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27c6a92e49a8836418790f25e6ac4f87 | It totally does. And then with regards to obviously, this is fairly recent, but when we think about solar wins and the implication as it relates to cyber and your push on digital transformation, what sort of impact are you seeing there? Are you seeing more audit opportunities? Is that meaningful? Is there any sort of s... | I mean, I'm not aware we're seeing any pause. Tim, are you?
No.
I think we still have opportunity there in terms of assessment work and audit work. | direct | [
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ac11151eaf3fdbc7acb55d03aac70d1b | Great and then in terms of the gross margins, how much was the healthcare -- the increased healthcare utilization a function of the lower gross margin? | It's roughly about 25%. | direct | [
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ecd963208e7098db2f7e28534b956212 | Okay and so do you anticipate that continuing Jenn or do you think that that was just kind of a blip? | Yeah, I mean the healthcare trend is a bit unpredictable to a certain extent. I mean we saw our healthcare costs come down right when we entered into COVID and it started picking back up in Q1 and Q2. So depending on where COVID stands and participants behavior that's a little bit, that's somewhat hard to predict, but ... | intermediate | [
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c08b7f24399e87ca47633a6cc3ee221e | Okay, how should we think about the gross margins for this current quarter? Obviously, there is holidays. There is also going to be the reset in terms of payroll taxes. So how should we think about that relative to this past quarter? | Given the holiday impacts, it's going to be more significant. So I think Q3's gross margin is going to be relatively lower compared to this past quarter compared to Q2 and if you take into consideration the payroll tax reset, so all of those are contributing factors to a lower gross margin percentage in Q3. | direct | [
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2f2dc0e9eec0f07061a8ee23573cab10 | Yeah, I mean would it be in line with historical seasonal patterns in terms -- | It would. | direct | [
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171af8d24f5a462bc93c82d2d1d3c40a | Great and then you said SG&A is going to go up a little bit sequentially, obviously, again because of the payroll reset and then any sort of a new compensation structures, but then obviously the offset is we should have some benefits from the restructuring? I mean roughly speaking, how much of a delta should we see in ... | Yeah, I think the impact of payroll taxes, I'll just give you a kind of a reference point. Normally in Q3, our payroll taxes run about 10% of our payroll cost versus 7.5% in Q2. So, I think roughly, you're looking at -- excluding restructuring costs, you're probably looking at a couple of million or more -- maybe highe... | intermediate | [
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df3755e69c56495bcbe4ad7cd99fd146 | Terrific and then it sounds like in Europe, can you just talk a little bit about how you were able to maintain the revenue while doing the significant restructuring. It sounds like there was a really good performance there. | Yeah, Mark, I would definitely say that was the case and we have a couple of large clients over there where we have been working on both existing projects and expanding our footprint there and again, candidly, we have a very engaged and dedicated team there that kind of soldiered through a tough situation and managed t... | direct | [
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b68b097bb9ce5e4852c44d952152908a | Hi. Happy New Year, everybody. I just wanted to focus on the $13.3 million, which was the kind of the three weeks in December trend year-over-year. What kind of percentage change would that be on a year-over-year basis. I'm asking on a same-day constant currency basis thinking of that weekly $13 [Phonetic] million vers... | Based on the first few [Phonetic] weeks trend compared to year ago, we're roughly down about 9%. | direct | [
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3ba98f11a28687236a6a3cd7ee717110 | Okay and that's same day and constant currency, right, total company? | That's right. | direct | [
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6a3f4143581232a1633bfea5569133a8 | I was wondering if you could just provide some color on the pricing on deals completed to date and where you stand versus the $200 million guidance. For the year? And then maybe talk about how the competitive landscape has changed as you look for additional opportunities? | Absolutely. Good morning to you. So basically, DHA-Aurora, our first purchase is $14 million. Our FBI DEA El Paso joint facility was $38.7 million. Our VA-Mobile was $39.5 million, and the VA-Chico was $33.1 million which totals to $124.7 million which we're on our way to $200 million, I'd say we're in an awfully good ... | direct | [
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7c1e55232b634d92a39a6f90a0cbe437 | Bill, just kind of off of that last comments, and I know it seems like there are some opportunities for some more single asset type transactions. What about the portfolios? I know those are harder to predict, but are those owners more willing to sell some of their properties and derisk during this type of environment o... | Hey Michael. Good morning. I think it's the same there, really, but you can be assured that we're calling the owners of the smaller portfolios and the larger portfolios. And obviously, from an M&A standpoint, we think we're in a terrific position with our cost of capital right now to move forward. Having said that I th... | intermediate | [
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74ff5f9afb0456cf75619dc8e6f5ab03 | OK. And then on the single assets, like how much -- I mean, is that -- how much bigger is the pipeline today given these increased opportunities? Is there a way to kind of quantify that? | No. I mean, I'd tell you, we've -- since 2010, have we just -- solely us, but we've stuck with $700 million out there that we think is a good number to be familiar with. And the $200 million is obviously based on what we're, pretty darn sure, we can execute on. So I will just say that we are busy trying to exceed that ... | intermediate | [
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99c92913acbf8b4d159377d10d23e47c | OK. And then on the near-term lease expirations that are coming due, is there I guess any delay in those? And is there a risk that some of those leases go into holdover or is the government still I guess, working as typically we would expect and is the activity is kind of in line of where it has been historically? | Hey, Michael. This is Meghan. The GSA is proven to be very efficient from working from home so we are in touch with lease contracting officers and leasing activity in general is progressing and moving forward. | intermediate | [
