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e5bb1c3c22e889d3bdcf3690f7b55b5e | And I think you mentioned that you increased the capex guidance for the year, right? | We did, Anja. We moved it up to $50 million to $60 million. | direct | [
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36d6df8c8ab34444c251b8dd37d39d8d | And what's driving that? Is there any further expansion? Or is this just machineries? Or -- | It really is in support of the bookings environment and the strength in the bookings that we've had and the revenue strength in the ramps, and then on top of that, semi-cap continuing to improve. And we talk about Q2 strengthening over Q1, just putting additional capacity in support of the demand that we see in the Sem... | direct | [
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d85ca74cadcae67cb35cf46e66c0ee66 | And also, how should we think about the gross margin, given that computing is going to be a bit stronger, and that's part of your traditional markets, right? But is that still at your sort of average company gross margin? Or is that going to affect your margins? | Yes. I think, yes, the mix is always -- is important to us in terms of our portfolio of revenue. One thing to reiterate is, we mentioned in our comments that the full year, we expect to be at 9% gross margin. So what that really means is you can expect a sequential improvement in the gross margins. t will be mix depend... | direct | [
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c578728187cedef7b1051b72633fe1bd | The more challenging areas with the commercial air, and oil and gas in the Industrials. What do you expect there? What is the -- | Well, I'd like to say aerospace, commercial aerospace was going to recover, but we don't see it yet. And we're saying for 2021, we're not anticipating that. Obviously, we're watching some of the aircraft manufacturers' announcements, and we know people are starting to fly again. So -- but we also know international is ... | direct | [
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c17ff57d22a7086a8d83bab9d815bdd5 | So when you talk about the infrastructure. How do you see yourself being impacted from the new administration's potential new package there? | Well, I think, we typically get the question about like defense budget and what will happen there. We work on military modernization. So we absolutely believe that regardless of the office that we're going to see continued support of defense. You see the challenges we have, where we got to keep our military competitive... | direct | [
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b6bec2d3f8c65dff55535ee799f7efe8 | On the Semi-Cap market, so this incremental, let's call it, $37 million in your revenue, you now expect, based on sort of the updated guidance. Is that being driven by a number of different customers? Or is it concentrated in a few specific customers or programs. | There is couple of customers, a couple of large customers in Semi-Cap space. But it's not all Semi-Cap, we also see strength in starting the ramp in some of the high performance computing large platforms. We are working on that. That happens to be a large customer there. We also saw some of the defense sort of sequenti... | direct | [
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b4dcf9d104a472841e04e933cf1f36f7 | And then just lastly, that 50% attach rate number for engineering to manufacturing services seems really impressive. Is that sort of the range that you'd like to maintain going forward? Or what sort of is the long-term target? | That's a great question. It's a great question because we've talked a lot about that. We've always sort of said we want at least half of the opportunities to involve engineering services. And we had been somewhat below that last year. We hadn't published it every quarter, but we would like to be at that level. There'll... | direct | [
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70ed12bc56bcc158a43a036c304d3453 | David, you talked a little bit about post-merger acquisitions and what you'd be looking to acquire. Can you talk a little bit about what you think the appetite will be in 2019 and 2020? Availability of financing and capital to make those acquisitions, what should we be looking for there? | Sure, Bryan. It's a good question. First, we are going to focus on selling the assets that we've identified to manage our leverage. We're already working through the assets in terms of getting broker opinions of value, and getting prepared to bring those assets to market early in 2019. The goal is to get our leverage i... | direct | [
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fc278b8e5fa87e15c753fa0bf84bdabe | Then as it relates to the RMR shares, you have a note in the release today as to the unrealized gain and that number moving around. Given that you are cleaning up the cross-ownership of Gov and SIR and ILPT, and given the desire to de-lever, is there any thought to selling or otherwise disposing of the SIR and Gov RMR ... | Bryan, that's certainly something that we will consider. I would say we'll be more opportunistic with the sale of those if we're pleased with the price at the time and the new OPI Board is in agreement, we will definitely consider that. As you know, the return that we get from the dividends from RMR is certainly low re... | direct | [
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89ed12582d25ad723b8455c9e03cb1e4 | Then just lastly for me, I think that we certainly have been surprised by the degradation in Gov shares since the announcement, as I'm sure you and RMR are as well. Do you have any thoughts there with respect to feedback you've received from institutional investors and otherwise as to why it's been so profound? | Bryan, it's always hard to tell. What I would say is there's been a tremendous amount of merger-related hedging activity in all of the shares since the merger was announced. I suspect that has some impact on the trading prices of all three companies. I also suspect that we did surprise the market a tad when we announce... | direct | [
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9597a109f8f390305cf3e337c87f84ed | David, the $100 to $300 million of expected recycling. Do you think, is that a broader change that RMR is looking at across its many different companies or do you think that's going to be specific to the office REIT? | Mitch, that's a great question. I think that that the RMR managed REITs are more open-minded to selling properties today than we have been historically. Right now, the focus is clearly on the combination of Gov and SIR, and how we create CAD accretion at OPI. But I suspect that will have an impact on how we think about... | intermediate | [
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40f6f91ad5980ee42bb0c557df9f4e59 | Just walk me through the accounting for the bad debt recovery, if you don't mind. I know that there was a charge last quarter, then there was a receipt this quarter. Just trying to understand the different line items that could've been impacted. | Sure. We were in the process of restructuring an existing tenant lease, but that tenant failed to pay May and June rent at the end of the second quarter. Under our internal accounting rules, we chose to reserve around $2.2 million of unpaid rent until the agreement was executed to restructure the lease. That agreement ... | direct | [
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024bfb73480d2a11dc0cd2fbce4acbef | So basically the way to think about it is in the 3Q numbers as an additional $2 million+ of rents that relate to a prior period? Is that how we should think about it? | That is correct. | direct | [
