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84311c5765387ba6a70680a6fa2f1ac6 | Hey, guys. Thank you for taking my question. I just want to get a quick update on Veradigm and the strategy you're seeing there, is there any early traction and if you're looking at other ways to monetize that data opportunity to kind of help your topline? | Yes. I think, look, the Veradigm piece, as Jamie said, we had a small one-time revenue event in Q4 that represented kind of the instantiation of the agreement. We expect revenue to start flowing from the Veradigm relationship in the back half of the year. And so at this point in time, we're still in the process of onbo... | direct | [
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bdba9bbe0bee823dfbbf05be12714896 | Sorry about that. I was just wondering if we could -- if there's any sort of margin contribution we can think of and how that can impact out your margin expansion target? | I would think about that as being a revenue contributor, but I would be much more focused on the rest of the P&L, right. As we sit here today, we see Veradigm a little more on the margins. It's a nice additive, but it's not, by no means, the core focus and the core value driver in the P&L. And so we think -- look, it m... | intermediate | [
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bc11267601e2fa1255632fa54e80a470 | You're welcome. My question just going back to the trend in bookings toward more subscription and longer-term recognition. I mean, if we just say the $32 million or so in bookings that you did this quarter, how much of that say would convert to revenue in the current year versus historically? | I would say that the vast majority of it converts within the current year, especially given that it's Q1. But, we haven't really unpacked kind of time for bookings, as much to say that the vast majority of our bookings do go turn to revenue within a year.
In fact, I mean, the reason both the materiality to the forecas... | intermediate | [
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70aeddec95927aee1571760f191deae6 | Okay. That's very helpful. Thanks. And with respect to the restructuring and the shift of R&D resources to Bangalore, I mean, I would think that would be a benefit to you on the EPS line. Maybe you could quantify that for us, Jamie, because, certainly you're reducing the EPS guidance I understand why, but how much of a... | Gene, I'm actually going to answer that qualitatively. R&D restructuring was not driven by cost reductions. The R&D restructuring was driven by increased regulatory intensity from the government, as well as continuing increasing needs from the client base. When it came down to it, our capacity model was not enough with... | direct | [
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ed0ea94c569e99ac5703fc186f02fe4b | Daniel, I'd love to just get your assessment of where the current demand environment is today? And I suspect we could see some issues with the weather across the country here in the first quarter. But -- maybe what are your customers telling you beyond that? | Yeah. I guess back in March or so of 2020, the feeling was that, there was a huge uncertainty, obviously, with COVID and the effects and what have you. But as the States that were closed and metropolitan areas that were closed down to construction deliveries opened back up, you can see that we did very well later in th... | direct | [
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9c4f87df50dc572c3f083df8dd3a204f | Daniel, with copper running -- have you seen any -- has that benefited the aluminum piece to any degree? | I think there's always some sentiment that would support that for sure. As you know though, as copper gets super expensive, there's a lot of discussions around or there's -- many times there's discussions around substituting aluminum and what have you. The good thing in this has been, for us anyway that there is a nice... | direct | [
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3bd9d0135e4a8c9ba19a9ddbe9017fad | Okay. Fair enough last question for me. You know as copper keeps moving up and you mentioned it sounds as though it's forcing some discipline around the industry, Daniel. I wonder if it's allowing you to be more selective in the types of orders and jobs you want to take on and allowing you to put up the sorts and -- at... | Yeah, I think that's a fair assumption. We always try to be super selective. We have fantastic customer base, our distribution model lends itself to the higher quality distributors and I think it's important to point out that our receivables is high as they are, they're all current, which is a testament to the quality ... | intermediate | [
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8c30840589bfb8723ef1dd638f8b648e | So, you mentioned earlier that residential was very strong in 2020. Can you maybe talk to the mix of resi versus non-resi in the quarter or the year and whether that end market mix continue into '21? | Yeah. Good question, Julio. This is Bret. In the fourth quarter, our resi was 29.7%. On a full year basis, residential was about 27%. So on a full-year 27% resi versus 21.8% in full year 2019 and then fourth quarter residential 29.7% versus 20.7% in the fourth quarter of 2019. So it was definitely a heavier emphasis as... | intermediate | [
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81681214cb7260f0a099b506c6de86dc | Got it. And that resi-mix is a little bit higher than traditionally, I think it's been in the past. So, I guess, do you think that mix kind of continues to trend upward for resi or see a steady state to '20? Just how do you see that mix evolving? | Yeah, I mean, sitting here today, Julio. We think and it's the opinion of our sales leadership also that through the end of 2022 we see it being pretty strong. | intermediate | [
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2d8c0cf29880b9358c75e424e55a8f4d | Okay. Yeah, I think Brent asked about it earlier, but on the repurposed service center opening in second quarter, just trying to think about how specifically that impacts the P&L this year? I think you did mentioned it, it allows you to be more efficient and charge more perhaps for that better service. Is there anythin... | I think you've hit it, Julio. I mean, obviously you've got some incremental costs depreciation and otherwise. You'll have some incremental heads. But it's not a huge add, even though the square footage is so much more, really is the layout. It is much more efficient, everything comes in on the south end and goes out on... | intermediate | [
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5a225cde6502c2efa2174724d5c2229f | Your inventory dollars of $92 million ending the year; at first glance, it looks a little lean on a unit basis just given where the copper is, is that a fair assumption? | There was a big push. I mean, we grew it a little bit all in, LIFO in that kind of skews things a bit. But it's pretty consistent year-over-year. You know, it was -- there was a lot of demand as you can see in the third and fourth quarter. And so we were racing in that entire quarter to continue to keep up with orders.... | intermediate | [
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56d706d256fae727677a98eb36f5b8c9 | [Indecipherable] was a great quarter and your spreads rose sequentially into what's typically a seasonally weaker fourth quarter and you sound very optimistic, is there any reason why the spread you saw in the fourth quarter can continue into 2021? | Julio, we talked a little bit about this. We've had a lot of discipline as we approached the market. You look at what COMEX copper is doing and kind of what -- you can read out there and see the trends. That's always been an environment that has been supportive for us. And so we will continue to be very focused on that... | intermediate | [
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624748cb1307062b961c39fbca9992b5 | I wanted to ask about what feels like an ongoing shift to lower value lots just curious whether that's principally the influence of GovPlanet? Or whether that's a trend that you're also seeing across the live auctions and online marketplaces? | Cherilyn it's Sharon. I'll take that. So certainly GovPlanet is an impact that is a channel that has very low kind of item prices. So that's very similar to our tower auctions at our live events. But we equally are still seeing the age of equipment is still tending to kind of the lower -- not later models but it's not ... | direct | [
