa1386328f | I was kind of surprised by the revenue level and also surprised by the charge that was taken in the quarter for that one project. Could you talk a little bit about, I guess, first, on the revenue side, the cadence going forward on that business because Kevin you just alluded to you expect revenues to improve going forw... | So, I'll handle the revenue cadence. So, the segment has been impacted by this market environment and project awards being delayed. As a result, our revenues have decreased. I would expect that the third quarter we might see a little bit of improvement. But it's going to be dependent on the timing of project awards. Ba... | intermediate | [
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0fef625a8a0ae2a12f079290412a92e5 | So, John, is it fair to assume that Storage margins will return to normal next quarter? | Yeah. I mean., I think if you -- we had some -- which is fairly typical for our company as we work through backlog, we will find a lot of times the performance is there, and we'll find opportunities to bring -- to upsize our margins because of that performance. And so as we're in this swing from a declining backlog to ... | direct | [
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17df4f2452cccf18d8bc347d2d8df79f | Well, I'm just -- I mean the level of revenue is flattish. That would still suggest a gross margin roughly 12% for the segment. Is that unfair to assume or no? | Well, so I would say, the direct margin that would be behind us soon. But -- what did we do, $64 million of revenue this quarter? If we do something similar or little better, we're still going to have under recovery that will bring that direct margin down below our normal range. | intermediate | [
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879b5c9347d6dafaa47defc954e41956 | And John, regarding the Chart Technologies Memorandum, you mentioned that there's already been some discussions about potential orders somewhere in the 6 to 12 month time range. Could you put a size to those orders? Are they small jobs? Are they big jobs? Give us some sort of context of what you're looking at as far as... | I think they're going to be similar to our mix of work in our current business. So we're -- so for instance, we're -- hydrogen market is not completely new to us. So we currently are constructing a sphere for hydrogen application in the Western U.S. And so, that project I think is in kind of the teens sort of size rang... | direct | [
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586b78e7eae9002058ab460840bac93e | That's a pretty wide range. Do the bigger projects come first or the smaller ones? | It's hard for me to handicap that. I mean we're -- like I said, we're -- we've opened up the business development both between ourselves and Chart, and we're looking at the projects that we're going to chase jointly. And I don't have a clear list in my mind here what the value of all those projects are. | fully_evasive | [
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72ec759fdc2db64aa15958ded4eeeeaa | And just on the turnaround season, how is it shaping up for the spring season versus the fall? | So, our -- we've got three fixed space maintenance operations currently. And those have fundamentally returned to, let's say, normal kind of services. And so, we're also expecting a stronger turnaround cycle this spring than, certainly, last fall and, for sure, last spring. And so, it will be at a "normal level" for us... | direct | [
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81dd86a10e2d20206467bd21c778717a | So my first one here is some of the small and mid-sized LNG Peak Shaving Facilities are in a product pipeline and -- do you have any sense of time line for those? Can we realistically see one or more of them move forward in your fiscal 2H? | I would -- based on what we're looking at, what we have on our pipeline and things that we have been working on over the past three or four months, it's entirely possible that one or two of those would move forward into a contract within the -- this fiscal year. | direct | [
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b417ec6698d26358c3e10c9e6596a7ba | Okay. And then a little bit more detail on the hydrogen opportunity there. But have you guys looked it around like a 12 to 24-month plan or have you commented on targets around that for the hydrogen opportunity? | So a couple of things there. The market -- we think the market is an expanding multibillion dollar annual market that's going to continue to grow as you move out the time. We are working with our partner, our technology partner here on developing that plan and strategy for the -- for where we see the opportunities wher... | intermediate | [
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272ea5ca3a61de79850372a5da3e154f | Okay. That makes sense there. And then on to the Utility segment real quick. So with regard to the power delivery portion of the Utility segment, we were seeing capital plans with customers and then also your efforts to extend your service territory either organically or through M&A. | Right. So right now, we've been focused on improving the performance which we've done. Our direct margin performance in that business over the past couple of quarters has been really strong. Bidding environment is exceptionally robust. And from an organic basis, we have moved into what I'll call the Ohio Valley area wi... | direct | [
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6510cdf966fa1a9cf9b33123d98ab6cc | Okay. And I have -- last one from me then will be more on cash flows. I was just hoping to hear your thoughts and expectations around sustaining positive cash flow in the next couple of quarters even as revenue and earnings might remain relatively speaking like under pressure. | Yeah. So I think a couple of things there. First of all, the fact that we entered this COVID period with a very strong balance sheet was a significant asset to us. And I think we've done a good job of maintaining a good strong financial position over the last year. And so we're kind of set up for growth trend to suppor... | direct | [
