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63abaf6e8c968a96e9497f213321df4f | OK. Got it. And then given the capacity expansion of Maverick, Malibu Electronics coming online, what could your annual production run rate look like? | We've talked about it in the past a little bit without the supply chain, it can easily run. We feel like 10,000 to 12,000. | direct | [
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cca266e66d8eeff595660db29854c593 | Gideon, I wanted to just start with a question about 5G in general, for sort of both sides of the business, the infrastructure side and the handset side. And maybe you could step back and kind of characterize where you guys feel like you are competitively and maybe more important, where your licensees are competitively... | Hi, Matt. So let me start with the 5G RAN. RAN is Radio Access Network, that's the base station. Let me start by saying that 5G has substantially more addressable market for us than in LTE.
And there are four new components in 5G that weren't in LTE. The first one is what is called active antenna. In LTE, the antenna ... | direct | [
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a94a0a19f200c013959107acae3f5a80 | As a follow-up from me, I think, Yaniv, you talked about in the guidance, royalties being higher in the second half of the year versus the first half. And it's notable that I would expect the revenue you get from the Intel modem would be significantly less in the back half of the year. So if you could talk about maybe ... | Yes. So as you say, there are many moving parts. It was always the case in the CEVA model. And this is why in one hand, it's quite difficult to model this out. And based on the new rules of the 606, we just wait for the customer reports at the end of the 30 days after the quarter end. And then we get the real visibilit... | intermediate | [
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1f615d2e5d919a48c628d171c8596d79 | Regarding the continued strength in licensing, I was wondering how we should think about the sustainability of that. Is it two-way? And given that we saw a bit fewer deals in the quarter versus Q1, is that a headwind at all? Or is it that you're just seeing a bit bigger deal size? And then if I could have a follow-up. ... | Okay. [Indecipherable] Hi. Good morning. Let me take first the licensing. So the way we see it is the momentum continues. Don't look at the fact that you have eight or ten or 11, does not mean -- licensing is a -- it's a lumpy business. You have peaks and valleys. You have to look things in perspective. The pipeline lo... | intermediate | [
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384f46e88c040272aaece43629f11beb | So the second half -- the second half guidance for an improvement, can you talk about what you're assuming there in the consumer exposed non-smartphone markets, the volume markets? Are you expecting a seasonality recovery, or kind of still muted demand, a lot of the other areas where I heard your comments on, but I'm c... | So this ties a bit to what we tried to convey a bit earlier. It's an excellent question. And historically, Q3 was seasonally strong [Phonetic] in a lot of these consumer devices. This year, we hope that that's still the case, especially after on one hand, some of the manufacturing was lower in the beginning of the year... | intermediate | [
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1f907f1fb710dd095354f0d69e279c15 | And then the automotive market, you started to talk about it, Gideon. But can you talk about how many wins you have now? You have one. You talked about it in the press release, and what's the timing of potential revenue contribution there is maybe the content per car or things like that? | We need to -- as you know in automotive, we need to take a deep breath until you go to production. I mean we have activities ongoing with that customer, another customer for all the products. I think in late 2021, we'll see initial product, although nothing [Phonetic] significant, specifically for this product, if all ... | intermediate | [
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2effe74f4abe245df4203f8887a2b73c | My question is on your overseas studio. So given your recent establishment of the overseas studio in the U.S. and Japan, could you share some color with us regarding your hiring plans, your games development plans, and also how you are viewing the overseas talent and future games growth and growth outlook? | OK. Thank you, Alicia. So we -- the overseas market and the overseas profit development is of utter importance to us. So right now, about 80% of our R&D resources is in China and something between 10% to 20% is in overseas market. And going forward, we think that we'll probably see a 40% to 60% split, having 40% of the... | intermediate | [
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6c865f1565209cc2ee0169d95a146a29 | Your game deferred revenue rose by 1% sequentially in 1Q even though you did not launch any new titles in the first quarter. Could you give us some color what were the factors that have contributed to this recovery in your deferred game revenue? I just wonder if this recovery has anything -- had anything to do with the... | Thank you, Jialong. I'll answer this financial question directly in English. So by the way, we rephrased deferred revenue into contract liabilities just to be more precise and accurate under the accounting literature. So yes, as you may have noticed, our contract liabilities increased slightly for games, if you exclude... | intermediate | [
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6d292c34aee2e8ec110f9b0e7a5d2e51 | My first question is on Diablo Immortal. First, congratulations on the launch. Could you share any expectations on revenue or user metrics for this game? And which overseas markets will NetEase be responsible for distribution? And any thoughts or color on the long-term collaboration with Microsoft and Activision Blizza... | OK. Thank you, Felix. I'll answer your questions directly in English. So first of all, Diablo Immortal, while under the partnership agreement, we are a co-developer. So we got a codeveloper's share of pie from its global revenue. In terms of publishing, NetEase is responsible for the games publishing in Mainland China,... | intermediate | [
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1c57d5604ed8f8b3748ca0235c62e627 | The question is about the overseas game market and our monetization strategy for international games. As we noted, strong engagement of DBT Mobile in Japan, but relatively small grossing. So we think that those international games monetization matter is evenly distributed within their product life cycle. If so, how sho... | Yes. It's true that overseas markets are completely different from the China market. In China, majority of the revenue -- games revenue comes from mobile games, whereas for overseas, we have console, we have PC and we have mobile. So for different type of games, there's very different amortization pattern. And for diff... | intermediate | [
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9383db1d6fe769e5a3852b2b0b078e0f | My question is regarding the pandemic impact on our game business. Just wondering, can you comment on the impact of pandemic opening up in overseas markets on your games business? Because some of your peers noted that the weakness coming due to that fact. Just wondering if you also experienced that kind of the situatio... | Hi, Natalie. It's Charles. In the interest of time, let me answer your question directly in English. So the COVID situation has been lasting since -- it's been more than two years. Frankly speaking, I think everyone is a victim of this COVID situation. Game industry or broadly speaking, entertainment industry is probab... | direct | [
