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37834f2c9c1a27a3afdb6cca738c264a | And then I think it was in perhaps Gregg's remarks talking about the International Fueling business seem some activity in Latin America, Africa and India. Maybe, if you could expand upon that a bit, number one? And then number two, sticking with fueling where we're at with this next wave of -- government-related enviro... | Sure, Matt. What we believe is that Latin America, we're seeing more stations build out generally; Southern Africa there has been a couple of significant programs that have been pushed to the -- that are right for a couple of years now that we believe are going to go into the ground; and then India, there is a joint ve... | direct | [
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8453a694ee3782be0a04dcdeb3f25705 | Embedded in your organic assumption for Water and Distribution. What would the outlook be for your North America residential versus ag markets embedded in that? | Yes. So we're thinking about Water and Distribution organic growth in '21 to be right in the 5% range, maybe slightly better than that, Matt. And we embedded in that is the expectation that residential will continue to be strong for both segments. We're seeing some -- this will sound, we're seeing some green shoots on ... | intermediate | [
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5e20cfce11a713665c1080fd36f80eb6 | Can you maybe just talk a little bit about the Distribution acquisition and just how that strengthens the market for you and obviously it's been a very good year for Distribution. So how does that change the landscape? And then maybe can you just talk maybe a little bit about synergies within how they should come throu... | Sure. So, Chris if you go back 2014 and our decision to move away from a large distributor it shows a national footprint preferred and [Indecipherable] and their decision to move away from us and Central United States. So we have -- we've had a long-standing relationship with Gicon, that preceded that change. But we ju... | direct | [
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8f6a07d6dd57eec31a4c8b10ef2d9201 | Could you just maybe talk about given the strength of the balance sheet just the -- your outlook for your additional M&A and what you're seeing in the marketplace? | Yes. So the M&A view has not changed, Chris, it's the number one place that we would like to apply our free cash flow. Strategically, geographic expansion and product line extensions continues to be what we're trying to achieve in our acquisitions. I would say we have a fairly robust pipeline of opportunities and are c... | direct | [
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2e0fb9cfe1705e21198ddce641a72e8d | Just within Fuel Systems you talked about really controlling the cost structure there. Does anything change if that recovery picks up in terms of keeping the cost structure the same from the savings you have this year? | Yes. I think when you look at the SG&A base of growth, this is kind of both fueling and water. What you see in 2020 were big take outs around like travel, Chris, and advertising and trade shows and maybe some of the customer activity that we would normally do. If things come back and start to pick up, of course, that i... | intermediate | [
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03dc972baf71dd20a03acdbb0d549d9c | Hey, guys, thanks for taking the question. Just wondering what your expectations are for the TREASURE and ONE-BRIDGE trials in terms of timing and also as well as the data? Is there kind of a hurdle rate or some level of efficacy that you think would be necessary to provide a strong positive read-through to the MASTERS... | Thanks, Greg, for the question. So just to repeat, the expectations for timing for the ONE-BRIDGE study in Japan and the TREASURE study in Japan and then the read-through from the TREASURE study to our MASTERS-2 study. With respect to the timing, at the end of the day, that's going to be driven by enrollment completion... | intermediate | [
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4c0e061ae9781db7be9ea994411c10af | Hi, everyone. Thanks for taking the questions. So I had some around the MACOVIA trial. I was just wondering if you had actually started enrolling non-COVID ARDS patients into that study? And then do you have any expectations around the breakdown of COVID versus non-COVID patients? And is there still an interim analysis... | Right, right. So kind of three parts to the question. Have we run through the amendments to include other patients, our expectations about breakdown between the subpopulation, so to speak, COVID, non-COVID, new starts, and then interim analysis? So I will take each in turn. We have amended the protocol, and that's oper... | intermediate | [
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9f1c3f7bb73fa754fc5de0beb0189937 | Got it. Thanks. That's really helpful. And then just one on manufacturing. I know that's going to be a priority in upcoming quarters. So I'm just wondering how you're thinking about the overall capacity in terms of things you would do in-house versus where you would leverage the external contract manufacturers. | Yeah. I mean, that's a strategic question. It's one we're thinking through right now, and we'll certainly have a better perspective and deeper perspective over the course of the year. But I think, generally speaking, our perspective is, over time, we're going to have both internal production capacity and external CMO p... | intermediate | [
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9eab97961a4856b6ec603821eb393ea6 | Great. Thanks for the color there. And then maybe just one more if I may. Just on cadence of operating expenses for the year. Can you give any color there? And then how well positioned are you with your current cash runway? | I'll take maybe a first cut at this, Ivor. We feel like we have adequate resources to pursue what we need to pursue in the medium term. I mean, we're really focused on the key priorities this year, which relates to advancing our clinical development activities. Achieving proof of principles and planning for commercial ... | intermediate | [
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102a90dbcf993cf9eace53634af780af | Can you quantify a little bit or speak to the deterioration in fill rates? So what has been the magnitude of that slowdown? And do you think that we see a continued deterioration in the near term? And I guess, other than flexing scale, is there anything else you can do to mitigate that? | Hey, John. This is Chris. I'll start off with the answer on that one. So we saw improving fill rates right up until the end of the summer, right up until basically halfway through our fourth quarter last year, and then it's deteriorated sequentially since then. We did not expect that. We definitely anticipated fill rat... | intermediate | [
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662d4e83d31874bc759ee5c5353fa964 | OK. And then maybe to follow that up, right, if you have fill rates that are better than the industry, that would help you on the pipeline side, right, attracting new customers. But is there a reticence on your part to bring in a lot of new customers in a fill rate environment like this for fear of sort of execution or... | Yeah, not at all. And what we're dealing with here is an industrywide thing. So the advantage that we have is for many suppliers, we're a top five customer to them. So from an allocation standpoint, we tend to get a fair share, a lot of that allocated inventory. So no, it's an industrywide event, and it certainly does ... | direct | [
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25e95a76f66f2e47033026b2d131a9d7 | Hey. Good morning, everybody. So Sandy, I think you called out the reliance on third-party labor in the quarter. From here, absenteeism is likely way down. I think Chris gave a stat on that. And then peak seasonality, peak demand seasonality, is also behind you. So I guess, my question would be with seasonality and abs... | Well, obviously, we'll talk about the third quarter when the third quarter is over on our call. But I think a couple of facts, just to understand the second quarter, is that about two-thirds of our year-over-year operating expense increase was a function of what we had to invest over the holidays in third-party labor a... | intermediate | [