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8cf82ffd5be89b369b96d040806db2ac | And how do you feel about that strategically? Because I understand that lower value items attract higher fees and that's positive for the revenue rate. But I assume that there's also more competition to sell lower value items versus higher value items? | Cheril This is Karl. We get a lot of those in packages of equipment. So mix constantly changes. It's a balance for us. And we don't see -- the competition is mainly on the large packages and those are just a component of those. | intermediate | [
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251648328639257e8714c83f50dc6a8f | Okay. Fair enough. And then just on SG&A you had some nice leverage there this quarter. Just wondering whether there was anything we should be mindful of as we model like lower stock-based compensation or anything of that nature? | So no we were very pleased with the discipline that the teams showed in their SG&A spending. It's clearly things like travel and promotional costs were very well-managed in the quarter. The compensation expense is the primary driver of what you're seeing in Q3 is really related to variable based performance where we ar... | direct | [
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d36be030942a26afceef2d4fd9dc9cb2 | Okay, thank you for taking my questions. It was another quarter of pretty high inventory sales. Do you think this is going to be more of the trend going forward here? And the margins seem to be a little bit more compressed than it has been historically. Is that correct? And if so are there any levers that you can pull ... | Sure. So I'll tackle that. We're somewhat agnostic to the form at which our contracts are written. And it really is up to consignor demand in terms of whether or not we take something as a straight commission a guaranteed commission contract or an inventory position. The things that will cause inventory to fluctuate po... | intermediate | [
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a33a5678f8a0a58e3bafff80f4810fd6 | Okay. No that makes sense Sharon. And just one more for myself if I could and then I'll turn it over. There's been obviously multiple different areas and segments that are delivering growth. Are there any particular areas or segments that you are most optimistic about in terms of providing growth in the next one to two... | So I think we're very encouraged with what we see in the U.S. and that really has been a tailwind for us for the last few years were just related to equipment supply. So I'd say that that -- clearly what we're seeing in the quarter and the discussions that the U.S. team and the sales teams are having with their custome... | direct | [
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84d661bd8db5ff288045dadf8da271b6 | Sorry I'm still trying to completely understand the different revenue reporting that's changed since you -- since the accounting policies were changing you couldn't just report it in a simpler fashion the way you used to. So the -- when I look at the other revenue that you reported does that all fall into the fee bucke... | So yes. So I assume you're referring to the other segments or the other classification which is made up of other segments. So what's predominantly in there is Ritchie Bros. Financial Services Mascus which is listing fee revenues and hosting fee revenues in RBAS as well as ancillary- and refurb-type revenues that are re... | direct | [
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8bb40c7ee884d8ae4f92f3ac51a158bf | But it's all -- but that is all classified as -- none of those commissions right -- that all fall -- all the other revenue as you described it would be fee based revenue? | Yes it's all in the fee bucket. | direct | [
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3cdf6aa6d2ae014e2ad9280dde5f9ae1 | And other services include Ritchie Brothers the RBAS right? | Yes. RBAS Mascus. Logistics. Logistics costs Our appraisal asset services group it's a mix of a lot of service-related fees that we actually do outside of our auction fee structures. | direct | [
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fae5de4ab93bc29d6e827abf944a7eb3 | Right. I guess what I'm trying to back in to here Sharon is what the -- because I know there's also been some fee harmonization. And I'm trying to figure out how material that was in the quarter or year-to-date? | So the fee -- yes so the fee harmonization is not in the other sector. It's in auctions and marketplaces fee structure. And it was a large driver of total fee growth of 19%. And the 2 real factors the current year harmonization but also what we're seeing is this increase in small lots that you're getting year-over-year... | direct | [
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67537eac136f240e2d3dbecdea87ef1a | Right. So you're saying that there's also a mix component to it? As the lots get smaller you start imposing fees that aren't imposed on larger lots. And that will drive some of that revenue growth? | I would put it a bit differently Ben. I think it's just because on small lots they don't hit the cap. So as a result the percentage of the GTV ends up higher on a rate basis even though the dollars may actually be small on small lots is that they're not -- they just haven't hit the cap level. | direct | [
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550bd4fd38e828189a82e799342282c6 | Right. Okay. And then you did make one reference to the evergreen targets but I realize you're in transition to some new leadership. And I don't know maybe those will be revisited. But -- and then I think I've asked this in past quarters ROIC improved but you're still roughly half of what your target is in two years? D... | So we do look at that. We've done our planning out. All our models indicate that evergreen target is still very much achievable through a combination of continued reduction in debt and earnings growth. | direct | [
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544cde85426c5d44e595059f164f01d0 | So wanted to get your thoughts, Charles, on the outlook for organic growth in the current environment. So you guys obviously provided a pretty robust update on April with $400 million of still net inflows and obviously pretty challenging market conditions. Longer term, it seems like you are still quite excited about th... | Yes. Alex, thanks for the question. Great to have you on the call, and great to hear your voice. Right now, we're seeing about a 20% reduction in activity, so basically gross sales. And as we look at our various metrics in the funnel, that's what we're seeing. It's very hard for us to predict much out past, say, a mont... | intermediate | [
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1b6a8b7425325c24e39dd9f876d17877 | Got it. That's helpful. And I guess, so you mentioned a 20% reduction in sort of gross sales. How does that impact redemption rates as well? Because it feels like they might be slowing down as well as advisors are focusing more on their customers and managing their portfolios and maybe redeeming less so, therefore the ... | Oh, yes. I think that -- well, a couple of different points. So we are seeing low redemption rates. We're really pleased by seeing the activity on the platform with people rebalancing portfolios, transfers and things like that. We really like what we're seeing there. And the redemption rates are quite solid. Now rememb... | direct | [
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a45c2ff44973e1e0bbd3194a0b6f7283 | Great. And then a follow-up just for Gary. So again, understanding the uncertainty in the environment, but pulling the margin guidance, given the fact that assets are back at $60 billion, and you guys identified $22 million of expense reduction, maybe is a little bit surprising. So maybe give us a range of expense outl... | Sure. So let me clarify. As we're talking through redemption rates and whatnot, we've seen our redemption rate really -- we had very low redemption rates over the past two years. They have been very consistent through March and April. Redemption dollars have gone down because now it's a rate on a lower base. But just t... | intermediate | [
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793295e0bb711eed82ee80dada73cba4 | Hey, guys, good afternoon. Gary, just real quick, I wanted to clarify on the last comment. So of the $22 million that you're taking out of the expense base, that's an annualized number. Is that correct? And -- I just want to make sure I have that correct. | So no, that would be -- well, that is the annual number for this year. And that is what we're going to be -- from our planned expense base, we took out $22 million for this year. So it is only for the year but is the annual impact this year, yes. | direct | [