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c3655eeb912358d477db947b9e218bbf | Yeah, John just on the mining market, with commodities and prices improving, can you give us a sense of scale for your business? How big of a business that is for you and what the opportunity pipeline looks like in that business in the year ahead? | Yeah. So we just -- a little history there. We got into that business about nine years ago. Basically, the -- within there, organically, by hiring a group of managers, open up an office in the Arizona region, started servicing fundamentally copper mines. And for about three, four years, we have some really good success... | direct | [
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b2156b8b0abc58449ac96ce171b1a13e | And is that limited to North America? Because Lithium, I thought was largely a South American mining operations? | Yeah. Currently, I mean our focus currently is on North America. We have aspirations and are working on projects in the Caribbean that's more related to LNG-related infrastructure, maybe some hydrogen infrastructure. And so we'll watch how that expansion goes. And if opportunities present itself way out into the future... | direct | [
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2f2a2b73be2f498a8cd2d101104c5713 | And you said sensitivity and copper spending is below the $3 threshold? | Yeah, general rule of thumb is if the price of copper is below $2.70 and $2.60 per pound then usually the -- for a contract or the work kind of dries up. | direct | [
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8f49d8a19855954aa7bff0f7c0a72a1a | So first, I'm just curious. The developer count was up meaningfully. That includes developers on the 3D Hubs platform, is that right? And if so, can you give some granularity there in terms of how much 3D Hubs contributed to that metric? | Yes, it does include the 3D Hubs developers and that was approximately 3,000 developers in the quarter. | direct | [
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c8d32f1d57b9a998ddb5a6efd814fcc4 | Okay. Thank you. And then 3D Hubs is now kind of sprinkled across the different segments and can you give that breakdown across CNC, injection molding, et cetera? | Yes. So in the footnote you'll see we broke it out by region. So you'll find [Phonetic] the schedules in the press release, so you can see that. As it relates by service, about 60% of that revenue is CNC, about 30% is 3D printing. And the remainder is largely IM. | direct | [
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3e3b4d9fff4034f12b26a456e6084fe4 | Okay. And then, John, I think you said that the gross margin for 3D Hubs was below expectations. My memory is that the guidance was for 3D Hubs to be about a 200 basis point headwind in the quarter. And for me, that was translating to like 5% gross margin for 3D Hubs in the quarter. Can you add some detail around what ... | Yes. So the gross margin in the quarter was just over 10%. And I think as you do your math, you'll see that. And our expectations long term for that business is 20% to 25%. So it's a little below where we expect it to be long term, and we're working to improve gross margins. | direct | [
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8458be12fa4854f39cebc72b221cdb94 | Okay. I think my 5% calculation is on a lower revenue number, so that makes sense. Was there anything else like in terms of purchase accounting or something that put pressure on it to result in that 10%, or one-time temporary in nature or was it just I guess the logistics and other sourcing costs you mentioned? | Yes. So purely it's the logistics and sourcing costs associated with it.
I think maybe what you're referencing is in the prior conversations. We were working through the mapping of the accounts just to make sure that as we're reporting gross margin, we have the cost in consistent places. So I think that was creating m... | direct | [
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77930d68d59ee65cfabbb8a3c7cda5dc | Thanks. Good morning, everyone. I guess maybe just starting with kind of a look back on the quarter. As you look back, what surprised you versus the original guidance that you laid out back in February? It sounds like you maybe got some benefit from all the supply chain related impacts that we're all seeing. But if I b... | I think the quarter progressed and was pretty much in line with where we expected. I'd say the biggest difference probably was the uptick that we saw in March. With our typical seasonality pattern, we start the year relatively slow in January and have a pickup in March. And that pickup always creates a little bit of un... | direct | [
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0e5f8705ad7d9e3bd4f2c8a15bbbd77a | Okay, it makes sense. Any availability concerns as it relates to raw materials or labor? What's your current view on both of those? | Yes. As we mentioned in the remarks, we're in the midst of a global resin shortage, which is impacting us as well as the well known electronics shortage, which is impacting some capital equipment. So, we're working closely with our suppliers and managing that as best we can right now. | intermediate | [
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6aa14209b991522d0a015ba3277ac291 | Okay. And I guess just last one is I'm thinking about it from an industry standpoint, it certainly seems that the digital manufacturing market, lots more buzz, lots more activity. I'm not sure if you can give any evidence of new customers. I guess it doesn't really show it in the count. But there's also a lot of compan... | Yes. As we're thinking about new customers, I think the count actually is up quite nicely. And I think the addition of 3D Hubs brings a different set of customers to us and broadens that. And I think all along, our goal is to continue to increase the number of customers as well as increase share of wallet with our exis... | direct | [
