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3d32f7389bebaece00e140c2ba639c95 | Just two quick questions here. The first one, for the FORWARD I study for mirvetuximab, I believe you had previously over-enrolled that study a bit. Obviously, I know that things are difficult and different in the COVID environment. But I'm just curious if to -- whether you would be open to some additional patient enro... | Thanks, John. So, we over-enrolled FORWARD I by about 10%, which is really the upper limit that's considered acceptable when you're thinking about study design. You want to enroll the patients to answer the question that you set out to answer. It turned out that was FORWARD I enrollment at the end was very brisk. And s... | direct | [
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"fully_evasive"
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2dece5aa982b8cdb0a8f50c6d2aff845 | The second question I have, regarding Compendia Listing -- potential Compendia Listing for mirvetuximab combination therapy. Just curious, how soon after mirvetuximab approval as a monotherapy might you be able to file for that Compendia Listing? | Yeah. Almost immediately, John. So, what's required is two peer-reviewed publications. And so, the expectation is to get the results of -- on the two cohorts that we run so far with mirvetuximab into journals and then use that as the basis for the submission. But the expectation is to move very quickly following the in... | direct | [
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2e573ae1b69af363f8127b58b7a885b7 | Our first question is on mirvetuximab, maybe can you provide any color on the MIRV, Avastin combo mature data to be presented at ASCO? And since there isn't a no standard of care treatment for platinum agnostic ovarian cancer, how should we think of the efficacy bar in this population to inform the next step? | Yeah. So, as a reminder, last year, Lucy Gilbert in ASCO presented data for the platinum agnostic cohort of mirvetuximab plus Avastin. And in the FR alpha high populations confirmed overall response rate was 64% in patients with platinum-resistant disease so that subset the response rate with 59% and in the platinum-se... | direct | [
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71239b9d2246a81f39f6009a93c710ec | And then the next question, 632. You said you enroll up to 20 frontline patients to clear bar of 10% CR or CRI. Can you maybe elaborate a little on the potential scenario that you don't need to enroll all 20 patients to meet the primary endpoint? Or in other words, what would be the minimum number of patients you need ... | Sure. I would point you to Alzheimer's as a relevant regulatory precedent. When you look at their label, you will see that they received full approval based on their CR, CRC rate in 13 frontline BPDCN patients. | intermediate | [
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71d4434bf178f7d64947fcc4b7746a67 | My first question just wanted to ask for mirvetuximab. Can you talk about the manufacturing, specifically where is it manufactured and which companies are involved? And what other steps are required to doing manufacturing, whether it's assay validation or any kind of studies prior to submitting the BLA? | Sure. So, you all recall the three components to an ADC together with the conjugation step to bring each of those components together. So the antibody is produced by Boehringer Ingelheim, the linker is produced at SAFC, Sigma-Aldrich and the payload is produced by [Indecipherable] and then we use BFT for the conjugatio... | direct | [
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7217b5aee5e0a46fa0c2be6980877bb2 | And my last question is on 632 in BPDCN. I'm just curious kind of what your take is on how to compete with Elzonris commercially if approved. | Yeah. We would continue to -- I think on the basis of the key parameters of pharmaceutical commercialization. So, those are efficacy, safety, patient convenience. And think that based on the data we generated today we're going to compare quite favorably, particularly as it relates to safety and convenience looking at t... | direct | [
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eb67dc34f18859cf8b3c78e2f6024ec1 | So, first off, would this be the same 60 -- roughly 60 patient population with longer follow-up at ASCO this year [Phonetic]? | Yes, Andy. So, I probably should have mentioned that when the previous question was asked. Yes, it's the same number of patients. And what you will see in addition to ORR data, which we shared last year, you will now see duration of response data and PFS data now that we've been following patients for a longer period o... | direct | [
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23a9c02087c4d80687446114c5b34f62 | Great. Great. And do you mind reminding me, so I believe there were about 40% of the patients who had previous Avastin. Did you see a higher efficacy activity in Avastin-naive patients among the 60 enrolled? | When we look at that, Andy, it was kind of hard to tease apart because Avastin use was also correlated with the number of priors. So, given the small data set, you couldn't take them apart. | intermediate | [
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4a619e8fd3a15d75907ec975fb61f15f | I see. Okay. That's -- yeah, that makes sense. And then for the two ISTs, I didn't really catch that. So did you say that the 145 patients and then 70 patients as you -- did you say those are progressing well and could have data soon? | So these two ISTs are for mirvetuximab plus carboplatin. We have very encouraging data from our Phase 1 dose escalation study for the doublet. It looks basically like the mirv, carbo doublet performance like you would expect for a platinum-based triplet without the bevacizumab. So, on the basis of those encouraging pre... | intermediate | [
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f2579d1b764ae9525105d137a9261f49 | I guess, first I would...What to understand how are you thinking about sort of a commercial build ahead of anticipated BLA filing in sort of the back half of the year if you'll be returning to sort of the pre-hiring strategy utilized previously, or again just how you're thinking about that? | So, this is a relatively concentrated market, Kennen, when you think about physician targets and referral patterns and the like. And so, we think that the commercial -- the investment required to support a robust launch will be well within our ability to finance and manage. And so, our efforts at this point are concent... | direct | [
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375e2a64c9763e4a98af5aeeece04db1 | And then secondly, ahead of the IND for 151, just wanted to sort of understand your perspective on the unmet need that antibody is addressing versus MIRV or other prior full-targeted ADCs or small molecules? | So turning to IMGN151, which is our next-generation Vidaza [Phonetic] topic FR alpha-targeted ADC, we've really designed it to address a broader population of FR alpha positive tumors. And we've done that by targeting two separate epitopes on folate receptor alpha, which allows greater internalization events and greate... | direct | [
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1a50f48bcab16f1e7aadea4b661fef6f | Can you give us an idea of what sort of level of detail we can expect between the top line readout for SORAYA in 3Q versus data coming later this year? | A little a little hard to say right now, Luke, because we are able to pretty accurately assess when we'll have sufficient data for confirmed overall response rate by investigator, which is our primary endpoint. Duration of response, as you know, needs to mature over time and the better patients are doing on mirvetuxima... | intermediate | [
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71d59a63bef387b70bd6f32f1d832f82 | Okay. And then also, is there any additional color you guys can give us on the Huadong licensing fee? Should we expect that to be amortized sort of over the entire year, longer than that, shorter than that? When can we see those revenues totally recognized? | Yes. As we mentioned in our filing, the $40 million Huadong upfront license fee will be recognized over time as clinical supply requirements are delivered. So, our 2021 revenue guidance includes an estimated amount of the fee that will be amortized based on the current supply plan. Our estimate would be that potentiall... | direct | [
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bb610593a04d4ed3d9f7a75f0cf2941d | So, may be just one more on IMGN151. I think, with this compound, you're also seeing an increase in conjugate exposure by 40% over MIRV. And I think this has also a higher half life than MIRV. So, Anna, maybe how do you -- how are you thinking about the safety profile of 151 as it compares to MIRV, in particular the oc... | Yeah. So, Biren, again, it's a little early to speculate, but the ocular adverse events that are seen with tubulin-directed payloads, so including Abraxane and then ADCs with tubulin-directed payload, including auristatins and maytansinoids. I think it's reasonable to anticipate that there will be some ocular adverse e... | intermediate | [