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66c19e58a0773ace2dc231a719fc4311 | OK. Got it. And then, Charles, last quarter, you talked about broker-dealers as both partners and competitors. Just given the changing rate environment, the fact that some of these BDs have levered up pretty significantly, some of the bigger ones, do you see some of the firms that are important partners of AssetMark to... | Yes, Chris, good to talk to you. It's interesting -- I'm going to answer it slightly different than the way you asked, what are we seeing versus what we think we'll see. I think it's just too early to know if there's going to be a lot of changes coming from the broker-dealer world. We certainly are seeing, particularly... | direct | [
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6c905c0572e9505459886fd70dc7a5a2 | Got it. OK. And then lastly, just any quick update on the key initiatives that you've discussed over the last couple of calls, so digitization and, I guess, the RIA channel, specifically? | Yes, yes. So we continue to make excellent progress on our key technology initiatives, particularly around RIA and the OSJ segment to allow them to trade more securities on our platform. We're excited about that, and we're making very good progress and feel good about that, both talking to clients and -- as well as the... | direct | [
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6662270492a4320e76c62f7bf38de840 | Hi. Good afternoon. Thanks for taking my questions. I'll take sort of the opposite side of Alex's earlier questions and go the inorganic route. So equity markets have bounced back, interest rates have not, so some financial revenue is not recovering here. And you mentioned the mode of work will be different going forwa... | Ken, great questions. So it's really interesting thing. The answer to your first question, are we willing to and do we want to engage in deal dialogue? Absolutely. We remain focused on both consolidation and capability deals when they make economic sense and create real value for our clients and for shareholders. So we... | direct | [
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4d10c95b2b607c9c268a488fd7d3e8f0 | OK. Great answer. And yes, I feel it's real. And then maybe the second question, Schwab announced Schwab Stock Slices for fractional shares. How meaningful do you see fractional shares in terms of being an innovation to the wealth management industry? And does AssetMark expect to utilize sort of products or services ar... | So to answer the second part of the question, I don't know if we're going to ever look at it or not. We have a very robust product development and technology capability, and we evaluate every single move that we see competitors or other companies do. We look very carefully at investor behavior and advisor behavior to t... | intermediate | [
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025c65d0d38d8080bb92451d7b1849b0 | Thanks for taking the follow-up. I'll take myself off mute this time around. So I wanted to go back to some of the bigger-picture implications that Charles, you, highlighted in some of your prepared remarks. And I think one of the things you mentioned is change in advisor economics, which so, a, I'm not sure if I heard... | Yes. Thanks for that question. I was wondering if somebody might ask that. So when we look at all the benchmarking studies on advisor pricing, it's exactly as you say. It hasn't moved at all forever. You read about it in investment news and other places, but it just hasn't changed. When we look at our own advisors beca... | direct | [
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40673ec824c602aa0402a72aa405bdd2 | Got it. All right. Gary, just a cleanup for you. When you talk about targeting flat expenses in 2020 versus 2019, are you talking about sort of the total expense base or the operating expense base? So should we only be thinking about employee comp and SG&A and kind of depreciation, amortization? Are you including asset... | No. When we're talking about that, we're talking about the operating expenses. So the employee -- what you said for employee comp, the SG&A, professional fees, etc., we view the variable cost as part of that net revenue number that we have, which is what we're earning net on our assets. That really -- we don't expect t... | direct | [
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cc9a7a2ea3890ae2a3319d014f804006 | So, Paul, starting with you, with respect to the revenue guidance, the $4 million increase for foreign exchange that you are expecting in fiscal 2018 actually suggest that your revenue guidance is coming down here, I was just wondering what's driving the thought process here behind the lower revenue guidance? | Yes, know Mark, I think in my remarks I stated that we're not changing guidance for the incremental $4 million. As I said, earlier in Q1 we had an $800K favorable variance, right, of which $4 million is part of. The rest of that currency is really projected based on the exchange rates and given where we are in the year... | direct | [
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b431f5cb6f134397190d20e7f1d4f82a | On the GCI front, I understand you have the free cable modem subscribers. It looks like they highlight the non-revenue generation was on -- that came down from '19 to '20. What are those? And why did they drop year-on-year? And Greg, on the L-Trip front, can you just give us some context around why you chose that route... | Yeah. So we have had promotions much like the rest of the industry to get the mobile broadband, kind of the sticks that you put in your laptops or the iPad, that sort of thing, and we were giving them away on a promotional basis and when those started to cost customers money, they did start to disconnect those. And so,... | direct | [
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2a59465ca3f1e44823e804b67188615f | The first one is that you mentioned about the 5G upgrades and the related benefits that you're getting on the 4G network. And is there a way you would frame the incremental revenue opportunities relative to the current wireless space of revenue from these upgrades as you look at monetizing that and becoming more compet... | I'll take a stab at the 4G, 5G piece. Basically, by implementing a full 5 band radio in concert with the upgrade to the 5G new radio, we very substantially expanded the total bandwidth available to all cellphones, both 4G and 5G, and what we're seeing is a doubling to tripling of the average throughput that people expe... | intermediate | [
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fdca5bbe583f9d6e93ee1f4d43b3d2f5 | Just following on with the last question. I mean, given the strength in Charter price, how willing would you be to increase the size of the margin loan at Liberty Broadband when that comes due? | Well, we -- just to be clear, we could increase it probably at any time. We haven't drawn the full amount that's available to us. And as you rightly point out, the margin balance is low in terms of -- compared to the size of our Charter investment at Liberty Broadband. That having been said, we're cautious in this envi... | direct | [
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6044ed37a4103cd73154e876d5c01d8c | Hey, thanks for taking my question. A question for Ron Duncan about Alaska. Sounds like you guys are providing a great service for Alaskans who are stuck at home, impacted by COVID. But as far as the economy goes, last time the price of oil declined, there was a lot of talk about austerity programs at the state governm... | Thanks. The state, obviously, gets caught in the double whammy, both between the economic impact of the COVID shutdown and the very low price of oil. The good news is that it's a longer-term impact, and we're unlikely to see the bulk of it until next year. It will take the oil industry a little while to spin down. The ... | direct | [
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b04f22be4b640568d8986faccf394aee | Just had a handful of questions. Particular -- on the advertising side, it looks like business has bounced back nicely there, talk a little bit about what are some of the properties where you're monetizing the highest in terms of advertising, is it through the browser in particular or some of the new products? Maybe ju... | Yeah, it's Song Lin, I guess maybe I'll just comment a bit on the general line and then Frobe can probably comment a bit on the numbers. So I think high level as we also mentioned in our Q4 results, that you know, obviously we see a very strong growth on the news, which is highlighted by the fact that news alone grows ... | intermediate | [