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87de9a3e7cff106c5be53a51c037c26f | May I ask a question about the regulatory environment for the online gaming sector after the resumption of the [Inaudible] approval. Should we expect any new regulations or anything that may be released in the future? And on that front, how should we think about the outlook for the domestic gaming sector in coming year... | So we're quite optimistic with the growth of the Chinese gaming market. It's a very popular form of entertainment among the younger generation. So as you've seen, you see in April, there's been a batch of new license approval. And I think that going forward, the policy will remain that it supports gaming content that c... | intermediate | [
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a2643b1733cc0fec0fc836183703a51d | Hey, good morning, guys. Just -- appreciate the commentary about your -- just sort of activity you're seeing in your operating areas. I guess just one quick one on the partnership and the new structure. I understand that the DPPO might be -- the receivable might be offset against the payable and consolidated reporting,... | Good morning, Tristan. This is Heath. I mean I think as you kind of pointed out, I mean, I think, when we acquired some of the investments, we did acquire the receivable, the DPPO receivable, if you will. And I think we kind of think of it as an intercompany note that we own. So I mean I think that's generally how we s... | direct | [
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f4930edf82a037c02f7b6a1a2f768359 | Thanks. Just to follow-up on the term loan B. Is the expectation to continue to make payments on that? I assume that, that had formally been serviced by the distributions on the common units. Just as I think about future share count, what is the plan on that? | Well, look, I think now that we've turned off the common distributions, I mean, we can continue to service the term loan B by making quarterly payments down or toward the DPPO. But look, that will be a decision that will be made on a quarterly basis by the independent board. And any decision that the new independent bo... | intermediate | [
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86c1bb520ecf9336cdb70b77ede6a392 | I guess what's the case to be made for continuing to make payments on that as you look to -- it seems like liquidity and balance sheet preservation is top of mind. So I mean, I guess, what would be the benefit to continue to make payments? | Yes. I mean I think it's a good question. I think I don't want to speak for the Board on that. I think it's something that this quarter, we felt that it made sense to make the payment with the term with the term -- with the distributions just having been turned off. We're going to evaluate that in the long term, what w... | intermediate | [
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770a09506a74b993ae3fae0856b28fb9 | Sorry, can you confirm, you just said that term loan B also is -- has the right to the non-economic general partnership, not just the common units? | That's correct. | direct | [
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21774c420821310f7d138867e0f01548 | Okay. And then just a follow-up on one other item. You talked about trying to set up financing for Double E. Can you just talk about where you are on the process on the bank facility, just given -- it seems like banks are trying to reduce their exposure to energy. Is there any concern that, that doesn't get across the ... | Yes. No, James. Look, we're making good progress on the bank financing for Double E. It's a very strategic asset, again, for the producers in the Northern Delaware, including our partner in the project, and it's strategic to the basin in general. So although financing markets have tightened up a little bit, just given ... | direct | [
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0be083870ec9e08166b2248e7b45f84f | Hey, good morning, everyone. just to follow-up on the DPPO and the term loan. So my understanding was that there's an interest coverage requirement on the term loan. And that used to be satisfied by the distributions on the units that the term loan holders have as collateral. Now that those distributions are gone, is t... | I'll take a shot at your questions. Marc, you feel free if I leave something out. I think the answer to your first question, I believe, is yes. The common units used to -- that we were paying out were used to service the term loan B, and we certainly have the right option to continue to keep the term loan B current by ... | direct | [
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fcb5e892a0cd80557abe4a8f51c9bcc9 | Okay. Then what would happen if you didn't satisfy that covenant on the term loan? | I don't think we really want to speculate upon that right now. As I said, we've kind of made the decision this quarter, the Board's made the decision as part of the GP buy-in transaction that we would satisfy that -- the Term Loan B this quarter. I think that's a decision that the independents will make on a quarterly ... | fully_evasive | [
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cf2e9eca7dc271ade04a1c22df6ac334 | Okay. Got it. All right. Switching gears to the asset sales. So a question here. Does the recent change in market dynamics, i.e., the reduction in the associated gas production and potential for dry gas basins to benefit change your view of core versus non-core asset sales? And if not, have these dynamics that I just m... | Yes. That's a good question. I mean I think -- look, I think as -- I think Marc pointed out during his commentary, certainly, we are seeing the benefits of having a diversified portfolio, balance -- fairly well balanced between liquids and gas. As it relates specifically to asset sales, what I'd say is that we certainl... | direct | [
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66d37ec8e26e9d921cdcfdd99984c4ee | Ed, could you just talk about sort of, the remaining strategic actions that might be contemplated in the future? Or is this it? | Yes, it's a fair question. I think Sanjay, frankly we're kind of focused on the run rate expenses we need to take care of in getting Epsilon closed and getting a couple more big names into the card portfolio right now. Obviously, there are other parts that we are continuing to look at. And to the extent there's somethi... | intermediate | [
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2a04f9e47fa6cf9c024f1052424e6971 | I guess second question on the Private Label business, you talked about the retail deposit pool and how you're growing that. How large can you conceivably get in that part of your funding structure? Because a lot of your peers have a lot more of those types of deposits. Is the contemplation that you become majority ret... | I'm trying to remember them all so I'll go with the first one which is the retail deposit platform. You're exactly right. It's something that's pretty attractive. It's a huge whatever it is $10 trillion market that's out there. You know, what's the right ratio? I think at some point, I think, it's fair to say Sanjay, a... | intermediate | [
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d77a19336c500d3082f949b48bf379eb | Maybe just touch on first, the feedback you're hearing from your clients on the card side, just given the announcement of the Epsilon sale like I'm sure you've had some discussions with some of your legacy older clients. Curious to hear how it's coming back in. And then guys just the capital structure that we should ex... | Yeah. I think from the feedback from the clients, I think it's been fairly muted other than, hey can I continue to count on the technology that we've been accessing in the past? And again that's the -- that Conversant piece to go out and find incremental new business as well as the loyalty platforms and the digital com... | direct | [
