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4e590d32892773dd2f6555f10a7bcf68 | And what kind of -- Huntley, you mentioned that some of the hiring that you've done late in the year obviously came through in the first-quarter expenses. So do you feel like first-quarter expenses are a good run rate going forward? What kind of expense control will there be to put in place to kind of offset some of yo... | Yes. It's a great question, Jennifer. I think obviously, things are a little hard to predict right now. Clearly, things like travel expenses are going to be down for the near future. Our team is in place. We don't expect that to grow at all, but it will stay what it is, and we're going to be redeploying folks. We might... | direct | [
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c54cbcfe5a362683bf2247cb6cef21da | Right. And what about future loan sales? What does the market look like right now? Is there any market for SBA 7a loan? | Yes. This is Brett. Right now, the secondary market is a little bit tough. The buyers that are out there are typically just the buyers that want to buy in portfolio government guaranteed loans. There's a bit of a, I'd say, slowdown with any buyers who are pooling loans. And that's just sort of during this time difficul... | direct | [
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cd997572be71ec777f5d78565c6ee035 | My last question is for Chip. Chip, what do you think the long-term implications of all this are for your company and for the banks, in general? You just already talked about you think this certainly underscores the need for more technology. But any other implications you see? | Jennifer, when I put my head on the pillow at night, I just think about our customers. And as you know, we go see 100% of our customers before we make them along to try to determine if they have the eye of the tiger. And so now we're going to find out because they didn't ask for this, we didn't ask for this. But we're ... | intermediate | [
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122e8a5eb489dfa2c8e8831a69ee913c | So with all the other changes going on in the world, I'm making a small change to trying to fill the seat that Aaron Deer has vacated as he takes the CFO position. What I wanted to have is someone who's new in looking at the story, when I look at your dominant position in the SBA market, the 1 billion of loans disburse... | Yes. So look, I mean, the existing customers most of the banking industry was servicing their existing customers, which is more streamlined from a KYC perspective, you go outside of that and you go into new customers [indiscernible] at scale you got to make sure you're comfortable with fraud, you're comfortable with yo... | direct | [
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217fcccce775cac012c0c4ba40a448e7 | Got it. Appreciate that. And then one of the challenges of this environment is the social distancing. And Chip, you talked about how you still meet with your clients and look in their eyes and see if they got the eye of the tiger, how are you handling one-on-one meetings or on-site meetings in a social distancing envir... | I'll start, and I'll let Huntley add to it. We've -- I've been one that is not real tech-savvy and a wizz at Zoom. So out of adversity comes opportunity, right? For me, I've embraced technology and found the wonders of other means of communication that can be as effective and meaningful. So being able to Zoom in, have ... | direct | [
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43a30e171eeacc53d617b4b9e88a47a9 | Got it. And then just last one for me on the economic forecast you're using that Huntley talked about. I just want to make sure I got it right. It ends in double-digit unemployment. Huntley, did you give us a time frame for that? I was scribbling. | So through the end of the year, we'll be -- we'll still be double digits through the end of the year in this forecast and then start the -- some slow recovery after that. | direct | [
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e6b4a9a0ec499cadc3600d24a041ef82 | I thought I'd start where probably anybody would start would just be about the inflationary characteristics that you're seeing in the business, particularly around diesel fuel. Obviously, it didn't prevent you from kind of making your numbers in the quarter, but your margins did get penalized by this, obviously. In the... | Thanks, Andy. That's a great question. It is something that we're very focused on, and we'll continue to be focused on things that have changed since we had our last earnings call. We've shortened the length of our agreements, especially in the residential market, where we may have had annual agreements prior. We're tr... | direct | [
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1ccc045e8f09401c77cf17817014e78c | Just to follow up on that. What percentage of your contracts that you're going to be executing, I guess, for the rest of this fiscal year are covered by these new terms, whether they're shorter or they've got the surcharges? Is this substantially everything? Or is it pockets of it? Just want to understand how broad-bas... | Our operations management feel like we're about 70% of our agreements that have that in place now, and we're looking to improve on that. | direct | [
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7c612308326603db0338e5236726d127 | I guess, the pace and the trend lines that you're feeling in the commercial side of your business, this has obviously been an important piece of the business, you've replaced it really well during this pocket of softness from COVID. But it sounds like there's some green shoots that you didn't say that word, but there a... | I think it will be in recovery. However, it is recovering now. In Q1, we saw movement of 1% of our total revenue moved toward commercial. We're bidding more work more of our specialty equipment that we've talked about in the past is being bid out and actually, we're winning work for this summer to use up more of that e... | direct | [
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2a6ee1d49d7949e2f4d00bf79c908503 | The lack of any commentary on weather suggests to me that the weather was probably pretty good. Was that the case overall that the weather was actually -- would you say that the weather was unusually good this quarter just out of curiosity? | I would say the weather was average for this quarter. As we've talked in the past, with our geographic footprint, we're going to deal with some weather somewhere every quarter. And so we -- it was no different in this last quarter. And so really, we think our geographic footprint kind of helps us through that. | direct | [
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f213aa3405d634fc0687e52624083619 | Wondering if you could give us some updated thoughts on expected organic growth for this year. I know you've got the total revenue guidance out there, but Q1 coming in at 11% seemed it was a bit faster than you expected. So I'm wondering kind of what you're expecting for the next few quarters here? And then if there's ... | Yes. Hi, Steve, good question. You're right. I mean the pace of the organic growth in the first quarter, I mean, thinking back to what we had said in January, we thought around the organic growth of maybe 5% or 6%, clearly, we've outpaced that in the first quarter. So that's really taking the benefit of the good weathe... | intermediate | [
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8c366a3c7892f6ea136787335ed89e82 | And I guess within the U.S. concrete pumping business, how broadly are you seeing acceleration across your geographies and customer base? Are there -- to what extent are there still any kind of pockets of slower activity that you're seeing and where might those be? | Nothing specific. I mean outside of the volume change that we mentioned in our remarks around Washington, the rest of the pace of volume in our business is largely around those expectations, I just mentioned on volume and also on pricing. So outside of that Seattle, Washington area, not really. But I would say -- I mea... | direct | [
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90394369abdc2d069dc4472745fe5d82 | So first off here, thinking about replacement parts and the dynamics there, are there any supply disruptions impacting your ability to get equipment replacement parts for new equipment altogether? Do you think this is more of an issue for your competitors with less scale? | Hi. Yes. I mean, as you -- as you maybe know from and comments we've made in the past, we buy our parts from many different suppliers and OEMs. So we're not really relying on any one provider for those parts. Now we do stock the needed amount of parts in our inventory, so that we can keep on cycling through the parts t... | direct | [
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fa68b4d6dfc747e352238fdbdfdf2868 | Can you give us an update on the M&A funnel, what you're seeing and potentially any new competitors in the bidding process? | Our M&A pipeline remains full. We are actively negotiating with several businesses currently. It hasn't really changed. Values we place on the businesses are very similar to what we've seen in the past. We've always had some minor competition on deals and that really hasn't changed for us so much either. | direct | [