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f3d91bafada0de82d0615d04bd95fb87 | Given the proximity of the potential SORAYA BLA filing and the MIRASOL data readout, can you talk about the risk, if any, that the regulators may want to see the results of MIRASOL before potentially approving mirvetuximab? | Yeah. We get this question fairly often. The answer is this, if the readout for SORAYA is positive and the data that meet the criteria for accelerated approval, which in this case would mean that the ORR and the DOR surpass that of available therapy. There is no basis for the FDA to delay regulatory action. | direct | [
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385758c192ed3f4d112e47ab54d1f30f | Thank you and thank you for taking my question. Most of my questions have been answered, but just have a -- trying to understand what your commercialization strategy is in Europe for both MIRA [Phonetic] and 632? | Sure. So, in both cases, again these are highly concentrated markets, meaning the physician targets are limited. And so, the commercial investments are modest and certainly, something that we could undertake with our own financing. So, we are evaluating those markets. We have a little bit of time as it relates to mirve... | intermediate | [
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80bf7112f6724d583b55819776518b0a | I had a question on the staffing shortages. I know you were preparing and training and hiring well ahead of this. So it is notable, and I imagine you're not alone in this, but just kind of wondering if you could talk about kind of where you're seeing the most significant challenges. And has this issue been broadening o... | Well, Alex, this is Paul. You're correct. Part of our ready-set reopen plan was geared toward the staffing. I expect actually to see sales slope up. To give you an average, we're right now looking to add about six more team members per restaurant, combination between heart of the house and the front of the house. So it... | direct | [
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ebffdb8ce546b7e45ee4753684e8fd62 | OK. That's helpful. Is there any impact on the restaurant-level margin looking ahead to 2Q that we should think about, just sort of balancing some of the lower labor cost and -- | Yes. We did see lower labor costs as a result of some of our staffing challenges. So as you're thinking about modeling the company, I would increase some of your labor expense line items above the current run rate. | direct | [
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6db37cebd1d68910648606bdc556a4a9 | Hi. Thanks, and good evening. I wanted to ask about the recent sales trends you're seeing. It's obviously very encouraging to be well back into that low to mid $50,000 a week range. And I don't want to be overly nitpick, but I did want to ask about May. I'm just trying to sort it through the moving pieces because it lo... | Sure. What I would say, Brian, is in May, we did see a little bit of a down trajectory, we attribute that to a few things: One is some seasonality, we believe, affecting our business. And then we did have to reduce some operating hours associated with the exclusions and the staffing shortages, we've been experiencing. ... | direct | [
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f2005e2d135f1ba344dff940a413e964 | OK. That's helpful. And on that staffing shortage impact, is there a way to quantify sort of the impact to your operating hours or even your ability to see full sections, if you will, up to the capacity limits? Is there any way to quantify that? How much that's constraining sales to a degree? | Well, you know, I don't think we're prepared to quantify it today, but certainly, there will be an increase in expenses as we move forward, a portion of which is management-labor around shift supervisors, as well as some of our team members in the restaurant. | fully_evasive | [
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dae25249feca4c48d5ed3046f89712e0 | OK. And on the labor inflation, wage inflation front, sorry if I missed it in your prepared remarks, but what was wage inflation in 1Q? And what's your expectation for the rest of the year? | Yes. It was actually fairly modest. We saw wage inflation between 1% and 1.5% in the first quarter. But we also saw the impact of higher off-premise sales, which carries higher wage rates in the front of house. We do expect wage inflation to increase from that point through the balance of the year, and we expect it to ... | direct | [
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64f1e1238a27fb86bda100163f454f83 | OK. Great, great. And then I guess my last one just on the marketing front. I appreciate the success that you've been seeing in the digital channels. But I'm curious to get your view on what role you think TV and other traditional channels will ultimately play in a post-COVID environment? As you tie it all together, wh... | Brian, this is Paul. Where we see that going is we obviously, as we stated, very pleased with the results at the digital pivot in Q1 did produce for the company. We believe that there is a role for broadcast, our national broadcast as we go into the future. More specifically, as we bring Donatos into a market that we w... | intermediate | [
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616238778911e3e5c5c2bb3c0054af12 | Great. Thanks. Hopefully, you can hear me OK. I was curious, the off-premise sales mix that you had during the period, very strong and looking good, and it seems like you're hitting on all cylinders with respect to the carryout and the third-party delivery, and some of the virtual brands. So I was hoping maybe you coul... | Well, I'll give you some key categories, and then maybe we can touch on virtual brands in a slightly different manner. So our traditional carryout ran about 21% for the first quarter; third party, 17.5%. Catering was only 1%, as I think Paul mentioned in his opening remarks, and our last-mile category was at about 2%. ... | intermediate | [
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4210c83b553e0d178a73966eb17763a9 | OK. And just similar questionary line of thinking. In the carryout channel itself, given that you do have -- I think it's north of 9 million royalty members in the loyalty program. Is there a way to determine how the off-premise customer is switching back and forth to in-store occasion? Essentially, I'm just trying to ... | Yeah. I mean, something that we find fairly interesting, at least in our data, is that dine-in guests are actually fairly loyal to dine-in. They don't really cross-pollinate too much to off-premise. However, off-premise guests utilize both dine-in and off-premise. And what we have seen is a higher visitation frequency ... | direct | [
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6c92231b5ddc20cece5f56cfb911c46b | Got it. And just one last on the virtual brands themselves. Does that extend operating hours for the stores at all? Or are they still within the same existing operating hours for the stores today? | Presently, they're within the same operating hours, kind of an interesting fact out of the virtual brands is, we see them playing really well, at least two of the three brands actually playing stronger in the lunchtime slide. So if you look at the Fresh Set and the Chicken Sammies, have been more in the lunch, which we... | direct | [
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4e92a47606ba4b72c2833593f3473f3d | OK. Great. And then just lastly, on the unit growth side of the equation -- for the unit side of the equation, the 10 stores that are permanently closed, any way to offer insight on how much those stores may have weighed on aggregate store margins or how they performed relative to the system, say, in 2019 from an avera... | Yes. The restaurants that we've permanently closed were marginal performers for the company. So you would want to model them lower than the average in 2019. And then, yes, I think we believe our restaurant portfolio is at a place right now where it's very healthy. And we've got these incremental sales channels that we'... | intermediate | [
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0795c6e96725d2b6701635d1c3313b70 | To put my interest, what does that, what are you guys doing -- that I guess goes for you and Tom and Paul, what are the discussions like with the PUC, because I know that there's been a difference in opinion about this kind of stuff, right? | Yeah, I'll take the first steps. And then Paul, I'll let you jump in on the commission side. Let me -- let me start off by saying, we've never officially gone out of a Stage 1 drought at Cal Water. We have -- well coming out of the last drought the mandatory restrictions were taken away. We may -- we all -- we hit our ... | direct | [
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547f1f5a909da62710042f6e2a13e0df | You know -- you guys you guys kind of ran through a bunch of different things as far as the regulatory -- the dates go. And just so again -- all clear. Can you just walk through one more time for me, sorry... We should watch out for? | Yeah, absolutely. So this Monday, we're going to be filing our cost of capital application, and that we've, we've outlined the parameters of that. So that's filed around May 1st, and expected to be adjudicated by the end of the year. That's the plan that's in the Commission's model. If it doesn't get done...