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ec4a464beee32c6251412a58e2c779a5 | OK, perfect. And then how does cash use change with the new lower leverage expectation? I know it had been a goal to get under three. And your flexibility with cash opens up as you meet certain threshold. So how does it change at 2, 7? | Yeah, it's a great question, Bill. This is John. We always look at how to best utilize our cash to the benefit of our shareholders. Certainly, getting below 3x opens up the ability for us to consider returns to shareholders. That door, as I've said before, that door cracks open a little bit below three, and has kicked ... | intermediate | [
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2939b56a089c226bb3dc5394af491965 | Yeah. Hey, guys. Anthony on for Ed. Thanks for taking our question. I just wanted to ask about fuel prices. Can you just talk through how we should be thinking about higher fuel prices going through the financials? To what extent are there hedges in place? And what is baked into customer contracts with surcharges? And ... | Anthony, this is Eric. Our fuel prices, as John mentioned, are up 40% year over year for the second quarter. And we are anticipating that trend, given what's going on in the world here, to continue. We do have a program in place where we can hedge against certain inbound or are backhauling fuel that has been in place a... | direct | [
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ed74d91403e0c29e3a03cff1960a8522 | Got it. That's helpful. And then just on independents, it looks like there was a pretty impressive growth in the segment in the quarter, I think, in excess of 10% on a three-year geometric average basis. I was just hoping you could give us a little more color on what's driving that? How much did omicron play a part in ... | Yeah. So we'll start with the consumer. Certainly, we're seeing food-at-home trends remain elevated by most estimates. It's around 52% of total food spend. That's above pre-COVID levels, and it seems to have plateaued there. In other words, it remains really, really strong. And you have a work-from-home dynamic going o... | intermediate | [
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00428cbb5ed7389667f05cb1c9381de4 | Yeah. Thank you. Thanks for taking the question, everybody. So my question is on your revenue guidance. And I think, Chris, you may have touched base on this right now. So the increase in your revenue guidance, is this still -- is it a 40-60 blend of unit growth versus inflation? Is that still kind of the mix for how y... | It's -- hey, Eric. It's a good question. We don't split it out that way. We look at the revenue growth coming from not only the inflation but the sustainability of servicing the customers that we have today and the customers that we see in the pipeline. | fully_evasive | [
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8d10541f2ff6a1bea0bcd1099d6f0b03 | OK. And so if you achieved your goal in fiscal '22 of $1 billion of kind of new customer sales, what is that delta on a year-over-year basis? I know you had some big sales last year. What is the incremental increase this year if you achieve that $1 billion of new customer revenue? | OK. You're talking about cross-selling. You're talking about the cross-selling number that I referenced? Yeah, yeah, yeah. So that is, in the year, and if you look at our guidance for the year, if you -- we can attribute about $1 billion. We think we'll land about $1 billion as the direct result of the aggregation and ... | intermediate | [
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2e46caff3e53176578a078bfb211e389 | Hi. Good morning. Just following up on one of the questions about your fuel and the ability to pass it through. You mentioned you passed through some of this on a four-week lag. Does -- when you say some, is that the majority of those costs or is it some small component of those fuel costs? | It's -- we passed through less than 50% of the costs. But what we're anticipating, as we think about fuel costs and increases in the internal math that we've done, even in the back half of the year, some of those increases that we're anticipating won't be dramatically material to our financial results between the hedgi... | direct | [
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7446b57eb6c40e455dbf795284ec2fca | OK. That's helpful. Is there any way to think about, in general, what your annual fuel costs were last year so we can get some context about the magnitude of what an increase represents? | Yeah. We haven't provided that information before, so it's not something we would start providing now. | fully_evasive | [
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27e92993acb83581749a5c342cd6a294 | OK. And then my last question is with regard to the lower fill rates that you experienced. I expect the majority of customers are seeing this from suppliers, and -- or they expect that they would see it if they had a supplier other than yourselves. Do you anticipate that this will have any impact in terms of customer r... | Yeah. The answer is no. I mean, our customer base, if they're buying from a wholesaler, there's a big benefit to buy from a wholesaler with scale. And this is an area where scale is a benefit to help improve our ability and access to high-demand items. So there -- this is an industry dynamic. And in this industry dynam... | direct | [
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cb639c7cebfd681b7fc5b668c00853e5 | Hi. Good morning. Thanks for taking our questions. Just wanted to ask about the market contraction that you were planning for this year. And particularly, as you look at your volume trends across channels, if you are seeing or expect to see any divergences in volume by channel or retailer type as customers react to the... | Yeah. Good morning, Kelly. This is Chris. I'll take that one. So I would call the market contraction about what we anticipated. And when I look at that, it's less on a per unit basis and how many units we're shipping, but more on like looking at share shifts that are happening with the industry. And we've seen some shi... | intermediate | [
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bf387b577434d16bbe1577cd7895eb2e | OK, that's helpful. And a question -- another question on just the fill rates. Just helpful commentary about the trends and the challenges there, but could that at all be a benefit to your cross-selling initiative as other suppliers deal with fill rate challenges? And does that maybe open up the doors for you in terms ... | Yeah, it's a great question. The short answer is yes, and I'll point to an example, and that's our brands group. Our brands portfolio does over $1 billion at wholesale. In other words, it's a very large portfolio. And our fill rates on our brands are at 500 to 1,000 bps better than the national brands. So when we antic... | direct | [
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36712e054bf2b6c341841c8560b75074 | OK, thank you. And then maybe just a last one on Key Foods. Is there any color you can help us model with the contribution that was to the quarter? And is the timing of that ramping as expected? And any start-up costs we should be thinking about? | Yeah. We're not going to talk about any specific customer or the margin or revenue associated with them. But we're happy with the Key Food start-up. We're happy with the Allentown distribution center. That's just seven months into its start. We've onboarded a steady workforce there. We're making progress every day. And... | intermediate | [
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ea39c36e7472d2b88cf7bb8250db7c56 | Hi. I have one follow-up on the prior question and one on my own as well. So when you're selling more of your own brand versus brand, is there a significant margin differential or a price point differential? | Hey, Carla. This is Chris. Our brands business are margin accretive. | intermediate | [