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a3680996b52a7ef705e9fe03a4cac896 | On Eco-Pan and maybe some of the disruptions you saw up in Seattle, but can you update us on the progress with your market penetration initiatives with Eco-Pan? | Yes. So Eco-Pan has been a really good story for us this year. If you remember back in 2020, we had 20% revenue growth or near 20% revenue growth. Last year, it was difficult for us to have in-person selling. In fact, the second half of 2020, it was that way as well, and so it's very difficult for us to increase our sh... | intermediate | [
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de10cbc373311ece8c3e044ac8a6ee12 | I was hoping you can talk a little bit about the labor side. Last quarter, you mentioned that was an area of pretty tightness for both you and your customers. Have things begin to ease there? Or what are you seeing in that regard? | It's still a bit of a challenge for our customers and our business. It does seem to have gotten better here in the last couple of months, and we're encouraged that it may continue to improve throughout this year. | direct | [
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a132b990f268075a0fa25f4e3890a8ba | And then you talked about 220-basis-point diesel impact in the quarter to margins. What are you guys embedding for the full year? | I mean, right now, I mean, we're obviously looking at price inflation that we've never seen before. So really, what we're doing around the change in expected pricing going forward, is really modifying the pricing that Bruce mentioned, as we go along. We have good momentum in our pricing initiatives right now. But I mea... | intermediate | [
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6b55e279e7e2b20a7785a766c97af1c2 | Housing starts, they slowed a little bit to start off the year. Can you talk a little bit about your outlook in some more detail on the residential side of the business? Maybe you could frame it and in terms of how that business grew in 2021 and what your expectations are for this year? | So our first quarter, it stayed about where we would have expected it to be. There have been a few pockets, where there the foundation portion of the project, it got out in front of some of the supplies of getting other things done, but that hasn't been too impactful to us. The demand side is still quite strong. And fr... | intermediate | [
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b238d71b1b79842a79cc8e3ad2ccc5e1 | I noticed that EBITDA grew faster than revenue in the first quarter, which was a little surprising to me given the inflationary environment, particularly with diesel. Is most of this from pricing and leverage on higher volumes or other factors to take into account as well? | I think the route density is really playing out really well for Eco-Pan, as we do better at creating more density within our own markets, that route density improves our margins. That's really always been a big part of our strategy. | intermediate | [
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77c6c507137e00b8ab79d5d84b778c84 | I just wanted to first ask about your ability to control costs as we enter what is likely to be a pretty challenging environment just in all the channels. Can you just talk about how much of your expenses are sort of more variable, both on the residential side and then on the commercial as well? | Yeah, thanks. The objective we've had, I've been here seven months, and obviously we've been very focused on improving our margins and we'll continue to be focused on that to position this company for profitable growth for a long time. So we've done a lot of targeted actions in the fourth quarter. In the first quarter ... | fully_evasive | [
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10bf12aa414352b8145d3aef630d6886 | And then actually just switching over to the commercial market. It was strong this quarter, but can you just talk about the pipeline, what you're seeing there, and also just given your concentration in Texas, can you just talk about it? Is commercial for you guys a little more concentrated there or is that pretty dispe... | It is relatively dispersed. We have a strong presence in both coasts as well. So the -- as you can imagine, commercial is going to be a little bit challenged given the economy and kind of the freezing up of a lot of those industries, whether it's [Indecipherable] hospitality or energy. So we believe that commercial wil... | intermediate | [
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07f20e8a816fbbd15415be788fd30e84 | Okay maybe just one little one also on the gap insurance product you mentioned. Can you just explain how that works and is that going to be a material number or is that just a pretty modest piece? | It's modest, but David, is there anything else you want to add on that one?
No. And I think just to expand on what you said in your comments, Fred. In the gap insurance, I think it's way the market has moved generally just because of what's happening with county recorder's offices and the like. And so I think our prac... | intermediate | [
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8b9fd6ff7955e1d8de3cf2055f300679 | First question on the investment income, can you help us think about the sensitivity to the lower rate environment that we're now in? | Yeah. Mackenzie, thanks for the question there. I think we're a little bit different maybe than some of our other competitors. We have been a little more liquid and so that piece of the portfolio will move pretty significantly with what we've seen with short-term rates coming down pretty significantly in the last month... | direct | [
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0a9dc3084cbc24a7b3fe2112fee86d2b | Is there any color that you can give us on this, what you've seen so far in April on the order flows? | Yeah. I think if you -- Mackenzie, if you were to look at what we saw at March there where it started to have a little pickup in the refinance percentage. I think that sort of carried forward on a percentage basis. But in general, open orders have been trending down with less market activity. We'll have to see approxim... | direct | [
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04d6b49b67c7f6d865e25ae967c67ef3 | And then on the loss provision rate, is it realistic to think that that can trend higher and maybe what should we be thinking about in terms of the potential for higher [Indecipherable] in this type of an environment as well? | Yeah, I would just start maybe with some general context on that, Mackenzie, I think and Fred alluded to this a little bit in his script. If you think about where the real estate market is today maybe versus '07, '08, it's in a much better place. You have -- just sort of lending standards have been much better going in... | intermediate | [
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81e20883e60d77d430fb9b1fab9153f1 | On the -- I just want to touch back on the color -- the order color a little bit for April. I'm mainly curious about commercial. I was thinking that maybe that would be somewhat of a standstill kind of [Indecipherable]. So you guys, I think your open orders for commercial were down 8% in March. I'm just curious about h... | Yeah, John, thanks for the question. The commentary I was giving was sort of more general with a direction more to the residential stuff. I think with respect to commercial, I think it is fair to assume that that activity has dropped off a bit more. We still are seeing orders but for some of the reasons I mentioned in ... | intermediate | [
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c57242a89440f7b2ada0f618becc278e | And then back on the foreclosures, obviously the forbearance issues, who knows where we go from here, but it does seem like that wherever we're sitting now, it's going to be maybe a little bit higher coming out of this. But you kind of talked to the title reserves and why that might not be so adversely impacted relativ... | Yeah, sure. No, it's a great question. And I think just -- so our ancillary services business has two principal elements-it well actually has three. It also does some of the default stuff that you mentioned that that's been sort of negligible of late. But it's mainly capital markets kind of transactions default and the... | direct | [
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146daffba922dbd3f962582efe9fd677 | And then one other thing kind of related to that broader segment. On the corporate side, what is the run rate now? Is it $5 million, maybe $6 million a quarter? Is that right? | That's correct. | direct | [
