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a439b308b6a163737a4c592f6a62b754 | Great. And then if I could ask one more on Europe. Obviously, [Inaudible] an approval. And then I know you're submitting a manufacturing supplement, so launch in Germany at the end of this year. Just as you think about it now, OK, you start in Germany, obviously, that's a common procedure, but how quickly would you adv... | Well, I mean, I think the cadence of that's really going to depend on which countries we want to go to. They each have their own process for access, initial access and pricing, things like that. So the overall pricing strategy between private and public will matter. So I don't think we can comment at this moment on the... | fully_evasive | [
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0117fbca3e609dde4ae11899610b0dcc | So when you were talking about the recovery of the market share -- excuse me, of market penetration and increased market share by year-end, the question I have to you is just how are you thinking about that? Why are you confident that the second half will be stronger than the first half, which seems like it would be be... | Thanks, Ed. Why don't I take the first part of that question, then I'll ask Donn to be prepared to answer the second part. But as it relates to the market returning, we did even -- we did get to see some insights on how fast the market can rebound as evidenced by last year's Q3 moving up to about 75%. Our expectation o... | intermediate | [
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3fe9123b81ddd046350e9fb536c18efe | OK. Thanks. And maybe if you can just discuss the hemodialysis market opportunity. And we know you're going to get the full safety data by year-end '21. And just curious as to what that really means to potential sales in 2022 and beyond and how you're going to go about targeting that market opportunity. | Yeah. I mean the beauty of the dialysis market is it's highly concentrated among a few national providers and then, obviously, dialysis services provided by large integrated health systems. And so the two national chains make up probably about 80% of the overall dialysis market as we have it kind of laid out. You noted... | direct | [
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f3c4567dd95f853b5cb1e00f4260d0ef | OK. Thanks. And perhaps just a last question for me. Can you give us just an update on the universal flu vaccine and what we expect to see going forward? | Yeah. That -- the development of that program was fairly impacted by COVID-19 in 2020. And so it's continuing to progress. I believe that the clinical trial for that -- the initial clinical trial would be targeted for next year. | direct | [
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caef25bfcbbf373a24d4d79a4b0d04a2 | Hi, team. Thank you for taking my call, and congratulations on the approval and the progress with CpG. Can you discuss -- in terms of the [Inaudible] recommendation from ACIP, what does need to happen to this process from like now to October for this recommendation to be secure? And what role do you guys play in that p... | Sure. So let's start with ACIP. Ernie, thanks for the questions. If you go back and look at the presentation, you can see they've sort of laid out the next steps. The way this works, they present an initial concept, like they did yesterday. And as part of that presentation, they basically solicited questions from the A... | intermediate | [
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cc7bd929dfb5673dfab6acceeeea2a05 | Hi, thank you. Good afternoon. A question first on the Medical business. I'm wondering, if you could size this last time build-by that you had? How meaningful was it to the growth because clearly the growth in this part of the business came in stronger than you were forecasting? | Yes. Jim this is Roop. Good to talk to you. So, that last time build was relatively small in the aggregate for the overall growth within the quarter. You can think about it as less than kind of 10% 15% of that number. | direct | [
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b8a06b9971a5e8154e4616c9fecfd2e6 | Okay. Looking at that vertical, it came in stronger. You're guiding I guess to the business being down in Q4. Is that -- was it the timing of some customer shipments? What was it that drove that? | Yes, Jim there's a little bit I mean as you know 33% is pretty significant growth, right? So, while there is a pullback a little bit in fourth quarter, we expect it to be a growth market for us as we look into next year as well. So, it's a little mix-related, but you're coming off of pretty big growth step-up here. And... | intermediate | [
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8a9bbbbf3caa3d1242e951a9161e8eb8 | Sure. And on semi-cap it's encouraging that you're starting to see some improvement, but yet at the same time its sounds like what you're hearing Jeff from your customers is it sounds like more still looking out toward the second half of next year? | Yes, we said that. And we -- that's pretty consistent with what we've been hearing. I mean we'd love to see earlier signs of life. But at this point, we're really preparing ourselves and thinking about the second half of next year. And we know that there's been a little bit of strength in logic, but we also are looking... | direct | [
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5e10d8914a40843d70e1b27a799e8849 | Thank you. One final question, I'll jump back in the queue. I know you don't talk specifically about bookings, but you indicated that the bookings were up sequentially. Can you give us any flavor for where you're seeing the strength in bookings? | Yes, I mean we try to -- I did -- like we've said while we don't want to continue to publish a specific number, I want to give directional how are things doing there. That's why we share quite a bit of detail by sector some of the wins that we accomplished in the quarter. Clearly, we've had good strength in medical and... | direct | [
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ed750c7484d0adc886a3601f1768cfe9 | Hi everyone. Can you hear me? | Yes, hi. I can hear you. | direct | [
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bd06ee6f93bbb92d93d85ca40431c996 | Great. Congratulations on a good quarter. Thank you for taking my questions. So, Jeff you were talking about your initiatives that you're working on and bucket them and fill buckets. Which one is more like urgent and more of a priority? And how far along are you with that? And what would you expect to see for the resul... | Yes, They're all -- all my children are important here. But I would say from go-to-market certainly was top of mind for me. That's why I brought Rob Crawford on the run. Our go-to-market efforts were a bit further along there in the sense that he is on board now and we've kind of centralized sales and marketing and the... | intermediate | [
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b315dee10b08d9b37311e985b113c735 | Okay, thank you. And in terms of gross margin improvement that maybe driven by revenue mix. Is there anything else that you are aware of in terms of the improvement there? | No. I mean, Anja it's primarily revenue mix. Obviously we finished up the compute contract in the third quarter as well. So that contributed a little but it's primarily that revenue mix. | direct | [
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d6c5ffbbdafb8db81240aa9c757d498b | Okay, thank you. And what is your goal? I think you've said it before but if you reiterate that the goal for the traditional versus non-traditional mix? | Yeah. I mean I think we have previously had with -- excluding the legacy computing contract, we were targeting 72% to 78% higher value market mix. We're, obviously, at the higher end of that range already. As we look at 2020 and we're going through our planning cycle now, we'll likely see that target to be somewhere ar... | direct | [
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54abd6be0b07e26bb98b6a53bc9147c6 | Okay, yeah. Thank you. That was all for me. Thank you. | So I mean I think there's an opportunity for us. As we said semi-cap in the second half of 2020 is, kind of, what we see visibility toward. So all of these will be contributors continued top line mix, having the right mix and driving that margin expansion. | fully_evasive | [