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81282b7c9b1a675f03f00507d20e3993 | OK, just like peers. OK, great. And then I know you did an exit for some of your multiemployer pension. Is there any liability remaining? And have you heard anything -- or are your plans eligible for any of the ARPA assistance that we should be hearing about, and your view -- maybe your timing there? | Yeah. Hey, Carla. This is John. We are aware of that, and we do have a team that monitors that, and we do look for opportunities to capitalize on strategic plans to exit. We did that in Q4 of last year. We're monitoring the litigation, and we will continue to do so to look for those opportunities. | fully_evasive | [
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8afd814b50e734e367886bd4472a149e | OK. Have you disclosed the amount of multiemployer off-balance sheet liability that you have as of this quarter or as of last year? | No, I think we disclosed the appropriate amount in our K, so nothing that we would disclose for the quarter. | direct | [
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50655d891d544a88471ff489306cea8e | So first question I had is just on the revenue progression into third quarter and then fourth quarter, mainly on the U.S. side, Im curious what is embedded in your revenue expectation in the U.S. for the third quarter versus your expectation for completions. And then as we move into the fourth quarter, it seems like E&... | Okay. So in terms of the third quarter, were basically listening -- hearing from our customers what they expect to spend in that period. We expect a seasonal incline, like weve talked about. But when we look at what theyre forecasting for the third quarter, were getting into that low to mid single-digit range for our c... | intermediate | [
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20b8f89a4afc62f7e331962ff17ad96e | Understood. Thanks David and then shifting to margins. I understand there are some headwinds in the third quarter in terms of supply chain and perhaps some inflationary cost pressures. So Im curious, as we look into the fourth quarter and perhaps into 2022, if youre able to quantify how much of a headwind, those types ... | Okay. So in the short term, were seeing -- the biggest influencer in gross margins for us over the last five quarters has been inventory charges. Now those tend to be higher in a downturn, which we are out of and lower in a recovery, which were in. So in the first quarter, like Mark has said, we had $5 million in inven... | intermediate | [
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eceab350e1af1f10a59bd8123a333b49 | Thanks. Just following on the line of question about gross margin. As revenue starts to approach $2 billion, the changes youre doing in terms of mix and the efficiencies. Is the 22% gross margin unrealistic off of a $2 billion revenue base? | Well, I dont think its outrageous. I mean, I think its plausible. I think there are many, many things that would impact that. But were at 21. And like we alluded to in our opening comments, we do expect a little downward pressure in the third quarter because of the very low inventory charges. But 22 is within the realm... | direct | [
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0ad87d4c2feedf2eabe9f0a4fc23ed55 | No, that makes sense a nd how does that play into the M&A opportunities, obviously, looking for margin accretive, but any particular areas of focus? | Well, the companies were looking at, of course, our most important metric is how much earnings power they have. So you could have a higher gross -- lower gross margin business, but very strong EBITDA. We would not walk away from those possibilities. Those could be dilutive to gross margins. | intermediate | [
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c7ee9e34eea733571724cc6c33452c5c | Okay. And then just another really strong quarter on managing working capital. Last quarter, you were talking about trying to keep net working capital as a percent of revenue, closer to 15%, came in at 12.3% this quarter. How much of that was a function of maybe delays receiving some of the inventory? And should we sti... | Well, I said in my opening comments, I think a small part of it due to delays in inventory, not a big part of it. Weve been -- I said it before that if you look at our experience in 2020, our EBITDA for the year, I believe, was $57 million -- minus $57 million for 2020, the worst year in our history. And we lost $57 mi... | intermediate | [
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0e3e84413ae84809594843cc6d4d8e3d | So I just wanted to tie up on that 15% to 20% of revenue, still a reasonable target going forward? | I believe so. | direct | [
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5c72bc8ff48b7f44a669635df55110c3 | Back on to the gross margins and pricing. How accepting is the market of price increases associated with inflation? And do you think higher prices have impacted the? | Well, heres what were seeing so far. Our customers, like we talked about exhaustively, are very focused on cash maximization. And that includes good price of goods. So we are getting pushed back from customers on increasing price. We are seeing that. Now so far, weve been able to push customers to substitutes, which mi... | direct | [
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dbd2bc38109b74dc5b1f968125ac7f95 | Okay, that makes sense. And turning over to the WSA spend. I believe you gave us a run rate outlook for 2021. But maybe longer term, how do you expect expenses to layer back in with growth? | So in the short term -- so in 2020, we were very focused on resizing the business in a market that had shrunk by 70% in five months. So -- and youve talked about the metaphor catching a falling knife, and how difficult that is, we believe we caught that knife. And I said two or three quarters ago that were going to be ... | direct | [
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a55f0bf3c12206b86825a02b269c3778 | So first, when you're thinking about potential combination partners in COVID, what do you think you need in terms of an agreement here? I mean are there -- do they -- I don't know, just give me some sense in terms of how you get access to drug and how you might think about those studies. Do you need a formal agreement?... | Thank you, Matt, for your questions. Related to the first question, we are open to partnership. But in the same time, as you have seen with ruzasvir, we are going to be very opportunistic to evaluate externally as we are doing right now internally in terms of P-I [Inaudible]. So as we speak, we are evaluating several o... | intermediate | [
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0124f0aa50d44c2644202c8b3f15442b | How do you see the challenge that you're setting through a regulatory process? Do you see that as a phase 2 or more kind of informing your plans for a phase 2? And second of all, after the phase 1 data, have you sort of narrowed down a dose or multiple doses and dose regimens that you plan to evaluate in the phase 2 [I... | So thank you, Tim. So I think we would consider the study probably to be somewhat of a hybrid, the challenge study, as these are healthy volunteers who are being administered a challenge dose. So I don't know how you would classify it from a regulatory perspective. But I think it's going to be very informative because ... | intermediate | [
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4981bcb0f6078a27b75824bf9fda1872 | So one, for your COVID program, could you just update us a little bit on what you've learned so far with your preclinical testing of combination use of bemnifosbuvir with a protease inhibitor? And I'm also curious, have you done any testing or plan to do testing of the Omicron sub variants that are emerging right now? | Roanna, thank you for your question. Number one, we have data ongoing. So I think it's too early to share related to combination with some P-Is. We are evaluating actually several of them.