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d97dea4b674b0d4cee5dfdea2e2f6e19 | Fred, I wanted to start off by following up on your comments that your focus isn't necessarily on expense management but creating shareholder value. Periods of disruption can also be periods of opportunity. So with the company in solid financial position, how are you thinking about this disruption has an opportunity to... | Yeah. So I think it's a great question. As you just said, I mean what's interesting when you got through things like this is that if you stay focused and you are strong and well -- a good brand, you can take advantage of some situations to build your capabilities. And we obviously have been focused on that in the last ... | intermediate | [
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1ee0436e71edab110eab23534e5173f4 | And then before the disruption started impacting the business in I guess second week of March for you, can you talk about some of the more material actions you took during the first quarter? I mean it's by far the best margins Stewart's put up in a long time for Q1. Obviously you did benefit from an inflated resi refi ... | Yeah. So if you remember, it's a combination kind of some of the fourth quarter and first quarter actions. I mean one of the biggest issues I mentioned right at the get-go is that one of our challenges as a company is we weren't very strategic on where we invested our resources. So we were an inch deep and a mile wide.... | direct | [
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15a59f20eac387e63706a9a07e294744 | And then last question is on commercial, highest margin product typically. [Indecipherable] on the resi side but I'm assuming the talent there tends to be more specialized and valuable. So can you talk about the ability to manage expenses on the commercial business? I assume there's more of a variable component on comm... | Okay. We have a wonderful set of talented people in our commercial business and the most important thing for us is making sure we keep that core of talented people focused and together that organization, too, but obviously given what we're going through, we need to make sure that we're targeting our investment in those... | intermediate | [
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129da8769352fdaaa48b299ecd6e0130 | I wanted to continue with Jesse's comments recently on guidance and dig a little further into the cadence that you're expecting. But just if you could talk about expectations for 2Q specifically associated with trialing and then trialing of competitive products that you talked about? And then as you look at the back ha... | Thanks, Cecilia. I'll take it out of order just because the latter question is simpler. Very limited contribution, none in terms of like the -- of the next-generation OMNI. We just kind of look at OMNI sort of holistically and very limited. We have a very conservative view of goniotomy contribution. In terms of cadence... | intermediate | [
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d334f17030e233b24c02664b7acdfc98 | Can you talk about just the headwinds from a COVID standpoint in terms of accessing new accounts that you saw in the quarter? Or competitive dynamics from a trialing standpoint? And as you think through the balance of the year, just expectations either for this level or the potential to accelerate given those headwinds... | Cecilia, the 105 is a very strong result. It's actually stronger than what we averaged last year, right? And I think that, that number for us has been pretty consistent, right? It's a high-touch model. And given that and our desire to be there and hands on for the initial user experience throughout initial cases and tr... | direct | [
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4d1db1277408c90f73993700371cdef1 | Paul, maybe just from a commercial or strategic standpoint, are there any sort of actions that you as an organization can sort of do or sort of enact to maybe shorten that trialing period that you're seeing maybe closer to that two months rather than that six months that you sort of referenced? | Yes. Andrew, I think as it relates to competitive trialing, I think we inform the field with the most current and complete information that we have. We remind the field and the field remind surgeons about why OMNI wins. And I think this is -- it's a really simple way to think about things, but just go through those fou... | intermediate | [
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75e76a81a33fd12c2040f5b10b97cb75 | What can you sort of tell us as it relates to how that's faring? I guess, specifically within the optometrist community, how are you thinking about that as a demand driver for the back half of the year? And then if I could just sneak one more in. Anything that you can tell us as it relates to sort of the device intensi... | Yes, I was thinking the same thing. So Andrew, it's Shawn. Yes, as far as the Don't wait Too Late, we're really proud of that campaign. We're proud of the leadership position that Sight Sciences is taking in terms of educating the referral source, educating both the doctor who is managing the glaucoma patient as well a... | intermediate | [
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09660acfbee10fd4f8e98a89bd713ab8 | First would love just to get a little bit more color on U.S. surgical glaucoma. Nice start to the year, but I was hoping you could kind of flesh out the mix of growth between utilization versus the impact from adding new docs. And then also talk a little bit about just kind of the usage of OMNI between combo cataract a... | Adam. The quarter is a little funky, right? Because the number of ordering facilities increased nicely, right? But sort of a flat quarter sequentially. So the implication right is average ordering down. Remember that January was a highly disrupted month in terms of OR activity. So at the highest level, you look at it a... | intermediate | [
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c03785c7a61dd2cae3208e000fde66a2 | I'll ask about the guidance, and not trying to push too much here, but you beat in Q1 by over $1 million. So why not take up the low end of the guidance range given the momentum that you're seeing in the business? Is that just some conservatism at this stage in the year? And then maybe just talk about kind of what gets... | Yes. Well, first of all, not a ton of time has lapsed, right? Just a little over a month, right, since we did our year-end call, right, as we reported late as a first time 10-K filer. The reality Paul walked through, there are judgment calls in sort of as the operating environment, information is more sort of uniformly... | intermediate | [
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28a21afe36da5041d1fcb7f0cdb4c238 | There has been some, I think the right word is noise regarding reimbursement for around canaloplasty and other types of procedures. And I'm talking specifically on the competitive front. And I'm curious if you can comment to that and/or maybe give some feedback on the most recent reimbursement report from [Inaudible]? | Joanne, this is Paul. I'll just speak to what we know very well, which is reimbursement for OMNI and the CPT code that OMNI -- that's used when OMNI procedures are performed. OMNI is indicated for canaloplasty followed by trabeculotomy, and I think the definition of canaloplasty is pretty clear, and it's naturally what... | intermediate | [
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5ac1d269a395dca813cff753000f175a | And then as my second question, I want to talk a little bit about sales force build-out. Can you remind us where we are today versus a year ago and goals for the rest of the year? | Yes, Joanne. It's Jesse. We, last year, had 53 hunter reps in surgical, about 10 hunter reps in TearCare and then we had each strategic account managers that focus on the teaching institutions and the VA. This -- and then we had like a beta, three to four beta glaucoma clinical consultants, the group that Paul talked a... | direct | [
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c4f2bfe3971d65d01db7c37987fef572 | Hey, guys. It's Nick on for Dave. I guess maybe starting with John, kind of talking about the leasing pipeline of $600,000 with the $400,000 of shortlisted candidates. I guess what is like the time line for them on potential decision-making on their lease-up? And then as we're looking at exploration through 2023, do we... | Nick, John Donahue. In regards to your first question on timing, I wish I could give you a very accurate specific answer, but it's been quite frustrating dealing with deferred decisions. We have a large -- the largest number of prospects in taxes, but we have largest number of square feet for Richmond. We have a few la... | intermediate | [
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7fd9a934db7fa42ff01c699b12b2563e | That's helpful. And then maybe a question for Jeff. The updated disposition guidance while adding two more properties with potential candidates for sale, is that more a function that you guys just view that those are like stabilized assets? And I mean, the disposition guide lower strictly for just lack of capital seeki... | Sure. I appreciate the question. And first, I'd say we're not sellers at any price, as George referenced. We're sellers if we meet our targeted pricing ranges.