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1784539dbe20088845d62e45051c5eae | It looks like you're fairly set. It sounds like with the changes you've made in the go-to-market strategy, are you seeing -- can you anticipate the early success there being with newer customers? Or how do we think about that strategy as it relates to your existing customers? | Yeah. I think they're both important to us. We had -- traditionally the company had been focused with the business development organization on new opportunities and that certainly brings new folks to us. But I strongly felt like we could also do more for the customers we're doing business with. So I referenced that it ... | direct | [
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bb25776c427197773dc37d5ea1548782 | And Jeff any kind of flavor you can give us just with respect to the margin profile of some of the business that you are winning? | Well, I mean the fact that aerospace and defense and medical, kind of, led in that and you saw it in -- kind of in the results. That allows us to be a bit above our -- at/or above our corporate margin, which is an opportunity as Roop talked about is we get the mix up there. These are really sophisticated systems and th... | direct | [
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7cf9ff6698d0a1fe3cf9b888f66912da | Well, I guess there's some precedent for that because last quarter excluding the large computing contract, you were generating gross margins above 10%, right? | Yes, we were at 10.1% excluding that contract in a sensitive mix and it will fluctuate based on how customers' volumes are and stuff. But even this quarter in the mid-9s is pretty solid. Yes. And Jim just remember it's a portfolio of business, right? We've got a lot of different customers. And within those customers a ... | direct | [
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b703867d6332f80780ef8f324bfb29bc | And last question for me is just as it relates to -- there's a lot of -- still some ongoing concern about the macro environment. I'm just curious given what are you guys hearing from your customer base? | Well, I mean, I think there's still noise out in the marketplace. With that said, our Aerospace and Defense and Medical markets you can see, there are strengths within them. Semi-Cap we've talked about, we expect it to ultimately come back in the second half of 2020 is our expectation. I think the Industrial space is w... | direct | [
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83b7053d4a8be4ba9d42e6561e3d7c46 | Wondering if you could just expand upon the four additional Athens part qualifications. Where they with different OEMs and Safran? Anything you can characterize about the parts, if they're high volume, who they're with and what that might mean for the utilization of Athens and on what timeframe. | I can say, Gautam, they were significant approvals for us just in our, where we're at in the process. There were other OEMs other than Safran in those four. | intermediate | [
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4d1e00b64284be111625e86b23b43764 | And in terms of are they high-volume parts? And when do you anticipate, like where is Athens now in terms of kind of utilization? I know it's hard to measure depending on mix and what have you? And where do you anticipate it would be a year from now? | Tough question. I anticipate it being much stronger a year from now than it is now. As I said, I've kind of gotten away from saying what the utilization is of Athens just because we don't operate as a stand-alone middle. I will say these four are significant not just from a, we don't look just from a volume standpoint,... | intermediate | [
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08b1a22f9309925cb7900deae67d5118 | And, Tony, one of your competitors has talked about challenges in the nickel powdered billet supply chain. I'm curious, are you guys working toward being part of the solution in that more challenged part of the supply chain? | Well, Gautam, as you might know, we're in the final stages of receiving qualification to produce and atomize this quality powder and sell that powder. And that's it, to sell the powder. We do not participate in the next steps of that specific supply chain, which is billetizing that powder and then ultimately forging th... | direct | [
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ce789cd59c7503dfb54ca8ee8a9c989f | Right. But ups in the powder you do, I'm just wondering, do you guys have an opportunity to pick up some market share with roles in that constrained part of the supply chain? | Well, if my understanding is right, the constrained piece isn't on the powder atomization. | intermediate | [
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3d29ba4f6a96832d413c3215dad7acd4 | OK, I think it was both, but maybe I'm wrong. And then the last one from me, just on cash flow. I know usually the second half of the fiscal year you guys generate cash as you work down some inventory. What do you anticipate happens in fiscal Q4, just given we're a little bit out of normal seasonality through the three... | Yes, Gautam, this is Tim. So as we talked about in our remarks, I think we've been pretty deliberate about managing our inventory in certain cases, building inventory to meet the growing backlog. But as I said, I think we've recognized inventory as a pretty significant opportunity for us to deliver some cash flow here ... | direct | [
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c72af18b8b559033263526d175a821da | Hi guys, this is actually Adam Friedman on for Josh. Thank you so much for taking the time. Just assuming that Boeing eventually gets to the 57-per-month rate, either sort of late this year, early next year, how should we think about sort of the long-term margin potential for SAO? I guess just following on to that, do ... | Well, I mean your main question is where do we think SAO margins can go, and I've talked about this several times over the last couple of quarters. I believe we can do better than we are now. Think about being at 18.7. I think it's third time that we've, in the last four quarters that we've been above 18%. The last tim... | intermediate | [
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b66d04878462bafc03093e813f7efdbc | OK, great. Thanks for that. And then just given sort of the volatility that you talked about in the oil prices, I guess how are you thinking about the oil and gas business over the next, call it like three to four quarters or two to three quarters. Whatever sort of color you can give would be great. | I think, Adam, we're cautiously optimistic. We talked about, we see the oil price volatility continue to play a factor in how companies are making decisions on where they're investing, I think this quarter we saw some uptick in activity internationally, which is kind of not been the case for the last several quarters. ... | direct | [
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78c3e511eaaae00f6c66f2bb46e01816 | My question is when companies within the industry, or even yourselves, talk about constrained capacity within the nickel-based alloy or call it the premium alloy markets, does that refer to the actual melting capacity? Call it like the VAR or VIM furnaces? Or does that refer to the limited, I guess, downstream supplies... | I think from our standpoint, when we speak about constrained capacity in the nickel billet area, it would include the primary and secondary melting, as well as the press or the forge operations. | direct | [
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91e2ceaa6ca97a37d2f66254611cdd5e | OK. I guess I was curious. So when you talk about applying the Carpenter operating model to downstream fabrication, is that what we're talking about here, as well as loosening up some volume on a go-forward basis? Or is that more of a cost item? | Well, I think it's opening up volume. I mean, if you look at downstream for Carpenter or any comparable company, there's hundreds of work centers there. And right now, from a productivity standpoint, we've seen bigger increases in the upstream for us. That's good. Those are the most recognizable constraints, and we're ... | intermediate | [