And we will share a very likely by, let's say, in -- hopefully, in the near future and when we believe that we have a critical mass... | intermediate | [
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049ccb8bd3bd7b42fcf22c85efbe6893 | So thinking ahead with this phase 2 combination trial that you're going to initiate, what types of features are you considering? Or can you just ballpark, give us a sense of how big this trial might be, what you're hoping to look for in the data in terms of the results? | Yes. But I'm afraid it's not going to be an answer which is going to be very satisfactory because we're in the process of working that out. And so I think we'll be able to give you information a little later in the year, but that's probably not today. | fully_evasive | [
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42de88a8565c8c8456cce4c2476955b4 | Maybe just a first question around the decremental margin assumptions, it looks as if you're guiding for those to be around sort of 40% to 50%, I think at the operating level in the second half. Just wanted to check if that's roughly correct, and what does that embed for under-absorption efforts on your part to try and... | Thanks Julian, it's Dave. You're about right. I'd say once you consider that we'll probably be taking out about $35 million of inventory in the second half, the underlying decrementals are about 50%. And what that reflects is us having an experience not too dissimilar from what we had in the first half, where we're hav... | direct | [
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aa2164bf5b8d4c9b2e67f1460912face | And then a second question maybe for Dave as well. Just on that free cash flow guide, I see the conversion rate guide of 80% for the year. But understood that there are a bunch of adjustments within that adjusted net income line, so maybe if you could give us any help as to what dollar number for free cash flow you're ... | We think we would be -- look, there's a lot of moving parts still in the year, Julian, particularly around working capital, but we would think we would be in that $250 million range for the year. | direct | [
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1b20a00a34f724f7258e446dd5f1dc46 | Can we just dig in a little bit more on the decremental margin topic that Julian brought up? So, as we think about in a -- for a well-run business like you folks have, you typically look for decremental margins to be slightly better than gross margins, and obviously we're looking for decremental margins that are worse ... | Yeah, Jerry, thanks. Look, depending on how quickly we take out cost, I think 50% would represent us kind of flexing the costs that are rather adjustable within the year pretty well. So I think we're not holding back on any cost take-out, but I think we're trying to address those costs that are within our control. The ... | intermediate | [
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c472e2144c3264a94846cf74692a06f1 | And in terms of, just for context, now your sales were down 20% peak to trough, the run rate in the back half of the year is halfway there. Just hypothetically speaking, if we do have demand to take another leg lower than the fixed cost reductions that you're talking about, what kind of decremental margins would we loo... | Jerry, first of all, one of the reasons we're trying to be as realistic as we can about what we see today is so that we can get ahead of the next leg for the rest of the year of potential cost reductions in our manufacturing footprint. But kind of our decremental rate, without taking out fixed cost of 50% to 55%, would... | intermediate | [
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904d7d9160e666a9aa9a05f553916772 | Okay. And lastly, I'm wondering if you could talk about what you're seeing in terms of your industrial aftermarket sales performance in the quarter, and whether that's deteriorated in 3Q as you've guided to for the business as a whole. | Sure, Jerry, this is Ivo. We've definitely seen deceleration as the quarter progressed, particularly anything ag related. And so we have been pretty pragmatic looking at the back half of the year and extrapolated the deceleration for the second half. | direct | [
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6695774cc3b7de83a78f44ef573906f1 | And that's in aftermarket as well, Ivo, just to be clear? | That's both, yes. | direct | [
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6b374b3b4049d65e6c468d73583bca35 | Ivo, I just wanted to ask you about this downturn versus previous downturns and how the businesses are acting. One of the attributes of the Company in the past was that its large replacement business would lead to some resiliency in the downturn, but those businesses, I think in most cases, have weakened as much as fir... | Sure. So through the cycle, the replacement businesses are more resilient, Andy, than our first-fit businesses, and we've certainly seen that in Q2 as well. But as market moves, you have a tendency to see the replacement businesses to decelerate first and reaccelerate first. And so our view is that we will see the same... | intermediate | [
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53eb2aba1c11828f49f3eaac0440fe06 | Okay, thanks for that, Ivo. And then just focusing on the guidance, Dave, you mentioned that your new revenue and EBITDA guidance for the year is reflecting the demand as you exited Q2. Have you seen any stabilization here over the summer in July, and what do you think the risk is that your business could still get wor... | Andy, what we saw in July was rather consistent with what we saw in June. And as we look to the rest of the year, we've kind of, as you said, extrapolated that environment, but we did include a little bit of further deceleration, which is why you see the back half coming in at negative 8.5%. We know automotive first-fi... | intermediate | [
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bcecc33fca00b49d3c85aaeac0f06a38 | And Ivo, I just wanted to ask you about Chinese auto replacement. It's been obviously quite strong and resilient. Do you see that continuing? Is it sort of new product related on your part, just the market itself? Maybe any more color there you could give us on resiliency in that market. | Sure. So, look, I mean, the Chinese auto AR business is expected to continue to deliver solid growth for us for foreseeable future, primarily driven by the positive dynamics in growing installed base of cars in use or a car parc. The business grew approximately 16% in Q2. And our very strong coverage of our portfolio, ... | direct | [
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51b3c6c794bc653fd58e2ea3c80c3164 | Hey, could we talk about pricing? Oftentimes in downturns, you get different pricing behaviors out of competitors. And have you observed anything, any sort of responses, competitive responses here, maybe if we start there, please? | I would say, Deane, that we start to see a somewhat more competitive backdrop to the market, particularly in Europe, where we have seen much more market compression over the last couple of quarters. So there, we see that it's becoming more competitive. In North America, less so, to be honest with you, and in China, we ... | direct | [
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aa093661d73382c5221c910ce4fb6011 | Understood. And then, I may have missed this, but when you talked about the restructuring plans being layered this year and next year, it sounded like there was an opportunity to pull forward some of the restructuring and do more of this, but it sounded tentative. What's that contingent on, and why -- what would the --... | Deane, we will definitely look to -- I think, a little of the tentativeness, as you put it, would be around just the execution particularly in some of the foreign jurisdictions and some of the complexities associated with moving lines. So, we will push it as hard as we can, but we also recognize that we have to be care... | intermediate | [
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93eece1700f094b6e6fba97821d18be5 | Got that. And then, I think I missed this in your answer to Andy's questions, because it came up also in prepared remarks that you are assuming some markets decelerate further. Were those geographic references or there's particular verticals that you think worsen from here? | We have anticipated that particularly in North America is going to decelerate further, and industrial markets, primarily driven by ag, are going to decelerate further into second half. | direct | [