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e01e293aa078d76345c020a2f9abb698 | And then in terms of -- in terms of the Opera Mini browser, I know that business has picked up, that product has really proliferated nicely. Are you able to generate ad revenues out of the Mini browser as well and what is the -- what's the anticipation in terms of scaling that out into other markets? | Yeah. So maybe I'll just comment here. So I've said that, so first clarifying that, of course, Opera Mini is actually the major ones, the browser side generating good ad revenues. It's still because Opera Mini is the emerging markets offering, so it is intrinsically quite big in emerging markets, like Africa. So it is ... | direct | [
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c6e72987663b8b8cbbceeace7203463d | So my first question is our Opera gaming. So I want to ask, what is the strategic target for Opera gaming in 2021 and management comment on the competition landscape of the online games in your business regions? | Yeah. So it's Song Lin. Maybe I will just -- just comment a bit. So just to comment of course is it's new for us as we just announced the acquisition in January, but however, I would say that we have already demonstrated the strength of Opera on gaming by the GX -- by the Opera GX, which are -- gaming, you have 7 milli... | intermediate | [
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42e3033f399650b847af0ddcc661c6aa | So the first one is, with regard to monetizing the browser, do you think that you will benefit form the removal of cookies by other browsers, notably chrome obviously next year and whether you've seen that already with other browsers dropping the cookie thing? And I guess related to that, do you feel any pressure to re... | Yeah, I think -- it's Song Lin. Thanks for the question. It's very, very good question actually. So maybe I'll just starting by answering OPay because that's I remember last. So for OPay, I would like just to clarify of course that invested the Company, so they of course know their own business better than us, but as a... | intermediate | [
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484d0dd1ea04a66f76c8cc9cbe009acf | So my first question is regarding our full year 2021 guidance. So I just wonder if it has incorporate the revenue contribution from our new initiatives such as the newly acquired gaming company? And my second question is regarding our near to mid-term business strategy, so just wonder going forward what will be the pri... | Hi, Frode here. Maybe I can begin. So relative to our growth in 2021 and as Song Lin discussed, this is predominantly driven by our existing products, our existing core, Opera News, most importantly and geographic expansion and monetization efforts that we are doing around up for news and our browsers. We have been ver... | direct | [
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b03dfdaae7b2982fa52e918ce469d98e | Just the first question, just around the top line. I think you had said the expectation would be for more normal rates of growth potentially in the back half of the year but also sounds like maybe consumption is coming in a little bit better in Q1 than you may have expected. And we can see some of that through the data... | Yes. Thanks for being with us, Rob, and I appreciate the question. So, yeah, I think the general kind of summary that you offered is fair, which is we attracted a lot of new households in 2020 and have retained a big chunk of them, which we described in the earlier part of the call. In terms of how the year plays out, ... | direct | [
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d8c6063f2f1d08144e7216ef8d9537de | And then just one quick question on the cost structure, more focused on the commodity side. I know you share some of the cost on the feed side. I just asked because I get a lot of questions around this. It seems like there is some incremental cost inflation pressure, not just for you but for a lot of companies right no... | Thanks, Rob. I'll take the first stab at that and then if Bo wants to chime in on things I've missed, that would be great, too. So you're right. The way that our contracts are structured with our farmers, we made the choice years ago to take the burden of input cost pressure off of the farmer. And what that means is th... | direct | [
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045ddaf0982d8a0cf716e7edaf70e9fe | So, Russell, Bo, maybe just continuing on that exact point on the commodity, just to be clear. If I take that commodity sensitivity that you just discussed and I look at kind of where main feed ingredients have moved and think about some growth in your volumes kind of consistent with your revenue growth, I would think ... | Yes. Thanks for the question, Adam. I think the only thing in your quick talk that you just did that you probably have included is that there's a portion of that $3.4 million for a 10% shift that is butter. And if you think of the butter, it's a higher percentage of the ingredient cost for the butter sales that we have... | direct | [
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1b21128f931b64a659fc1402becc5f1f | OK. That's helpful. And then maybe just, again, more continuing on that point on guidance. And just help us think about kind of you've had a step-up in SG&A in the second half. And should we look at 4Q as maybe more reflective of the run rate as we move into '21? | Yes. I think that that's a good basis to start with. I mean, a couple of things to remember is that in Q4, we did have our secondary offering. So there's some costs associated with the secondary offering that won't be replicated in 2021 in the quarters. And we're still planning to invest behind the business with additi... | direct | [
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827a8fdb5299cb341731836e0b1dfafe | OK. And then just finally on innovation. It was something that, Russell, you mentioned briefly in your prepared remarks. And you talked about kind of next innovation later in the year. And I guess I'm just trying to think about, A, not really a meaningful incremental revenue contributor in '21 if it's the best stuff th... | Yeah. I appreciate that, Adam. I think we've been pretty consistent in our messaging that you don't have to believe in kind of a big blue sky new category entry to believe in the Vital Farms growth story. At the same time, any new product we introduce will need a bunch of really stringent criteria for us across both co... | intermediate | [
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813eba853fceab8eea8d2e4de74b38bc | But the new customer gains in household penetration progress in 2020 was well ahead of our expectations. It was aided in part by the pandemic and the surge in at-home consumption. But can you discuss your priorities for investments in 2021 as you look to continue the progress in household penetration to retain the new ... | Yeah. Good morning, Matthew. Thanks for that. So I think we mentioned in the earlier part of the call that on a kind of percent-of-revenue basis relative to 2020, you'll see expanded investments on both sides, both marketing and trade. And those reflect as much a return to normal as they do a substantial change in the ... | direct | [
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085b0abd7c8ae0be01741253ec4e0c8a | Great. Thank you. And then as a follow-up, can you discuss your expectations for new customer wins in 2021 versus building out distribution at existing accounts, whether that's more doors or additional products in existing doors? | Yeah, appreciate that. We're in so many of the major retailers that can really move the needle in terms of new chains that we might get into. However, as we've said on past calls, we're not necessarily in every door in those chains, and we certainly have room to expand our portfolio in many of those doors. So if I were... | intermediate | [
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c327a5c7b8532925b5363b76ffec20d0 | Just a couple -- just following up on the commodity. When you think about the commodity cost and you think about your pricing structure, how do you balance the idea of potentially taking pricing versus penetration? Or is it that you will allow the higher input cost to kind of do what it's got to do and eventually, it w... | Thanks, Ken. I appreciate the questions, and I'll start. And again, if I miss anything, Bo, please chime in. So first of all, in the spirit of the question around potentially impacting price, we have not taken kind of a price change in several years. And I think that's very consistent with our focus on top-line growth,... | intermediate | [
