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ddfaee0eaaa401b0ea4a12fbfc3be253 | Great. Good morning. Thanks. Just following on the Arc MSR, if I'm doing the math right, does that mean it was marked up at Arc about $10 million quarter to quarter? | Yes, Jason at Arc was about 12 quarter to quarter. | direct | [
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5dd0c3cc0bfc64e095d51779d739e1b5 | OK. Great. Thank you. And then, I think someone else, if you didn't give it and I missed it, I apologize.
Do you have a book value? Quarter to date and 2Q? | Yeah. Jason. Just since we're early in our process for April, we don't have an exact number. But given the volatility and what's going on, we think we're marginally down quarter to date. | intermediate | [
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a136d02ecfef7b3e86e813ce2d55a046 | OK. And then just pull it back up for a minute. I get the concept of trying to preserve liquidity. I guess two parts to that.
One is when you think about that in the volatility of spreads, were there opportunities? are there opportunities for you to be an opportunistic, I don't want to call a distressed, but buyer of a... | Yeah. So we did have opportunities to acquire assets that were attractive. I still believe that given sort of the sell-off that we've gravitated toward positioning ourselves to current coupon. Our view is that, in the debt markets, there's potentiality that orphaned coupons will just be less liquid.
So we continue to l... | intermediate | [
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928a4c1b4bb6ca79d7ab841ee374f364 | Thanks. Nick, I wanted to pivot from the origination side to the acquisition side. Is there an opportunity to acquire pools, securities at discounts that are sort of from distressed or non-liquid sellers? | I think there's more rumors of distress out there than there is actual distress. Now, obviously, that can change. We have had success acquiring stuff through our both channel very recently and in the past. The expectation that should continue.
But quite honestly, probably, at a slow pace. I think sort of the event in w... | intermediate | [
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4c5f2ac6bf6880338a779baf280c736a | Hi, guys. This is actually Mike Smith on for Bose. Just one on the securitization markets. Can you just provide some color on the volatility and how that's trended in April? Just wondering if most of the order inventory has cleared, and then if you see any changes to loan prices to reflect that volatility. | Yeah. So the low prices, earlier in the year, I think they were somewhat stubborn and then call it the back half of January or February, things sort of gapped by there, and that's when we really started to see an opportunity. So for a while, it didn't really necessarily track what was going on in the debt markets. Now,... | intermediate | [
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44ca88be4433229987ba834849a90428 | OK. Great. That's helpful color. And just one more, can you use, is there anything strategic that you're considering? Because given the valuation of the shares.
Just wondering if you can maybe talk through how you're thinking about bridging the gap between the share price and book value. | Hi, it's David Roberts. We do have a share repurchase program that is outstanding. And we're always looking at opportunities to drive earnings growth, and therefore dividend growth. So it's definitely an arrow in our quiver in terms of improving shareholder value. | direct | [
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cd4e512aba4fbe7096f9ce71fc2a31a4 | So first off, thanks for the color around the cost structure. And I was thinking about a little more in the ability you have to cut out both SG&A cost and construction overhead. So how much of that construction overhead looks to return with growing work and activity in the coming months? And how should we think about S... | So when we reduced our cost structure, we treat almost all of those reductions as permanent reductions. Now surely, as volume picks back up, there will be some costs that need to come back in. I mean, over the last year, for example, travel costs have been very minimal. It's important for us to be out in the field. And... | direct | [
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c8bf45c42e8b7aa20bf9b5e02e9f05e7 | Okay. Great. Thank you for that. And then as we look at a more robust return in demand, are there any segments that might require additional investments from here? How are you thinking about how best to utilize and take advantage of this return? | So, I think most of our segments right now, as we think about here and then over the next 12 months, most of the investments there are going to be people, I think to deal with the opportunity pipeline, improving -- increasing bench strength for people that are directly tied into projects. As Kevin mentioned, we don't s... | direct | [
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244a81ddbe426d953a520d127b9fdad9 | Could you perhaps just elaborate where in the hospital you are seeing useful DSUVIA, perhaps even what type of surgeries you're seeing it being useful? And then on the flipside of that, where do you see opportunities within the hospital or ASC And what type of surgeries do you think in those settings are best suited fo... | Well, I can tell you and I'll have Dr. Tvetenstrand, add on his comments afterwards. But the wonderful thing about opioids is that they really treat all types of pain well, whether it's a bony orthopedic pain, soft tissue pain, even nerve injury pain, all responds well to opioid medication. So there really isn't a limi... | direct | [
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d86d6516cd6e72c99399f3d36237c2ab | So in regards to the military advancements that you were talking about, I'm just wondering what other branches are you looking to approve in order DSUVIA and when might we see some of those further movements from those branches? And then kind of relatedly, we believe that through NATO the U.S. military has a reciprocal... | Yeah. Thanks, Evan for the question. So I'll just add a little bit of color to that. So that the positive out from the Milestone C really signals the completion of the project and its transition implementation. I think relative to your question, this transition now allows for DSUVIA to be added to the joint deployment ... | intermediate | [
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243c4b57c937c86a54463a6791c01e24 | And then when you talk about those estimates, particularly with the $30 million. Just wondering if some of the assumptions around maybe a ramp occurring over this year and through the next three years, something like $3 million to $5 million in the second half of this year maybe $10 million in 2021 and the rest of the ... | Evan this is Rafi. So we need to wait to get those estimates from the military because it's based on obviously confidential information on the joint-on the deployment schedules. So that $30 million just keep in mind is also-those are initial stocking orders, that is not from use or anything. So that is just to have ini... | intermediate | [
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37a74f29983c9ac43c6d7ef1a98b496d | First question about DSUVIA's potential military stocking order. Should we expect a formal contract? Where very clear outlines stuck in schedule or a purchase that's needed. And how does the JDF expect that way to this year, at any potential impact on that? | Yeah, so as they've communicated also to depend on the deployment schedules where they will preorder dependent on those deployment schedules and the pack of the medic kits as those troops are deployed, as it relates to that schedule, we have not gotten the final details of it just kind of the overall over the next thre... | intermediate | [
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6d222b94ae07d632432f0ac004b5aae9 | And my second question regarding to the ongoing REMS certification and formulary review, as you mentioned due to COVID-19 that has been on hold for now. Are there any chance of switching to virtual base channel on both fronts? | Yeah absolutely, so we're already starting to see some of the regulations eased as it relates to access for face to face. But we shifted very early to virtual with our key customers pending their availability and what was happening with COVID and their respective geographies making them available or not for those calls... | direct | [