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16ff8d038eb429195fcc5a18e9bce34a | I just want to make sure that even without Epsilon being exclusively tied to you guys, you have the differentiated -- because that really was differentiated offerings I think that helped you win some of these clients. Is there still some exclusive differentiation that Epsilon will just provide for you and the guys have... | Yeah. Obviously we can't discuss what the services agreements have, but this is what we do. I mean this is -- we're not -- you can almost think of what are the markets we're not going after. We're not going after these massive general purpose co-brand type programs that the big banks go after. We're going after our bre... | intermediate | [
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8fb53ee9d03289f1157c08180ea8ea00 | Ed, one of the things I think investors are trying to wrap their heads around is they envision ADS a pure-play Card Services business is just how you stack up versus the competition. I know quantitatively you've talked about ROE and relative growth. And I think those are important things. But can you frame up, why as y... | Yeah. Again, I'd say we're a little bit different from our peers. But to hit your question dead on, the easiest way to put it is, yes, to the extent we keep pedaling the bike, the way we have been, you're going to see a growth rate that's 2x to 3x what the market's doing and you're going to have ROEs 2x to 3x what the ... | direct | [
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d7f29bafcf00d0f0fc3446125da941a2 | Would you also argue that through a cycle, you can deliver attributes like you just described? | Absolutely. I mean, the -- one of the best test cases for us was the great recession, which I know a lot of people don't want to revisit. But the fact is that, because the returns that we have are 2x to 3x, as you would call it, the peer group, we have a lot more leeway to actually take advantage of downturns when othe... | direct | [
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aa7ef9ffb7e18360b838b2d4d643004f | Ed, the first is on how you want to think about sort of visibility into closing out the year at that $20.5 billion portfolio level in the context of what we're seeing with credit sales growth. And maybe the question is more a point of clarification. There are clearly timing issues, as you ramp up new programs, but the ... | Yes. No, it's an excellent question. I mean, over -- as I say, over the long term the growth rate in sales and portfolio growth should converge to the same growth rate, right? Now there are going to be times when your sales growth is less than your portfolio growth and times when your sales growth is going to be greate... | direct | [
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1110aa2236501066b8ebcdf2adacfcc8 | I'm wondering kind of lost in the bullet points here is this sort of $8 million restructuring charge at BrandLoyalty. And can you give us a sense for both BrandLoyalty and the AIR MILES business whether there are any others sort of excesses or restructurings that you think need to be undertaken either as a continuing o... | Yes. And I'm not offended. You can say I dodged it because I did. What we want to do is we believe that the AIR MILES business itself has characteristics of obviously a top three brand in Canada. Its longer-term growth rate, profile is one of mid-single digits topline mid-single digits EBITDA, very robust free cash flo... | intermediate | [
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2f690c1e7cb71bd70b0533ec60cf3aca | I wanted to ask kind of a broader -- ask for your sort of broader view on the addressable market and maybe in the context of the portfolio repositioning that you're undertaking. Has the addressable market now that you've kind of ring-fenced off pieces the retail market that is a little bit challenging, has that impacte... | Yes it's a great question. Actually you're exactly right. You had -- the traditional core for us has shrunk. The newer verticals which thankfully everyone seems to be climbing on the bus of "hey I don't understand my customers as well as I should. Hey I want to communicate with them. Hey there's a lot of clutter out th... | direct | [
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d8730729740b7712344dffeab7b04571 | Can you comment on Charles' role now and the amount of time he'll be sticking around? Will we be graced with his voice on the next earnings call? Is he sticking around through maybe some of these strategic options that you're exploring? Or is there a search under way for a replacement? | Yes. I mean he's like gum on my shoe, right? I mean it's -- Charles is -- I mean he's sitting right across from me, so I'll probably let him chime in here. But he had expressed an interest I think it was last fall that he's done his 10 years and he thinks that's probably enough. We've kept asking him to hang around bec... | direct | [
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f636316ed0543bcbbdb354b61625ff82 | Enjoying the winter land out there in Chicago? | Hey, Mike. Yeah, we are a hardy bunch here. | direct | [
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9c984de6c663a750624bf77d509debb9 | First, maybe you could -- maybe Mick can address a little bit on the 2021 cost guidance for the mines. You did a good job of improving in the second half of last year. And I guess there's some conservatism there, but some of the drivers, I know some grade issues at some of the mines. Is there also like a general inflat... | Yes. I'll start there on that one and turn it over to Mick. I think, a couple of things come to mind. For example, at Wharf, there was some waste stripping in 2020 that didn't get done due to some labor availability challenges relating to COVID. So we'll be doing some of that here in 2021. And so I know that's a factor... | direct | [
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3652ce42043ee963a1789b5a7e3a56bd | And then Palmarejo, just more of a grade-driven denominator, right, on the interphases? | Yeah, exactly. We're going to process a lot more tons at Palmarejo. And there's a drop as per the life of mine plan in grid at Palmarejo and the team there is doing a fantastic job at increasing the production rates to more than compensate for that in 2021. | direct | [
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d7a743a5b2deaed08cf133572ba32c86 | And my follow-up would be on Rochester, your capex guide of $155 million to $195 million. So certainly is it the sense of how quickly you move through some of the projects that you have that's going to generate even more or less spending this year? Is it just like robbing '22 into '21? Or how does that play through? Or... | Yeah. So you're right. Rochester is -- the expansion is upon us. Major construction activity started off on schedule on January 15. And most of the spend will be wrapped up late next year. Tom, do you want to talk maybe a little bit about the shape of the spending as we see it this year and next year at Rochester?
Yea... | direct | [
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4f8ec772361d63c304ea0304f09d9e51 | Hey, Mitch. Just a couple of questions. Maybe I'll start with Wharf. And just on the reserve and resource update that you guys put out yesterday morning. It looks like there was a pretty good uptick in measured and indicated both tons and ounces. Can you just talk a little bit about that increase and what sort of needs... | Yeah, I'll start, and then I'll turn it over to you, Hans. And then Mick, if you have anything to add on Wharf. We expanded the boundary there at Wharf, which allowed us to bring in that material, Ryan, that you mentioned. Probably takes -- it will take some time on the permitting, community consultation to get that ul... | direct | [
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ce36246670efb397e2872c6381edad44 | Yeah. Yeah, no worries. No, it's definitely been a good acquisition for you guys. And just as a follow-up. So, I think you guys had a sort of satellite property under option there, Richmond Hill I think it was called? | Yeah. We're doing more drilling. That option, I think, has an expiration in the third quarter, maybe September.
Yeah.
