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3279ebadacce4f5d977e7e11fb39afcc | Hey, maybe just starting on energy services and what you're looking at in that process? You know, just curious. I mean, it sounds like this is a decision not made, because businesses has been difficult due to COVID. But just, you know, curious, given that you think there's a you know, a pretty steep improvement and may... | So what I tell you is, all those options are on the table. What we've found over the last six months, or I would say probably the last three or four months, is that the recovery has been slower than we initially thought when we went into this in March, we thought that we'd have a pretty steep recovery with that busines... | intermediate | [
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c3857df3b292962b69634d007bbeba58 | Got it. Okay, I guess we'll stay tuned there. I'd love to just talk about pathetic protection. And you know, first time we've heard that you may move into the renewable space there. You know, just maybe what that Looks like relative to the rest of the business, you know, curious, is this an area where you've gotten som... | So the technology transfers pretty well. We have had inbound inquiries, particularly with wind energy. And today, it's a very small portion of the business, but we see an exciting opportunity as we move forward to begin to penetrate that space in a bigger way than we have in the past. We're excited about it. It will be... | intermediate | [
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f1bf081cb1f04fe2d6f1064e9cebf455 | Got it. But any other areas? Or I mean, should we think about this as wind? That's the primary area for this. | The other area that we've seen a fair amount of interest is a lot of the transmission lines in North America have been out there for quite a while. They're aged. Most of the lines, the big ones, have a cathodic protection system around the base. We see an opportunity there, too. And we're starting to bid some of that k... | direct | [
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15aaf9f9dc9b027ca40c25129b0e81bc | Got it. Okay. Maybe just one more I'll sneak in. The gross margins in Insituform North America, I mean, that infrastructure as a whole were great. I mean, is it fair to say, it sounds like you had some -- not necessarily onetime items, but that this was kind of a -- you had a lot of things come together to push that nu... | Yes. Eric, it's David. Yes, I think where we are through the nine months, it's probably 100 basis points higher than it otherwise would have been. For the quarter, probably 100 to 150. And what I would look at is we have had the favorable impact of lower oil prices as compared to the pricing we assume when we bid proje... | direct | [
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965e115b61fd31ab2b494fa52749547b | Good morning, Charles and David. My questions today are mostly about your balance sheet strength and capital expenditures. First question is regarding the balance sheet strength and the plan to be more offensive with capital spending, would you have to wait until you've chosen your new CEO before moving forward with an... | I think -- so I guess a couple of questions on -- it's a great question. The management team and the Board is very well aligned on what we need to do as we go forward. Certainly, the new CEO needs to be part of a process and have ownership in whatever strategic direction that we've put in place. We believe we've got a ... | intermediate | [
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b0694728b92be73930410507d2e78f4a | Okay. That helps. And then the second part of that is, when you're thinking about organic investments, are there any of your business segments that would receive a disproportionately large amount of internal capex, where you think you could compound those capital expenditures the best? | I don't think -- I guess a couple of comments. For the business that we're in, I feel like our businesses are pretty well capitalized. I don't -- I think our maintenance capital has been more than adequate over the last four or five years. We are certainly looking across the business at where we can invest capital to e... | intermediate | [
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70fc5d03083ddea8eb363fbc7f9d6764 | Hi, good morning, Charles, David, good performance in a tough environment. So Chuck, as you know, I've been waiting for this nice improvement in the Corrpro margin for a long time. So congrats for that. I guess I just wanted to -- you obviously talked about getting out of some of the low-margin construction business an... | So we're real pleased with the way the business is executing. I would say that the gross margins and the operating margin in Q3 were actually better than what I would have expected them to be. There's always room for more improvement in that business. I think you'll continue to see improvement, although the improvement... | direct | [
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a553535b91043042d9a5877bca7e962e | Okay. That's helpful. And then given your strategic focus on really growing and enhancing the water and wastewater side of the business, could you just give us a bit of a sense in terms of inorganic opportunities if you're looking at things? Would they be smaller deals kind of akin to Underground Solutions or Fyfe? Are... | Yes. So Noelle, I guess, there's a couple of answers to that question. We -- I don't -- we're going to look at whatever opportunities that are out there. And while size certainly matters and Underground Solutions, as you know, is about a $90 million acquisition, and we would really like to do some of that size or maybe... | intermediate | [
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319cfcc9bca9cf0c3bc01be3a91a9dc4 | Okay. Great. And then last question just with the elections approaching, anything notable you guys are really thinking about or watching, given either outcome? And does it change how you're thinking about the potential for an infrastructure bill? | Sure. Yes. Noelle, I think no matter what happens to the administration, we feel like there's a lot of support today for a potential infrastructure bill. And as Chuck mentioned in his remarks, Insituform, in particular, would be an obvious beneficiary in that scenario. I think the other thing to consider with the upcom... | direct | [
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bd0f37ec425821a24ed21ee53f008344 | I guess, first question, just around diesel fuel with the actions you guys have taken on the pricing side, when might we kind of think about your ability to neutralize that effect on the margins that a couple of quarters out? Any thoughts around that. | Yes. So, I mean, as you know, Brent, we're working hard to keep that going. Obviously, since Q1 to Q2, the fuel inflation has continued. I'd say our team has done a nice job to make sure that we can offset that through the current quarter. So our pricing continues to grow and actually outpaces some of the original guid... | intermediate | [
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011ff5255c954dca096a4c86fb101af1 | And then maybe on the Eco-Pan business, I imagine the same effect is sort of happening there on the margins. I mean, just maybe your medium-term, long-term confidence and kind of getting the margins back up to that high 40s, 50% level as we get through some of these inflationary pressures. Or has there been some perman... | Yes. So Brent, there's a couple of things there. We're certainly dealing with inflation with Eco-Pan as well, but we've invested into a lot of new markets now, and so we have start-up costs in those markets. And as we create that route density in those new markets, that should continue to improve our margins. | intermediate | [
