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913acbd7f5c189290db4fce2ecea63ba | And the booking strengths in aerospace sequentially from the fourth quarter to the first quarter, can you provide any more detail around that? Was it aftermarket? Think of your aftermarket business is maybe a little bit more book and ship than the OE business, but how would you -- can you provide any more color on the ... | I would say it was kind of across the board, not so much on the wide-body side, but on the narrow-body side, business jets are relatively steady, although we do tend to get some -- that would have been more of a fourth-quarter phenomenon where major customers like Textron will load their production rates and issue orde... | direct | [
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55874cdc9fe63a64d4a722fb3be42e45 | Dave, I mean, I think when you put the agreement in place with the credit agreement last year, you probably didn't expect to be maybe as cutting as close on the six x leverage in the third quarter as you could be. I mean, you should be well in the range, assuming a nice sequential increase in the EBITDA into the second... | We got to keep our eye on that. You're right. When we put the agreement in place back in the first quarter, largely in the first quarter of last year, I think it was finalized in May. We certainly expected a quicker recovery based on the information we had back then. And the recovery has dragged three, four, five, six ... | intermediate | [
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411adbd9d8aeee90000fdd97eaa34de7 | $115 million in revenue in 2Q doesn't seem like you'll be able to be profitable. What's -- I think you had said previously, $125 million was sort of the breakeven point. And if I think about that six times leverage, is there going to be any cash generation or anything else that changes that net debt? I mean, it would s... | Yeah. If you look at just our -- the traditional EBITDA numbers, Q1, we had a $500,000 EBITDA loss on the $105 million in sales. Incremental margins that we typically get from sales growth is 40%-ish, depending on the mix. So we are expecting to generate positive cash flow over the next three quarters. Our capex expect... | direct | [
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8838a7ce8ebba24a20d01c891ac9caee | Pete, what are you hearing from airline customers? I know you had kind of said the bookings were pretty diversified across the board. But are you seeing the restart of retrofit campaigns? I think it was United, maybe you said they're kind of proceeding, but what sort of the buzz you're hearing from the airlines as they... | It's positive, Michael, especially in North America and China. There's a lot of interest in updating IFE and interiors and adding new amenities, interestingly enough. One of the interesting phenomenon also is that whereas we have viewed the narrow-body world primarily as a wireless WiFi kind of world, there's renewed i... | direct | [
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14bcb759fa3afe6ae523ef7c311b6407 | Can you just talk maybe about your supply chain? Are you seeing any tightness on the electronics side that are critical to your product offerings? And then similarly, what about input costs, raw materials? What are you seeing there? And are you able to pass those through to your customers? | Yeah. Very good questions. And it's an emerging picture. Over the last month or so, I guess, we would say that we've become more and more confronted by parts shortages or lead time stretches, not so much pricing differences at this point. But -- and no shortages or lead time effects that are materially affecting our ou... | intermediate | [
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a19334aa3d5a671d455b51177ccdcf03 | Continuing on that trend, I'm just wondering what the orders look like in April and May and if you saw an improvement sequentially month by month or is it relatively similar? Just how you're seeing the early progress in Q2. | Q2 so far is essentially maintaining that pace of Q1. But one month, we don't get too excited about plus or minus. So we certainly aren't seeing a drop off. We're happy about that. But it's too early to draw big conclusions about the second quarter, it's a long ways to go. But so far, so good. | intermediate | [
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7310aadc27ea25f25a9af6e23fafe11b | And then just in the $115 million guidance for Q2, do you have a breakdown? How much do you think test will be versus aerospace? | It's about 24 million tests. | intermediate | [
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9ff3663a4342bbc1bea5de0afecae24c | And then, Dave, just for you on the incremental EBITDA, you mentioned 40% is a good bogey. But are there any puts and takes to that as we -- as the revenue increases and you start layering back costs that maybe you've cut in the past year? And how should we think about -- at what breakpoints do those come back in place... | Well, I'd say, probably the most significant one is we have already provided annual raises to most employees here. So this is happening. But I think kind of the big thing and many of our employees are asking about is our 401(k) match. We're -- that's at the highest end of our priority to reinstate our 401(k) company co... | direct | [
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37e29ead868714f750e6f4dbec9de0f2 | Pete, you didn't spend much time on test, but there's been -- you talked in the past about the potential for several more large rail projects in the future. And obviously the environment just for the A&D side of it has been positive. Just talk about your outlook for that if there's maybe something in the pipeline that'... | Yeah. I didn't talk about it much, Jon, because it hasn't changed much since the last quarter. We do have some high-value targets in front of us, we think, on the rail side, on the transit side that we're pursuing. Some of those efforts have been slowed by COVID, not necessarily because of funding constraints, but beca... | direct | [
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0672bf4eacdb1a79d9f52d36e6e1c05a | If I could slip in one more, just any update on the tail-mount antenna business and how demand there is trending given the business jets have been doing well. | We hear good things. As you know, we're teams at this point with Collins Aerospace. And they seem to have done a really good job putting together a team of partners, of which we're one. And I don't have specific numbers in front of me, but I can tell you that they are trying to pull things in. They originally had stuff... | direct | [
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f760e00e6724db5156558f1ecfd99fdf | So Pete, on the earn-out, that was the -- that's under review, it looks like it moved from $10.7 million to potentially $7.1 million. Are there any particular reasons behind that variance? And is there any kind of sense of timing when you might be expecting that to conclude? | Well, we're a little confused by it, frankly, Dick. We got a number with our print out, and we basically agreed to it and asked some questions, and then we got a lower number in response. So we don't think it's an accounting issue. We think it's a numbers issue, but we're asking those questions. And I guess I would say... | intermediate | [
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b60c4230d867714ebe01665a8713fbf6 | On the MAX, you talked in prior quarters about sort of heading into this year with give or take, sort of 40- to 45-ish or so shipsets in inventory and expecting to sort of have that work down coming out of the second quarter approximately or mid '21. Can you just update us on where you are with sort of the excess inven... | It's a good question. And I don't think we really firmly know the answer, Ken, but I guess I would give you the observation that the schedule they've got shipping to seems to line up pretty well with what other suppliers are saying. So whatever has happened to the inventory that we had built up when we went into 2019, ... | intermediate | [
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a8b83cc4c6eafc153e9ef5a4c2cb5ad3 | Have you seen any incremental softness in the last few months on either your 787 or A350 expected shipments here and schedules for the rest of this year? Are those still sort of running steady with where they were? I know we've had some step down on those programs, but have you seen recently any incremental changes to ... | No. We haven't seen anything other than what's kind of out there in either. 787 in particular, stepping down to five a month in the summer. 350 is making a similar kind of move, but it's consistent with what the general news is. | direct | [
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14334b7438deb66cbe42c9ce68f11ca0 | You provided some drill results for Tucano on April 7th and reiterated the focus on drilling in your news release today. You previously had a focus on the Tap C pit situated between the Tap AB and the Urucum pits that are the current focus of production at Tucano. Can you walk us through your focus and plans for the re... | Sure. I appreciate the question. Yeah, we released the results because we were thought they're pretty significant in that we have discovered mineralization on the existing seven-kilometer trend that is beneath some very shallow pits. So the results were to essentially model the geologic continuity of the vein.
