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f63be0597961253818df065c63951000 | Just had a couple of questions. First, I was wondering, was there anything one-time in the SAO margins that was a positive that may not recur as we move into next year? Or was it just mix and performance? | This is Tim Lain. There is nothing to call out. No kind of one-time items in this quarter. | direct | [
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"fully_evasive"
] | A |
f743eefd41e029a7f4b8052096f17a86 | OK. And then just as you look into the backlog and what have you, is there -- obviously, there's the sequential step down, we get that, but this is not -- if it were going to be potentially exceeding 20% as we move into the second half of next year? Or how do you feel about that today at SAO? | Gautam, this is Tony. I'm not sure, really, the specifics of your question. But as I said, I think 20% for SAO is the starting point. I mean we believe, as I said in my comments, there's more productivity we can get. I think we can do more with our relationships and our customers. Now will it be 20% every quarter going... | intermediate | [
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0d5199fea1c19f635f4e00ab65d49759 | That's helpful. And then if you could just talk a little bit about any additional Athens part qualifications you received in the quarter and maybe what the pipeline looks like with respect to additional qualifications. | I mean, as you know Gautam, not every specific qualification is -- has the equal weight, right? Some have -- there's differences in volumes, there's differences in supply chain complexity. So this past quarter, although we didn't announce any qualifications, we achieve significant progress on what I'd call high-profile... | intermediate | [
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"intermediate",
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658aee81d78c9b6cc18558ccc44d6795 | Tony, in the beginning of your presentation, I believe you attributed three things to the better operating performance at SAO. It was like mixed, the Carpenter operating model and Athens. My question is, is there a way we could think about it in terms of the contribution from each and maybe in percentages or numbers? | Yes, Chris. This is Tim. I'll take that. I mean, I think as you know, that's a difficult question to answer. I think where we are in this environment with the activity as high as it is, capacity makes a big difference. So by bringing those incremental capacities both through the operating model and unlocking incrementa... | intermediate | [
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a510154a5e384862077261ea16c2187e | OK. There was a point where we used to think about Athens as a separate entity with utilization numbers. That seems to be merging with the entire, I guess, portfolio. How do I think about now, capacity utilization and your ability to take on existing contracts. Is there a way we can frame up the success of Athens? | Well, Chris, you know we tried in the past to give a utilization number. I think that was more confusing than helpful. You're exactly right, we now operate this as a fully integrated mill. Some of the parts that they moved to Athens may or may not be in this "VAP qualification mode." I think the key thing is to think a... | direct | [
"direct",
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75f1b1f3dcac392dd359a6aabb2aaef3 | OK. That does, actually. And then just lastly, and I get what you're saying on the 737 Max program, and you're a little bit unique in terms of like -- it's a little bit tougher read. But what I'm trying to do is correlate near-term visibility with the communications that came from, I guess, Boeing yesterday or the day ... | Chris, I would look at it this way. There is a difference between production rate and booking rate. And with these products at these types of lead times, let's call them 35 to 40 weeks depending on the product, you're not going to change production rates just because -- and also, I would say, we've had increases in exp... | intermediate | [
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eaf5fdd46456083f57f6702dafcc0d29 | Hey, good morning. Congratulations on the quarter. Just touching on PEP, medical side seems to be growing pretty aggressively here. But how is the aerospace side on the titanium fastener and how does that look over the next couple of years. | Well, for us, aerospace is strong whether it's in the SAO business or in the PEP business. Right now, we talk about Dynamet inside of our PEP business because the medical area is growing quite rapidly over the last couple of years. We're expanding our two facilities in Dynamet primarily because of the medical market. S... | intermediate | [
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f96bae10b64c6f13aec11d60f72f6391 | And then within PEP, are there any franchises which don't necessarily fit the portfolio anymore? Or the strategies just moved away from? | Well, Dynamet, lets just go through each one of them. Dynamet is largest business inside of PEP. Where we are expanding, we're putting capital in to Dynamet and see a great future with that product in that business. It's very exciting that we just launched Carpenter Additives. So when I talked about that multiple times... | direct | [
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] | A |
4b130c1168417a01bc705bdab4e6c8d9 | And then just one on the soft magnetics opportunity. What's the ASP of the current soft magnetic offering that you're in relative to the overall portfolio? And then do you have any new proprietary alloys as you build out this new strip mill that might even drive that ASP higher over time? | I don't want to give -- the answer to your second question is yes. To the first one, we're not giving you any specific, the average selling price could be as much as 5x the normal price. | intermediate | [
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d2bfa69d168b87228353a7fdaf8efd03 | Tony, just sticking with the engine discussion here and then I had a follow-up. Any color you can give us on growth and engine revenues either quarter over quarter or year over year? | Yes. No. I should have put that in my prepared remarks because I remember you asked me that every quarter. On the engine side, on sales, revenue was up 8% year over year and 9% quarter over quarter. | direct | [
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a7d584a922364897b45c520bc425f6bc | OK. Good. And then are there any opportunities for repricing of any of your legacy engine contracts over the next several months, call it, 12 to 18 months with either -- with any of the major OEMs? | The one-word answer is yes. | direct | [
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] | A |
31be6e4b94bfff23fa91e561ae430f8f | And then also help me reconcile something. I think maybe it was Tim mentioned there was a writedown in the powder side of the business, and wanted a little bit of clarity on that given the fact that you're seemingly very bullish and very entrenched now and in the additive path to growth. So why was there a need to take... | Yes. Phil, I called that powder writedown. I mean, that -- one is in there of our existing powder business, not necessarily in the additive side. And two, it's getting normal, I'd say, it's normal -- given that we missed on PEP, we've got a explain a lot of kind of smaller dollar amounts. So we're calling that out, and... | intermediate | [
"direct",
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8f522603142fb8a1fed89f7e37b93041 | My first question, I wanted to drill down into some of what you said in introductory comments, as I said that you're factoring in a bit more for financial inflation. Can you just expand on that and what changed in terms of your loss trend assumptions in the current quarter? | So we are constantly visiting and revisiting our loss picks and trying to refine them based on all the available information at any moment in time. I think from our perspective, it's pretty apparent that there is more financial inflation in the system today, if you will, then there was a year ago. And as we think about... | intermediate | [
"direct",
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b4d7c4eb9db70ed08f1be2179ac74c3b | Can you give us a sense of just the magnitude of the movement you guys saw in the quarter relative to your lines [Speech Overlap] -- | Generally speaking, Elyse, we don't dissect our loss picks to that extent. But certainly, I can assure you that when we have factored it in, it has led us to raise some of our picks from what we have been using in the past. | fully_evasive | [
"direct",
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] | C |
a35ad963640982ba22854c2d6addf651 | Okay. And then my second question on you guys, also going back to some of your remarks. The expense ratio on 28.7% in the quarter and then you said it was 50 basis points from COVID, but it sounds like given the fact that there is a lot of leverage to the topline growth that perhaps this could be kind of the new run ra... | Sure. So what I would suggest you do is, if you sort of add back in the 50 basis points for COVID. But then you look at the momentum behind our earned premium in part by looking at our written and how that's going to come through. And well, yes, some of that expense is variable, commissions, boards, bureaus and so on. ... | intermediate | [