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7f00c579efac2d765983e046276bde36 | And then perhaps switching gear to not necessarily for the-for the merger but for a cold promo effort between DSUVIA and DZUVEO can you ally some early efforts in that co-promo? | Yeah it is early I'll highlight, just to give you a background on the timing. So when we announced the merger agreement, I think it was now about five weeks ago, during that course of the week we restructured our teams in the following week we went right into the training for DSUVIA and following that we went right int... | direct | [
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87bc83633ef40a87f25b17eda03d0168 | So, maybe just a couple on your deferrals first. So, I think last quarter you had mentioned you expected deferrals to reach $90 million to $95 million, but today you're calling out $82 million [Phonetic] in cumulative deferrals. I guess, first, do you still expect to see deferrals getting to that $90 million range or a... | On your first question on the -- what the number we gave last quarter $90 million to $95 million and why that's come down, that was a conservative estimate we gave last quarter based on kind of initial requests that airlines had, I think at the very kind of beginning of the crisis, pretty much every airline said -- jus... | direct | [
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5e3d99f43309a012832d7f2293a53dd5 | Okay, understood. Very clear. And then, I guess on your cash collection rate. First, thanks a lot for sharing what that was versus pre-COVID expectations. And then I was wondering if you can just give us some color on how that's trended over the last couple of months. And when do you expect cash collection to bottom ba... | So, in terms of the trend, I think it's been pretty consistent month to month and what we're seeing so far in July is roughly consistent with what we've seen in prior -- in the first few months. In terms of the bottom of the deferrals, I think Q2 is the high point, the peak of deferrals and it should only go down from ... | intermediate | [
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fecffc03079c77b473a4bd0677b35e0d | Good morning, everyone. This is Abdul Tambal on behalf of Jamie Baker and Mark Streeter. Could you just walk us through how you're thinking about impairments? What would you have to see in your markets to start thinking about that? | Thanks for the question. Yeah. So, no impairment charge in the quarter, as I am sure you've noted, we went through our typical quarterly rigorous process of our impairment tests. And as a reminder, impairment exists when the undiscounted cash flows from an asset are less than book value.
To this point, we haven't real... | direct | [
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6c1ea1038b7884e4b81393dab001bdcf | Understood. Just another quick one for me. So, how do you plan to refinance the $325 million in bonds coming due in October next year. There just seems to be some concern in the market as you can see this 15% yield and the other trading prices well below par? | Sure, yeah. So, we still have over a year before the maturity date. We're continuing to evaluate our options there. We're encouraged by what we've seen our peers do in a unsecured market. So, we will continue to monitor that. As you mentioned air trading at a discount, we would consider potentially buying some of those... | intermediate | [
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7e0c18136d5fc183ac54dfb48df7b31e | Thanks very much. Hi everybody and thanks for the time here. So actually, you have quite a lot of cash available to you and a lot of unencumbered assets. Could you just talk about how you're thinking about where we are in this cycle and whether or not it makes sense to make some long-dated commitments, as this point in... | Yeah, Helane. I mean, I think our current focus is really very much on liquidity and maintaining liquidity and ensuring that we can meet all our obligations. If we did come across some sale leaseback opportunities -- sorry, as we have done, we will certainly examine them closely. I think they'd have to be the right air... | direct | [
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b7a4a39a4fa6756f02762a7b8f58bea2 | Okay. And then, my other question is, have any -- has anybody who came to early on for lease deferrals come back to you and ask for further extensions? | We have had a few. I think, a quarter ago we had given some statistics that the average deferral term was four months and now the average deferral term is seven months, again, based on what we currently expect. So, I think we have had a couple come back and ask for an additional period as the recovery is maybe a bit sl... | direct | [
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8ddec2dd219ffb289a62c0879450e1fd | Got you. And then, the only other question I have is, when you maintain your watch list, have you moved anybody from like yellow status to red status or where you've gone to them and said, maybe we'll take back our aircraft sooner rather than later because of concerns about their liquidity? | Look we don't comment, Helane, on any specific airlines. But as I think we said in our prepared remarks, I mean, the aviation industry and the airline industry is in severe difficulty worldwide. So, there are a lot of airlines that we are concerned about and I think everybody should be concerned about them. And -- but ... | fully_evasive | [
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d126922bb97ebe193e5d45dd86b282d6 | Hey, good morning guys. Just a couple for my end. As a part of any of the deferrals or restructurings that you guys have participated and have you been able to negotiate for any leased extensions in conjunction with any of these? | Yes, Koosh. I mean, I think we reported that we've arranged, I think four lease extension since the end of March. So, lease extensions would be part of our discussions with any airlines seeking a deferral. | direct | [
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11b45cc2394724ec1352b9692aba3a92 | Okay. And then, with the 15 aircraft you have to remarket between now and the end of 2021, could you just give us maybe a little bit more about the mix of these assets and maybe what your expectations are around the lease rates based on some of the discussions we've been having with airlines right now? | Yeah, look. First of all, they're all narrow bodies. So, we're comfortable about that, which is good. Look, it's hard to judge. I mean, it's a question of how long is a piece of string. Aircraft get a little older every time you release them, interest rates change. So, there are a lot of variables in the market. Certai... | intermediate | [
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e57c433ac340db0e07f48ba8f02a79d8 | I understand. And then finally, as the OEMs have kind of slowed down production across the board both from Airbus and Boeing, how does this impact the option that you have with Airbus. Does this give you additional time to make decisions on those or would that not have any impact on that? | While we don't expect to take delivery of any of the option aircraft this year and as you know AirAsia has already said it's not going to take any Airbus deliveries this year. So, we'll continue to work with AirAsia. The whole situation is quite fluid. But we'll continue to work with them to support them as they and we... | intermediate | [
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ad2a9f8a6ca9109bef4957ebbabdd5b4 | Hey, thanks for the extra time. So just on the new leases you've signed over the last couple of months, what are the terms look like on those deals versus what you would have expected pre-COVID and what the discussions on the new leases already started before the impact of COVID or did these agreements come up recently... | Well, look, as I said earlier, aircraft age interest rates change. So, a lot of factors change and certainly market conditions are a bit looser now than they were a year ago. So, these rates are certainly not as good as they would have been this time last year. But we are comfortable with the rates we've got. As I said... | intermediate | [
