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6b7521a03154a0c81d0f56e02f0803f4 | Great. Thank you and congratulations on a very strong quarter. Numbers looked really good. Two questions for me. Really, when it comes to occupancy and the improvement to be expected in the multi-tenant portfolio, you talked about getting to 89.1% over time, I'm assuming you would expect it to go even higher over a lon... | Thanks, Bryan. So first of all, the leasing that has been driving the NOI growth in the portfolio, we've really seen pickup since the, I would say, fourth quarter of 2020. And I really give a lot of that credit to our internal team, which is led by Jason Slear. And then as I mentioned in my comments, Don Foster and Ste... | intermediate | [
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bacf13942d7e0e980c809ea1ffcfacba | Okay. Great. And then as we think about your comments on deleveraging, and you've made some really good progress going from 8.3 to 7.4. But with a goal, I suspect, getting the investment-grade rating, where do you think you need to be from a leverage standpoint? And given that you already borrow at some pretty attracti... | Yes. Well, I think that's a great point. And it's not just about the rate because I think we've really done a great job of taking advantage of these historically low rates and securing that debt for long periods of time, taking our average debt maturity from about 3.5 to 5.5 years in this period. But I think it's more ... | intermediate | [
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c414ab0a8d87610b6c348c051ad31175 | Hey, Mike. Good morning. Can you walk us through how you think about balancing deleveraging efforts versus sacrificing potential accretion from acquisitions by issuing equity at these levels? | Yes. I think the second quarter is a really good representation of how we think about it, Frank. It's something that we take very seriously and give a lot of thought to. Obviously, we don't want to just de-lever without careful consideration. But I think it's an important step for the company. You and I have talked abo... | intermediate | [
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000e3255760caf8ff7157965e42f71ad | Okay. Great. And just a follow-up on the last question. Is there a specific time frame? I know you said over time, but is there a time frame you have in mind where you'd like to get to the investment-grade level? | Yes. My time frames are always as soon as possible. That's not much of a -- we're going to start the process. We have started the process by knowing that we needed to address net debt to EBITDA. We'll see what the -- what we learned from the agencies in the third quarter. It will -- we'll see -- hopefully, it's within ... | direct | [
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38b8ac1b66de192008e01bf4b486d885 | Okay. And then just last one for me. You mentioned the 2% remaining expiring the multi-tenant portfolio this year. What are your thoughts on getting those renewed? Or how are discussions going? | Discussions are going very well. We renewed about 700,000 square feet of multi-tenant leasing year-to-date. So again, it's -- the centers are very strong, the relationships we have with the tenants. Retail is back to pre-pandemic levels. And so I'm optimistic about the continued success in our renewals. | direct | [
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a3d2af02dd5d3c3884f9a86e3c7f8f78 | So first thing is that we know your new technology HyperConn and its related products, including the tablets, were launched like several months ago. So my question is how does that impact the revenue? Can you provide any data related to the sales of this part? My second question is regarding the PaaS and SaaS services.... | So tablet, so we launched the tablet in the third quarter. So HyperConn, we launched the product in September. So actually I think that around that actual number is -- with delivery, around -- totally in the third quarter, how many devices? [Foreign language] [Foreign language] Yeah, with delivery since September, with... | intermediate | [
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f3cbbcfbc1ba438b1de185f4cf8d24b4 | My first question goes to the last sentence of the press release only because we had this conversation and you said there is no way you would settle with SIMO. So now that you've settled with SIMO, how much money do you think that will save you next year as far as expenses of not having any more litigation? | Yeah, this is Yimeng. I will answer your questions. Ye, we are -- we disclosed a settlement agreement we have with SIMO, which is related to litigation. And that's -- yeah, from this settlement we have -- we see that a dramatic reductions of litigation expenses in third quarter of 2021 and we see that this saving on li... | intermediate | [
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89bd92fdd2cd6fee7ad340fe669afa45 | So this is my question. So how much less would you have to spend next year than you spent this year? Just so I can have it in my models somehow. | For comparable basis, we can discuss the specific projection for this special category, expense after this call. Yeah, we will have this additional discussion on this figure. Is that OK? | fully_evasive | [
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4d71312ee5a0e13f8fb695bf1810d522 | So -- but is it in the millions of dollars for this year? | Yes. Yes. This year is more than -- we spend litigation expenses for more than millions -- it's a couple of millions, U.S. dollars, related to litigation expenses. | direct | [
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64b51dc5b4c68f9b3a60a6a1816e2e9b | OK. And then out of curiosity, did any money change hands in your settlement agreement? | Just with first-party withdrawal or just as cash, no. So [Inaudible] expenses in cash related to the withdrawal of cash. | direct | [
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dc9d88ae0454f37169751153afb48f91 | OK. All right. Good. And then in your guidance that you gave, you're guiding to be sequentially down in revenue from this quarter to next quarter. Where is that coming from? What do you think will be less next quarter -- this quarter? | We disclosed that guidance for our fourth quarter 17.5 millions to 18 million. That's up from the reason those expectations in the assumptions the supply chain -- global supply chain constraint is still carry on. And we need to prepare this to deliver the orders in this [Inaudible] global supply chain constraints. So w... | intermediate | [
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9e8a93ee76bdcc0ef551ed7c922c2da5 | So within products? | Yeah, for the life of the product, yes. | direct | [
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9b8ddc082dfe4f54db55c63ed5b91e92 | So products will go down and the rest of the business will still grow? | That's what we -- the expectation, yes. Chen, do you have some other comment on that? Yes. I have two comments is, one, for our litigation, so we are in a good position. We don't see it as valuable for us to waste money in litigation. That's the major consideration. So that's for first question. Second, so because of t... | direct | [
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ff732afc72ade2bc4f4e585c0bf33560 | And is that for all the products or any particular ones? | I think it's all our product. So because of major, you can see order supply chain, including the chipset even though the TCP, everything is in the worry tight supply chain. | direct | [
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69e4a3aeec2498a48d6de6ec0caab8dc | OK. And so are you now thinking in 2022 that, say, your tablet delivery is going to be lower than you thought because of this? | I don't think so because table is going up in -- I think going up. It depends on COVID-19. So if we COVID-19 is serious and -- I think the tablet is going up. Because we have more product launch we have in HyperConn, we have more 5G product, you have a zero and we have more product come up. So including high end and th... | direct | [