So we'll finish up the drilling, see what the results look like and then make a decision whether to go forward there or not. So, that decision remains still to be made probably middle part of the year... | direct | [
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8da8edfb4780df1a0487ce57b66e746a | Got you. Okay. Thanks. And then, maybe just one more for me, and I'll turn it over to other callers. But just switching over to Silvertip. Obviously, the messaging sounds constructive there and it sounds like you guys are feeling more confident about what you're finding. Can you maybe just touch on what a potential res... | Yeah. Great question. It's a constant topic around here because -- on one hand, we want to make sure we're moving forward in a deliberate, disciplined way and not rushing to get to a result that we all want. At the same time, we don't want to -- you look at the outlook that we put out in our Investor Day, 2023 and beyo... | intermediate | [
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4a661e356b09fc74e11f75fb1d3dd882 | So, just kind of a point of clarity. On Rochester, are you guys expecting Q2 stacking rates to be impacted at all by the swap out of the secondary crusher? Or is that part of the 38,000 tons? Is that already included in the 38,000 ton per day plan? | Mick, go ahead.
Yeah. So, it's built into the plan already, that swap out for the budget. And that budget looked like it was going to be about a 30-day swap out. We're already looking at about 18 days for that swap out now. So we're a little bit ahead of the game and continue to optimize that. And as said, we're looki... | direct | [
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1343261862b115b8ee27b825bb4a8dbc | Okay. Okay. Fair enough. Then, a lot of my other questions are already asked, but I guess I'll touch on the Crown Block C-Horst discovery. Your neighbors to the north have had some higher-grade intercepts. They're taking a slightly different approach to drilling part of the land that they have there. Do you guys expect... | Yeah, great question. It's a lot of excitement, a lot still to learn out there, early days, but the drilling has been going exceptionally well. Hans, you want to take that?
Yeah, Joe. How much time do you have?
We're employing some real high-level geologists to understand what we've got at C-Horst because it's differ... | direct | [
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971ca5821a594e7ed69a3aedaf464105 | Okay. Thanks for the color there. And then, one final thing. You're kind of thinking about capital spending over the course of the year. If the balance sheet gets late [Phonetic] at any point because you have some bigger -- especially at Rochester, a big project this year, would you just draw on the revolver? Is that t... | Well, that one is bottom of the list in terms of any equity. I think between -- Tom and his team have done a tremendous job, I think, of not only putting us in a position to fund this, but also have identified a pretty wide spectrum of other alternatives that we could pursue if we felt like we needed to. Tom, do you wa... | direct | [
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e7104b2e2506f964825b93a9fda237cc | Maybe just to start on the sponsored research agreement for the endometriosis test. Just to clarify, is this product separate from EndoCheck, or more of an extension of the existing R&D work that you guys have already done? And then I think Endo, the LDT launch was expected in '23. So I just want to better understand h... | So the sponsored research agreement is best characterized as an extension of our R&D efforts overall. So as I think we've talked about in prior calls, we have been looking for opportunities to accelerate and sort of ensure a launch of an endometriosis LDT in 2023. And this arrangement will give us access to resources a... | direct | [
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831247f2d009b4dd04060d8ba6716305 | OK. And then on the BioReference lab comarketing distribution agreement, I know it might be limited in what you can say, but can you give us a sense of maybe how many reps on their side will be carrying the OVA1 product? And with your focus being more on depth in the second half year in driving adoption, utilization ag... | Yes. So it's challenging to give anything that's going to satisfy you in terms of details. So I apologize in advance for that. But I will say, we're extremely satisfied with the commitment that BioReference has made to us in terms of their promotion of this relationship and our products with their sales team, and I rea... | intermediate | [
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29c851000a9b1b5b9347dc24a7e9b57b | OK. I appreciate that. And then just last one here on the capital situation, the burn was down nicely year-over-year. And Bob I appreciate the color on sort of second half expectations. Maybe can you just talk a little broadly about how you're thinking about the cash burn in 2023 and ultimately addressing what will lik... | Well, we haven't given guidance for Q3 -- I mean, for 2023. Obviously, the major catalysts are the BRL relationship and the OvaWatch launch. So we would expect top line, sequentially, year on year, to be meaningfully higher, and we don't anticipate any significant cost increases. We believe the R&D that we just spoke a... | intermediate | [
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fe3cb155893e3bd590ea2afb27d2a649 | Hi. Thanks for taking the question. Starting off, could you walk through the 2Q cadence and then how July shaped up maybe relative to June? | Sure, sure. Well, too soon to say much about August. In terms of volume for the second quarter, it was pretty consistent month to month, and we continue to see marginal growth in April, for sure. And frankly, July is never a great month, but we've actually seen strong volume in July so far. So pretty even growth over t... | direct | [
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ab7a4d4c791c69d9c33a9ddfc8263a2b | OK. Got it. And then on the Scarlet relationship, could you just walk through how that testing process works? | Yes. So again, I don't want to get too over my skis by describing somebody else's product, but how it essentially would work is as a mobile phlebotomy. So a patient can choose, instead of going to a draw station, to have a scarlet mobile phlebotomy visit and have a draw at their house. So it will help with people, or a... | direct | [
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60026d03861e1fbb6df5431b1d9d5c8f | OK. Great. And then I guess, lastly, so it looks like the OvaWatch timeline has narrowed down in the second half of this year to the fourth quarter. How should we think about the fourth quarter rollout of OvaWatch? | Yes. So our plan is to spend the time between now and the launch, which we expect to be pretty early in the fourth quarter, to secure additional progress relative to reimbursement. We're submitting our clinical dossier in Novitas in the next two weeks and then lots of work to do on reimbursement there. We're feeling ve... | direct | [
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e295561fcd778aabb1370ab4ca0fa5c9 | OK. And then just last one. So your pro forma EBITDA margin for -- in your slide, it's 17%. I think the guidance is just above that, like low 17s. I guess, on kind of robust growth, I would have thought the incremental margins would have given a bigger lift than kind of flattish or slightly up EBITDA margins. | Yes. That's -- Jeff, it's a good observation. If we do get robust sales, we're expecting to be able to at least perform at the same level as we have on a pro forma basis. Once again, this is pro forma. It's still a nice increase year over year. Part of what we have is we're planning on some of the costs that we took ou... | direct | [
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a78e4897c104e6db827d83c732426cb0 | How much of the temp costs do you have coming back? | We estimate that we were able to take out roughly $30 million as a result of the initiatives that we put in place last year. And I would say that those plans were put in place kind of the middle of the second quarter last year. And we estimate about $15 million would be coming back. So $15 million -- we'll be able to h... | direct | [
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ab7ccacf42d613612657d91623611740 | Just had one quick follow-up question on the sort of growth guide or I guess, two sort of follow-up questions there. What currency tailwind are you assuming in the revenue guide? And outside of the sort of faster growth in Advanced Surface Technologies that you described versus the business as a whole, are there any ot... | Justin, this is Milt. Let me take the first question on currency. When we provide guidance or outlook, and this is true throughout the year. We're always doing it with the perspective of kind of where we are currently at the time. And so if you look at our biggest currency exposure, it would be the euro, and I think it... | direct | [
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f96900c8c345b1a80124a45757e503ea | Maybe with respect to just the portfolio reshaping, I guess, your comments on the call use the word sort of bolt-ons to describe your current M&A focus. The press release just sort of spoke to general inorganic growth. As we look forward from the recent more material-sized acquisitions that sort of added new legs to th... | That's a great -- that's a really, really good question. Let me just take a step back and just maybe give you a sense of how we think about M&A and I think that might give you a little bit of color, but I'll start, first and foremost, with what does a good fit look like for us, particularly as we think about material s... | intermediate | [
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e5b53e56089c90c40647c1239a79d8e4 | And then just lastly, I guess a lot of moving parts on the environmental and legal liabilities. I imagine the 10-K will have specifics. But I mean, should I think of the remaining sort of unpaid environmental liabilities to sort of be that around $30 million, thinking about that $13 million in 2021, plus a few million ... | Yes. Justin, we will have a lot of disclosure in the K. So yes, you're right. You can look at the details that we provide there. Essentially, what we tried to provide or what I tried to provide on the call was just an indication of what to expect from a cash outlay over the next few years because we've had some pretty ... | intermediate | [
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15e78ea49a652b17bba947771024c9f8 | Where are you at the moment in terms of the fleet? Do you still expect to be busy on the acquisition fronts here in the coming months? | Yes. Well, thanks for that. I mean, it's funny, we don't feel like we've been quiet. But you're right, we haven't acquired any more ships since February in the last few months.