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eb048d3707dda284d307205d54e58df0 | OK. Great. And then I guess last question for me is, how should we think about the settlement of those forward equity commitments? I know you typically have 12 months to close those. I mean, should we kind of straight-line that? Are you going to assume that you close those as more deals kind of come through? | Yeah. Michael, that's going to be used for, if you will, just-in-time funding around deals being closed. | intermediate | [
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c0503a9d21137fefd81a32b7c767ec04 | Hi. Thank you. Just wanted to get your thoughts on kind of long-term, in a recessionary environment obviously for kind of more traditional real estate assets, you would typically expect some cap rate expansion now being kind of in the niche market that you guys are in. What are your thoughts on kind of how cap rates co... | Good morning. I would tell you, having done this since 2000, started looking at this in 2009, it's been really quite incredible how little cap rates have moved through various events that we've seen since over a decade ago. The scarcity of the buildings which is an advantage we have because we know all the buildings ou... | direct | [
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3607161e48277b35d83ca9b89af0c26d | Kind of given the shifting priorities for federal spending, does that -- do you think that at all impacts kind of the concentration of different agencies that are in the portfolio? Do you see that having any impact on just the mix of tenant exposure from government agencies moving forward? | No. I think as the largest employer in the world, the largest office tenant in the United States, the federal government does not seem to be pulling back on their expenditures right now. And in fact, I think we might see more opportunities going forward. Is government seems to be poised has grown substantially during t... | direct | [
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8380099fdb44bd946fb47db09562ba53 | Any change in the buyer pool out there that you're competing against? I'm just curious whether this period is knocking folks out or whether it's actually shifting more people into a more defensive mode and looking for this longer-term net lease like structure? | Good morning Bill. It's hard to tell exactly what's happened. I will tell you that we have won every single building, and some have been obviously off-market that we've wanted to do this year. So from our standpoint, it's been clear sounding. There were rumors at the beginning of March that others were going to think a... | direct | [
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ce3664d223410cd48689bcc98c66b059 | I appreciate that. What are you seeing on releasing spreads? | Bill, this is Meghan. The dynamic around how we approach releasing and what drives our releasing spreads really has not been impacted by this pandemic. And so the dynamic around the fact that the replacement cost of the asset remains the high watermark for these conversations really hasn't shifted. And our releasing, i... | direct | [
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37b2b0eb7ffd2172498d668620485545 | All right. Thanks Meghan and one more for you, given the cost of capital today. Do you find yourself leaning more into equity on a relative basis or are you trying to maintain your debt equity balance as it has been historically? What are your thoughts there? | Yeah. So obviously, like the way we're positioned today, but as we continue to build into the year and lean into the $200 million plus type goals in terms of acquisitions, that is absolutely an opportunity for us to continue to use equity to delever the balance sheet while still delivering on earnings expectations. So ... | direct | [
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e05b2e895467dd6f5c07ad98c95e0ec2 | This is Avi [Phonetic] on for Barry. Great quarter. First question is with rising COVID cases, have you seen any related softness in your business? | Sorry you're breaking up a little bit, but I think you said with rising COVID cases, have we seen the softness in the business. And there's nothing really that you can directly correlate. Obviously, we watch the numbers very closely. And it's very interesting to date, yet we haven't really seen much going on there. We'... | direct | [
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3699924963285fc6c8505a676cd562b1 | Okay. How are you prepared in the event we see another round of COVID-related casino shutdowns? Any lessons from the first time? | Yes. Obviously, a lot of lessons from the first time. I think the first go around and maybe Kimo might have something to add here. But the first go around, put us in a very nice position here to know what steps to take as we move forward should something like that happen. We don't necessarily anticipate sort of that gl... | intermediate | [
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5fa3eaf731f48a8acdf771c08662c545 | Okay. Great. And last question, as you think about your current business mix, are there any new areas that could interest you, whether it's expanding Interactive offerings to sports betting or other areas or perhaps more well-known branded participation games? | So yes, we get asked quite a bit. Good question. We get asked quite a bit on branded participation. It's not a place that we're at yet. We always evaluate it, look at it very closely. Should we find a licensed brand that we really think would offer some pop in that space for us. Obviously, we would get after that. Same... | intermediate | [
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78b5ff7fed50847b1fefb11d5b86a789 | This is Aaron Lee on for Chad. So you noted that your pipeline has been strong. Can you talk about the number of titles that you're rolling out on some of the newer cabinets like Starwall? | Yes. So we don't have -- I don't have the number of titles that we're rolling out, but we have a full sort of schedule and pipeline. And specifically for Starwall, we have a couple of games in one family right now. We have them queued up for the next family to be released probably in early 2021. We don't publish like t... | intermediate | [
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f8521318bf8b3c5af56d7c67015f8417 | Okay. And just turning to Interactive for a moment. It's really great to see you guys having the momentum in this business. Just looking at the variability in the margins between 2Q and 3Q, how should we think about the margins going forward? | I think as far as margins -- and then we'll just speak about the business specifically in Interactive. I think that COVID obviously aided the development going forward for our interactive division, it was very helpful. As far as margins and revenue go, we expect things to remain consistent.