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ab4e2ee954f3d33cbfa25100b90e8a10 | All right. And that reminds me of the other question. Could you talk a little bit about the IP camera? I don't think that's been mentioned. Are you going to be working with partners to sell that? Who are you selling it to and what countries? | Because our HyperConn solution was -- is more accepted by the [Inaudible] IP camera companies, we have a news release months ago. We have -- are working with one big OEM IP camera company [Inaudible], who has a big amount of share in China and worldwide. So this company really like our solution because -- [Inaudible] Y... | intermediate | [
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c7bcae33263f8be38ab65d380335f6e0 | OK. So you're just going to be selling them software? They're just going to put it in their cameras with their name on it? | Yeah. Yeah. I think if -- and they sell this solution in many many brands. So we will bring in a joint plan to sell IPC. That's one of the choice. We will bring these joint branding in our own offline shop but also we'll embed our software into the camera to other partners and we can get more revenue and revenue share ... | direct | [
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85061f7e539d79974ea6cc62dde8a93d | So would revenues show up in product sales or in PaaS/SaaS or other? How does that work? | Both, for the joint -- yeah, if joint branding, we sell camera then we get hardware and data revenue. But if just partner, all layered customer in the layout brand, we only get the revenue for data and PaaS/SaaS servicing. | direct | [
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80d25471c6de8d5f874d64b7139447a9 | All right. Great. That sounds good. The interest is there. Are you going to release a product anytime soon with a press release? | Yeah, I think [Inaudible]. Next quarter will be -- because our third quarter is finished testing, first quarter will be available and launching. | intermediate | [
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30019b0ac90762ecb00becdca8f4f90d | I guess first, just I'll start with a question on incremental pricing. It looks like you guys committed and priced an additional about 3 million tons in the domestic side, another 2 million tons on the export side for '21 since the last quarter. Can you give us a sense maybe on pricing on those tons? | Some of that timing is -- was before this recent price run-up, but we were able to get some of it on the back end. We have factored that in to our increased pricing on -- in our guidance where we increased the bottom -- the lower end of the range on our average sales price. So when you look at the midpoint, I think tha... | direct | [
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fe87b3d3994e2c9dca6a2efee7a93810 | OK. Thanks, Joe. And, I mean, I guess you mentioned pricing. We've had that increase. And based on what I'm seeing out there, basin prices seem to be up maybe $7 just this month. They're like the mid-40s or more now and not prices are $50-plus, and API-2 was $130-plus in the front month. So is that kind of similar to w... | It's really hard right now. I mean there are people that are interested in the volume -- trying to price some volumes for the back half. There's limited coal available. If you look at our open position at the quarter end, we were right at about 1.8 million -- or excuse me, 1.4 million tons, I believe. And we -- right n... | direct | [
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0d577b1ff4d8f1b3f8df4e68d7955fac | All right. Got it. I appreciate that. And then I guess just if pricing does kind of remain at these levels, Joe, as you point out, and hopefully, through the back half of the year into next year, maybe Brian or Joe, can you comment on potential priorities for your free cash flow? | So as we are thinking about what those would be, we probably will -- we're not in a position to tell you exactly right now because there's so much uncertainty as to what the price is going to be next year. When you look at most of the curves, they are very heavily backwardated for next year. As I just mentioned, we thi... | fully_evasive | [
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7a7da97c5f02ce032ac2b20ffa08e3d2 | OK. I appreciate that. I guess just real quickly, if I'm looking at the cost side, fantastic cost quarter for you guys, especially in Appalachia. Obviously, you tightened your full-year cost guidance to look like, but that does seem to imply some kind of cost creep in the second half. We also combine that with, it look... | We have experienced some pressure, inflationary pressures with steel, with oil, labor availability. So there is some pressure from an inflationary standpoint in the second half. And we also have a long-wall move at our operation in the next quarter, that is built into that. We've got some met shipments next quarter tha... | direct | [
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6724db797339c671307806a3325f020e | Got it. Appreciate it, guys. And then just one last final question. I mean, I noticed you raised your capex budget by about $5 million like. Can you just elaborate maybe on what's driving that small increase. That's all. Thanks. | Yes. I think the fact that our production is increasing, maintenance capital will be a bit higher over the back half of the year than we originally anticipated. But to your point, Nate, it's a relatively minor increase, and we're just trying to reflect that increased production level. | direct | [
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e73325fa18ed01c7c30d5757b5eed85e | Hey, everybody. I appreciate that you're still seeing a little bit of uncertainty in futures price to talk too detailed about capital allocation. But you've historically kind of talked about one time leverage as kind of a comfortable level for you all, and you hit it this quarter. So just wondering kind of where you th... | Yes. I mean, we're continuing to focus significantly on growth. There are several opportunities we're pursuing as we speak. So I think growth continues to be in front of our mind. I think that paying down debt, we paid down more than we anticipated based on our strong performance in the first half. And we'll continue t... | intermediate | [
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e65a37a00dbea61181447de2902d6ece | Thanks. Speaking of labor, we've seen kind of a pickup in kind of union activity in the steel sector. One of your fellow coal miners in Alabama is going over 100 days on the strike now. Can you just talk about kind of when you have collective bargaining agreements coming due what are the -- how are the relations with y... | So we're a non-union operator. So we've been union pretty since inception, 1971. So we do not have any labor contracts. We're very focused on having a culture of focused on trying to have great relationships with our employees. And we continue to do that by constant communication. And so as I mentioned, there is a shor... | direct | [
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30453595b52fa647f12e9440657f646e | Hey, guys. Congrats on a great quarter. Can you discuss a little bit about the investments you've made historically into the royalty portfolio, specifically oil and gas? I think you added to that, you added to that exposure at the end of '19. And I don't think we've really seen the full EBITDA or free cash flow potenti... | Yes. Stand-alone value, if you look at the other pure-play oil and gas royalty companies, you're seeing trading multiples in the high-single digits, low double-digit type area. So if you look at our current expected cash flow out of our royalty business, you can do the math and we're clearly not, in our view, getting t... | direct | [