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f01761c83e66c3e3e2f75a3509ec2b07 | OK. And then just lastly, I want to make sure I understand the strategy here. When we see the approvals come in on the jet engine businesses, should I assume that that is volume that could already be done at Reading or maybe Latrobe that will ultimately be shifted to Athens so then you can have a more flexible mix at t... | Not 100%. I mean, it is true that the qualifications that we're receiving that we now produce those products at our existing facilities, but this market isn't about shifting a pound from Reading to Athens. As you well know, this is about making two pound instead of one. I mean, we're increasing the amount of engines th... | direct | [
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884af79f89a36e1a9e483e487981810f | OK. And just lastly before I forget too, your aerospace distribution business. I was curious approximately roughly how big that is. And could there be any risk that that part of the business gets weaker because of the uncertainty surrounding Boeing? | I think that's a great question. The distribution business is, for a total amount, is single digits. But I think if you saw any noise there, it would be across the distribution channel, as they're very focused on inventory turns. You could potentially see a pause there. I don't think that will be an overall material im... | direct | [
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5abccb561ad92a02a698ac04f6cacd50 | Hey, Tony, how did the -- I may have missed the comments early because I was jumping from the Reliance call, but excuse me not Reliance but the close call. But did you say what the engine subsegment did in terms of either quarter-over-quarter or year-over-year revenue growth? | Yes, sorry about that, Phil. I don't think I did mention that specifically. Engines quarter over quarter were up 15% from a sales standpoint. | direct | [
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339728167037ef2f3b15558785ca5e86 | OK, perfect. And I think you talked a little bit about it just now, Tim, but you said international is showing some life, which we're hearing from others. But are you seeing a pickup in your order book on the oil and gas side moving forward given the improvement in pricing? | Yes, I guess there, Phil, I may go back to saying we're cautiously optimistic. I mean, we would even say there's early signs of this international growth. We did see that demand pickup in the quarter, but in terms of outlook, I'm not sure that we're prepared to say anything more than that. Just being cautiously optimis... | intermediate | [
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bd8d915ab8f3dc5fc2e452e5d905a3ce | Do you participate much in the offshore side? | We do. I guess we're more concentrated in the Permian right now, but just because that's where all that activity is. But historically, we have participated in [Inaudible]. | direct | [
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01d7b0606f49c6c773b9668182a3a081 | OK. And I think you all did better than your guidance in the third quarter in SAO on margins, at least relative to what we were thinking. But PEP was a little bit late, maybe by a couple of million dollars if you exclude the insurance gain. So what missed perhaps relative to your expectations there? | Yes, you're right. So that was a couple million dollars. So in the whole scheme of things, not that large compared -- you had almost $80 million in two segments combined. But I guess the positive to that is that I think it's very specific to our Amega West business primarily. It's not a market issue. It's a specific ne... | direct | [
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0ef965361bc21a88cf8f96985d71da6f | OK, perfect. And one more question if I could, because I think it's important for what we're all seeing right now. Boeing has cut production, as everyone knows at this point in time. So is there any change in cadence that you're hearing from either the structural side or the engine side? Or is there any difference in t... | Yes, thanks, Phil. We speak with all of our customers on a daily basis. We engage directly with all of them on this issue, and none of us, none of them have told us to slow down. So we are not changing any production plans at this time based on that specific incident with the 737 MAX. | intermediate | [
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7eb704f3da6dd1eb92d0a1e9da86432e | Hey, good morning. Regarding your soft magnetics program up at Reading, can you remind us how much of that is already contracted out with the new capacity that you'll add on there? | I would say none of it is actually under a long-term contract today. We supply into that industry now, so we have contracts in place across multiple customers. This piece of equipment is put in for two reasons. One, it's a significant cost saving because it brings the entire process in house. So we're not as reliant on... | direct | [
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0a5f6e6828cc88d3e2c345519e4601de | All right, thank you for that. And then regarding the SAO, you guys have about $3 million to $7 million bucks coming in 4Q compared to both 3Q and 4Q last year. How much of that is a market share gain versus just the overall markets in general increasing? | Well, I think it's a combination. I mean, I haven't broken that down specifically externally. But it's a combination of market share, of course. I think the market is going to continue to grow quarter over quarter as you see engine manufacturers increase their production schedules. And we're going to continue to work o... | intermediate | [
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3cd339094e668791f26b530bb29573bc | Hello again. Question on medical. Actually, a couple of questions on medical. But my first one was any of the business you have today, would it be considered cobalt alloys? And was there any impact from the kind of surcharge movement? | The answer to the first question is yes, and the second part of your question, the answer is no. | direct | [
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9634fec8e2d61f942242b59f3bb8380b | OK. And then I'm still trying to understand the strength in this business. It's been a strong grower for like four or five quarters now, and I was under the assumption there weren't very many competitors in, call it, titanium fabrication. I guess I'm just wondering, is there a way to look at what the underlying market ... | Well, I don't think there's a lot of players that do what we do from the titanium standpoint. Our big focus really is on orthopedic side and the cardiology side. And that is primarily the reason why we're expanding both of our Dynamet locations, is on the titanium side. I think you see a move from medical into additive... | intermediate | [
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405588f32203de70249a244ac0a86ab1 | OK, but most of the growth came from another competitor? | Well, I think the market's getting larger. I think in medical, you see them moving more and more to additive manufacturing parts. I think they're on the front end of that. So it's a market that's getting larger as people have more procedures, just because the outcome of those procedures are much more positive because o... | intermediate | [
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e83dd9ebd595bf11e464cf0e1cbf5cf0 | OK. And then just lastly, in that whole Dynamet environment, have we seen the full impact from Airbus canceling the A380. Is there any issues there. | Well, the A380 obviously is a large plane, so there's a lot of content on that. However, that's not going to change the overall planes that are manufactured over the next two, three, five years. So although that was a profitable plane for us, there's many other places where our material is going to go, and we don't see... | direct | [