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b937f5a2b2e11f82605bb23cff72fab4 | Just a quick one for me. I think we covered most of my questions here. But the capacity expansion plans, is that still on track for us? I think you guys said first half of '22. Is that still on track there? | Hey, Jacob. Yes, absolutely. So we continue a pace. We love seeing the pictures. We hope someday to have you all out to see the expansion. We're really excited about it. And yes, we're on schedule for an opening in the first half of '22. | direct | [
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ccb9e04bf7fd4a05f5b2c12465d566f8 | Based on your disclosures, it looks like bookings this quarter in 2Q is tracking maybe around $40 million ish, kind of similar to, I think to last quarter, and so -- if trying to extrapolate this out, do you expect a similar book-to-bill well above one this quarter? And maybe more importantly, given the rising cost env... | With respect to the book-to-bill, obviously the first booking until today higher than the revenue. So our book-to-bill is greater than one. But I'm not sure that this implies that our revenue is in line with the bookings that we had until today. So basically, we don't expect -- we expect some decline or some stabilizat... | direct | [
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6f2db456b0fc6afb005c85143b92ba64 | Again, you're talking about mid to upper teens overall revenue growth. To what degree does this account, this range account for the risk of further disruption to your customers manufacturing or even your own supply chain? And also that's part A and part B would be, if you look at that growth rate for the overall busine... | So Brian, this is Ramy. Let's me answer, let me start with the supply chain. Definitely there are disruptions, but I think we have been able to learn how to manage and work in this environment. And Moshe mentioned that we increased our inventories in order to be sure that we have enough inventory, even if we get a slig... | intermediate | [
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85b005cfb8b7e01cb9ce5d67a85d3e2a | Just the first one on gross margins. Obviously, in the supply environment, it seems like you guys are doing a good job of, one, keeping inventory, and two, being able to at least pass on some of these costs. Can you talk about any actions you might have taken with customers? Are you raising prices at all to keep these ... | Hi, Tom. So, first of all, I think it's a good question about gross margin. I wanted to correct myself when I said, we will maintain gross margin. I meant, we will maintain the current range of 50.5% to 52%. It depends on product mix. We feel more comfortable anywhere between this range. So -- and specifically, for the... | direct | [
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5f49bcea5469b4318ffa9fb9776b0049 | The follow up is just proforming some of the disclosures you gave. The last couple of quarters, you gave advanced packaging compounds, semi front-end and then others. And then this this quarter, you gave CIS separately. Is the right way to think about it? I would assume you need to break out others into both front-end ... | I think in general, the numbers you mentioned are correct. I don't have in front of me the exact number on the front end. As I said, it was a little lower than usual. But we do expect it to rise, to the -- more or less the same levels that we experienced last year. So from that point of view, we don't see any weakness ... | direct | [
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fff92c0819028a1f87b4de9f053ab785 | You guys have talked about for the entire year, just being under $70 million or so in terms of capex. If you look, and you signaled pretty clearly at the end of last year that you need to invest more in the business, just given the higher revenue that you guys are now seeing, are you updating what you think you're goin... | No, Tom, the current level of opex, which close to $70 million for the year are stayed the same. We're not changing anything and we feel comfortable that this will be able to support the current level of business. | direct | [
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565f95dfcc63e053b57adf2d3f97ddd6 | I really want to go back to the question around China lockdown. I think some of the questions were asked around the supply chain side of it. I think you mentioned something around delivery because a good amount of your customers are in the Shanghai region. They may be subject to some of the impact due to the lockdowns.... | So thank you for the question, Charles. So, first of all, based on our current estimates and we went in very details when we made these estimates. And we've done a few things from delivery to really give a priority to the areas across the world globally that -- we have good access and we ensure that we can meet the del... | intermediate | [
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16aef374c14859abe32dff079cf6e467 | Any thought -- puts and takes the order intake between the subcontractors and IDMs because I understand you [Inaudible] segment of the end customers. | So, Charles, it's hard for me to just supply, I don't have the number just read the in front of me. But definitely, there is a significant number that goes to [Inaudible] that's number one. In general, I have --- I will not say the names but definitely significant portion goes to IDMs. And -- but when you look at the i... | intermediate | [
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70e52a9ce318c0578d65c18253c5dbad | I think -- your annual guidance implies second half being black or maybe slightly up relative to the first half. Any thoughts -- for the second half to be a lot higher than what you are currently guiding, what has to happen. I know this is a probably a very tough question, but I want to really understand what can be th... | I'll tell you what's the good side, Charles, of what we are seeing. And I think if we, in our previous discussions, we were very hesitant from backlog and pipeline, looking at the second half. So, the good news that the backlog and the pipeline for the second half of the year is filling up, and overall, it looks good. ... | intermediate | [
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e3669532f3d4383615adce53d51bc6ae | At a higher level, were there any puts and takes in the quarter in terms of end-market demand? I think there's some concern about weaker conditions and maybe smart phones or PCs for semis, overall. And did you see any markets that maybe were weaker than expected? And I know there is that were stronger than expected. Ba... | So Jamie, this is Ramy. So, first of all, let's say the general statement that, yes, we hear about the weakness, where we are aware of the weakness in the second in the cellphone market, in the PC market, even the automotive market is below its usual number. So definitely we hear it and we understand it. We have not se... | direct | [
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23d1db7a5c0abdd57c23bf00b3be368d | Did you guys quantify your specific exposure to just the China region? And how much, or if any of your tools are manufactured in the U.S. and shipped to China? | No. We don't manufacture in the U.S. We manufacturer all the equipment here in Israel. We're using two very large subcontractors' electronics and to build to support us. And so, from that point of view, I think we feel very comfortable from the supply chain, the availability of parts that we will be able to ship all th... | intermediate | [
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afc892fae06eb69135351f61e397e359 | Is there any risks that customers are hauling in tools or ordering more tools and they really need for in-demand just because of uncertainty about supply and about restrictions maybe another regions that don't affect you guys and maybe affect other suppliers? What are you guys doing to ensure that orders are really tie... | So, we've been monitoring this. And I can tell you that the customers that are ordering the machine, in most cases, are actually very excited if we are delayed. We are [Inaudible] at least to the best of our knowledge with all of those issues are going into production. We're getting a lot of requests to support questio... | intermediate | [
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5d604d490f93517885d47afde17189b5 | Hey, I apologize, I missed a little bit at the beginning of the call here. But can you just elaborate a little bit more on the price realization in electrical, is it broad-based across the entire segment? And whether or not you have kind of additional price coming into the market to begin the year here? | Yeah, Jeff, it is quite broad-based in electrical. Close cooperation with our customers. It wasn't easy, certainly. And there was many price pulls, but that's been a good success story for the electrical team.