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42451d452e1db0eb19bc674e413a76b7 | And then the acquisitions, the Hi-Tech and Pioneer deals, I mean, are those contributing margins below the segment average? | The margins are largely in line with the rest of the performance of the business. Obviously, they're still dealing with the same inflationary pressures. But the margins are, I mean, the businesses are now fully integrated into our heritage business, and the margins are back in line with where we would expect them to be... | direct | [
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3578d57fc847510a63dde5a3a1da4dab | I guess, I'll start with some margin questions here. Adjusted EBITDA margins, they contracted close to, call it, 400 basis points. I think you provided the impact from higher fuel charges -- but could you help round out the 400 basis points for us, maybe share how much higher labor costs impacted you or other large cos... | Yes. The biggest piece is, as we mentioned on our prepared remarks around fuel, where it's around on a year-to-date basis, probably 250 basis points. The labor component is around maybe 110, 120 basis points. So between fuel and labor, that's a big portion of it that we see something coming through. But like I mentione... | direct | [
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672ff62d6deba030910caadc028ecccf | Maybe tipping into pricing. I believe in the prior quarter, you mentioned 70% of your contracts had some of these new terms added to protect pricing, be it shorter contracts or fuel surcharges. I'm wondering if you could update us on that figure as it stands today. And maybe just hear your thoughts generally around how... | Yes. So we've done a really good job of offsetting a lot of inflationary items. Obviously, fuel continues to go up, and we try to chase that up. We do have price escalators, fuel surcharges that we continue to add as fuel price goes up. But largely, we're in about the same position, about 50% to 60% of our work is more... | direct | [
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a5ce0fdccd2a90ba926324a3017e1cc0 | You highlighted the resurgence of commercial in your prepared remarks. I was hoping you could provide more detail on some of the project types or even customers that are driving this resurgence. And maybe on the customer front, could you share if this is more a product of new customers you're winning over or existing c... | Yes. So it's kind of all of the above. You probably know, we are on 1,000 different jobs every day with our different equipment. And so, it's varies from different end markets to different segments in the commercial market. So there's not any one that really drives that, but we are seeing continued growth in data cente... | intermediate | [
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fd176b01060175a67846b464b2dd62a2 | I just wanted to clarify on the three acquisitions. Are those businesses? Or did you literally just acquire the equipment, and so it's more of a capex purchase? And then, how much incremental revenue are you expecting out of those acquisitions for '22? | Yes. So there were asset purchases, which is really in line with the way that we've done typical deals in the past. So it's really adding equipment into our fleet. I mean, think about it like organic growth and from the back half of the year. So just given we've recently completed those deals in the back half of the ye... | direct | [
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f96e74ff0d4c690c84afca0f21d65239 | I understand you reduced inventory. Good to see that. Can you maybe give us more on what you're seeing in terms of supply demand, kind of the latest picture, I guess, in Q1? Maybe elaborate on the import pressure. Is that reducing at all, or is that still a factor similar to Q4? And then what are you seeing on pricing ... | OK. It's Mike Weinhold. I'll go ahead and try to tackle some of the marketplace in question. So specific to what we're kind of experiencing currently, you can see some of the industry reports from recent [Inaudible], the operating rates are somewhat weak, more so in the coated mechanical and the uncoated mechanical sid... | intermediate | [
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007c0b6bbe84cba14c5de672e4a40995 | OK. Good to hear. And then can you remind us how much coated freesheet capacity is slated to exit the marketplace this year, I guess, what you think that means for kind of the supply demand picture? I guess as we think about second half, I think that's where most of it's happening by far. And then also what you think t... | Sure. If you just look at -- there's quite a few, two to three at least, significant conversions that have been announced to take place sometime in 2020 moving into 2021 on a global basis. First and foremost, of note, would be the Stora Enso conversion of the Oulu Mill, which is 1.1 million tons of coated freesheet she... | direct | [
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f7b38d5392fce33064e0361b7ef70c8b | OK. Good. That's helpful. And one more if I could squeeze it in. I think you mentioned the Wisconsin Mill having some reliability issues. Just wondering if you can elaborate on that. Are those getting behind us at this point? | Yes. This is Adam. We spent quite a bit of money to try to improve on the reliability in that mill. Unfortunately, last year, we had a major event, a hurricane went through there, took the mill down, and the result of that was a collapsed asset sewer line that kept the pulp mill down for about a week or a little more t... | intermediate | [
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f01ab827053198657af3cde20c44c453 | So first off, just on the competitive standpoint, how are you guys adjusting as far as inventories goes? I know last year, you were trying to keep it on your balance sheet. Are you taking the same initiatives this year? | We will continue, as we did last year, Hamed, it's Mike Weinhold, to balance our inventory levels. We, at a certain point, need a certain amount of inventory to service our programs. Our expectation as we move through 2020 is to have similar ending inventory levels that we did in 2019. With that said, we plan on some r... | direct | [
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da4fda574149f14527804d926075afad | And these pricing pressures that you're seeing, is this being driven by customers holding back on orders? Or is it purely by competitive reasons? | I think it's a little bit of that, coupled with imports still weighing heavily, and just generally, overall supply and demand imbalance, which have some pretty low operating rates. And so we had kind of a step-change level set in Q4, which was evidenced in our earnings and that is really on the heels of program and pri... | direct | [
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6c730a1bc9aece5713a8be08bf803bd2 | OK. And then lastly, could you provide some details around the stock buyback? Is this at the market? And how fast are you going to implement this? | Well, the board has authorized program. We put the mount out there. It is open as far as the exact timing and methodology. As you know, there will be some timing issues around when material data is out there or not. But we have various avenues. We have not stated exact ones we'll use, but there are several available to... | intermediate | [
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a4793c676bc8984b86836f5cfe079b2c | Hi, good morning. Thanks for taking my call. I had a question about the pension contribution. I guess you guys had said you're going to put in $54 million with the Pixelle proceeds. But beyond that, what's going to happen in 2021? What's going to be your ongoing pension contribution, do you think? | OK. So if you look at -- traditionally, we've been in $35 million to $45 million range. If we were to stay in that level, four years, we'll probably be paid off with we have the normal asset returns that we're estimating. We're going to look at our tax situation. We may kick in a little bit more in '21 to cover -- if w... | direct | [
