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9c8b0226a2bd7618970bd1c79d3a91da | Congratulations on the strong quarter. Maybe -- and this is, I guess, maybe a little bit more high level, but what do you think is the driving force behind the success that you're having with new customer wins? Is it the excess capacity that you're bringing online? Is it your process and analytical development teams an... | Matt, I think, it's a number of factors. I think, there's no question about it. I think, investing ahead of time, I've said this all along is that most of our clients, I believe, time line is a critical success factor for them. And so, you can have all the best offerings in the world. But if you haven't got a bioreacto... | direct | [
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cbe0e5fe44f0d4c6e540618236627388 | That's really helpful. And then, maybe a follow-up question for Matt. I think, you mentioned in your prepared remarks that you've doubled the size of the sales team. Could you remind us what the size of that team is today and whether or not you plan to add any more headcount to that group, like say, over the remainder ... | Yeah, I think, we're rightsized for now. Currently, we have three in the mammalian side and then another one focused on the cell and gene therapy. | intermediate | [
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3ce4c339d172af222d142a78200e8d27 | This question has kind of been asked around a bit. But the analytical and process development expansion that you're talking about, is that a necessary to win business? Or does that make the likelihood of winning business higher? | I mean, I think, it's an essential element. Most projects require analytical -- a large component of analytical in that space. And obviously, process development as well, a lot of people are building projects for -- or coming with projects for preclinical, clinical manufacturer. And developing the process and refining ... | direct | [
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8db7f75099a505969895b85bfa2c6044 | And then, lastly, did the experience that customers went through during COVID create more demand for single-use technology? | It's a good question. I'm not -- I think, it's a difficult one to -- I mean, there's certainly an increased demand for single-use technology during COVID. I would put that as much based on the fact that finding the disposable components throughout the industry during the last two years has been extremely tight, conside... | direct | [
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5352f8e2720c77cd2c4a490e7e5ac0e0 | The first question is, you guys mentioned improvement of kind of demand activity starting a few weeks back. You also talked about having traffic counters installed. I mean do you have any stats around kind of the momentum just to give us a sense for the recovery and how -- the cadence of the recovery and how it might l... | Sure. I'll give you some detail on that. So on the traffic counters, those have just recently been installed, and we're establishing baselines. And I think there's more to come on that in the future, particularly around, as we mentioned, the digital initiatives and marketing campaigns and the effectiveness of those and... | intermediate | [
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ad9f418a402255be6ce416bb42661080 | Okay. That's super helpful. And then you referred to some of this, but I'm wondering if you could give us maybe a little context of what's going on in LatAm versus U.S. I mean the U.S. clearly has some stimulus activity that logically can be crowding out loan demand for a period of time. But it looks like the PLO and s... | Sure. So first of all, if you look at the performance of U.S. versus Latin America, the story is much more about the performance of the U.S. and really exceeding our expectations. Some of that you can attribute to timing of stimulus versus what we expected. But a lot of it also can be attributed to just really good, so... | direct | [
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93e20daafcd12698b8060b9b4c9737e5 | Okay. That's helpful. Last question is, obviously, good trends on opex. Is this quarter a good run rate? And I think you kind of mentioned that you would think some of the variable expenses start to move up as transaction counts move up. But are there any other moving parts there? Or any other opportunities that you se... | We would think -- yes, we're still looking for more savings as we go. But we think we have found most of the low-hanging fruit and now we are just looking at trying to maintain those cost savings going forward and to keep those expense savings low. But as we said, those store expenses will slowly come back as that tran... | direct | [
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4828fc0e7683fd8c43ebf842c5926685 | I just wanted to dig into the inventory turns, the jump from -- to 3.1 from 2.1. How much of that is just the reduction in aged inventory and leaner inventory levels overall? And what do you think a normalized level could be? I mean are we seeing the impacts of Lana, I guess, help your inventory turns and how should we... | Yes. We're really excited about what we're seeing on that aspect of our business in both the U.S. and Latin America. So across the entire pawn business, we're seeing higher turns and a greater focus on turning merchandise in the first 90 days when it's -- where it's most economical for us to do that. Clearly, this situ... | intermediate | [
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5aa02391986857e20f86b627e73e7b2f | Okay. That's helpful. And then can you just talk a little bit about the M-and-A in the U.S., given the market is very fragmented? Kind of was this a distressed opportunity just given what's going on in the pawn environment? Is that what you're looking for? And are there any meaningful changes that you see? Or is it sti... | Yes. In the U.S., the opportunities do tend to be smaller. It's still a really fragmented market. This is just a broad number kind of a general number, but there's something like 5,000 owners and 10,000 pawn shops in the U.S. So it's extremely fragmented, a lot of mom-and-pops. And obviously, it takes as much time to d... | direct | [
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cf45cf14fb04ce531f091e02616b4673 | Okay. Great. And then it's been a while since, and I don't know if it's coming, but since we've seen any inflation, and you've mentioned kind of a pickup in PLO demand, maybe more on a sequential basis. But is there any impact you think from, say, higher gas prices that might be impacting demand a little bit, helping i... | So you bring up gas prices. Gas prices are up 63% today versus where they were this time last year. So that's a considerable increase in kind of an out-of-pocket expense that most of our consumers are incurring. You see it in other areas as well. I mean this has been a big topic of discussion this week in the markets. ... | direct | [
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a74b40a16ba32b357d6ca4f34876155a | Great. Thanks for all the color on ERP. I'd like to switch over to your database. You've made meaningful improvements in both cloud and customer OCI 2, which where both one and two are required for ADB. So, are those improvements enough that we're now starting to see the upgrades to ADB? And are you able to monetize th... | The answer is I think there's no question you're going to see a lot of database growth -- a lot of database acceleration starting next year, which we're a quarter away from. But we'll be fine in Q4. Again, autonomous database is growing pretty rapidly. But we expect it really to explode next year, and I really do mean ... | intermediate | [
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311bbbe0ff5f5163f86ab4719e46ae15 | Yeah. Thank you, Larry. This SAP replacement wave, it feels like kind of a historic moment because that kind of activity, it's usually so rare, and these -- the logos are pretty large that you're mentioning. So, when we see -- | I apologize for interrupting. The really spectacular logos are not led. They're a threatening disease [Inaudible] some of them are pretty spectacular in there. But we have some that are much larger and much -- and absolutely shocking. And I've been alluding to this, but sometimes, we're in the middle of an 18-month imp... | direct | [
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17d16bdfa831daa466f9f7fcf345cb3b | So Larry, the ones that we see, which aren't too shabby, you mentioned DHL and Honda and Lloyds Bank. Is that a precursor to moving to Oracle core financials eventually? And I'm just wondering which of Oracle's strengths is really catalyzing that wave of replacements? | OK. So, there are two lists. One -- the first half of the list that I read, and they're about equal-sized lists, were people that already moved from SAP financials to Oracle financials. The second list were people that had partially moved to Oracle but still were running SAP financials in some places. In other words, w... | intermediate | [