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853a1e0fc427b3fcdfbd00d72a34b9d8 | Hi, guys. Thanks for taking my questions. So apologies if I missed it, but did you disclose the -- what the software revenue was for the quarter? | We did not. Not in total. Did we? No. I mean in total, it will be disclosed in the 10-Q, and I believe that it's a little over $700,000 for the quarter. Now that's a mix of -- it has grown. It's a mix that has changed year over year. Last year had a fair amount of professional services involved. However, this year, the... | direct | [
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b0eb1b645ca3a834b079d71c078c4cc0 | And then I also wanted to ask just about recent demand trends as it relates to weaker economic backdrop. I presume you're relatively well insulated given the nature of your products and customer base being in government and SLED verticals. But have you seen any softening in demand for either hardware or software relate... | No, Brian. Quite the opposite when it comes to the SaaS offerings. The amount of activity has ramped up substantially in the last three months for us. So that's very good. From a hardware perspective, you're right, we're somewhat insulated from the economics of the inflation and that kind of thing. And given what's goi... | direct | [
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7874f9aeb8ce951ed14e4bdfbbd94388 | Lastly, I wanted to ask about the new Chief Revenue Officer, Dennis Walsh. I know he's still brand new to the job, but can you talk about any early strategy or view on his plans to expand your software business and what that might entail? | He's been here a week and two days. So we're going to give them a little more time to lay that out, but you can rest assured that that's in process, and we'll talk about that when it's more complete. | fully_evasive | [
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708aa555991981fb0be5fa948303568d | Got it. OK. If I could sneak one last question in here. I'm curious how much you all are leveraging channel partners today for your software business? And if expanding your channel ecosystem is an opportunity that you're actively pursuing? | It is. We have one channel partner, I think, at this time, Brian. So it's not been tapped into hugely yet. Most of our software sales are direct. But certainly, as we expand, particularly outside the United States, it'll likely been much higher use of channel partners. | direct | [
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4525a8a32ae298947a1c3fcec19cb944 | Yeah. Congratulations on the quarter. In terms of supply chain and inflation, it looks like it impacted the quarter. What is your visibility? Is it getting better? And what's your visibility into the next six months? | The supply chain from an availability is, as I said last quarter, is manageable, and we have been managing it. We have seen an increase in pricing that's reflected in a slightly lower gross margin for the quarter, although the gross margin for the nine months is actually ahead of where we were last year. So I think I'd... | intermediate | [
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696eeaae5474bcd0c469f8a21a2eb0ba | Hi. I'm Vivek on for Mike Latimore. My first question is, what percent of bookings was software in the quarter? | We don't disclose that yet. That will be something we'll likely do as we enter our next fiscal year. | fully_evasive | [
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bbd4e8c9206710b74d041ce890aa5f2e | OK then. So can you just tell me how many salespeople do you have? | The number grows every day almost. So I don't know what the number is right or talking to, but we can get that and get it over to you. For the United States, it's 20. | intermediate | [
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9d9f3842f137a42257b4691389adff1f | OK. So did Slovenia go live in July? So how is that operating? Any color on that? | Yeah, sure. It went live on schedule in July, and it's operating as we speak today. | direct | [
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22526846fa7f5d937443e164b70cabbd | OK. Thank you. Yeah, I just had a couple on the newer business, the deal that you announced with the Red Sox, did they have any kind of existing system in place? And in general, do you find that sports teams and large arenas have something already in place? Or is it more of a greenfield opportunity for you? | It's both. The case of the Red Sox, it was an incumbent that we took out. There's been other sports arena, sports stadiums that we've won where there hasn't been an incumbent, but it does go, Kris, to any place a large gathering of people will be has a need for the GEM platform. We've sold it out of the Red Sox, the Gr... | direct | [
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e639c497acf39f0b7f59eae064330167 | OK. And one other question, just related to the historical, the LRAD business, I mean you guys announced a, I think, like a $15 million-ish order with the Army. What's the time frame for delivery of that kind of order? | There'll be some in our Q4 and the balance in our fiscal '23. It's likely in the next 12 months. | direct | [
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8677cdd63dc0bc74ee797586c0c0950f | OK. And can you give -- I mean, what's your -- at least qualitatively, looking at the branches of the service and the installed base of the older LRAD systems. Does this represent sort of like the Army will be fully upgraded with their older systems? Or in general, like there's a lot more to go in terms of the upgrade ... | In the current program of record, Kris, is not a replacement of previously purchased LRAD products. It has three very specific use cases and we continue to deliver on those use cases as we cultivate new use cases for the United States Army and other armies around the world. But I think the United States Army will conti... | intermediate | [
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295cd5e0e06d54dcb9560f9ce6cc52e4 | OK. And then I had one last question just on the demand for these kind of emergency response systems. I have been told that in particular, state and local municipalities in more rural states have radios, police radios that are designed more to function outdoors than indoors, and that has led to some communication issue... | We have -- I mean, I mentioned GEM, the demand for GEM ramping up quite a bit. And that's across state and local governments, that's across colleges and universities and large enterprises. So the GEM platform can put geo-specific messages to your phone to your desktop to your laptop to digital signs to a radio to TV, a... | intermediate | [
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611e1e407d73df71fd16267fc52a904c | Hey, thanks for taking my follow-up. I was curious if you could provide an update on public warning activity in the EU. Everbridge mentioned earlier this week that there were 12 different countries with RFPs and RFIs out there right now. Are there any countries you feel particularly strongly about your ability to win. ... | It certainly is with respect to cell broadcast. Europe is in the month of August and not a lot happens in the month of August, but there are countries and network providers that they are active RFIs and RFPs. And as I said earlier, Brian, some of those will close before the end of this calendar year. | intermediate | [
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804d1c013a8d3f9a921f138c24ab4d60 | OK. Got it. And then on the software side, it seems like most of the growth that you're pursuing is with new customers. I'm curious if upselling existing customers -- | No, that's not -- yeah, I'm sorry to interrupt you, Brian, but the software -- the SaaS we're selling, the GEM SaaS we're selling is almost always replacing an incumbent. In the case of the Zonehaven software, there is no incumbent. So that's always going to be new. Frequently, it is the same people that are buying GEM... | direct | [