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7c13687f284f7477d95917adabf0454d | Got it. OK. That's helpful. Got it. Thank you. In terms of your capex program, I guess you guys are not talking at all about Duluth. It looks like the maintenance spending is on the three other plants. I know in some of the presentation materials during what's called the hostilities, you guys talked about doing a capex... | Yes. Sure. This is Adam. Our approach to Duluth, as you know, the SC market is in a greater decline than actually freesheet, so we're looking at different ways and different things to do this. So what we did, we took the approach of investing a little bit of capital, around $5 million, to invest in Duluth, and we're ma... | direct | [
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6fef414d2e47474eb6508db4d38d5e8e | Got it. So the $14 million of strategic spend includes that $5 million or $10 million at Duluth. Is that the way to look at it? | Yes, it is. | direct | [
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f25632fb55b3854a4c8242fbfeb6a3d8 | OK. Then the ongoing maintenance of the $35 million, that is how to look at your maintenance capex going forward? | No. The maintenance capex going forward will be between $55 million and $60 million. There is no strategic capital in that number. | direct | [
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a70a60c516d0c0e8af8bf1932bbf867b | Yes. OK. So that's your annual maintenance on the other three plants going forward? | That includes some maintenance on the Duluth Mill also. IT capital, some of that -- it's some of the base capital in there also. Yes. That is a four-mill system plan. | direct | [
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fb28f00ddb3cf3fcb0eb20a34a939f6a | First one. Just wanted to understand as the U.S. economy transitions now with more physical retail being open or getting closer to sort of full capacity. How does that impact some of the digitization trends and the tailwinds that you've seen from the shift to e-commerce over the past year? | No, Matt, I would tell you that it's our belief that e-commerce and drop ship will continue to be strong, but perhaps not at the same level as they have been over the last year because of the pandemic and that's the great thing about our business model and the fact that we are somewhat in different e-commerce, brick-an... | direct | [
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2e8283e3192457e183a5cd028b313ad8 | Got it. Okay. And just one more for me. On data Masons, you cited that you're seeing some increased momentum there in the Microsoft space, which was obviously your investment thesis there with being that. Maybe just sort of dive into that a little bit. Is it sort of the some of the functionality or skill set that they ... | I think it's a number of things: one, putting the teams together and having a sale where it's just a very easy end-to-end sale with one team, and it's very obvious that we have on all aspects now, the best product. Whether you're looking at the retail network aspect of it, the integration to Microsoft, the additional a... | direct | [
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b8fd791bb55c7877d2b9112e1b7a5c43 | Congrats on the great quarter. I guess I get two [Indecipherable] let's start on the sales side, your customer additions, organically, I think, best quarter ever in the company's history. As you look at the additions in the quarter, and you've had a couple of strong quarters in a row, but are the customers you're addin... | I would tell you it's just momentum. Typically, if you see large customer adds, it's momentum and community is the reflection there. But we are continuing to see good momentum in community, and we're also seeing more and more larger deals. That does not necessarily show up as much in the customer count, the larger deal... | direct | [
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e791ddd11723229c1251c7ac3d8f5f7a | Got it. Helpful. And then and you start looking into calendar '21 here relative to calendar '20. I know analytics was a product that had less focus among some of your customers last year. With the calendar flipping and priorities changing around kind of reopening and hopefully, healthier businesses for some of these re... | I would tell you, we're seeing slight improvement in analytics. And I would anticipate that to come over a period of time, especially as suppliers and retailers are more confident in the economy. I think that's what -- that will be the the guiding principle. The only thing it fights is that there's so many other priori... | direct | [
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f58e3c9a4d5dd2c54602b1b38ffa2806 | Archie, just going back to this dynamic where you're seeing more large deals, and I think that also shows up in the acceleration of wallet growth in the quarter. What's your assessment of this? We've heard some other vendors in the supply chain space just kind of alluded to the fact that in many ways, 20 ended up perha... | Yes. I would say that there's a slight acceleration on that side, I wouldn't say it's drastic. And one of the things that was better than we thought it was going to be. It is the whole push on ERP system migrations. I would tell you, last year, it ended up being similar to what we predicted at the beginning of the year... | intermediate | [
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3c0891f946af01d6faadc3eb5918949b | Okay. That's helpful. And then second thing, just in thinking about your outlook for the full year and kind of what's implied in 2Q? And then by consequence, what's implied for the back half in terms of growth. If you do end up seeing, I suppose, a deceleration in some of the elements of your model that are more docume... | So when I think about the guidance that we just gave for the year and I compare it to the prior quarter, we actually took up the midpoint of guidance on revenue by a little over $9 million. And we certainly beat in the quarter, but our beat was $2-plus million. So what you've seen is based on our results, for the first... | intermediate | [
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62b74f98dcb2d1d8f792f0ec6b5c9036 | Archie, let me ask you this question. You talked a little bit here about supply chain. Just challenges that many of your customers have been having. I think all of us on the consumer side, have felt that whether it's a hard time finding things in stores or getting things through the mail. It's very clear that supply ch... | Yes. There's a couple of things. One, there are supply chain challenges just because getting product is difficult. And the growth rates, especially as it comes to drop ship in e-commerce are so large, that just puts natural pressure on things. We're seeing a couple of things. One, people are looking for making sure tha... | direct | [
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0c47101714006affb3ee2b3e8176da97 | Yes. That makes good sense. And Kim, just kind of a question on the model and the margins here. I mean, 28.3%, if I'm calculating this right, best EBITDA margin we've seen for a first quarter ever, I guess, and nearly at the high of all time. But I'm looking at that sales and marketing number, just barely over 22% as a... | Sure, Tom. So first thing is, I think with our business, it's always better to look at whichever line you're looking at it, it can be sales and marketing as a percent of revenue. It could be gross margin. Any particular line item there that you look at. For our business, it's always better to look at it on an annual ba... | direct | [
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ce4e813dda9400c9d5b6b6d4850c10b8 | Yes. And so given that you're kind of already in the low 20s on that front, I mean, thinking about other ways to sort of create that leverage that gets you that extra seven points up to the 35% level. Where are the efficiencies that you see potentially around the G&A line? That's one where it has stayed kind of roughly... | Sure. So I think when you're looking at it, I would say the gross margin and G&A are two areas that you will see more leverage over time. Gross margin, we expect that will be at least low 70s. And on the G&A side, there's a lot of expense in that that's more fixed in nature. Think of that as accounting fees, legal fees... | direct | [