And I think right now, we're planning it that the wraparound, so how we exited the year, is going to be the w... | intermediate | [
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cd9302d3dcc34dc67745392cc0fc568b | And the price material positive for electrical, that's a dollar number or a margin rate number? | Yeah, it's a dollar number. Yeah. | direct | [
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7af0460670cb41ec51982201f48cd264 | And on Aclara, I get it, the semi shortages and the like. Do you have any visibility on just kind of improving supply there? I would imagine you've been working on supply for the better part of the year here. Just wonder if there's any kind of light at the end of the tunnel or anything else going on with site access or... | Yeah. So specifically, to Aclara, Jeff, the chip shortages are continuing. We expect those to continue well into 2022. There's obviously a lot of work going on to build chip capacity.
But as you know, that's multiyear timing to get those up and running. So, certainly, our plans and projections continue to project that... | direct | [
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e0dbde1c1bc41c7b3a53b5d3f20716fd | I wanted to start off on the investments you have budgeted for some of the innovations. What additional can you add, if anything, on some of the specific product development initiatives you have underway? And then, as we think about the dollars budgeted here, is there any way you can frame it, just total size of that b... | Yeah. Great, Tommy. Let me -- I'll start with that and I'm going to kick it to Bill to kind of provide some color on the numbers around it. But it is, first of all, geared toward these higher-margin, higher-growth opportunities.
So think solar, think data centers, think utility products. We have a portfolio of product... | intermediate | [
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04b7149f2862417d7e8ea6a281252f60 | Just a quick follow-up on the EPS outlook you've provided for the full year. So double digits on full year '22 versus '21. Anything you would offer to help us frame the seasonality in terms of the contribution across the quarters, maybe just comparing it to a typical cadence? | Yeah. Yeah, it's interesting, Tommy. We think it's returning to look a lot more normal seasonally on the top line. And what I'd say on the earnings front, that's a little bit challenging is -- per Jeff's question, we have really, really nice insight on price.
We know what's in the market. We know what our products are... | intermediate | [
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2261be600195407622708c2f86da5213 | Can you just give some color on the segment margins and any drivers there, maybe just like price-cost spread between -- for both of them for '22? | Yeah. So on the electrical side, Steve, by the end of the year, they had gotten ahead. But for the year, they still had headwind on the price-cost side. And so, I think that they're really benefiting from -- for the year anyway, really having that volume kind of drop through in an attractive way.
And so, I think the u... | direct | [
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8f29484582136d960eeae8784ab79e45 | Yeah. I wanted to come back to the order growth, 20%. How does that split between the segments? And I'm curious, are you seeing any more advanced ordering as customers look to secure a spot or double ordering? Or is it really just commensurate with the underlying demand you're seeing in your core markets? | Yeah. I would say that the order pattern has been skewed toward the utility. And our units shipped was a little lower in utility, so a lot of the backlog has been built on that side. And I think you're right to point out that the order pattern is above what our expectation for sustained annual growth rates will be.
An... | direct | [
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c99a724bffbfd90a4b4b10fcdb21923e | Got it. Makes sense. And then, on that point with the order backlog, is some of that were subject to repricing or the escalator clauses within that? You talked about some of the inflationary pressures you're seeing sort of outside roles. Just thinking about how that might be able to move up over the course of the year ... | Yeah. I would say there is very little. We probably have pockets here and there where we see this. But for the most part, we don't.
And that's one of the reasons when Bill talked about that lag between when we see commodities come up, when we go at price and when we actually start to realize that being a little longer... | direct | [
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20f65d93b61c45b46404a7ae93236227 | So I want to continue the discussion here on price-cost and maybe some specific inputs and sensitivity. So I don't buy a lot of boot lace barrel connectors, whatever those are. But just looking over at the catalog, there's an awful lot of steel or stuff that looks like it's made out of it. And with LIFO, maybe deflatio... | Yeah. I think the math problem that you're solving, you're coming at it an interesting way, the same way that I look at it, right, where you have gross margins in this 30% range. So you got your COGS up there in the 70 kind of point land and sort of half of those costs is labor and overhead and burden. So the balance o... | intermediate | [
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ca37ab677526da8d87b30466f323034f | Great. That's super helpful detail. And I'll squeeze in a shorter extra one just because of that. In the T&D components section, is there kind of a pareto of growth in there as it pertains to some of these megatrends like grid hardening? Or is it kind of evenly spread across that segment? Different way of saying, do yo... | Yeah. I would say just on the infrastructure hardware side, I think we feel really great about our position and feel like we have a leading position. As you get to the edge and meters, we feel like we're a very important leading player there. So one of the places that's exciting to us is that space in between the meter... | intermediate | [
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3d8a7e325206caa12ac8a1f6ecc96568 | I don't know if you mentioned I might have just missed the -- missed this, but the 3D Printing expansion that you announced about a week ago or a few days ago. Can you talk about what you are seeing in the 3D Printing industry that's giving you the -- that's making you want to invest in expanding that, what's the cost ... | Yes. And we are really in the initial stages of that and haven't even broke ground on the facility. So we have contracted essentially that to have that facility built. And in the 3D Printing market, it's been growing nicely since the acquisition really back in 2014 and we continue to see a lot of opportunities in the 3... | intermediate | [
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db1e803db54cf3e15225ecb34e8f728a | Right. And the revenue capacity at the existing facility, I guess -- I mean I guess, you are approaching that, I mean you are going to do about $75 million in 3D Printing revenue this year, is that running pretty close to full capacity? | We are projecting it will be by the time that the facility is completed and we have to wait, so yes. | direct | [
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36c3a182291c1e063a0fd9d9da818e47 | Right. And then just wondering if you could just comment on you mentioned, there is an increasing selling and marketing expense, and just in the context of this whole industry becoming more competitive, right. So, a lot of companies spending a lot of money on Google AdWords and what -- can you comment on what you are s... | Yes, I can start. Maybe John can pick up. So, I think as we think about competition, right, you got to remember, we got our four services. And it's not equal across those services, right. First of all, across all our services, in our fastest lead time category, we are absolutely the winners, right. We are the fastest m... | intermediate | [