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7217e8dd3f84a366dbfeb9ea3c07b9b8 | On the color cosmetics category broadly, it seems like it's had a little bit of traction of late. Can you just share how you're thinking about the sustainability of the category as we move forward? And have you seen anything as it relates to the Delta variant and some of the concerns domestically, certain markets start... | We remain quite bullish on the color cosmetics category. As we talk, June was the first month in track data that we saw the category above 2019 levels. So we've seen a pretty good inflection. And I think that's reflective of consumers' pent-up demand for this category, stimulus, easing of restrictions. And so I'd say o... | intermediate | [
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41bb199e7346a1bb755600716de158e5 | I just want to go back to the guide. And I think, Mandy, you mentioned obviously you're accelerating, but that means that after this 50% growth that you had in the first quarter, can you walk us through what is informing you into the deceleration? Of course, I understand that you're still facing a lot of supply chain i... | OK. All right. Andrea, nice to hear from you, and there was quite a few questions in there. So let me just start with where we are in Q1. So Q1 was a fantastic quarter for us, up 50% net sales growth, and a lot of the drivers that we saw in Q1. One, core momentum behind the e.l.f. brand. We continue to see strong trend... | intermediate | [
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9aac3e9e9f12358aeb7acafe4156046b | I wanted to kind of double click on the Keys Soulcare, kind of strength that you're seeing. Could you talk a little bit about the contribution in the period, and then how we should think about it as we look out over the fiscal year? | Sure. So hi, we're not breaking our Keys Soulcare. We're not bringing out any of our individual brands. But what I can tell you is, we're quite pleased with the progress we're making on Keys Soulcare, particularly in the areas of consumer engagement and Alicia's own engagement in the brand. We talked about every time s... | intermediate | [
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d7cff7b1ae981b0b62bdf0576390c8dd | And then just want to follow up on inventory levels, are you seeing that you've kind of been using inventory that was maybe earmarked for later in the year? And is there a way to kind of -- you've mentioned some of the measures that you're taking, can you like use domestic suppliers or explore other alternative approac... | Sure. So overall, we feel great about, kind of the outlook on inventory and our supply chain overall. I would say that Q1 inventory ended a little bit lower than we would have expected, given that we had a 50% net sales growth quarter. And so we talked about the build into the September ending quarter seeing inventory ... | intermediate | [
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ce1a807066234fc819a06f152bb464f2 | Two questions, just, first on gross margins. I was first curious if you can provide any more specificity in terms of how you think about gross margins for the full year. And I wanted to get a sense of maybe Q1 is a low point. And then as we look out, you know, I know it's totally toward next year, would you expect to r... | Hi, Rupesh. So I will answer your question on gross margin. So for Q1, we saw gross margin down about 340 basis points year over year. So as we look out on the balance of the year, we expect gross margins not to be down as much as what we saw in Q1. So improving as we get throughout the year, and we kind of find some s... | direct | [
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2c9ea4f1183a84257f6d81c1c48a6bf7 | One was just on your approach Tarang, and I guess to the team on collaborations, you've done such a great job with the e.l.f. brand over the last few years. How are you viewing product collaborations for both? W3LL PEOPLE and Keys Soulcare? Is there an opportunity there? And then just secondly on Keys Soulcare, with th... | Sure. So Erinn, the team's done a remarkable job in terms of these collaborations and doing things in unexpected ways. If I go back to the e.l.f. to pull a collaboration, even the most recent one we did with our Electric Mood collection, partnering with three global music artists, you're going to continue to see more. ... | intermediate | [
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0e5ec0133e6d42b313d072f86e4ab3a5 | My question is around FOX News. Obviously, there's been a lot written about the network and the business in the press of late, and you guys just put up a really strong first half of the year. Can you talk a little bit about the strategy to maintain leadership at the network, particularly sort of post the last administr... | Hey, Ben. It's Lachlan. Thank you for the question. You're right, a lot being written about and we are few more trees cut down. I think I'm writing about it in the days and weeks to come. Look, I think the fundamental -- let me answer -- there's two part to your question. Let me answer -- I'll answer both parts, but le... | direct | [
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85cd52c68bd61cb7a822468966d220c4 | I have a topic -- multipart topic on sports betting. Can you talk about the impact that sports betting had on the quarter at the local station level? And as the adoptions continue to grow state-by-state, how big do you think that pool, that advertising pool can be?
And then can you give us any update on your options a... | Great. Thank you, Jessica. Nice to hear your voice as well. So, first of all, from an advertising point of view, our strongest category in the station group is entertainment, which is pacing up 10% year-on-year. Entertainment is really made up of two things. One is sort of streaming services, and the second is sports b... | intermediate | [
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66dfffb992436d620d54f8e74ecea96d | So, question for Lachlan, but I guess partly a jump ball. I'm just curious, future profitability potential for Tubi. So that's the one question. The details are, you talked about the usage up 100% and advertising up 70%. So, a view time of 70%, revenue up more than 100%. So, CPMs are obviously expanded. I'm just curiou... | Thank you very much, Doug. So, let me start and Steve can jump in if I've forgotten any part of the question.
So, with Tubi -- and I'll answer your question honestly, but I'm not sure when I look at competitors' SVOD services, whether you prefer us to say we'd would be profitable early or we'd spend billions of dollar... | intermediate | [
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e25729b6a6bff8a0c03fd9cf960ba5dd | As you think about future negotiations with the major sports leagues, how do you think FOX is positioned with its portfolio of networks plus Tubi compared to the other media companies that look to be using a hybrid approach of linear networks and their SVOD services for the top sports rights? And then on a related note... | Sure. Thanks. Thanks, Robert, for the question. So, first of all, we see NBC Sports, the announcement of it shutting down as probably a net positive for FOX Sports 1. There is less competition I suppose, although we never saw them as our main competition. This year, FOX Sports 1 beat both ESPN2 and NBCSN for an entire ... | intermediate | [
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94b423c6c1d451f5b993db7e13545b30 | Can you elaborate on the overall advertising market? You had very positive comments on Tubi and its ad outlook, and I assume most of that is coming from the investments and improvements you're making on the platform, but are you also seeing kind of a nice tailwind from an ad recovery?