We see some new openings. I... | direct | [
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a995b16c90b99042eba781965a2f7a9d | So first, Dave, you said that the inventory levels at retail are lean. Is that across the board or just wondering if, when you look at your segments, is there one particular area where you think the retail inventories are leaner than others? | Yeah, I would characterize, the three businesses that are growing, that the retailers are still seeing very lean inventory across the board. So I don't think there is any distinction among those three businesses. | direct | [
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f4ce60bc9c60fe7bc4758d96ca953f2f | And then, you mentioned that -- so obviously, demand is high and you're working to increase capacity. So can you give us a sense as to where you are with your capacity now, and what should we look [Technical Issues] of your ability to increase capacity from here? | Yeah, I mean, we're kind of set for the season in a way, when we added shifts early to our factories where we're building product, and that's been very helpful. We're, of course, adding a lot of seasonal labor, which has its challenges, but we've done that as well. So we're working as fast as we can to meet the demand ... | intermediate | [
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9a92dc0f4a097a9ab166c94bef85824c | So in terms of the supply chain constraints that have certainly been well publicized, can you give us a sense as to -- as you look now on May 7th versus March 31st at quarter-end, have things gotten better or worse or the same in terms of these supply chain constraints? | Yeah, I would say, it's pretty dynamic, Anthony, right now. I mean, electric parts coming in, we're working very hard to make sure we have adequate supply. I think we've done a good job so far of maintaining that. But as you heard, I'm sure out there in the industry, there are shortages here and there and longer lead t... | intermediate | [
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1443c3553141aeb585bc6e6e04b7e8b4 | And then lastly, I guess for me here, so, yeah, how should we think about your ability to offset the higher freight cost, [Technical Issues] price increases you may view, are you thinking about those or anything else as far as some of the cost mitigation strategies? | Sure. Yeah, I mean, I think we'll definitely consider all options to help mitigate cost increases. Cost savings programs are important, and how we price our product, the innovation we bring out into the marketplace, that's all part of the equation. So we'll look at all options for that. | intermediate | [
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009a65d7a13081a6304432a2424ae114 | Want to start with Texas? Obviously, the weather's been really tough there over the last week or so, wondering if there's any damage that's occurred at the properties, any sort of impact people leave for Whitestone from the weather conditions in Texas? | Hey, hey, Aaron, it's Dave, thanks for your question. Yeah, it has been a strange week so we had some unprecedented cold weather in Texas. Whitestone has done very well had minimal damage to our properties, a couple of small pipe breaks, but nothing significant. But a lot of folks in the area have been impacted, but Wh... | direct | [
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bade719551f0e198735d306a9ef00d4c | Looking at the new leases in the renewal, looks like new leases are down about 5% renewals, up double-digit, pretty big divergence there. Any sort of takeaways between the new leases and the renewals to give us better insight into what's going on? And I mean, is it a certain group of tenants that have lower demand for ... | Sure, it's a Dave again, I'll start off and Jim might have some comments as well. But yeah, one of the things we do obviously is try to give some transparency as to the leasing spreads. I will tell you, we like to look at it more on a 12 month basis than an individual quarter because in any given quarter, there's only ... | intermediate | [
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eb0fb88ee622cd5a6a0594abac97063b | Dave, I'd like to talk about your bad debt assumptions. I think we've seen bad debt fallen half from the second quarter, but it didn't materially change from third quarter. It was sort of midway through the first quarter, you're looking at collections that are you know, relatively flat and even modestly improving kind ... | Yes. Hey, Greg, thanks for -- thanks for the question. Obviously, it's been a year of assessing collectability on our tenant base. We've done that at a very granular level, really looking at the tenants understanding their financial position, we've converted about 104 tenants to cash basis. You're right, I think our hi... | direct | [
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c76f17fcdbc3bba57b69f5fcb418e4c3 | We're hearing that there's an increasing amount of money looking to buy shopping centres here in early 2021. Give me your leverage. Are you considering at all maybe selling some assets to possibly deleverage the balance sheet? Or is that not a consideration at this point in time? | As prudent owners of real estate, we're always looking at this as investments. We do think there's a lot of benefits to Whitestone from continuing to scale our platform. One of the things, Jim mentioned is we are seeing some opportunities out there from the acquisition side. We're going to be very prudent with our capi... | intermediate | [
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6e649424e653a4e267ef0f76cecbd9af | I know you've got about 16% of your leases expiring this year. Can you give us a sense of, kind of how many of those are maybe month-to-month, roughly? | Yeah, so we historically, if you look at our leasing activity, this year, we signed, let me see, about 900, almost a million square feet. So we're very comfortable with the level of leases, we have expiring in 2021, which is about 800,000. So historically, we've done that level. We do have on the month-to-month side. I... | intermediate | [
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41b4bbd07c7b610660e1c3de2e0af37c | Got it. So it doesn't sound like there's any known large move outs in 2021 that you're aware of? | That's right, no -- you know our tenant base very -- we have great diversification of a tenant base with our largest tenant making up a little about 3%. But we have no known significant move outs at all coming out.
Nothing large, our average size tenants is 5,000 square feet. So, when a tenant moves out, we can absorb... | direct | [
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b5691c045bbe106a0b8278012ef0caa8 | You said you expect to increase your occupancy to 90% to 95%. You already talked about the role that migration from California may play in that. What sort of assumptions are behind that in regard to opening of the economy and just general growth in Texas and Arizona? | Yeah. Hi, Michael. In terms of how we see our occupancies increasing one, one of the key factors is adding people. And we've added three new leasing people to our team. We have a very specific business model that requires a certain characteristics in our leasing effort. And so, by adding new people, we will be able to ... | direct | [
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875f936fa2311fef3981f9b5aaa88885 | If you could just start with, one, Scientific and the growth there. I guess, just if you think about the next 12 months, obviously, you're being aided by the vaccine. But I guess, just what are the puts and takes in terms of maybe the infrastructure that needs support, maybe is it the booster shots? Would that be helpf... | Chris, your voice is choppy. I understood the question. I hope it's your line and not ours, and everybody can hear us clearly. And so we've talked a lot about Scientific really beginning last August when we talked about the discussions we're having with our customers, how we estimated what the opportunity was. And as y... | direct | [
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a62d64b1540daaada6f77c05830036e7 | Just -- can you just talk about the strength of Electronics? It seems broad-based, but is there anything specific there that you can call out, whether it's the funnel that you've talked about in the past or with OKI? Can you just spend a little bit more time on Electronics' strength? | Yes. First of all, with Electronics, it is broad-based, both geography and end market applications. And in the quarter, in particular, our European business really started to come on strong. We've got great bookings acceleration and a strong backlog in Europe, and that was sort of the last region to kick in for us. We'... | direct | [