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4d69b80618069bd719a976e637e6599f | Appreciate the additional color that Safra gave on the call. I'd like to turn to OCI Gen 2. We've been hearing about security concerns from consumer Internet companies. To what extent has OCI security technology helped you win business with these companies? And is consumer Internet a big driver for OCI Gen 2? Also, to ... | Yeah. Well, I think there are two things that are interesting about OCI. One -- on the security front. One is we believe security should always be turned on. In other words, there is no light switch: security on, security off. We have these things called Max Security Zones in OCI where you cannot turn security off. Max... | intermediate | [
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0f74f2966ba8da55012db74cae7084d9 | Hi. Thanks for taking my question, and congrats on a strong quarter. I just wanted to focus in on the license line. It was up 4% as reported, flat constant currency off of what was actually the toughest comp for this fiscal year. I wonder if you can provide some context on sort of what is driving that, particularly sor... | Sure. Let me take that. So, the Oracle database remains very strong, and what's good about the Oracle database is you can also bring your own license to the cloud. So, it's both on-premise and in the cloud can be used there, and it remains very, very strong. The installed base of the Oracle database continues to grow, ... | direct | [
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26badc7f9713d694c1ff94f0ba0b3a06 | Great. Thank you so much for taking the question, and congrats as well on a great quarter. Larry, it's so great to hear every single one of those SAP wins, especially since investors think of SAP's customer relationships as being so deep. So, clearly, by displacing them in so many accounts, it speaks volumes to the qua... | So well, we started 10 years ago to build Fusion Financials for the cloud, to rewrite all -- we have PeopleSoft ERP, JD Edwards ERP and of course, Oracle E-Business Suite. We had these three separate on-premise ERP systems because -- and we decided a decade ago to rewrite all of that for the cloud. And SAP, unbelievabl... | direct | [
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d7c37a206e1e48530dd8b268ea31bb72 | I was hoping maybe you could speak to how utilization is kind of historically relative to the particular month of the year? And what level of visibility you have kind of based on that into the guidance at this stage? | If you looked at quarterly utilization year over year, those patterns generally trend pretty close, if you look across the business in terms of seasonal quarters. In terms of the patterns that we see and how they inform guidance, we not only use what we're seeing early in the year, so for the first, let's call it, eigh... | intermediate | [
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bc87da6331b561e0c18e00580a81ddf0 | And then with the lockup expiring soon, have you had any conversations or update from your larger shareholders around their plan? | Anne, it's David. Yes. Lockup expires on April 21. So the first trading day will be on the 22. Our largest shareholders are Kleiner Perkins and TPG. And each firm has put in place a multiyear 10b5 plan that contemplates a thoughtful approach to reducing their large equity holdings. With respect to management, Pete and ... | direct | [
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a14bd4d1d044ad8a363c1c11db906be1 | You mentioned about the guidance and not having any impact on coronavirus. I think in the time that Progyny has been around, clearly, there's been no instance where anything of similarity. But is there anything that your provider that your doctors have seen in the past in terms of how you'll see any fluctuation volatil... | Well, so the first thing I would tell you, Mike, is that we've spoken to a number of the doctors in our network. And as of now, we're not seeing any strange patterns with respect to cancellations or changes in scheduled appointment volumes, etc. So they're seeing normal activity. And by the way, we're also seeing among... | intermediate | [
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6ce540960543b9d91e4377b3b0020b08 | As you wrap up at the end of the year, you move forward into 2021's selling season, one of the things I know that you've discussed in the past is the viability and the strength of your sales force. Can you maybe talk about how the sales message continues to evolve as you have more and more customers, and particularly c... | Well, look, I think that given that a lot of our value is based upon the outcomes we generate and as we've had more and more companies more and more covered lives and members and companies from varying industries and geographies, it certainly reinforces the message and provides additional evidence that our value propos... | direct | [
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85b143c9615223bc9616231ac2352741 | 2020 guide is better than we expected. And I'm hoping to understand a little more of the assumptions going into revenue guidance. So any change on utilization or client size there? And I know some of your customers we had talked about putting off the Rx decision, while they transition their core healthcare PBM contract... | Yes. So I'll take the second question first. So as it relates to upsells in the RX benefit, yes, we did have a good upsell season, if you will, relative to RX. And we also had a favorable start day acceleration, if you will, with one of them. And so one of the things that's contributing to the higher guidance for the f... | direct | [
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d1128773500ebf12c4755055a07f20af | You talked about your 2020 book changing in mix with a lot of the sales coming from the nontraditional sectors, and I imagine it would continue even into '21. So how do you think about forecasting utilization under this mix shift dynamic? And would you anticipate utilization going up because of this mix shift? | So the important point about the comment around our expanding base of industries across our client base applies not only to this past sales year, but applies to the prior sales year for clients that went live in '19. I think that the point that we were trying to make is that the earliest years had the highest concentra... | direct | [
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a663b5625223c83b3ee3086957aef696 | You mentioned and talked about your competitive advantages and particularly getting an early lead focused on fertility benefits. I guess, the question, how important is it at this point to expand service lines and sort of accelerate that? You've obviously done well on the pharmacy side. Just trying to get a sense of ho... | We think we can continue to grow at a very strong rate with our current solution. Nevertheless, we are, as we talked about previously, studying possible extensions to our service offering, particularly in adjacent areas and other areas of women's reproductive health. We think those opportunities will make both, I think... | intermediate | [
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392b95d932eb1a7473dd58da819b0ce9 | I wanted to ask about the gross profit margin in the quarter didn't show as much leverage on the short strong top line, and it was down and looked like it contracted a little bit year over year. I think you mentioned in your prepared remarks, headcount add. So I just wanted to hopefully get you guys to just flesh out i... | Yes, I would encourage you to look at the full year and any quarter, in particular, the fourth quarter is going to have the most variability relative to timing of new hires, preparedness for the following year in terms of how many people we add, etc. So the full-year gross margin is more indicative of our ability and t... | intermediate | [
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a54805087dad1cfb5232249cbaee0367 | Wanted to ask about the implications of the Luxco acquisition to the numbers. I know it's tough from where you're sitting right now to really give a firm projection for 2021, including Luxco, but could you kind of help us out, just given that it's going to have a really significant impact on the numbers, what would it ... | Yeah, Alex, this is Brandon. First of all, thanks for the question and happy to provide some clarity right hand. So the thing I point back toward is the investor presentation we released in January when we announced the Luxco transaction. Yeah, there are some financials shared at the time on a adjusted unaudited basis ... | intermediate | [
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3d90d9a270c468c05d3f562d1663916b | And then just as we think about the sales of aged whiskey and this is really now three quarters in a row that you've had good success in selling the aged whiskey. And you mentioned that it's hard to really forecast what that demand is going to look like in the future. I mean, is there a sense that -- given that the dem... | Hey, Alex, this is Dave. Yeah, we have experienced really strong demand for our aged whiskey as we mentioned the last three to four quarters, Q1 as well, obviously a very strong quarter. We -- the best indication that we have that we keep trying to guide to is the fact that we think over time, our growth rate should be... | intermediate | [