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edca9a32ed714cbf9db06807747dcfb4 | Kevin, maybe just starting with you, I mean, you guys have done a great job remixing the deposits almost 40% non-interest-bearing and running down the CDs. I guess, I'm interested, how much more you think you could remix going forward? And ultimately, I'm trying to solve for how much do we think net interest income is ... | For sure. Chris, this is Alex. Let me start to respond to that. We have, as you mentioned, a pretty good improvement on especially non-interest-bearing demand deposits. That's from the institutions that we have been working for many, many years. And now, we are actually getting more and more deposits. So, I think it wi... | intermediate | [
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2377d866a286f09d70ebddc91955bc8b | Okay. And then, your comment about the service charge run rate, the new run rate, I guess lower than $2 million a quarter. I know those are typically pretty high-margin businesses. How do we think -- maybe the question is about expenses -- how do we think about any potential offset on the expenses or what's a fair run ... | Sure. I don't expect our run rate for the expense will materially different from what we have in this quarter. Given our salary and benefit-wise, I think it will be pretty much similar level. And we will have some, again, the gains on our savings on our previously announced branch rationalization, but it will be pretty... | direct | [
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3ec1068123516be30de545c44ed7675b | Great. And then, if I could, just one more on the PPP fees. Could you just let us know what's yet to be realized? | Sure. The PPP fees that we have recognized for this quarter was about $2.8 million. And still to be further recognized is remaining at March 31 is about $18.3 million. | direct | [
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fbc34c9a514fb4489a09c75516fd2e53 | Hey. Good morning. Just on that last question on the $18.3 million, how much of that is for round two? And then, what kind of amortization schedule are you using there? | We are amortizing two years for those. You're talking about, Matthew, the PPP loan, right? | intermediate | [
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a2f85a0a15f1c584b4d7d8c6ec241244 | Yeah, I'm asking about the $18.3 million of remaining PPP fees. How much of that is going to come from round two? And over how many years you are amortizing that? | Yeah. It will be amortized over the three years, but vast majority -- almost $14 million out of that $8.3 million [Phonetic] is coming out of the second round of PPP and the rest, $4.4 million, coming out of the first round of PPP. And those are the net fees. | direct | [
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1d007af438b149cbd49460b2e1e568cf | Great. And then, the average PPP balance in the quarter and end of period balance you had it? | Yes. Average balance for Q1 was about $583 million and period end balance was $715 million. | direct | [
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c3bee290640bc1dd6e5b42e5a16b4576 | Okay. Thanks. And then, on the pipeline, it sounds like it's increasing. Can you give us kind of order of magnitude how much that pipeline is up year-over-year or linked quarter? | Well, let me address that. We have a strong pipeline and obviously it is much larger than it was at the beginning of the year. And we gave the guidance of mid to high-single digit growth at the beginning of the year and we believe that is still a good projection as of today. When we look at the strength of our pipeline... | intermediate | [
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f931f6ac7a56958f02e20502d347d9b1 | Okay. And then, just on expenses, that $1.4 million from FAS 91 for deferred origination costs this quarter was round two. I'm assuming your comments about keeping the run rate similar to first quarter assumes that $1.4 million is offset by some savings to keep it around $70.5 million. | Yeah. That's correct, Matthew. | direct | [
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b0f2ad02022eeac25049be507df4c4f3 | Okay. Okay. And then, just remind us, do you guys have an SBA portfolio that you -- within your portfolio that you retain? I can't remember if you sell all your production on the SBA front or not. And if you do, what is that -- what's the health of that portfolio look like as some of these subsidies covering off in Oct... | Matthew, as of March 31, we have approximately $220 million in SBA loans held in our portfolio. And during the several quarters, we have kept all the SBA loans in our portfolio and have not sold during that time. And during that time, the premiums in the market have gone up significantly. And given the high premiums th... | intermediate | [
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11aee78bcc0b67fc7ca2f442fa6b6433 | Thanks. Good morning. I just wanted to drill a little bit to the guidance on the provision level for the year, 160 times PPP the CECL day one, I think, brought you to about 98 basis points January 1 of last year. So, just -- I know that you -- obviously the provision came down quite a bit this quarter and you're projec... | Sure. This is Peter. I can address that. As we're looking at the next couple of quarters here, some of the trends that we're seeing where we had a few downgrades in Special Mention and the Hotel space, we will continue to assess the portfolio as it recovers. But as we know unexpected, there is point to be some spotty r... | direct | [
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2d3e0525afd09c97440c13db3b3797bb | First one is just on ROLONTIS, kind of a naive question. But just wondering if you could provide more clarity into specific next steps after the inspection and what timing could look like there? And is the FDA given you any feedback on the rest of your BLA filing, which includes the clinical data? | So let me start with -- let's just say that, when we got the deferral as opposed to a complete response, CRL, that usually indicates that the FDA is -- they are pausing their review. And the only step left to our knowledge is the inspection. We've had a lot of discussion with the FDA on all the other matters, and our u... | intermediate | [
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5d6438d6c0b55283581011c897d4d681 | Sure. Yeah, that'd be great if you want to go more into launch activities, that would be helpful as well. | We're thrilled. We can't wait for this approval and we're ready to launch. We will be out in force upon approval. We have the leadership team in place. We have a gated hiring of our sales reps, which the vast majority have been identified and we will begin demand generation soon thereafter approval, and we're looking f... | intermediate | [
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9c119642274868fff303de443cf238b7 | Got it. Okay, that's helpful. And maybe one follow-up on AACR. Just wondering if you're going to break out Cohort 5 patients by mutational status? And can you say how much follow up and how many additional patients are going to be at AACR relative to the ESMO TAT update? | Right. Let me start with the nature of the communication. So, we're going to be speaking on both EGFR and HER2 patients, and we'll be focusing on the dosing. So in other words, we're going to provide result, activity -- anti-tumor activity as well as safety profile of the 10- to 12- and the 16-milligram as well as the ... | intermediate | [