Second, we are very bullish on the Sunbelt and the Mountain West, including Atlanta, and have been for many years. As to Pershing Park specifically, Midtown At... | intermediate | [
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562d192c418066086dccfe1891d70c5f | Yes, that was helpful. And then maybe last one for George. What's like the board's patience with the continued multiyear stock performance versus like strategic alternatives? Has there been any like special committee to form to discuss strategic alternatives? Or -- | The board's plan, along with management's plan, is to execute what we have put forth for 2022, which is a continuation of what we did in '21. And we believe at the end of '22 that if we achieve our objectives in '22, we're going to have a wonderful balance sheet, along with a wonderful value-add opportunity, especially... | intermediate | [
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8056fb579274d4dcec2005ad42698e6f | Yes. Good morning, guys. First one for me, are all of the updated disposition candidates currently being marketed? Or are you looking to maybe bring on a few later this year, maybe Pershing Park in Atlanta and Blue Lagoon? | Yes. Craig, this is Jeff Carter. They are all potential disposition candidates. Pershing Park has not officially hit the market.
It will -- we intend for it to hit the market shortly, and so we put that out there. | direct | [
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6d6859ead87979545eca982b149b1c61 | And the same goes for Blue Lagoon as well? | Blue Lagoon has been in the market. | intermediate | [
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9bdbb283821abe4d78249e8689843ec0 | OK. Great. And just one more for me. George, I know, at one point last year, you guys publicly stated your estimate of NAV.
I think it was above $10. You've had some asset sales, of course, since then, but I'd be curious sort of what the board's or your personal view of NAV per share is today, if possible. | Craig, we're in that range for sure today, as we were last year. Again, we've been using proceeds primarily to pay down debt. So when you do our calculation of NAV, the equity, we believe we are still in that range. Now having said that, the two big factors that affect whatever estimate of NAV you come up with are obvi... | direct | [
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0fd432c7edcc48a9b432238d726b78c6 | I'm curious on Liberty Broadband. As you think about the assets in Liberty Broadband going forward, can you referenced the look-through price to Charter earlier in the discussion. Do you expect Liberty Broadband to just keep the assets it has and can stay fairly simple? Or are you on the hunt for other assets or invest... | Thank you for the question. I -- look, the easy money here in terms of what to do with the capital we receive from -- not with capital on our balance sheet but the capital we will receive through the purchase that Charter makes and the payments we get is to take advantage of the basically 10% to 15% differential betwee... | intermediate | [
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8240088ec1698110125c935de7ee7e86 | And earlier last year, you talked, I believe, about being in discussions with Charter around how to handle this cap as you're approaching it. Can you share any thoughts on what you learned from that discussion? Why didn't you decide to enforce the cap versus maybe just why don't you hold on to the shares that you have?... | We did have discussions with an independent committee of the Board of Charter about increasing the cap. And frankly, the proposals that were put forward by them to Liberty Broadband, we didn't find as attractive as the alternative of just to purchase from our shares. Can't say that we won't revisit that, don't know wha... | direct | [
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18c05968795dc2459114777d6dc83b70 | On GCI, [indecipherable] you mentioned, should we be looking at 4Q as pretty much normalized when it comes to RHC funding/pricing going forward? And secondly, on Trip, talking about discount that's rolling out recently the -- that's taking it up to high 30s or thereabout, are there any tools available to take advantage... | Yes. Just on the onetime items, there was one settlement for $6 million that came through in the fourth quarter. Otherwise, the results for the fourth quarter are pretty much normalized. I don't know, Pete, if there's anything you'd want to add on that? No, that's it, Brian, particularly, nothing unusual with RHC that ... | intermediate | [
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4bc0bd4a49057642c010ed9fe6de8202 | Two minor housekeeping questions. One, what's the right corporate overhead drag you're thinking about now of the combined companies? And then secondly, can you just flush out what the advertising impact was for GCI in the quarter? | Sure. Yes, I think it's slightly elevated in Q4 2020, as you see in the release, that's $7.3 million. So I would back off that a little bit, without giving specific guidance, but that could be an approximation to annualize to reduce that down a bit. Yes, I'll grab that. Yes, we -- after the sale of the broadcast busine... | intermediate | [
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2df48f79cc1ed9b24abc11cbb60bf4a3 | Firstly, it probably gets lost among Liberty's myriad earnings releases this morning, but the FCC just approved $50 broadband subsidies to lower-income homes, and it's actually $75 in tribal areas. Is that enough to tweak the '21 result for GCI up than the last given the material native population there? And then secon... | I'll take a quick cut at that. GCI is already a substantial lifeline provider on the voice side, and we have programs set up that we believe will be well positioned to morph fairly quickly into the broadband subsidy. As Greg implied there, all of Alaska is a tribal area, so the $75 subsidy applies statewide. So there's... | intermediate | [
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89bea96b7a8c625632a60d55fb71e835 | But specifically, as far as advantages you have on the small cell side of powering and the access and all that, is that still something that it's a moving target? I know that -- I know Comcast has historically been reluctant to let Verizon mess with your network. Can you maybe expand, and I'm sure Charter is probably i... | I think it's the point you make. We haven't rolled that out yet, our CBRS. We haven't really rolled out our owner economics anywhere yet. But down the road, one could imagine providing access to our network as well. We certainly do provide other places where we provide backhaul on the like for plenty of the larger mobi... | intermediate | [