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8d4bd16d98d938b1131eccf6b7ac8d3e | And then my last question, the Ingredient Solution side of the business, I mean that's been a really top performing segment for a while now, and it sounds like from your prepared remarks that the demand from your customers for your offerings remain very strong. And there were some reasons why we didn't quite see that i... | Sure. Yeah, I think in Q1 we kind of gave a forecast of this in our Q4 call. We had the -- in the month of February, we lost about two weeks of production in our Ingredients business due to the cold weather that came through the Midwest. Our natural gas supply was curtailed, which resulted in us needing to shut down op... | direct | [
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8cc5d6cba26e59a17afe2812f678e22d | Hey, just -- I guess first kind of question on the guidance and especially on the Distillery business and your kind of commentary of it growing in line with the category. I guess, one, can you kind of quantify how much the -- and you might have already done this, the white goods issue -- I mean, the switchover how much... | Yeah, Bill, good morning. This is Brandon. Thanks for the questions. First of all on the switchover, the total sales to ICP, which is a third-party contractor that we set the partnership with last year was around $24 million in total and that hits our industrial alcohol product line. This year, we expect to be finished... | direct | [
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1ab45871b3cd4dab0b7f87ab18822285 | So just to follow-up that. So is your guidance for the remainder of the year, just assuming there is no further aged sales and that would just be upside or that -- or are you thinking that the aged sales are front end loaded this year and you'll see kind of a lesser amount as we move through the year? | Yeah, it's probably more of the latter, Bill. So, our -- as we put together the guidance at this early on in the year, especially if we're coming off a strong quarter and a strong few quarters for aged if you -- actually, if we go back and look at the last three quarters, it is a little bit more front loaded. But for t... | direct | [
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fbd033b7ce446c99138aaadce6c6c2f3 | Got it. And then, second question, can you give us any update on at least top-line trends for Luxco for the first quarter? I mean, they continue to grow, have there been any issues, anything we should be thinking about. | Yeah. Can't share a lot on the first quarter at this point. And believe me though, it's not because I don't want to, we've been working on this for a long time. We're really excited about the deal. We can't wait to share more with you in Q2. What I will share is, what I even shared a little bit to, Alex, is that, we ha... | fully_evasive | [
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5de21897a258cb2b13344507f008df73 | Got it. And then last two questions, sorry. One going back to just brown spirits, it seems that the kind of conversion over the past year of how you're viewing the aged has been from creating an asset that you can sell for top dollar to creating a library for your customers to shop whenever they want. And I didn't know... | Yeah. I think our -- we still sell a lot of new distillate, and a lot of those customers are on a contract basis, I think, through the last, I'd say three to four quarters in the -- as a result of COVID, I think, what we've seen is on brown goods, in particular, on aged in the last two to three quarters, we've seen the... | direct | [
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9480bfc652fbcbd5ab442702d4b93c59 | Got it. Last question for me, just the insurance settlement in the quarter. Didn't know whether that -- I think, that's included in the numbers and in your full-year guidance. I could be wrong, and just didn't know where that -- is that still in gross margin or is that still in SG&A, just any clarity there would be hel... | Yeah, thanks for giving me opportunity to clarify that, Bill. Yeah. So, we did recognize a partial insurance settlement of around $3.5 million, $3.7 million in the quarter. That is treated as a reduction to cost of goods sold. So it will hit the gross margin. The actual receipt was closer to $8.5 million. The differenc... | direct | [
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8c83c522e3945f80ca712ad7836a6ff6 | But the $3.7 million is in the non-GAAP EPS for the quarter, and then, in your full-year guidance of $2 to $2.15 for the year, is that correct? | Yeah. It's actually -- yeah, it's in the GAAP reported for the quarter, because we were -- we did receive and recover it in the quarter. And yes, we are factoring that for the year. We are going to offset the majority, if not all, of our business interruption impacts with insurance. | direct | [
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5cb1ee9438b99b4a57c35c8f163391b7 | Hey, good morning, everyone. Thank you for that deeper look into sort of your opportunity set. As you said the underwriting deals, I feel like you're probably more in the -- more aligned with the investors on this call than other landlords and thinking about the future of office. So I was just hoping to get your views ... | Yeah, thanks, Manny. Obviously, a lot of opinions and thought on this Salesforces announcement is an interesting one. We've done a lot of business with them on the leasing side over the years. I think clearly, work from home is going to be a part of the landscape looking forward and I think for the next few years, comp... | direct | [
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7713f5adb5d1ca086323054936fa4735 | And then I don't remember which David said this, but I think you reiterated that you're not looking at single deals, and you really want a platform or portfolio. Does that mean you're not looking at single deals within that underwriting those deals? Or is your desire just to act in a bigger way once you do act? | Actually, Manny, you're right on both points. Well, we are looking at single deals, but not with really a focus on execution or the actual acquisition of those one-offs, more just to understand pricing and what's going on in real-time in the market. But as David said in his prepared remarks, rather than create friction... | direct | [
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b35c47561877884378f2c33af116a6fc | Yeah. Good afternoon. First, I wanted to check on the Hamlet acquisition. It sounds like the close has moved from the first quarter into the second quarter. And I was wondering if there is any big hiccups at this point. | Yeah. Hi, Tom. We really don't consider the close moving. We talked about it being end of the first quarter, early second quarter and we are still projecting in that time frame, again most likely early second quarter. We're still waiting for one clearance from one government, but we don't see that there'll be any issue... | direct | [
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de382a12b4802c4634ccd0cd2899da8d | Okay. That sounds good. And then when you look at the ramp in Malaysia, it sounds like it's on track for the third quarter. What do you do between then and now to ramp up capacity if you need it? Obviously things are getting stronger in the first quarter, [Indecipherable] grow again in the second quarter, will you have... | Yes, absolutely. I mean, we always have a significant amount of first capacity and different things that we can do with overtime and extended shifts and things like that. So we definitely -- it's not a concern in the short term. Obviously, as we see '21 and '22 continuing to strengthen in the long term that additional ... | direct | [
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d79384010bd87eb169e5db46e7d44fd8 | Okay. And then final question. When you look at the kind of consensus view out there for 15% growth in the industry, everything you've seen correlate with that? | Yeah, yeah. We see -- obviously the 15% number that a lot of people are talking about definitely seems like a reasonable estimate. There have been a lot of announcements, especially in the foundry side of things to support that and as well as memory moving into more capacity adds in this year versus the node expansions... | direct | [
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9bf021094967ab4ff85cc5ea32eb6705 | Hi. Thanks for [Phonetic] question. I had a couple of them, Jim. Just to follow up on Tom's last question, you said that you expect the outperformance to continue. So if you think WFE is going to be up 15% this year, is it fair to assume your revenues could be higher than that? | Yeah, obviously we're not guiding for all of 2021, but our target is to always outgrow WFE and we've outgrown that on an average of about 10 points over the last five or six years and obviously some years are higher and some are lower than others depending on many factors. But, yeah, our aim is to continue to outgrow W... | direct | [