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bfc73fe753669a98eeac63811dc11200 | The first one is based on the fourth quarter last year and year-to-date market environment, have we seen any change in the product preference in terms of mutual fund and employee segment products? That's the first question. Second question is related -- has been kind of, fast back in first quarter, we mentioned that it... | First of all, to your question Ethan -- on your first question is that it seemed pretty apparent that our clients have turned quite conservative in terms of investment preference. But we have tried our best to exit some of the products that are already earning profits and distribute that back to our clients. But it see... | direct | [
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317b976fbdcd26315312ddd2bb2e9a34 | So the first question is that recently received a China API, as well as Hong Kong stock poor than significantly, so how will it impact the performance of Gopher's AUM, as well as these products of third-party managers, and how will it impact the investment behaviors of your clients? Second question is related to your c... | First of all, I think, in Chinese 2019, we actually started transformation, you know, was pretty lucky that they gave us actually room and time to adjust the product mix. And as of the end of 2021, we have pretty much completed -- the first of all private credit products, as well as any credit exposure, that relates to... | direct | [
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6c132cbc898e4dd61418bfcdc2ee416e | Hi, thank you for taking my question. I was hoping to ask a question on capital allocation. You all have a exceptionally strong and clean balance sheet, which I think is a testament to really the quality of the business with over $500 million in cash and your headquarters, which I think you purchased just this past yea... | Thank you, Andrew. [Foreign language] So thanks, Andrew. I guess to put in a simple way that's definitely one of the considerations that we have and also one of the tops that we have discussed extensively on internal meetings. So obviously, I'm very conscious of the ROE of our stock and at this time, it seems it's at a... | intermediate | [
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33cef836bf5202c5f9ad512c08332e0d | Can you speak to the consumer sentiment in Europe, especially Germany? And maybe how has that changed versus 3 months ago? | Thank you, Paul, for the question. I'll take that one. Look, we've seen consumer sentiment in Europe deteriorate since the beginning of the year, and that's especially true in Germany. The sentiment indices are showing that. Our own consumer research is showing that. Consumers are feeling the pressure of inflation, ene... | intermediate | [
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77fc7af589314f18f10745913988e2a1 | Great. And then just as a follow-up. Can you talk about some of the puts and takes in terms of how you're thinking about the holiday season this year versus last year? | Sure. Thanks for the follow-up question. As we look at the holiday season, there are certainly some challenges that we're mindful of. The macro environment remains uncertain, and we're seeing continued inflationary pressures. That said, we feel good about our position heading into the holidays. We've got a strong produ... | intermediate | [
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aa8abd65733e486e0f9db45e954adb2a | Thank you. Moving on to margins, can you provide some color on the gross margin performance in the quarter and your expectations going forward? | Certainly. Our gross margin for Q3 came in at 46.2%, which was up 80 basis points year-over-year. This improvement was driven by a few factors. First, we've seen some easing in supply chain costs compared to last year. Second, we've had a favorable product mix, with strength in some of our higher-margin categories. And... | direct | [
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ae747d838c5e92ede2d1faffff291c4d | Great, thank you. And just one last question if I may. Can you discuss your capital allocation priorities and any plans for share repurchases? | Of course. Our capital allocation priorities remain consistent. Our first priority is to invest in the business to drive organic growth. This includes investments in R&D, digital capabilities, and our supply chain. Second, we remain committed to our dividend. As you know, we've increased our dividend for 25 consecutive... | direct | [
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5583881330a226be650b3ba251d9accc | Hi, this is Michael Berg on for Citi. Congrats on a fantastic quarter. So you mentioned the gain share program is going strong. On a similar note how can we think about the conversion trend from ELAs to CPI contracts and what's the percentage uplift you're seeing there? | So I'll take that. At the end of the fourth quarter, we converted about 15% of total ELAs to CPI structures. And at the end of the first quarter we grew that fraction to about 40%. So by the end of 2021, we're expecting approximately 70% to be converted to CPI structures. | intermediate | [
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ee2822af4656620797511d38f4336b90 | Great, OK. And then in terms of I think you mentioned one-in the customer examples that payments was involved in the messaging platform. Is that your payment solution that's built into the messaging or how can we think about the progress of your payment solution though you mentioned last year? | Yes that's hard, there was-two-part, two examples I had of the pansies. So that's our system in there right now that's taking the payments on the platform. | intermediate | [
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d9cbc0b383951f850f98df97b22ba6be | Hi, this is Maya [Phonetic] on for Sterling. Could you just give us a sense of renewal rates in the quarter and how about the run rate change for this renewal? | Yes, renewal rates in the quarter are on par with kind of seasonal expectation for renewals. As you may recall the fourth quarter is typically where we see the most renewals occurring, but in the first quarter we're on par with what it looked like in similar period last year. | intermediate | [
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d624d1175acde419e3f9f7930f3659cc | Hey guys nice quarter. Thanks for taking the questions. John can you unpack the assumptions you're making around the full year guidance set up. You had close to $5 million revenue upside in Q1 and you raised the full year by less than that? So it didn't appear like any of that flow through paused that either business w... | Yes I would say we're obviously above the top end of our guidance by about $4 million. We are executing on the core strategy that we set forth last quarter and we think it's still early in the year naturally, but we are seeing the results that we expected from that execution. We also had some upside in the quarter driv... | intermediate | [
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a91689766d90d484e1faeb86e31589f5 | Okay thanks. And then you mentioned social media management capabilities for one of your key customers. Could you just unpack specifically what you're doing for them. It sounds like a non-traditional sort of LivePerson use case. I'm curious to get your thoughts on how you view that as a more repeatable use case that yo... | Yes, our customers want us to take all the different communication channels onto our platform and social is usually they have, it's a handful agents to a couple hundred and so, they wanted to bring those agents and all the capabilities of our platform to automate against all the social media both direct messaging and t... | intermediate | [
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85bb94be0fd6296b29225f217af123c4 | Hi yes, this is Chris [Phonetic] on for Arjun so congrats on the quarter. I have a quick question about ARPU growth and solid growth in the quarter, so is this dynamic in part driven by some of the contract migration activity that you saw, is that mostly volume driven or you know where some of the kind of factors that ... | Yes, the changing contract structures and expansions are clearly part of the growth in ARPU. I would also say that the intentional strategy we have to move up market in mid-market is another factor. So we're landing deals at a higher level than we have in the past. And as we've noted there are fewer counts on year-over... | direct | [