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f7b6d88873b269cfc2195ae6e73df8c3 | So the insurance segment, loss ratio ex-cat and COVID impacts, it looks like the loss ratio there back in that that was flat year-over-year compared to 2Q '20. But I think that you had some frequency benefits also that made 2Q '20 a little bit tougher the comp as you look at the whole numbers. So I want to see if that ... | Yeah, I'll give you my true sense and Rich may have some thoughts to add to it. I think the biggest piece was the comment that both Rich and I made around non-cat property-related losses being a bit more challenging in Q2 '01 [Phonetic] than what we saw last year. And I think that would be a leading factor and again th... | direct | [
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5f7fb1c2cb10b9ef484911bcba237a22 | Okay. So, I was going to maybe there was something last year that kind of dropped that loss ratio, but maybe not. So it's more just elevated this year from what you said. So, OK. That's helpful. Second question, Rob, did you approach the, I guess, the way you set reserves, the philosophy behind how you set reserves for... | Certainly, all of us, we as a team took note of the impact of COVID on multiple levels, some of it too, that was helpful. Some of it was not helpful. But probably the big piece that perhaps you're referring to is frequency trend and there were many product lines that benefited from COVID as it relates to frequency. And... | intermediate | [
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07e65aa22b029dfc68bd01b49d82d68d | Okay, that's helpful. I guess, the reason I was asking Rob, because I think it's no secret that there is probably some cushion in the industry numbers. I'm not going to ask you about yours, but the industry numbers because of 2020 accident year. And I guess what I was getting at is, do you think there's any impact of t... | I think that different organizations have chosen to recognize that cushion at a different pace. I think a lot of that cushion came through primarily in the shorter tail lines, which would have been recognized sooner rather than later. And fundamentally, I think a lot of the drivers that are pushing this market to conti... | intermediate | [
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83682f1a5c96665043acde0befbfaab1 | So firstly on -- so the growth obviously strong. What do you see that coming back and kind of the pivot toward the growth? Does that change? How you see the loss ratio progressing? Maybe looking out over the next year relative to what you might have thought six months ago? | Yeah. From our perspective, again, nobody knows exactly what tomorrow will bring or there's always the unforeseen event. But when we look at the data points, you can see rate continuing to outpace our view on trend by and large. In addition to that, when you do the math, one needs to factor in the impact of terms and c... | intermediate | [
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769324b62f410eedfde053bca3cb1584 | Got it. And in my follow-up, and this is just a little bit of the reminder, obviously, Berkley has a lot of the individual underwriting entities and there was a -- these are pretty decentralized generally. So it doesn't work in such a way that those entities are kind of reporting up loss ratios to you guys. And you're ... | Yeah. So at the heart of our model, it's not an us and them so to speak. A model is much more of a collaborative one. So things such as loss pick using that as an example, that is certainly something that is a collaborative effort among really driven very much by the colleagues in the field, at the same time, it is col... | direct | [
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558732d215e4ea5b0bf453ef06c9be6d | So please don't get angry, I got a tough question, but I'm sure you have a great answer. I look to you guys as the poster child for we recognize bad news quickly and good news, we left sort of, I guess, incubate some of your [Technical Issues] putting it in the numbers. I was just looking through the numbers and it see... | Well, I think the answer to the question, and again, we're happy to get into a more granular discussion with you offline is that we are looking at our picks. And we're looking at the historical data and we are looking at low frequency and we're looking at severity, and we're trying to adjust appropriately. I think we t... | intermediate | [
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2a8f4938e02bb2fdf110fa4def50b987 | Happy to do that. And the other question I had was about the arbitrage market. You guys let that fund get bigger, sometimes gets smaller. What's your outlook right now given where the market is and the opportunities there is? Will you be allocating more capital or less capital in the future to that in your minds? | I think if we take it one day at a time, we have some extraordinarily skilled colleagues that run that business and we have no shortage of cash as you would see from our balance sheet. So while it's been pretty steady, if they see more opportunity, we are certainly in our position to provide them more capital to manage... | intermediate | [
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7e07d595824cc371a06849f3de37e9c9 | So two quick questions. I think if I understand your response to at least correctly, you're talking about tweaking up some loss picks because of higher financial inflation. But if we take out the non-cat weather in the quarter, it looks like the underlying equity and loss ratio was better than in the first quarter. So ... | Well, I think obviously, we're in an industry where the -- you price your product before you fully know your cost of goods sold. And when we're thinking about the impacts of financial inflation, and what that may mean for our claims costs in the future, we're trying to make sure that we appropriately factor that in. I ... | intermediate | [
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8a0b03070b2487b3ccda8ca1dd4428c7 | Okay. The examples you gave for the financial inflation all seem to focus on short-tail lines. Are you seeing similar worsening inflation on the liability of the longer-tail lines? | Not as visibly if the shorter-tail lines is using a pretty broad brush, I would -- we will have to see the impact over time. Obviously, there can be an impact on things -- on certain things. But for us on the liability side, it tends to continue to be more of a social inflation discussion. | direct | [
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eaacb1527154feaa23db4a3d0b95a75a | Okay, perfect. And then one last question, if I can. I assume that some of the employment costs you have are fixed costs. Is inflation there getting any worse? | I think generally speaking, there is wage inflation throughout the country, and there's likely to be more of that for at least the short-term. We'll have to see what it means over time. | direct | [
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f63b6a2adfe3ab2f73a36d9a8a660dd2 | The first one, just back to the fire loss you had in the quarter, I imagine you expect some level fire losses every quarter, right? And I'm just curious, kind of is there a kind of a -- is there -- is it above baseline, it was last year's fire losses abnormally low, just trying to kind of establish kind of what a good ... | Yeah, I would -- it was a series of losses. It wasn't just one loss. And I would tell you, I don't have the numbers in front of me. Rich, I would say it's a little bit of both of what Brian referenced. I think last year was a little on the lighter side, this year was particularly heavy and run rates probably somewhere ... | direct | [
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2ec08dcfc742bd5022e9808ebdb78fa6 | Perfect. That's helpful. And then another one just quickly on the underlying loss ratios. When you're growing your cash free [Phonetic] book pretty quickly right now. Is that mix of business going to kind of have some effect here going forward as we kind of looked at the combined ratio or the loss ratio, just because s... | I think that it is going to prove over time that the margin in the business that we're writing is very attractive. | fully_evasive | [
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022c5fdc21a1456464728e7be9a120b8 | Okay. Great. And then my last question. I'm just curious, you said you're concerned about wage inflation with respect to workers' comp. But don't you actually get premium for any type of payroll, isn't that based on payroll? So why would it be concerned? | Thanks for raising that, Brian. I may have mischaracterized it or misspoke. Actually it's the other way around. So when -- as you've had to listen to us whine for the past several quarters about the workers' comp line and how even though frequency may be the industry's friend and certainly it was the industry's friend ... | direct | [
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4855e89b01ebe6cbe57870604d9de258 | Yeah. Good afternoon. Let me start with just a small numbers question. Was there in fact any COVID expense within the catastrophe, the $44 million a catastrophe that you had this quarter? Or is that you're no longer looking anything? | So there's -- there was a relatively modest -- Rich, do you recall how much it was?