That's fo... | direct | [
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37ae02d5715c0ba7f5f1a235fd60c624 | And then just on the on the 10th point -- I think the 10th point -- I think you said 10.35% number versus your last number. How much is due interest rates just tick up, does that matter or -- it should, but thought how much does it matter -- do you guys think when you create that? | So Ben, it's pretty technical what goes into these -- the Company applications we have econometric -- economist witness who is looking at a lot of the standard models, DCF models, cap for the asset pricing models, etc, to come up with those recommended rates for return on equity. So, I don't know that it's one point or... | intermediate | [
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08b952f80f00d0495a4ac257609080c0 | Marty, just on infrastructure, does any of that -- it starts of package. There is a lot to be determined. Is any of that impact you or how do you think of that impact you guys? | Sure. Actually Ben, that that is a very, very good question, and it's a very kind of complex area with a lot of moving parts. Our National Association headed by Rob Powelson, former FERC commissioner, and former Head of the Pennsylvania PUC, has been very involved with the efforts on the Hill, obviously for allocations... | direct | [
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712b553f84da0ddeb66f650c76fcbc43 | Hi, good morning. This is Katherine Griffin on for Sarah. Thanks for taking the question. So first, I just wanted to -- Mike, I appreciate a download on the DFD door strategy, but I wanted to just drill down specifically into first quarter. It was pretty significant year-over-year growth in sales per access point there... | Yeah. I think -- so thank you for the question. If you look about the growth that we had in the first quarter of 600 doors and then,, again, that 27% growth that we had, you'll see a mix of that from either the new door growth, and then the existing door growth that's coming in. So it's just -- as we add new customers,... | intermediate | [
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e0fed719e3bcdbf14289c1193a7d6dff | Great. And then just wanted to follow up on the LTOs. So I think the last time we spoke back in March, we heard a little bit about some of the innovation being done on digital such that you can direct customers through geolocation to the closest either DFD door or access point where you can you can get those premium pr... | Yes. So I'll break it down into a couple of things. There's a lot of questions that you're pros there. So one of the first things that we try to do in innovation when we come up with something pretty unique and differentiated is the social media strategy that we really push. Right. So you get these impressions that you... | direct | [
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4723f8189bb6db7434199a10cb45d1cc | Hi. Thank you. Just looking at -- in the U.S., I think it was 54, 11 DFD, your points of distribution. Tt got me thinking -- as you talk about expanding 10 to 15 equity stores, I think that was in the U.S. Where do you expect those stores to be? Meaning, will they be in completely greenfield markets, for example, like ... | Good morning, John. I think the way that we thought about this when we took control of the system. We finally took control of some of the largest market. So when we're doing 10 to 15 new equity hubs, right. So equity hubs that we're talking about, that would be equity plus the international markets for equity owners as... | intermediate | [
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d07c4dc8f5867f0de2f0477f12dba1d8 | Understood. And the DFT strategy is really just a couple of years old, and you obviously made that transition very quickly and broadly across the U.S.. How has, I guess, the intelligence of measuring profitability on the DFD or changed or improved? And as you think about the overall DFD opportunity now in the U.S., the... | Sure. Hi, John. This is Josh. So, yeah, you're right. 85 year old system that we're transforming here, I know the last recent times, we've course been acquiring franchise shops in all sorts of different situations in key cities, but not always set up for this strategy. So a lot of the focus has been converting and adju... | direct | [
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d5efb295904bd591465d09765c8e309d | Yeah. Definitely. I think the smallest one I've seen in my local store is six. And to your point, they're meant to be [Audio gap] daily. That's not always, not for every day, a single use occasion, maybe some days it is, but that's another topic. But I guess, how -- as you -- hopefully, you got that joke. So as I talk ... | Yeah. We believe that there's a 10,000 DFD -- point of access opportunity, largely DFD in North America. Opportunity versus 5,500 doors we have today. We have mapped out both the U.S. and now being Canada, which we control as well. City by major city, customer by customer. The opportunity based on either where we have ... | direct | [
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83ece2130d9bb2d5ea2935d24ff52c7d | Hey, good morning, guys. This is Stephen [Inaudible] on for Bill Chappell. I wanted to circle back to labor. I was wondering if you guys could provide us some additional color on the labor market as you expand your distribution points. Given the backdrop of the consumer environment, have you seen more or less improveme... | Yeah. So from a labor perspective, we still continue to be able to what we really like about the brand. And then, just its culture is we're still able to attract plenty of labor to come into our business and we're averaging about bring in -- which bring in about 1,500 new Krispy Kremers into the business in the U.S.. t... | direct | [
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47f539e9b5d3ca3563ad5db49cddd97d | Yeah. Quite a bit of growth in the digital channels. I'm wondering, can you -- is there any different characteristics you're seeing with the sizes of loans or anything you're seeing in terms of like as a seasoned delinquency migration with those relative to in-store loans? | Yeah. Thanks, John. Hey. And how are you doing? Yeah. On the digital side, it really is just activation around the growth initiatives as we've continue to add new channels, new digital affiliates, and lead aggregators. Obviously, through those channels, it's a mix of small and large loans. From a percentage standpoint,... | direct | [
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d147289c37696b905fac0028d1075495 | OK. And then you guys talked about continued branch of -- well, you continue to optimize branches and make investments in digital initiatives. Maybe talk about -- those are kind of offsetting investments versus savings in branch. Maybe talk about like what do we think about kind of how that affects total expenses as we... | Yes. We're not really giving guidance specifically on '22 investments, although I will tell you that we'll continue to lean into our growth initiatives. As you can see, they've paid off handsomely in the quarter, we generated $129 million, roughly 30% of our $420 million originations came from these growth initiatives.... | intermediate | [
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29100b07e535d074372f27ade6b78664 | OK. And then just final question. Just remind me, Utah, you're going in with branches or just digitally? And I guess on that same topic, are you able to go into new geographies just digitally or do you kind of internally require a branch to be there as well? | No. That's a great question. So yes, Utah, we're in with one branch to start. We have four in Illinois. So the four in Illinois which I noted, they already have $9 million of balances after six months, and the largest is $2.8 million, which is a mature branch after five years is $3.7 million. So our light footprint app... | direct | [