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cbd7f2acfa76d644ee7b56ca5b4a4c15 | Got it, thank you. And this is a quick follow-up. You might have touched on this earlier. But can you give us a sense for what the average percent ACV uplift looks like on those contracting versions? | Yes, I will think more generally, we haven't provided that level of granularity. But on average, we certainly have upsells when we do the conversion. | fully_evasive | [
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975c35a5cb7a3d96df6bf741cae95631 | So as the easing of COVID restrictions has progressed, has that had any impact on the consumer-oriented verticals like retail, in particular? | No I mean, there was obviously a major shift, but we're very focused on the retail and marketing use cases, sales use cases. So, they're not going back. They're still doing really well, like I talked about, one of the largest jewel it's a public company, they have 3,000 stores, but we created a whole digital experience... | direct | [
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b3f46e6aa985dd7b3ef08b7811fdf777 | Got it. And I guess like going back to one of the earlier questions about the guidance. I guess we're a little surprised that EBITDA guidance was-you guys kind of blew out of the water score. I guess we might have expected the guys to move up as well. And I guess is that a function of the investment cadence or you have... | It's indeed because of the investment cadence and the growth opportunities we see on the horizon. We expected to invest more in the first quarter. So a big part of the upside on the bottom line was just due to the pace at which we could deploy capital. And part of that impacts the number of quota carriers that we broug... | direct | [
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f06f4fb49bdc561446cd9e37c5a28e9f | Great, thanks. Yes great quarter. Just on that sales headcount are you, I think you were expected to get set to about $110 million by year-end. I guess is that still the goal? And I think there is also some thought you would invest a little more heavily in the mid-market. And is that still the idea? | Yes, both are still the goal. Most of the additional quota carriers we intend to bring on and up to that $110 million marker throughout the year would be in the mid-market. | direct | [
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7f472153a969e819e85d69be9d0c793d | And why focus on mid-market enterprises going forward? | Well we have a good engine for enterprise right now. We have a lot of support from the partner network. And of course we've refined the playbook for gain share which is also winning deals in the enterprise. We see an opportunity to move upmarket within mid-market and that's what we're pursuing. | direct | [
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1acab815a58a3f67c2f29de6da789561 | Hey this is Jack [Phonetic] on for Steve. What kind of adoption are you seeing on the payments opportunity within your customers so far? And how do you plan to monetize these capabilities? | Yes as I mentioned I gave two examples of it. So yes so we're rolling it out. And on the pure monetization it's tied right now to an interaction for our CPI pricing. So that it's just driving more usage on the platform and it's also just a great experience like for the consumer and the brand. It used to be these clunky... | intermediate | [
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9307aa43a88e878c7edbffb7aedacc8d | Okay great and then one follow-up. How are your-recent channel initiatives with Mphasis and Tech Mahindra progressing and how did they evolve you talk to customers that you can target? | Sorry, John. We feel very good about what's going on with them. We also like we opened up some consumer packaged goods companies which is not traditional for us, but it's traditional for them. There is some internal help desk staff that once again, is not traditional for us, is traditional for them. So, we're seeing so... | intermediate | [
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2fb644a86cf3311315ff8cb47e17a1dd | Yes, two from me, real briefly, Rob. In terms of the competitive landscape, just how has it changed? And I'm particularly interested in the fundamental differentiators when you get to the finalist, the final, final stage of the break off yes boil it down to one key feature function of the platform. What is it that gets... | Its automation, it's the AI capabilities and automation that's what brings value. Obviously, we still have the best messaging platform in the world. And it connects to every messaging front end and it's truly asynchronous, but it's really the ability to automate conversations because most of the engagements we're doing... | direct | [
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81a5548d215f172bb738305785085426 | Got it. And then on the deal counts I mean obviously the ARPUs are surging and your customers that are getting on board absolutely they seem to love the platform from your numbers and from our checks that the offset to that is the deal counts are down I know the prior marketing model was the big weekend events at a ref... | Hey, Jeff. It's really driven by strategic changes to our go-to-market motion for mid-market and small businesses. Within mid-market we're seeking higher entry points as I mentioned earlier and that's resulting in the higher annual contract values, but also lower deal counts and so that dynamic would increase ARPU incr... | direct | [
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051153a07ce346b552bb92e108c4c126 | This is Alex [Phonetic] on for Ryan MacDonald. Thanks for taking my question and congratulations on the quarter. Could you talk a little bit more about the mix of bookings that came from direct versus indirect channel? | Yes. So there are clearly some big drivers coming from our channels as we mentioned emphasis started to close deals within a growing pipeline for the first time this quarter. We also landed seven-figure deal through our partner network and on the direct side obviously the balance of those seven-figure deals, so I can g... | intermediate | [
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070d9faf5239fc0c4389daae614522bc | Okay. And then could you talk a little bit more about the strength that you saw internationally? | Yeah. So as I mentioned international growth was contributed to both by a APAC and EMEA, APAC led growth in that regard within EMEA though we continue to accelerate beyond the fourth quarter. We also closed two seven-figure deals in that region, one expansion and one new logo. | direct | [
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23474ec030eacb3dc7be26597f000cdd | Hi, this is Jon [Phonetic] on for Peter. Congratulations on the quarter and I appreciate you taking the question. I wanted to loop back to the first topic on payment. Are you able to touch more broadly on any updates on the product, any initial feedback from data customers and something about your go-to-market strategy... | Yes, as I mentioned before it's in the market now and I talked about two use cases when I was doing my initial script. So yeah, so we were out there with it. We're going to charge a dark force wards as a business model. We're now working with more customers. We're actually now expanding the voice payments, so we could ... | intermediate | [
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22a8accba4961903c744e361c71be2cd | First I want to dig into a little bit more on Cimetrix. What do you think the revenue impact and the cost impact will be in the first quarter? And is that the regular revenue run rate, or is it still a bit of deferred revenue haircut in there? | Yes, sure. So, yes, along with the purchase accounting, we do expect some deferred revenue that they had on the opening balance sheet of December 1, 2020 to reflect during the rest of the year. That said, their margins continue to be strong, well-above our margins and we expect the growth momentum to continue on a tota... | intermediate | [