Richard M. Baio -- Executive Vice President Chief Financial Officer
Yeah, we had about 1.2 loss ratio points embedded in the current accident year cat losses for COVID. So just under $25 million. | direct | [
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d5c4fdb38ffdc7d87f6026fe78dc7b3e | Okay. That's helpful. Thank you. And then the second question, and I'm tempted to ask you what the last thing you bought at Home Depot was what I'll actually ask you is -- in terms of competition across the industry, are you still seeing primarily rational competitive behavior, or are you seeing any signs around the ed... | There is nothing that leads us to believe. Let's put workers' comp aside for the moment. There is nothing that leads us to believe that the opportunities in virtually every other product line are not very meaningful today, and will be very meaningful tomorrow. We continue to see the opportunity to push rates further an... | direct | [
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] | A |
821c4a57a1b413505a1aaf362a3123a6 | Can you just maybe update us on your thinking around the international expansion? Just how you think you're pacing relative to the multiyear projections that you guys have put out there? And just kind of remind us maybe how many markets you're in now and maybe how many you're targeting? Just a little update there would... | International is doing great. We're really excited about the progress we've made since launch. We are in currently 50 countries, and we feel great about those 50 countries right now. And the goal in each of those territories is to get deeper in terms of our distribution relationships. As Jon mentioned in his remarks, w... | intermediate | [
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867d3b8e8dc42a77add721545105eccd | I wanted to ask about the Antebellum PVOD decision. I'm sure you're not surprised. How do you think about the sort of opportunity with that movie in a premium VOD window relative to your box office expectations? And how do you think about the returns available to the company? I see a lot of this is happening because of... | Sure, Ben. Thanks for the question. We listen, I would love to see every one of our movies released theatrically, and we certainly made this one with real theatrical aspirations. We have a great movie. It's a movie that is also particularly strong because it speaks to this moment in time. So just from a movie meeting c... | intermediate | [
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] | B |
37d8ab86cda7acc3e92c7a37ab2d22fb | One of the things we hear or you read is obviously talent wants their movie, both directors and also, I'm sure participants want their movies released theatrically, not only because they want it theatrically, but they also a lot of the economics are tied to box. Do you view that as a headwind to this model working? Or ... | Yes. I would start by saying we feel like talent. We like we want it in theaters, too. So we all would like that to happen, and we're all working aggressively. Now we're back in production already with the idea of there's a lot of appetite out there to feed. And so it's something that we're all looking forward to getti... | intermediate | [
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028695cd04e53dfac17be8df3a76cc42 | First, for Jimmy, leverage took a nice step down. And what we've seen with you and all the studios is that there's been a big pushback on costs till later in the year. Should we expect that reverses a little bit as the year goes on? | Yes, Alan. Listen, in terms of the leverage, thanks, you did note that we significantly delevered since last quarter. Look, we generated nice positive free cash flow after fully investing in our business, and we plan to continue to do that. I would say that on a net debt basis, we reduced net debt almost $100 million o... | intermediate | [
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6bf4326ad85dbaae302bcb7d3a7b0fb2 | Can you give us any sense of what the pricing is, whether the movie will run in theaters after the PVOD window if theaters are opened? And if there's a back-end share to the theaters? | On Antebellum, it is currently planned at $19.99, and with the idea that we'll play it all the way through the holidays. There is not currently a plan. There is not currently a theatrical plan. It is to really maximize the opportunity for in this moment for the biggest the widest possible audience to see it. If things ... | direct | [
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] | A |
a0fd4c9030ca9ba45f80673675e8ca44 | Mad Men, did you recognize all of the syndication revenue, second cycle syndication revenue for Mad Men this quarter? Or do you recognize more after Amazon's exclusive window is over? | Yes. There's we recognize a significant portion of it this quarter based on the avails that were available on Amazon. There's some more vails throughout the year back half, but the majority has been recognized in the quarter. | direct | [
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a41bfe444723ed17fbae1d6a36b35fbd | So domestic Starz network revenue has done pretty well. I think it's only down around 6% from where it was before the Comcast reset. So I was just wondering, are there any more fixed distribution deals coming up in fiscal 2021 that we need to think about? And do you think it's possible that you might end fiscal 2021 at... | It's Jeff. You've got a great question. We continue we continue to see great higher ARPU subs on the digital side coming onto the business, which is replacing some of the lower ARPU subs that we saw in the Comcast deal. We continue to work with Comcast. We saw a little slowing of the growth on the a la carte side durin... | intermediate | [
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40ea1c808f9f5bb41ec968dfae7405e2 | How many originals do you think is the right amount for Starz on a sort of cadence for your subscribers' basis? And do you intend to run those on a like one per week? Or might you do more of like a binge type of approach for the Starz content? And then just last one on Starz content, how do you think about having a big... | It's a great question. We have a very specific programming strategy as a premium service, which is a non-ad supported, very mature, very adult content that we like to say people are willing to pay for. We don't have to be as broad and try to service the home as some of the other newer launch services that we have. So w... | direct | [
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d0c298793ce9d7515fd858d32cf6b6ea | I'm sure you saw NBCU and AMC signed an interesting deal, which allowed for a PVOD window of 17 days from release in return for some revenue sharing. Just wondered what your thought was of that deal? How important you think it is? And whether you're looking at any similar deals with your films? | Sure. Thanks. Yes. Thanks, Doug. Look, we there's some things to really like about that deal. I think one of the things that, I think, is a real standout in it is that it treats all the parties as partners in the theatrical and PVOD space. And so it's trying to create a partnership model where everybody wins and figure... | intermediate | [
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8856a9f75edaf2d0daea077f77af1697 | Any color you can give us just on how to think about linearity this year for Starz subscribers? Obviously, we've got the COVID kind of engagement bump in the calendar second quarter, and then we've got an original slate that we don't have great visibility into yet, so that's going to ebb and flow a little bit as well. ... | Yes. It's Jeff. We have the fortune to be almost a year in advance in production. So we don't expect any interruptions to our slate through the end of the fiscal. And so we have, as we talked about the first Power Universe franchise coming on, on September 6, which obviously is a big driver of subscribers for us. And t... | intermediate | [
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4f76161af66595afd1a2ff9dd9b0577d | Mike, you alluded to the process of sort of enhancing customer relationships. And I wanted to ask to what extent are you still playing defense, which is keeping what is figuring out what your clients want, what their perspective is versus offense? And how successful has the recent push to cross-selling been and so on? ... | Ashwin, first of all, good to hear you. On the customer relation shifts, the key thing is -- I like Page 13 a lot. That's where we show the enterprise technology stack. And the key testament to customers getting better are the fact that they're giving us more work.