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5ae6757ea2cebcb6b6998f18ffba75a7 | Good morning. I have a couple of questions. Looking at Charter, it looks to me that with 53% homes passed, their penetration roughly is about 58% and the average monthly bill is around $111. What are you thinking in terms of the opportunity for the total penetration? And also, what do you think is the purchasing abilit... | Yeah. I'm also going to write the final chapter of the Bible when we're done here. But the -- look, I think if you ask Tom Rutledge, he would believe that, ultimately, we're going to have two-thirds of -- we'll grow our share up to two-thirds of the market or perhaps even more over time because we have the best network... | intermediate | [
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920aaf00122aa02ecaa66366e3266e15 | The recent success of the Liberty Media Acquisition Corp, clearly, you have excess capital in Liberty Broadband. And the free cash flow from the repurchase is going to obviously create a high-class problem for you. How are you thinking not just at Liberty Broadband but across your company, how do you think about the co... | Yeah. So a couple of things, I think I talked about the first and primary opportunity we're pursuing today at Liberty Broadband. And given prices in the market and given the opportunity we see in front of us, that looks pretty attractive and our belief in the underlying value of Charter as Charter continues to shrink i... | direct | [
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196696b5a46e1074483b5b27cb35bd55 | Hey thanks for taking the question. I've two quick ones. One, it looks like GCI moved from video sub from the business segment to the consumer segment. I was just wondering if that is correct and that explains some of the change in revenue. My second question has to do with the transfer of the GCI subsidiary that holds... | I'll take the second one. As often is the case in Liberty, it was tax motivated, and that was our primary goal. And I'll let -- Pete, do you want to comment on any -- or Brian, do you want to comment on any changes in the video sub allocation or positioning? Yes, I'll -- yes, so when we sold the broadcast TV business, ... | direct | [
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41c674fed09423662377d37c0d1c5237 | First, just maybe on the seasonality. It looks like it's a little bit more than we expected from Q4 to Q1 in terms of marketplace revenues. Is that -- was that primarily just seasonality? Or were there other headwinds, whether it's COVID or something else in the quarter? And then, the 1P revenues as well was a little b... | Look, no particular seasonality in Q1, I would say. Right? It's a quarter that is obviously the beginning of the year. And this year, nothing really special. So, I think that's on that. I think the Ramadan this year started sometime in mid-April, and at some point, it's coming earlier every year. So, maybe next year, t... | direct | [
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b0c881a4ef967a23af29ea7fb63995db | Maybe finally, just can you briefly talk about the overlap. You mentioned the food delivery and on-demand, the overlap between food delivery and core retail that you're seeing or maybe how that's increasing. | Yeah, very much, it's fascinating to see the overlap growing with time. And you can see -- you can take a few angles to think about this overlap. You see, one, more consumers are starting to use both. Right? And in the past, for us, we were observing that the food delivery business tended to be for the upper middle cla... | direct | [
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d3b2f328886239b29dab69b7ac36c3eb | Hey. First question I had was on this food delivery unit economics. Can you talk a little bit about how the unit economics on the food delivery and on-demand compares with some of the traditional e-commerce business? And then could you also just talk about the competitive landscape in food delivery? | Yeah, of course. I think the unit economics for us have been pretty attractive, I would say, and definitely contributing to the good results that you have seen in our unit economics over the last few quarters. The average basket size is -- it differs by country, but even the, let's say, low double digit. Right? So betw... | direct | [
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083faff5d81d57bf014cbd1716762780 | Hello and thanks for taking my question. I've got only two quick questions. The first is, can you just explain your increase in trade and other receivables from EUR 10 million to roughly EUR 100 million. And then, the second is on your GMV, it's just a technical question. Does the EUR 165 million you quote, is that gro... | Yeah, I can take both. In the increase of receivable includes the third tranche of the offering that we made in May, and that was collected received in April. It accounts for USD 88 million. The revenues we are showing all net of vouchers. | direct | [
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3ac37806534350666525d0b9834feff4 | Hi, Mr. Hu, Edward and Richard, thanks for taking my questions. I have two quick questions. I'm sure like the management team have already touched on this topic several times and according to the company's announcement noted here is that we did see some progress in terms of the [Indecipherable] and with further collabo... | Well, thank you, Tim, this is Edward. Let me take your questions. So first question regarding the type certificate progress. So it was very great progress we have made two days ago with a special meeting with delegates from CAC. This is a very high level, senior members from all over the country and representing differ... | intermediate | [
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42c135f2cd58dbacf177a6e3923048ab | My second question is about competitive landscape because we saw several players are making or plan to make inroads into this market. Will that change the industry dynamics meaningfully and risk EHang's dominance and current collaboration with the government at the moment. Thanks. | And your second question regarding the competitive dynamics. Right, so we understand that nowadays we see quite a number of companies who are making their own products and including some auto companies as well. However, we are quite confident about our technology, which created this entry barrier from the technological... | intermediate | [
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36bc6bd6e90f66343cb2c29c8fefc184 | My two questions is on the order and the clients. The first question is on order book. Can management go into more details on our existing order book and the split between orders that we have received, basically buying deposits versus the ones that are just pure intentional contracts. | Hi, Vincent. Thanks for the question. This is Richard Liu. I will take your first question. So our order backlog, it's on a running basis. So, right now at this moment, there are roughly around 100 units and in terms of international versus domestic, actually a majority of this are from within China as you can imagine ... | intermediate | [