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4f32d8a554f329d07c7fb91da1420de9 | I was wonder if the FDA has already begun doing international inspections, or if May is kind of their assumed timeframe for starting those up again? Is there any risk that the May timeline could be pushed back, or is that -- do you feel that that's [Indecipherable] pretty definite timeframe? | Yeah. Thanks, Emily. I'll answer. First of all, I can't answer in general what the FDA's position is on international inspections. I can only speak for ours. But I can tell you that we've already -- they've already met with Hanmi and our personnel, and they've gone through COVID -- all the procedures with COVID, the wa... | intermediate | [
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edae6bbc4d66927f5028b76bbdaaf7d9 | So, -- hey, Joe. So, as far as pozi goes in, how should we be thinking about EGFR exon 20 mutations with the BID dosing. Is there a potential to readdress this market and perhaps develop a new study or expand the Cohort 5 to focus on EGFR alone? | Yeah. Ed, Francois. So, very good question. As you know, obviously, we met their primary endpoint Cohort 2 on HER2 second line, but we have shown consistently across the other cohorts although Cohort 1 and 3 have not met primary endpoint, we showed pretty significant clinical activity there nonetheless. So yes, we are ... | intermediate | [
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20ce135d7c00a3f469d9b72da390636f | How should we be thinking about SG&A and R&D expenses going forward? As you mentioned, there were a lot of one-time factors in the fourth quarter numbers, so I'm just wondering how we should be thinking about SG&A and R&D costs going forward throughout 2021? And then it seems that Tom is going to hire the bulk of the s... | Yeah. No. So, I guess the guidance I would give you on SG&A costs, Ed, would be if you just take a look at historically, we've been pretty consistent around that $15 million number. Now that number -- per quarter, right. So, that number will go up slightly as we hire additional sales folks, but this is not a big sales ... | direct | [
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ed09025e7b7183bf46a6ecc2b3937958 | On the ATM. You had a $21 million raise thus far this year. What was the number of shares that were issued associated with that $21 million raise? | Ed, I'm going to have to go back and look at my recollection. It's right around 5.5 million shares. But let me -- we'll report those numbers in the 10-K tomorrow. | direct | [
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c58afff04c28a5f3e4d3038ec6f65ac8 | Any dosing info both on the efficacy and sort of safety and tolerability side that might be relevant to include in the ongoing NDA submission as it relates to Cohort 2, is this some data that the agency may benefit from? And then just a brief question on the same-day dosing trial afterwards. | Sure. So yes, look, the NDA and the discussions we've had so far with the FDA is relates to Cohort 2. And as you know. Cohort 2 was done with 16-milligram per day and we met the pre-specified endpoint, actually exceeded a little bit. So that's going to be the focus of the submission. Now, when you do a submission, you ... | direct | [
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4c6fd2b4b72a403126bed8fbb91bb5be | And then as you think about the same-day dosing trial with ROLONTIS, can you talk about in the context of the expanded enrollment, how you think about the path forward? | Sure. So we -- the expansion to 15 patient we fundamentally want to confirm the same safety profile we saw at 30 minutes, which was not dramatically different from the large pivotal trial we had done when we gave the drug 24-hour later. And we want to make sure that the attributes that we're seeing there, meaning the m... | intermediate | [
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d05f774d1eb5ddebb0daa79cc5bced2a | Hey, good afternoon guys. Thanks for taking the questions and congrats on the quarter as well. Great to see that the inspection is moving forward and it's coming up. I guess based on the comments that were made, I just want to confirm about a month after the inspection is done, we expect to have an FDA decision? I just... | Yeah. Ren, this is Joe. I'm going to start and I'll let Tom comment more on the launch itself and the timing of revenues, etc. To answer your first part of your question on clarity, generically we said it -- we don't know the exact time, but it usually takes about a month or so and that's what we're saying. So we don't... | direct | [
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2bb22b5e7ad8b30b9c9c8cbb372592b9 | Got it. And can you remind me, Tom, the discussions you've been having regarding reimbursement, because it's not a biosimilar, you are differentiated. Can you just remind us kind of where you are with that? | Yeah. So, we have been very active and the final approval and label will trigger the submission to CMS. So, the initial launch would be with a miscellaneous J-99 code. And then you'd figure in the neighborhood of a quarter depending on the actual timing of our timing windows. CMS has shortened those windows of what the... | direct | [
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3d8478e41f0f0b03174866ba2c042612 | Got it. Perfect. And then just one question on the same-day dosing. We have the expansion for 15 patients. When -- how -- I guess, how quickly do you think we could get those patients? And I guess it's just going back to a previous question. But if we expect, let's say, those results, I'm going to say, within six month... | Yeah. So -- it's Francois. I'll take that one. So I just want to be clear that the initial filing and the BLA that's under review where you were talking that the last step is the inspection, at least we believe so. So we don't have anything about same-day dosing in that potential approval in near-term. Now, as soon as ... | intermediate | [
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1158229a6c6548347a9d540b57c2fd77 | Got it. Okay. Thanks for the clarity on that. I guess just one final question for you -- it's probably for you, Francois. The -- we have Cohort 5, the various dosing schedules. I guess, I'm trying to understand what are the next steps, like let's say we decide, OK, look 8-migs [Phonetic] BID looks really good based on ... | Yeah. So look, I don't want to get ahead of myself here. In 10 days or so, you're going to see the abstract and then the presentation. So obviously, we need to wait for that. But if we assume that, the signal is good against EGFR and continues to be good with HER2, the natural thing that one would do other than discuss... | intermediate | [
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c27f000b4ed74abbf951f7fd91b4e8f3 | A few things I could ask about. I guess, Jon, I think you mentioned this on the last call, but maybe I'd love to get a little bit more thoughts here, either qualitative or even quantitatively, if you're willing to. You talked about your IP baseline at $350 million a year with some potential upside that could be in the ... | Sure. So big picture. As you know, the timing of getting certain things result in the IP space is always uncertain. But we feel very good about the pipeline. And I'm going to ask Samir to specifically address some of your questions because I think he's living it every day. So Samir?