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4505f2c0deef61230e030f899944ec94 | Got it, got it. And then, Jim, I think in the last call you kind of spoke about some potential approved design wins at ASML. I'm kind of curious, when do you think the transition to tangible revenue? | Yeah. As I mentioned that's kind of a long-term goal over a few years and there are several reasons. A lot of the wins and a lot of the work that we're doing are on the next-generation tools in the litho space. And so those obviously have to go and get adopted and they have to ramp up on their own. And also the wins --... | intermediate | [
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fd2c8e5fa21ea9acb3bee09cefded59b | Got it. Jim, and then the final question for Sheri. It looks like the Malaysia facility is on track for a second-half ramp. I'm just curious how should I think about gross margin at least in the second half of this year as that facility ramps up? | Yeah. I think we'll take a look at how that will affect our model over the course of the year. Right now we see ourselves still at the high end of our model, especially now that we're starting to get into the $1.5 billion to $2 billion bucket that we put out in our model. So we'll see some increase in margin, but we wi... | intermediate | [
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2e92ec60501bea80744a14396091483a | Hey, guys. Congratulations. Just wanted to follow up on the last question just about the gross margin effect from Malaysia, I assume that as that comes online, you are saying that you think that that's margin accretive and could be a tailwind in the second half. I just want to make sure I got your comment correctly. | Yes. So it just really depends on the amount of volume going through. So obviously, it is a lower-cost region for us, and that will obviously help us from a labor perspective. The volume is really the key thing there in terms of how much goes through, but yes, it could be helpful to get us continue to have us be at the... | direct | [
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19af528ece31124918be7cd5d8607163 | Great. Second question for me. The services business actually growing in the fourth quarter, surprised to say, I thought you were looking for potentially a step back in that business in the December quarter as one of your large customers went through a fab transition. It doesn't look like that had an impact on the busi... | Yeah. We saw some -- yeah, you're right, we definitely saw a temporary slowdown in the -- from the Israel logic site as we had talked about before. We saw a little bit more strength in the memory side of things in Korea than what we had anticipated. And I think we do see that will continuing. And then with the fab conv... | direct | [
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32c493eca1bcd0d8037129cb7f1c8745 | Great. And then the last question for me. I understand you're not giving guidance for the full year. But sounds like 15% WFE growth you guys target growing faster than that. Could you make any comments about linearity sort of first half versus second half? Has there been -- there has been some debate in the industry as... | Yeah, yeah. We've been following those comments as well. Obviously the first half benefits from improved visibility and it looks pretty strong. As we look at the end market fundamentals though, I think a lot of the second half and 2022 and increasing the strength kind of compounding from that it's kind of a little bit ... | intermediate | [
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681b8feb627f920c149975099758e482 | Thank you very much for taking the question and congrats on a really nice end to the year. Jim, maybe first off staying on the services side for a second. On the parts cleaning business typically utilization rates are a key driver for that business and obviously saw that on the memory front. But did you talk about any ... | Yeah, I think that's a fair assumption that definitely you could see the cleaning cycles accelerate like they are toward the leading nodes and not logic which would obviously cause a higher cleaning intensity, if you would. And in addition to that, it also requires more of the leading edge kind of cleaning applications... | direct | [
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e878922823293431a2cb509a1d9cb0c9 | Great. That's helpful, Jim. Maybe as my follow-up question you guys performed really well last year in 2020 despite the pandemic issues. Can you describe the supply chain situation that you have right now? And whether you feel you can meet the increasing demand that we're seeing in the current environment? | Yeah. I think in Asia the factors on the COVID and supply chain the last few quarters has been minimal to almost nothing. Obviously in the US and in Europe, to some extent too around the holiday season it was definitely something in the fourth quarter that we had to deal with with the suppliers UCTs hasn't been directl... | direct | [
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ad29415821b22d0560d5a5331161e8ab | Great. Hey, Jim, I just have one quick question, follow-up on memory. Have you seen any change in the last 90 days your outlook between DRAM and NAND? | Not much of a change. I mean, NAND is still kind of where we thought that people starting to continuing the transition to the 128 layers. I think in the last quarter or two, we started seeing the 176-layer pilot production start-up. That was anticipated though, but we're starting to see some of that kind of pick up, bu... | direct | [
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85e35e4be381ffd7c6d718e61c3bffb0 | Okay. The only reason I ask is, some of our checks have suggested that NAND utilization rates have immediately improved since December. And so, it appears that that improvement has not yet led to any dialog that you're hearing regarding increased wafer starts you got. Is that fair? | That's correct. Yeah, the first indicator of those utilization rate is going up, yeah. The next step is typically then discussions around -- plans around the capacity adds and that's still -- we haven't seen that taking place yet. | direct | [
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494c825e55da1b7c7be0083f780290e0 | Hi guys. Thanks for taking my questions this morning. Look, obviously, we realize there's a lot moving around at the moment. When we look at sort of your top five or 10 investments, there were some pretty significant marks, First Boston Construction and AGY Holding, just curious -- and also St. George Warehousing. I'm ... | Rick, this is Marsh Merriman. Thanks for your time and your question. Let me just speak generally through a couple of the names that you've mentioned. In thinking about valuations and performance with respect to First Boston, performance continues to be steady there. The valuation change was a change in -- was a reflec... | direct | [
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9a63ee86041359ab89a46e56fcb74fdf | Got it. Okay. Well, thank you for actually really differentiating those. That helps us understand the thought process on what's going on. So, I really value those insights. | You're welcome. | fully_evasive | [
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3f5649e16c3db30ea204e8faf18ebaae | So let's start on the non-res side. The commentary in the short term points to a little decline but stability overall. Maybe specifically how you're thinking about backlog. But more importantly, once you get past the next couple quarters, what's the current thinking internally for how resilient that business could be g... | Well, we do feel -- this is Scott Barbour. We do feel like we understand and see for the next couple of quarters a very stable non-residential environment. We look at all of those high frequency metrics and they're pretty good. And I think -- when I think just about non-residential, it's going to be a couple things. On... | intermediate | [
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ca619c80ace487e1a71eee82df5c25bc | And, I guess, the flipside of that is the residential piece, which, given the Infiltrator acquisition's coming in at a really nice mix for you guys. I mean, that serves as a mitigation point when that change point comes and if weakness hits that market. How much of an offset do you think of that? How sustainable is the... | I think we'll participate more, for two reasons. One is, the Infiltrator market share model. It's a proven business model. It's a material conversion model. They have all the right distribution to reach the touch points out there. It's a very consistent grower, market share gainer. And again, they will be benefited fro... | direct | [
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c25c8832f18af5a62cc32ab8e4388991 | Help me understand the sustainability on the margin side. Obviously, resin a tailwind for you. The Infiltrator inclusion helped a lot as well, but resin a tailwind. How sustainable do you think that is? And what are pricing dynamics looking like in the market right now? | Pricing dynamics are pretty favorable. I mean, I think -- I mean, favorable in the sense that we're able to hold price in the market today across the board, really, between Infiltrator and ADS. There's always a few skirmishes going on and we'll deal with those.