As I said in our -- in the prepared remarks, we think that asset values are trailing based on the current market. And really the most importan... | direct | [
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778ed0ecabc3aaece8eacd5430a24ff3 | Maybe first thing -- first question just off that is, is that a good way to think about the performance of the trading business? Just looking at the TCN average rate versus the kind of the overall average have gotten for the fleet? | Yes, I would actually caution that because it's a very dynamic model, and it includes derivatives that we use to hedge away market risk and keep optional periods. And based on market development, obviously, in an upward rising market, you tend to declare options and keep ships longer. Conversely, you don't in a falling... | intermediate | [
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f46432dfa97c3e4c74ba10a3db6e454b | Do you think because of all the liquidity that we are seeing in the market, do you think that this trading piece is going to start to become a much bigger element for Eagle going forward? Do you think you'll ramp that business up? | For us, it's always about risk-reward, every position. We're always looking to arb between a physical ship a cargo potentially using a derivative. But it's really about risk-reward where we see the value of that trade. So given the volatility, there are more opportunities to trade.
But again, it also depends on, as I ... | intermediate | [
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6588b2250a66dc69e3f82f95970c2a1a | For that 71% for 2Q, were there any short-term or medium-term time charts locked in? And then obviously with the forward curve still elevated, will you look to do any of those 6 to maybe 12 months time charters? | Yes, so we don't typically disclose our chartering book and charter out. It's all part of our mix. As I've said before, we prefer to operate our own vessels on a voyage basis and what have you. Having said that, if we're paid fair value for rewriting a ship on time charter for a short period versus selling an FFA to lo... | intermediate | [
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769506d2477f74300dd7ebf8720bdf27 | Is that building liquidity solely for more kinds of acquisitions? Or at this point are you looking to further delever the balance sheet or paying down debt? And if the latter, do you have any kind of net debt to loan kind of leverage ratio target? | Yes, well, I mean, the answer is we come in every day asking ourselves, what's the best allocation for capital? And as you mentioned, given the guidance, there are significant positive cash flows at the moment. So, I mean, one thing is definitely delevering. We were positive going into 2020 and then we had COVID. Unfor... | intermediate | [
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d8485f70965e6f6414e6e3a1cfbb93e4 | You mentioned in your prepared comments that there had been some offset or positive offsets with taking some container cargo on the dry bulk. Is that a meaningful shift and is that sustainable? | Yes. Well, I'll start with the bladder part. It's a good question. And I think I would defer to the comments from the container like [indiscernible] saying they believe that this will continue, I believe, into the fourth quarter was a statement and other players, that's not our arena.
Having said that, it's definitely... | direct | [
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e225da88bc051fbac2dfbc5be976e101 | And on the operating expenses, I think Frank mentioned that there were some COVID-related increases. Do you see -- once those correct, I know it's difficult to continue to drive down operating costs. But do you think you continue to manage down on those operating expenses? | Well, the answer is yes. I mean, unfortunately, the COVID expenses are -- they continue. And in fact, I would say, some of it is -- not most of it, but some of the incremental expense on that is self-imposed when the ships now are roughly $1,000 an hour to run a ship. Having off-hire because of the crew has an issue in... | direct | [
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755ad9a700ee136937516323ac134c57 | Gary, I was kind of curious and I think you've touched a little bit on it in your prepared remarks around the coal trade. I mean, clearly, we're reading a lot of headwinds around India, in terms of some of the slowdown that they're having, issues around COVID. Is that -- what is -- has that creating any kind of disrupt... | Yes, I mean, well the answer is getting a little feedback here, can you hear me?