Certainly. I think we feel good, as... | intermediate | [
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80015fa9c1044a84629d41ac885a6bbb | Okay. Great. That's helpful. Maybe a question on Pay-TV here. You obviously understand the industry dynamics here, which you're exposed to here, but you're also talking about some improvements in your IPTV business. Sounds like you had some great activations from a small base in the first quarter. What's your visibilit... | I think it really depends on the pace of adoption, Richard. I think a lot of our customers put on hold certain IPTV deployment efforts when COVID hit in part because truck rolls were not possible. And I think we're coming out of that now in a very positive way. I think the good news is we have quite a bit of business a... | intermediate | [
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e5a09164d7bcfbbb63fa57c166238f07 | Okay. That's helpful. Maybe I'll ask one question and jump back in the queue here. Last quarter, I think you described AutoSense as having 20 designs. I didn't hear an update today. I wonder if there's any way you can quantify that in any way. And then as we think big picture about AutoSense within the context of your ... | We've talked about the potential ramp of more advanced safety systems accelerating as you get into the '23-'24 time frame. I think the level of activity among our automotive partners, both Tier 1s and OEMs in and around this area, I think, continues. And I think we are on schedule to see the first release from a custom... | intermediate | [
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669c83ed12511a2ff31560e5084df81d | Just a follow-up on that, Jon. You seem to be implying these 20 designs or whatever the number is today are mostly kind of ramping in the '23-'24 time frame rather than the -- it sounds like one or maybe slightly more than one ramping in the second half of the year. Is that a fair understanding of the kind of the time ... | I wouldn't necessarily paint it in that exact fashion. I think you'll start to see multiple models in the course of this year. And then I think the interesting question is, how does that acceleration begin to hit '22. But certainly, as you get out into '23 and beyond, you'll see more and greater diversity among those o... | intermediate | [
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5f3d5c8778a73970cde80a52d2460c02 | This is actually Vahid for Hamed. Just one quick question. The big news, the big topic everyone is talking about is supply constraints on chips. And I wondered if you could provide a color on how that is impacting you, but more importantly, how it's impacting your customers, especially when you're talking about connect... | Sure. So I would say, the feedback from our customer base, which keep in mind, we're doing business with all automotive brands over the United States and extensively around the world, is that it is a mixed bag. I think without a doubt, it will have -- it will impact the -- what perhaps would have been the size of the g... | intermediate | [
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4648aa762cce39270283562f15131f5d | In my first question, I think you mentioned integration of IMAX Enhanced into a streaming service. Is there any additional detail or color you could provide around that today, maybe region or reach of the streaming service? Just are we waiting until the back half to hear something? | I think I can share that initially -- its initial relevance will be in North America, but not much more I can share as it relates to it just because of customer confidentiality issues. But I do believe, as we said, that it's a significant development in the further advancement of the IMAX Enhanced ecosystem. So stay tu... | intermediate | [
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4a597286cebeced71eed0fbf22e8a712 | All right. And then I guess similar question, you referenced to customer win -- second customer win, I think in Perceive. Given where you are building out tool sets, maybe how long at least from the work that you need to do? Do you think it will take to get a product to the shelf? Obviously, there is, I guess, stuff be... | I think from a customer standpoint, anything, right, that one's looking to differentiate their products in the competitive marketplace. I think our tools availability has been a constraint. We've talked about that in terms of the people's independent ability to easily incorporate our platform into their products. So we... | direct | [
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f1c91b1d9cdc4608aa94e1bfe199975a | Got it. And then last one from me is on your slide deck, it looks like your TiVo Stream roadmap went from a 3-step to a 2-step. So I'm curious what -- kind of what got cut out from that process? What have you sort of learned along the way that changed your presumption of strategy? | Sure. So originally, as we approach the combination, we had done a lot of planning around kind of a 3-phase approach, starting with the Stream 4K product, which is a dongle that attaches to TVs, moving into an embedded application where we would be, let's say, the preferred user interface choice on a broader platform, ... | direct | [
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e9d5dbf73d6c3a68eff69bb95d03098e | Jon, on your last call, you talked about your product licensing business, expecting it to be roughly flat this year. You've maintained your guidance for the year. Is it still your expectation that can be the case? And then does that help you and would it help us think about that product business having overall flattene... | I think we expect growth in our product and our IP business as we look out beyond '21, certainly in '22. I think the question that is the one that will get a better handle on as we go in toward the end of the year is just how much growth will we be able to deliver in these businesses based on the various things we're w... | intermediate | [
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6922e57fb2a89b8bbc24bc9df9744ee4 | Okay. That is helpful. Last comment or last question for me, just on the IP spend out. Last call, you talked about this being a first half '22. As we get one quarter closer to that, I just want to confirm that's still your expected time frame. And what do you expect to hear more definitive plans about that? Is this som... | Yes, to first half of next year and you'll hear more as you get deeper into fall as we have quote. | direct | [
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f88f8d6d027211f346ce70d9c92a5c9b | Can you talk about -- if I missed this already, the lead times you're going to customers and whether you've been able to keep them under check by ordering wafers aggressively. | Yeah. I think one thing we have done is we've sort of played it wisely for the company both ways, while we have been very good at ordering and giving our supply chain a lot of transparency into our needs. I think we've done a very good job of that, whether we're dealing on our MEMS wafers or TSMC wafers, or indeed the ... | intermediate | [
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fdb8d8ae16016d4e302cfc80a48fc190 | Can you talk about what that is by segment just to get some color around the guidance. | So, I'm not going to refine my guidance that precisely for Q1, but what I will say is the decrease in Q4 to Q1 is all in the mobile IoT and consumer space. We're expecting segment growth in industrial and comms and enterprise going from Q4 to Q1. And the decrease in mobile IoT consumer that is just kind of our normal s... | direct | [
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] | A |
c173ad312f31043cb8c6d8ad33e1592f | In optical, it's impressive you're winning there. What are the factors that are helping you win design? Do you think versus the competition as that market starts to come online. | Yeah. I mean, it's very specific, it's the bandwidth, but it's bandwidth with size and temperature. So I think those are very, very important pieces in there. And the fact that we have also performance factors like jitter and stability to go with it. I think it's -- I'm very gratified with that win design -- design win... | intermediate | [
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36e4bc798efe678e9da775933270dabe | My question's on your outlook for 2022. And Chris, I think you mentioned that you're planning it to be on algorithm for comps and unit growth. And specifically on comps, 2% to 3%, it looks a little maybe conservative in light of the fact that many of your markets will still be cycling some issues related to COVID, so a... | Yeah. Thanks, David. I think we view all of our brands as having strong momentum coming out of 2021. Our long-term growth algorithm is just that, it is our long-term algorithm, and we feel confident in delivering it in 2022 and beyond. You do have lots of puts and takes around the globe in terms of lapse, in terms of w... | intermediate | [