So I look at that. And the reason why I wanted to sho... | intermediate | [
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bd0d5d1a787aa45d02146a0b938e1c87 | So I guess the obvious follow-up then becomes, as you look at your emerging sort of business profile, if you will, post the divestitures, including the improving stack. Can you comment on what sort of a normalized margin profile might look like? Or at least help us frame that? | The way I would frame the margin profile is you've seen us all throughout this year continue to expand the adjusted EBIT margin. We also see that there are still levers we can pull. So when I mentioned the fact of what we've gone through over the next 30 days that we've sharpened our pencil on other areas that we can a... | intermediate | [
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99d907e759517de52ce0183f5cfff0d8 | Mike, building on kind of Ashwin's comments, obviously, you've done a lot to kind of reorient the business. You've highlighted multiple times stabilizing, and that's obviously, I think, been surprising to some people you've been able to do that so quickly. Sitting here today, though, as we look forward, how are you thi... | So James, good to hear your voice and thanks for the question. I have said before that when you look at the enterprise technology stack, I like the hand that we have. We've got good scope and scale across the way that our clients think about technology. So when you think about whether it's ITO, cloud security applicati... | direct | [
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1ee579726eda17682c4b8608709fef1b | And then I know that you and Ken had both talked about preparing a broader presentation for the investment community at a future analyst meeting, etc., and particularly as it relates to capital allocation and returns. But as you think about those type of tactical tuck-ins, is that something that you think you can go th... | I'll stay, James, with what we said in our script, and that's the fact that we plan on coming back in Q4 and showing you our capital allocation strategy. So in that strategy, you'll see our thoughts on dividend, our thoughts on buyback and then our thoughts on investment. And with Ken having 60 days in the seat, 30 of ... | fully_evasive | [
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bc704fc901de97bd526de2b4384ae901 | Hey guys. Hey, nice incremental turnaround progress in the December quarter and you're guiding toward revenue stability. But guys, let me ask about the elephant in the room. You apparently just told Atos that its takeover premium was so inadequate that they walked away, even though it seems merging with DXC was Atos' b... | Rod, thanks. Good to hear your voice. So look, I'll cover three items. The first one is revenue stability.
And again, all these things tie back to what we've been saying all along. So on revenue stability, we just delivered our second quarter of revenue stability and have guided toward the third quarter. So we believe... | direct | [
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] | A |
cdb5491b6b599ad13eab7880b440221f | All right. So great. So it's a good segue to my other question I wanted to ask on. Are you seeing real evidence that DXC's competitive position has improved? If I look at IBM, it's preparing for its spinoff, and that's been a distraction for IBM in the market.
And Atos' behavior suggests that its organic prospects are... | So Rod, the first thing is, I'll continue to go back to the book-to-bill number. That's tangible evidence. I mean, keeping that thing up above 1.0 is huge. And then, look, it goes without saying.
We recently engaged with a competitor. And when a competitor wants to engage with you, you can rest assured. They've seen, ... | direct | [
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b40e1cd63a6103ba168651171916622d | Good afternoon. Good to hear your voices. First one, Mike, for you, yet another kind of follow-up on the Atos approach. I would imagine as you are that that's probably not the only one of those that you're going to be getting this year.
So can you just talk more broadly about how you think about the pros and cons of a... | Well, look, in terms of what we can do on our own, we really like our chances, OK? We are confident in our transformation journey. And like I've shown, I've laid out a plan, and you guys can see that, Lisa, we're executing against that plan. It was never part of my plan to come here in 16 months and then all of a sudde... | intermediate | [
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c4c932955c617d72da02ef3b39966f69 | OK. And then my follow-up is just related to bookings and then also kind of linking that to the sequential improvement in revenues. Both of which, as you've highlighted, are very encouraging. Can you just talk a little bit about the mechanics? I mean bookings have now been running over 1.1 for about 12 months, which sh... | Yes. What we're saying is we just delivered the second quarter stability, right? So that stability marries what's happening with the revenue runoff because of the terminations with the positive 1.0 or greater bookings, OK? So just balancing that stuff out. So stability means, obviously, that we're not losing more than ... | intermediate | [
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801d9d04e9dce3a9bf735bf2984d8db6 | Hi. Thank you. Ken, welcome. I wanted to ask revenue trajectory around the ITO layer.