So Q1, not at all. In fact, Indian coal was back to pre-COVID levels. Having said that, with -- obviously the humanitarian crisis that's going on there now, we absolutely expect that there'll be a reduction in coal consumption and coal tr... | direct | [
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e84248e6e638c942b47e6cf855c9600c | Just as economies, I guess the [indiscernible] side have started to open off, has that created any problems around sourcing back pre IMO days was, is there going to be -- is there going to be high sulfur fuel available, is there going to be low sulfur fuel available at this stage now that economies are starting to reop... | Absolutely the answer is no. We have not. And I think the fuel spread has continued to widen and we believe as air travel and particularly long haul international travel comes back, then aside from crude pricing overall that spread should -- will likely widen which is why we reversed our 2021 hedges earlier at the end ... | direct | [
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283a88b802c962257677f55dfca45218 | Hi, Andrew, you mentioned a partnership with a German partner in child care. Tell us a little bit more about this partner and what you see in the German market that's similar or dissimilar to your current markets in terms of how child care is paid for? And is this back-up market as well? | Sure. Thank you, Andrew. So, as we mentioned, PME is going to be a partner and we have long admired the team at PME, as well as the extensive set of clients and services that they offer within the child care market. So, they operate a series of on-site centers for employers and at the same time, they also have a robust... | intermediate | [
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ac26ce11469356e37becd4148a63d40b | And Stephen, right now, the partnership, is there any direct monetary benefit from PME to Bright Horizons as you refer them work? | So, we do have a minority interest in the company, but it's a small state. I think that the value that we see is in the relationships and building both of knowledge of the market and capitalizing on these client arrangements in the near term, but it is early days and we will see how it unfolds. | intermediate | [
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5f9ba5a45bd6af55fc204978ce93305b | Hi, thanks, good afternoon. You mentioned that 1 to 2% of your revenue growth in the quarter is coming from enrollment growth. Within this range, can you elaborate on how enrollment growth is trending; specifically, how enrollment growth is responding to your recent technology investments and the broader macro cycle? | So, I think that our view of the -- both the current situation with enrollment in our mature -- speaking about our mature class principally in that range is that it's a very good market. Right now, we have really consistent enrollment growth across the portfolio and feel like, they -- I think, the service delivery is c... | intermediate | [
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bf6ec85fa6a2fae5d2a86859ea3fb053 | Got it. That's helpful. You've recently made the decision to pair account managers with product specialists to drive a higher velocity of cross-selling. Can you expand on your progress there in the quarter? And how we may expect to see benefits from this in your growth rates? | Yes. So certainly, as you indicate, we continue to be very focused on cross-selling and we gave a few examples of some nice client wins who were investing and are investing in a second and a third service. Certainly, what we're seeing in the marketplace is that the trust and the quality of the services that we deliver ... | intermediate | [
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a328031d266200566982604acc1f81a9 | This is Ryan on for Manav. Just curious if you could walk through your thoughts on, I guess, a, why enter Germany? And I guess, more specifically, why now? And then just the thoughts on the partnership versus acquisition? And just, kind of, how you think about that with new market? | Yes, so we -- look, we continue to scan the globe for countries that we think we can have an impact on and have some form of third-party support. And the other important ingredient and element in all of that strategy is finding like-minded partners. And so the answer to your question very directly around Germany is, we... | intermediate | [
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19afa1e37f490c9f200ed2995ae065eb | Got it. And then, in some of your comments, you talked about investing especially in the tech side, is that incremental do you think to what you're already doing? Or do you think that's just kind of an ongoing investment that's already really in the run rate? | I think largely, Ryan, it's in the run rate, but we continue to grow and innovate. And I think that the technology solutions, when we have success with them, we want to be sure that we're not just capitalizing on the results of those investments themselves, but that we're continuing to innovate. So, at the -- largely i... | direct | [
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1ac8de4f038f0178b582d7f25b7a6e16 | Hey, good afternoon. A question that I probably asked you two years ago, but it feels like it's worth coming back to. How are you thinking about Brexit and any risks around the U.K.? There's been a lot more press lately about businesses shifting employees outside of U.K. I know Bank of America send them to Dublin and P... | Yes. I know it's a great question. So by and large, we continue to see strong opportunity in the U.K. and we continue to see nice enrollment, as well as nice client interest in our back-up and other services.
I think the reality is that we do have some small pockets, individual centers, that we believe have some headw... | direct | [
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85fde8ed63557f77ce12cd53e0c6364f | OK. And just can you give us an update on where you are? I know there's the acquisition and whatnot, but where is the business? Is it right to think that the vast majority of back-up revenue is in the U.S.? And I guess, what's it going to take to drive the mix of your U.K. business toward what it is here? | Yes. So, it is definitely still -- the vast majority of our back-up revenue is here in the U.S. We have a nicely growing business in the U.K., obviously, through the acquisition of My Family Care that was a nice step function up from where we were. And likewise, we see that leadership position and likewise the ability ... | intermediate | [
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ee2335804ea667e20522740433f9c540 | Thank you. In terms of the better organic back-up care growth that you're experiencing, is it all being driven by the, I guess, targeted and personalized marketing campaigns driving more usage or the component where you're signing up new clients? Or some other factor, are those also accelerating for you? | Yes, so I think that certainly we are seeing a nice adoption of our service in the marketplace. So new sales and cross sells within the back-up line of service is certainly an important ingredient to that velocity. But as you rightly point out, the personalized marketing is working and we are certainly focused on makin... | direct | [
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0f33e5ebe1c9e008a831e469f87cb3ae | OK. And then just so we can maybe think of long-term capital allocation options, roughly how big is PME in terms of number of centers? And is this family owned? Is it private equity-owned? Just anything you could help us with there. | Yes, so it's a family owned business. Their order magnitude $50 million of revenue, so it's a modest business, but long-established. So, it's been in operation for 25-plus years at this point. So, this is a -- we characterize it as a modest investment and it is that.