And, I guess, I think we've taken somewhat of a step chan... | direct | [
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be459f33c937194b235b9fa2a1d59015 | The first one, maybe we can dig in just a little bit deeper on the organic EBITDA margin expansion, 830 basis points. And you listed, I think four kind of drivers were on that, slower manufacturing, cost mitigation and leverage. Is there any way you could at least dimensionalize the impact from each of those? | Yeah. Hey, John. The way I would talk to it is, when you go to the EBITDA bridge and you look at kind of that boxed-in area, it highlights those areas. And again, I'll walk the left to right a little bit. But again, the volume hung in there and was stable. And our allied products continue to grow. So, you get really go... | intermediate | [
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e0f8708005b3c787b95ea27c70aff790 | And then in terms of the comment on demand being similar to what we saw in the first quarter. I mean, quarter-to-date, would you say that organic volume is running up sort of mid-single digits? Is that a fair way to think about it? | Yeah. It's probably doing that. Sequential is slightly ahead. July was slightly ahead of June on a daily basis. And after two day of -- two or three days of August, it's kind of the same. But I kind of go back to our experience of April, May, June. What we see happening right now looks a lot like June. When I say now, ... | direct | [
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1aab07f41597913e6dc90f1e051ef7b5 | Nice cash position and liquidity position. Any updates on your thoughts around capital allocation and anything around the ESOP that might be able to take place? | Nothing on the ESOP. No ESOP questions today. No, nothing new on that. I'm just, I'm joking with you. Nothing new on that. We had our Board Meeting this week and we talked a lot with them about capital allocation and deployment and both capital investments we need to make at Infiltrator and ADS, things that we're -- we... | direct | [
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f6afd8f45fd11984530ade1a6193b6d4 | On the last call, you indicated that you had visibility out through September. Just curious did visibility improve just given what you're seeing in the macro. Has it returned to more seasonable levels? And just how far out do you think you have it right now? | Good morning. This is Scott Barbour. And welcome. We -- yeah, we do have, I think very good visibility into September. Kind of driving my comments around this quarter will look a lot like the last quarter. I think I would -- my -- our bet right now is that, things are going to be fairly stable. There'll be some noise u... | intermediate | [
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6ca8301596bb5951ea642399f83983af | And then you talked about some of the capital infusion into Infiltrator as you're looking to add some capacity, it sounds like. Should we anticipate any step-up costs or start-up costs or any potential inefficiencies as you look to bring some extra capacity on? | So that's a good -- that's a really good question. And that capital is not on the ground yet. Those are -- that's equipment is still kind of in process of being built and not delivered. And there are always difficulties when you start on major capital equipment like that. That said, that's a pretty profitable, well-run... | direct | [
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38b2c9d230e2bf3c80f068b05af495cb | Just looking at inventories, the sequential drop, was that, in your opinion, seasonal or a little bit more than seasonal? Or did you see any destocking and distribution? Just curious, if so, could you end up seeing a restocking here, if you aren't already? | It's more seasonal. There is -- we are not a -- our -- the business -- neither business, ADS nor Infiltrator really relies on a big stocking up of distribution and drawdown. So, you don't get some of those inertial forces in this Company that I know you're asking about and looking for. That destocking you saw on the in... | direct | [
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dfb63b10535bf5d76e248fab5bc407b9 | My first question is related to our revenue growth outlook in 2022, which of how are the major countries' performance doing and what's the outlook for 2022? And my second question is regarding our margins. Margin in the last few quarters have been on an uptrend. And from here onwards, any cost savings we can continue t... | As the world enters the post-pandemic area, the macroenvironment that we encounter has become of increased uncertainty and volatility. On the one hand, you see that with multiple countries gradually lifting lockdown bans, there has been negative impact on users' online social entertainment activity. And on the other ha... | intermediate | [
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74373c6592128959bc110fb2be19760b | My first question is about the competitive landscape in overseas market. How should we envision the changes in this year and how should we think about the seasonality? And my second question is about the YY Live transaction. Can management share about the progress, as well as any contingency plan or any strategies that... | Regarding your first question on the competitive landscape, I've shared my views multiple times in our previous earnings calls as well. So, I've just mentioned that our global business turned profitable in the year '21, and we have officially entered into a sustainable growth stage. So, this means that under the curren... | intermediate | [
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0f72385d059fcc57b0becf8fee80fa94 | So, I have a couple of questions, both of them regarding Likee. So, what's our plan for the user [Inaudible] pace this year? And additionally, what's our expectation on the Likee monetization of those [Inaudible] and also user trend? Secondly, can you share more about non-livestreaming revenues [Inaudible] target for t... | Regarding your first question about Likee, as I just mentioned in the prepared remarks, in the year '21, we took some proactive changes to Likee's -- to adjust Likee's marketing strategy and focus on the identification and cultivation of content creators. As a result, although Likee's MAU did suffer some fluctuation, a... | intermediate | [
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dd02616bd392e23691fc4d2808aa5fa8 | I was hoping to go into a little bit more detail on some of the comments you made on the mobile market share and therefore the revenue you expect within the Mobile Access business. So, Pekka, you said that you expect to drop from about 27% to 28% 4G, 5G market share, ex-China, last year to 25% to 27% this year. And I s... | OK. OK. Thank you. I mean that's, of course, one of the most essential questions that -- and issues that we are facing this year. If I comment market shares, first, expectation is clearly that in China and in North America this year we will have lower market shares. And of course, that 25% to 27% that you referred to, ... | direct | [
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62a3dd1aa87aaeb49953f6b1d54a3439 | I want to understand a bit better what happened in Q4 with regards to your product mix at Mobile Access. In the third quarter, you were prepared for lower share of ReefShark-based sales in Q4, but this was not the case, as you benefited from earlier-than-anticipated product releases. Are you running ahead of your targe... | Thank you, Sami. The EUR 150 million thing is unrelated to this one. That was a customer-specific issue. I would not draw the conclusion that the 43% share will be an indication of the overall program being ahead of targets. We maintain the 70% target by the end of this year and 100% target by the end of next year. The... | direct | [