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fcc173def407580f9c0e8e7ac3d319c8 | Maybe just one from me. I'll keep it brief. The strength in the quarter and the outlook, what would you attribute the biggest driver to that? We've spoken a lot about how data Masons might be performing better than expected. But I'm curious on what's driving the positivity so early in the year. | Sure, Jason. What I would say it's really a continuation of what we saw in Q4 with really strong momentum and fulfillment, and it's really across the board. When we think about our community go to market, which is really focused on helping retailers on their journey and then helping them connect with suppliers in an au... | direct | [
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0daa0994741a2cc423e22528f26d9f9e | So the question, Archie, what's your #1 priority in terms of what you're spending your R&D dollars on these days? | I would say, Pat, that we're leaning into added additional products for the 30,000-plus suppliers we have and our and our strong network to utilize our strong network. And that can either be through partnerships, acquisition and also R&D and to make it easier and easier for partners to build LICA supply pipe to build o... | intermediate | [
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9f3d5cc1e1427b35d9489a38bd3a9c26 | Is that like the breaking out the close and creating a lot more APIs. Is it that trend that we're talking about? | It's really more things like carrier service, building to a supply pike and just making sure that we have additional -- one of the things we're focused on is additional services for our supplier customers to make their processes more efficient, which can also drive more revenue to dis commerce. | intermediate | [
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1e8c940f5308ccf68a16994b433de984 | Great. And then also, how are your employees doing? What are you -- are you back to the office? What are you telling them? | We're now back to the office. We're working home optional through June is what we've stated. I don't think we'll be back in July, August. And we're working through it. I jokingly tell people internally that March 15 last year, I said we're working home optional for two weeks. So I don't know that I'm the best predictor... | direct | [
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941e8f28d9f143ebc8aaf248ab05c4e0 | Yes. Great quarter, impressive on the incremental ARR. Real quickly, you probably gave this, but I probably missed it. What was the contribution of automations for the quarter? | Sure. So when you think about Data Masons, at the time we announced the acquisition, we had said that it would contribute about $20 million in revenue to 2021. And based on that business, it's pretty equally spread across the quarters. So you can think of that as roughly $5 million a quarter. And as a reminder, their m... | intermediate | [
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d09dce17e85921f3fb465617c98f4f98 | Okay. Great. And very impressive increase in recurring revenue customers on the quarter. It looks like per my calculation, though, that the ARR per recurring revenue customer was down. Is that because you did have such an impressive add in recurring revenue customers and it takes time for them to grow to the average? | So the two metrics for the quarter, the total amount of recurring revenue customers was approximately 33,850 and the average recurring revenue per recurring revenue was approximately 9,900. Both of those were a 9% increase year-over-year. So it did increase. | intermediate | [
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48d68f2b0be4932f996ff851077072f7 | Like all the color on how the quarter is going, or how the quarter went, can you just confirm that you saw quarterly growth in terms of new patient adds of roughly 15% Q4 to Q1? Is that the case? And perhaps provide a little bit more color on, if you will, the breadth and depth of prescribers. So are you broadening pre... | Thanks, Charles, for the question. And yes, I will confirm there was a 15% growth in new patient enrollments seen or experienced in Q1 versus Q4 of last year. So, that, I do confirm that. The second part is, when we take a look at who our new enrollers are, and the new physicians, the significant or a vast majority, I ... | direct | [
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37a97f311ec05c33351b4c8ae4d73cfb | When these prescribers get feedback from their patients, do you -- have you seen any prescriber say that they have additional prospective patients within their progress, or their practice? And have any of them followed up with, say, deepening their prescription practice within their practice, so to other patients ident... | Yeah, so -- and remembering that this is an ultra-orphan disease, we think there [Indecipherable] patients out there. But to answer your question, there are physicians out there that are repeat writers, and more specifically, those that are neuromuscular specialists, that may see more patients that have these types of ... | direct | [
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2d4f83a9d8ecc3ce3018cc3b15445564 | I'm wondering if you could provide any color on, call it, the elements of difference between the past MuSK-MG study and any particular element that you could highlight that may reduce the variability, or reduce the potential compounding effect that you saw in MuSK-MG as you've proposed to the agency. | Charles, I can't give any specific details about the new design. Obviously, the FDA may actually ask for changes, so it would be premature to give you a whole lot of specific details. Generally, I can tell you, as you recall from the earlier part of the presentation that the primary causes of the previous failure to ac... | intermediate | [
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b6663f2f1ce26b00f3aa24cb0c3cf8c7 | Regarding business development activities. You've conducted some diligence, or I think that you stated that you haven't gotten any firm commitment in terms of how to move forward. But are there any particular, call it, drug classes or areas of focus that you can highlight that would in particular leverage your existing... | Yeah, good question, Charles. Thank you. Obviously, we'd love to leverage, our existing sales force with another neuromuscular product. Those are very difficult to find. And when they are available, they are extremely costly. And so, we -- about a year ago, we decided to expand our therapeutic look into general neurolo... | direct | [
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90c8e0dcbbf6267b75c1797c1020fdc3 | So I just wanted to get back to the revenue line. And you've mentioned on the last call you also saw a significant increase in new patient starts. Perhaps you could quantify what that percentage increase was. You did mention it was 15% in the early stages of this quarter. Essentially, what I'm looking for is, what impa... | Yeah, we're not going to be that specific. I can tell you the new patient enrollments from Q3, Q4 of last year, and Q1 of this year sequentially have been increased. And we continue to see increases, and we believe that the same should hold true for the rest of the year. But we're not prepared to be that specific as to... | fully_evasive | [
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311bffffc672e8a495a37b5311b8be4b | I believe end of March, we received some news from the federal court in Canada, regarding the dismissal of the application against Ruzurgi. Can you comment on that? And then there appears that there was no appeal made, so just wanted to know what that means for your decision when -- for your partnership with KYE and yo... | Yeah, it's a good question and I'll turn that over to Brian Elsbernd, our Chief Legal and Compliance Officer.