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2ffe0e746db960dc8f9f61d91e2c093a | Okay. And then -- but my last question if I could is just around pricing trends in the raw materials. How are you managing through this? And how big a deal is this? John, you and I discussed some, but a, you have the competitive environment resulting in the need to experiment with pricing a little bit more particularly... | I think you have hit it right on the head, right, like there are a lot of variables we are playing with. And different materials have different levels of price inflation as well that adds another factor there. I think as we are looking at it and looking at our cost structure, try to break it down to what are probably m... | intermediate | [
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05616d4ddd1fa18e29852ccb94293bd4 | I was hoping to dig in a little bit more on the on the 2.0 inefficiencies and maybe go into a little bit more on that. Is that something, is that a problem with specific to the platform, or is it simply just integration and adaptation by the employees? And would that be like a sales level or manufacturing level, just h... | Absolutely. So, we launched 2.0, earlier in the year. And we expected that there would be things that we have to work through with large systems, a launch like that, both for customers to adapt to using the new system and for our employees to adapt to using the new system. And that's what we saw. And we worked through ... | intermediate | [
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02932d788798fc1d7c7ce5f401ec51d6 | Got it? And is it safe to say that Hubs is still operating separately from the core business? | Yes. So it is | direct | [
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9be2f49d4401e9bfe3eda269dea7483a | I think that gets -- they gets pushed down the line a little bit as you are working to improve the 2.0? | Yes, that's exactly right. So, you recall the timing. We did the acquisition of Hubs and launched 2.0 within a few months of each other, right. We launched 2.0 first in Europe in November and then in the U.S., in February. We did the Hubs acquisition in January. So, at the time, right, we indicated that our intent was ... | direct | [
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fdae1006881356394b0673877094ca5d | Got it. It makes sense. Maybe just one more looking at the current supply chain environment, do you think it's something that could drive more business to your platform as a result of the reshoring, the second sourcing and so on? Have you seen any indication of new customers or activity resulting from this? | Yes, we have and we have talked about our injection molding service and particularly on the parts side of the business, how we are seeing the increased demand. And so that we attribute a lot of that to exactly those affects. | direct | [
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aa01784fde29dd3afcb42d09cf89a36f | First question, you guys mentioned investing in robotics and automation. And I know you already do some of this. So, I am just -- I am wondering, this new technique you are investing in, is it different? What might the timeline look like there? And then how you are thinking about how much it might cost, just any color ... | Sure. So, to improve our gross margins, right, there is a couple of things we are doing. One is pricing, which we have already talked about. And the other is efficiencies. And the efficiencies come in two forms. One is workflow efficiency, which our software teams are helping to drive. And I just kind of described that... | intermediate | [
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74be0633cf01e3038bbfb836dbe33959 | Okay. But this is kind of a combination of adding some to your existing facilities and then also probably investing in more for that new North Carolina expansion? | Yes. I think it's more in the existing operations. And the increase in production in our injection molding allows us to research and look at new opportunities to use robotics and things like that in the process. So, that's where the focus is. | direct | [
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bcd0f6ac26a5f61489c3e6e1f6feecdd | Got it. Okay. Thanks. And then I was wondering, can you guys just touch a little more on the European business, it seems like this obviously impacted kind of the base business, but also had a pretty big impact on Hubs. I am just wondering if you could kind of touch on how -- what the factors are here and then how big t... | Yes. I think in general, we are just seeing macro softness in Europe over this period. And demand has generally softened. And we saw that consistently in the organic business and in Hubs. | intermediate | [
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ecba33a897546aa758ff43b2cec4d698 | Okay, great. And then one more for me, if I can, I know you guys, you called out kind of specifically in the press release that $84 million in cash and investments with no debt. I am just wondering if you can elaborate on the near-term plans you have for that capital? I know you did some repurchases, but kind of lookin... | Yes. I don't think it's hard capital allocation changes. We will continue to invest to support the growth of the business and do opportunistic share repurchases. | intermediate | [
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1adea48551656804ba7cfa4c1ad7b931 | Wanted to talk about Ontario for a second. You spoke about the transition from dot-com to dot-country. Wondering if you could expand a little bit in terms of what the near-term impact could be for Coolbet in the second quarter? It sounds like the dot-country, you're acquiring customers are transitioning customers prett... | Thanks, Chad. I'll take the last part of the question first, and then invite Karen to comment on the first. But the market is pretty much as expected. Our client appears to be ranked around third place in the market and we're very happy with initial ramp up. It's been nearly similar to the September 2018 ramp up when w... | intermediate | [
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cf2bbdab2a5620a399d1709f7bb108cf | Great. Thanks. And then on the revenue guidance, last quarter I think you've mentioned $50 million to $55 million of the revenue guidance would come from B2B. Just wanted to confirm that the split between B2C and B2B is the same. And then the second part of that is, can you talk about the take rate on the B2B business ... | Sure. So we have not seen the effects of the B2B take rate increasing as of yet. So you'll notice that when we're comparing it to the first quarter, last year, we have the effect of course of patent licensing revenue. We're still in this range of 4% to 5%. We believe that the take rate will increase as we move toward t... | direct | [
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bdfcdac6461c55abc96525c47413ca6e | Can we just delve a little farther with California and what you may be able to know there? It seems there maybe you too competing efforts. The one that's more tribal one, that's more commercially driven. Can you just share your thoughts on both of those and sort of how you are positioned within each of those or how you... | Yes, David. Thanks for the question. I mean, you're right. There are two competing proposals out there for California toward the back end of this year. And thankfully, it appears that the third proposal which may lead to significant voter confusion has been benched at least for now. So there will be two proposals going... | direct | [
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5f908aca07fa132ddf96bc35550f5b8a | Curious if you could elaborate on why GameSTACK 2.0 will be more efficient and save $10 million annually versus 1.0? And just maybe some additional details and qualitatively what improvements are coming there? | Yup, Ryan. I'm happy to take that. I mean, you're really talking about one leadership group in software engineering globally, who are moving to one technology system, which is competent to hybrid of GAN existing tech and Coolbet existing tech. One of the most interesting technical efficiencies is certain aspects of the... | direct | [