So obviously, the improvement is encouraging here. And curious, whether there's anything notable in the client portfolio, any large deal renewals or impending price down risk to be aware of that would not enable DXC to maintain this ... | I mean, Bryan, I continue to talk about the fact and I gave the stats. I took virtual clarity and I went and studied our best clients. And again, what they told me was they aspire over the next two years to move another 20% of the existing work I'm sitting on to the cloud. Now after I took them through the analysis tha... | intermediate | [
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9848ceda768a4ac18cb742ae3759f09e | OK. Makes sense. And then just talk about the workforce. At what stage of the talent refresh are you at? How are you thinking about headcount and hiring here over the next couple of quarters? | So look, I mean, I'm absolutely thrilled about our new leadership team. And when we hire a new leader, I always talk about the fact that they owe me 10 new hires. And we're going to continue to augment the talent that we have in DXC. So I think the leadership team has rebuilt.
I want to get to the middle managers and ... | intermediate | [
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d21ab70d28c78db9157ae5efb9f9c22b | Just wanted to ask about the organic decline in electro-optics. It was weak in H2 '20 as well and I just wanted to get a sense of when growth might return in that business and how to think about the conversion of the recent $41 million Night Vision contract with the U.S. Marine Corps? | Well, we have seen a temporary delay in some of the development processes at Elbit Night Vision. This has been already solved and we expect to see the results of that in the revenues of the second quarter and on. So that is regarding your first question. The second question is just an ongoing multi-year program with ov... | direct | [
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50fc43ecea979334b415a2202970a115 | Butzi, it sounds like the global demand environment is very strong right now. You mentioned Europe and Asia-Pacific, was just wondering if COVID is still sort of slowing things down at all particularly with India being sort of a COVID hotspot? Are you seeing any problems closing deals because of COVID still? | We see an improvement in the overall situation, which is related to COVID all around the world. We are starting to travel and to meet customers. However, in some countries like in India and in Brazil, for example, it is still difficult to meet customers. And because of that, there are still some delays to deliver progr... | direct | [
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53c34bbd877041b93e1db96730b78554 | Okay. Understood, understood. And then any color on what drove the sequential improvement in backlog, it looked to be up nicely. I wasn't sure if the Greek deal got booked in the first quarter or if that won't get booked into the second quarter? | The Greek -- the $1.6 billion contract we got from the Greece Ministry of Defense is not yet in the backlog of the first quarter. We got it only in April, so you will see it as part of the result of the second quarter. It is -- the same answer is also relevant for the two acquisitions we made, the Sparton as well as th... | direct | [
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b9825918885a4371d0f3c23a10ae3941 | Okay. And then, on the headwinds to gross margin from the shekel strength, should we expect maybe another one or two quarters of headwind there before things kind of level out, what's the right way to think about that? | Hi Pete. We expect this over the year, over the rest of the year to improve our gross margins gradually. We expect to have an improved number in the second quarter. As you know, we do not give guidance, so we'll not say anything about the specific number, but the improvement will come. | intermediate | [
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e342e62ef8a21aa1f55f97349131c654 | Okay, got it. I guess Yossi, just a couple more for you. The decline in marketing expenses this quarter was fairly substantial for that particular line. Was that just kind of a one-off spending save there or do you expect that spend to return to kind of that $70 million or so per quarter level or is that more of a perm... | No, this quarter it was an extraordinarily low number, low travel, low marketing expenses, essentially no meetings face-to-face and no shows and so on and so forth. So, looking forward we see that we will catch up on this in the second, third and fourth quarter, gradually grow over the year. And essentially I would not... | direct | [
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13b65f496d3fe7051dc0cfd56d260d51 | Okay, OK. Got it. And then just last one from me on the IMI payment that you mentioned in the quarter, is that the last payment for IMI? I had actually modeled a payment in 2022, so I wasn't sure if you had one more left or not? | Yes. This payment that you see that we did it in January, we paid it on January. Initially it was planned to be paid in December. So it moved a couple of days into this year and the next payment will be toward the end of 2022. It may move also into 2023 but right now it's planned for the end of 2022. And that is -- yes... | direct | [
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33ee4be22395e1e8d076d8fb7a91817b | I have two questions. My first question is, if you can tell us a bit about the civil aviation regarding the COVID-19, do you see any recovery in this field? | Yeah, well, the worldwide expectations and plan right now is that the recovery will be gradual and will come back to the levels of 2019, somewhere in 2024. And that is overall opinion of most of the analysts of that business area. In our operation in the U.S. we do see some recovery. It is not yet at the rate that show... | direct | [
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f0ee67a7a42aa477a1f9914d767b79f2 | I understand. Thank you. And then the second question can you tell a bit about IMI implementation, what about it, where does it stand? | Organization. Hi Dina. We combined -- as you know we combined IMI with the land division in Elbit. So in this division we are producing platforms like howitzers and mortars and upgrading tanks. And we are also developing and delivering guided munitions. Recently we announced reorganization in Elbit and under this reorg... | direct | [
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492db84a541b70a786ee6bab21a9f447 | Hey, good afternoon. I have also a couple of questions. The first is what immediate or long-term impact if any are you seeing from the recent operation in Gaza and the results on the local scene and maybe results concerning potential exports and will it affect in some way to think when bookings from local and foreign c... | As you know, Israel customers' IDF is a very important customer to Elbit and we are working with IDF to develop and to deliver new systems for many years. And of course we supported our troops during the [Indecipherable] in Gaza. I'm happy to say that the solution that we provided was relevant and effective. And we con... | intermediate | [
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6eaa0bced5f77a918c4e5efcd9d5565a | I have a question if you don't mind. I know that the army is very much waiting for this high-power laser. When do you think, I mean, roughly it will become operational, is it about two years, three years, or is there any deadline? | No, this is more or less the timeline. We are actually waiting for the defense budget, for the Israel defense budget to continue the development and the production. I hope that this budget will be formed soon. And I believe that everyone is convinced right now that there is a need to find a way to finance this program ... | intermediate | [
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0740b66b1a0d6f9912ed54bfdd799a9d | In a few years you mean more than two? There is no besides the deadline. Okay. And I have another question, actually more on price surroundings and I really would like to learn from your experience, because as we all know here locally in Israel, the Israeli shekel strength is hurting most exporters in Israel. But not o... | Hi, Ella this is Yossi. I would give you two aspects of that answer. One is on contracts that we have. In quite a lot of them we have elements of indexing so that they do protect us, maybe not a 100% but quite significantly material protection against inflation. It depends on the customer and on the currency. So it var... | direct | [
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ba45a4da539395e2736f80804bd5dfb9 | Well, first it's good to hear that many aspects are protected because the exchange rate changes were quite dramatic as we know here. And on the other hand, do think we'll see also the time you're collecting payments from your customers becoming shorter or because you mentioned as far as one of the companies with the lo... | No, I think we did complete -- that's the strategic cycle that you referred to about using the payment terms as marketing tool. We stopped that actually or significantly reduced that last year already. And then came corona, that's right. But one of our major customers, the Ministry of Defense here in Israel did pay nic... | direct | [
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0f1d80ebe5b125ea62ba1ac0bae94289 | Oh, OK. Thank you. It's not that important. I just was late in reacting on the call. So, I would like to ask you about factoring as we spoke about cash flow actually, how -- are you still using it and is it still a -- is it a higher rate now than you used to use it or it's the same level more or less? | Occasionally we use it. In the first quarter we had a relatively low level of factoring. And if you look at the trend, compared to last year we have lower level in overall, and we plan to have a lower level during the year as well. In assessing -- in our assessment, the payments from the customer will come in time and ... | intermediate | [
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f6401ef48bab7ba47ca466ddbb82ddd6 | I wanted to ask about your ASPs, your average selling prices. It seems like earlier in the year, they were holding up a little better than maybe I expected, even with this kind of similar backdrop, and it seems like the levies on selling prices might have kind of broken a little bit harder this quarter. Can you just tr... | Yes, I'm not sure that we can answer the question exactly as it was -- as you asked it. But let me say that it's been highly competitive all year on -- it didn't change during our fourth quarter and it's driven both by domestic competition and import competition, and I think one of the underlying realities is that stee... | intermediate | [
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2dba88edf26e45cd358eac50c960a575 | Okay. That's helpful. Mike, would you happen to have the 2019 gross profit drivers kind of unchanged from last year, or there is any -- anything to highlight there? | No. I mean, in term -- are you referring to just the relative impact on the quarter or...