Yeah, thanks for the question, but I'm not exactly sure where it's coming from. We have not received any such notification of a loss of our ongoing action. We're actually awaiting a decision from the Federal C... | intermediate | [
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b6c2f74278f7b80c5f811da773c0ccb2 | Can you just kind of update us on any news that we can potentially see in the near term and any sort of timeline that you would expect? | We were expecting a decision any day now, literally any day now. So, I'll be honest, I check the docket in Canada on a daily basis to see if there's a decision. So, when we hear something, I'm sure it will be public, and you'll hear the answer. | intermediate | [
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e56a5a5041955b204ba597b6dc32b1dd | Just regarding the share repurchases. I guess, great choice given where the stock is, but can you just kind of perhaps remind us what the expiration date is on the $40 million repurchase program? And have you established any kind of accelerated buybacks where that trigger certain price in the stock? | Yeah, we haven't put any timelines on the $40 million purchase. I think that we were thinking internally in our discussions at the Board level, would be -- that would likely be a one-year program. So again, we want to be strategic and thoughtful about these purchases. And we want to do it on a rational basis. So, there... | direct | [
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a17a983ee8de47589c313ced682b5ac7 | My follow-up question is on the nature of the traffic -- is more of the traffic is dominated by leisure travel versus business travel or one of the other Florida [Phonetic] to come back. How does your spend per passenger compare leisure travel versus business travel? And if airline are going to be reducing the amount o... | So, typically our analysis has shown that the spend between business and leisure is pretty historically on the convenience side of the business. It's been about the same. And yes, reduction of any Food and Beverage served on the planes, served in the airports will enhance our overall spend as is the new opportunity of ... | direct | [
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077bf89164ae0ac991c84ea98e2e147c | And then maybe just an update on the Food and Beverage strategy? Specifically the OHM deal not going through. Can you just remind us how you're thinking about that? What's some of the options are? I think the release had talked about maybe exploring some alternative options with them. So I'm just curious how you're thi... | Hey Seth, this is Roger. I think from our perspective, Food and Beverage is still something that we're still very, very excited in, and are aggressively looking at as part of our long-term growth. I think you hit probably one of the greatest challenges that we're looking at is what does COVID-19 mean to the overall Foo... | intermediate | [
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036f1e6d8e57cd654e05896f5817b503 | Could you just update us on OHM? Is that something that is still being explored? Or is that dead at this point? And then anything else on the pipeline would be helpful? | I would basically just comment that the deals that we had structured was turned back on April 1. We are keeping -- any and all options open as it relates to M&A, but clearly want to have a better insight into how Food and Beverage is going to develop in the future to ensure that we're targeting the correct targets. | intermediate | [
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0ca6be3f8fbb55094be8b88b44f917a9 | I wanted to ask the 85% you indicated in your press release that in through the second week of June, you're seeing approximately 85% below last year levels, and I wanted to know is that a quarter-to-date revenue number? And if not, if you could just help us understand what the quarter-to-date number is, that would be r... | And I think it's a little premature to -- hi, Kimberly, it's Roger. A little premature to start talking about quarter-to-date. What that number reflected was where the current TSA passenger trends were running 85% below last year. And as Michael Lasser commented earlier on, obviously, if you take a look back to early A... | intermediate | [
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8d6ad5d13cb639dc3feb89858b3e7cdf | And then, I'm wondering if you can just help us think about your business in terms of -- and I think there are three primary categories, but please do correct me if I'm wrong? We've got the duty-free business, and then within duty-paid, you have specialty stores versus convenience? With the changed travel behavior and ... | So on the duty-paid side of the business. I -- we have never really broken that out from the point of view of separating what portion is in specialty and convenience. Clearly the duty-free, we have over the past year or two, particularly because of the Asian impact to that particular part of the -- or component of the ... | intermediate | [
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a2c7a1c5338e2c8eb88baf48fcb26a8c | Let's do CTV product update. You guys closed the vi acquisition in January. We thought that this company, new company added $30 million of CTV and in-stream revenue. Can you give us an update on what's happening on the CTV side, specifically, in terms of growth and investment? | Sure. So yes, hopefully, we'll get the David perspective when he joins. But in terms of CTV, so the video intelligence or vi acquisition that we made does have a small portion of CTV. The founding team there, so the team from vi, that world of TV and connected TVs. And so they know it quite well. But it is a small port... | intermediate | [
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faee8874c0e884f82d971aeecd2f8b3f | Uzi, I wanted to ask you about the outlook for the rest of the year. It sounds like things are getting back to normal, which is good to hear. So far, first part of this year, it's fairly quiet for detail, especially when you look back at last year and all the activity and drop-downs you all were doing. So obviously, so... | Yes, Spiro. Good morning. Well, there are several initiatives that are coming to fruition over the next few months, actually, quarter 2. First of all, the expansion of the Red River pipeline together with the Plains will come into effect over the next -- or during this quarter, a little bit next quarter. Second, the Pa... | intermediate | [
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e37841e77fb837453eacdf6db6499b96 | OK. Great. And then on Baker Hughes, and then once again, just focusing on the DKL part of it. I guess, you helped frame out in terms of timing and when we start to see cash flows there. You mentioned it being kind of a small capex number. Any sense you can give us around that front? Is this for DKL going to be a very ... | Yes, it's a fee based for DKL. The money is coming in as we speak. More and more barrels. We're not ready to disclose the amount of barrels, but I will do it over the next couple of quarters. But as we have more and more barrels coming in, the fees will continue to grow. It already started at the beginning of the year.... | direct | [
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6f0b7feb5260d194db990b8eec821223 | OK. We'll wait and see on that one. Last one for me, just on West Texas Marketing margin, very strong again. It looks similar to 3Q of last year and so I'm sure RINs and RINs prices had a lot to do with that, but just curious if there's anything else you would call out there in that number. Really just trying to get a ... | Hey, Spiro. This is Odely. As you mentioned, as we also mentioned before, the Q4 was more from the hedging loss but really what we're seeing right now in Q1 is primarily from a RINs contribution and also flat on hedging, along with good production and throughput around the 10,000 interest margin becoming better than wh... | direct | [
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b0906d73aac79c3c81101deb713fd5fc | With the Krotz refinery back online, could you maybe review what the approximate EBITDA generated by the Midstream assets in and around this facility? And also, has there been a change in how you think about the potential drop-down of these assets? | Good morning, Ned. This is Uzi. Thanks for taking the time to ask the question. The Krotz facility is now free cash flow from a DK standpoint. What we are doing over there is, as I mentioned and we mentioned, the Baker Hughes agreement. That Baker Hughes agreement will enhance the profitability of Krotz and other place... | intermediate | [
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e8ed9170a27c685af7a7b9b6ddf05eba | OK. Thanks. And then maybe one more on Paline. What is the latest on this? In the past, you had talked about further capacity increases? Are there any discussions on this front? | We have an agreement with a shipper that is starting May 1st. And we'll see how this goes. That shipper is a new shipper. They didn't ship before. So we'll see how this goes. And if there's more demand, then there's a reason to believe that we want to expand that with a minimum capex. | intermediate | [