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cdf722152d2b1f2c8904e121c6d55d83 | Just in Engineering, the call for Q4 being sequentially similar to Q3, but there's no Enginetics, can you just talk about the growth, of what's in that growth and the difference between Enginetics? | Yes. The commercial aviation, primarily now, it's -- we deliver lipskins primarily to the Airbus aircraft. And Airbus has communicated that they will be at the pre-COVID build rate by the end of this year. So that continues to ramp month after month, quarter after quarter. So that's a nice, steady growth. Space continu... | intermediate | [
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001ac677f20f5996a2557c91ea57f15d | I wanted to ask some more on the Scientific segment. Just first of all, congratulations on coming in at the higher end of that $10 million to $20 million. As we look at the retail pharmacy customer base within that $10 million to $20 million coming in at the higher range, can you talk in more granular level, has this b... | Yes. There are a lot of moving pieces in the question you just asked, Chris. Let me just put a couple of the pieces out there. The pharmacies really started putting in cold storage about five years ago as they started to roll out vaccines for annual flu vaccine. And then there was a major rollout a few years ago of a s... | intermediate | [
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8f19b47c87ef2d4cd390ec0192f4e0e9 | That's great. And then moving off from Scientific, you talked about the recovery that you're seeing as it relates to Specialty Solutions and some of their product lines. At this point next year, we should be at a better point there. Likewise, I think commercial aviation should be at a better point at this time next yea... | Okay. So I first start at the top level and go back to the slide we shared last quarter that we anticipate -- the portfolio businesses we have now, they're strong in their segments, they have good competitive advantage and they serve good end markets. And through the cycle, we see a mid-single-digit growth at a corpora... | intermediate | [
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96f21ac66e48a4764fb89186ae775301 | That's very helpful. And lastly, leverage is down to 0.8 turns. Can you talk about the balance sheet? Obviously, leverage is at a very good level and you have great balance sheet strength. How you plan to put this balance sheet to work? | Yes, Chris, it's Ademir. I'll take this one. Yes, I mean, we're obviously very pleased with the strength of our balance sheet. And we'll continue to allocate capital in a very disciplined way from -- or kind of organic investments, both from a safety and maintenance standpoint as well as growth standpoint. We're obviou... | direct | [
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67fc7510fb0b19ad156b78007f62ca22 | I'd like to expand on that last question actually on M&A and, in particular, in the Scientific segment. When you think about M&A, are you looking at complementary products or products that can leverage the same sales channels? | Well, actually, I combine those answers. A year or two ago, we started studying this end market in some depth to look for acquisition opportunities and understand where the leverage points are, so what kind of acquisitions would make sense where we'd have some synergies. And if you look at the facilities that have our ... | direct | [
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1e3f8c720aa4e5e2696fd2a89d43e2a3 | Obviously, Standex has done a good job of expanding margins since the early stages of pandemic. Could you talk about the biggest wildcards and your ability to continue expanding margins in the fiscal '22? | Well, if you follow the company in the last couple of years, the biggest headwind we faced was in our Electronics business with rhodium, which is a kind of a thinly traded rare earth mineral we use in our reed switches. And back, I don't know, 2018 or so, the price per ounce of rhodium was less than $2,000 an ounce. Ba... | direct | [
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cd8b80b616abe729f6eb2d16de0c0926 | Okay. Yes, thank you and a good result. I wanted to ask a first question about the supply constraints for the two areas. First on substrate, is it mostly on the auto and lead frame or are you assessing the substrate constraint extend to some of the high-end ABF substrate? And on the wafer constraint, is that more an is... | Okay. Hi, Randy, this is Giel. Let me start with the first question on supply constraints -- supply chain constraints. Starting with the wafer supply chain, your question was related, is it only IDM factories or does it go deeper into the supply chain? Actually it is both, of course, it started very much with IDM facto... | intermediate | [
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a71b4607edc4e1d4d8a4466985fcb1d0 | Yeah, that does. Maybe just the follow-up on second half implication, it sounds like the wafer substrate better, not sure on the lead frame, but if you expect there could be a limiter for the normal ramp or you see it actually better and or good enough in both areas? | Yeah, we consider being being improved in both areas, Randy. Also on the lead frame area, we see some improvement, it has to do with the special metal supply chain and we see that these companies are actually getting their volumes up for the second half of the year. So we see improvements across the board, definitely w... | direct | [
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48cb7396e0807427a3689ebab00e368a | Okay. And it's also higher based in first quarter for the seasonal for Q1 and Q2. And second question I have on the system and package, you talked a bit about this pipeline transition, is there any headwind in the first quarter to second quarter seasonality or transition of product? And if you could give a view just on... | Yes, in the consumer domain, let's say more broadly System-in-Package is driven by two market segments, I mean, one is consumer, the other one is communication. In the consumer domain we see change over one -- from one product generation and to other product generation meaning one is ramping down the other this ramping... | intermediate | [
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81a1f3b41ee3f8790e4d950a7cd5ccbc | Okay. And a question on actually two sides, one is on equipment, if there is any constraint for the equipment -- on your capacity is there any limitation either on the advanced or on wire bonding where some of the stretching lead time on equipment is having much impact? | Yes, I think on the equipment lead time, that's your question. Lead times generally expanding for all equipment, whether it's wire bonder or wafer source or other equipment. We started to observe that actually in the latter part of 2020 and proactively let's say orders -- the anticipated capacity at that point in time ... | direct | [
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dec91a9f357f067476f9c898c35741c9 | Okay. And just last question, if you could talk on the pricing outlook where the Asian peers I think have been opportunistic to raise pricing, how you're seeing that the pricing and also given the tightness in the industry if any customers are doing any kind of contracts, looking at further out lock in supply and if th... | Yes, let me start with the first part of your question with respect to the pricing environment. In general, we see cost of our products going up, I mean, cost of material is going up and that's to partly let's say the result of the shortage of some of the materials, specifically on the substrate and lead frame side. Bu... | direct | [
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d610fb49a990f4fb7d19430604ebf755 | Just wanted to follow up a little bit on the expected impacts from the coronavirus you're looking at in the international telecom segment. What percent of I guess the markets that you think will be impacted because of tourism or what percent of those markets are business versus consumer? And is it the dynamic that you ... | Yeah, Greg. I don't have a percentage for you except to say repeat what I said, which is the bigger portion of our revenue comes from the consumer or residential side. But, so there is a couple of different things that can happen. So in extreme version via hotel or a restaurant that has no occupancy, right. In some cas... | intermediate | [