So we h... | intermediate | [
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394f4a168fa1b6dea5bdb22a17e9678a | I appreciate that. And any sort of timing on when you might expect drill results from Phase 2? | Well, I mean, we're basically aiming to have a new MRMR out before the end of the year, so we'll probably be shutting off the drilling round about the end of July. I mean we're bringing in these two extra rigs and among these basically, I mean, the pit's sort of 50 meters deep and they basically stopped at the base of ... | direct | [
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e6a92db9855dadc5e313fcd678b17cd2 | Perfect. Then just kind of building on that, you had expected the inclusion of Tap C in the next mineral reserves and resources statement for Tucano. Has any new information surfaced in the last 30 days or so that you could use to provide some color on the future for this area? | No. I mean, no, not really because I mean we're still doing -- I mean, what we'd started off doing was doing a series of holes along the entire strike length and they all came up positive showing that we've got extension of the mineralization. Now we're starting to sort of fill in a little bit on those holes. It's show... | direct | [
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19cadca9bd2b881088fc498db26d2570 | Perfect. Appreciate that and one last question, guys. You stressed the workforce shortages that you experienced during the quarter at the GMC and Topia Mines. Are you seeing any meaningful issues in April and May thus far? | No, not really. I mean, this is part of the restructuring cost that we picked up at GMC. Unfortunately, I mean, a lot of these people that's -- we're having to sort of reorganize the workforce a little bit and bring in a lot of new people to make -- to actually cover those shortages. So, yeah, so I think that's -- we d... | direct | [
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e68387347e36dc9db5fec2cbb861a662 | I guess, hey, so first thing, on capital spending. You know, it was a bit elevated. I think Q1, I think that was part of the plan was for it to be, I think, first half elevated was the prior conversation on that. What should we expect for total capex rest of the year? | Yeah. Thanks, Joe. Yeah, As noted, the first half of the year is very biased toward stripping costs at Tucano. So it's just the mining phase we're in.
So, yeah, we've got to do a lot more capital stripping in Q1 and Q2 and then we get into higher grades lower down. Shawn, I don't know if you have the details on capex ... | intermediate | [
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49a9db48b2cf89a4dc2b9578685a6a31 | OK. And then, as far as the first quarter went with that, was it in line with the expectations, a little higher, a little lower? | Our costs were in line with our expectations.
Yeah, pretty much in line. You know, things never go in a straight line. You have some highs and some lows and yeah, we -- I think overall, the team did a really good job and then delivered what they intended to deliver. | direct | [
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e7da51c680562d2d569ea6cae9952a8d | OK. One more on Tucano. You guys processed a very high percentage of the low-grade stockpiles in Q1. What should we be modeling as far as percentage of total tonnage on a quarterly basis that's coming from those low-grade stockpiles, compared to fresh ore? | Yeah. These -- the first two quarters, yeah, we are putting stockpile through because the mining phase is associated with overburden. We do get into the higher grades, so the grades pick up considerably in the second two quarters. So consequently, the stockpile material drops down.
So what we'll see is the gold ounces... | intermediate | [
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6b5b80150db038708d547c8fac1b470b | OK. OK. That's fair enough and then just one on GMC. You guys gave a little bit of color in the release and in your comments on operating costs at GMC being elevated in the quarter. I think you guys referenced lower -- lower total ounces and slightly higher operating cost. But any color on what you're expecting next qu... | Yeah, it is. And as Neil said, I think GMC has probably been one of our facilities that have been most impacted by COVID. Just that affects your labor productivity and your ability to mine safely, so we did see a number of inefficiencies at GMC in the quarter and COVID cases have dropped significantly. So we do expect ... | intermediate | [
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ce6bdb922a48157b75b221c59d733301 | Thanks, operator. Good morning, good afternoon. Just a couple of questions for me. First off, can you talk a little bit more about the oxygen shortage and the impact that it's going to have? I mean, basically, how badly does that impact recoveries sort of quantifiably? And how long -- what's the best estimate for getti... | Thanks, Matt.
Shall I take this, Rob?
I'll take it.