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27abc2496a5230e244a3b8b335a31009 | So I think you called out like drawing down inventories, $35 million. I'm just trying to get a sense of if you take the destock you're seeing from your distributors and then your destock, like where do you think we are versus normal as you enter 2020 given the demand landscape? And just any learnings from kind of asses... | So, Jeff, I would say that we have seen a good amount of destocking roll through the automotive replacement channels, particularly in Europe and North America in the first half. And our sense is although -- as you can imagine, it is difficult to predict precisely, but our sense is that that is working itself through, a... | intermediate | [
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18ddce561544b10f05bb751f7ffa1449 | Okay. And then I think your guidance is just kind of high single-digit, low double-digit declines for the back half. Can you just give us a sense of what OE looks like within that mix versus aftermarket? | Jeff, we're not giving the guide by channel, but I would say rather -- I would say most of the deceleration, the incremental deceleration is going to be more so related to industrial, and we're seeing it both on the aftermarket and the first-fit side. | intermediate | [
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da841fdd38949c1349b4a788c0323176 | Okay. And then just last one on the comment about the filings and repurchase, like you're not considering -- I mean, is that basically the reason you put those one out because you're thinking of buying back stock or just how do you think about buyback given the leverage? | Yeah. Those filings are done in the ordinary course of business to give us the optionality to do that in the future, and they're not associated with any current plan. We've talked about our priority being deleveraging the business while doing what's right for the long-term health or growth of the business, and that rem... | intermediate | [
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4733340d96e5d6d4687db998bb830e05 | So I wanted to start with the -- you have more visibility on the use of full WRAMs, but you've been asking for rehearing of that decision removing the full WRAM for you beyond 2024. So I was just wondering how this request has been proceeding. | Yes, with regard to the request for rehearing, we have not heard back from the CPUC at this point on that. Hope I understood your question, Angie. | direct | [
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78b9d983c9fba1e73c025f6f08ecdef5 | Yes, exactly. Yeah, I'm -- so we're basically waiting for their decision. If they decide not to rehear it, should we expect that you will challenge this decision in courts? | Yeah, so that was something we and others have given -- are giving a lot of thought to the -- unfortunately in California, the only option we have is to challenge it at the California Supreme Court level and then, of course, the Supreme Court will -- would be -- it'll be able to hear the case. They have to -- would hav... | intermediate | [
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ed7ac2c6a83e1b80f506df87b9fe8039 | Okay, thank you. And then separately, given yesterday's decision, and thus the requirements to file your cost of capital application by early May and the fact that the 10-year treasury yield is almost 100 bps lower now versus where it was when the client ROEs were set, could you maybe talk us through your thought proce... | Right. Yeah, there is, as you know, a lot that goes into the mix when determining an appropriate cost of capital, and specifically, the authorized return on equity. Yeah, I don't -- difficult to predict how things are going to move forward there. The fact that California's ROEs are already low relative to the rest of t... | intermediate | [
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81d5d7cac0210d63c4090749ef3c4449 | And just the last question on ASUS. So I appreciate your comments that you're hoping for additional contract awards. We were hoping to see some additional contract awards in late 2020. They didn't happen. I understand that the change in administration doesn't help here. So do you have any sense when exactly -- roughly ... | Hard to predict. It's -- just to be myself, I would say it's going to probably at least be the second quarter before we hear anything on those bases where we've submitted a bid and it's gotten to the final bid process. I think you hit the nail on the head with the change in administration always seems to delay things. ... | direct | [
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7422e6f40f053d309a754964c30f082d | Just kind of following up on that last question, how many bases, Bob, do you think could be awarded, say, in the next 12 months? Is it still -- I think, like two to three is what you were kind of anticipating were in the final stage? | Yeah, I would say, you might think about two. I mean, that's how I think about it. There was one base in Hawaii that the Government decided not to privatize ultimately and that was sort of on the list of bases folks were bidding on, so that's why I would say two rather than three. | direct | [
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449abd399ea18df9c97fb87fc99d8512 | Okay. And then what sort of total level of ASUS construction expenses are you anticipating for full-year '21? I know you were running in the $50 million to $55 million range before this bump up in 2020, but I did -- the $15 million [Phonetic] award is a little lower than the $23 million to $24 million, I think, you've ... | Well, we do expect -- we think the $15.5 million was outlier. I mean, it was a -- we think it was a function of COVID-19 largely, and we do expect that number to improve in 2021. I don't know, Eva, you... Yeah. I think, Jonathan, it all depends on construction activity and what kind of work we do. If we can -- if we ha... | intermediate | [
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659819ab497fc15cc8c7f2584a600856 | Okay. So I mean, when you say this is your guidance based on the COVID uncertainties, if things kind of clear up and maybe you are able to get some more of the construction work, that's where we could see either something above the midpoint of that range or something like that for ASUS. That's where the uncertainties a... | It is. Yeah. Yeah. That's a fair statement. If things clear up, we could be more on the higher end of that range than around the midpoint. | direct | [
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ae114ab1207e493149b504a8c629d7f9 | Okay. And then, I haven't seen that the CPUC denied that extension. So sorry to hear that. Did they give any rationale as to why it was denied or was it just pretty much pretty vanilla, just no luck filled that application? | I'm just going to read to you the paragraph from the letter. It says, with the one-year extension that you've already received, it has been four years since your last cost of capital filings. During that period, interest rates have fallen significantly, a development that should be reflected in your authorized cost of ... | direct | [
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abdbda33587200df741c2ec19bdcc20d | Okay. So they do site the fact that interest rates are lower now. Okay, that is interesting. Have you -- in your attempts to get the extension, did you have engaged like the PAO in any sort of like potential settlement discussions or did of file -- you filed, they submit their opposition, and you kind of -- it was left... | Yeah. So it's a kind of an industry effort. See, I mean, it's interesting, public advocates -- their opposition to the deferral request was largely a function of, gee, you're getting money and rates to file this application, and therefore you should. Though it wasn't a very strong opposition, but I know the companies h... | intermediate | [
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8be4800c977479f2c47b006b5af7b90b | Yeah, I just wasn't sure like in the past on the electric side, there was some precedent where they got together with the consumer advocate and propose a two-year extension, but then it did include like a little bit of a stepdown in the ROE. I didn't know, you guys, if the water is trying to broker any sort of deal lik... | Yeah, historically we haven't -- we've kind of done things differently than the electric. Electric easily would try to get public advocates or turn involve in the initial request of a deferral. We, in the water space, haven't historically done that. | direct | [