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99741fdf032ad048c256aa7ae3122099 | You obviously had solid cash generation in the quarter relative to your prior guidance even with that EUR 500 million early payment of cash. I just wondered if you could explain a bit more as to why you got that early payment. And then also it would be interesting to know in terms of the underlying improvement which wa... | Yes. Thank you. Very good point. And I will say that reason for this early payment from the customer side, which was due in Q1 2021, only the customer can actually answer that question. We didn't expect that. It came. And it could be just banking days error here as well, yes. For the other points, I will say that, if y... | intermediate | [
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3bf97d5da4897bfd6f746b53ebb0710f | I just had a question really on -- back to market shares, on the timing of the market share shifts that you see. So if you help me understand: I was thinking maybe China share loss was a 2020 affair and then we don't have further impacts from China in '21. Or am I mistaken? And then the same for North America. Is it on... | Yes. The overall market share excluding China. Remember this 25% to 27% this year and 27% to 28% last year was excluding China. So that effect is eliminated. Clearly, the negative driver this year is North America. And then Europe is actually supporting this, mitigating some of that negative effect. We have guided only... | intermediate | [
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9bd258daea6ef7cffc9bfcbe193490f6 | I know it's probably a bit early to try and touch on this, but with what you're seeing in terms of your customer engagements now, knowing that the Verizon and North America issues are largely behind us, do you feel confident that you're holding your share in the rest of your North America base? And if that's the case, ... | Yes. Yes. We do need to see more customer interaction before we are able to say anything about '22 or '23 market share. Of course, some of the recent deal activity that we have had, especially the ones that we have published, is promising, but it's still too early to call. And then of course, when it comes to individua... | direct | [
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58e21521b909af8e6e604d403b3dcab3 | I just -- I had a question about Europe. If you look at the historical RAN share in Europe of 50% for the Chinese vendors in 4G, how much of that share would you say is already up for grabs in 5G? And related to this, after you complete the swaps you're doing, do you think actually Europe could end up becoming a more a... | I do believe that Europe will be an attractive market, but it's not possible, I'm sorry, to answer your question through any numbers or anything like that. We are not able to simply estimate that we are looking at our market share in Europe, which is trending up at the moment, but it is not up to us to speculate on whe... | fully_evasive | [
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8b3b044563ea3b40fb7d026a7d6f97f0 | I wanted to see if maybe you could offer some thoughts on how the C-band auction that's under way in the United States might affect Nokia. For example, there are some that are arguing that the money spent on the auction will reduce what operators will spend on the networks, while other arguments are saying, no, it demo... | Yes. I mean, those are exactly the two ways to look at that thing, but I mean, hey, look. If somebody spends a lot of money on something, makes a big investment, shouldn't that lead to very high interest to do everything possible to maximize the return on that investment? And how do you maximize that return? You need t... | intermediate | [
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83baaf880587efcd5568f38240609a42 | You've made some comments that you have improved your competitiveness on the product side. Could you elaborate a little bit on where more -- where specifically you feel sort of that you have improved your 5G competitiveness? And also, has these encouraging comments and trends you're seeing made you believe that you can... | Well, it's there is no big difference to what we said three months ago. We were pretty confident on our ability to catch up back then and I would like to repeat that confidence today. We are now already in the second month of 2021. And as I have said earlier, 2021 is the year during which we believe that for all releva... | direct | [
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711acc9cd0b759106eb914c7abe141ed | Can you talk about the mid-single-digit growth. We've seen the PMIs, particularly in Europe, be a little bit weaker, and it was nice to see some growth there. Is this kind of market outgrowth? Or is -- are these safety products more resilient than just a typical PMI sort of movement? Just curious to hear your thoughts ... | What we're seeing, Stanley, is that we believe we're outstripping the market in some areas. Clearly, with fall protection, we're doing quite well with growth in the mid-20s. We believe we're taking market share and hitting stride with some of the new products we've developed over the last couple of years, some good str... | direct | [
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6990ea6a21c1c1ddc654ea8281226546 | Perfect. And then thinking about the back part of the year, you guys have done a nice job of getting price and value pricing for the products that you have. Are there any things on the -- to be concerned about in terms of incremental input costs or anything on the cost headwind side? And then kind of the last part of t... | No, we continue to monitor that very closely, Stanley. We watch the supply chain and the pricing on the supply chain. And then on the flip side, we're really staying after our pricing side. We've done a nice job with managing our pricing and executing on the price increase, specifically in the Americas, a really nice j... | intermediate | [
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cb4a4ea26c391a8861cf94edc83a4be3 | Hey, guys. Good morning. So Ken, I might have missed it, but did you give the content from Sierra Monitor in the quarter that you have any contribution? | Yeah. The revenue contribution was less than 1% growth. So we did under $3 million of revenue associated with the acquisition. And from an earnings perspective, we saw a dilution on the GAAP line of about $0.04 and $0.01 of dilution on the adjusted earnings line. Our expectations there remain $0.03 to $0.07 for the fir... | direct | [
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bde9b2d9a88441df9f112cd2906f0937 | So that 3 million is about 30, 35 days' worth of revenue? | Yeah. That's about right. And it was late May when we closed that acquisition. | direct | [
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72abae5dcc27b45567653f94f184aa4f | I wanted to talk maybe longer-term, I mean, you've done a great job on the margin, and you've got a lot of initiatives that you pointed out over the last -- to carry us through 2020. But as we look a little bit further, I'm curious where the most opportunity is for MSA? Be it gross margin enhancements or SG&A takeouts.... | I know there's still lots of opportunity, Ed. I wouldn't say that the cost takeout is over. We're very focused on our SG&A. We had nice improvement, in fact, in SG&A in Europe, which SG&A declined by about 4%. So we're really managing those expenses. There is a lot of focus in that area. We leverage our systems and pro... | direct | [
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ca9071ed1285e8f4098b84a6d14003d6 | So with that context, I'm curious, you called it out in the press release about 40%-plus incrementals. If I look out five years, do you think that rate continues at that 40% plus rate based on some of the initiatives and what you see existing in the core business? | No, it's always hard to say what the business will look like in four or five years. But what I can say is over the last three or four years, we've been consistently delivering those incremental margins at or above 25 or 30%. And so we think this business has the opportunity to continue to grow and improve the overall u... | intermediate | [