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e0b520a75336ed52eb5903673991c76a | This is actually Steven Kwok in for Sanjay. Thanks for taking my questions. The first one I had was just around credit, particularly around delinquency rate. Just wanted to get a sense of what are you seeing from the health of the consumer. And as we look out over the near to intermediate term, do you think we can get ... | Yeah. Hey, Steven. How are you? Great question. Look, what we're guiding to, look, there's still uncertainty out there. We all know that. But what we're looking and seeing is the customer has kind of come into this post stimulus air with very strong balance sheet. We're starting to see the normalized credit. We said la... | direct | [
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d42407e49adbb3f904ed95d4d3780ea9 | Got it. Got it. Thanks for the color. And just a follow-up around the expenses. I know for this quarter, you had guided to about $52 million, and you came in at about $48 million on the expense side. Can you just talk about where the savings that you're getting? And then how much more runway there is going forward? Bec... | Hey, it's Harp. So I'll take that question. So the largest driver of where we guided to last quarter which was $52 million and then the $48 million roughly that we came in at was the deferral of digital marketing costs. So that $3 million that I talked about in the prepared remarks, so that decreased our expenses in th... | direct | [
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d0cd12612fa1e2d1417599de1941db5d | Patrick, many are exploring the reopening theme, and many ask how Sonos will benefit through the reopening as we shift from our homes back into the world. And Brittany, many are still asking about the supply chain. There's been recent news about ports starting to open and things start to move a little bit better. Can y... | Yeah. Hey, Brent. So, I'll take the first one on the reopening, if you will. Look, I think there are -- one, we have products like Roam and Move, which are well-positioned as people leave their homes as well. So, I'd remind everybody that Sonos is well positioned and more and more becoming a company that delivers the a... | direct | [
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189ff47569406ab00800e569b12e089a | Yeah. Hi. Thanks for the question. Patrick, I wanted to come back to the homes growth trajectory and just kind of that homes growth has been slowing, and I would have thought that into pandemic. If anything, you guys would have maintained kind of that 20% annual growth rate, especially with the Roam because I thought t... | Hey, Rod. I don't think all things are firing on all cylinders because we've still been supply constrained in some of the channels at which we see greater new homes have actually been the most constrained as we go through this. So, I think largely, there's a few different factors that go into it. And that comes along w... | direct | [
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f4278fec4d6cffbe6032bb98d3246e37 | OK. And then kind of follow-up with a question of Brittany on the just kind of inventory levels. I know they're depleted now. But I wonder, is it reasonable to think Brittany, that channel inventory is kind of back to a normal level by the time we get to the fall? Or do you think that's unreasonable given where we are ... | Getting out my crystal ball. I think we'll certainly be in a better position from general inventory as we get to the fall. I don't know if it will be fully back at normal levels, but we do see it improving from where we are today. So, knowing what I know, I would say it improves, but it's not sort of like magically all... | direct | [
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8e5c822ffaac08a1ac4f9d9a7c611b78 | Thank you, and congrats on the quarter, guys. Obviously, really strong gross margin performance. And obviously, you went through some of the puts and takes. Any way you can kind of frame the impact of which had the most significant impact, channel mix, promotions, product mix, logistics? Just trying to understand what ... | Yes. I think that we called out that the impact from product mix and channel mix has been lessening as we look at this year and that in Q1, the impact from not having promotions was a pretty big driver for us. So, you look at the promotion, lack of promotions, you look at the price increases and we're more than sort of... | direct | [
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d6b695ac0fb104b2d9961676a67a95ff | All right. And then maybe I'll direct my follow-up at Eddie, give Eddie a chance. Any comments he can share on the ITC news from last month, what are the next signposts that we should be looking for either in the U.S. or internationally as it comes to legal action? Thanks. | Well, thank you. So, we were certainly pleased to see that the ITC affirmed the administrative law judge's ruling that Google infringed all five of the patents that we had an issue in the case and issued a limited importation ban that we expect to go into effect on March 8. So, we're certainly looking forward to that m... | direct | [
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cb3431b2b0ee5fd835b161df2f24161f | Good evening, good afternoon. Overall, I guess I was wondering if you could talk a bit about labor costs. Obviously, this is something that we're seeing a bit more these days than has been the case over the last number of years. And so, could you just talk about the extent to which you're seeing inflation there? And al... | Yes. I would say we see similar trends as sort of the rest of the market broadly and have factored all of that into our guidance as we look at the year. | intermediate | [
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15ba528c15cc3936da0315ae473c4761 | OK. And then just on R&D, spending was up a decent bit year over year, albeit largely in line with where you were last quarter. Can you talk a bit more broadly about where that investment is going? | Yes. Obviously, we spend a bit of time talking about product road map and how excited we are to have a strong product road map, not just for this year but in the future, and continuing to deliver on that two product a year cadence. And beyond that sort of two hardware product a year that people focus on, we are continu... | intermediate | [
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49d05a220bf6ac8db85ea612eb4b18a6 | Thanks for taking my call. I've got just the one question based on a comment that Brittany just made regarding the software app user experience stuff. Is there anything that you can tell us at a high level about the anticipated mix of services to product revenue going forward? | We don't have anything we're going to be breaking out on that at this point. I can say that we've talked about Sonos Radio in the past. It continues to be the third most listen to service. It's the fastest-growing service. So, we're very happy with the consumer experience we're delivering through some of these investme... | fully_evasive | [
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efa3a7ea7294d89dec17d27ba33a3f2e | Maybe you could talk a little bit about -- you reiterated your 180 to 200. Could you talk about maybe some of the puts and takes between that range? | I think the key contingencies are that we as Scott said continue to get the sales turned around make sure we get back to positive our RCEs. The second item is we need to ensure that we continue in there with the bad debt with respect to Texas. I think that you were seeing signs that everything is moving in the right di... | intermediate | [
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1b0448d2b87cae4e5b0da3907cd23c7d | And then you talked a lot about you know limiting the cost and revisiting various cost structures within the business. How do we think about that in terms of timing? I mean is that something that you want to -- do you have an end goal here or is it just going to be a continuing effort until you're satisfied with the le... | This is Scott, It will be a continuing effort. If you're not continuing to try to keep costs down they're going up. And for me I always -- this is a sort of tired story internally it cranks every time we bring it up. But I led this company in 2011 as a North American commodity business and that's really kind of what we... | direct | [