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399c681166a82d216b194aca6d6cf331 | Got it. Yeah. I guess I meant more so you're adding new customers, whether it's you're replacing an incumbent or not. They're new customers to you. I'm curious if kind of upselling your existing customer base that is your software customer base, additional solutions represents a meaningful growth driver as well. Do GEM... | It certainly does. So it actually goes three different ways, Brian. So GEM is pulling Zonehaven. Zonehaven is pulling GEM and the integrated mass notification system is pulling both of them. There are several counties and communities in the United States that have been a GEM customer that have upsold Zonehaven and vice... | direct | [
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cbe6e894239e6d5459a96cdaf9c14615 | OK. That's encouraging. And then lastly, just as it relates to the international expansion opportunity at Zonehaven, when -- are you already kind of pursuing that opportunity today? Are you kind of going after other states in the U.S. first? And if the latter is the case, I'm curious when you might start to pursue the ... | We will begin first in Europe and plans are underway now. | direct | [
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97fe9174316639d6b2dde46245d10b9f | Maybe talk about that the loss of business -- you talked there was a change in strategy by this one customer. Correct me if I'm wrong but it seems that they just -- I guess we want to break it out among different folks and they're not as interested in the one stop shop portfolio services at standard office. I'm just tr... | Understood. Got it. And I don't want to overly speculate on their strategy. Better to speak with them. What I would say is that we continue to emphasize our go-to-market strategy, which we still think is very sticky and very relevant out there today. And to remind you and as well certainly but others perhaps on the cal... | intermediate | [
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0ae95afcd9ba4bc723f0ec938623743a | Fair enough. And the business that's going away, what is the mix? Is it pretty much the same mix of business that you have across your entire Engine Management business? Just trying to get a sense of whether this is a higher margin business going away or if it's just emblematic or just representative of your entire mix... | Yeah, they were a customer. The entire alliance of their mix was roughly reflective of the overall division. | direct | [
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3fd7f8f6517686f998781d1170aa7903 | All right and last question before I get back in the queue you talked about some opportunities that you're working on currently to replace this lost business. Can you just give us a sense of what kind of stuff we're looking at here and the how long it could possibly take to replace all this? This is obviously a big chu... | And really don't have any details to report, Scott. But what I would say is that we have many prospects in the works across Engine Management and other product categories with many customers out there. They're all in different stages. So it's not like there's going to be potentially a big stepwise replacement of the bu... | intermediate | [
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5354ef7c7221ef66fbb25fe3ad9f1265 | Yeah, so I guess the first question I have here; I heard from some of your like public retail customers inventory is on the lower side where they'd like to be. Where do you think like they are and you guys are positioned heading into pre-season sales for 2021? | Well, it's a good question. So it's best answered by looking at the division separately because they have somewhat different dynamics especially this time of year. Within Engine Management we actually really entered the fourth quarter where they were a bit light but and that was partly because of our order backlog. But... | direct | [
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fb02200207246d04932f9a5d019623f0 | No. That was very helpful. Thank you. I guess then moving over [Indecipherable] control SG&A, really impressive levers there. Can you kind of parse out how much was cost removal versus production and sales leverage? | Yeah. Well just to reiterate what we said before, when you look at SG&A the cost tend to be roughly 75% fixed and 25% variable and they then tend to flex that way. And so with strong volumes, like I said it in my remarks, most of the improvement was just the better leverage on the top line volume. | intermediate | [
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f8ef62359629672d0cc1e0237fe12b4c | Perfect. I guess just one quick a little housekeeping follow-up. I guess can we get any color around on expectations for the cadence of repurchases now that you've started that up going into 2021? | We have no specific cadence around repurchases just noting that we do have the board authorization and we'll use it as it makes sense. | direct | [
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51691cbed8c23474f25f527112d97312 | Hey, on the existing inventory at Advance, is that going to be bought out or is there any inventory that would be returned to you in this transition? | We don't get into those levels of details but I would say it would be -- as you're looking to modeling for this year it would be negligible. | intermediate | [
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5daaef80cbab48a46679040289cba97f | Okay. And then obviously a lot of talk about OE in the prepared remarks; is that something we should read as sort of a shift in the strategy? And maybe if you think about how you see OE as a percentage of sales mix and maybe a longer term basis like looking out a few years is that going to grow -- and obviously, a lot ... | It's a great question and there's nothing while it perhaps got a little bit more attention in the prepared remarks, there's nothing new about this diversification strategy. We've been working on it for the last several years. And some of our M&A over the last few years have really been geared toward finding categories ... | intermediate | [
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4f78296e9999d78e3c373363bbe4016f | Hi, good morning. Thanks for taking my questions. So as you're in your second hundred years have you given some thought to the so-called end of the Ice Age and the transformation of the industry to electric vehicles? And how are you, you might see this new role? | Good morning Robert. And it's a great question and it's certainly one that we spend a great deal of time thinking about and preparing for internally. We're certainly seeing more news recently whether it's the General Motors' announcement of what they're planning to do with their fleet by 2035 and just so many other car... | direct | [
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170956c8bdd9133d2eb6b7472b603ea1 | Hey guys. Thanks for taking my follow-up Andrew on for Daniel again. I have one quick question I was wondering you mentioned rising freight costs in the quarter and I'm kind of wondering if you're seeing inflation anywhere else and how you're guys feeling about the industry's ability to assets how true to be consumers? | Yeah. Well and let me just answer I guess specific to SMP we have a number of inputs in our manufacturing processes from a materials perspective and of course you see the inflation out there is -- and we do but we don't have any one commodity that's a big input into our processes. So it's not a huge driver there. But y... | intermediate | [
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13cd6b1527cab0e2c6a9cd05e37a1ced | Okay, would that be at a similar process like with the parents where you guys will protect those gross profit dollars? | Yeah, yeah so if you're saying it's similar to tariffs, yes like we did a couple of years ago. | direct | [
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0cb4be1b197be1a21159a847fc1795da | So as 2020 unfolded with the pandemic you kind were playing I guess defense and due to the uncertainties and your past dividend. I voiced my concern about what happened subsequently and the fact that the dividend payout was reduced in 2020. So again, I might ask of you that the way the year ending so to speak and reall... | All right. We will discuss these things with our board as we always do and take it under advisement. | fully_evasive | [