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8c983fc5e7c13fdc8a00cca6cbc86a3d | It was just around the strength in the fixed component of the US wireless, over 3 million this quarter. It's been, I think sub 1 million for like the last year or so. So I just wanted to better understand the strength you're seeing in that line item and is this a good level build off or a good run rate for that busines... | Yeah, that level is just -- that level is good. That is the CAF, a lot -- the majority of that is the Connect America Fund revenue in there. And again that started -- that was not there a year ago. So that started in the second quarter of last year. | direct | [
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82aa72a775efcd33035cf6d514eb2318 | In terms of the carrier services part of the US telecom, what percent of that business is fixed now versus variable? | We don't have a percentage, but the vast substantial majority. So, just about that it's the part that's not -- that is variable as relatively small. | intermediate | [
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a83cbd9db829348accb842765128d812 | From a business perspective, maybe first, what happened in April different than March. Can you give us any kind of color about what kind of magnitude of impacts you've seen knowing that I think a lot of your business actually is seasonal or maybe more skewed toward the winter months and the spring months but just anyth... | Yeah. I think not major, I would say first of all, but definitely some. So the types of impacts we saw range from the fact that gross adds have gone down in multiple businesses because the selling activity is way down. You don't have customers coming into your stores in most markets for that period, and you -- and ther... | intermediate | [
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24bdf4bdc23c6559c541cf0e602f2375 | How about from a bad debt or accounts receivable standpoint. Anything that you've noticed there, I know you're going to waive late fees on some of the items, but any larger issue on bad debt or accounts receivables? | We're -- we have heavy cash collections. Right. So it's a little tough for us to tell right now, because a lot of the places, they typically pay in cash or they have to find other avenues. So we -- I think we'll see more -- we probably -- it's likely we'll see some more bad debt in the second quarter, but it's hard to ... | intermediate | [
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0ab76527befff5781dc4ed19ec94513e | You mentioned the new reporting details, is it possible or have you maybe post experiment on busy earnings week to get like the recast second quarter, third quarter or fourth-quarter '19 numbers so we can look at mobility versus fixed versus carrier versus other for the different siloes? | Yeah. We probably could do that. Let me talk with you guys offline on that well to put it out there somehow, maybe up on the website or something. | intermediate | [
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89deeb8242fa2e6f18f29c3a415bc07b | As we think about not just the history, but the drivers and the metrics, you've done a good job giving us some of the international customers and broadband versus data, what kind of metrics should we be looking at as drivers on the domestic side for mobile versus fixed versus carrier? | Yeah, I think as we talked about a lot of that is fairly fixed, certainly the carrier services side and that's something we need to look at to a point where it becomes material to put additional information out there. I think it's -- I think some of the more important stuff from an economic standpoint are not your clas... | intermediate | [
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ad6c77a7e3cd06a36b381fd5a3cf6edf | Also noticed that you guys have now differentiate between an EBITDA and adjusted EBITDA for some of the miscellaneous items, what triggered that addition of an adjusted EBITDA versus EBITDA? | These people, I can't understand they're afraid of adjusted EBITDA. I feel like it's just directly, so I just feel like we've had it for too long and we're going to try to get to something that is like everybody knows what it means and everybody calculates at the same way, which is EBITDA and then do the math for them.... | intermediate | [
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d79a39788f70faae445458af497a17ea | You mentioned that one of the reasons for breaking out the new reporting was industry comps, who do you consider your industry comps as you look at EBITDA, adjusted EBITDA and other things? | Yeah, it depends obviously on the segment. In our -- and none of them are perfect. So, in our US telecom segment it's really hard to find a comp, right. Because of the nature of our business and the blend of our business. There is public regional players like -- that some of you cover -- you cover Rick, but their opera... | direct | [
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bfa52070e2b5e94dce8626a50ca9f925 | Can you give us an update on your emerging investments and also on the cash flow statement, you showed a 2.8 million purchase of a strategic investments. So maybe also kind of touch on that. Thank you. | Yes. I don't, I don't really have -- OK, so I don't have anything substantial to say on the emerging investments. There is -- I'd refer back to my comments that some of what's going on, feels like it could slow down a little in terms of momentum, just because it's harder to when you're in that stage to get deals done. ... | intermediate | [
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0227c14fb3f2efb85df0035e4b291644 | In International Telecom, is there a way to think about how much of your revenue typically comes from tourists that are visiting? | Not a lot of our revenue comes from tourists, Allen, it's more indirect. So, the wireless roaming revenue does come from basically from those tourists, although it's -- we get paid for less than I suspect they pay their carrier. But it's really the indirect impact that I talked about, right. So, it's our customers who ... | intermediate | [
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93f01f043f7277a08b8fb0f67a2899fb | My last question is on domestic telecom. Besides CAF II and FirstNet, is there anything else that's impacting the business or you expect to impact the business that's supporting better results than what you had before, or the other side of it? | Well, I think we solidified more than just FirstNet on the wholesale side, on the carrier service side, so that, as we said, we feel fairly good about those numbers. There are some pieces of that that are still variable but we don't really see we probably think there's a little more upside potential there than downside... | direct | [
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24fe5980b5b1b30c0f9672544bf98c0a | Your termination access expenses were higher in Q1 of this year. And the trend is, it's changing up on the trends here. So I'm just trying to get a understanding as what kind of data or voice kind of growth are you expecting that you're spending more? | It's just -- it's really increased data use. Right, So, as we in multiple markets where you've seen the broadband subscriber growth there's been other data service growth in that, so that increases are backhaul requirements and I think that's -- so I think that's the major piece of it. And Hamed, just to expand on your... | direct | [
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60811e94caa922c64ebf4910f4d12736 | And then the other question I had was in Guyana, just given the elections over there. Comfortable with the current climate? | No. No. Not -- don't think it's great for the country right now, the delay in the final and accept the election results. Don't think that's a great outcome. I think, IMF and others are still predicting fairly strong growth even in the face of the coronavirus this year in Guyana, but that's less so than they thought. I ... | direct | [