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21853673ddd8c16f8714c5f5b15129b4 | Okay. But what level are we starting at here? Was it a $15 million run rate, $10 million run rate? | Yes. We're not disclosing the specific numbers but if you go back to the announcement that we did when we did the transaction, it was about $10.6-ish million. So I think you can use that as a starting point and think about what 20% revenue growth rate would imply for last year as well as 2021 offset by some deferred re... | intermediate | [
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a9d851bf4de494a4d7e99c4e0bf44336 | Okay. And then similar question on the cost side, I know we only had one month of their costs in the business in the fourth quarter. So just take the delta going in from the third to fourth and multiple by two to get to the first quarter increase in costs? | Look, I mean, I think on the gross margin side as you think about symmetric itself, we had shared that they're kind of in the mid-80s percent. So with the haircut because it's taking a haircut on the revenue, but not quite on the cost probably still in the 80% range, I think is a way to think about Cimetrix. | fully_evasive | [
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c0e14adc5151e21ebc61bac01d17a832 | Okay. And then John you mentioned that there are a few custom demos and pilots going on. How meaningful could those be over the next year or two from a revenue point of view? | Yes. Those are greatly, the puzzles I referred to have greatly Exensio on the cloud with multiple elements, multiple modules with Exensio they would drive customers to run rates that are in the multi-hundred million dollars per year. And really establish Exensio -- take Exensio up from being a tool that they use inside... | direct | [
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25f13bc2e6ff60d6d75f948c18294c4b | Okay. And then you talked about the full year with the analytics being above 20%. If you strip out Cimetrix though, are you at your 20% growth rate, or are you still being impacted by the factored transition to these longer term models or longer term contracts? | Yes. I think look you're right the Cimetrix, obviously, helps but I get it it's a business that we wanted to expand and growing the direct enough. We still believe even without Cimetrix just given the growth rate that we would have from Advantest as well as growth write in our own business, we should be able to achieve... | direct | [
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5f5e39a73a7fa9ffd65e5ee59ef80923 | Okay, great. And finally, what do you view as the rate of IYR decline over the next few years and maybe the linearity of that decline over the next few years? | Yes. We do expect with the exception of the stuff that we have going on in China by and large contracts to roll off there will be some roll-offs in the second half of 2021. That will mean that there will be a meaningful decline in IYR 2020 -- anticipated in 2020 versus -- 2021 versus 2020. And then as we look out, it w... | intermediate | [
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44068ea72dc2e51c8f387ab3e4a6163a | Hi, guys, this is Tyler on behalf of Christian. Thanks for letting us ask the question. So first question a little bit of a follow-up I guess. You guys outlined Cimetrix and the size you're expecting that to be in 2021. I was wondering, if you can quantify, I guess what percent of analytics business you would attribute... | The minimums that on the Advantest contract are about $10 million per year. Obviously we had a very -- a portion of that in 2020. We expect to get a full year of the minimum. There's also things we're doing with Advantest that would grow that in this year beyond that level. The exact number I don't really know, Tyler, ... | intermediate | [
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e36844839303f6a4c76cf72e3d8ae32f | Okay. That's perfect. That's very helpful. And then, I guess, any help or color will be strong bookings going to the year I would imagine there's some level of visibility. Is there anything that you mentioned more second half drop-off in IYR, but anything else seasonally quarter-over-quarter through the years to call m... | Yes. I think the way to think about it is, kind of, what we said during the script itself. You're spot on that the analytics would grow pretty strong and that toward the second half of the year IYR starts to decline. I think we made the comment that if you looked at total company revenues, you would see them approachin... | intermediate | [
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bb210a0e9bc6a81a5e4e9cb48717d6dd | All right. Perfect. We can do that math. And then following on Tom's question a little bit. The OpEx line stepped up here in Q4 little over $15 million. There's only a partial quarter of Cimetrix involved in that. So what's the baseline OpEx level, we should be thinking about with some moving pieces going to Q1? Is it ... | Yes. I think, look I mean, we're constantly trying to measure business and spend and evaluate where we want to optimize the resources as well. I think from a spending perspective, we feel pretty good at the levels where Q4 came in at least to start off the year. Yes through the year, we will be investing some more into... | intermediate | [
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bebe83c0704d4322e79217ee8cfa15a2 | Hey, guys. Thanks for taking my questions. My first one John, if I look at what Advantest is going to add in 2021 plus Cimetrix that number approaches 40% growth already. So I'm just trying to figure out what your bogey is for everything outside of that in the analytics business? | Yes, we gave ourselves some cushion with that, obviously, Jon. That's why we said we thought we could. We were very disappointed that we did not meet our analytics growth rate in 2020. But when we looked at the nature of what we went into with backlog and what we've added into the business, we felt very good that when ... | intermediate | [
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073a7be96b3099df0dc41232f3bf3321 | Got it. That's helpful. I wanted to touch on the semiconductor shortage situation that's going on. Is there any direct impact to you guys, number one, either positive or negative? And number two, as you look out to the long-term and the company starts thinking strategically about issues like this what roles do you have... | Yes, thanks, Jon. Yes, we do see that. We've had a number of dialogues with customers on the operations side. So some of the interest in some of the Exensio control applications and test applications are all around OEE and operational effectiveness, and I was on the call with the customer a few days where they said, ye... | intermediate | [
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0a57315c5d53948784bf42b91eb318a9 | Got it. Thanks. And then just last question. Give us a little more color on what happened with DFI toward the end of the year and kind of what your expectations are for 2021? | Yes. Thanks for the question, Jon. So when you look at DFI, we've been working with we outsole foundry on the applications. We think we understand the applications from a technical standpoint and are executing on some features in the product to make them more efficient. This is around helping that fabless-foundry inter... | intermediate | [
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08c233f5e2e1932e19dcfc0df1cb4559 | Got it. And just to be clear, are your expectations for that business to grow this year? Or is it going to be a little bit flattish while you figure that out? | We think it will grow more like in the second half of the year, in the first half of the year. It will be more flat in the first half of the year. | direct | [
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7adb768c262b53bc5493a3180d9f68e8 | Yes. Thanks for taking the questions. John, I just want to make sure I have this correct. Could you tell me what goes into IYR, and what goes into your analytics revenue? I'm not sure where DFI goes and I'm not sure where gain share goes. | Yes. So gain share goes in IYR. Anything we saw on a subscription basis, right, goes into analytics. So DFI, which has been on a subscription basis that you pay for an annual subscription, it's been a subscription in the analytics business. | direct | [