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d4b3aef99578d66ad77b1f44c949db34 | And my second question on the client is that we previously we have been working with some touring [Phonetic] sites going to open, [Phonetic] what I remember. So are we expanding our client base like [Indeciphearble] 216F. Are we expanding to governments and what's our current client base looks like. | Yeah, Vincent. This is Edward here. I'll answer your second question about EHang 216F, right. So this is specially designed AAV for firefighting purpose. However, we're still in the process of obtaining the last certification from the government and there are two items which we need to do by conducting some experiments... | intermediate | [
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836fee35a3793c5c9d249a8a90000c27 | And my third question is for follow-up on the timing of airworthiness certificates. We totally understand it's hard to predict the exact timing, but is there a very rough kind of prediction, let's say, mid year or by the year-end or next year? What kind of a -- like a more -- like a rough timing that we can predict. Th... | And regarding your last question about the timing of the type certificate. We believe that -- as I mentioned, we cannot predict the exact timing, but based upon the message from the government officials, it is a quite optimistic we should say and also the whole process should be a gradual process, which means that towa... | intermediate | [
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a9638f57fe3712499f3cf39013ee4f1a | Just a question on the order activity being a little bit late this quarter versus a tough compare, and I did hear your comments about economic weakness. My question is how long can they -- can your customer do you think push out the ordering on a quarter-by-quarter basis. And is this something do you think they have to... | George, I would tell you that, certainly, our customers has some flexibility on the timing of their investments, and it really takes two parts. If it's for a new consumer product or a customer they're supplying, generally, there's a deadline which requires them to place the order in time to be ready to go to market. If... | intermediate | [
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b5e256c53ab3de2913a26e82dff9d326 | I was hoping you could talk about, obviously, the orders have been a little bit soft, and you just discussed some of that, but maybe some of the puts and takes as we go on to 2020. Given where the orders are weak now, can we still sort of think about your plan of the 4 to 6% organic with obviously, some variations stil... | Larry, so when I think about 2020 and look at the framework, we put force back in September, which was EBITDA in the range of $315 million. What I would tell you is we're well on that pace prior to acquisitions, getting a little different way, more on the revenues, higher on the margins. We're not prepared to talk abou... | intermediate | [
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1798800fa36f737449e84c899d9a5c30 | And then just remind us -- can you remind us that just from a high level then the accretion -- incremental accretion for next year that's the -- from deals you've done, and also the incremental restructuring savings in 2020 that will go obviously on top of where you guys finish 2019 at? | Right. So, the incremental restructuring savings was currently estimated about 22 million. And then in terms of the acquisition accretion, it's about another. We have -- guiding to this year with seven months of activity, somewhere in that $18 million of EBITDA on an adjusted basis minus interest expense, etc., is that... | direct | [
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d88e2ca2c083e30e8eda304b0623e3fd | OK. And then just -- we got a lot of question about this too. Can you maybe just discuss the impact of some of these nonmeat alternatives out there? And secondly, the ASF impact, how are those playing through? So those are two things. | Sure, Larry. On the nonmeat alternatives, I would tell you that from our equipment's perspective, the value-added side of that is very similar, it flows essentially across the, for example, the freezing and packaging technology that follows, Larry. So, we like to think of it as just finding and a good thing for our bus... | direct | [
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68c6aecb9411dbb60f451d5a5018b6fb | So just to clarify, are you guys actually taking orders and participating in some of these new nonmeat alternatives? And then my last question is just around the slowness to close orders. That doesn't seem that new. You guys kind of talked about that for a while. So has it really change materially in the quarter? Or is... | So, a two-part question. On the first part, we are seeing the opportunity to quote on some more for the nonmeat alternatives. And some of that early work, Larry, has been done on the existing equipment and infrastructure that's in the food industry. And on the second part, you're right, it's not a new trend.
We've be... | direct | [
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90b729957f4a6e82f2c2824bcff7f2f2 | Brian, maybe a question for you, and I think I should know the answer to this, but I don't. When I'm kind of looking at your reported orders and backlog in food tech, what exactly all goes through that? I mean is there a portion of your revenue that just doesn't show up in inbound orders and backlog? And I asked becaus... | Sure. Everything does run through their -- through our orders. On the aftermarket, it does come and go typically in the same quarter. The piece that you're missing is the acquired EBITDA -- sorry, the acquired orders, the acquired backlog from Proseal and Prime. That's the big chunk that you're missing. | direct | [
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4e44800a594b85a8c0ac623452445f35 | Oh, OK. I see that. That makes some sense. Then maybe my question is this, if I'm sort of looking on almost like a rolling 12-month basis, looking at the last fourth -- four quarters, orders have average something like 311 million, and we're looking at the back half of the year, at least on my model based on your guida... | Right. So, in terms of the progression, the back-half revenue for food tech is somewhere between 1.5% organic growth versus a year ago, so a little bit progression versus a year ago. And Q3 will be relatively flat organically to Q4 than you have at that normal seasonal impact improvement in Q4. And then with -- the acq... | direct | [
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aff96aea8d798ef8b6cf6782ac84e075 | OK. OK. That makes sense. Then your margin again on food tech was much better than what I expected, and that's great. I'm trying to maybe understand how you're thinking about the back half. And I do understand your guidance, but obviously, but if I'm looking sequentially, we're not talking about margin quite as good as... | Right. The order -- sorry, the margin activity in Q2 was pretty tremendous when you look at the aftermarket mix, the margins on the aftermarket and then some particularly strong margins on some of the equipment. We don't expect that to be the trend. We're going back to our normal trend.