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9b10b3720dba3e346d846b4d31cbab43 | Hi, guys. Can you just discuss maybe what you're seeing there and why that may or may not be an area of concern? | Yeah. Larry, we're not overly concerned with what we're seeing with hard hats. When you go back and that leading indicator, I'd go all the way back to the post 911 economic downturn in 2002, 2008 and then again the industrial downturn in '15. What we saw in those downturns with head protection was a quick and sudden do... | direct | [
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f365a3ebf01cfaab66a16138e94eb8ae | OK. Also in the first quarter I think the book-to-bill overall was 1.07% or a little bit lower if you adjust it for their business didn't shift. So what would the book to bill be in the second quarter? | Typical as seasonality is with us, the book to bill was around 95%, which is pretty typical for the second quarter for us. But if you look at it over the course of the year, it's right around one or slightly above one. The backlog remains really good, really healthy for us, and that's why we have confidence in that mid... | direct | [
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11639c0cfd2c8fb273ffb101182c182d | Got you. Now I think 10 to $15 million in business didn't shift in the first quarter, shift in the second quarter. Can you remind us what product that was? And so obviously, if it did shift and if that could -- if it did shift, the top line growth would have been a little bit lower, if you ex that out, but still obviou... | Yeah. We don't normally talk about our internal plans, but what I can tell you, Larry, is that, overall, our internal -- our performance is tracking fairly well versus our plans and our internal plans. And there's a big reason why we are committed to that mid-single-digit guidance this year in terms of revenue growth. ... | intermediate | [
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29522b2fdae99f2840728e9c2bf42a17 | Very good. And last question for me, you talked about -- maybe I missed this, I apologize if you discussed it, but Middle East obviously had been weak. But you have some good backlog for the second half. Are we still confident in that hitting? | Yeah. Larry. Right. The Middle East in the second quarter, they had a real tough comparison with self-contained breathing apparatus. But what's really encouraging about the Middle East is the fixed gas and flame detection business was up about 20% for the quarter. So if they had a good pipeline of business, there's sti... | intermediate | [
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89a86468c1375746c491864874ac1a2e | OK. So that pipeline and backlog that was expected to hit in the second half, you're already -- in other words, you're already starting to see some of it hit and the conditions are getting better. The projects are happening. So if not just the timing per se of the backlog hitting, but the overall end-market in the Midd... | Yeah, I think that's a good way to define it. We're starting to see some of the projects come through, once again, the process, the cycle of projects are coming through for us. | direct | [
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a592e03b612ee7a34106fbfb496264e5 | Thirty three million of shipments to be recognized in the second half of '19. Does that provide you very good visibility into the remaining '19 guidance or whether there would be a meaningful portion that would be out into the 2020 time frame? | Yes. OK. Suji, actually, look at our -- as I said, in the second half, we have a very good order receiving. Also, we have a very high kind of a delivery schedule, too. So obviously, we look at the second and third quarter and the fourth quarter. We think the third quarter will be heavier than the fourth quarter, right?... | direct | [
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e0a8fdb87bdf7d84031b54220b908c38 | OK. Great. And then also on the shipments, are they spread evenly across foundry and memory customers? Or is there a concentration on one side versus the other? | Actually, looking at our customer, I mean, we do have our -- I call the the memory house and also have our foundry. And actually, our second half, you got mixing, right? Mixing of the -- there's a nano company and also the foundry. Pretty good mixing actually in the second half. As I said, our first customer, SK Hynix,... | direct | [
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7d37ff7a3fe1949d42b83449de3fc498 | OK. And then a question on the Tahoe products. Are additional -- I know you have one customer trialing it now. Are additional customers purposely -- or are you purposely waiting for that first customer's acceptance? In other words 2020? And are multiple customers kind of waiting on that event order? Is that how this is... | Yes. That's the typical pattern. Right? And looking at our history, it also showed that pattern. Normally, first customer take in a tool, and other customers they'll be waiting for the result. Right? So also, they're first waiting for results; secondly, they're waiting for repeat order. So I think there's more. As I me... | direct | [
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cf04913a964c3f51a7ef880662755527 | OK. Great. And then just one thing I didn't clarify before. I just want to make sure. Is Ultra-C Tahoe complementary to SAPS and TEBO? Or is it a replacement for it? Is it -- | OK. So the -- so Suji, basically, Tahoe, partly -- I mean, Tahoe is a part that's basically used as -- for sulfuric acid, process. Right? Most of their process as supposed to action and also their -- post their, I should say, their CMP. And there's some -- also some -- a little bit metal removing process. But anyway, m... | intermediate | [
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6297d2ef1c8e4700d35f3382d49bc227 | OK. OK. And then last question. It's exciting to see your fifth customer here, DRAM customer. Can you talk about the number of steps relatively -- not to go numbers but just whether 3D NAND or DRAM has more steps that are required at cleaning, which one's more intensive in terms of use of your tools or whether they're ... | Well, in general, I see that is -- obviously, DRAM process are more complex than the 3D NAND process. So therefore, their need a cleaning step is more in a DRAM process. Right? So -- however, there are different challenging. Right? For instance, if we look in the 3D NAND, the -- they're multilayer, right, 128-layer, wh... | direct | [
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5eb109c8701fcf148dfd73ea4ba07d56 | Congratulations on another good report. I just was wondering if you can give a little more color on the eval tools, how many you have out there and how do they break out in terms of Tahoe and SAPS, etc. | OK. Well, so OK, the -- probably I can give you -- I cannot give all the number right at this moment. I can tell we have a Tahoe system on an eval tool right now. And also, we have the copper 3D MAP, right, for the foundry application. That's an eval tool. Right? And the -- that's a major new product. And also, we do h... | intermediate | [
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81fdb483068ca41d3a5ef4c45a31de71 | R&D costs, are they going to be trending up for the rest of the year? | Yes. I can hit that, Mark. So yes, we expect our overall opex to trend up a little bit from the first half of the year, and it'll be weighted to -- some of the growth will be weighted more toward R&D. Yes. | direct | [
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099ecfb1141843024847188a9f58eaba | Hey, guys. Congratulations on another fabulous quarter. Thank you for all those specific customer commentary that you gave. It's nicely refreshing. As you look at SK Hynix, do you have an opinion yet on whether their purchasing or spending with you will be up on a year-over-year basis in 2020 versus '19? | OK. Well, it's really hard to say at the moment, right, looking at the DRAM pricing. And obviously, the DRAM market today has kind of people concerns. So especially, there's a trade conflict between Japan and Taiwan. Right? I mean japan and also Korea, too. That all impact spending and also their future fab spending fo... | intermediate | [
"direct",
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] | B |