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d503cb94cf532a3e65f9db3a182af7a4 | And then you mentioned your fifth item was customer growth. What's the kind of -- I'm sure there's many ways you can you can tackle that initiative. But is there something that's glaringly obvious in terms of what you need to do to help grow the customer or is it just a variety of things and as you get through it some ... | So I look at our business, We go after customers through a number of different channels. And I think we can optimize some of our channel strategy. We've got a retail strategy. We've got people in Sam's Club selling to customers who come into Sam's Club. We've got kiosks and other stores. And that's our sort of retail c... | direct | [
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a5b3c516822af150bcf89a37a914dea7 | Could you, update us on the green portfolio? And is that a good opportunity set for you as you think about customers moving in that direction? | Yes we like Green. We're in the process now of really looking at the way that we price Green. We've had some changes in the way we price Green that is making a challenge for customers. So some of what we're trying to do is change the way we price our Green to customers. But it remains a good element and we use it often... | direct | [
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fc72549b54ef5c593018f61b2698c238 | I just wanted to go back on the guidance which was reiterated. Just trying to think about the context of the continued consideration with the Filter Group. If you didn't have that $15 million would you have thought about altering the guidance? Or does this now mean that you think you can push to the upper end of the ra... | No Mark, We're talking about the range absent that one time game. We understand that's an unusual accounting and that's why we called it out but it is GAAP. We believe that we'll still be within the range without that. | direct | [
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c03cdaed0ccccba48dbff2e9b1b7f458 | And then the bad debt did take higher I think you guys are working through this enrollment controlled issue in Texas. How do you guys see that trending over the next couple quarters or any visibility as you've now moved into the current quarter? | We continue to see improvements. We actually -- the President of North American business and I have a weekly meeting on this because we have very keen eye on what's going on. And we see improvement and we see a decrease in the number of customers that were problematic being build which in turn means the number of bad d... | direct | [
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f5a26c76712f0827488867377c30c574 | And then [Indecipherable] Vistro had their call this week and they talked a bit about market volatility and how they thought for retail there that it would make it more expensive or difficult to provide I guess hedging or -- against volatility and things like that. Anything you guys could point to you in terms of your ... | Yes I'll start off. We don't see -- we have a very strong inter-creditor group of suppliers that we rely on to provide us with all manner of products that help us be competitive and help us manage our risks in the market. And so we actually feel very good about it. Jim can give you some more details of why function rol... | direct | [
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8fe36ebc73bf3873a18556239fc1378e | And you don't anticipate those products becoming more expensive? | It's going to be expensive for everybody if it is. And we consider that in our pricing as well. So we're somewhat in different for the price because it's going to be a market price and we're going to -- but one thing I can assure you is we will continue to hedge in a very conservative and effective method. | intermediate | [
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98bd2000c838d9b77aaf1ac8efd3889d | And the last thing I want to talk about was the credit facility that kind of moves into your current debt now given that it's 12 months from maturity. You guys obviously talked a little bit in the MD&A about a plan to manage that. Any commentary if you guys think you're in a place to have that extended in the near-term... | Well maybe not that specific Mark. But I can tell you that we're actively working to renew the facility. | intermediate | [
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f527df10d6f19f4145d38bcf78cdaf27 | So first question just relates to the $15 million EBITDA benefit from the reduced contingent consideration. So my understanding is the contingent consideration reduced by about $31 million. Could you just walk us through how that translates to $15 million benefit to EBITDA? | What we did not -- since the contingent consideration is in shares we did not want our own share price flowing through base EBITDA. So we bifurcate the split of the contingent consideration and to change due to movement in share price and change due to movement in performance of the entity. So that's actually why the s... | intermediate | [
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09bbd183039da461616dfbb7fd5fee35 | And then the second question just relates to the sale of the UK business. So it seems like the UK should be reinstating the capacity market. So does that mean that you'll be receiving that additional EUP8.5 million of proceeds from the purchase price? | Well the way it actually works is if the market was reinstated and we don't get the payment. That was an open question at the time we close the deal is whether that market will be in reinstated. If it wasn't reinstated the buyer didn't have to pay it and we're going to pass the costs or the savings through that. It has... | intermediate | [
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aa37041d414b0338e0e1d4adcb92f68d | And then can you just explain how the -- whether the capacity market is reinstated or not. How that impacts the value of the business? I generally thought the capacity markets that pain was a bit of a pass through. So just wondering how it impacts the underlying business? | So an important thing to understand about the sale of the UK business is at the signing day everything was determined. We didn't want to have any contingencies with respect to working capital adjustments or anything like that. So we used what's called a lock box agreement. So therefore it's really just whether that pay... | fully_evasive | [
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591d24c4b7106e160241d84820e04334 | And then just one last question. So I noticed in the quarter I guess net debt including cash balances the net debt reduced by I think over $100 million or so but obviously the cash flows from operations was less than that. Can you just talk about how the changes in working capital or other things or maybe if the timing... | So there's two things. One is we're seasonal business Q2 and Q4 or the positive cash flow quarters for us becoming increasingly seasonal as well for reasons that are probably deeper than we could talk about separately Nelson outside this call. The second is there is some timing. There was some trades in our past as a r... | intermediate | [
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d3f1699f23ee5c6e374f629b3347be97 | As I know previously you guys were kind of pushing out the payables date with suppliers. So I'm not sure whether you leaned on some of the suppliers bit more in the last quarter or just more about timing of the quarter? | It's actually -- it is the extension of payables is somewhat what created some of the seasonality. We haven't had material increases in any other supplier terms in the quarter. But those supplier terms do create some of the timing differences in seasonality. | direct | [