OK.
Yeah. That's -- I think what you've seen in the results that recoveries are impacted by about 2% to 3%. You know, we do have a supply of oxygen, but it's not a good stuff. The good stuff was diverted to hospitals to help with the COVID case. The good news is t... | direct | [
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38a762490cdfed30bc956d06f82cd8f0 | OK. Got it. OK. And then as far as -- we're always struggling here a little bit with the grade profile at Tucano quarter to quarter. I guess it was about 0.9% feed grade -- I'm sorry, 0.9 grams per tonne feed grade this quarter. So is first quarter similar for the second quarter? Do we see a little raise there and then... | Yeah. It's really -- it's a story of halves and not quarters.
The first half of the year, you know, the second quarter is going to be similar, maybe a little bit better than the first quarter, but the big increases come in Q3 and Q4. That's when we're into the high-grade ore. | direct | [
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5bd319e72c4fa89ae9fdc18977b90695 | Right. Is that -- OK, similar to what we saw in sort of the second and third quarter of 2020 kind of range? | Yeah. I don't have the numbers on hand, but certainly, the budget for this year is --
55% of our production comes from the second half of the year and 45% comes from the first half, so you know, you can use that math. | intermediate | [
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f0c924638a70b8f035e6b5efc236a249 | OK. So we're still holding our guidance? You're still holding to the original guidance for the year? | That is correct. | direct | [
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6fc1f0fd1b8c103cbd11e1690fb48523 | Hi, guys. I came in a little bit late, so I might have missed if you've commented on the GMC tailings and that situation. Did you talk about that yet? | Um, good morning. Neil can address that question.
Yeah. The situation at the moment is that we've got sort of two embankment raises in the process of being permitted, that's lifts 18 and 19 and what happened is that the environmental people have handled it. This -- obviously, the water authority is CONAGUA, to basical... | direct | [
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4c96444c8b200da0385c016a7bd24490 | Mark in Q4, you talked a little bit about uneven performance, especially outside of the US, and this quarter, the license number looks really good -- the overall numbers really good. Could you talk a little bit toward what you're seeing in terms of end demand at the moment. | We're -- I mean, it's end of October, right and it's 60 days to the end of the calendar year in our Q2. And Q2 is our seasonally strong quarter for us. Now, as I said in my prepared remarks, we feel pretty confident coming into Q2, our seasonally strong quarter and ending the year with a fair amount of confidence. The ... | intermediate | [
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6e8141d1c5e7d9f67cef1b8277b3cf80 | The last couple of days there was a lot of noise around M&A with micro strategy and all that stuff there. Can you maybe remind us again like you talked about the capacity you have, but also like what's driving your decision making. What are the criteria that we should really look out for? | So, well let me kind of address the first part, which is the rumor and speculation. We don't respond to rumor and speculation, but in this case, we did very uniquely because I think it's very important that we provide clarity of our position, if there is any uncertainty, and you can always expect that from me and the t... | intermediate | [
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7fe26a3e3259c81143f5960d0108ee4a | At your recent Investor Day, you laid out a bunch of objectives for 2020, I think increasing wallet share in the base and then penetration to the Global 10,000. So, either today or going forward, are you going to be able to share metrics in terms of the performance on those objectives? | Richard. Thanks for the question. We'll take that under consideration. I think it's a good ask and I think, at least, on an least annual basis, we can provide a bit more insight into the Global 10,000. So, leave that with us and we'll think about it. | intermediate | [
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d76a12eaf7beb24a07a5bc18b51463f1 | Can you maybe give us a sense of what the acquisition environment is like today, are the valuations better from that standpoint? | Yeah. I'll sort of reemphasize some comments I made last month in New York, where it felt as if valuations had peaked and we're on the, just turning to the back side -- just the curve is bent, we're just over in the back side of the curve of valuations, and it still feels that way. Our top of the funnel pipeline is ver... | direct | [
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e3419f71259a1d129787dcaec694f85f | Just sticking with the M&A theme the upsizing of the revolver, should we read into anything of that in terms of your desire or willingness to maybe do a little bit of a larger transaction than you have historically? | Daniel. Mark here, thanks for the question. No, I wouldn't read anything into it, the timing is just good for us as we kick off the year with our shelf need at renewing, so, we made it commensurate with the shelf, and we are in the market looking at all sizes, small -- as I'd like to say small, medium and large, the la... | direct | [
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828407f9f428505e321b98567f2c3953 | The integration of Liaison and Catalyst, you called that out as something that it might be a bit of a headwind on margins sequentially, we're 10 months or 11 months past those acquisition. So, is this the last quarter where we're going to see maybe a little bit of incremental cost there, and maybe just help us frame ho... | Yeah, thanks David, insightful question. This is the last quarter for us to integrate Liaison and Catalyst, and both of these businesses are cloud businesses, and they come with infrastructure, they come with servers and storage, they come with a large networking environment, redundancy, disaster recovery, systems migr... | direct | [
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769c5c690c9f9495fe6855599047039d | Can you maybe talk a little bit as it relates, presumably to some of the discussion around cloud, as to what you're doing to either move maintenance higher or has there been -- focused more actively transition or shift some of the revenues toward the cloud line? | Yes. Thank you for that. We're not interested in flipping maintenance to cloud. So, we're not interested in substituting revenue, we're interested in new revenues. So customers understand that they're making a long-term deployment choice, and I highlighted a couple of customers made a decade-long choice that it is more... | direct | [
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b6c8be81309446b5c9438e4c74af6105 | How should we be thinking about maybe legacy deals you would have thought of versus the mix of a higher focus on maybe newer SaaS-based business. How is the pipeline looking in terms of the shift toward more cloud-based deals? | Yes. Interesting question. At the end of the day, we like recurring revenues, right. So -- and that can come in two forms. So, maintenance or pure cloud. Those are recurring revenue, some PS businesses look very recurring to us as well. And if you just look at the -- the first 24, 25 years of our history, most of our a... | intermediate | [
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f5f7258af2e8dcfc76b571d911a1049d | OpenText is holding a 24-City Cloud Summit this fall. I was hoping you could talk a bit about the uptake on the summit and how clients are thinking about the move to the cloud and the feedback on OpenText Cloud offerings right now? | Yes. Thanks Stephanie. Yes, we're doing a major city tour and expo, and the focus of that, we're going to cloud Summit we got a code name for it, which is a destination innovation. Migrating to the cloud is not about cost out, right it's about your next platform is about innovation, agility, speed, modernizing the plat... | intermediate | [