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13a1d23d6f2667db1b9ff674a7d114f3 | My first question is on the first quarter guidance being down 4% quarter-over-quarter for revenues. Seasonally, you're down more like 10%-ish quarter-over-quarter except maybe for last year; which end markets do you expect to see above seasonal growth this year? And kind of related to that, you mentioned supply constra... | We're seeing a stronger than seasonal growth impact in Q1 with respect to communications. Communications is typically down more than what we're expecting to see in Q1. In addition, we are expecting to see a recovery -- continued recovery in the auto end market in Q1. So those are the primary markets that we're seeing o... | direct | [
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06d528a340b4d5e0023685401575fd6b | Maybe my follow-up questions on the communication side. Given the strength, you saw in Q4 and expect to see above seasonal in Q1, how are you thinking about the seasonality for second quarter, which historically was more flattish kind of plus or minus? And if overall smartphone units are going to rebound from last year... | On the seasonality, to start with the first part of your question. We expect a similar seasonality as last year with some spring launches of new phones and then major launches toward later part of the year. You already mentioned that the overall volume of the smartphone market is expected to recovery versus last year, ... | intermediate | [
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c0ce6625e4cd3c39a9e24b9f52749b5f | Can you talk about how you plan to spend the $700 million you talked about? Will that be first-half loaded or more evenly distributed? What type of product you're investing in, maybe some of the financial metrics we can monitor perhaps revenue capacity you can handle once this capex is spent? | On the capex spent, first on where in the year, we will have capacity? That was the first part of your question. We share for the first quarter, I think we have the capacity in place and also for a large part of the second quarter ramp, the majority of the capacity spent will come online end of this -- the second and i... | intermediate | [
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84d2cea3477f3f92aa12bdcdf190a743 | I wanted to ask the first question following up on Sidney's on the constraints. I'm curious through first half if -- you mentioned on the wafer-level, but I'm curious at your level, if there is any areas your supply constraint whether on a substrate or on certain areas of your business. And the second part is just on t... | Our own constraints within Amkor's control specifically, the substrate impact that is indeed tightness in the substrate markets. It's started already second half in 2020 and will continue to major part of this year. We are working with multiple parties in the supply chain to mitigate this and to bring up second sources... | direct | [
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e952eda990963deaf8040603602e39a6 | If I could ask on the pricing for your services. I think some of your overseas peers have been opportunistically with wirebonding tide, ticking up price now, how is your view? Because I think through last year, for a short time with auto slow to pick up, it hadn't been as tight. But how is your view, one, just in terms... | Let me start there saying that about 40% of our wirebond business is in the automotive market and that business is very much with customers, where we have longer-term contractual arrangements. We see in some elements of the market that cost is going up. To give you an example, cost on gold, cost on substrates, and of c... | intermediate | [
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26465bd0942fea2f78a6c892dc408860 | If I could ask on the system and package, where you're coming off a huge revenue growth year. And you talked some about the pipeline. I'm curious that in terms of, if there is -- a few on the growth expectation, and how you're positioned in the type of projects you see ramping up this year on consumer and communication... | If we first go back to 2020 and we added close to $800 million in SiP revenue for the year, roughly at a very high level, it was a growth of 50% of that $800 million was in communication, the other 50% in consumer. If we start with the communication market, then we see clearly strength in the market and itself, but als... | direct | [
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d64783c5217c355f08689df959d322b8 | My final question, maybe -- it might be more for Megan, just on the margins where you -- and congratulations getting back to the 20% level. From here, now that you're adding capex, could you discuss the swing factors where it sounds like SiP is growing, but with the higher capex? If you could give a view, just how marg... | So you asked for 20%, definitely, it's been a target for a while and so hitting it this quarter was quite an achievement. As far as looking forward, we see ourselves very well positioned in the market, Giel outlined those growth areas, and we plan to prudently invest in both the capacity and capability. But with that, ... | direct | [
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1bdd561fda371152731265344fc90636 | With the capex for calendar '21 be higher than $700 million, if the industry were not supply constraint or do you think $700 million is there enough to capture opportunities beyond the current component shortages? | We expect that the $700 million supports our growth plan for the year. And of course, we still need to be -- need to manage the equipment supply chain very critically to get the capacity in, in time, but $700 million currently, we feel is an adequate number to support our growth for the year. Of course, if the market i... | direct | [
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940d8a2c5df3c3911654975472f48458 | How should we think about long-term capital intensity for the business, at least for the next couple of years? | I think we ended 11% in 2020; going forward, we see a slight increase there. And Megan can give you more specifics on that. So as Giel mentioned, ended 2020 at 11%, and we would expect that to increase into the low-teens over the next couple of years. Just as a reminder, in 2019, we were at 12%, but that's still signif... | direct | [
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071a16b56522cd44ad804a278bd5ead4 | In the past, you quantified how much of your percentage of capex would go to like SiP, wire bonders, etc. And I think Giel you mentioned earlier on, you're missing more on SiP. Is there a way to quantify what percentage of $700 million is going to affect the advanced packaging, wirebonders, etc.? | Well, let me give you a flavor there. I mean we don't go into too much detail per segment. But at a high level, about let's say, in the order of magnitude, 30% of our capex is going into SiP than on the other main segment is our wafer level packaging and flip chip technology, it's also about 30%, and that includes test... | direct | [
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abd35e4c726c6036617a272bb09fc507 | If we can start with the electricity segment, you know, you've left guidance unchanged for the year. But we presume there are a few moving parts to that. You know, you mentioned the lower output at all Korea, you know, some timing considerations, you know, in other parts of the portfolio, can you maybe just help us bri... | And I'll say one that hasn't changed a bit earlier than what we originally anticipated. And in Kenya, we believe that we will be able to bring it back to its capacity during the year and hopefully be able to get back some of the lower revenues that that we have. And as we said it is similar to what we've expected. So a... | intermediate | [