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fa5301aa50e773392cc8a767a7667ca3 | Could you review some of the expansion projects included in your capex budget for 2021? | Sure. This is Odely, Ned. Specifically around this discretionary, as we gave the forecast, is primarily on the project that Uzi mentioned both on the JETTISON completion of the JETTISON connection on Paline, along with our project around Baker Hughes for [Inaudible] and also in DPG. So all those are primarily the items... | direct | [
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f05b714d2c7d228035b6652cf6a351f5 | So I guess just a couple of questions on CCM. I guess Chris with you kind of getting to the kind of the 40 to -- I think you have $44 million or so of net price cost for the year, what's the right or maybe the updated way for us to think about that in the second half, both maybe from a price realization perspective and... | Yeah, I'll give you the overall and then Bob could break it up. I think we're going to be in the $60 million to $65 million range now for the full year. So that's up from that $40 million to $50 million projection we had earlier. And my guess is that price is going to build up $50 million of that. With -- yeah. But I'd... | direct | [
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608af2a6df80a9dec104e5ab277a4604 | Okay. Okay. So that would imply, probably in the fourth quarter, you may see a little bit of price slippage? | I would think, yeah, we might see some price slippages. | direct | [
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2d293ad58e278d1c6a17a3bf5e6d50ab | Okay. Okay, great. And then maybe bigger picture just on CCM from a volume perspective. Where do you think you're at in kind of the reroofing cycle on the commercial side? If you had to kind of -- I know it's hard to kind of triangulate, but do you think you're in kind of the second or third inning of the cycle or do y... | On the reroofing cycle, I think, I don't know that we have that graph that we produce, but in general, we started entering that reroofing say for the big reroofing cycle maybe five, six years ago and so I think if you think about this, it's not really an inning format though Tim because we believe that reroofing cycle ... | direct | [
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be15039aa1a07e76266b94e0b4191d9e | Okay. Okay. And then I guess -- I guess lastly, just, this is more of a modeling question, but historically, I think the third quarter has been close to the second quarter in terms of absolute revenue dollars and just trying to understand that obviously was different last year due to some of the weather challenges in S... | I would think there would be pretty much -- I would think we would see it playing out the same way we've seen it in the past, maybe a slight decline something in the low single digits maybe 1% or 2% difference between Q2 and Q3. The only caveat is that, last year that was such an -- there was such an impact from weathe... | direct | [
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557c123a903381be253d299332426a67 | So with mid-single-digit growth there, again against challenging stack comps obviously difficult to weather. I was wondering if you could quantify the impact of weather in the quarter, and more than offsetting that, how much growth either in dollar terms or percentage contribution to the quarter? You've gone from new p... | Yeah, I think the weather it is Bryan always hard to figure out what we lost. I think it's pretty similar to what we had in Q1. I'm going to say, somewhere between three and four days that amount in all and roofing days we take the aggregate across North America. And then on new products. I'll let Bob answer that quest... | intermediate | [
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c82838be19df2b42f638a2241cff48ae | Got it. Okay. And then in the slide, you call out that polyurethane platform profitability is improving. I think you had guided to mid-single-digit range for the year previously. Is there an update to that level of profitability? | Yeah, yeah. And first of all, we're very excited about the new team that came in. And in the fourth quarter, we made all those changes, really got focused back on integrating the business into CCM, and we will exit the year at 10% and that will give us being on track for a model of exactly what we projected this year. ... | direct | [
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3c5276c59f039b3d98f2050291bd4ec0 | Yeah. Very good. And one more on CFT, if I can. You've maintained a mid-single-digit guide for the year relatively tough first half, particularly 2Q. Looking into the back half, how much are you baking into that guide for NPI contribution lift to organic there versus the M&A [Indecipherable]? | Yeah. The new product introductions are going to -- they're going to start to roll out here end of September-October. But when you think about what's left in the year. I don't think there might be a little bit of stocking of those new units, but I don't think it will be of that impact. Well the bulk of this is going to... | intermediate | [
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c4ea622564f0255b316f4ad2f08b6bac | Wonder if you can comment on the backlog you're seeing in CCM. It sounds like weather has been a factor here in the first half of the year really, and it sounds like backlogs are really good and already good backlog got even better because some projects seem to be deferred. So if all the stars align here and we've just... | Yeah, Kevin, when we look back the gating factors labor at our contract, so the backlog is great. We think, if everything went well, and we had great weather 5% to 7% probably get up to 7% can happen in the marketplace on a volume basis. | direct | [
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7ec986096c9327698a59d17f22716794 | Got you. Okay and you mentioned to previous question about the price cost equation expecting some type of price slippage as we go through the year. Are you seeing anything right now or is there just an assumption in there that [Indecipherable] continue to trend down that eventually there is some type of slippage and gi... | Yeah, I mean, I -- we're assuming that it would be relatively flat. We don't think there'll be much slippage. Some of our competitors went out in the first half with price increases. Now that didn't drive a lot of change in behavior I'm going to call it. It did signal to the marketplace that the manufacturers are serio... | direct | [
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013670b7632f6730bbb8622e1057d1b8 | Okay, that's good clarification, and then on the corporate expense, you were looking for $80 million as of last quarter, now it's up to $95 million, just kind of curious, has incentive comp gone up given the good results, or what's the reason for the increase in the corporate expense? | Yeah, there is a couple of things. Some is the -- the share-based comp, we issued SARs last year with a nice run-up we had in the stock over the last quarter or two. That adds to it. We have been out in the marketplace, certainly doing a lot of work on acquisition, some of which we haven't closed on, that's about a thi... | direct | [
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d9e99b82f9b719f6a09edd46de8a87cb | Hi, thanks and congratulations on the quarter. I wanted to ask on CFT margins. How we should think about that moving forward, just given the maybe temporarily challenged end market environment, plus the acquisitions that look like they're going to be a little bit dilutive to margins. So should this rate of margin compr... | Yeah, I mean I think the compression, so we went from about what 10.6% last year down to about 5% this year. Now that included some acquisitions. So going into the third quarter, we would expect close to 450 basis point decline year-on-year and that's a lot. I mean, some of that's acquisitions, but a lot of that is jus... | direct | [
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902494fb182d0ac430aaa6649b02342c | Okay, that's helpful. And then any color just on CIT margins in the second half of the year, just given the acquisition that you're making. I guess a similar question, should we expect any -- any margin mix impact from the acquisitions and any update that you can have on the 737 MAX. I think last quarter you had called... | Yeah, I think on the margins on CIT probably a little bit lower in the third and fourth quarter. In the second quarter, we had some good mix and everything in the second quarter, but not down much more of the same at CIT for the third and fourth quarter. And then on the MAX, Boeing went from 52 a month to 42 a month ea... | direct | [
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2d83218390e915d5d61032d15382688d | Hey guys, congrats on a nice quarter. Just a quick follow-up on Fluid Technologies. Did you say what the acquisitions will contribute to revenue on a full year basis going forward? | $20 million full year.
That's second half.