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bf67eb64dd3f6a55da2cc8d8d627929a | I was asking about the partner channel, and how you think about the growth on that side of the business, as you target the G10K? | Yes, it remains healthy and strong and there are multiple kind of layers to this, there are kind of the value-added partners who can bring us into an industry, or to a set of clients, and it's really where they have relationships. We don't have kind of a volume channel -- it's not what our channel is about, it's really... | direct | [
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aab8a6d722fbb687783630ddd107e111 | Among your core products, were there any ones that were particularly stronger contributors to organic growth this quarter that you'd like to call out? | Hey Paul. Thanks for joining the call and thanks for the question. I'd point to where we have leadership and scale, right. I would look toward content services and how we've really modernized the platform both off-cloud and cloud and also, I look toward our value-added network as businesses have been moving supply chai... | intermediate | [
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1e450d184c5d133b203cd5173f35bfd3 | Also could you provide or elaborate additionally, on SAP after the announcement -- the partnership -- the expanded partnership you announced earlier this year, how are you seeing pipeline and customer interest build related to that on the cloud side, and then also just in regards to the license side business at SAP, ho... | Yeah. And Paul, just to make sure I didn't hear you wrong on your previous question, I think you asked, did we have positive organic growth? And the answer is yes. So, we did have positive organic growth within Q1, so I just want to make sure I heard your question right, and make sure I answered it. We had positive org... | intermediate | [
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ac812d91590e66f01aa4eb0007eb198c | You wouldn't -- you probably would not have given 2% to 3% comp guidance if the quarter-to-date comp didn't warrant that kind of guidance, but any incremental detail on January and February would be helpful. | Yeah. As far as January and February, it continued our third and fourth quarter trends. | intermediate | [
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df25ee2aae740f552df42bbcdaefb246 | Have you seen any kind of near-term change in customer behavior due to coronavirus-related fears? | Well, not yet -- not yet that we've seen anything over -- in the last month or so. | direct | [
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a4a3b5ba4d48c808b436714c50812ab6 | And this is -- I understand the exact science, Jon, but if you -- we did see some kind of short-term demand slow down, 20%, 30% types of decline in sales. What would you estimate your variable cost, like short-term variable costs are, is -- all of food cost variable is a part of labor variable. Are you going to continu... | I don't have that in front of me, but I mean, basically you're talking probably, I would say probably about 70%, 80% of our costs are variable, and the rest fixed. So given the scenario that you're talking about, obviously some of those variable cost would be become fixed. But, I mean we don't foresee that yet. We're t... | intermediate | [
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55d6e8541d7bec5156eff8c5263aa954 | Just a follow-up -- just to follow up on that. Hey, Steve. I know most of your system isn't located in the so-called virus hotspot, so your overall comp hasn't been impacted, but have you seen any locations where there has been a perceptible change in sales trends that it could be influenced by just slower tourism or s... | You know, we have -- they might be I-Drive [Phonetic], but we haven't -- it's still early to say, there we haven't got into the spring breaks or really anything yet in that. So as of now, not really. | direct | [
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e047a3779c0c910ca61e78d8bd3da274 | Okay. And then I was hoping you guys could just elaborate a little bit more on why it makes sense for the Company to start spending on national level marketing mediums? | Yeah. We're just talking on the social and digital. And it's basically just covering where all my stores are. We're only in the 19 states. So that's what I'm calling nationals that we're just -- every single store is participating in the paid digital and paid social. And that's what we did all last year, Chris, it's no... | direct | [
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0ca82db5e4fa3178cdafb68e2a40b29d | Okay. And then Jon, what's same-store sales impact? Or what is the -- what's built into your comp guidance, when it comes to rolling out delivery with DoorDash as an exclusive partner? | Well, right now, since we have so many different delivery providers, we want to make the transition and so I don't really have all that much built into it, other than the 32 stores. And so you can figure that we've got probably 50 basis points to 100 basis points in those stores that are adding the delivery. | direct | [
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7f6bbfe18c54e54f0863fd829e4910e9 | Are you concerned at all about the stores that would be removing the other delivery provider, seeing any kind of sales weakness because of that? | Well, we've got some controls in place to combat that as far as we're going side by side for 90 days and with a lot of marketing behind the DoorDash, so that we can make sure that doesn't happen. So the transition with DoorDash is good. Also, we've got kind of something written in the agreement that if we were to decre... | direct | [
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16e33ed1c42f21587a7a5ad80b56bfc5 | I just had a couple on the comp outlook, I mean, first, I think you mentioned recently that it would take about a 3% comp to hold the margin structure flat in 2020. So I guess first off has that relationship changed? | Well, no, it hasn't changed, but I mean, we're expecting a little lower inflation on cost of sales. So it may get us there a little bit if we're under 3% this year. And assuming [Phonetic] our continued focus in labor as well with the decreased management in training. We opened open about the same number of stores as w... | direct | [
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355cbf78718c776a818c0af8017e1cd4 | And then, I think that you had previously talked also about potentially resuming a faster pace of unit growth in 2021, when you've got the eSite [Phonetic] finalized. As you start to piece together that 2021 pipeline, is that still the plan that you have in mind? | You know, the key for the increasing the pipeline is, as we just saw, we finished the year right around 1% down in guest count in the -- very similar in the fourth quarter. I need to see a return of increased guest counts, before I really jump in and say, I'm going to accelerate it in 2021. And I think that's consisten... | intermediate | [
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779ec66d47a93ed8d56828e4f372e7fa | First question, just hoping that the team in Tennessee and the units all came out OK, after the storms and the tornadoes. | Well, thank you for saying that and luckily for us we had a couple of our employees affected and we're taking care of them, but luckily, that's by far the most important thing is all our folks are safe and sound and the stores are actually up and running. They were -- luckily, it was a little bit north of all our store... | direct | [