For food tech, we see margins a... | direct | [
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02b296cd348a9a8af2fd125f49869c20 | I see. And the last question, if I may. Is there a way that you can help us understand in the food tech what the year-over-year benefit from restructuring was in the quarter and what the year-over-year benefit would be in the back half of '19 versus '18? And I'm done. | Right. So, we mentioned about $8 million in the quarter. It's about a 70-30 mix, food to aero. And as we progress, so that's -- and we have about 5 million in Q1, so it's about 13 million. So now we expect incremental 13 million in the back half to get to the 26 million. And this is all relative to 2018, keeping in min... | direct | [
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fa6eff51d6abe00e46926e3deeefce53 | I'm sorry, but the 8 million, you're saying that that's the year-over-year number, it's not a sequential number in the second quarter? | That's correct. | direct | [
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9ee21f16b7a1040b480b4227e6855fec | Yeah, the margin in food tech was absolutely great, and I wanted to ask the similar question too about the mix, and maybe I'll try to ask it this way. What is the -- what are the products, is this poultry or these beef products that are the positive mix? Or is it the customers were doing more aftermarket in lieu of pus... | Right. So, in the second quarter, the predominant benefit was on the aftermarket side, both, again, both in mix route. We're about 42% recurring revenue in the quarter. We're normally running at about 40%, right? So, you had a couple of 100 basis points there, and that obviously carries a higher margin, and the margin ... | direct | [
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ec922a7cc647600f37bd0278f58bfed8 | OK. Great. Thinking about the orders and your commentary about the uncertainty, I wonder if you could help us hone in on what that means exactly. Is it U.S. customers that are -- should be the concern here? Or is it international customers? And what do you think has to happen to start to see the orders in flood? Is it ... | Walter, what I would tell you is the activity we have with our customers which lead up to an order are projects. We are really encouraged about the discussions we're having with our customers and the quality of the projects in our pipeline that we're working on. And what we're very specifically seeing is a longer time ... | intermediate | [
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ee83d599672b713c249c52a941a37b52 | OK. Got it. Sounds great. Were the trends in orders, were they the same in the US versus international? | I would say, in general, if we talked about Asia, it continues to be slow. Although given that the way our pipeline is developing, even in that slowness, we see some opportunity in the back half of the year. Europe was pretty much as expected. And we did see a few customers, specific projects in North America that I wo... | direct | [
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e8bbc87d82df0aa352892529efbacd4f | Last quarter, you cited that there was kind of a lack of a clear trend, I think it's how you framed it in the middle markets at the moment, and that was leading to a little bit less steady M&A activity. And so when I listened in the call here in the prepared remarks, it sounds like there's been a little bit more clarit... | I think, Devin, that's fair perspective, probably feel a little better about our Corporate Finance opportunities for the foreseeable future today than the quarter ago, but still believe that we continue to see the changes and the wins from tailwinds, the headwinds and vice versa. So yes, it's a little better today. Don... | direct | [
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64e5bb7bb69e6ce6e2c76eb5fae03f3f | And then a follow-up here just on the restructuring business. Here are some of the messaging there as well. There some high-profile assignments that we can all see in the press that you guys had been named on. And so I'm sure that helps a bit. But more broadly, are you seeing an acceleration in inactivity? And it sound... | I think we still see the long-term opportunity set is -- continues to grow total amount of indebtedness out there, potential problems that we feel may eventually evolve with certain circumstances. And I think it's much what we've said in the last couple of quarters. There are some pockets clearly in the few industries.... | intermediate | [
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0573e2405f2cbeb5ab46906866c750e7 | Got it. Okay, great. And then just last modeling one here. Lindsey, I apologize if you went through this, but on the other operating expense, I know that can be a bit lumpy, but I didn't hear anything flagged there. But that did step up from last quarter recently. So I'm just curious what was in that number and kind of... | Yes. So I think if you're looking at the GAAP results, part of the add back relating to the London move is incorporated in both rent and then also in other operating expenses. So there is an increase and that's primarily driven by the London move, and that has been -- part of our adjustment includes other operating exp... | intermediate | [
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f9be86869720c1b3d7c27f04130211a6 | So I just wanted to follow up on the noncomp. I'm a bit surprised to see kind of the increase this quarter, so I appreciate the color, Lindsey, on the seasonality there. Could you just give some additional color on what was driving the increase in the IT and communication expenses this quarter? We saw that increased se... | Yes. So beginning -- gosh, I don't remember, 1 or 2 quarters ago, we classified -- historically, we were classifying some consultants under Professional Service fees and we reclassified them up under IT service costs because we thought they were more related to that line item. And so you're seeing an increase in IT and... | direct | [
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1499801eeeffd93530df22363777da18 | Okay. That's helpful. One of your peers had kind of mentioned that some of the deals you experienced some timing issues. And it sounds like maybe the time to close was elongated on some of those transactions. I know there was an issue that you guys experienced at the beginning of the year. I was kind of curious if you ... | We mentioned that -- I think it was 2 quarters ago that we saw some delays in timing, really have not seen that in the last quarter. I mean, there's always a subset of clients that our transactions might not close or get a little elongated, but nothing out of the ordinary in this particular quarter. | direct | [
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0331fbf73f36af06d54981c393c0d578 | Okay. Great. It sounds like nothing systemic there. And then just one last one on the Freeman & Co. Just kind of curious, how many employees and MDs are expected to join Houlihan once that transaction has closed? | We announced that there will be 2 MDs and 1 senior advisor, and it's like many of the other acquisitions. It's effectively a mid-sized group that will add to our bench strength in the FIG industry. | intermediate | [
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a2339143667acc580e19929b11be7948 | Definitely. And Scott Lindsey, thanks for taking the question. I just have one on restructuring. When we think about restructuring and modeling, this is obviously a really lumpy business. It's one that's prone to large fee events even though I believe recently, you've indicated that there's been some diversity in the s... | Yes. I think we are all better off probably looking at some rolling average, whether that's 12 months or whatever time frame you want to use. We don't have a whole lot of control on the timing of closings and restructuring. And I think unlike in Corporate Finance, they're not as often impacted by calendar year-end issu... | direct | [
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6b51409c178a71c621a53e5408c38cd0 | Okay. I appreciate it. And generally, it seems as though the outlook remains pretty steady there, continuing to see good levels of activity despite the low default environment. Is that fair? Is there any shift in that business since last quarter? Any additional color that you can give on how that market has developed? | Yes. I mean, I think, Brennan, as we sit here today, similar to Scott's comments regarding Corporate Finance, we probably feel a little bit better about our restructuring business for the balance of the year than we did three months ago. | intermediate | [
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690d2f237245b043c5c9c52b313dcc1e | Hey, good afternoon, guys. Maybe just a question on the -- you have pretty big exposure to the private equity client base. Any sense on how they're feeling? I think earlier in this year, there was some hangover from that group. and worried about valuations as the market tanked and then rebounded. What's your sense with... | Yes. I think they've clearly picked up from the negative stock market activity of -- point to kind of December of 2018 of kind of recent lows. That being said, I think for the last year or so, when they're out buying businesses, they do model in some kind of a downturn in the economy case that they might not have done ... | direct | [