Second half. Sorry -- rest of this year. | direct | [
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217fa605e670ecb471407c51f9597377 | And then switching gears, can you talk more about the revenue outlook for break in friction. I mean is it your sense that underlying construction ag mining demand is deteriorating or are the revenue declines related more to temporary inventory rebalancing. Just any more color that would be helpful? | Yeah, I think most of it for us was this heavy buying last year solid uptick and then we have added some of our biggest customers rebalancing. I think our outlook is pretty much in line with the OEs there. I think we've seen some struggling in North America due to the trade negotiations. Also the wet weather. So I don'... | intermediate | [
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7f397c529ca32eed87d5c241f75efeec | Maybe just two clarifying ones on TrueCar+ and then one on the outlook commentary, Jantoon. I guess on the timetable for the rollout of Plus, by year-end, like what's your best guess on sort of where you guys are? Like how many states can you have the new offering rolled out? And can you -- is it possible that you coul... | Absolutely. This is Jantoon and thanks for the questions. The first -- let me start with the first piece. So we obviously have a huge opportunity nationwide and as well as in the different states. So it's really about how deep do you go, how fast. So yes, used will go by the end of this year, we aim to be nationwide. O... | direct | [
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b323821a84c06fa0e014232603caf336 | OK. That's great. Thanks. And then just a quick follow-up on the outlook commentary. Just trying to kind of get a sense of how to think about like the cadence of quarterly EBITDA here for the balance of the year? Jantoon, I think you said maybe adjusting for seasonality and presuming no kind of material deterioration i... | Yes. I think those are very fair assumptions. That's exactly where we're -- what is probably the right frame is like this is somewhat of a baseline, and we'll obviously, as you can see, even in the detailed financials, we've only leaned into TC+ to a limited extent, and we see a lot more room for that. So yes, we will ... | direct | [
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cc8f2b46c3ac870807d8ce77467f3da1 | Great. Good morning. Thanks for taking my question. One was already covered, but I just wanted to ask about the pilot on TrueCar+. I appreciate that it's early days. I think some others in the space that have been experimenting with a digital retailing solution have seen their conversion rates go up. And just wondering... | Yes. Thanks, Marvin. I think it's hard to say at this stage still. So at the end of the day, if you think of where -- we have not yet been to place long enough where we've laid all the pipes to actually make it fully online from finding a car overlay to the buyers order. And so that's something that we've now recently ... | intermediate | [
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688130756a6ee2f71490e88b4eabaacb | That's great. And I just wanted to drill down a little deeper, I guess, and you're thinking about the macro environment. I guess I'm optimistic to say, despite all the headwinds that you highlighted, and I think we all appreciate that because of the supply shortage that we're already basically at recession levels and t... | Yes. I think what we're seeing, Marvin, is that the pricing has gotten to a point where it's begun to slow down the turn rate. And that's going to be one of the things that we look at going forward is affordability for many consumers is becoming a real issue. And even though we may get a slight increase in inventory un... | direct | [
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e53806192206052f0b05685757d8ef1c | Great. Thanks for the questions. I hopped on a little late. So curious if you touched upon capital allocation at all. Just given the balance sheet flexibility, you mentioned tuck-in acquisitions in the past to help accelerate the road map or the product road map. Could you give us a sense of what's your latest thinking... | Thanks for the question, Rajat. I'll start the answer, and then I'll let Jantoon jump in as he sees fit here. But we love our cash position. We're looking hard at a number of opportunities to really accelerate what we're doing on TrueCar+. We think coming out of NADA just recently, there's some interesting tuck-in type... | direct | [
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7f0749d10f22261a342ba1329b1752d9 | Got it. Got it. Great. Just maybe just a follow-up on that. What -- any color on the exact kind of capability you might be looking at? For example, car deals with the car offer deal, like Cars.com, did the Accu-Trade one recently. Like those kind of capabilities, is that something you're looking at? Or is that somethin... | Well, I think Rajat to speak specifically about some of the things you mentioned. We have an Accu-Trade deal in place for a guaranteed cash value on our site. So we've had that offering available for quite a while, and it's built into TrueCar+ as part of the flow. We also made an investment in dealer science a few year... | direct | [
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f26a54f18e830da7d4f6b03ee4e8ea17 | Just curious on the Florida deals you guys are signing up with TrueCar+. Are these new dealer relationships for you guys, existing dealers you've had a previous relationship with? Just kind of curious what's going on out there as far as dealer feedback and potentially growing the dealer network? | Absolutely. And good question. And the answer is both. And so what we've -- we've also -- similar to our product, we're also trying different forms of actually approaching this. So you can think of do you approach your current dealer network that you have already have existing relationships with? Obviously, those are o... | direct | [
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99551df5cf6657d78f7676cdce64e371 | And do you kind of touch on it there. On sell your car, who buys the car? Is the dealer much more likely to buy the car if that consumer is also looking to buy a car in TrueCar+? Or consumer -- if a consumer just wants to sell a car, just want to kind of price check what's out there, who would be the buyer of that car? | Yes. The buyers are -- our network of dealers are looking for acquisition opportunities all the time. So they get -- they're getting pretty excited about consumers who either are reducing a family fleet or want to maybe sell a car now and come back into the market later. So we've had dealers very quickly rally to be pa... | direct | [
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7d3f800255b8fda0b5c8d1c15be4c208 | Does the dealer have to be part of TrueCar+ to buy -- to be part of that car buying program from retail? | No, currently, no. That's separate. Yes. | direct | [
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7385312b686c728b29a858b0c19c21b1 | What's the company's 2021 strategy for the own brands and Xiaomi brands? In particular, is there guidance by categories? And the second question is on channel. What's the strategy on the off-line/online channel shifts in 2021, especially when we saw some more expansion of online channel in last year because of COVID-19... | OK. For the first question, for Viomi-branded business, we can elaborate for multiple perspectives. Firstly, we will shift the Viomi brand business and product mix toward diversification with introduction of more high-end products with more advanced technologies, as well as phase out some specific SKUs with lower margi... | intermediate | [
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87e0f098029ead868a69a60924136331 | I observed that your gross profit margin has recovered in this quarter. What is the biggest reason for this gross profit margin recovery? And will this trend continue in 2021? That's my first question. And I will have a follow-up. | We are confident on the recovery on margin side as we have been executing the quality growth strategy on the following perspectives. We will continue to shift the Viomi-branded business and product mix toward diversification. We've introduced some more high-end products with higher-margin and higher ASPs. And the reven... | direct | [
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2ae43f7804164dde7db5dd5cf48e5538 | And my second question is since you have a good relationship with Xiaomi and you have your own IoT platform business and Xiaomi also has their -- [Foreign language] like that. So how can you balance your product and the Xiaomi platform and your platform? | OK. I will quickly translate Mr. Chen back. So we can elaborate just the answer from three perspectives.