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016bdc47e2b43256b02a85987595f236 | Can you tell me how much of the selling costs were amortized in the quarter? | Just commentary though around the amortization Raveel is while we're pulling up the specific number that wasn't broken out. We have seen -- we saw significant increase in capitalized selling costs last year. We are being more particular about how we spend those dollars. We're really focused on the IRR of what we get ba... | fully_evasive | [
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d58ab905816e1d6a8eeaecb92730a418 | And just with respect to the cash flow guidance that you have for the year. Now should I be using cash flow from operations after working capital changes minus investment capital which equates to about $50 million in the first half of 2020 and calibrate that with the guidance that you have or should we take out this $1... | No you're correct it's operating cash flow minus invest in net of acquisitions or excluding acquisitions. | direct | [
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ebb9c1fd6df3bc029cbb4bd028b6af31 | I guess maybe starting with kind of casino versus casual. It seems like you had some continued very strong growth, as you noted, in the casual business. And then the casino business down, I think, single digits year on year, Caesars up Slotomania down. I guess, what are you seeing happening across the various genres. I... | Thanks, Matt. So as we look at the quarter for casino, obviously, we're very enthusiastic about the fact that, that business grew 2.9% sequentially. If you look at the casual portfolio, it grew 5.6% sequentially. And so that's really where our focus has been is driving road maps for sequential growth. Slotomania, obvio... | intermediate | [
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75ace06ee8b42add66b476e75586fbfa | You indicated you expect, I think, investments in new games to hit your EBITDA by $55 million this year. Presumably, you were investing in new games last year as well. Is that $55 million incremental to whatever that number was last year? Or is that just the absolute number? And if so, can you give us a sense of what t... | Doug, thanks for the question. Yes. So for clarity, it's incremental spend across new games as well as investments in marketing at Redecor. So when you look at year over year, we were trying to give some transparency as to what are some key areas of investment and highlighting that $55 million. | intermediate | [
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e510a39a9301b0e82a8b009beb823d43 | I wonder, if you could talk about the Redecor acquisition. Specifically, what has taken place there since the acquisition in terms of what you've done to the game and with marketing and sort of the direction you're heading with that title? | Sure. Thanks for the question. So if you look at most of the acquisitions we've done in the past, it's typically taken us around 18 to 24 months to drive material impact in those businesses, and we're on the same trajectory with Redecor. So we continue to feel very encouraged by the design entertainment category, by th... | intermediate | [
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4343a6d2b524262c5353976feef274b0 | Great. And then just as a follow-up, should we think about that 18- to 24-month time line to make a material impact, that should hold up well for JustPlay.LOL? | Yes. That's the target. | direct | [
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d22722529b83a3d294463aa7f7061c89 | OK. So you mentioned you have two additional titles in development. It probably varies from game to game, studio to studio, but can you talk about typically how long a game may spend on a soft launch period. And I guess, separately, there's a general slowdown. It seems sector wide as consumers are increasingly mobile a... | Thanks, Stephen. Obviously, over the last few years, there's been readily available capital via the private markets for emerging game companies in various start-ups around our ecosystem. And as those markets start to get affected. Obviously, it would seem that valuation should come down. I think we're seeing it being a... | direct | [
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f313f9ce000f72f2d3006f871d131eaf | Your plan is to move ahead with the commercial launch of Merge Stories, but decision to pull your spending on Switchcraft. How is Merge Stories tracking in your test markets relative to where Switchcraft was at the same point? Just trying to gauge your confidence in that game ahead of its launch. And then I have a foll... | Thanks, Drew. Yes. I think it's hard to compare genres. And if you guys see Merge Stories a different genre by different studio. I think we're obviously, pleased with the early results and therefore, pushing forward with a soft -- sorry, for a global launch. And I think we have other titles that we've been pushing forw... | intermediate | [
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f928637d999febce1e83d59dbbb45893 | Got it. And then your last update, you provided various metrics for January. I'm curious to be willing to provide any commentary on performance in April. | Yes. No. Sorry. We're not giving month-to-month data that was -- we give January this year and we give January last year as part of a different announcement, but we're not giving month-to-month data going forward. | fully_evasive | [
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dbbe683b1f1ea14383f0171f53273ae3 | Two quick ones for me. On DTC first, as we've been seeing that sort of expanding as a percentage of revenue, I wanted to see if you could talk about any assumptions that are built in for '22 in terms of new games may be launching with a browser version or if that is still expected to be a more meaningful component of r... | Thanks, Clark. In terms of our direct-to-consumer channels, obviously, very pleased to drive that up to 22.5% of revenue. We do have one additional casual title on the road map by end of year. Obviously, you have to see how that prioritizes versus other initiatives, but we continue to expect growth there. In terms of y... | intermediate | [
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b824b7ecbb5f29b717a9e9ddb7b97f77 | I wanted to touch on JustPlay a little bit. Can you talk about how long you were in discussions for that acquisition? And should we see this as a near-term contributor or an impact to EBITDA? Or is this more of a longer-term project? | Sure. It's an Israeli business. I can't comment on private discussions. But what I can say is that it's a minimal impact to revenue and it's there'll be operating losses in '22. | intermediate | [
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3cc2c0e55ef36da1352de8d8e64a05e7 | OK. And in terms of your guidance, can you put into context the major puts and takes that could cause you to come in above or below your guided range? Are there any key features on the road map or major developments that would be a major impact? | No. So what I would say regarding our guidance, obviously, we took in the first quarter and trends we're seeing in the marketplace. Obviously, we've seen it for the broader market. Q1 looked like it was pretty difficult for some of our comps in some of the market. And obviously, we were able to grow year over year and ... | intermediate | [
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d2d834b3d243d29c05bbf052ce0d4fd7 | I have two quick questions here. So a few months ago, you appointed a VP of Blockchain Technology. I was hoping you could talk about your efforts there and perhaps any progress you've made? And then if you could speak to the mix between casino on cash hold for your direct-to-consumer platform? | So thanks for the question. And as I already said in the past, for us, every new platform is a new opportunity. Playtika today is the best operator in the market, and we are really excited about the new opportunities we invested as of thoughts for the future. And I think in the end of the day, this new block chain and ... | intermediate | [
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9cf27a81a7813157f2b17322a7b2e70b | Hey, hello. Hi. Thank you for taking my question. I have two questions here.