And then just a follow-up to circ... | Sure. So, first on the ad market, and in the -- in this last quarter, we're talking about, obviously, the impact of political as we've discussed, Alexia, has just been tremendous. I'd be tempted to say we'll never see a political season so big, but I don't think that's true. I think when you have a Senate and the House... | direct | [
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ee3379f3ab18e827fde2a29a86a86c9a | Can you just walk us through how you see that impacting BBDC's P&L, specifically kind of revenue allocation? Are we going to see kind of heightened dividends going forward? | So, Kyle, yeah. What we've outlined, and then I think it might be good to just give an overall view of the asset class to our partner, Bryan High is that you can expect from a revenue perspective for additional income to flow in, right, as this is a cash flow yielding equity in terms of distribution. But we also want t... | intermediate | [
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92cfd026a7d8225def1362b99e1bbd8f | I know you guys mentioned that prepayments picked up. But I mean, going through the slides, it really looks like the majority of sales or repayments in the quarter were kind of instigated by you guys? How have you been able to manage prepayment activity in what seems like a relatively hot market? | Jon, do you want me to step in? Yeah, I will go, Ian. That's actually perfect. Yes, I'll say from the sales standpoint, right, you caught it right there, the mass majority of the sales and repayments were sales to the joint venture, which are primarily just a function of us enhancing diversification. And so for the pr... | direct | [
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dbdb3829e0fab6056fa26094d69daebb | First, on the competitive environment, on Slide 11. When we look at the EBITDA range where the compression, as you mentioned, spreads have been compressing. But when we look at the 20% to 29% range, which is solidly your target range and your average EBITDA, spreads actually widened slightly this quarter versus last qu... | Yeah. So great question, Robert. And look, I mean, this is something that's actually been in place for a while. It's one of the reasons from a relative value perspective. We like this segment of the middle market. I mean, the problem with the lower end of the middle market is there's just so many players in that space.... | direct | [
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08bf523721f144d4cebd7d7eeff31ff8 | Then one more, if I can. I mean, when we look at Jocassee, Thompson Rivers, now Eclipse, I would presume Eclipse is a nonqualified asset, but I might be wrong on that. I mean, you've still got a lot of room potentially in the nonqualified bucket is what it looks like to me, but correct me if I'm wrong. I mean, any othe... | I'd say, you know, right now, you're seeing kind of the use of our wide frame of reference as a great complement to Ian and our European counterpart's strategy in the middle of the middle market. No really targeted plans to do anything different. When the options are presented to us, we will execute on them. But Robert... | intermediate | [
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d5976bb354e2d923ab45532c4c9b1027 | Can you discuss the credit history of the Eclipse? | So long term, I'll give some overall views, but it would be realized losses sub-15 basis points. That's going to be emblematic of the asset class that went in, Casey, simply because when you're lending inside of net orderly liquidation value, you can find that there's quite a bit of margin to protect yourself in the ev... | intermediate | [
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faa830052e9b6c6b01e586bd741cda5f | Is there a pocket of business industries that they specialize in? A lot of these ABLs are retail-heavy. Where does Eclipse fit in terms of the profile of the people they lend to? | I'd argue that, Casey, it's broad. It'd be broad that you would expect from a team that's also had a strong pedigree in commercial banking, but there can be certain pockets of expertise, whether it's going to be e-commerce or retail or some heavy more, what we call, heavier industries that require a distinct or a certa... | intermediate | [
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5e0ecf6a2b7f28b950845354eeab05c4 | A question on the sell-downs of the JV. I think you mentioned $150 million or so. Yes, can you describe if that was like a new origination or your prevailing credit book? And then sort of what was the thinking on that? | Yeah. Fin, so primarily, new origination. And remember, we always think about our partners in the joint venture. We're here to complement diversification versus the use of other joint ventures in the BDC space to just heavily lever assets to drive return and distribution, right? So the refresher is this BDC -- this joi... | direct | [
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fe73f36546471c60487fe0e65742b545 | And then can you talk a bit -- there's some language on consumer finance, unsecured consumer finance in the Waccamaw vehicle. Can you describe that strategy? | Yeah. Sure. So these are going to be small allocations. But again, our focus on the wide frame of reference kind of benefits from Barings LLC's very, very wide and our parent's very, very wide investment frame of reference. So in certain segments, you'll find that there is unique access to consumer deal flow, certainly... | direct | [
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37399c9d13a59e8e466476869442d2c7 | Could you explore a little bit more about the strong top-line growth we have seen now for a few quarters in a row in Brazil beer and your expectations to sustain this momentum going forward? | Brazil beer has been with good momentum for a while now. Looking at 2019 as a cleaner reference, you can see Brazil is still gaining momentum quarter after quarter. This is based on many decisions we took over the past year, with a mindset of being the leader in expanding the industries. We had the opportunity to devel... | direct | [
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f303e7c661d70999e6a239f61f0191ad | Could you share with us more about the recent developments on your Menu.com business line? | Menu was a start-up we accelerated two years ago, growing their GMV 60 times with us. We've now decided to combine these initiatives, with the marketplace and new assortment being leveraged by the audience of BEES. We're migrating these platforms, with a view of creating a customer community. BEES will lead that, with ... | direct | [
"direct",
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] | A |
5a4bee0c6cc50344d74255a5e3c12e8e | Can you please share with us how your digital capability and your upgraded approach to the business, your upgraded values are changing the way that you impose price discipline across the marketplace? In other words, how you resist maybe the impulse or temptation for discounting. And I'm speaking about both the will and... | We're on a long journey of building digital capability and muscle. We now have around 2,000 coders working with us to develop digital products. BEES and Ze Delivery give us a lot of visibility and granularity to increase our revenue management capabilities. With BEES, we now know when customers buy, learning they prefe... | intermediate | [
"direct",
"intermediate",
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] | B |