527db90fd7383d0ac48d310f7da161f8 | Great. As it relates to the Tahoe and the initial evaluation results that you and the customer are very pleased with, in the last quarter you guys made commentary that you would expect material revenue with that customer for Tahoe in 2020. I would assume, since the evaluation results, everyone's happy with -- that that... | Yes. I think you that said a very good point, right? And as I mentioned, we have a very promising result, and I can see that they are Tahoe's human data, very close to their single-wafer hard SDM's single-wafer data. So that's what the real -- in the process what demonstrate Tahoe have a similar capability, but we'll u... | intermediate | [
"direct",
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] | B |
d49f0697804eb0807433e391041540f8 | OK. Great. And then on the TEBO, you guys talked about orders next year for your next-generation cleaning tool. Can you remind us, any ASP differences in the next-generation tool or gross margin differences versus the previous cleaning tools or ASPs and gross margins, the same just increased performance? | Yes. OK. Actually, as I mentioned, in early report in TEBO, we're -- just like any technology -- I'll give as example, go back to SAPS. For the SAPs getting to the customer using for production, it will take more than two years. Right? So TEBO will follow that trend. Right? So I think the -- as I said, Q2 last quarter,... | fully_evasive | [
"direct",
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] | C |
a7376dff4d15ccc680ec586bc35796b0 | Fabulous. And then lastly, speaking about of optimism, I think you guys currently have, I think, roughly $350 million in annual revenue production capacity already. Is that number still correct? | That's correct. As we announced before, we have two factories right now. First factory, about $100 million. Our second factory, around $250 million. So added together, it would be a $350 million revenue capability for a year. Yes. That's correct. | direct | [
"direct",
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] | A |
bfe59a5c83637dbd3a7b6ca9d4b3d7eb | OK. And then to the optimism part. Given the fact that you're only a hundred million a year company today with another $250 million in capacity yet available, we're looking at adding future production and future space potentially in the near future. So with that in mind, what is your guide as multiyear outlook and obje... | Great point. Right? And so if you look at our TAM here, our cleaning market totaled $3 billion with our current product, which is, I call it, a critical process. Our SAPS, TEBO and also the Tahoe, we think, about are -- total TAM is about 50% of that. And also with additional where cleaning -- 3D market is getting, esp... | intermediate | [
"direct",
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"fully_evasive"
] | B |
22ada445ca74a6e5477cfe150605d98c | Maybe just to start out in manufacturing products, but first, I should say thank you for all the detailed guidance. So there's a lot of granularity that you offered. To starting in manufactured product, I'd love to just get a little more detail on how you see awards in 2021, including umbilicals. Listen, I'm trying to ... | I'd put it this way, Sean, and thanks for the question. We've got the two biggest projects. We're working on, we will run throughout the year. So that's the lion's share of what we've got in the plan. And then we do expect that we'll be able to pick up some orders. We're not overly aggressive with what's built in the p... | intermediate | [
"direct",
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] | B |
6a6c0d1e17125c2cd2d80b0cc7a4a273 | Got it. Thank you for that. That makes sense. And then I think everyone's trying to unpack these new energy markets and understand the value chains over the better. So things like offshore wind, could you maybe just talk about how you perceive differences in those markets compared to your traditional energy markets. Lo... | You know, if you would've asked me that question, probably, three, four years ago, I would have told you that it's a tough market. The pricing is a little bit harder to get. They contract a little harder than some of our oil field customers. I think number one, things have gotten better there. I think we're starting to... | direct | [
"direct",
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] | A |
043f962b541970f53b1ad2c6c2fa808c | First question is just with respect to the 2021 guidance obviously a big range at the EBITDA line $160 million to $210 million. And I know we still got a ways to go before we close out 2021, but could you just help us think about kind of the probability of outcomes getting to that higher end of the guidance versus the ... | Sure. I think we feel pretty good because more of the news that's happened most recently is really putting some confidence out there about a more stabilized commodity price and being in that range and I think more confidence about that range. So I think we feel good about say the midpoint and the upper end of the range... | intermediate | [
"direct",
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] | B |
567610ab0af60a65f7a5457869c0465f | Understood. And that's helpful. And piggybacking on one of Sean's questions, in manufactured products, obviously, that's the segment that's going to have the most acute headwinds in 2021. But based on the kind of order outlook you have in your plan today, do you have any confidence that 2021 might represent the bottom ... | No, I think what â I'd just kind of refer back to what we were talking about. It certainly looks like when we look at the raise to data and others around project FIDs that 2020 was a low point. And so if we see those projects FIDs like so many are saying, start to increase, I think that we should see, I mean, we're goi... | intermediate | [
"direct",
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] | B |
0202c95eb245b07c5af5ea444cf4b108 | Good morning. I was wondering if you could just circle back to the 1Q guide. I know there's a lot of moving pieces here. The guide calls kind of higher revenue, flattish EBITDA quarter over quarter. Can you just kind of walk us through some of the moving pieces here? Are you seeing some costs come back into the system?... | You know, I would just say, first of all, you look at some of the things that we talked about already. And Alan will help me out here. But one of the things is the riserless campaign is a good part of the Q1 story. I'll hit on your question about costs. We don't see any real significant costs creep back in. I would poi... | direct | [
"direct",
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"fully_evasive"
] | A |
0f313bc7871d2684068c268590e27c2e | Understood. And then maybe just more of a kind of a high-level question, we're hearing a lot about the Gulf of Mexico so much uncertainty from regulatory perspective. It seems like, so far, the impact has been pretty minimal. Some of these even kind of called toward a pull-forward of activity just to get ahead of the r... | Well, I think, actually, you know -- and that's â I liked the way you said that because I think one of the trade-offs we see is, if we start to see maybe a little bit of a hang-up in permitting, it could allow us to do more of the maintenance work. More of the IMR, because, if you've got some money to spend, you've got... | intermediate | [
"direct",
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] | B |
ad35ce95a74694ee1efdeee31fb3d66f | Yes. Thanks for all of the detail. When I look at Oceaneering in the breadth of your services and technology, and through the lens of energy transition, to me, it seems much broader than just offshore wind. Obviously, getting less attention than some other areas, but ocean-bottom mining for rare earth, offshore project... | No. It's absolutely a key focus for us. And I think we're trying to help people understand that some of that â when we talk about our investments, it's got to be focused on those types of activities. Not just greener industrialization, broadly written definitely not more of the same. We need to make â we need to turn t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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