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2ccef40222424ce6f7397570f770f6f9 | And then last question I had was regarding the US business. Is that all really FirstNet just using the current network structure, are you adding some towers to help grow that business right now with FirstNet contract? | No, just using the current network. We're not expanding network. We will spend some money on infrastructure in terms of backhaul in towers, is part of that deal, but the traffic right now is on the existing network. | direct | [
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f7b8e1f499ad07fd52e006dad29698e7 | Maybe just a little more on the evergreen fund. Can you just talk about how you're managing the inflows in liquidity offered in the new product. So, on the inflows, are you limiting the monthly inflows based on your ability to deploy the capital or do you adjust inflows just sort of sit in cash until their deployed. An... | Hi, Ken. It's Mario. I'll take each of those. On the inflow side, we are not limiting the inflow, but we are certainly very careful in terms of growing that product and managing the inflow because you're right as the inflow comes in, it goes into cash, cash has a lower return than private equity returns, and so you man... | direct | [
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7d922e81647d0bc2e714a11760c01275 | And then on the customized separate account side. What types of investments are your clients building funds around these days. Are you seeing any changes in interest in private equity versus private credit versus infrastructure or any of the other idiosyncratic sort of investments you're looking at. And then any help o... | Ken, it's Mario again. I would say on the separate account I would divide it in some ways. I think on new separate accounts, I would say, the interest is what it's always been primarily private equity, but with people increasingly want private credit and infrastructure as part of it. And looking to build, I'll call it ... | intermediate | [
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c6bf26e63efafce447c8d314b2c2ae20 | Could you just talk about any new costs associated with the evergreen strategy and how this could impact expenses going forward? | It's Erik. Thanks for the question. I think as Mario pointed out, this is about building this over time. I think some of the infrastructure in place particularly around the distribution. We've already put in place. We had announced a couple of quarters ago that we have made a couple of significant senior hires on our b... | direct | [
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3c80a73cb9f3907c22f323a9a1c2f0cf | So, just building on the evergreen strategy. Could you guys help us think longer-term kind of how you would define success for that part of the model either kind of your kind of near-term goals. Maybe over the next kind of 12 months and longer term maybe as a percentage of total assets or something like that. I'm just ... | This is Mario. Thanks. No, we're clearly not going to give specific numbers in terms of we expect X or Y, but look you've seen how we've built products before and we've built them very carefully in terms of what we've said earlier being able to deploy the capital and doing it in a way that makes sense for us and for ou... | fully_evasive | [
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5e244d60689281488902d681205486b1 | Just want to get you guys a thought on the current realization opportunity. You said obviously accrued carry for Hamilton Lane continues to grow pretty nicely. This has been a bit of a lighter quarter for realizations and that's something similar we've seen for many of your private equity alternative asset management p... | Sure, Alex. It's Eric. I'll take that. I would say we sort of think about the carry in pieces really into two sort of sections. One that we can control and second that we cannot. On the can't control piece we can't control the timing of the exit that's up for the fund manager and we can't control what's happening in th... | intermediate | [
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610dd9c1d2989120e6419207276331b2 | You guys announced a new office in Toronto, Canada. So with that in mind just wondering bigger picture, can you guys give us an update on where you stand with respect to your non-US growth initiatives? | Yeah, Chris, it's Erik. I'll happily take that. I think what you've seen is that the mix has been pretty steady, which is we are basically generating about 60% of our revenue coming from kind of North American based clients and about 40% from non that ratio has stayed relatively steady for several years. And I think th... | direct | [
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d39174c8d7f3f60c74a809d67dc0b28b | And on the evergreen fund. Are there any specific eligibility requirements for investors to be able to access that fund or is it going to be open for pretty much anybody wants to participate? | It's Mario. No, I mean, there are, it depends on the jurisdiction. But there are, as you might imagine, a number of regulatory requirements and compliance. No, it's not one of those things where you just walk in and put a sign up and say come invest in Hamilton Lane's GPA product. So, yeah, there are requirements, but ... | direct | [
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93a3697133ccf752ae9c13571ecaeda9 | Just curious on the evergreen funds were these kinds of products around in 2007 and 2008 were they tested in that market? | It's Mario. Yeah, they were around in that period. I mean they were starting to form where they were around. So I think they were around in the real estate side more than on the private equity side, but they were small in that market period. So they were around, but would you call it a test of that market period. I don... | direct | [
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6fe05c407a6a9679761988da3be3b114 | So, presumably that's the test you have in mind when you're setting the gates for the liquidity, right? | Well, I think, the gates are set for a number of reasons you're setting it for that you're setting it in order to for the benefit of all investors manage cash balances and the liquidity around the product itself. I mean it's not just for market environments. I think the goal of the product is to provide investors not w... | intermediate | [
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b59816e43b6ca2e42bbd718c1485111e | And then you mentioned the $91 million in inflows. Did you tell us what period of time that you've been marketing this? | That's probably been, I would say, two months, three months over that period of time. | direct | [
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08ebfcca82e8903262fe14605d6438ae | I guess my first question is just on the very impressive tonnage [Phonetic] shipment data you reported. Mark, I think you talked about this. Some of these [Technical Issues] categories of non-residential, highway and street was up 4% in the last three [Phonetic] months. [Technical Issues] has been strong, which has bee... | Yeah, Julio. I mean, the strength is actually pretty broad based across all our end markets. We haven't seen any particular weakness. Highway and street construction is one area that we follow closely, just because it's a large market for us. And as I mentioned, that state level throughout the year and then, over the l... | intermediate | [
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ef3803470ca537d844eea0484ccc5ddb | Yeah. I guess, maybe taking another stab at that. I mean, maybe instead of drilling into the sub-sectors, is maybe public construction making up a bigger percentage than a driver relative to past years -- is the residential maybe outperform, I don't know, if you can give me any color on that. | Yeah, I would tell you, we don't -- we don't detect any shifts in the drivers of our order entry. As Mark indicated, the business has been strong across the board. There are no -- there are no laggards. | direct | [
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0a7b2817622beef5226a88bb049455ca | Got it. Just 20% was really impressive there. And I guess H., you talked about, you do expect strength in the end markets just kind of support through at least your third quarter. Does that expectation kind of -- kind of factor in the same kind of backdrop you've seen in this quarter and then in last two quarters in th... | Well, as you know, we're notorious for our lack of visibility out beyond a few weeks in the business. And so I would say, no, there are no specifics that would cause me to suggest that our fourth quarter is not going to be strong, but just in view of the overall uncertainty that is -- that's present all around us, I wo... | intermediate | [