And so, I think from a capital allocation, it's not... | intermediate | [
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9cbb12967b160e27fa5ab1fe4ea4dbec | Got it. And then just last on the new center capital, roughly what is the split between employer-sponsored and lease consortium? | So that is basically all lease consortium centers. We don't really put capital in our client-sponsored centers. So, the average range of investment for new centers, that we would be opening, is between 2.5 million to 3.5 million of capital. And we also to the extent that we have any preopening spend that would be captu... | direct | [
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08341d9b61d7b703569cd39b7b8849b8 | Thanks so much, I wanted to ask about some of the labor issues going on. We see many states and municipalities raise minimum wage effective July 1. I know you pay more than minimum wage, but are you seeing that floor being lifted kind of pressuring wages? And is it getting more difficult to pass those through to your c... | Yes, so I think the reality for us is that as you say, we are not a minimum wage payer per se, but certainly, as that floor increases, we are certainly responsive to the marketplace in making sure that we continue to lead the market as it relates to wages. That said, we have always been and continue to be very thoughtf... | direct | [
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3186ecd5b5b384b1af7728556e4d7c71 | OK. Great. And Elizabeth, I've got 1 for you. Is it possible to give us a little bit more color how you go to the 0.85, $0.87 adjusted EPS estimate for next quarter or the current quarter? | I'm not sure I understand what you mean by how we got there --- | fully_evasive | [
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2da7afbda3be82c8d4e85474164e26e8 | If you can give us some guidance on margins and some of the below line items if possible. | We don't typically allocate it out by line item like that. We do have a reconciliation to the GAAP guidance. It's in the earnings release. So, I think broad framing around the operating margin performance would be consistent with what we've seen in the first part of the year and I gave you guidance on interest and tax ... | intermediate | [
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75e83ba8d674c9cbe2913155a0d83f8f | My question is about our 2021 outlook. Can management comment about how we should think about the revenue and the user growth trend for this year? On the other hand, can management also comment about our strategies for the gaming and the long game segments? | Regarding your first question, Mr. Dong has answered the strategic focus. So for the year 2021, on the business side, we actually have some several strategic focus. Firstly, on the live streaming business, we will try to see the opportunity that provided by the new potential blowback to games that is the potential way ... | intermediate | [
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7c1cba6a60685776d29d779ff41d25d5 | Two questions here. First is, can you give us some outlook on the competitive landscape in 2021, especially in game-streaming space? Second is, since you mentioned your investments in e-sports weekly related content, so can you give us more color on your content investment plan in 2021? | Regarding your competitive landscape question, especially with those new entrants in those video platforms, we would like to say that for those video platforms like Bilibili and Kuaishou, what we have been doing for the live streaming business is to converting their existing VTubers and video users to the live streamin... | direct | [
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3daf3157eaf257487a40f14c7b64f1d1 | In the prepared remarks, the management introduced that there is a sizable group of users that come from Tencent property right now, and this is not really in our reported MAU. Could the management share some color on how to further grow this group of users? And how should we think about the monetization road map and t... | I will provide some updates about the ongoing collaboration that we have with Tencent. By the year-end of 2020, we have actually connected via live streaming content across almost 20 games of Tencent and also cover Tencent products, that includes League of Legends Pro League teams, Cross Fire and products include WeGam... | intermediate | [
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36936b22e42aedf17ef20eff9c0725b7 | Two questions. One is, I feel like somehow, whatever brought us the major users and the user growth for the games from Tencent and -- is that possible for us to bring in the games from other vendors domestically and internationally to further grow our user base and paying user base? That's number one. Number two, as ov... | In terms of your first question regarding whether there is the future for us to broadcast specifically on Tencent, we're actually -- it's not, because currently Tencent games are the back to performing games in the market, especially in the domestic regions. So it is more of a result of the current industry situation r... | direct | [
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bbeb31d847eb1724d2a8f2cbb0e82e58 | My first question is about the 2021 game releases by Tencent. There are several flagship models will be scheduled to release by Tencent in 2021. Which game launches in 2021 does company think will have the biggest impact on Huya? And second question is on the regulatory guidelines. Can management share some comments on... | For your first question regarding the new games, actually there are several games that we consider as a potential blockbuster games for the year. The first one is app mobile. The second one is legal license mobile. And probably really for them to be potentially launched in Q3 of this year. So it's probably the other wa... | intermediate | [
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f20a737d03fdfbbbfc3df96eaa7823d2 | So two questions for management. One is can you please share the quarter-to-date trend for both China and a few like important international market situation? And secondly, for TOP TOY, mentioned that the gross margin upside will come from better product mix. So can you share with us the IP development and other produc... | OK. Thank you for your question, Michelle. In terms of the pandemic influence on our mass business, so this round of pandemic began at around July 20. Although we have taken active measures such as to increase our online promotions and other strategies to deal with it, it has somehow impacted our business.
Based on ou... | direct | [
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c1aab8a38c77151719e9ca9ef6e9a431 | So considering that COVID-19 is going to be lasted for at least relatively longer time, so how should we think about the development in both domestic market, as well as overseas market, especially in terms of marketing and channel development? And also in terms of new retail format development, is there any update that... | Lucy, this is Steven, and I will address your first question on channel expansion. For our online business, we have experienced rapid growth during the past one, two years. And now its revenue contribution is about 12%. But if you look at the past one or two years, the year-over-year growth rose more than 100%.
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e03dd080a71e9a8c0762f0c121855a2b | I would like to know about the changes in tax rate structure of MINISO since [Inaudible] and with the proportion of each category, such as food, [Inaudible], and which category will be highlighted in the future? | Jerry, this is Jack. Thank you for the question. In terms of your question on product, the revenue contribution of our 11 categories are relative -- evenly distributed and relatively stable. During the past two years, categories, such as toys and snacks have grown rapidly.
For example, sales of TOP TOY now account for... | intermediate | [
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4f898f2faaebbabe52311f6490b2508e | This is Rebecca from Haitong International. And I just have one question about MINISO overseas business. Could you please share the current revenue mix of three overseas models, say, directly operated, distribution, and [Inaudible] And also, could you please give us more color on the restocking status and the trend of ... | Rebecca, thank you for the question. This is Steven. Now in terms of GMV, our distributor markets usually account for 60% to 70%. Similarly, share of our overseas stores and subsidiary countries account for another 30% to 40%.
And before the COVID-19 such as in the second quarter of 2019, that the GMV in our subsidiar... | direct | [
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34fe6b264bf80b66feb0cee5e1917180 | My question is that the management has announced the share buyback plan last year. And so we want to know what's the process of the share buyback plan so far. | Let me take this question. Thanks for the question. Yes. We announced a share buyback program last November.