11895b4e1fa7b7758a52066c71a6bb06 | Can you help us navigate through the SG&A, particularly in Beer Brazil, but I think it goes for the rest of the geographies. But particularly in Brazil, I mean, it's clear the year-over-year pressure on G&A coming from bonus accruals. But it also feels like that there is more to it. And I was wondering how much that's ... | For SG&A, we need to break it down as sales and marketing, distribution, and admin have different dynamics. Sales and marketing is in line with what we've seen this quarter, maybe with some phasing from Q1. Long-term, it should be in line or slightly below our top line growth. For distribution, what's above our volumes... | intermediate | [
"direct",
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] | B |
b014e0c0f3ba6e8b989ba68236d51570 | Can you help us or can you detail a little bit more on how that GMV breaks down between Ambev's products and third-party products? Or in other words, how much your clients -- of those 70%, how much of their purchases they are doing effectively from the platform? | The BRL 9 billion GMV is pretty much our beer GMV. For products not in our portfolio, we're close to BRL 100 million, which is growing very fast as we expand our e-commerce portfolio. We now have around 300 SKUs not produced by us, with 31 partners, offering this new portfolio in 380 cities. | direct | [
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] | A |
3e4560aa0db5b5fb27dc0135e4bff937 | Can you talk a little bit more about the resilience of the beer industry? You already discussed in a previous question about the momentum that you guys have built over the last four quarters -- four or five quarters. But can you talk about the industry itself? Because it really looks like the industry -- Ambev is stron... | Yes, we are seeing a resilient industry. We decided before the pandemic to bet on expanding the industry as the leader. We studied differences between Brazil and Mexico to inform our approach. When the pandemic hit, we accelerated towards the future, focusing on channel and innovation approaches for a maturing market. ... | direct | [
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95e9004d36ed6a4e45aa78ad6214997e | I remember, Lucas, you mentioned last quarter that Q2 was likely going to be the peak when we think about cost per hectoliter. And in reality, it was better than Q1. Right? And at the end of the day, you're keeping the guidance for the year. So I was wondering, what exactly changed this quarter, right, and how you're f... | We had a positive surprise in Q2 on cash COGS per hectoliter performance, mainly due to better-than-expected returnable glass bottle volumes recovering faster than anticipated. We're maintaining the full year guidance because the unhedged portion of our commodity costs is becoming more of a headwind given how commoditi... | direct | [
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] | A |
46f3e00b5c17735c7f4c9e332d99d073 | I just wanted to understand -- with the vaccination accelerating in key cities here in Brazil and the on-trade recovering, I just wanted to understand -- I mean of course, you're developing very well on BEES. And of course, we're very close to that client throughout the most critical moment of the pandemic. So I wanted... | Based on our information, our market share is very strong. We've built good market share over the last quarters, and Q2 suggests Brazil is at a new level of volumes and market share. If we can maintain our market share channel by channel as the on-trade recovers, it should be positive for us as we over-index in out-of-... | intermediate | [
"direct",
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] | B |
5ff030c6c625ab057d5f192028369ecf | I wanted to understand about competition, looking more into the long term. Do you identify any potential competitive pressure coming from potentially wholesalers developing their own online businesses that compete with the B2B clients and BEES? | We believe we're ahead of the game with BEES. Our wholesalers are inside our ecosystem and aligned with the BEES platform - our entire RTM is on BEES. Looking at other beverage companies and FMCGs, we seem to be well ahead. Some competitors are trying things, but we don't see much coordination. The market is very fragm... | direct | [
"direct",
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] | A |
5ef4a6f43f5c0073f09ae78a52fad015 | Could you help us understand the 4% sequential decline in pricing in beer in Brazil from the first to the second quarter? How much of that is product mix, brand mix, channel mix, and so forth? | The price reduction quarter over quarter usually occurs mainly because of region mix and a little bit of channel mix. It's something that is more structural than a decision, and happens most years due to seasonality and mix of regions and channels. It's not something that was a specific decision this time, it's more no... | intermediate | [
"direct",
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] | B |
edb20d7431886955eabfe101318a1ae4 | Can you give us an update in terms of your relationship with the Coca-Cola system in Chile? I understand that it's working very well. What are the lessons that you have learned? And what are the opportunities for those partnerships in other parts of Latin America? | The partnership in Chile is going very well - we're happy, Coca-Cola is happy, and there's a lot of value being properly shared. It's a platform where one plus one is more than two. We have the leading brand equity with Corona, they have the leading distribution platform. The governance is working well. This success ma... | intermediate | [
"direct",
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] | B |
5a05a59b9a54b9a7818d7eabc51e777e | Can you talk a little bit about how your high-end business in Brazil Beer is developing? Obviously, a tremendous portfolio. But what percentage of your business now? Is it the high end? Is that part of the business gaining share? And are you seeing any changes in the consumer base between kind of the craft beers that y... | Our premium portfolio grew around 35% this quarter. During the pandemic, we saw resilience in the core, while high-end growth is more structural and long-term. We've prioritized brand equity investment over market share gains in the high-end segment. We're over-indexing marketing spend on high-end to drive sustainable ... | intermediate | [
"direct",
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] | B |
467bfdc17893419744bf3773c38a816c | Can you talk about innovation this year, kind of revisit what are the most important innovations in 2021? And anything that you're doing that's notable on the -- beyond beer or returnable -- not returnable bottle, returnable drink side -- ready-to-drink side in your region? | For innovation, we're focusing on a few key areas:
1. Health and wellness: We're launching Michelob Ultra in Brazil during the Olympics, with Usain Bolt in our advertising. We've also rolled out Stella without gluten.
2. Core renovation: We're launching Spaten, a German brand from our portfolio dating back to 1397, a... | direct | [
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] | A |
cd9797b441048d767b97575be8197c02 | I was hoping to get a little bit more color on what is going on in Korea. Currently, what is the situation once the shutdowns if it starting to open up at all? And what you're seeing around that changing environment currently? | Sure. Thanks. Hi Matt, good to hear from you. Yes, the business there, they're starting to kind of figure out how to work around things using digital a little bit more, as I had mentioned.