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725b47dcdd218b37b680d6805ad8dda7 | Okay. And then, Eva, maybe this one is for you. What kind of consolidated tax rate do you expect in 2021? I think '18 and '19 were closer to 22% before jumping up to like 24% this year. | I think, we'll be -- probably go back to a lower effective tax rate. There're certain things impacted this year on the income tax rate. So if you look at not 2020 but 2019 and prior years, probably a better benchmark for your protection. | intermediate | [
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5f9de4baf78465ca3922eaf94b7b35c9 | Okay. And then finally, the comment about not seeing the need to issue equity. What kind of period does that cover? Is that like a three-year forward outlook, is that five years? | It is three years, I would say, Jonathan. | direct | [
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b69b26b814676908c32e7feb034af370 | Hey, guys, thanks for taking my question. I really wanted to ask you about the changes in pricing across the market that we've seen in specifically what have historically been lower cost feedstocks. Essentially, you mentioned that soybean oil prices were actually cheaper than some of those historically advantaged feeds... | Yeah, Patrick, it's Chad. Thanks for your question. And if you look on Slide 6, it really kind of shows you that compression and the evolution of the feedstock, and then again, on Slide 7 of this deck shows exactly what you just described. So we have C.J. was saying have seen changes in pricing of lower cost feedstocks... | intermediate | [
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6a58d09008535238d7ca1525003f153a | Okay. That's very helpful. My follow-up question is that on the off chance this BTC keeps getting pushed back or worst case scenario gets shelved completely. I was wondering if you could talk about how that affects your willingness or ability to fund some of your slate of growth projects going forward? | Sure. So on the one hand, as C.J. mentioned in the beginning of the third quarter, we've started to see that this is -- this 20 months of lapsed BTC has been wearing on the industry from our announcement to shut New Boston and the Flint Hills closure of the plant in Nebraska, you can see that. You can also see it in ou... | direct | [
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bad6b3deb5b1d9598186b2c527aa2b27 | Good evening and thanks for taking my questions. So Chad, the changes in BTC expectations over the quarter, 63 to 81, seems like there was a fairly significant change in sentiment among the buyers of your biofuel. My back-of-the-envelope math is somewhere between 55 million and 60 million gallons, was moved to where yo... | Yeah. Thanks for the question, Craig. Yeah, what we saw during the quarter was $18 million more of BTC upside to us than we would have expected based on our traditional relationship and I think it was an evolution of customer risk appetite. You think of the 20 months of some of our customers have very large exposures t... | intermediate | [
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94effa56c7a2d67c3c7d784f21d4bca8 | Okay, excellent. And then, this quarter you didn't have as much as much of a detailed discussion about Geismar and Geismar's contribution to the quarter. Can you maybe update us on how Geismar is performing, is that still a nicely profitable plant, even in this difficult environment? Should we expect Geismar to continu... | Yes, Geismar is performing well, it's running very well. It had a successful turnaround and it continued to be profitable, we're very happy with the plant, as you know, we don't give specific details on plant economics. We do have some industry markers out there where you can get a sense of likely the way renewable die... | intermediate | [
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d25acc057bedd6006c785ba0ca332c66 | Okay and then just looking at potential opportunities out there, you mentioned on the call, 20 months waiting for our good friends in Congress to actually do their job and implement legislation properly and reinstate this blenders credit. Is there an opportunity now on the fats side, given that some people are obviousl... | Yeah. So what you saw us doing throughout the quarter is increasing our mix of soybean oil and canola inclusion because of that yield advantage of using the easier to process feedstocks and we probably -- I think it was 25% mix of soybean oil and canola last year compared to roughly 38% in the second quarter. So you've... | intermediate | [
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ea3ef31d2a019a1fbffab02b69bc49a4 | Okay. And then last question if I may. California low carbon fuel standard. I think you mentioned was a $20 million positive delta going from the second quarter into the third quarter. Should we continue to expect that into the fourth calendar quarter as an uplift to overall profitability? | Yes. So the second quarter did not have the benefit of any California LCFS credits. So that was transferred into the third quarter and then the fourth quarter, we expect to be as strong and arguably strengthening. What we've seen year-over-year is a California LCFS average price go from about $133 a year ago during the... | direct | [
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0e270c2690eda5b8d84ef51699295698 | Hi, I'm just trying understand that if your customers are, you know, have enough as far as BTC credit exposure is concerned. Wouldn't that also cause some adjustment pricing as far as what you're selling into the market for? Or is there just too much pressure from competitors just producing as much as they can even tho... | I think it's -- Hamed, thanks for the question. I think that's certainly a signal that the market needs to adjust. So, you know, you didn't see that happening in the second quarter. In July, you saw two plant closures, our New Boston plant and the Beatrice plant. There's also some industry talk about reduced run rates.... | intermediate | [
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dd0d563dc471cee068b0491e454eb59e | And do you consider yourselves as the lowest cost producer in the industry? And as far as your competitors go, do you think there's anyone that's prone to be actually closing down anytime soon? | Yeah. Well, we're very competitively positioned and our ability to switch between feedstocks is an advantage for us, for sure. You know, so that we were able to use the lowest cost feedstocks that our optimized model suggests that we need to run. So it is an advantage for us. The other advantage that we have is our sca... | intermediate | [
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d44b8445f1459402f2647011ab6c3599 | Okay. My last question is just, given that on the basis that BTC is not extended or renewed, what's your operational plan? I mean, obviously you can't be producing business at a negative gross margin. So what are you guys operationally looking to do? | Yeah. So it gets back to an earlier comment I made. You know, it's the -- monitoring plant by plant. You have the New Boston shut down. You have, you know, positioning our balance sheet to weather this storm. We've slowed down capital expenditures too from our original operating plan and just watching margins at plants... | direct | [
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3ba7613d207c2df0db87c376450d63b1 | Just clearly, macro trends appear better with you guys taking up the range on domains on the revenue side. I know you mentioned in your prepared remarks that that was sort of strength across the board, and I was wondering if you could add a little more context to that, maybe both from a geographic perspective to see if... | Well, first of all, I think the recovering economy is certainly contributing to increased Internet use, and that includes additional domain name used. Good part of the strength came from the U.S., but it was very broad-based in virtually all geographic regions. We do have limited visibility recall through our channel, ... | direct | [