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180ead7680e5843d22996b188afaa61a | Then just one on the 2023 outlook. You talked some about California. But did I catch you right in the prepared marks? So you were previously assuming California and now you aren't? I guess, can you walk through the puts and takes on 2023 of what assumptions have changed? | Well, as Dermot was alluding to, a lot of it is also just around the cadence of our international launches. So in the original guidance, we had assumed effectively two new territories per year for Coolbet as an example, where between now and the end of next year, it really is primarily around Mexico, that's going to be... | intermediate | [
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"fully_evasive"
] | B |
366d3054ee6f1fa5b66e0beeffe07628 | So $34 million in cash, good balance, there. Seems like what the guidance is here, and even the profitability and cost efficiencies for next. You would have enough cash to inflict free cash flow positive on an organic basis. I guess, one, is that true. And then two, you look at a $30 million notes that you just offered... | We're still expecting to be free cashflow positive in the fourth quarter as we originally guided too. We are not quite there yet because of the level of investment. We're still in hyper growth. And so while we couldn't get there organically if we weren't investing as heavily in GameSTACK 2.0, for example, and again, th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8ce1336d9b51943ed120ca097229cf47 | So, if I may ask quickly on the 1181 to Jen or Dr. O'Day. In terms of patients that you're continuing to treat, could you provide more color on -- you said melanoma, but what sort of patients do you anticipate having update this year and specifically to Garo's comment on what could allow you to transition to a registra... | Jennifer Buell -- President & Chief Operating Officer
Mayank, what I will do -- what we have publicly disclosed based on the data from AGEN1181 is we have seen responses as Dr. O'Day mentioned in tumors that are otherwise unresponsive to immune therapies, those being microsatellite stable endometrial, microsatellite st... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f43f960c0c7d539e8131e677461817bc | Thank you and maybe just a couple more, any incremental color on the CD137 data coming up at ASCO sort of -- how many patients combination versus monotherapy, hard versus cold tumor. Any color on that and then maybe also if you have any update on the sustainable supply of [U.S. } to anyone and sort of where you are wit... | Steven J. ODay -- Chief Medical Officer
Thanks for the question. Obviously, we have embargo data from ASCO. So, obviously I can't give any details around that except to say that as you would expect, all Phase one IO trials or with the tumor types that come into these trials are typically cold tumors and we're very plea... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6a76d7577d3461aeb671b43364ebb7bf | Hi, good morning. This is Jason Bouvier on for Kelly Shi. Thank you for taking our call. We were wondering if you can discuss a little more how you're thinking about the development of the second-gen CTLA-4 anabolic, for example, how do you prioritize? You prioritize the combination therapy with PD-1 or the monotherapy... | Garo H. Armen -- Founder, Executive Chairman & Chief Executive Officer
So let me make a general statement and then I'm going to let Steven and Jen address it. So our strategy from a big picture perspective is very simple. And our strategy is based on data that we have disclosed as well as data that we have in our posit... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d6760bf1ba4d8c4f13545eb6b38e660a | Hi, good morning. This is Heather on for Matt, just on the -- I know you guys are having ongoing conversations with the FDA. I was wondering if you could provide any color on sort of the focus of those conversations. And then the alignment that needs to occur between you and the agency there, then I believe you mention... | Steven J. ODay -- Chief Medical Officer
Yes, I think our previous statements hold there. We are actively expanding these cohorts. And we expect to present updated clinical and safety data at meetings this year. And regarding the additional color on FDA conversations. I think those are confidential, then it will be inap... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
c4745d75ea29bd8eafea65cc9da098c9 | Okay, great. And maybe one more real quick. On the COVID trial, I think last quarter you had mentioned that you expected the dose escalation to wrap up here in the first half of the year and now I think it's sort of shifted to just general finishing in 2021. So I was wondering if you could provide any color on how the ... | Jennifer Buell -- President & Chief Operating Officer
So, I'll say just a couple of points on this, but we have -- we are still on track to complete dose escalation in the first half of this year and then of course expand to Phase two and where we see a real opportunity here in patients who have sequalae, so it's acute... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0b8df93e2c409182b91d78b3ebb35b09 | Thank you for taking my follow-up. I would like to ask the COVID question Jen. And also just the implication of that in cancer as obviously these cell types, the source has to be also very scalable, like how are you sort of making choices what go into as COVID versus your cancer study and also in terms of the communiti... | Jennifer Buell -- President & Chief Operating Officer
So I'll say Mayank. With respect to scalability, the real differentiation of iNKT cells based on our manufacturing process is that we actually have been able to address. This is not a biology problem, it's an engineering problem. The scalability of iNKT cells and we... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
02284b62b3ee1612efc416a257d97e0a | And maybe a follow-up to this as how, any update you could provide on what things you might be looking at going by yourselves versus that there could be a lot of support from external stakeholders, public, private toward some of these activities. So, any color you could provide from a timeline standpoint when we could ... | Garo H. Armen -- Founder, Executive Chairman & Chief Executive Officer
All of these prospects are being actively pursued, Mayank. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
adcc8d1856864e729bf02d00f3beafbc | I guess my first question is any thoughts on how the end markets kind of progressed from here or even kind of force rank the various segments into next quarter as well? Just any thoughts there would be great. | Well, we all know that there is a lot of things going on around the world. We have the war in Europe and lockdowns in China and of course, higher fuel prices and the overall inflation, but for Q2 as we mentioned, we have backlog to the midpoint of our guidance already. And so we really have to wait till the end of Q2 t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
88b538b766b4d0ceff116eade9cbebf4 | If we were to see a slowdown in the second half, do you think these share games that you've taken, like, for example in motor controller or something like that, do you think that's going to be sticky or do you think you give some back to competitors that are maybe more aggressive on pricing or something like that? | That's an excellent question. I believe that our products are so attractive. We would've gotten our share over time anyway. What has happened is thanks to the supply issues with our competitors that share transfer or share gains are happening in a very accelerated manner. But once we get those share gains, we really do... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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