The shutdown situation really has affected large meetings. They're still able to have some smaller meetings and kind of personal me... | direct | [
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] | A |
f563c41b0adf6114703b53e9478df46c | It is helpful, Terrence. I would like a little bit more color. Is it safe to assume that Korea is still running well below last year than a year ago levels before, everything, I guess, not a year ago, but a couple of years ago level before everything shut down then? Or are sales going closer to normal now at this point... | Like I said, in the quarter, they had 11% growth for the second quarter. I wouldn't call that the new trend line for them, but I do think they've got some stability, and they're just fighting day-to-day. So some questions over there, but I don't think we're seeing what we were. I don't think we're not expecting what we... | direct | [
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] | A |
7d1889845baf5d0c5167c9d0be40594b | Also wanted to ask about the skin care line that you touched on. Frankly, I wasn't familiar with that. What more can you tell us about the skin care line? Where have you introduced the opportunity? Just add a little bit more around that, too, that would be great. | Sure. La Mara is a probiotic based line of detox line, there's a kind of an anti-pollution element to it. It's largely facial skin care, all-natural luxury positioning. And it's a new segment for, I think, that piece of the business, generating a tremendous amount of excitement launched in South Korea first, OK? So the... | direct | [
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0155812ca57458a5547c45db40e0ec98 | I know you guys don't like to or haven't been prepared to guide. Can you give us some color, maybe a range on how you think the back half is going to look versus last year's back half or versus 2019? | Thank you for your comments. We always enjoy hearing from you. Obviously, I address that to some degree in my script. And no, you're right, as of yet, we do not give formal guidance.
I would say, again, if you go back and reread my comments, we do believe there will be growth in the second half of 2021, as compared to ... | intermediate | [
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e73603f17825d4f3beafe7f212b10ab6 | Let me ask growth. When you refer to growth, there's top line growth and then there's operating profit or EBITDA growth, which growth are we talking about now? | Well, first off, I'm talking about top line growth. Net sales. From a bottom line standpoint, obviously, we're very pleased with the growth that we've seen in EBITDA. Again, if you want to look at it over second half over a second half standpoint, I would say we're certainly targeting growth in EBITDA as well for the s... | direct | [
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59791b4dc24e046cc1851c680c5f4073 | OK. And what about, if I ask one more, what about EBITDA margin or operating margin? Because your margin improvement this last quarter was great. What do you expect for the back half? Margin improvement as well? | If your question is in regards to improvement versus the first half or the second half of 2020, then that is what we're targeting, yes. But please keep in mind that, as I called out in my comments that we do, and as Terrence referenced in his comments, we have a number of growth initiatives. The personalization initiat... | direct | [
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] | A |
b1a3b3794f226290ba3414bd62f3721a | OK. Where do you stand? And I ask this periodically. If you look at your cost structure in Utah, where do you stand on that in terms of rationalization or your ability to leverage out in Utah? | I believe that we've put in a pretty serious effort initiative plan to reduce our overhead costs, and to drive out some pretty significant expenses, SG&A and otherwise a few years ago. And obviously, if you look at our EBITDA growth and so forth over the last two, three years, you can clearly see the benefit of that. I... | direct | [
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] | A |
081fbf42dbbf3c29984e4e31a3911b61 | Excellent quarter. The gross margin was the highest you guys reported in like five years. What is the margin level you're expecting going forward? | [Foreign language] Yes. Our gross margin in the second quarter reached 17.9%. It is our one of the -- it is the highest record in the last five years. There are two main factors attributable to this increase of gross margin.
First is our electric power steering product. We finally getting to a stage that reach a fairl... | direct | [
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] | A |
8f720d3a8e1d321f682b928f91e1caee | Have you guys continued repurchasing shares in the current quarter that we're in now? | [Foreign language] The answer is yes. We have already repurchased over 200,000 shares since the announcement. We will continue to repurchase shares in the overall market. | direct | [
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0b3be0d057b535301c78bd91dc51ab67 | On your net promoter score, so you're highlighting that in the second quarter you widened the gap between yourselves and your competitors? Can you just explain a bit what contributed to this? | This is mainly, when the time is challenging, customer looking for quality in terms of network quality, infrastructure quality and service regions. So during this period, COVID-19 period, customers confirm that our quality, infrastructure quality as well as the service quality and high customer experience management qu... | direct | [
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] | A |
7c00d2ab4bd751f1c3d93cd50b7fce1c | Second question is around the sustainability of some of these selling and marketing cost declines. With a lot of digitization going on as you're highlighting, what do you think is sustainable of the cost that you've seen decrease, what sort of levels do you think are sustainable long-term relative to sales? | First of all, in the sales side, I think this is sustainable. But we shouldn't forget that our sales costs little bit moved to digital as we expected, but during the COVID-19 period, we see that it become more faster than they expected. For the marketing side, due to COVID-19, we either postponed or canceled parts of m... | intermediate | [
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] | B |
d43dcf1b5e83a922c72b57d3add10df7 | And third question, regarding the Superbox progress. So you've added something like 90,000 subscribers this quarter compared to something like 70,000 in the first quarter. Is this more or less in line with what you were expecting because your competitor reported record numbers of fixed broadband net additions. So I was... | It is 91,000 net adds. But we also add 36,000 fiber subscribers as well. So this is -- for the broadband demand is there and Superbox success shows that customer need higher speed at their home and they are ready to pay almost double -- more than double actually, close to triple ARPU level to our Superbox product to ge... | intermediate | [
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] | B |
fe0e2305eaf85578a2a29adab0013797 | Firstly, could you please elaborate on the ARPU growth trends for the second quarter, for the postpaid and prepaid segments? And could you also remind us, if Superbox ARPU was included under the postpaid segment still? Because given the -- around about 20% price increase year-to-date in the Superbox packages, I was exp... | First of all, thank you very much for the question. The first part, Superbox ARPU, it is included in postpaid segment. But if we look at like-for-like ARPU, like around 13.5% level. So even though Superbox ARPU included, it has limited impact on the ARPU growth of the postpaid. The second thing about the first question... | intermediate | [
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656a7268e341951497bd4d884d4ea517 | And my question -- my second question is on your commitments regarding this automotive project. So I think if I did not hear wrong, you will commit, in total EUR95 million for the project and how much of that will be in 2020 and 2021? | For the commitment for the automotive project, I believe, let me check the numbers the majority of -- as our commitment is EUR95 million, as far as I remember, first EUR19 million has been released. The rest will be released until 2020, end of 2020 -- sorry, 2022. | intermediate | [