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57906b3bc45a743fee804a2d12524623 | Right. And then, I've been jumping back and forth between calls. How much of Cimetrix revenue was deferred versus things that you can recognize moving forward, what's the mix? | Yes. Actually, we're not giving out specific numbers, but let me give you some directional comments that might help. I am very proud of what the business Cimetrix team has built. So, obviously the portion of their revenue that relates to this deferred revenue treatment is what's coming from the support and maintenance.... | intermediate | [
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eaf3f0d8e60c7c3f586b97b585536977 | Got it. Sorry to make you repeat that. And then, last quarter you guys signed an IYR contract with a Chinese company. And it sounds like the -- that business, the IYR business is going to be down with that new contract, I would expect it to at least be flat or holding up a little bit better. Is it just the decline in g... | Yes. So as we look into our 2021 forecast, we do expect with a small number of really one unique customer. We expect some additional IYR business as we get into 2021. But as we -- I said in the prepared remarks, Gus, we do anticipate some gain share contracts falling off as we get in the second half of the year and tha... | direct | [
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090595f2553cafb0e55dac3fae2aa059 | Okay. Can you just give us a sense of what process notes that would relate to? Is it 28, 14? Any color on what's rolling off. | Yes. It's primarily things that are in those notes located primarily in US and Europe, some of the older contracts, contracts that started performing 2016 timeframe that are coming to the end of their life. | intermediate | [
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8cc3819eefc7c29840e1cb0575d1b01a | Hi. Good morning, everyone. And certainly, nice to see the progress of the EPS speed on better sales. As you mentioned in the release, I think you mentioned one area where the environment became a little bit more promotional. Where did you see that and which areas? And how are you planning going forward? And then certa... | Thanks, Dana. Good to hear your voice. I'll take some of those. Well, I'll take a couple of parts of it. And Jim will take a couple of it. On the promotional side, we didn't really want to carry anything over from spring, summer into fall holiday on anything that's going to be perishable goods, meaning anything that's ... | direct | [
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58b313fdf42d5cfda1e69a2436b67c8f | Great. Thanks very much for taking my question. Curious if you can talk a little bit more about your inventory and your preparations for outerwear coming off. That's always a big business for you guys. I know it's likely slower now, but have you seen any kind of trend in August as far as the really big ticket kind of o... | Well, concerning outerwear, Alex, so we're in a much better stock position already this year than we were last year, particularly when it comes to fleece and lighter weight outerwear. We've already seen that packable down is tracking, and it's quite desirable to the customer at this point in time. But we have moved a l... | intermediate | [
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cfc73e56b4f14977d85600608d89e85a | Great. That's really helpful. Thank you. And then, you know, it looks like a lot of your competitors out there have been very promotional, you know, getting into the back-to-school season. You know, can you talk a little bit more about your strategy to kind of optimize price and remain competitive? | Well, you probably saw that our AURs over the last few years are up in high double digits. A lot of that has been due to some -- well, some of it's been due to price increases and some of it's been due to managing our basics and our newer product better. You know, when I started here a few years ago, if we were giving ... | direct | [
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e75d83c2f25b9d057183f913b3be46bf | How should we think about the cadence of margin expansion over the next few years? | We expect margin expansion to be gradual but steady over the next 3-5 years. In the near-term, we're focused on operational efficiencies and cost management which should drive 50-100 basis points of expansion annually. Longer-term, as we scale and gain more leverage, we see potential for 200-300 basis points of additio... | direct | [
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daedfcad1e729a15b3fc366e9af39f09 | Can you provide more color on the drivers of revenue growth in Q4, particularly in your international markets? | Certainly. Our Q4 revenue growth was broad-based, but we saw particular strength in our international markets. Asia-Pacific was up 28% year-over-year, driven by continued expansion in China and strong momentum in Japan. Europe grew 22%, with standout performance in Germany and the UK. Latin America was also a bright sp... | direct | [
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0a2c837ce5676c65216746f3646ec100 | What are your capital allocation priorities for the coming year? | Our capital allocation strategy remains balanced and focused on long-term value creation. Our top priority is investing in organic growth opportunities, including R&D, marketing, and expanding our sales force. We're also actively evaluating potential M&A targets that could accelerate our product roadmap or expand our m... | direct | [
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a141ff42da5923f82eb00a8604ff959c | Can you talk about the PMI trends and how we should think about that kind of impacting your end-market demand this year? And then second, what products in particular, are kind of exposed to the China weakness that you mentioned earlier? | Just in relation to the PMI, obviously, we've seen a deceleration in the PMIs kind of across the globe over the course of the last quarter or so and that tends to have a reasonably strong correlation over time with our portfolio of business, as Eric mentioned early on, on all other industries. What I'm particularly ple... | direct | [
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3625d9c2b2fc9b2a20ae26a739b9d5a3 | So again about the China business. As far as time lines go, how should we think about this? Is this going to be more of a short-term thing? Or is this going to be over the next couple of years? | Yeah, it's a very good question. Suddenly -- or certainly, the deceleration that we saw, as Eric mentioned, was quite significant and relatively sudden as we got into November and December. Overall, looking at this business for the 25 years I've been at the company, that's an unusual event. Generally, these things don'... | direct | [
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e0bc059676d5f9c5f7f92f97bc0772c6 | Given the commentary in the press release about revenue would have met expectations without the China slowdown. If I assume that meeting expectations was the midpoint of the guide. So was China down about $15 million? And could you just give us a sense of how much that might be percentage wise? | Yeah, so Rick, as Eric said earlier on, we saw -- we'd expect to continue double-digit growth in China, and we actually saw, effectively, a double-digit decline. China is roughly half our overall APAC business, so it's quite significant. In terms of its impact, and as we said in the prepared remarks, outside of Greater... | intermediate | [
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e9a2fcb12772d32a25cc723676732629 | Was the -- the business in China, was it any what -- focused or concentrated on the handset test business, because we had that hiccup in the first quarter, so presumably that business doesn't come back like it had been prior to last year's first quarter. But is there -- Eric kind of mentioned, it was across the board. ... | Yeah. I'll comment, Rick. Yes, as I mentioned, it was across the board. It included, as we mentioned, some weakness in that supply chain.