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876c936e7fcbdd10364137f63b767202 | Just a couple of quick follow-up. Looking at the G&A guidance, the $2 million range, what drives the high-end versus the low end of that range in the year, Jon? | Really the target bonus. We basically budget the target bonus and based upon whether we exceed our target or don't exceed it, it could fluctuate. | direct | [
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67bf8b1b4a0dc19b062a2882e0ec54cf | Okay, great. And then the other question, I know we're in the middle of the third-party delivery kind of migration in parallel, but as we're all sitting here and wondering how the coronavirus plays out and how it changes customer behavior, we have -- with the existence of delivery for your concept, is that kind of perc... | We start -- yes, we are constantly looking that on a week-to-week basis, even to go digitally, what we've seen is, we've been saying that it's been 17%, 18%, what we're seeing is our to-go digital, to-go sales have been exceeding 20% of our total off-premise. And so, we're seeing that go up, especially we would expect ... | direct | [
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be9b712d998ab6dad50e659eff515e19 | Quick question, I think you guys said commodity inflation of 1.5%, 2.5% for 2020. Could you walk through the puts and takes on what you're seeing in some of your major items? How you're contracted, and what your pricing plans are for 2020? | Yeah, I mean, the biggest -- the biggest thing that we've seen -- saw especially in the first quarter is, produce continues to go up. We're locked in for beef, a little higher than last year, it's higher to flat, and then we're expecting a little in dairy. But the most part, it's the wild card is produce, which is what... | direct | [
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0df54a8d7be17767739d4b17e63dab76 | And then a follow-up on labor. You guys have seen strong leverage in recent quarters, could you break down the drivers of that leverage in a little more detail, and then provide us your expectations into 2020 on that line? | Sure. If you take a look at kind of this quarter, hourly -- our hourly, and what I've been saying is, we've seen some improvement, not on leverage, as well as opening our new stores, but we've seen hourly decrease about 30 basis points. Our biggest one though is the management in training, which is about 90 basis point... | direct | [
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dd468449a77bd4f093d55be41aea2000 | The first one, as the business has been able to absorb the higher levels of pricing over the last year or so, and keep a kind of consistent traffic trend in that down 1% range, has your thinking around your pricing power changed at all? Do you believe that you have more or greater ability to run higher price over a kin... | No, no, I don't think so. But what we do is really, we -- it's what the market. What I want to do it is to be the value in the marketplace and then we currently are. Over the years prior to the last year and this year we're probably averaging in that 1.5% to 2% for the prior ten years. And while we were averaging that,... | direct | [
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33e82ec4b1cd89ad7c816a660096a758 | Okay. And on the marketing side. I understand that you're running kind of national advertising on a more consistent basis. But in terms of the marketing that is cycling across markets, kind of on a quarterly basis, as you've -- in the markets where you cycled off, have you maintained those levels of awareness? Have you... | No, the key thing for us is when we're doing these in one heritage market and one kind of a new market, don't forget, we still have all of the paid search, paid digital, paid social and so forth that's constantly always running. So we're really never off. We're just giving a little awareness bump in there that we run f... | direct | [
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635538aeb64f595e52fd624ae73ebfd5 | Okay. And then the last one from me, just wondering how you're thinking about the closure rate going forward. Did the four quarter -- fourth quarter closures kind of clean that up? And I'm wondering how much those closures impacted the margins in the quarter as well? | Well, as far as the closures impacting the margins, if you look at like I said, it was about a $0.07 impact for the year. And it affected the margins for the year about 40 basis points on the overall store level margin. And as just a rule of thumb as far as always -- we always are going to take a look at our bottom 10%... | intermediate | [
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4041555c8f568b0c03ddfb4bf262e422 | Hi guys. Just a quick question on delivery. Could you -- could you let us know what the current expectation is in terms of whether menu prices will be higher on the DoorDash kind of channel versus dine-in? What are your thoughts on the sort of different channels and how you'll price that? | Thanks, Dan. Our plan is to increase the prices and kind of on the third delivery platform to help offset some of those delivery charges. We currently increase those prices as we increase the period [Phonetic] to menu prices for the year. So those are out there. In the 32 stores that we actually started delivery, we in... | intermediate | [
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9b367eb041786e231dec0e1dca883ac2 | Okay, great. Thank you. And then one more question, which is on share repurchases, noticed the new authorization, but it doesn't look like you have any share repurchases embedded in your share count guidance for 2020. Just curious how you guys are thinking about share repurchases as we go through the year? | Yeah. We have never put that in the guidance. Just because we're trying to take an opportunistic approach in buying those which if you were to think that this was going to recover in a year, it would be a very opportune time to buy it right now. But we're in a quiet period, so we can only do it when the window is open,... | direct | [
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bd3b6119edba1488604c466415b93b2c | Thanks for taking my question and thanks for the color on the April trends. My question on the Commercial. So it looks like the Commercial revenue growth -- or decline of 64% has been trending even better than the RAC volumes. I was wondering if you could give any color on what's driving that slightly better performanc... | Yes. So I think, Ashish, what we're seeing is that we are seeing declines within our toll products, although a little less than -- within what the rental car companies had said. So call it, 70% or so or 75%. But we didn't see similar declines in our violation business, either in the US or in Europe. And so that's sort ... | intermediate | [
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e96086e2d7335388df84572960e1db87 | That's helpful. And any color on penetration or any color on new product -- new -- pickup for new products, including your unlimited tolling product? | No. Because when you look at the fact that the rental car companies are down by 80%, there's not a lot that our product initiatives are going to do in order to increase that. What we are seeing is that there's continued to be tolling within the FMC business. That's a smaller business for us. But we are continuing to se... | intermediate | [
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953cc8fd639f232d8b0fa9882f05060e | Okay. That's helpful. And then on the New York City side, I think the 70 cameras per month, that's a good trend there. And it's even higher than, I believe, your original expectation of 60 cameras per month. Is that the new run rate that we should think about going forward? | No. I would keep it at the original. We were able to get ahead of a couple of things. But just given everything that's going on, we would continue to anticipate the same. But we do anticipate it to continue to operate at the same pace, at the 60 -- which is the 60.