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edddc9adcb1de2dfd4786b033ae9aac9 | Actually, somewhat of a follow-up to the prior question just on the comp algorithm as we look to next year. It looks like in today's results, the average weekly sales growth across the brands didn't exactly line up with sort of the comp growth so there was some noise in between those numbers. And I wonder if that maybe... | Yeah. So when we think about how same-store sales and net new units add up to overall system sales growth, on that net new unit number, there are always going to be some factors like timing of when the stores open within the quarter, where we see stronger sales in -- or stronger growth in markets that may have slightly... | intermediate | [
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427f2f36968f2dcfc44b7f7ae9c2da09 | Just a two-part question on the digital sales and some of the technology investments. First, on the digital sales mix, could you just talk about -- you said it's structurally your sustainably higher mix. How is that playing out by brand or channel? Is this coming from delivery which is lower margin or order ahead which... | Yeah. So first, if I take the drivers of the $22 billion in digital sales, it's been broad-based. We've seen strength across all of our brands, and we're seeing strength across all of the channels. So delivery has continued to grow. Carryout has grown over the two years where people are using click and collect. And of ... | intermediate | [
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f7a70f4dc68c4a2c20bac16ef398322b | Wondering if you could talk a bit more about some of the industry challenges in the current environment, even as you're managing them well, what you're seeing globally but particularly in the U.S. across staffing, impacts on operations and sales. And I guess more importantly, how do you think over the coming quarters a... | Yeah. Thanks for the question, Dennis. Obviously, this is a challenging environment to operate in, in our industry. That's been well documented. Q4 was more of the same of that, and that extended into the early part of this year. As far as Omicron goes in the U.S. specifically, it does feel like we're moving to a bette... | direct | [
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7ac07a1aabe2f1e124771692b46d70ab | Heck of a unit growth year in '21 with 4,200 gross opens. I think it was 6% net unit growth, at least as far as an exit rate. I was wondering if you could give a hint as to where you could see globally, by brand, by region, some areas of acceleration and perhaps moderation in unit growth. For example, it's amazing that... | Glad you talked about the new unit development, David. For me, it's an amazing accomplishment at Yum!. In my 32 years in this business, I've never seen anything like it obviously. The growth rates are industry records, Yum! records. It was widespread. It's across all brands. It's occurring in the vast majority of our c... | intermediate | [
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f55136f4fb027fcb019acf77b7b0b5ae | Have you gone back and looked at the fourth quarter system sales and determined how much the labor environment may have actually constrained systemwide sales growth, whether that's in the U.S. or global, it's up to you how we talk about that, just in terms of having less hours in the store that -- the store than you wo... | Yeah. Great questions, John, on the labor front. As David mentioned earlier, it's obviously been a challenging environment, but kudos to our teams, our franchisees for navigating through that. And I'm thankful that we have such a strong culture that goes from top to bottom, to our stores in Yum! that our franchisees he... | intermediate | [
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160b96a542c73cb677b624614773ec8a | I wanted to ask about KFC International. I was struck by how strong the comps were on a one- and two-year basis despite the fact that China was down 12%. David, I know you commented earlier about some of those key markets, but just maybe unpack that a little bit in terms of what offset that decline in China, which is a... | Yeah. As far as KFC International, obviously, that's a really positive story for us and more than most, benefits from that turnaround in some of our emerging markets. You saw markets like India put up some really incredible numbers as they've recovered from COVID. And that also gives us confidence that some of these ma... | intermediate | [
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dae653ec95da74356c25a4620606c8fb | Cliff, I was wondering -- or Brian -- if you could talk about what the drivers were behind the sequential increase in ARR this quarter? I understand it fluctuates quarter-to-quarter, but it was up 45%. And I think, Cliff, you mentioned that you expect revenue to grow year-over-year next quarter. What leaves you confide... | Yes. So the ARR and the sales number was increased because of a lot more shorter-term deals in our sales efforts. So you saw a 10% growth year-over-year in Q1 as it related to TCV, but 67% growth in ARR, and that's due to a little bit shorter-term and a lot more add-on business than we historically have. So we think th... | direct | [
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47c98efa0479ee14a5795f2a4b91a15a | It's been a couple of quarters that you've called out increased service levels and uptime, just, I think, general customer satisfaction improving. As we start a new year and a lot of companies are considering digital transformation, are you seeing an increase or a willingness for those customers to give you more busine... | Yes. We really are seeing receptivity to a dialogue, which, frankly, when I got here two years ago, was hard to get. We just didn't have the track record and the reference-ability and the support in the marketplace due to our technology stability. And we're in a much, much better place here. We've got -- we're 2/3 to 3... | direct | [
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0496700df19c646a7d33561f244323f3 | As you do eventually turn to more consistent stable revenue growth, do you expect that those existing customer relationships will be a key driver? Or will it be more from net new logos? | Yes. No, it's a great question because in the past, even when we were selling, we weren't retaining. And what you've heard Brian and me talk about is the fact that we've got this legacy burn off from losses prior to 2019. That is our Achilles' heel. We are selling more than we're losing right now. The trouble is that t... | direct | [
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1d2c212fdf638023c62b00baa54117ff | Can you comment on the nature of the commercial new business that you're signing? And what areas are standing out as good opportunities for potentially helping you return to growth? | Yes. I think the good news, in Q1, we saw strong commercial new business signings growth. As Cliff mentioned, it was a good contribution from add on. And we saw it across the board, CXM contribution. We saw it in our healthcare offerings, so we really saw it in a number of areas. But it was good to see a good contribut... | direct | [
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56445d4e9c65ce8ce5890bb6032168e4 | As it relates to COVID, can you just update us or remind us, again, the impact built into the 2021 outlook by segment? As far as -- I understand it's a detriment to commercial, still a benefit to government. Just how should we be thinking about all these moving pieces as you lap the last year issues versus some of the ... | Yes. So when we -- first of all, it gets a little bit harder to track the exact numbers as we get into the second year of COVID. In the first year, we had a discrete plan that we could track against. And as we lap, it gets a little bit harder. But at the start of the year, we said the $150 million benefit from governme... | direct | [
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6b867889e2c89c5449321ff3a4211f48 | Cliff, can your current margin profile, balance sheet and tech capabilities allow you to close the growth gap versus low to mid-single-digit TAM growth? I want to ask, do you need to do acquisitions of technology capabilities to get there? | Well, so Puneet, it's a great question. And what I would say is that if you look at what we gave as a range of 11% to 11.5% on margin for the expectation for the year 2021 and $4,050 million to $4,150 million on top line. If we hit high into that top line, even going over the top line, I think the same tracking happens... | direct | [
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b684c7de682bf7bbde26dbda4d53a747 | How much in advance do you typically get termination notice for a contract? How soon your growth rates can begin to reflect benefits of underlying net ARR, which has been positive last two quarters now? | Yes. I mean, it...