The first one is we noted that gross margin declined in first quarter. So could you please give us some more color on this, and what's our guidance for the gross margin up this year? And then the second one is if there's a rapid growth in reve... | OK. Thank you, Brian. I'll take these two questions. So for the first question, gross margin in the first quarter of 2022 decreased to RMB 0.2 million from RMB 3.2 million in the same period of 2021.
The decline was attributable to the one-time disposal of the inventory, and the increased taxation of royalty payments. ... | direct | [
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cad5be2b5e702f0ceb14c7be347a7e6b | Hi, hello. Thank you for taking my question. I have two questions today. With the first one being, with you please elaborate on the strategies of working with public kindergartens and schools, and what's the latest development on collaboration with private kindergartens? That's the first question.
And my second questio... | This is Patricia. I will take the two questions. The first one is about strategic about working with public in kindergartens at school. So since the beginning of this year, considering the headwinds in the challenge of our environment for private, [inaudible] and business, we have focused more on providing smart music ... | direct | [
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47e51d96565a15db057f202d3f5909a5 | Oh, hi. Thank you. And I have two questions. And the first one is, how is your latest cash position? And do you have any financing plans recently? And my second question is, we noticed in the last [inaudible] 6.6 million.
And could you please expand this in detail? Thanks. | Thank you, Tong. This is Tony Chen, I'll take these two questions. For the cash position as of March 31st, 2022, our cash and cash equivalents were I can be RMB 41.7 million. We believe there are plenty of global M&A opportunities in the classic classical music industry, and when we see a desirable acquisition target, ... | direct | [
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1ff9b046cab73a737367f365c6baf873 | John, I was hoping you could maybe tell us about your acquisition appetite and intention, given what looks like what what must have been a pretty big swing for the company? | I think as we've talked about in the past, Tobey, I mean M&A has been a key component of our strategy for the company for 15 years. As we've talked about in that period, we've enjoyed 15% compound average growth rate. About half of that has been organic. That has been inorganic. And I think as we look forward, we certa... | direct | [
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3ffaf81b304691862f6ac86b78c2e739 | How would you describe the contract awards in the quarter with respect to sort of momentum established prior to the administration change versus processes and procurements that started after the baton was passed to the by administration? | Yes. I think by and large, we're still winning awards that were in capture and bids submitted prior to the new administration. So the strong sales performance and the very strong book to bill results we've reported for the last four or five quarters, really, I think, are, do not reflect the potential upside from this a... | direct | [
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f07ad100bed5ba1bc123a3f8ca86c71f | What percentage of your employees are now vaccinated? And how do you ballpark the percentage of employees that you may lose due to vaccine mandates? This is a problem that corporate America largely is tackling in especially in the services sector, of course. | Sure, of course. Yes. I think we're north of 95% of our employees are vaccinated. I mean we have stated that we imposed the vaccine requirement on our employees by, I think, the end of November. And so we're working through the last 5%. I think, the results are increasing daily. My sense is we'll get the vast majority ... | direct | [
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9b09673fe283d8fcd4a1c6679ddf6019 | And last question for me, if I could just get your broad sense for, if inflation fixed stays elevated for a period of time, how does that impact your ability to grow and to achieve the margin goals that you would like? | I think that, I think as we've talked in the past, I think that ICF is fairly inflation resistant or proof. I mean, 65%, 70% of our work is in government markets that I don't think we'd see the impact from inflation. The energy industry, I mean, again, I think it's not a significant concern. So I think we believe the i... | direct | [
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34d3fb85d087917285bee06d7215123a | Good results. I'm just wondering if we could drill down a little bit more into some of the mitigation comments that you made, John, both on FEMA and then on the HUD side of things. It sounds like perhaps that those budgets are, at least on the FEMA side, there could be incrementally bigger than you thought and then tim... | Well, sure. I certainly think that there's certainly more emphasis in FEMA on mitigation funding. And as you know, and I said in the remarks, the budgets are increasing there. They've also opened the lens of what they'll support to include climate-related activities. And so I think that is a market that we are seeing m... | intermediate | [
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197b7cd7e8fcb93d3bad2180b6192095 | Got it. And then IT modernization has been doing really well to spend a very steady performance on new contract awards. Some of those, obviously, a little bit on the larger side, to, it looks like maybe this quarter was a little lighter. Is there anything building there in the pipeline, in the near term pipeline? And a... | Yes. Sure. Yes. I mean I think, well, first of all, I'm quite pleased that the business grew 17% in the quarter. That was good to see. I mean we have a very robust pipeline in IT monetization, Joe. We, I think we, the pipeline is north of $1.5 billion, I think it said record high this quarter. The awards can be lumpy, ... | intermediate | [
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227c2ed14109d156223de0d583e7ed30 | This is actually Trevor Romeo for Andrew. First of all, I just kind of wanted to ask about the commercial marketing business. I think last quarter, revenue has kind of returned to being roughly flattish, and it declined a bit this quarter. So just curious kind of what caused the incremental weakness this quarter? And a... | Yes. I think the, I think we, as you'll see in the release, I think the decline in our commercial revenues was entirely related to commercial marketing services. We did complete a contract in the second half of last year that is certainly impacting the comparisons this year. But beyond that, I would say that commercial... | direct | [
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90765e550a189771e01d168786afae27 | Okay. Got it. That's helpful. And then just on margins. I know this kind of an estimate in prior quarters, particularly given the strong margin this quarter. Just wanted to see if your view has changed at all on sort of potential for expense savings or sort of the extent to which some of those delayed expenses could co... | I would say that on the expense front, I think we're continuing to reap benefits from the impacts of the pandemic that the long run will not be, are not sustainable. But having said that, I think we have talked about the fact that in the long run, we believe that 25% of the travel entertainment spend pre-pandemic. We c... | direct | [
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175f240bea646802331b2119bee46d0c | So a few of my questions have already been answered, but I did want to touch a little bit around the, if you could share some thoughts as to what you're seeing internationally both as far as activity levels as well as potential for adding expertise outside of the States. And then I have a quick follow-up after that. | Well, I would say in terms of the market, I mean, I think we've reported significant growth in our international markets for several quarters now. And I would say in the third quarter, we, as I said in my remarks, we are seeing some positive signs in the European commission market and early signs of activation of work.... | direct | [