The 60. And we said that we've installed 72 cameras i... | direct | [
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58954b981c58615ac9e5144f798b03ed | Okay. That's helpful. And maybe a final question for me on the cost saving measures. Again, thanks for all the color on that front. I was just wondering, is it possible for you to quantify the benefit from the cost saving measures on a monthly basis? | No, we don't have that number broken out for you, Ashish. But you could say that we -- from our financial statements, we furloughed some 30% of our employees or 200 people and taken other measures. A lot of the things that we're doing to sort of turn off expenses are really shutting down that investment cycle that we h... | fully_evasive | [
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5152c10dd8cf10400bf357c6ca41563f | Great. Thanks for taking my question and I hope you guys are safe and healthy. Maybe just to start out, I think Ashish was sort of touching on the cost savings piece. But if we could talk through the trends, I know you guys walked through Commercial down, I think you said 64% through April and the rental car is down 80... | Yes. So you could surmise that the incremental/decremental margins within this business are fairly high. The Commercial Services business unit had margins last year of 63% across the entire year. But if you look at the peak season that they had in Q3 of 2019, the margins were 66% because that top line increase in seaso... | intermediate | [
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a19d1331b4b387deec2d83872bd91970 | That's helpful. And maybe just switching gears toward some of the activity side that you guys are talking about in terms of winning new contracts, anything like that. Are there any disruptions, whether it's in Government Solutions? Obviously, a lot of governments -- states have shut down unnecessary interaction at the ... | Yes. I mean I think, in general, what you're seeing with government entities as well as with the RACs in Europe is a general sort of slowness because of -- there's still a reasonable level of uncertainty as to what's going to happen by when. And each state, obviously, that we operate in has a different mandate as to ho... | direct | [
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98c8055ba7f99c25fe6b0ebc2a932b59 | That's super helpful. I appreciate the comments on Europe. If I could just squeeze a quick one in. I noticed you guys kept and actually added to the M&A slide that you've previously included. Just curious, your updated thoughts, I know your cash has been rising quarter-to-date. And certainly, you guys feel like you're ... | Yes. I mean I think we are clearly -- as M&A has always been very important to our overall strategy, we would say that it is more so now. And we will continue to look for opportunities, given your -- I think one is, I think, there's going to be a lot of opportunities on the buy side as we go into the back half of the y... | direct | [
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c3b853c27d09dc31ae86f796a1b4057e | Good afternoon. Hope you're all well. Thank you for taking my question. I appreciate all the color on the trends you see in April and while I realize have difficulties to know with any certainty, from your perspective, does it feel like the worst is now behind you and trends are stabilizing? Or can things continue to g... | I don't know that they will get worse. I feel like it's more of -- we're probably bouncing around the bottom a bit. It feels like -- I don't know that we're big believers in the V-shape recovery. I suspect we might be at the bottom a little longer given the, one, if you listen to our rental car partners announcements' ... | direct | [
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4deca53c1a645fa0f948ac7ed24cc787 | Got it. Okay. And I was hoping you could discuss just the broader implications on your business in the event of a bankruptcy from one of your larger rental car customers. How do you think about the impact to rental car days in the event one of those customers does go under? Is it fair to assume those rental car days wo... | Yes, I think the best way to think about it is, if you look at the end of 2019, the two publicly held ones had really good years and solid growth inside their businesses because they were operating very, very well and they were -- had adjusted well to the new mobility. COVID-19 caught them just like it caught everybody... | direct | [
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8bca2a4ab38698100854509e22318ed8 | Good afternoon, and thanks for the color again, David and Trish. I think I heard on the Government Services side, it sounded like citations were up. Wondering if citations in New York are running -- that you experienced so far year-to-date, quarter-to-date are ahead of your expectations. And maybe just remind us of the... | Yes. So New York is actually tied to -- David did say this, overall speeding citations within New York are up. New York is a fixed fee client, so the volume doesn't change the revenue for the service side of that particular business. We do have, if you include ancillary revenue associated with it, we have probably 40% ... | direct | [
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158c5de9bf523e71f7c30d9da31ec479 | Very helpful. And then, Trish, just maybe elaborate on the uptick in bad debt relative to the implementation of CECL. If you had explained it previously and I missed it, I apologize. But maybe a little color and any impact that, that might have in Q2 or the rest of the year. | Yes. So the implementation of CECL, which is the new accounting standard associated with credit loss, requires us to think a little differently about how we reserve or create bad debt reserves. So they're actually reserved at the time that the revenue is generated rather than a specific identification of items later on... | direct | [
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c351a53e8eaedf06966f53de23568357 | So not even necessarily as a similar percentage of revenue going forward. You took a chunk of that in Q1, essentially? | We did. Yes, we did. | direct | [
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303580eaa4115eed586d09ab0577bd84 | Got it. Perfect. Okay. And then this is housekeeping, but the 200 employees furloughed, were they furloughed as of April 1? Or will you get sort of a partial quarter benefit there? | So most of them were furloughed. We did two sets of furloughs, so call it, like, call it, 130 people in April and another 70 early in May. | direct | [
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ab944cd97d67fded19b960bf47f281f3 | Yes. And I guess, yes, first of all, just on the ticket business, do municipalities basically just have kind of a set number of tickets, no matter how much driving or school buses are on the road or not on the road, they're going to get their revenue no matter what and so you end up basically being pretty insulated by ... | No. They only get whatever the cameras take. So there's no -- if there's less being taken, then they will have less revenue. There's no guarantee for them.