We are actually in the process of continually buying back the shares at a speed that we consider appropriately so far. Our plan is to continue such buyback -- share buyback programs. In later periodic reports, w... | intermediate | [
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e960d31fd63cdc76b3fd24f494683cec | Hi. This is Kevin on for Maury. Congrats on the acquisition. I just wanted to ask about how we should view R&D spend going forward? And maybe if you could talk about what you're most excited about in the ModeX pipeline and how you're going to prioritize these programs moving forward. | So I'll touch on the R&D expense first and then let Elias and Phil talk on the R&D program. So for overall, the ModeX programs are not significantly expensive compared to the clinical products. As we move into the clinic over the next 18 months or so, we'll start to see R&D expense start to increase. But you'll notice ... | direct | [
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d21da470416711750187ceb9254dc9af | Great. Yes. And then, just a really quick one on Somatrogon. Are you still on track this quarter to start the gross profit share in Japan? And then do you have any update on the line of sight for when that might occur in Europe? | So on the gross profit share, the Japanese or the region we call the Japanese region does start in the second quarter once they've established pricing, that region moves into the gross profit share. For Europe, we'll need to achieve pricing in two additional major markets -- we've kind of projected out that that would ... | direct | [
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21adc054b9a93f99be61d4617b44ad40 | Hi. Good afternoon and thanks for taking our questions. Congratulations on the ModeX deal. So I've got a few here. So firstly, is ModeX closed? Or what's the expected timeline on the closing of the transaction? | Yes, the closing happened today, we signed and closed simultaneously. | direct | [
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6137e96af273c534d158a366e457ab6c | OK. Wonderful. So the $85 million milestones from Pfizer, as well as the Sema4 $18 million that you referenced, we should expect both of us to hit the income statement in the second quarter. Is that correct? | Yes. The $85 million, yes, the cash from Sema4 and the shares will hit the balance sheet. We're still working through the gain and loss calculations. | direct | [
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01b34d96fbd9326a401745b34a6e8975 | I got it. OK. And Dr. Cohen, some of your comments on COVID testing. So the anticipated for the full year as far as the number of tests. Can you give us any additional flavor on point of care versus PCR? | Well, I think the -- what's happened is the point of care has significantly increased at many of our surveillance sites, but not all. So we still do both for the cruise lines, although it's become much more point of care. We do both for the sports industries, but most of its point of care. Many of the schools have stay... | intermediate | [
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4a0d001e693881a0827c90486e2db19d | OK. Got it. What's the timing on you filing your Q for the quarter? | It should be out today, Jeff. | direct | [
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a849ce627298ec4b963f05753797bb40 | OK. So I'll get more little clarity on the cost of service versus the cost of product revenue? | Yes. We'll have it broken down. You will see the cost to serve on the BioReference that was impacted by labor as we had spoken about. | direct | [
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789fa1747b115688e3b9fdd6378b5c46 | Yes. OK. And one more on your guide. The second category, I think I missed that. That was between services and other products. What range was that? Was that $200 million something to $250million? | It was just confirmed from what we originally provided $145 million to $155 million. | direct | [
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"fully_evasive"
] | A |
5eb69eefbb737aa3040660b5057f75ee | Hi guys. Congrats on the quarter, and the year. Early on that topic, now first question is going to get a out of the Alcentra assets. Now you've owned them. Obviously, you're slightly more than a year. Obviously, they were in the end of Q1 last year. Obviously, during that time we've had COVID, but could you tell us ho... | Hey Robert. Thanks for the question. Yeah on Alcenra, we did provide a one year look back last quarter and I think as -- was the case last quarter, this quarter I think we continue to be pleased with the performance of that portfolio in its totality. We did break out core, non-core buckets last quarter that we had surn... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
43fb9fc001340969b19fcc8841079183 | Ok, fair enough. Thank you, on that. I'm not the one on -- I mean the data you gave me is very interesting. I mean that the platform as a whole deployed a billion that the BDC accounts for obviously, quite small part of that. That tends to imply obviously that there's a lot of available capital in other direct lending ... | Yeah. Thanks, Robert. I don't view that as an impediment for us. I think we view the benefits of being attached to the platform as really significant in terms of deal flow, and the opportunities that we see. There are certain investments that may fit certain fund parameters and not the BDCs for instance. So, we're cons... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3107db4ddc329d0a6406f84fa6d759e9 | Got it. I appreciate that. Just one more if I can. On -- as you pointed out I mean the markets in Q1 they did good come a bit more friendly very, very competitive. Good number of originations for me that's in the quarter. On the repayment side, and I recognize this even harder to predict as retail repayment activity wa... | Yeah. Thank you. I would say what we saw in the first quarter was certainly significant repayment activity and that was set against middle market sponsored volume being down 20% quarter over quarter, which is seasonally a slower quarter throughout the year. Our view is that Q2 volumes are picking up, and I think we're ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9fc18cb3cd7e003298505f8e3462cdcc | Hi, Guys. Just a follow up on your dialogue with Robert there. It sounds like you'll be going up market a bit larger holds with your larger capital base. Can you talk about any style drift we should expect that it feels like fit pretty well into the core middle market category judging by your senior spreads, and your E... | Yeah, thanks Van. Jason. I wouldn't say you should expect any style drift in terms of what we've been doing. I will point out if you look at sort of historical deployment. We have consciously taken the Unitranche composition of the portfolio up as a percentage of the aggregate, and that's been intentional. I think that... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1f5dcf33e8371356ac5e166efb522976 | Ok. Very well. That's helpful. And then just the -- you are so sounded pretty positive on continuing to ramp the portfolio. But the last couple of quarters have obviously, but we're strong for you and most others there was seemingly a large quantity of quality deal flow. How do you think that the presumably decline -- ... | Yeah. Thanks, Van. I think you're right. Back half of last year deployment was strong for us as we saw a lot of high-quality opportunities. And I think what we've really seen more recently is more demand come into the market. I wouldn't say, we're necessarily seeing a decline in the quality of opportunities today, but ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
712aa813a3a3ebcaffda8fd74bce9262 | So just starting with credit, you guys do have only about two dozen or so verticals that you work with. Just curious as to what you feel like the most vulnerable industries are that you're talking to right now. I know you're -- you've got a unique borrower base with the SBA guarantees and what they're going to do above... | So Jennifer, this is Steve Smits. Thank you. So yes, we've identified what we would call our most impacted industries, as you can imagine, dentists, family entertainment centers, early childhood education, wine and craft, fitness centers. That makes up just north of 20% of our portfolio.
Now what we've done with them ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6ee2b8a7b31b2f3d31dd30f1b98bd9f7 | Can you elaborate on the economic scenario that was factored into your provision? You mentioned it very quickly, Huntley, but could you say that again and just give a little more color? | Yes, Jennifer, this is Steve Smits again. So clearly, the most impactful was because it is a factor that we used for unemployment. So we assumed an immediate impact to an increase in unemployment right off the bat and then sustained and increased unemployment throughout the year. So that was pretty impactful. That was ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9d0c5a865e1b3374895c0679e14a3671 | How much participation do you expect to have in the second round of PPP? Will you go beyond your current client base? Or what are you expecting there? | Well, Jennifer, we're going to go like a bat out of hell. So we have partners that we're working with, some substantial partners, and we're trying to predict [Inaudible] a bit more technology. Round one was kind of the concierge, brute force, get it done for our customers tranche. Who knows when they're going to hit th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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