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7d68889bea74f6e7b1bd94653442e120 | Okay. Great. And then my follow-up is around potential headcount adds. I was wondering if you could talk a little bit about whether sort of how you're feeling about adding on whether it's on a junior level or certainly talent acquisition is sort of sort of pricing at this time, but I just want to sort of check in on so... | Well, I mean, obviously, we're a people driven business. And at the end of the day, if we're growing our revenues, we need to be adding people. We need to be adding headcount. And so we've been able to do that. I think we've, I will say we're investing we've materially increased our investment in recruiting in the last... | intermediate | [
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dd2d4aeb9e691683884d3708c6c89e8e | Hi, guys. Good morning and good afternoon. Nice to see the business, obviously, firing in all cylinders in terms of the fleet performance and also the terminal. I Just wanted to ask maybe, as you highlighted regarding the Russia exposure, those four vessels that are on charter to the Russian counterparties. Those contr... | Yeah. Thanks, Omar. So clearly, it is something that we are highly focused on with continuous monitoring of all sanctions. So just to make be clear, those ships on the existing charters comply with U.S., U.K. and EU sanction policies and regulation. And that might change, of course. In the contracts, which is quite typ... | direct | [
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7e442033c84a96a71285d305fa65d2eb | Thank you for that, Oeyvind. Make sense. And I guess should the sanctions get more stringent, and the contract becomes void, is there any concern that the charter just doesn't get back to ship? Is that a possibility or is that seemly just a moot point considering you are actually operating the vessel? | There is no chance, Omar. I mean the ships are crewed by our crew and they are not used for privatized trade, meaning staying within any particular country, in this case, Russia. So where are they to go to international -- where there is some suggestion that, that might happen and they went into international waters, t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
12af30e18d904a4d8e2ea6c633fb3751 | Hi, guys. This is Sean Morgan calling from Evercore. Hey. How is it going? So great production, obviously, from the ethylene terminal this quarter. But just trying to understand setting base rates for the rest of the year. I mean, there's been so much volatility in terms of volume of production on a quarter-to-quarter ... | Yeah. Hi, Sean. I'll try to answer that one. So the operational issues from a year ago in February 2021 are higher now. So the total itself is operational it's working. So then the question sequentially regarding the fundamental dynamics usually in production and its attractiveness in international market. And now spea... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e7097688b6db027404600c9d1a03fb98 | OK. And that's sort of given the current market. But -- so I guess, we can infer from that, though, if like in three years from now, things are kind of more normalized, maybe crude prices has kind of settled into a more steady state than utilization could kind of dip from the sort of peak demand that we're seeing now? | The terminal itself is almost fully contracted. This discussion to see -- we talked about this 10%, 20% of our nameplate capacity. And our friends at enterprise have definitely show its capability to increase and crank up the exports when needed. But you have the base, which is almost 100%, which is million tons per an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4e38cab90c380e36dd5de8fc956dc591 | OK. All right. And then if I could just squeeze in one model question. The rate on the 13 ships for the new Ultragas related facility, I think you said it's swapped out at 2%. So is that an all-in effective fixed rate at 2%? Or is that 2% above some sort of -- like I know it's fixed, so like LIBOR doesn't apply, but 2%... | Yeah. So LIBOR is fixed, Sean, at 2%. On top of that, you have base margin of between 1.9 and 2.65. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0a3e2e566199b5801f6488ae5340f345 | Hey, guys. This is Ben Nolan over at Stifel. I had a couple of other follow-ons. I did want to just clarify a little bit of what you're talking about with respect to Russia, not necessarily your contracts with seaborne, but when you're looking at whether it's the ammonia coming out of the Ukraine or the LPG coming out ... | Interesting question, Ben. So let's try to go to basics. Europe imported 1.5 million tons of LPG from Russia last year. 350,000 tons of that was by sea and the rest was on rail. Now so the largest portion of Russia supply of LPG to Europe is there from rail. Some of that will be restricted, I am sure, for the largest p... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8527b5498ecfd7e039cbc607f6660a8f | OK. No, that's helpful. I appreciate that. Just switching gears for a moment. You guys sold the Neptune, which was a 22-year-old ship, but it is an ethylene carrier in a market were, clearly, that's -- there's a lot of tightness in the ethylene carrier side, specifically on the handysize portion of the fleet. Can you m... | Hi, Ben. I think that it was probably twofold, one commercially and financially. It is, as you say, a 22-year-old vessel, and therefore, there is a timeline. And I also mentioned, we've revised our albeit accounting estimated economic life to 25 years. So it's got three years of life. If you look at any of the analysts... | direct | [
"direct",
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"fully_evasive"
] | A |
753fc4687b6015a77ac012b11083a3b6 | Good morning. Climent Molins. I'm from Investor's Edge. Following up on the terminal, you expect March throughput to be very strong, and you also underline how high oil prices increase the competitiveness of North American ethylene benefiting your terminal. And I was wondering, are you currently looking at increasing t... | It's an interesting question, which is very relevant in this environment, a high commodity price, high oil price definitely puts U.S. ethylene exports in the boardrooms internationally for people to their businesses to produce polyethylene or ethylene derivatives. So the last two years of COVID and depressed markets, a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ea1d298d6924581b05e08cf96bd3e131 | All right. That's very helpful. And you've been divesting the oldest portion of the fleet after the merger with Ultragas and you're now also sitting in a comfortable financial position. Could you provide some commentary on what your capital allocation priorities will be going forward? | That's a good question, too. I think the first part of that would be debt reduction. We would also be looking at other options, alternative investments. And then considering a -- introducing a dividend or share buyback policy. That's obviously a matter of subject for the board, which have yet to consider that. But that... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
99b154e08ec12faa21dc05edaa8f9440 | Sorry, I was muted, sorry. I didn't want to overstay my welcome the first time. So I appreciate you taking another question from me. There had been some noise in the market over the last, I don't know, three or four months about you guys having a partnership that was moving -- possibly moving into the transportation of... | Yeah, an expansive question. So it's twofold. So you're correct. So Dan-Unity, which is the joint venture between Ultragas and Evergas, which is now Navigator Gas is to develop CO2 transportation services for that. So what they've done so far is to design our fully fledged and CO2 ship type with a particular containmen... | direct | [
"direct",
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"fully_evasive"
] | A |
84308dbccc3381c1b112c9005621e10b | Let's start off on PPP and your corresponding banking agreement. Can you please give a high-level overview of all the different ways in which NBN earns income from this relationship? And how do you expect the relationship to continue to drive earnings going forward? | Happy to. The first big point is we split income. We get -- our correspondent -- we split the income that's made in this PPP activity. The first way is when -- and as we started with ACAP and Loan Source, they buy loans at a discount and we get half of that discount.
So I'm going to reference the slide as we're going ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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