Right. Yes, we will actually be posting an updated presentation later today that will provide that detail. But when you look at the changes in the components, you'll see there is a shift with the raw material percentage being a l... | intermediate | [
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3aa9e0b05c52e154ff92570e03ace17a | Okay. And just maybe one and I'll hop back in the queue is just, can you maybe talk about how weather has trended maybe throughout the first few weeks of October? | Yes, I mean still, it's been spotty. I mean there has been some markets that have experienced some rainy stretches. But overall, I think we're still back down closer to normalized levels from what we experienced through the first three quarters. And yes, I think, if you look at the Q4 weather data, just from a precipit... | direct | [
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45a3b3942c1e3ea10d01bb22d1e13529 | When we went through the period of dollar strengthening as we saw a plus, the pending tariff increases by another 5%, does that create an exacerbation of the problem that you had seen in the prior quarter, and does that provide any -- somewhat or a little bit of relief as we go in, if those metrics aren't in place as t... | Certainly, the strengthening dollar has an influence, but I would say it's moderate at best. And the tariff increase you're referring to is not applicable to Section 232 steel tariffs that's affecting Insteel, it's probably the 301 tariff, that is a China issue. So I would just tell you that the dislocation of steel pr... | direct | [
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54850385f12592a6c7b08d1829ce6314 | Okay. Mike, you talked about 500 basis point reduction due to the inventory and pricing. Obviously, you can't attribute all of that to the 30% that's affected directly by the imports. Is there a way to try to splice that to see where the true impacts came from? | Yes, I don't know that we can drill down to that level. And I think just getting back to my comments on the spread compression that we've experienced over the course of this year and truly it is the function, the timing being behind the curve, aside from the increased import pressures just as the matching of the higher... | intermediate | [
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977b0260dfcd4c42cf72957e6b8711da | Okay. There have been reports of a potential pullback in the FAST Act that could be implemented in July 1 of 2020. Do you have any further color or commentary that you could provide in regards to those reports that possibility of $7.6 billion being taken back out of the original budget? | Now we have seen some references to that action and concerned about the potential impact. But I think of greater concern is just what comes out of the budget process in D.C., where we're back to operating under a continuing resolution that runs through November, and you may recall that when there was a two-year budget ... | intermediate | [
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f0a8a2944ac9f288c71464edd398b66a | Hi. I'm trying to get a better understanding of the tariff situation. Can you be specific on any responses you have received related to your efforts to get the 232 tariffs extended? | Well, as I said in my prepared comments, we have been successful in providing extensive data on the impact of imports on our performance, and I think it's clear that there is an unintended consequence, I think the administration appreciates that there is an unintended consequence. And the question is whether there is a... | intermediate | [
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49a52ff10d089e7b0cd699eb15e65ba0 | I mean it would seem like there would be a formal process. You file a complaint and they're required to reply you in writings. And that's just not the situation right? | That's not the situation at all. This is a matter of administration prerogative, and that's how the tariff was implemented and it will be administration prerogative to change it. | direct | [
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3e0da5833d16b1299380fbce2b3a7541 | Okay. I mean, is the problem also that you're not trying to get tariff relief, but you're trying to get tariffs applied to others, and they just -- there is just not a real mechanism to deal with that. | You are correct, that we have not -- we have not advocated for termination of the Section 232 tariff. We have advocated for recognition of independence of the supply chain where you can't tariff upstream products and not tariff downstream products without creating exactly the situation that we are confronting right now... | direct | [
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827e05bb225041edf1b5710896fd4982 | Just 2 quick topics here. First, it sounds like you guys have a really good handle on the storms as it kind of relates to policy decisions in Austin are there sort of any potential opportunities for CenterPoint as we think about the plan as presented this morning and just remind us, is there sort of any impact to Cente... | Yeah, well, appreciate it. Let me take the, maybe the first part of your question, Jason can take the second part. As you can imagine, there is a lot of dialog going in Austin, even as we speak here, the legislature is in session so everyone in the political sphere is in Austin at this point in time, but I guess as I l... | direct | [
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661ea47396d8992580214e4df12fd800 | And then just lastly on the Midstream exit, can you just remind us Dave on sort of the various exit options you're thinking about is, ie., exercising your demand writes, the most viable path versus slow triple or piggybacking and I know the exit is going to be obviously satisfactory to utility investors, which clearly ... | No, I think a good question, and I'll let Jason clarify, but before you can exit you have to minimize and so I think what we've done with this transaction, it has allowed us to sort of minimize our exposure and now and when the transaction closes, we'll pivot very quickly to exit and believe me it's top of mind in term... | intermediate | [
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9fc9e24b80dc920455b32e4b7fc38c26 | My first question is back to the Texas weather event. First, I just wanted to confirm your comments that the guidance of 2021 does include whatever drag is associated with the financing to cover the cost immediately. And then, just related to that when we think about your thoughts on the recovery and the recovery perio... | Yeah, let me answer the first one, I'll let Jason answer the second one. It seems like we have a routine working here, but absolutely the guidance we have out there does include the drag of the storm, as I said in my prepared remarks, there'll be some extra interest pressure on there, but I view that as a headwind to m... | direct | [
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2eb0466b88b7f33ccfbbc8cc69506d30 | And my only other question is in for 2021 guidance and the assumptions that are embedded in it, it seems like there is nothing major related to any COVID related items. Is that correct. | That's correct. You know as we articulated toward the end of last year. It's our responsibility to manage the ups and downs the headwinds or tailwinds of this business. COVID remains a small headwind, but we have every confidence that we have the tools to manage through it. And one of the other things that I'll just co... | direct | [