No -- yes. The systems are designed to reduce speed. And if they're working effectively, they should have fewer citations after they're installed in the year after... | direct | [
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f6a61d8594b646bcc4b7b46f0614d9cb | So they don't change from 10 miles an hour over the speed limit to take a picture, to 5 miles an hour over just to get more revenue? | No.
No. That's not something that they normally do. They take this very seriously, and they're looking after their citizens' safety. | direct | [
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156796699e19abbbf04906bdc999d99d | I wanted to focus, one on your fee income guidance, right 1% to 5%. It just seems too conservative to ask considering that you had easy comps range -- exceeds with down like 3%. You're forecasting strong volume growth of more than 10% on average, you're introducing a bunch of new products, as you highlighted. So I want... | Well, basically regarding to the guidance of fees from 1% to 5%, you're are right, it's pretty much conservative but we are living in a world with a second wave of COVID, we do not know how much the economy will suffer from that. We do expect to have a big drop of 3.5% and an increase in competition.
So, we believe th... | intermediate | [
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f6042a51d4269a658135de6521e1835e | And then my second question is related to your branches, right. As you showed on Slide 15, you've reduced almost 1100 branches in the last one year that's 25% of your branch network. So I wanted to understand what happened to your NPS score during this period? What do you think is the right signs of your branch network... | Regarding the branches, at least 300 branches we shall close or transform this year, but we are still in advance of the studies to see how much we can go beyond that. Our clients have been using more and more digital channels and we can see that the transformation at least of branches can be a very good way to reduce c... | intermediate | [
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c870663791f41b768dc258bad2532d1f | First one on your operating expense guidance, minus 5% to minus 1%, evidently of all of these guidance items, that's where you have most control of and the range seems quite high that is the one thing on the slide. What are the assumptions for you on both sides of that guidance. So how did you get to minus 5%, what are... | Well, basically regarding to our expenses as a whole, we continue to reduce them. We are confident that this is not something that you make on a one-shot. It's a process, it's a cultural matter, this is our first priority. So we are going to keep on reducing them as much as we can, as much as technology allow us to do ... | direct | [
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5b1c2c5d68b2d251c273b0f48454e9d4 | The second question is on the loan book. In 2020, you grew 10% and I guess this is similar to the previous question. Loan book, you grew 10% in 2020 and your guidance for this year, it's not that different, 9% to 13% so the midpoint is around that. Considering that the -- I mean hopefully, you'll be in a completely dif... | And the loan book going from 9% to 13%, that is pretty much 11% and ahead of the guidance, although it is slightly above the extended loan portfolio that we have been following to any -- and although we have an economy that shall grow by 3.5%.