It varies.
It really varies. I mean, the U.K. in a complicated government or transportation contract, it could be five years-plus. That's on -- the plus five would be extreme. And in a simple commercial kind of call center or print kind of contract, it could be 90 days. It really does depend on how... | intermediate | [
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d2dec60c34946c45790c318925543f89 | Can you update us on how the hospitality business is performing within the upholstery segment and how the Read Window Products integration is progressing? | Yes. This is Boyd. I'd be happy to update you on that. We remain very pleased with the Read Window Products business and the hospitality business overall. We continue to see growth in that segment within our overall upholstery fabrics business. And Read Window Products, in particular, of course, that acquisition has ex... | intermediate | [
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920565cc1894812f397a08982db820ff | Can you talk about what the growth prospects of the hospitality business look like from an M&A standpoint? | We certainly are continuing to assess if there are other acquisition candidates available in this area. That's something that we are certainly staying abreast of and focused on. We are continuing to see and evaluate if there's something further there that would make sense for us. And before we get -- stay -- we'd like ... | intermediate | [
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43bb67cbb173e9c0307ca3cd484daec6 | What are your expectations for mattress imports in calendar year '20? And are you concerned with the level of mattress imports that have shifted to other countries? | Sandra, this is Iv. Really appreciate that question, and something that we're checking on pretty much every day. And you are right, the volatility, and we speak about it in the press release, is continuing. And while there was a nice boost, certainly China imports have reduced and it's been a nice boost to our sales nu... | intermediate | [
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3657918311d73c8a007fcbf39c3b7e54 | Is it your view or is it just too early to call that virtually all the units from China that were coming in will be replaced elsewhere around the world? And that the U.S. producers will really pick up nothing or fractional? Or any early read on that. | Yes. It's a good question, John. And I'm certainly not the expert to know that, and it is probably a little bit early to call. But I would say we have been surprised at how much of the business that was currently -- was previously imported from China has relocated to other countries. So I think the jury is still out as... | intermediate | [
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614fc27b654e6d13461c2730a145b81a | You mentioned the kind of yin and yang between legacy and boxed beds. And I guess the question is, on a margin basis for Culp, is that a favorable trade as you look at it? Neutral, unfavorable? | John, I think the way I would talk about that is -- and there is yin and yang in legacy and roll-packed. And really, just as we look at the full industry, the industry overall sales reports were slightly negative for the last three months, and I think there's just been some companies that are doing very well and some t... | direct | [
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000210624d1ba71f285b1ba3ca3ceba8 | Gross profit margins are terrific in the latest quarter and six months, I believe. And I think you elucidated a few reasons there. But I guess the question simply is, is -- how much of this is sustainable? How much of it repeats? Or can it even get stronger from here? You're doing this with, obviously, somewhat tepid v... | Yes, John, and this is Boyd. And to the standpoint that it's associated with our product mix, which, as you know, we are very focused on innovation and design, creativity, that's a big focus and strategically for us from a product standpoint. And so from that standpoint, I think this is sustainable in that we are seein... | intermediate | [
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6d571c0f0c4e3308e225d7e35e76be1f | Inventories look like they're up fairly substantially and kind of what -- what drove that? And sort of the next six months, what that number looks like? | Yes. John, they are up mainly, well, in two areas. One in our home fashions business and also eLuxury, the eLuxury side was a strategic increase to get ready for the holiday season with new products. So we're hoping that will be burned through here as we go through the second half. With regard to mattress fabrics, that... | intermediate | [
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777d2a861afb42f8a82eed00179ebbc0 | Could you refresh our memory on sort of where -- what price you were buying stock in -- at? And what thoughts you have in that regard with the equity and where it's trading today? | John, I think our key -- in our capital allocation strategy, which we publish on the website, as you know, the highest priorities for us are investing in our own businesses and looking at M&A opportunities. And as we've just said previously, we do see opportunities in expanding the hospitality area. So that's high on o... | intermediate | [
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de4a7dc3bb46746350e7677ab787701c | Just on the M&A landscape, as it relates to the hospitality business, I mean, this is an area that, obviously, you guys have been doing fairly well with Read Windows, something you've talked about as far as looking to allocate capital for additional acquisitions. It's been maybe about a year since we've been discussing... | Yes. Good question, Marco. And I think as we've said earlier, we are optimistic in that space. However, before tackling the next Read Window, so to speak, we wanted to get a couple of things behind us. We wanted to see the mattress fabric business and the impact of the low-cost mattresses, we wanted to see that stabili... | direct | [
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8d9a8932295f0a653319edd1da3b11e8 | Then in terms of the eLuxury and the home accessories segment, you guys do seem to remain pretty confident in the strategies you're rolling out there to kind of get that business to show top line growth and then obviously to start to show profitability there. I just wondered if maybe you can talk a little bit about tha... | Yes. Marco, this is Iv. Thanks, that's really excellent questions. And just a point of technicality, eLuxury for us is an investment versus a full acquisition. We still have really strong partners that we're working with in that business that we're thrilled with and excited with the way they're operating and thinking a... | intermediate | [
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7f03900cc691adf08355f65a79f99cee | Then in terms of the gross margin performance that you had here in the quarter, another very solid quarter. On the mattress fabric side, you guys had pointed out, obviously, the operational efficiencies and some raw material help on the upholstery side. You had a product mix as well as FX, which I think you called out ... | Yes. Marco, this is Ken. It's hard to quantify. As you've pointed out, there's been significant impacts this quarter. I mean the mix issue on the upholstery side is something that has been developed over time. The currency is one that has also definitely contributed but that can go either way sometimes. So it's kind of... | fully_evasive | [
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7e5f36a3b4dd204ebe87cc82618d6378 | Yeah. Good afternoon, guys. I apologize if there's any background noise. I'm traveling. So maybe we could talk about cash flow first. You guys I think had high expectations to start off the year for cash flow. I think it was a little lighter than expected, but I imagine perhaps COVID was an impact, and it sounds like y... | Okay. Hi Pete. This is Yossi. Regarding cash flow, we did two major things in the first quarter. First of all, we did collect on some of the late cash from all the missile defense revenues in Israel. However, we didn't get all of it. We are in the process now in the second quarter to further collect from them. So that ... | direct | [