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822406470c352a6786ba28162a204b24 | Yeah. Good afternoon. Two questions, please. I firstly, just wanted to talk about this latter comment that you made, that inflation is going down. So on top of that with the roaming falling out, what sort of ARPU, mobile ARPU growth you think you can show in the second half of the year? It doesn't look like it would be... | As you know, the inflationary pricing is a key pillar of our business model. Yet our price action are reflected in pricing with a lag, due to contracted nature of our business. Accordingly, our ARPU growth was much higher than the inflation rate in the last three, four quarters. It's reasonable to see some normalizatio... | direct | [
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] | A |
c05f0f98fb69bbdd8559b8daa0c8dd6f | And then secondly, I just wanted to ask about the working capital dynamics in the second half. So, first half, obviously was quite strong and only part of that is driven by the consumer finance company. There were some trade payables released too. So what do you expect for the second half or full year, whichever is eas... | For the -- I think the question was related to working capital, so we expect a similar level that we are seeing in the first half. | direct | [
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] | A |
4be86f227c98fa4ef023e3d0fb509f6c | Hi. Thanks very much for the opportunity. I have a question -- just follow-up on your comment on fiber investments, and the right-of-way license that you said. Could you maybe give a bit more detail first, on what the implication would be on your investment, sorry, on your investments intensity, especially if you were ... | First of all, last couple of years, we couldn't get -- I couldn't say license is kind of permanent. So when you try to deploy fiber in Turkey, you need to get permit from the Ministry of Transportation and municipality that is the area that we would like to rollout. So, so far, we couldn't get last couple of years, we ... | intermediate | [
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591a841b0f70814d2b63ea0176308087 | Yes, hi. Thank you. Two follow-ups from me, please. One regarding the fiber. You mentioned that there is now more political will for some of the sharing or joint venture projects. Can you just give us a bit more color as to what scenarios are in play, i.e., now that, for example, both you and Turk Telekom have similar ... | First of all, for the first question, my comment is more, I mean, I don't believe that we have common shareholders, because shareholder structure is little bit different. But on this side, I would like to mention that looking at telco asset portfolio of Turkey Wealth Fund, we believe that a fair and convenient environm... | intermediate | [
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e6cee296e1dda0e5284a1a8f0730a6c9 | And the second follow-up, just on the inflationary pricing. Do I read -- or do we read your answer to the previous question in the way that you feel more comfortable about raising prices currently? Because at the one quarter results, you were sort of hesitant to comment on inflationary pricing during the pandemic. So i... | For the inflation, I mean the traffic cost of Turkcell shows, while we will -- we're going to do for the next coming quarter. We always say that we're going to follow inflationary pricing. We would like to continue on this side. As we said before, it was difficult to increase the price during on the pandemic area, whil... | direct | [
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73bf939221e0dcd7a855bc5e34ce838f | VÃctor, I see that you are prioritizing those mines with more significant production. But to what extent cost and/or profitability also play a role in this two-stage strategy that you have put in place? Can you elaborate on that, as well as to what do you see as the cost, if any, of restarting the operations? I mean, ... | Thank you, Carlos, for your question. The first one is related to the restart in two phases. Definitely, this concept is based on the dimension of our operation and also in terms of profitability as well and taking in account the logistic that we have to transport a significant number of people, workers to the sites. S... | intermediate | [
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e003c0c2762acecd68c9525ba6a6a7f4 | Since that is part of Phase 2, starting on June 16, do you think that you will be able to treat the ores or the material from the first quarter that wasn't treated in March and in those two last weeks of June? | Yes. Good question. Juan Carlos -- yes. Juan Carlos Ortiz will explain with more details our strategy.
Thank you for the question. Yes. We'll be able to treat the ore that sits a stockpile in front of the mine during in the incoming months. We have a spare capacity and the processing plant to do so.
Carlos, let me ad... | direct | [
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e06ded53b5ab5b42ebe4160190d12ba8 | My first question is regarding Cerro Verde. We saw that there was a big miss on EBITDA on Cerro Verde. I know that you are not the controlling shareholder. But if you can clarify exactly what happened with the realized prices there that were 30% down quarter over quarter when the LME prices actually were much lower at ... | Thank you, Thiago. Your first question is regarding our EBITDA, our results. Definitely, there are two components, two main components. One of them is volume. As we have [Inaudible] the opportunity to process 17% of date available. And the second part is related -- the second component of this lower EBITDA is related t... | direct | [
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fac10fd2b82e2cf21112b04428ab4c5a | Just wondering, in terms of the ramp-up of the operations for both Phase 1 and Phase 2, maybe you can give us a little idea of how long it's going to take you to ramp up to full capacity on all of these assets. | OK. Thank you, Tanya. Yes. Definitely, we have a plan to obtain the full capacity around June. We can split this information. Juan Carlos, probably you could explain the Phase 1 with more detail regarding Coimolache, Tambomayo to have the most -- to advance unit and also the program for El Brocal [Inaudible] growth rat... | direct | [
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aeb7afae77809d70d3596e8193f483c8 | OK. So by the end of June or thereabout, like July 1 or so, we should be at design capacity? | Yes. That's correct. | direct | [
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316fa3490f73a39d83588a47902fd382 | OK. And can I ask just the other logistics of transportation of your concentrate from the mine site to the port, is that all open? Or are we having issue at the ports in terms of shipping out the concentrate or doré or whatever that you're doing. Is that all open? | Yes. It's a good point, Tanya. As I said, during these 60 days of quarantine or lockdown, we maintain care and maintenance, we maintain special activities or critical activities, and we were allowed to transport our concentrates and also our doré. So this is a significant achievement. And during this period, we were r... | direct | [
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43fcfd011d3f2f6998f32dc630ac9955 | OK. So the ports are open ready for transportation onto your smelters around the world? | Yes. We have maintained open during this pandemic. | direct | [
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a707bab3ce02c4cb63652df0fbc3c059 | Regarding the 154 new ordering customers in second quarter, approximately what percentage of growth that they represent from 1Q '19 numbers? | Percent of growth is probably about 40% of our growth, so we still have very high reorder rates. So we continue to have the -- reorder rates higher than 50%, so that's still driving a lot of the growth that we have in the product. | direct | [
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a77f3c19bee5ffe28f0ec42f1ec98a68 | Speaking of the reorder rate among the 50% customers who reorder, approximately what portion had reorder more than once? | Yes. So the vast majority of what we see are most institutions are ordering anywhere from 3 to 5 times, and they go all the way out to on a weekly basis. So typically what we're finding is, once a hospital orders, we continue to have -- as I mentioned with our Tier 1, which are the larger institutions, have a 65% reord... | intermediate | [