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15b476ea2e723b44cec40e1d39a05a4b | Hi. This is Tyler Bailey filling in for Jim. Thanks for taking my questions. So, firstly, you mentioned 3,000 new partners that you acquired through 3D Hubs. Just wondering if you have any sense of the forecast through the year, what's the potential add I guess mid to late next year or the end of this year? | I think as we look at it, we give our revenue guidance for the quarter and mix does play into it. I think we're anticipating significant growth in the 3D Hubs business. I don't know that we're in a position or going to be giving product developer guidance for that specific component of the business. But we do expect it... | fully_evasive | [
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cee9162ae92f55f8079b7ca8a1e52f3e | Okay, great. And just to kind of -- I guess to go back to your guidance, you issued pretty strong guidance. I wonder if you could talk a little bit about I guess sort of the upper end of that guidance, what demand trends that you see that can maybe drive revenue toward that upper end? | So as we're looking at it, we had a strong March. That continued through April. We are seeing strength in our injection molding production parts. And those orders can continue to come in, so continuing to watch that. As we're working with both our suppliers and customers, as Rob mentioned on the resins, having that sup... | direct | [
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] | A |
4634040072f954faffa82fc84ed930e4 | And just a quick follow up. Any particular strength in any regions; North America, EMEA? | Yes. I think Americas is a big component of that. Europe, we're still seeing challenges in both the economy as well as the Brexit component of it and the logistics related to some of the changes as a result of Brexit. So the growth in Europe is a little bit challenged. And then Japan, we'll also have just the normal se... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
259a77378d8e34fe174b00a2f90b8f66 | Okay, that's helpful. Thank you. And just one last question and I'll jump back in line. Just wanted to get yours, I guess, early observations, reactions from the launch of Protolabs. I think you had mentioned you're in like a hyper-care monitoring maybe last quarter, and just want to see if you're moving on to the next... | Yes, good question. We definitely are moving on to the next phase. As I mentioned in the remarks, we turned it on and it worked across the board, which was great. And we've processed 54,000 orders, customer orders in that time. So we continue to be in this kind of hyper-care mode, but we're moving out of that now. And ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1833184783e5f932c5bdb5bb2ff76273 | So great to see the progress the company is making. Had some specific questions, starting first on the medical device side. I think you were hopeful that with the end of COVID that there might be some return to elective procedures. And just curious on the medical devices, are you seeing increased demand for things like... | As we look at it, medical continues to be one of our stronger industry verticals, and actually it's been in the top. As far as the specific activity, I think we are seeing the companies underneath there continuing with their research and development activity. We also are experiencing a little more in the production par... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7aaa4758cc0a59e2a6b2d8099cfaf74 | Okay. On the automotive side, there's been a lot of buzz around what's happening in terms of PP development. I know that your business traditionally has not been with the larger OEMs. But I know you do work with some of the design firms that they outsource work to. Is there any kind of meaningful improvement from a pro... | Actually year-over-year, our automotive is actually down a little bit. But I think that was more related to a strong Q1, and saw the dip starting in the second quarter of last year and then had been progressively improving as we continue through that. So I'd say there's not a meaningful change related to automotive. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e40455ffc09149acb00077ad977a9235 | Okay. And with regard to Protolabs 2.0, I realize it's very early going, but I think one of the goals was to increase the number of services that developers might order from you. Do you have any -- from your early experiences there, is there any movement on that front such that there are more services being ordered? | Yes. So first of all, 2.0 brought our 3D printing capabilities on to that shared platform, which I think was an important aspect. And it also helped us unlock more secondary operations and more capabilities that support our production offerings. And we are seeing an uptick in those production offerings. Now, some of th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
10f451af4a4ca5f57b315e4a43918682 | Okay. And then one other question as it pertains to 3D Hubs. I know at the time of the acquisition, one of your thoughts on it was that for customers that have longer lead time requirements that some of the suppliers could help out in that regard? Are you seeing that part of the business as a meaningful contributor to ... | So I think right now, I would say it's too early. I think both components of the business are almost operating independently as we're developing the integration plans. I think you're spot on for the long-term progression as we start to bring really the organizations together. But I think in this quarter, we're largely ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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