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1fbe0975cd4e1eb2aa9f7530acc8957d | There's not a lot of valuation discrepancies holding things back is what you're saying? | No. Don't really think there's a huge disconnect between the buying and selling in the world, at least as of now. | direct | [
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ef1ac92a1aed7fed8ecad88b90c60b9e | Okay. And then maybe, Lindsey, just on -- just another question on just the geography of the charges and how do we think about the London office. You said it's split between other and rent. I think you only disclosed it in aggregate. Is there a way for us to know what -- can you help us with the run rates in both those... | Yes. I'm not -- this is not going to be exact, but I would say it's probably about $1 million of the add back is in your other operating expenses and the balances in rent. And there's maybe a little bit in a couple of other categories, but that's probably the easiest way to think about it. | direct | [
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5f4787e05d8b593f70831fa822e27c2b | Excuse me, good afternoon guys. A couple from me. I mean we're kind of beating on noncomp a lot here. But as we look at noncomp, is the current quarter, the last quarter's $44 million, a pretty clean starting point for us to think about trending forward and do kind of the historical seasonal trends that we've seen as f... | Well, I think the historical trend, no reason to believe that shouldn't hold, and I think this is a pretty clean on an adjusted basis, pretty clean quarter for noncomp expense relative to second quarters of previous years. | direct | [
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c02e4582366bee8aa3fb2baff152344e | Okay. And as far as the competitive environment goes, and I'm thinking primarily in kind of the middle markets, Corporate Finance, I suppose restructuring as well, we keep hearing more and more from bulge-bracket firms kind of trying to move into the middle market and really focusing on smaller transactions. Have you n... | We get this question a lot and you may be hearing about it, but we're not seeing it. I think that marginally, the disconnect is when the bulge brackets talk about the middle market, they're still aiming higher than our average transaction size. That's not to say we don't compete against bulge-bracket firms, but when we... | direct | [
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7c1040950a8911317904270fd3a9d3eb | Okay. I suppose lots of environment, we talked on restructuring as well. And I am thinking more from you guys are established leader there. And it seems like every good team we talk to has now kind of built up restructure. I mean, it's -- have you noticed any change in the competitive environment there as more and more... | We still think the core competitors that we run across are pretty much the same today as they were 3 years ago or 5 years ago. That's not to say that there are some other probably newer entrants or smaller firms that are in it, but the core players, I think, it's a very stable group over the last half a dozen or so yea... | direct | [
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960a46801a80886423f981153a37f325 | Most recently you sell a patent litigation with a network equipment supplier. Can you confirm that your June revenues were impacted by the settlement and could we expect kind of monies going forward? | Yeah. Yeah, I can. So, Tony, as we mentioned, our revenues in the quarter were just over $17 million and did include a number of license agreements and settlements, including one large settlement. And so that you'll see on our balance sheet as accounts receivable that we would have collected in the beginning of the thi... | intermediate | [
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"fully_evasive"
] | B |
688b827de381e8809871df9b11fcf56d | Do you expect that to continue Rich or is it a kind of one and done settlement? | As Al had mentioned, we can't comment on the specifics of individual settlements, but many of our licensing agreements and settlements are often upfront, involved upfront payment, some do have recurring revenue characteristics to them, but by and large, our transactions are typically upfront payments.
Tony, it's Cliff... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fd34002d15e30b1500a72d09c04a5151 | And then shifting gears, your Viamet JV, your partner is valuing their ownership in Viamet at a much higher valuation than you guys are. Can you discuss why and maybe the differences and what they're currently valued at versus what you are and why you guys aren't? I guess maybe why you are valuing it more conservativel... | Yeah. There is two --
Yeah. Thank you, Clifford. So, Tony, you're right, we -- as we indicated at our press release, we value several of our private company positions, Viamet included on cost -- on the basis of cost. And we have adopted an approach to valuing our private securities using what's called the measurement ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9f3a79a8e033a33b67281442c1ff3e08 | Hey Clifford, kind of a bigger picture one and I know you and I applaud the fact that you don't want to rush into just any acquisition, but the partnership with Starboard is going on almost a year and a half, with no acquisitions to show yet. I know you guys have been working hard. Any color either you've been out bid ... | Sure. It's a legitimate question and the -- anyway we really like to answer it is with some transactions, which we're getting close to. But in terms of where we've been so far, because Starboard were extremely instrumental in doing the Woodford portfolio acquisition, which is -- and we've recently spent a substantial a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
59a9530432546e9acc0787767cddfa5f | First question, is it still the company's aspiration to generate $3 to $4 of revenue on the $42.4 million patent net of accumulated amortization? | Not sure where that, where you got those numbers from, Brett. We don't generally refer to that type of investment in terms of revenue. We refer to it in terms of where we expect to build book value over time and we will continue to emphasize that.
Brett, just, I think, maybe what you -- when you're referring to that, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3d6bc2e75cd5278728f8e212ae9074fb | There's all sorts of estimates all over the map on what the IPO value of the Oxford Nanopore might be. What do you think the IPO value of Oxford Nanopore is going to be? | Brett, I don't think it'll surprise you if I tell you that, it's an active IPO. We're a top five shareholder and it just would not be appropriate for us to make any comment whatsoever in that regard. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
4675f96dfbd1a99be8d318464a44f10c | One last one and it's really just asking the question, again, from the prior color, in terms of on a scale of 1 to 10, 10 being metaphysical certainty and one being it's just not going to happen. What is the probability of a deal being consummated on an operating company before calendar year 2021 is up? | Brett, you have been around for a long time and you know deals. So, I think it's -- it would be, nobody would feel comfortable predicting with certainty, any transaction until it's happened. But what we can tell you with certainty is that we're working very hard. We have a tremendous research collaboration with Starboa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
156842f975e2450082f9d1427e412f8c | I just had one on your ownership stake in Oxford Nanopore. Your stake has been 6% since you last disclosed it at year end 2020, and yet they've raised capital, has your stake been diluted by that raise? | No, we've not been diluted. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
238b0bdcccacaab0f2f3fb6ac4b2b55c | Okay. Can you add some color to what that hasn't been disclosed to my knowledge? What would be... | I think considering where that company is in its IPO. We -- the transaction was done in such a way where existing shareholders could maintain their shareholding and we did do so. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9b5a222f6af3a59707961b1f154d2c03 | Maybe just start with the health of the end markets, some of the traditional metrics like utilization rates. We hear that lead times for wire bonders maybe extending up to upwards of a year right now. And so I just wanted to hear your view of this huge ramp in how you protect yourselves against the concern of double or... | So Tom, let's talk about. The first one is utilization rate. Okay. I think utilization rate currently is very high. And that's why I can trigger a lot of capacity, right? So second question to answer you is a double booking, right? So actually, we track carefully about customer double booking. I think at this moment, w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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