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c9b06ed3d6a0dc4c7e80f3f2c4bab984 | Regarding the new formulary reviews for the rest of the year, can you go over what are some of the major factors that can drive success in those reviews? | I think a lot of it is -- the ones that typically now that we're 37 plus weeks out, you know, what, some of the driving probably important behind those are ones that want to see usage. So they're not the early adopters, so they want to what hospitals in the area have added at the formulary. So I think some of it is pul... | direct | [
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] | A |
4aa0ac3fa7de19856ff72f067279d150 | Basically two questions for me, one is on the -- basically spending, borrowing information? And two, the credit scoring agencies. Any detailed discussion on the actual process, because it's been a little while, and you mentioned basically, there has been a further discussion and there is different versions out there, j... | Okay. So for the draft version of regulation of the administration of credit assessment business was announced, and we have been communicating with regulators for a long time. But actually in the market, there is no standard solution available so far for now. And also as Mr. Chen has mentioned that, actually there are ... | intermediate | [
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ca42e30a6f584720067a4dc250420653 | I will briefly translate my question, firstly on the regulatory developments. So they look like the current direction from the regulators, they kind of tightened the very aspect of the data collection by the internet companies. So I'm wondering, does it mean the regulators issue more stringent regulations on consumer d... | Okay. Thank you, Alex for your question. So regarding to your first one, that we actually we see it tightening as well, about the data capture and usage in this industry. So for regulator side, we think there are two basic principles. The first one is the minimum standard data capture. So apart from capturing data from... | intermediate | [
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b080ddcedd81628e496777a0426610e0 | So let me translate. So congrats for the strong results, my first question is related to regulation as well. So for the 24% interest rate cap, management gave a stress test for next year regarding the margin, probably will go down to 3%. So just want to understand what is our assumptions behind this stress test, regard... | Thank you, Jacky. Regarding to your first question about the stress test. Actually what we have delivered now, is a relatively static test, with all other factors status quo. Especially, there is no improvement in our efficiency. So we estimate, there is no cost to changes in this version of the stress test. However, a... | direct | [
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8235e7f75524da591d213a8ed636c704 | Great. So I just -- I kind of wanted to unpack your comments on the larger client booking loss from last year. So you said they went into operational challenges. So can you maybe give a little bit more color on what they -- what was happening with them, when they notified you about these issues and... | My apologies, that is confidential and proprietary for the clients. What I would say is that, it was not a NextGen issue that caused this to go in this direction. And so we had a significant booking -- the booking was give or take about $4 million annually, and we had reason to expect that they were going to solve thei... | fully_evasive | [
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cdeb08004b5987f07bbe75bec7bac8e8 | Got it. Okay. And I guess just to follow up on that, do you -- in terms of your other clients and that the bookings that you made last year, do you foresee this issue coming up with anybody else or are you fairly confident in the rest of the revenue forecasts for the year? | Yeah. The only reason we actually bring this forward is two-fold. Number one, it's material to the forecast this year, and number two, it's an extraordinary event for us to have something go this way. And therefore, we felt like in the interest of transparency that we needed to share with the investment community the f... | intermediate | [
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4dcd91c36b2fde9e3fb7a8225986458c | Got it. Okay, and then just a second one for me. On the retention, you said 89%, which is exactly the amount you guys are modeling for the full year, so that's great. Just in terms of how you're thinking about it for the rest of the year, you guys have previously mentioned, the key factor to watch is just hospitals and... | Look, I mean, I think we've been pretty clear in the past that a lot of our exposure to hospital consolidation has already run off. And so attrition is just a difficult thing to forecast. We -- that's why we say the number is somewhat volatile, because frankly, you can only read so much into the minds of your clients. ... | intermediate | [
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"fully_evasive"
] | B |
1a7964c8a067f6b12ff53f6effdef945 | Ah, close enough, it's Sean Wieland from Piper. Hey, thanks. So, what's going on with the transfer of expenses from opex to COGS, particularly in sales and marketing? | It's really G&A, Sean. We moved some people from who historically had been part of our IT organization into -- because the vast overtime they'd been doing more work is related to supporting clients, particularly in the managed services area. And so we made the decision that it should be -- that they should be properly ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
37707a8075260ad91ef7b3114dca3cc9 | Yeah, I think so. Can you maybe quantify what the point of impact is on the margin or number of people? | Round numbers, it's about $2 million this quarter. I think about $1.5 million to $2 million. I'm doing it off the top of my head. but I believe that's pretty accurate. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
761431bbf06a4189b343dc8943a6e184 | And then so, other than the $4 million annualized hit from that deferral of the bookings, what else is going on with the revenue to cause the guide down? | Well, what we're seeing, Sean, is we are seeing clients -- and we think this is also a function of the financial pressure on the client base. We are seeing clients move more and more toward recurring and subscription models. And so, we had over the last two years, we've been relatively -- FY '18 and '19, we were relati... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
86342d82fb587ce898b1a3bfd892754a | Okay. And then one more quick one. You have any update on the 20% operating margin goal for FY '22? | Yes. As I said in the opening call, if you'll notice, I said significant operating leverage, I did not say 20%. Our view and we are more still -- frankly, Sean, we're still updating our model based on kind of this new reality. Our view is this probably pushes the 20% into FY '23. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
92bea34a91fd5f0c96d5ed078e1f3b2d | Good afternoon. Thanks for taking my question. Curious if it's possible to allocate the rev guidance reduction between the lower perpetual bookings mix and then the customer that had the challenges. If you can break that out? | Well, it was a $4 million client and we lowered by $8 million [Phonetic].
Even for the CEO, that's the math I can do. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5531be9a6d05ee7bae5d1a4f73fe8f63 | Okay. And then sticking with the bookings last quarter, I recall they were $4 million to $5 million behind your internal expectations. Curious if any of that benefited the quarter you just reported [Indecipherable]. | No, I mean as I said on the last call, I said, look, every single quarter I have my sales team tell me that something slipped. If something slips every quarter, it's not slipping. So last quarter we delivered below our expectations. This quarter we delivered on our expectations. And frankly, most of that was more of th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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