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39e67e78edc4ba6cbd11470b4bc7aef9 | That's very helpful, and maybe not to get too technical, but to help us understand what is causing the lower resource performance. And and how do you mitigate that, you know, some of the potential ways that you can increase the output they're given legasus a cooling impact at the old carrier complex? | Yes, so as you know, over the course over the life of a power plant, we every few years, you know, drill a makeup wells. And we had to plan that drilling campaign in in Korea. The words didn't came out as a strong respect to them. And our analysis is some in different temperatures within the resource in by changing the... | intermediate | [
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cb6442d0a97a0504e70daeeee6ea2c1e | A question on the storage side. You know, I think as you mentioned, some hedges around rabbit Hill, just in general, as you develop your storage portfolio. What are you seeing in some of the availability, you know, of hedges or other instruments to help, you know, get more of a fixed revenue on on some of these project... | So let me start by saying that with respect to revenue, the goal was to fake the revenue of the storage facility. And the issue we had is that we love the money on the head. But we could not generate the offsetting revenue because the storage facility would not be able to charge itself. Now, when we look at going forwa... | intermediate | [
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ff42f7004df675975952a1d133a5af59 | Back on Kenya, not the facility itself. But I was wondering, the line unfortunately broke up when you were discussing the payments, can you just talk about you know the the relationship you have with the customer and the status of the accounts receivable would be helpful. | So our relationship with the customer hasn't changed. Throughout QA one in line with what we've seen last few months, it kplc has paid in full the monthly charges. Without being said there is still roughly a $45 billion of prior invoices that haven't been paid yet. We are working with the customers. But we do understan... | direct | [
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b17e33b1f14d9ae80c9cb10ced6cd7a2 | And then as you know, there's seems to be sort of weekly or bi weekly news flow there around just the broader power company. You know, being pressured by everybody from the top of the government on down about, you know, renegotiating power prices to try to improve the profitability. Obviously COVID COVID is exacerbatin... | Well market has a long term PPA, and we have not been approached to discuss it. We are seeing what you guys seeing in the newspapers, and we are aware of it. But nobody approached us. I don't think that geothermal is the one that is the most expensive, as you also know it is a baseline electricity. And then we have the... | direct | [
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48573433bb189df4871021838b1a3074 | Perfect. I just had one one more quick one on Kenya if you don't mind. Can you quantify the degree of curtailment, you know, of the 150 megawatts is it you know, roughly 10 20% or more meaningful, I just wasn't sure how to put it in perspective. | The curtailment is different between the days and the weekends. Someday you can get to 20% a settlement otherwise you get to 10% a, but and it's also usually overnight for a few hours is not for the entire day. So it's very hard to average it.
I just want to mention as you remember, the curtailment doesn't impact the ... | intermediate | [
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31a722d0f499835ef6b28ad921aff8a1 | Got it makes sense. And Two other quick ones, so Puna with the suspension of the PPA, how does that mechanically work? Like are you just paid the merchant price? And the facility still operating? Or, or what are the mechanics of that facility? | All the mechanics is this we have a DPA and the 2020 end of 2027. This is not a merchant, it's actually a relatively high GPA. That was signed many years that and based actually, on the PLC requests, you know, we negotiated a new PPA, that could come into effect only after the PRC approved it. So actually, the delay of... | direct | [
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22100045135dd882e1b66d9c6ba77e8a | Got it? Okay, thank you for the clarification. And then the last one I had is just if you add up what you did in Q1 for the product segment coupled with I think it was 37 million in the product backlog, you don't get to the low end of the range. So you must be assuming for the year that there's additional bookings Can ... | You're correct. Obviously, the numbers do not add to 50 to 70. But we are over the last few months negotiating a couple of contracts with respect to sign and assuming assuming we will be able to sign them in the next few weeks. They will impact revenue recognition in Q4 of this year. And based on these negotiations, we... | direct | [
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d6881917bb691959af41d5e13bd92a4b | Yes. Good evening, thanks very much for taking our questions. A lot of focus on raw material pricing in the market right now. Can you can you just kind of give us an update on how you're potentially incorporating that into in some of these growth projects that you're bidding on? | We're seeing, as you say, an increase in raw materials. And also, you know, we've seen that the transportation issues across the world in the law, the impact a cost, but it is impacting, you know, the entire industry is not interesting specifically Oh man. So, when we are responding to a project, you know, we are prici... | intermediate | [
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c3e37c83a876aed00757980a432676d1 | Yeah, yeah. Make sense. And then you kind of touch on this with competition. Are you seeing any, any change in the competitive dynamics in a in a in a kind of new start-up companies or anybody else getting more aggressive in the market? | We'll see. And on the product side, the same a competition has in the past withdrawable done an excellent job. These are the two main competitors that we see in the different places that we have always be the response. | intermediate | [
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1d0413abf6964e76db294e55ccb8b771 | Can we talk a little bit about going forward? You had record bookings this quarter, but could you maybe parse a little bit more on the 22% to 26% ARR growth, I expect that maybe with the record bookings, it might be a little bit stronger. | Catharine, good afternoon, I'll take a crack at that. And Mark, you can you can add too. Catharine, I think it really comes down to a couple of things. There is still some uncertainty that remains about the pace of the recovery and the economic recovery global and the impact that that has on banks. I think we all feel ... | intermediate | [
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65138f8673d8a2709d19149b35c712b2 | So in recent conferences, you've been talking about how large banking customers pushed out deals in mid 2020, and now you're starting to see that trend reverse. So I guess just how quickly does that play out? And then do you see the recovery maybe shifting from the hardware side more into the software and the recurring... | Sure. All right. There's a lot there. So I'll try to...Sorry, I missed one. Just ask it again. So I'll try to go in reverse order here. The guidance or the commentary that we gave on hardware was really for the full year, we expect the same sort of a single-digit decline in hardware in 2021. So that's a significantly b... | direct | [
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008160ca076c7b516296f282c96f33f7 | Yes, hi everyone. Thank you for taking my question and congratulations on the good numbers. So first of all, if you can just elaborate on the investment growth you need to do there, that's going to keep the gross margins flat, it's mainly, you said more investment in the sales [Indecipherable] or is it also that you ne... | Thanks for your question. Good afternoon. And so the incremental investment that we're making is really in two areas and it's a little bit different when in sales and marketing versus R&D those two areas. In sales and marketing, we come into the year essentially fully staffed for what we think we need in sales for 2021... | direct | [