But also in other parts of the China business across all the different industries, effectively, that we serve. So it wasn't just isolated to the mobile devices supply chain.
So you... | direct | [
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52e2f648d4de6fe9a4ad0cda55912069 | Is that showing up in the orders under $20,000, primarily? Or is it in greater than $20,000 order bucket? | In terms of overall impact, as Eric said in his prepared remarks, I mean, the impact on our growth is the difference between plus 5% without Greater China and plus 2% with it. Obviously, when you count our actual growth expectation, the impact is more significant than that. But certainly felt more on orders over $20,00... | direct | [
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12359d710a253d152602571ceaf2a147 | Could you just give the FTE number? And a question around what that might look like in '19? And then also, Alex, if sales growth for the full year would be, let's just say, 5% or low single digit, will NATI have the ability to deliver a 30% incremental EBIT? Or how should we think about the leverage model here, given h... | Sure, Rick. Hi. This is Karen. Let me take that question.
From a headcount perspective, we ended the year just shy of 7,300 people at 7,263. From an operating model, we are sticking to the model that we presented back in May at Investor Day. If we model out a 5% revenue growth level, we would expect to still continue ... | intermediate | [
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6fcb2796ba991b4663fcf50a35433520 | Hi, good morning. Thanks for the material. I'm Ezequiel Fernandez from Balanz Capital. I have just one question. I just wanted to get an idea. You're building up a relevant cash position. And I'm wondering what do you expect to be the main uses of this cash for the remainder of this year and the next one? Thank you ver... | Okay, Ezequiel. How are you doing? Well, as regarding our cash program, what we are trying to do is to hold the highest position in dollars. And for the application of the cash flow, well, it will depend on the development of the projects that we have in the midstream business, OK. You know that Argentina is going to g... | intermediate | [
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bc3509619fd21d6cafaf660480c43955 | Okay. Perfect. And maybe a follow-up on that one. May we expect something in terms of dividends for this year or the next one? And any news on any expansions at the capacity of the Cerri plant? | Well, as regarding dividends, it depends on our shareholders' decision. I don't have any notice right now, and it's not planned any new dividend payment. And as regarding the Cerri expansion of -- well, I think that we don't have any plan at this moment. | direct | [
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"fully_evasive"
] | A |
a6e0af802b748c3364197ef76ae21662 | Hi, thanks for taking my question. Congratulations for the strong cash position in this context. I have a couple of questions. One follow-up of the Ezequiel question regarding the cash position. You mentioned that the goal is to hold a strong cash position in dollar. If you can provide any detail how much do you have o... | Okay. You're welcome, Florencia. Well, as regarding the cash position, it's -- our cash is mostly in dollars offshore right now. And as regarding the Dow compensation, we already received this compensation due to the problems -- the breakdown they had last year. Okay. It's around $2 million. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7ad5a3b173ffad11b361434b55dea24e | Good morning. Thanks for taking my question. I just wanted to pick your brain and ask, what would the Company's game plan be in case the tariffs continue to be frozen into 2021? And also regarding the tariff freeze now for the second half of the year, if the Company believes that you can kind of recover any losses aris... | Okay. Hi, Bruno. Regarding the -- I will start with 2020 first. I don't think that we are going to have any tariff reliefs this year, 2020. And our plan is to be very prudent with our capex and opex expenses in the whole business. Nevertheless, we think that we are going to have some tariff relief in 2020, we should ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c83f3e13d226a93afc7e5cc0991845be | And then a follow-up, also in line with news we have been reading about the gas plant and potentially the construction of a new pipeline, what would you need to see for TGS to be comfortable to participate in building a new pipeline? What conditions would you like to have? | Well, obviously, the conditions should be an improving general economic situation in Argentina, financial situation, and we are going to have some -- we need an important EBITDA in our business to be able to invest in those projects. Nevertheless, our plan is to participate maybe with a lower share than we previously -... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ccdfecbf93d80c9a7ded73512e83afc6 | Thanks. Well, good morning, everyone. Thanks for taking my question. I have two questions, if I may. The first one is regarding the share repurchase you have made. And I was wondering, if you were planning to cancel these shares or are you going to send it back to the market in some point of time? And my second questio... | Okay. Regarding the shares buyback program, we don't have any decision right now, but we have three years to cancel the shares previously bought. So we have no rush to make a decision that time. You may -- we may distribute that shares as a share dividend or something like that in the future. But I'm not seeing that we... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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