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f4e090cfeb27611bae14de8a1daf4354 | Hey congratulations team so perhaps just, just to stick with the cost question and cost allocation question coming out of the Enable transition here. Can you speak a little bit to how you're thinking about that evolution here a little bit more specifically just the cadence of addressing and minimizing that element. Whe... | Sure. Good morning. Julien. I think given the negative tax basis that we have in our current Enable units that will transfer over to Energy Transfer units. I think it's fair to characterize about 50% of the proceeds that we would receive upon sale of those common units would result in -- will be paid in taxes. And so a... | intermediate | [
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9f0d63cd3ac5fc5a6a473d6900e4a39e | Can you elaborate at least preliminarily on how you think about winterization options coming out of the deep freeze here. Clearly some of your earlier comments on the call suggested the bulk of improvements seem to be more on operations but curious as -- as you perform your task being wires utility and the gas LDC, how... | Yeah, let me, let me take that one on, first, I think there -- there has been a lot of dialog across the state about a lot of the reason the generation went down is because it was not properly winterized and that includes both the wind, solar, and gas generators, but in fact, at one point, the big nuclear plant STP als... | direct | [
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9aca7daa0259e56dfd6f0beaa633fde7 | Thank you. Hey Dave, Jason, Tom, is it possible that you could break out the $2.5 billion by states. | Sure, I'll give you the 3 top states, kind of in Texas we have about $1.25 billion of incremental costs, in Minnesota about $0.5 billion and in Arkansas, we've got about $350 million and then the rest is spread fairly evenly across the other jurisdictions. | direct | [
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1dd82eb32d4bb0a01fb94accfc2326de | Okay. And then when you talk about the regulatory mechanisms for timely recovery could that potentially include securitization of some of these costs. | I think it's really kind of early to get ahead of the regulatory process but securitization has been discussed and so whether it's securitization following -- the current recovery timelines are about 12 months in some of the jurisdictions, particularly those 3 that I mentioned, a year to recover may be too much for cus... | direct | [
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a88c5643e480c4c51b1a428f3db6c885 | Okay. And then I guess, maybe a question for Dave. So just for the layman percent, it might be hard to kind of separate CenterPoint as the utility versus the generators or ERCOT or others. So I'm just -- it's encouraging to see that the Mayor made you the head of this fundraising campaign. But just could you give a sen... | No, I would say generally, I think everybody gets and understands the roles that the generators, the T&D companies and the retailers basically play within Texas. We were very aggressive in our communication last week, putting out sometimes -- always one and sometimes two press releases every day, trying to inform peopl... | intermediate | [
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87083c8dc9e200047b70e0a81f066902 | Okay. And then finally just I know in the past you and the other utilities have proposed adding batteries on the utility grid and I'm not sure that would have helped here or not, but just, is that something that could come up as a potential thing in the legislative session. | Yeah, I think right now, almost everything is being considered up there, but I think our -- our pitch would be in an event like this, absent having your own generation, which we don't want to do, we were at the mercy of ERCOT. But I do think that around the edges and for sort of incremental ability to react to short-te... | intermediate | [
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198830ce03d380b0b52b6d06b912cd65 | Hi, good morning. Thank you for taking my question. All the questions about Texas and other pressure and issues have been answered. I just wanted to ask you about organizational morale. It seems like you guys are very focused on the O&M reductions and the perhaps you are asking lot of people within the organizations to... | Thank you. Yeah, I mean obviously this is a biased view and a personal view. But I think morale is really, really great in CenterPoint right now and I think if you, you got to look back over what this organization has gone through in the last 12 months and it's been a wrenching change. I am the 3rd CEO within a year, J... | direct | [
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31a74a5c832c58a6594dc106c2de3e37 | Hi. It's Roy for Jason. Thanks for taking our question. I had a few on the manufacturing bit first. I guess, can you just tell us the location of the current heparin supplier? Is Alcami -- just so I'm clear. Is Alcami we going to work with that supplier as well or just a new supplier? And then conversely, is the curren... | OK. Thanks, Roy. In terms of the API player, I think we're comfortable saying it's in Europe. Alcami will only be working with the new heparin supplier for the time being. That's the work stream that we are focused on. And the existing CMO will remain with the existing heparin supplier. And that's the current way we've... | direct | [
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9f84f08290bac0ccb460443b7eb43065 | OK. Great. And then if you submit the supplement at the end of 1Q next year, what do you expect to get for a review period, assuming it's accepted and then on the reimbursement bit for the outpatient part, do you guys have any examples of companies that have argued to CMS for the J code and now the TDAPA have been succ... | Well, to address the first question first on time lines, I'm going to turn that over to Phoebe. If you want to comment on review period. Certainly. Thanks for the question, Roy. It depends on what you're referring to is the submission in the first quarter of 2023. If as we hope the deficiencies can be addressed quickly... | direct | [
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72096c4ff19872c552e15a8f0bec5850 | Good morning. This is Lez on for Joon. Thank you for taking my question. Joe, I guess we'll start on the pricing. Thank you for that color that you provided. Can you provide a little bit more detail, I guess, on how this -- how do you expect to play out closer to approval -- and when do you think you'll be in a positio... | Well, look, we've listed WAC as part of our NTAP application. Certainly, we are not bound to list at that WAC. As we said in the prepared comments, we have to set one WAC even though we do expect to have different net pricing across different settings of care, we're not going to comment at this time on net pricing in t... | intermediate | [
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ce42272a9546952df71fb0137a338806 | Got it. That's helpful. And then in regards to the APA supplier, what kind of time frame is appropriate for resolution of the warning letter and then do you think the warning letter needs to be closed out before the NDA can be refiled? | Sure. Thanks, Les. It is a time line for resolution of warning letters totally depends on the interactions between the facility and FDA. And we're obviously not part of that process. And we are aware of information provided by the API supplier that they are working as fast as possible to get the issues resolved. And we... | intermediate | [