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903b64bf70a160e1cecc21f06fd2bd05 | I know you guys, going back a couple of quarters, have talked a bit about the need for increased operational spend for your infrastructure and R&D and security and things like that. I guess couple of questions. How do you feel you are in that trajectory? And I guess, by your implied increased revenue guide for the year... | Yes. Thanks, Rob. Similar to last year and continued this year, we continue to spend, as you indicate and invest in areas of cybersecurity as well as infrastructure areas. And those are both in personnel as well as new software tools. And you can see that our headcount for the year -- for the quarter ended at 918 peopl... | intermediate | [
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7995571cb299d79e6d194dddbfd8cd91 | I guess the first one, can you just expand a little bit on the timeline for.web? 60 days from the seventh, a decision needs to be made, and then it sounds like there potentially is additional time after that. I guess how should we be thinking about the 60-day timeline in the context of when.web will be delegated and th... | Well, first of all, the -- so the announcement from the IRP panel was that they had concluded their hearing on April 7th, and that started the 60-day clock that you're referring to. So they have concluded the hearing. We assume that in that time frame, their final report will be issued. So that being the, hopefully, fi... | intermediate | [
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093b1598f48d2ea843edc8a6d6ae7d71 | I look at the domain name industry brief. TLDs declined. I think it's like $4.5 million or a little less sequentially,.com continues to grow. Can you talk about kind of what's underpinning, I guess, what would be share gains in terms of.com gaming and TLDs and maybe why others are declining? Any thoughts on those trend... | Well, so let me just say, first of all, that we did understand that this broad-based bit of growth in ads that we had this quarter. The registrars are reporting, this is growth from small businesses and individuals and it's broad-based. The competitive registries, we don't have insights into their particular businesses... | intermediate | [
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e759fb312a57038af91096446178af9a | So just following along that line of questioning, the $11.6 million gross new registration in the quarter was up nicely versus what you saw last year. You pointed to both small business and consumers, but I'm wondering what you might be hearing back from the registrars in terms of the mix. How much of this might be tie... | Yes. I would say, Sterling, we don't quite get a detailed mix of all the registrars. I can tell you that from what we do here, they're seeing good demand for consumers -- I mean, businesses wanting to get online. As you know, over the last couple of years, registrars have invested a lot of money in increasing the utili... | intermediate | [
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cceefb27c776453968965ef0d2385952 | And then if you look at the total number of new TLDs, it's been in kind of a steady decline from when it hits the peak back in, let's say, September of 2020. How much of that is just kind of failed marketing programs? And have you heard from the registrars that they just kind of, back to Jim, your comment,.com and.net ... | Well, let me -- I'll ask George to comment on that. But first, let me just add this and this sort of goes to next question earlier as well. I think what we're not mentioning here is this is a very competitive marketplace, and we haven't mentioned the country code TLDs, especially the ones that have been commercialized,... | intermediate | [
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8a9d7031f67ce8ff7e0de9e0e0804e5c | And then for your own marketing programs here for 2021, can you give us a sense, within the context of the guidance you've given around margins, how should we think about the marketing spend and in light of a potential favorable ruling on.web, what should we be thinking about the plans to put the marketing muscle behin... | So this is George, Sterling. So as far as.web and marketing muscle, I just think it's too early at that point. The guidance that we provided this year for both revenue expense, as Jim mentioned, doesn't include any revenue or expense associated with.web. Once we have the TLD delegated, and we've got our plans in place,... | intermediate | [
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d3c4b62d067fe2347a56101ab9e03361 | .net in pricing. So you made a price decision here on.com, it's been announced. But it's been a little bit since you last took a price action on.net. What are your thoughts around -- what you might be doing here with pricing for.net in 2021 or 2022? | Yes, Sterling, and I'll give you the -- you've asked the same question. I have to give you the same answer. We don't guide to pricing, of course. I'll just point out that.net is competitively priced..com is, of course, below it at this point, but we don't guide to the future pricing decisions. And as you pointed out, w... | fully_evasive | [
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6115df147b3bcf9eb8458b374ae745eb | Can you give us a little bit more color? I think, Adam, you said that you guys are spending a lot of time working with Five Star and can be of assistance with making that entity a bit more stable in this challenging market. What type of forms of assistance might we see there? | When I think about assistance, I'm talking about my time and senior folks in the RMR organization spending time helping them work through their business plan and how they're going to fix their business and no longer have a going concern issue. And so it's really spending time on their business plan, making sure and ass... | direct | [
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bbdeb0722b612cb6526c989bf5c38000 | So, as it stands at the moment, we're not talking about any type of financial assistance or investment into Five Star on a dollar basis? | From RMR, no, there's nothing like that that's currently being contemplated. | direct | [
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79fcb47ed5df5f5e32fb6a06acd400ad | And then moving on to Tremont, can you kind of walk through what you're seeing in that business, the challenges there, and how those might be overcome over the next year or two? | With regards to Tremont, I think that business is progressing largely as it talked about. When it did its quarterly call and announced its results for the third quarter, it said, it publicly announced that it believed it would have all of its money invested by the end of the year and be in a position to hopefully annou... | intermediate | [
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6439a096fa72dd0812fe6dcd7481572b | On The RMR Office Property Fund, now that it's kind of been officially announced and people know that it's the real deal, have you changed your view at all since you made that announcement last quarter as to how quickly that business could ramp? | There's no real change in our view from what we said last quarter, which, I believe, was somewhere -- we may not have our first investment for 1 to 2 years. And the sales lead takes time there. I'm largely saying that there's no change in our view because we intend to kick off marketing in earnest January 1. We have ha... | direct | [
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a5194058394220c335b8667f15dcb9ff | Could you please add more color on the private fund and also the real estate securities management platform? And in specific, for the private fund, do you still maintain the $0.15 incremental EPS guidance in 2019? And also, for the real estate securities management platform, you mentioned it a little bit over the past ... | Hey, Owen, it's Matt. I'll take the first part. I think the $0.15 has probably come down and that's largely due to the expectation being pushed out, in terms of when RMR's $100 million commitment will be pulled. I think we initially expected maybe a mid-fiscal-year utilization, which would then translate into dividends... | direct | [
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9ac2781b0591be4e7a483624647b6b36 | The shareholders of GOV and SIR will vote on the merger later this month. Based on the current progress, when would you expect the deal to close if shareholders approve the merger? I think you kind of alluded to the end of the second quarter but I want to make sure I understand it correctly.