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c20af3790df34d0350bce16c0cd6f4b0 | Yeah. No, understood. I guess maybe just last one from me. Can you talk about the ability of the industry to kind of absorb, any further price increases if steel price just kind of continue on the current trajectory. | It's a good question, and I would tell you that what we're seeing in the last few weeks is probably unprecedented. We have back to back triple-digit price increases per tonne, and historically, these things don't have long runs, but their differences that are at work in the market today relative to past cycles, where w... | direct | [
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accf60d2394f93e3e64c55f4885e1e21 | Just to add on to what you were saying H., given your position within your markets being either the top or the second manufacturer as far as market share and prominence, do you not get a competitive advantage, when you do see some tight supply or the growing demand that you're able to react and push through more favora... | It's hard for me to give you a straight answer on that, Tyson. But I would tell you that in the current environment, we're less worried about competitors and what they're doing with their pricing, then we may normally be. We understand the economics of our business and we understand that in a market environment like th... | intermediate | [
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34b88ee4f849277a1849e62540cdf6a6 | Okay. Given your scale of economies, are you able to source better. And in the past where you've been able to bring in large quantities of imported steel that was kind of shut off to you? Is that reopening or is that an option still there, where you can get more favorable front end cost? | Well, with respect to domestic purchases, we really don't know on -- we don't know how we purchase relative to our competitors. We do the best we can. And that's the sum and substance of it. One thing that is quite different in today's market as compared to other tight wire rod markets and environments where prices run... | intermediate | [
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17bcf4d1167da19117c8ea3954c84323 | Okay. Given the comments, it sounds like margin outlook at least in the short term are going into Q3. We're looking at something that's fairly stable. You're able to maneuver and keep that similar to what we just saw. Then we start getting into the seasonally better quarters. Would you anticipate, that's -- what we jus... | It's always hard to make a definitive statement, Tyson. But I don't see why that would not be the case right now. Of course, things could change, but right now, I'd say that it's pretty good -- pretty good chance that margins will continue strong. | direct | [
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c0fe787bcb6aa28aa95d4b96d410a3f8 | Working capital needs, obviously, the higher input costs, AR, those kind of cash conversion cycles, what are we anticipating here for working capital needs this year? | I mean, I think, Tyson, we'll -- depending on the cost of rod and this pricing environment, I suspect we'll be using working capital or building it over the period of, into Q2 and the balance of the year. | intermediate | [
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31cad0ee6177b58f2e0e709b4bc2a2fb | Okay. Is there any given trade action that has already occurred or pending that is more beneficial to Insteel and that pendency of those actions being partially felt already. This is kind of an open-ended question, but how much benefit have we already seen and how much more is there to be received, should things contin... | Well, it's the case with both the standard welded wire reinforcement and PC Strand cases that -- just their pendency has strengthened the market to try to quantify that is impossible. But on certainly the offshore or cross the border suppliers, become much more cautious due to potential adverse consequences during the ... | intermediate | [
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776ea74f206938fc44298429f16d85fb | And the last question for me. We've gone through previous administrations who have controlled both houses and the Presidency. A lot of them talk about infrastructure in the need and we start out with hope, and then we somewhat get desensitized to the continuing talks, because I can't figure out the funding mechanisms o... | I think -- I think the difference this time around is that, the entire country is practically immune to deficit spending and funding thing seems to be no real importance to anyone Republican or Democrat, and that is largely why I expect to see a big infrastructure program approved. With that said, if you think back to ... | direct | [
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69300fe4a9596fcc89b046d8721d914c | Hey, everyone. Hope all is well. I want to start out asking for clarification from you, Emily. You mentioned that point of sale was up 19% versus revenue being up only 7%. But I think you mentioned that distributor channel inventory was up sequentially. I'm just trying to reconcile that difference? | Right. Gary, good morning. Definitely POS increased globally 19% and Asia, is actually increased 20%, and North America and Europe increased 16%. Our channel inventory as actually decreased to our lowest ever, since the end of 2018. So it's really at the lower end that we define as a normal range. | direct | [
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8308c812e1a2f2f2499aba8b7012cd78 | Okay, miss heard that. All right, and as it relates to your gross margin outlook for the fourth quarter, roughly 36% and that's on a record quarterly revenue level. And so you've been at 37% or 38% gross margin in the past at a lower revenue level. So I'm wondering what difference is there? Is it lower utilization? Is ... | Gary, let me address this question, right. So if you really look at region shift, from the regional point of view changed a little bit compared to I would say 2019 Q3, Q2 range. Asia is definitely contributing lot more and usually this region also have a little bit lower gross margin percentage. And you know this also ... | direct | [
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ed312c183dfd39093bcc78a3318f47d3 | Hi, good morning and good evening everybody. My first question has to deal with distribution. I'm just wondering if you're getting any signs from distributors, let's say in Asia first, and then in the western world next, if they like to add additional inventory given that you're seeing strong demand. I don't know what ... | Hi Shawn. Nice to talk to you. So, definitely if you look at our channel inventory is really more on the lower end. As you can see based on the Q4 guidance, we actually definitely look closely to our booking trend, to our backlog situation as well as channel inventory and the POS trends. So that's the reason we actuall... | intermediate | [
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4cbd6b0f989d2a3b5ca3a570406e53d7 | And do you think distributors will continue to work down your inventory in the fourth quarter or will they try to at least hold it steady? | Our strategy is keeping within the normal range 11 weeks to 14 weeks. And definitely if the inventory at channel is too low it is not beneficial to Diodes. So we definitely not planning to lower more of the distribution inventory. So again we try to maintain within the 11 weeks to 14 weeks range that we define as a nor... | direct | [
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8eb2dda8bbc77d733670e1b78e0424e4 | Great. And then as a follow-up. Brett, if my math is right, I think you said you borrowed $305 million so far. So, is there another, I don't know $125 million, $150 million that you still have to borrow or transfer over for the deal to close and that's what we should base kind of the go forward interest expense off of? | Yes, Shawn that's right, yeah, you got it exactly right. | direct | [