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90c8d34c477dad82f218ec5f998bd908 | That is helpful. On the with Alcami than you have similar capacity to the current EU CMO. And also, it sounds like you've identified the alternate source for heparin API supplier. How quickly could that be put into place? And will they just work alongside of Alcami at the same time? | Thanks, Les. So in terms of capacity, Alcami has sufficient capacity to handle our commercial needs should we need them to. In terms of the alternate -- or the additional API source, the time line would be similar to -- or identical to the time line of getting Alcami approved. Those would work in tandem. That submissio... | direct | [
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3735717b03b3a2a154a1d656d8bfcb7b | Got it. Thank you. And then last one for me would be on the -- you mentioned the trade name issues. Can you just clarify that a little bit more? What are your options here? Is there a potential for renaming? And has that affect any impact that you already have completed on your marketing efforts? And is there any issue... | Thanks, Les. There's really no issue here. It's not unusual what happens periodically when applications are under review. When they go in, there may not be any names that have sounded like complex. But over time, as new names get submitted, the FDA identifies the source of confusion, notifies both application holders t... | direct | [
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78a68f0793f97c6594d9f31163767f7e | Hi. This is Rohit on for Serge. Thank you for taking our question. In terms of the NTAP reimbursement, there's a conditional approval by July 2023. Are you able to extend the date if the state can't be met and talk about the options there. | Thanks, Rohit. As I said in my prepared remarks, we're going to submit a duplicative application this October to get into the next NTAP review cycle with the expectation that we would still be eligible for approval as we were this year. So to the extent that we did not get final NDA approval by July 1, 2023, and this N... | direct | [
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"fully_evasive"
] | A |
e2b8989bf8d464173ad7c3882f803a92 | Thanks. And then another one regarding the prefilled syringe product. Just based on where we are now, how much of a priority is that? And then, I guess, how do you expect to move that forward? Thanks. | Thanks, Rohit. So I mean, I really see the PFS as more of a life cycle management. Obviously, it's nice to have. It's not critical to approval or to launch. We are focused on getting approval of the NDA. And we will continue to move PFS forward, but once we have final approval of the NDA. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a0661d81ad1439d6c3a9822ebdc6b163 | Given the CRL and continued delays on the regulatory side, could you walk us through what the commercial team is focusing on? What can we expect over the coming months? | Sure. Thanks, Dan. So there's a lot of, I'll call it, pre-commercial activities that still need to take place Certainly, on the infrastructure and systems side as we're preparing to be able to warehouse, distribute, ship product, collect cash. Those work streams all continue unimpeded. Then there's also a large number ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
081ebf358743784557355cc9b9f0ce3e | What is factored into the current cash guidance when you say through 3Q of 2023? | Sure, no problem. In terms of the cash guidance we give today. This includes ongoing manufacturing activities, commercial launch supply and other commercial prep. Clearly, we would plan to moderate our cash burn to align with the time line for a potential regulatory approval, for example, the hiring of the field force ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
48bebe92cc7df5335b26ec1affe55a1d | Does the company need to do a large financing to fund ongoing spend? | OK. Thanks for the question. We don't need to do a significant amount of financing given our cash runway takes us at least through the third quarter of 2023. As we have said in the past, CorMedix is always looking at a range of opportunities to fund our ongoing business and we have both the shelf on file as well as an ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
17d15a878807629172f04091b8e698f4 | Good evening. So, I have two questions. The first one is about omni-channel strength. So, I would like to hear from the management team about their thoughts on the competitive environment, as well as the differentiation of JD in community group buy and new retail.
And then secondly, I just want to get a sense on the F... | Thanks, Eddie. This is Sandy. Maybe let me take the things with related questions first and Xu Lei can comment on the omni-channel strategy. So, on Jingxi strategy, first of all, we believe this social purchase model is definitely a long-term initiative.
There is a structure of opportunity for JD to further penetrate d... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4115f56ecd49791d5e6e828b710f6773 | Thank you very much. Thank you, management. Thank you, Xu Lei [Foreign language], Sandy, and the team. My question is mostly on our investments and how we see the balancing between -- and growth of our core profitability and the investments, given quite a lot of our peers have been seen reinvesting a lot of their profi... | Thanks, Ronald. Let me take this question first. I think, first of all, we prioritize growth above the importance of profitability because across all of our business lines, we are still in high-growth stage. But, you know, each segment or each business line is actually in different development stage.
So we have kind of... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7f9bd4ef517fdabeaf5ba300a7d112f6 | Hi. Thanks, management for taking my questions. My question is more about user growth, as well as the penetration to lower-tier cities. Can management share about our strategies on how to further grow our users for this year after reaching the 500-million milestone? And on that front, can you also comment our strategie... | This is Xu Lei. Your questions on the users, we'll adopt a more flexible approach this year from two aspects. First, we will increase -- we will diversify the channels and the approaches for our new user acquisition. At the same time, we will manage more high quality -- we will manage our cost and the quality of the co... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b7d43d77b82dd1def450328cca476bb2 | Hi. Thank you. Good evening, management. Thanks for taking my questions.
Congrats on the strong results. I have a question regarding, you know, how should we be thinking about for the second quarter trend. I believe -- I think, Sandy, you previously mentioned, you know, we should look at on the first-half growth rate a... | Thanks, Alicia. You know, during the COVID outbreak had very significant and very different impact on the performance of our various categories last year. For example, I still remember that the home appliance category was extremely weak in Q1 last year but was extremely strong in Q2 when the pent-up demands were releas... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ddba1293eef3bf72aab037e17f68ee90 | Maybe you could talk about how you guys think about free cash flow generation and its application to either paying down debt and the exploration opportunities at Rainy River/New Afton. | Yeah. Let's start with the exploration. I can tell you that we're absolutely excited and ready to go. I think at this stage, it's a matter of a permit completion.
We do acknowledge and understand that in BC, there has been some prior to giving to permitting operating operations and others. I think it's a matter of time... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9b8c8ed980340a9f9bcf9a4969cb06e6 | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI.
For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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