So first is regarding the IoT platform of Xiaomi and our products, which connects to the [Inaudible]. So firstly, we can show some stage from the senior management of Xiaomi recently that they clearly emphasized on... | intermediate | [
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a4c2b7aa74eab1817983c905dbe11e2c | The first question is, can management talk about the view on the overall home appliance market in 2021? Are we seeing competitive pressure from industry leaders, which may cause price war? And how was the first two months of 2021 going so far in terms of the consumer demand? My second question is about how much the int... | OK. I will translate. So in the year of 2020, we saw the pressures of the whole industry due to the COVID-19 with regard to the top-line growth, as well as earnings. But heading into 2021, we saw the recovery of the whole industry.
Specifically, we saw that consumers paid more attention to smart products, especially s... | intermediate | [
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4bfeaedad99c7b2fc39d3d648e0b7633 | I just wanted to chat about hedging here. How do you think about Texas and the impact of events there in terms of your thoughts on the hedge portfolio and perhaps changing how you guys do engage in PPA versus hedge going forward? | Thanks, Julien. I think there is always a preference for PPAs versus hedge. Don't get me wrong, but sometimes the market has certain constraints on it in terms of what's available. I think from our view, what we want to do is really look from a risk management and plant design perspective to, a, make sure that we have ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7bf4ff688350bb7a88dd136bb06b5768 | Got it. And then just quickly, if you can, how do you think about retrofitting to derisk Texas going forward? I know there has been a sort of nascent conversation, if you can talk about that? Obviously, there are some various asset for operational level retrofits that can be pursued here as well. | Yeah. So, our wind machines in Texas, in general, were rated for operation down to ambient temperatures like those that were observed in this event. But like many other operators, I think, we find that there are certain supplemental deployments that would be useful in particular and conditions like those that produce t... | direct | [
"direct",
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] | A |
15d586399289e075f6958ae12d09aafe | Got it. And no cost estimate yet? | No, it's too early. | direct | [
"direct",
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] | A |
afe71cbcfa8d2533019452a3773fea6f | One, can you just remind us what plan to equity financings or equity-like financings you have or you will likely have over the next year or so? And then, two, given what happened in California last year, a price spike could be probably enhanced value for existing fossil generation, how are you thinking about the avenue... | So, I'll kind of take your second question first, Mike, and then hand it to Chad on the equity side. So, I think in terms of looking at recontracting, I do think that it does -- would have -- the situation in California last year, I think does make it more conducive to longer-term contracts. However, I want to be fair ... | direct | [
"direct",
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] | A |
7f5cb75d51acc69910f73820368b7514 | Got it. Okay. Thank you, Chad. Much appreciated. And just coming back to California a little bit, can you remind us, are there any environmental either regulation or constraints regarding continued operation of your fleet out there in the gas fleet? | No, not that I'm aware of. | direct | [
"direct",
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] | A |
d3e99c05d3144f4513ae6f49ae5550c3 | Historically, you've talked about not retrofitting existing projects that are under PPAs with energy storage or any sort of kind of voltage management, incremental investments. I'm wondering if that thought process is starting to change as you see some of the instability on the network? | I think that really depends. I think that the type of retrofits that question has typically been is kind of a little bit more all encompassing in terms of what you might have to do to take projects offline versus kind of taking a wind turbine at a time and putting in some of the elements that Craig talked about. So, I ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8d448e104293690a15ce0046b66fe5f6 | And the second question is, are you guys thinking about changing the the P50 standard at all, given some of the variability in the network at this point in terms of estimation and how you're operating the business and guiding us with the fleet performance? | Sure. Simple answer is no. Any P50 adjustments we normally take is part [Indecipherable] kind of our guidance that we gave on our November call. So, it's typically go through the year, relook how the P50 went during the year and make adjustments at that time. So, to your question, it's not as though anything that's occ... | direct | [
"direct",
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] | A |
d7f026c606600109468a5a4c8c6b62a5 | So to start, just trying to normalize some of the noise as you put it in the quarter and thinking about kind of run rating where we are today going into 2021 from an expense perspective. So you called out a few things, so I was hoping you could just reiterate what was now kind of more one-time in nature in the quarter ... | So Dan, why don't I start just at a high level and then [Indecipherable] complicated part of the question over to Bill, how about that? So I guess the way I think about the quarterly earnings is -- and I sort of tried to lay that out a little bit is, if you think about disaggregating everything related to the acquisiti... | intermediate | [
"direct",
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] | B |
59aa616324906571b520c5007f51c5e9 | Right, right. And I guess in terms of synergies or expense reductions associated with the Gain deal, was there any anything there that you could point to? And then also just update on maybe the accretion you see? You highlighted it will be accretive and positive trends, but just any numbers around how you think that is... | Okay. So firstly, we haven't even had Gain in for a full quarter. So I think it's probably best for us to report around synergies and costs may be in the December quarter when we realized some of those. And I think if you remember at the time of the acquisition we sort of broke out the synergies on the cost side into t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5c0aa5954d4f8cbca7af27624f42512b | Yes, it does. And then if I could just follow up on the bad debt in understanding the volatility that resulted, it seems like I would have expected those charges to occur more in the first half of the year or the first half of the calendar year? Then this quarter, is it just a lag effect? And as you talk about, you kin... | So just the bad debt specifically, and I can't get too granular, as this is client confidentialities and such. But one portion of it related to a trading accounts that was owned by and introducing broker and that was triggered when energy went negative. And that introducing broker guarantees the performance of that cli... | direct | [
"direct",
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] | A |
5f99f5ef03cb2554dcac3ce10c8b3652 | Okay, that's helpful. I guess just last one from me, given that we are over two-thirds of the way through the December quarter, any update just on kind of broad trends that you could talk about that's happening -- that happened subsequent to your year-end and kind of -- just anything there would be helpful. | I would just -- I mean I guess we try to sort of lay some of that out. Our business can change pretty fast on the volatility side, I mean, it's really hard to try -- volatility is a major input for us, it's really hard for us to understand how volatility may track up, because it could change in a heartbeat. So I think ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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