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c40c4303466d8dd740d9e89212213cd4 | Okay, thank you. And then you alluded to that you were going to revisit your longer term guidance later this year. It would be safe to assume that the sales that would have recurring revenue should accelerate [Technical Issues] in 2022, we will have a lot of this investments behind you. So we would also see that margin... | Yeah. You're breaking up a little bit, Anja, I don't know if it's on my end or your end. But I think I got the general gist of the question. Yes, we believe that for several reasons that as we go into '22, '23 and forward that we have the opportunity to drive higher levels of profitability in the business, as we grow. ... | direct | [
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5023f895ca3c474a48febec5df96b731 | Okay. Thank you. And then just one last question in your investor deck, or the presentation for the fourth quarter on Slide 10, you are talking about adjacency expansion in [Technical Issues]. Can you just expand on that a little bit? What you mean by that? | Sure. As you know, Anja, we have been a really primarily a company that has been focused on banking, financial services for most of our history. I think we're roughly 75% of our revenue comes from banking and financial services still today. We believe there are good growth opportunities that remain and exist in banking... | direct | [
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26db7a8bbc9436e683d3680193b6cbc2 | Okay. And now you also announced sort of repositioning some of your [Technical Issues] to go after that, or is that something you would have to do down the road? | We do business in both of those areas already. And we're looking at the different ways to go to market there. So in the healthcare space, in the telehealth space, for example, we would probably do a lot of that through channel partners and OEM partnerships rather than trying to go direct -- a direct sales model into th... | intermediate | [
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7d7b002e845c18cb37470798aedcc508 | One of the questions I've gotten from clients is regarding market share implications for what happened operationally and with an impact to both weldments and gas panels. What's the company's view on whether or not there was any market share implication from what occurred? | Well, Craig, thanks. Thanks for those comments on our Malaysia update. I appreciate that. The -- I think as you think about share shifts, we don't see any real change in our customer strategies. If there's any share shifts, I would say they're temporary in nature, and I would say they would be largely around our weldme... | direct | [
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d0c6e26f5d0e20054154ec7cb6332013 | Nice to hear the very constructive calendar '22 color. The question is just given the nice growth that we're seeing in the fourth quarter, although some of that is facilities just getting ramped back up to normal, how should we think about what's possible as you move through calendar '22? Not looking for specific guida... | Yeah. I think our view of next year is going to be revenue -- or market growth of -- in the 10% range. So we're certainly going to see growth year over year. I think as we kind of look at our early part of next year, we see steady growth from Q4 into Q1. Some of that may be muted by the supply chain constraints that we... | direct | [
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98de1322e2b7a0d313c8cb2031fac50b | We're -- despite mix, we're staying at high levels on gross margin. We'll get volume help as we go through next year. But is it going to be volume help that really is averse to gross margin? Or how should we think about gross margin potential as the business continues to grow sequentially? | I think we're modeling and expectations to continue on 10- to 20-basis-points improvement as we kind of go into 2022. You will have an increase in gas panel absolute business. But I think our plan is to continue to push on the component side of the business as a higher percentage of our overall revenue, which, as you k... | direct | [
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3fde4c33c676678d2b0085fafe827fab | It sounds like over the last year, you had a 30% incremental gross margin, which is obviously quite impressive. But what would you say the natural incremental -- transient margin is on the incremental dollar of revenue on a go-forward basis? | We've been around 20%, I think, when you look at the mix -- combination of mix and the cost improvements. | direct | [
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a55e310c5f7cc347a90b63534eae0486 | OK. So what was the big difference over the past year that drove it up to 30%? | I think there was a few things. One is the -- we did some cost-reduction activities. We talked about closing the Union City business and changing our cost profile there. But I'd say one of the biggest components is really around precision machining and growing that piece of the business as a percentage of our overall r... | direct | [
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d61f2e771061c54e72f44ea482df8fd0 | When you look at your both next-generation gas panel and your liquid delivery system, which do you think is going to be the bigger driver in 2022? And which one is the bigger driver ultimately? | I think next year, the bigger driver will probably be some of the success in the liquid delivery module, the chemical delivery systems that we have. If those evaluations complete and ramp up, those are fairly large wins for us. And they're -- you're going to be designed in on a new generation of a tool. I think longer ... | direct | [
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1a9bde2dc6ebfd2df427ddcf499c9d7d | When you look at the hiccups over the last quarter or so with manufacturing, has that changed your long-term process at all? Are you doing anything on a more permanent basis, like keeping a higher inventory level going forward? Or any changes that might be more permanent? | Yeah. I think -- I hate to use the term 2020 hindsight, but I think you'd learned from these events. I think that there are some inventory positionings that we could beef up and even in respect to some of the other supply constraints. So I do think we will look at things differently. We're also looking at things geogra... | intermediate | [
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e57ff21bec90bb4bda9ae2edc685e414 | Wanted to ask about the lower fourth quarter revenue guidance relative to 90 days ago. Can you sort of walk us through what the impact there is? Did you still see some impact in early October from the lower weldment shipments coming out of Malaysia that affected gas panel integration? Or could it be some of that $10 mi... | Yeah. Good question. What I would tell you is our factory in Malaysia is fully operating, and maybe there was very little effect on early October. I mean, as we look at October versus, for example, last quarter, we're seeing a kind of a higher run rate of revenue already, which gives us some confidence that we're seein... | intermediate | [
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722640946d60591584b8265eb508316a | As you go through this period of disruption in weldments and gas panel integration, is that prompting any audits or sort of OEM customers coming into kind of do a review of the supply chain? Or do you think they understand sort of that this was a kind of COVID effect in Malaysia? It wasn't specific to the company. It's... | No. I think the simple answer is no, but I'll expand on it. I mean, we work extremely close with our customers all the time. And there's always a review of your continuity of supply and working with our customers. So there's nothing new that would happen. That's a normal course of business. I think I wouldn't say we're... | direct | [