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da4758bf680e163afd430c23f668fc03 | Thank you very much. Good morning and good evening everybody. I don't know for Dr. Lu or Emily, maybe you could walk us through a little bit in more detail by end market segment, the strength of your fourth quarter guidance. It's up pretty materially versus where the consensus had modeled it? Obviously the POS revenue ... | Sure. Hi, Matt. Yeah, let me start with automotive segment. We definitely see very strong momentum in Asia and we definitely see that momentum will continue into our fourth quarter. We also start seeing North America and Europe regions, start with a good momentum of recovering and that we do expect that momentum contin... | direct | [
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67dc3ec17464e7651fd6934d9a7ab018 | Thank you, for the detail there. That's really helpful. I guess the next follow-on question to that is, as we go into maybe the first half of next year and we wouldn't -- you guys aren't going to guide that yet obviously, but if you can maybe remind us what would normal seasonality look like in the first and second qua... | I think right now it is very difficult to predict seasonality. We will still go ahead assume this seasonality like before which is 1Q will go down, probably let's say 3% to 5% then 2Q going back up 5% to 10%. 3Q, following 5% then 4Q going down [Phonetic]. We just go ahead assume that normal seasonality. Now it may be ... | direct | [
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72a1a95c597285d3e39f6750b9c8f500 | Thank you, Dr. Lu for that. Just one more quick one from me and then I'll jump back in the queue. I noticed that the folks at Lite-On have reported their revenue for the September quarter and I think it's up 3% year-over-year, maybe 4% sequentially versus the June quarter. For the pieces of the business that you plan o... | I think when we acquire LSC, we have certain assumption and -- then, when we see it now we really didn't see that much of different. Okay, the one we took in for more is a downturn. I think from that synergy point of view, we have much long-term view for instance like market synergy, product synergy, customer synergy, ... | intermediate | [
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b4cc20688d9ae2944c692e174a007df8 | Quick question on your manufacturing overall. What do you expect your utilization rates to be in Q4? And are you looking at acquiring more capacity, given the trends that we see, low inventories, some buckets of price increases? | Well, is really the growth for next year. We're going to focus on is entire growth. Okay. And the reason is, I always see gross margin is very low. Okay, so next year, we will focus on design-ins for both dios [Phonetic] and LSC product, but for the revenue we are thinking most of them will be coming from the growth of... | fully_evasive | [
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4a134df503ef61ee5eadbc532ccdb75f | Okay, great. And then quick follow-up. You mentioned Pericom ramping in automotive, are we at the early inning of that ramp? And what's the content and market share implications? Because Pericom has had over the past, I would say in 24 months, a very successfully wanting server so is automotive incremental at this poin... | Yeah, I think like I mentioned before all this applications is really at a very early stage of adoption and a lot of new application, I talked to before related to Pericom product family are more in the next generation of ADAS, infotainment system and stuff like that. So, yes, to answer your question is, at the beginni... | intermediate | [
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23dd83a1455d306ce2e85530675ae718 | Hey, good morning. If you could just talk a little bit about pricing. Just trying to understand, is pricing power much different between financial services and benefits and insurance, and what has the current environment during fiscal year 2020, what's pricing been versus typical? | Chris, first of all, the pricing is a little bit different between the two divisions, as you know, within the Benefits and Insurance division, we often times are paid a commission, which is really a product of, or driven by the service that we provide, so a percentage of the premiums that the client may pay is a typica... | intermediate | [
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9a5564358eb1d75a4fab67569dffb9bb | Got it, it's helpful. On the government healthcare front, demand is still strong, timing uncertain. Again, is that mostly travel challenges or something else that's embedded in there? Just trying to get a sense in terms of -- for the first nine months, how significantly impacted that business segment was? | So, as you know, we typically enjoy high single-digit organic growth year-over-year in that business. We are still experiencing nice growth in that business, and it continues to perform well and as you indicated, the work is there, the demand is high, we have had some COVID-related challenges. They fall into two bucket... | intermediate | [
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"fully_evasive"
] | B |
416a5e8e3870f54351cf093207d17aee | Got it and it's helpful. And last from me and it's a tough question, trying to get a sense, assuming no big COVID shutdowns over the coming months, in terms of your expected visibility, would you expect to be in a position in February, from where you sit today, to give fiscal 2021 guidance? | You know, Chris, I think it's too early to call that at this point, but certainly if there are no further COVID shutdowns, if there is a vaccine on the horizon or may be in place by that time, we would hope that we could put guidance back in place as quickly as we can, given a more certain environment. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8e272276561207d725c95c5767b3cfb6 | Hi, good morning. Hello. I wanted to just go over a couple of things, a lot of which you covered on the prepared remarks, which is great. I wanted to see if you could just bring us up to speed, maybe on some of the decision-making that you may be experiencing, whether it'd be anecdotal or what have you, as to the waiti... | Marc, this is Jerry. Obviously, there's lots of discussions around when that next wave of stimulus may be available. I think overwhelming sentiment is that it will come at some point, whether it's shortly after the election or early into 2021. I know that our clients are tracking that. I know that it would be helpful f... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
37ab4914e946856a3e651f4874719af8 | That's encouraging. And I was wondering if you could share a little bit of time talking about the longer-term market share opportunities? I mean, providing these services and being a trusted advisor at a challenging time certainly is a competitive differentiator and I wanted to get a sense of how you feel about the opp... | I'm going to take the questions in order. First of all, as to market share and how we are faring in this environment. Actually yesterday, I believe, there was an article in Accounting Today, we were lead article there as to our unique value proposition relative to certainly many of our competitors, as to the breadth an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9eb4bd67d08abf69005c72353cd23055 | Okay. And then one last one for me, I wanted to get a sense of, it's probably early, but maybe it's too early. Maybe it's not, I'm not sure, but I wanted to get a sense of, as you look at current tax code changes what we have so far. Is there a sense of what level of complexity that might look like year-over-year? I kn... | So as we look forward, right, it really kind of depends on what happens in the upcoming elections here. I think under regardless of what that outcome is there is likely to be changes in our tax cut. Just as a result of all the stimulus and other dollars, other money that have been put in the economy and that was, have ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
143cf28dc9c77c400220a16f4ad7f6e1 | You had a sequential step-down from the fourth quarter, about roughly $10 million, but it looks like the guidance implies roughly sort of that $10 million sequential step-up from the first to the second quarter in aerospace sales. Can you just provide a little bit more color on the first quarter and the step down and t... | That is in line for us to have revenue growth over the next three quarters. I mean, most of its going to come from commercial transport sales or aerospace sales, but commercial transport specifically. As for the step-down from the fourth quarter to the first quarter, there are a couple of things going on there. One thi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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