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4a7ddda0238778d269ee34439a121394 | Okay. Thank you for the color, Yossi. Appreciate it. And then maybe give some detail also on the cost savings measures that you've implemented across the Company. It sounds like with COVID coming through, you really focused on taking out costs. So maybe you can touch on that. | Okay. I will address, and maybe Butzi will add on this. We have analyzed our cost basis during the first quarter and have taken some measures. Some of our people, of course, were not very effective in the environment that there were no flights, and most of our business is international. So we had to reduce their level ... | direct | [
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d4730d11a06e496f5b4f1b3e95036a51 | Okay. Thanks for all the color, guys. I appreciate it. Maybe one last one for me and then I'll get back in the queue. But from a sales perspective, it looks like the organic revenue growth in the first quarter started off kind of low single digits, but you've had this tremendous backlog growth. So I'm wondering, are yo... | I think it's a little bit too early to tell because of the COVID-19 situation. Presently, as I mentioned earlier, we do not see a material impact. However, we do sense a little bit of a slowdown in some areas. It very much depends on how early we will get out of this situation, and that will strongly impact of course h... | intermediate | [
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2f9f0b43241bbcd4132f881bf925b67e | Hey. Good morning, everyone, and thank you for the time. First, I guess I want to know where Pete is traveling to in the US because I can't get out. I guess following up on Pete's question, can you clarify for me the comments on the supplier payments? I think you mentioned $100 million. I might have missed the inventor... | About the payables, if you look at our balance sheet, as to the payable number by the end of 2019 compared to the payable at the end of the first quarter, we reduced the payables significantly. That is close to $100 million, $90 million or some number close to that. So that is one. We paid out to our suppliers so that ... | intermediate | [
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3be976ac46eb4c1ef16fb92e163c9716 | Okay. That's super-helpful. And then maybe just given the diversification of your backlog geographically, how do we think about what's going on? And I know there were some comments in the prepared remarks. What are you seeing from international governments in terms of defense budgets? Where are you seeing the areas of ... | We don't see a major change right now from the original plan. In the US, we see additional investments in defense spending, and we enjoy from that. We see it also in other areas, and this is mainly to support the local industry.
And we are lucky to have many subsidiaries all along the world, and the subsidiaries are i... | intermediate | [
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d90c8925313b1e56b4f7fc98bda78193 | Sure. That's super-helpful. And then just on the C4ISR market, what are you seeing there? I think the business declined in Q1. Is that some sort of seasonality in that segment? And how do we expect it to sort of grow for the rest of the year? | No. On the contrary, we see a lot of potential for us in the C4 domain in many places. And just to remind all of us, we have been selected to provide a huge contract for communications in Switzerland, for tactical communications in Switzerland. We didn't receive the contract yet. We hope to get it by the end of the yea... | intermediate | [
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8c13b253a3b37aa4202951ca4083143a | Yeah. Thanks again, guys. I wanted to see if we can get a little more color about your exposure -- maybe just on a 2019 basis, your exposure to commercial aerospace and business aviation. I know, particularly in business aviation, you give electro-optics on some of the Gulfstream jets, I believe. So maybe you could siz... | Hi Pete, this is Yossi. In the commercial aviation field, we have actually two major branches of activities. One is related with the commercial avionics part, which, the acquisition that we did in the US, Universal Avionics, is part of that. And also, what we had before is the operation for night vision and adverse wea... | intermediate | [
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384ec9da7cb527d106cebb2ac561d4cf | Okay. Great. Thanks so much. Just one last one for me, a more minor question, on the Cyberbit transaction. Can you remind us -- I think you already were not booking Cyberbit revenue, right? You're only booking the EBIT. So nothing should meaningfully change post that transaction from a revenue perspective. Do I have th... | You are right. All the commercial part was not consolidated in our statements at all. So the military -- the defense cyber is consolidated in our statements, it's part of our C4 division, and it is actually a very good business and growing.
And this element will continue to be with us. | direct | [
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02075569cc21c9fa762d01975e4dabba | Just wondering, how would you characterize the reps that you've been able to hire? Are they very experienced in dry eye or general ophthalmology? And then, Dan, that was great commentary about pacing. Would you want to give a little bit of sense? Some of us are around $35 million to $40 million in revenue. It sounds li... | In regards to our representatives that we've hired and trained and are now in the field, we were trying to find the right mindset. These are reps that have been working in competitive environments in their past. And I would say, close to 40%, 45% of our rep population has had previous eye care experience, both front of... | intermediate | [
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0af8268398960ee68b5735760e9af19e | I was just wondering about Part D and just kind of setting our expectations and to what degree it's important here in this patient population. | It is very important. We've mentioned before that almost -- if you look at the patient population, 40% are commercially insured, 40% are Medicare Part D, and then the remainder are cash and cadence, so on and so forth. So it is important for us to eventually get Medicare D listings. We've already started dialogue with ... | direct | [
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cf4f7d9f6095a55809df0ade9e4ea3e3 | So you guys have emphasized sort of the prevalent pool of patients who have tried other options and failed. And I'm wondering if there's any way to have a lead on those patients who have tried and abandoned other options like Restasis and Xiidra. And if those patients believe they've exhausted all options, how frequent... | In regards to the prevalent patients and the ones that have abandoned treatments over the years, we see that pool as approximately $7 million. And they do come in regularly to get their eye exams and -- ophthalmic examinations for diseases and so on. And I know what we've heard from our physicians is that they have a p... | intermediate | [
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00536249b197aa14db7b570bbe7cc7dc | I think if I heard correctly, in your payer discussions, you've talked -- gotten some pre-approvals from 15 payers, which covers 75% of commercial lives. In those discussions, have there been any indications that there may be step edits or anything like that before you get reimbursed for the product? | Yeah. So despite of our pre-approval information exchange, these exchanges are definitely with the medical side of the payers along with the business side. So part of it is presenting to P&T committees, and we covered those 16 payers that cover approximately 77% of commercial lives prior to our approval. Now that we do... | intermediate | [