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b08e01154e28f6a0443ddb3c59193735 | The $400 million of annual revenue capacity, when would you think you hit that? Is that something you achieve in calendar 2022? Or is that a longer-term capital investment plan? | Well, it's a longer-term plan. I think, for us, we have to be -- plan our capacity well ahead of the requirement. Our customers want to see that, especially we're talking about brick-and-mortar and some of the longer lead-time capacity investments. So that's -- we have to put that in place. I mean we talk about 10% gro... | direct | [
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12e62905b6a74c7122995843407057d4 | Historically, I think the gas-liquid products have had very low inventory since their customized products. I was curious like what are your cycle times today for those products compared to the typical average of like four to six weeks? | That's a good question. I mean, I think what you're saying is, I mean, our lead times are definitely expanded with our customers given some of the supply constraints. But I mean, typically, if we are operating in a normal environment, they would be under a month, and they're probably longer than that by a week or 2. | direct | [
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0150625489063b5d224ab56318adefd5 | I know you're not providing any long-term forecast right now, but just given the sort of the urgency to add headcount sort of in the near term here as you're recovering from the issue last quarter, I was curious like sort of your headcount growth plans going into early next year? If you could provide a little color on ... | I'm not sure I understand the question, so I'll start to answer it. You tell me if I'm on the right track. First, I don't think that our biggest issue is getting people. It's a little tougher now, but we're -- we are adding heads fairly consistent. And so most of it is the effect of some of the supply chain that keeps ... | intermediate | [
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d9c2386ac245ed7b694c3725f766c592 | Maybe conceptually, maybe directionally, and if you want to, you can quantify, but from a gross margin standpoint, thinking about sort of the 16.7-ish level here in 4Q, roughly in terms of gross margins and thinking about the initiatives you talked about, Jeff, and kind of the beta tools that you're going to get higher... | I'll start, and Larry can add if I missed something. But you're talking about 17% at the end of 2022. Because I think Larry basically said, given where we're at today, we see relatively flat Q4 gross margins. But he also indicated that kind of the area of gross margin improvement will be between 10 and 20 basis points ... | direct | [
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2ee454ce9a09de63c342785676effda3 | You talked about sort of the refi and the additional flexibility it gives to the company here moving forward. Obviously, we're hitting levels on the house that people don't expect to in terms of the WFE number, and it's expected to go higher next year. And obviously, it's hard for a lot of suppliers to keep pace in thi... | Well, what I would tell you is we've been pretty consistent that the kind of the M&A landscape is pretty active right now. And beyond that, I wouldn't comment about anything specific, but you do know that we're looking for a higher IP content, higher-margin type acquisition. So obviously, when we did the refinancing, p... | intermediate | [
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"fully_evasive"
] | B |
0962c39b4ce90607de15b5a1ecefc4b1 | Hey. Congrats on a good quarter. And had a question around the Frozen Beverage business. Would you perhaps provide a bit of color about how much of the base has reopened? We appreciate that the business was more stiff [Phonetic] in structural pressures than some of your other business units, amusement channel seem to b... | Ryan, it really is. Most of all the other channels have come back to normal levels for us. The biggest piece that we're waiting on is the theater business. Remember, the theater business for FCB or for the ICEE business is about 25%. And so we are waiting on that coming back, but we feel really strong about all the res... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3f1572f1f845122c23a7fc2122e06386 | Thanks. That's helpful. And then for Food Service, it actually grew relative to 2019 levels. What's the primary driver of that? Is that in [Indecipherable] as well restaurants, if you could provide a little bit more context? | Yeah. Again, the amusement park channel is really strong. In addition to that, and maybe you picked up to this in my comments earlier, the per ticket price is up in a lot of these locations too. So where we're selling in theaters, per ticket price is up; where we're selling an amusement park, the per ticket price is up... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a25800e0c3d9308ac3f3ead98707c299 | Great. Thank you. And then if you -- just a comment on what you're seeing in terms of input cost inflation and how you can balance that over the coming months against the huge increases in efficiencies that you're seeing as more of the volumes come back online for the Food Service and Frozen Beverage business? | Well, we're working really hard at that. Certainly, like everybody, we've taken on some increases from commodities and things like that, but we've also been busy out there passing on some price increases that we're hoping will offset much of that in the fourth quarter. So we're working really hard at that. At the same ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0d4e602724a53be7e1c83c8cd01e4334 | Hello. I have a question on the production. You closed a plant I guess about a year ago and you have a pickup in demand. So how are you balancing the two? And in lieu of that, in the quarter, I saw that the inventories went down by $6 million. So are you -- with this pickup in business, are you having to increase produ... | Yeah. There is a lot into that question, Robert, and good morning. Good talking with you. We did close down that plant in Chicago and are making most of those products internally now in a different plants. And you're right, like a lot of manufacturers out there today, we're challenged with the labor industry and the wa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c0bfa12663916cf4770be5ebfe3caa0b | Is it help -- a lot of manufacturers have been -- how do you think you've been able to stand out from the problems that the other manufacturers have been mentioning repeatedly? Is it because of your flexible workforce that you're not all full time? Can you give us some idea of what's helped you here? | Well, I don't know if I have the magic bullet there to give you except that we have a great management team in place who has watched that really closely. We've done a pretty good job with forecasting and working with our plant managers to do the best that we can to keep up with the heavy demand. Like a lot of other man... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2758c877189b190c5abb641bfbbe2d9d | Right. One last question. You're big in the donut manufacturing here in the Mid-Atlantic. Your big customer is down in their larger store base now in Florida than they do in Pennsylvania when I was down there. Is there any possibility in the near-term of building a plant down there or is it still a couple of years away... | Well, it's something that we talk about often and we talk about it with that important customer. And it's something that we've considered, but I wouldn't expect it to happen in a real short-term. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0a69dc6285d69425bfe646e7f51c15e4 | So maybe just starting with demand and infrastructure, in particular. I think there was a comment on the third quarter call, so in late October that the backlog of order was flat year over year after some good order activity in the beginning of the fourth quarter, but it looks like maybe that slowed down in the back pa... | OK. There was some delay in some of the mobile equipment orders in the fourth quarter, mainly due to the weather. The contractors were trying to catch up. They had so much rain last year that they were delayed on completing some projects.
And we're busy trying to get those done in delayed orders. But we started seeing ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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