And also will the pro form... | Sure. Yeah, so the merger is currently scheduled to be voted on by both SIR and GOV shareholders. I believe it's Thursday, December 20th, I believe is the date. And if it's approved at that meeting, which our view is and which our expectation is that it would be approved at that date at those meetings, we would be on t... | intermediate | [
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79c77410fc22d00f2777524f8cb51c65 | How would you think about -- would RMR prefer OPI, Office Properties Income Trust, to sell the $750 million of property over the selling of 2.8 million shares of RMR shares to reduce their leverage? Given the recent stock movement of RMR, what are your considerations here right now, in terms of reducing the leverage? | Yeah, I think RMR's largely indifferent. It's really a decision for the board of the new OPI to consider that after the merger is closed. These would be secondary shares that would be sold and so RMR doesn't have a particularly strong view one way or the other. I could come up with arguments pro and con each way from R... | direct | [
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423bf040d16813059648b56a21ba6793 | Maybe just help me understand the inventory levels. So, are you guys working through some lower margin inventory yet, or has that kind of been worked through? | Yeah, channel inventory is in reasonably good shape, actually. If you look back to where it was at the end of last quarter, U.S. retail channel inventory was up near 16 weeks. Our goal is for 10 to 14 weeks.
We brought that down in Q2, and we ended the quarter within our target range at 11.8 weeks. So, it's right there... | intermediate | [
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ab3df2bf69336608ba799dd1120d8e77 | And maybe, just on Verisure contract, obviously, they're a huge portion of the revenue. But talking about Calix, can you give us an update -- their revenue edge segment was up 129%. Maybe if you could just kind of give us a progress update on how things are going with Calix, that would be helpful. | Yeah, I'd be happy to. And in fact, you called out Verisure as well, and you can see what a strong quarter we've had as we continue to roll out with them. On Calix, we're really still in the rollout phase. And so, we're adding BSPs or their customers' broadband service providers every quarter and look to continue to ra... | direct | [
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d6ffeb66e247460afc04167e0aea5698 | And maybe just on 2023 guidance, you're still expecting to double the growth rate from '22? | Yeah, that's still where we see it. Obviously, the macroenvironment, you know, has somewhat changed since we gave the guidance earlier the part of this year. In terms of growth rate year over year, yes, we still believe that that is reasonable. We just literally kicked off the awareness campaign that is obviously, you ... | direct | [
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] | A |
9dd1d36a2a0ea8a034e18adcf3e2bcb1 | Hi, could you just talk about the rate of paid subscribers, if you're doing anything different than what you've talked about to investors given that it's been rising at a steady increase? And just want to see what's causing that. And is it, you know, stable to assume that that will continue? | Yeah, it's a great question, Hamed. I think some of the growth in the past has been us phasing in the new business model. So if you go back over the last 12 to 18 months, especially if you go back a couple of quarters and look past from there, you know, some of that quarter-over-quarter growth was being driven by us, r... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fd829604d57d6eecd99fea2b7638323a | And could you just talk about the inventory situation with -- in the channel with retailers in the current environment? Are you looking to sell more directly to the consumer going into Q4? And how comfortable are you that the consumer is not going to retract on their spending habits? | Yeah. From an inventory perspective, I think, Gordon gave a great overview on where we sit from a channel inventory across the regions. The commentary in the script is really around we're seeing specific retailers trying to optimize their positions and their balance sheets and things on inventory. So, some of them are ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
67c5b9bfe00179d83a7e880d05f653a8 | Hi, thanks for taking the questions. So, those guys have already asked, you confirmed the plans to double growth in fiscal year '23, but I was also wondering if you hit on operating profit and if that gold becoming operating profitable still intact? And if there's a chance, would you lean into growth over margins, if t... | Just to reiterate what we said previously around 2023 that we'll still be in investment mode in the first half of the year. So, still looking at non-GAAP operating lost in the first half, crossing over back into profitability for the second half of '23. And then for the full year, we're expecting to be at breakeven for... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5ce52eeabd1ebcc4eca3bda72ae51612 | All right, thank you for all that. And if I could just ask one more regarding the awareness campaign just getting kicked off. Do you guys have any had any early feedback and then if there's any metrics you guys are tracking to see how it's going? And if you guys have a plan, if you're trying to lean more toward growing... | Yeah. It's a great question. So, on the kind of channel, you'll see us through the various media not only leverage arlo.com significantly, and when you do a brand awareness campaign, that's where a lot of the traffic just kind of naturally flows because the next step of awareness is a bit of education, and we think we ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9503fb30e416489bd963a5c6f744271d | Hey, guys. Thanks for the question. Maybe just to start with 2022 guidance. Given that volumes are expected to be below MVCs -- or at MVCs this year, just curious if you could elaborate a bit on some of the other factors that kind of drive the high versus the low end of the range. Is it primarily cost variability and t... | Yes. So in terms of our EBITDA guidance for the year and kind of the cadence of that, if you will, through the year, I gave guidance for Q1. As we said there in Q1, opex is going to be broadly flat relative to Q4 that's consistent with lower seasonal opex that we usually see during these quarters. And then in terms of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
77762b2e1c86dc30d46b9f262573a59f | OK. That's helpful. Thank you. And then maybe just a follow-up on the capex guidance you gave. I know you pointed to 135 million on the compression projects. Does that include any of the spend for the expected third project that you talked about here? Or is there going to be some more spend on that next year? And then ... | Sure. So I'll start off with the $135 million question. The bulk of that spend is the completion of the two stations that will be coming on this year. There is some spend, some preconstruction spend engineering that is focused on that third station, but the bulk of that spend will be toward the end of this year and rea... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
107cbe4f25b7a0fbdad1f8fe32a28098 | Hi everyone. This is Dan Walk on for Jeremy. Just a couple of quick ones from us. The first, I guess, in light of yesterday's updates from Hess and from Hess M, just extending the financial framework through '24. And given the significant flexibility, it sounds like you'll have even as early as by year-end, I think, yo... | Yeah, sure. And I'll hand it over to Jonathan for the financial flexibility piece of this. But from a Gulf of Mexico perspective, the transaction isn't an immediate priority for the Midstream or Hess Corporation. We're continuing to be focused on executing our strategy and supporting Hess' development and capturing thi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
180c5e2e2352762b94a91fc01c7f9e75 | OK. Great. Thanks for that. And then just, I guess, a bit more granular. Just following the Tioga Plant expansion and the North Bakken expansion, could you just give us a little bit more detail, I guess, from your perspective, how I assume all those volumes are flowing down to Northern Border and Btu content is relativ... | Sure. I mean I think we're uniquely positioned with the Tioga Gas Plant. We've expanded the plant now by 150 million cubic foot a day. That's got us up to 400 million there. And then we have 100 million down at our LM4 partnership with Targa as well. From the Btu content perspective and Northern Border, we've got a num... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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