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1be061b2ab45c9a21d7ad51771346d66 | So to start, how broadly are you able to market some of the symptomatic improvements you observed in ONSET-1 and 2? Is this exclusive to physician materials, DTC materials, both? And on that note, is there any desire to eventually attain that symptomatic data on the clinical study section of the label? And also, how re... | This is Jeff. I'll take the second part of the question just around the plan to bolster the label. And I think this is something that we've talked about since the start of these programs, is we do think that there is broad utility for the nasal delivery of TYRVAYA. We are continuing to do development. So as you know, w... | intermediate | [
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0c71e94e125f48ce7418148fd5cf00e4 | So we've seen some really great dry eye launches, as well as some more lackluster ones in recent times. So in a general sense, what do you think really moves the needle in a dry eye drug launch? Is it labeling? Is it marketing? The patient experience on drugs? A differentiated mechanism? Just curious to hear your thoug... | Yeah. No, great point. I think it's all of the above. We have to be -- we have to do a stellar job in each one of those levers, each one of those segments. And I think one of the most important ones is for physicians to try and get experience with the product and for patients to try and get experience with the product.... | direct | [
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9597d0e826d637209e83a57df9f40c38 | I might have missed this, but do you provide any July or August same-store sales trends for the whole system versus '19? I know some of the industry data we've been looking at and some peers are noting some choppiness into August? | Yes. What we did provide is an indication that our fiscal eighth period did see sequential improvement off of our Q2 trend. | intermediate | [
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d3472056f9bd573001e8a036f5aa7810 | OK. And that was average weekly sales? | That's correct. | direct | [
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9751faafaacb033ebd02a99a3e516b3c | OK. And then the strong metrics that you mentioned recorded at the end of the quarter, specifically, what period was that the one where the full indoor capacity were generating 7% comps versus '19? | Yes, we saw a sequential improvement throughout the quarter. And during the seventh fiscal period, we were opening several western jurisdictions in terms of indoor dining. So we definitely saw momentum through the entire quarter, certainly with the strongest performance in the last period. | intermediate | [
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e83f75720a963bcfc40594ad98ee725a | OK. And then on labor, maybe you could kind of help me out, kind of walk through some pieces here. It's a little higher than we expected, but realize there's just a lot going on there with additional hiring and training and overtime and then the limited operating hours. So maybe you could just kind of walk through thos... | Yes. So what we did provide is we did isolate the incremental hiring and training costs that were nonrecurring in nature during the quarter of $1.6 million. Our wage rates had a couple of things going on. By the end of the quarter, we were generating mid-single-digit wage-rate inflation, but that inflation was partiall... | intermediate | [
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6a508a26fb562cf363f2753f45bc62b4 | OK. Then just finally on Donatos. The outperformance of those stores was very nice in the second quarter, good reacceleration. As you dissect that improved performance just relative to the first quarter, is all that sort of marketing support? Or do you see some other factors behind that driving the performance? | Well, I think it's a combination, Alex. I do think it's -- we did elevate some marketing support, especially in the back half. I think what I'm especially pleased with is as we look at the Donatos restaurants that are in their second-year performance, we've seen the growth year over year that incrementality of, I think... | direct | [
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"intermediate",
"fully_evasive"
] | A |
99a9a8a7e7fa4631c2b4547c2542bc88 | Thanks, Paul and Lynn. Good evening. I was hoping to circle back on the sales cadence. And would you be willing to provide sort of a sense of monthly comps versus '19 that you saw through the period? Just given how significant the West Coast is to your system and the capacity restrictions that is very late in the perio... | Sure, Brian. Our comps compared to 2019 started at down 3.7% in the first period of the quarter and ended the quarter at a positive 2.2%. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bdca42bba0f9baf1f5ee3200b9adfdf7 | And then just thinking about the commodity inflation outlook. Lynn, I'm sorry if I missed it in your prepared remarks, but where do you expect -- what was commodity inflation in the second quarter? And what are your expectations for the second half of the year? | Yeah. So commodity inflation, we've actually -- maybe I'll point to 8% of restaurant sales in terms of food and beverage costs, and we did see improvements compared to the prior year, certainly in the first quarter, which carried forward in the second quarter. However, we do believe that increasing beef costs through t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0227f369b0af97b10ec05a7b47c6f89b | OK. Great. Great. And then on the labor, Lynn, I appreciate the $1.6 million that you called out. I'm curious, just give us a sense of where average staffing levels are versus pre-COVID levels? Or perhaps how many additional employees you need to hire to hit your targeted levels? And then I'm sorry if I missed it, but ... | Well, a lot of questions inside that one question. But given the strength that we are seeing in the stickiness of the off-premises at about 30%, 32% level versus 12% in the same quarter last year. Our goal is not to only get to 2019, but to get above 2019 in the staffing levels. We'll be continuing to hire and train an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
437b6a1ce9c1507ee2653ab379890693 | But I should view that as a one-time when you buy it. Obviously, you'd buy that this quarter... | Yes. It's a one-time fee, and that structure carried over from Uranium Participation Corporation. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c8bf0b9fd8532563aac504b695b7f2af | OK. And what happens on the other way when you sell uranium? Like if AUM goes down, how does that work? | Yes. So we don't sell any uranium and the trust, it's sequester permanently. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e3754613bc908213a8941ecb54b6c39b | It looks like walking through your stores, there's a base of business that I'm guessing the inventory turns a little slower: denim, polos, men shirts, probably parts of body contour. And then there's parts of the business that are turning very fast, the fashion. So I'm curious if I'm seeing that right, is the plan to k... | Well, as usual, Marni, your observation is correct. A significant part of the inventory investment that we made was in core product to ensure that we would be well-positioned and in stock in core categories like denim, like men's suits, men's dress shirts, women's body contour, women's denim, men's polos. So yes, we ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a68d593d0980640095e93168eb16d8bd | If I think about your spring season, you have those core items that we talked about. You have the really high-fashion items, so take a lavender blazer, for example. And then you have what I would call, sort of the in-between fashion items, so maybe a one shoulder ruched dress, which probably has a longer life than the ... | It depends to be perfectly honest. I would say at the highest level, yes. However, we see the most powerful sell-throughs on the product that is featured in our windows, in our hot zones and stores. That same product is being pushed through and highlighted in all of our digital media and marketing.
And so those are th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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