Well, basically, it is still an economy recovery, there is still a second w... | intermediate | [
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7211799314e0a77219a9f6ed87b9918c | There has been a lot of capital coming into the digital banks over the last few months, new bank obviously completed the Series G pretty recently, but also into ASC 6 and a number of others all raising equity. What do you think that does for the competitive environment, how is the behavior at digital bank shifting and ... | Well, basically -- well, first of all, thank you very much for your question, Geoffrey, Leandro speaking. I mean we have been transforming ourselves deeply into a digital bank. We have three pillars to transform the e-commerce bank to have to explore more and more on our native digital bank and the open bank and itself... | intermediate | [
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00a80d93fa652e3c76a74662b28e8e60 | Neenah operating system, I'll write that down. So $20 million over five years. So what should we, kind of, be plugging in for 2021, we're assuming that you're just getting going now? | Sure. We are launching now in our two largest facilities and as a reminder, the Neenah operating system it encompasses safety and cost and quality and delivery. We are really focused on safety, and cost and we're ramping up through the next year. And as you're probably aware the lean principles, create a high level of ... | intermediate | [
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f36e6a6dd1cc0526f94237a54cb87ec1 | Okay. So it's going to be maybe a little bit back-end loaded or a couple of years before we start to see it. So a trust you will give us road map marks over the course of time? | Yes, we'll give you as much road-map as possible and like I said, we'll see benefits next year there'll just be some upfront costs that may offset, some of those benefits next year. So I wouldn't call it completely back-end loaded, but it won't be a light switch for sure. | direct | [
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99ba44578b96e5c25852ace088d6a84f | So -- paper well, that's good. So you're anticipating what we need, but in paper, I expect that at least talked with some of the commodity guys, there's going to be a permanent step function down. And I was going to say 10% and that if you're going to return to 90% of previous sales in paper, is that about right and th... | So a couple of things. I think you got it exactly right, we're expecting to returned about 90% of our pre-COVID quarterly pace, which was about $90 million and we're expecting to do that in 2021. So a couple of things, I would tell you that's different. As we looked at the last recession and our performance in Fine Pap... | direct | [
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82f25e82ea93c94a9da09ef7e7aada13 | And do you think, you'll be back to that $90 million revenue rate by Q1 of '20, sorry 2021? | Well, I think there's a lot of uncertainty right now with the resurgence. And so I -- forecasting is more challenging right now, then it's been in some time, but it will be a ramp up. But we're seeing nice sequential improvement in Fine Paper and Packaging across all of the categories in which we compete. | intermediate | [
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01115294187173876714d18aec1bf6b2 | But it might be more from a modeling perspective to assume that's an exit rate as opposed to [Indecipherable] $360 million in sales next year? | Yes, I would assume it ramped up over the year. | direct | [
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682fa40e3dbf3badf7cd96714e53f431 | Okay, last question on paper, which has to do with the market pulp that you guys purchased. Can you tell us -- can you remind us how much pulp you buy and I wouldn't call it a competitor, but another company that buys market pulp is incorporating about a $50 ton increase. Is that about -- so what kind of magnitude incr... | Yes. So, this is Paul. So a couple of things on that pricing. So I think, as you know we -- as the market pricing tends to hit us, we have a bit of a lag, both in terms of when we get that pricing and then how that gets passed on. And so if you -- in our comments that we talked about now, we talked about our selling pr... | intermediate | [
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1e85b3afcc25df98bfad8b5079f0ea79 | Okay. And last question, I promise. I'm not very fast right and in fact I'm just not very quick. So the growth platforms before that you mentioned is it industrial air and water, face mask media and what were the other two? Is it... | Well, let me go through, because I think you're on and one of them into the four growth platforms. The first one is filtration, and so industrial air and water fit into that particular growth platform as does the others, I think you mentioned. The second one is specialty coatings, so today Neenah -- at Neenah we coat a... | direct | [
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8150e238dc24cad22cda41f4b582a6df | The first one, you gave us some color on the expected revenue heading into Q4 which was helpful. Thank you. But I think if I heard you correctly, you're going to see additional drags from inputs, maintenance down and maybe some expenses rolling-back in, and the CARES benefit, I guess expiring. Putting it together, is i... | Yes, I wouldn't say a pretty big downtick in margins, so what we wanted to highlight was that we have some items that we are expecting like the maintenance downs are going to be a little incremental. At the same time, we're driving our mix, we are still focused on cost control. And so even though we had some savings fr... | direct | [
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dd62fcc428b7fe89986e09c82bb7536c | Okay, thank you. That's help. And then Julie just to clarify, the $20 million expected savings over the next five years, that doesn't include the $7 million permanent savings you've already realized, right? And maybe as a follow on to that. Does savings need to -- great. And do those -- do you need to realize any certa... | The $20 million savings, those are really based on our current expectation of recovery. So as of course, as volume continues to recover that helps our margins and as we continue to accelerate our ramp up in North American filtration that helps our margins. So there's definitely other things that will drive margins in a... | direct | [
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02fa1df46838c209fdbac5fda7277b18 | Okay, great. And then the last one for me. Julie you've drawn a line in the sand, I guess for the paper revenue, I guess the $90 million run rate at some point next year. You've listed a lot of growth initiatives on top of that, whether it's fine packaging or on the other side in Technical, we wish to sound great. When... | Well, that was a couple of questions in there. So let me [Speech Overlap] I hit them all. First, I just want to make sure the $90 million run rate, what we're trying to message is, our expectation as we get to about 90% of our previous COVID -- pre-COVID run rate, which was $90 million. So that -- as you've asked about... | intermediate | [
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8b30d5ec54225fdfd637ab1f9acb25bc | I was wondering, just on the comments around the mid-teen margin profile in Fine Paper. Is that -- at that 90% run rate or is that a current levels in -- would that improve, just wondering about that comment you made early? | Sure. Well the first step Chris was to get to double-digit EBIT margins, which we did in Q3 in both segments and as volume continues to recover, those will continue to ramp up. As our innovation pipeline continues to become more and more accretive, those will ramp up, as our Neenah operating system begins to get implem... | intermediate | [
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22c7314ef13677f090640697e5fe3b9f | And I guess, just around packaging was last year just a really strong quarter for packaging or just impacted, how was your growth actually in the period for the packaging products? | Last -- you're asking, if there was a growth this year on Packaging... | fully_evasive | [
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9f22f12c17894581646660e323cbec63 | Okay. Okay. I apologize. I thought last quarter it was up a little bit. So I was wondering, if that was a step down, or just a [Speech Overlap] | So it's continuing to grow sequentially and I will tell you, I'm encouraged by the innovation pipeline that the team has developed around Packaging and some of the sustainable solutions that we're launching. I think right now, when health is still top of mind for everyone, and it quickly turns to the health of our envi... | intermediate | [
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3046c458d9ececf42973552dda0d3cbd | Great. And that was going to be my next question, but my next question after that. Can you -- just talk about maybe your appetite for M&A in the current position, would you -- want to wafer a little bit more clarity on the economy to recover before you [Indecipherable] time for disbursement [Phonetic]? | Well, I'm really pleased with our current cash position and liquidity position and that is an important part and our M&A remains an important part of our strategy. And we're seeing solid deal flow right now, we'll continue to be cautious because we're in uncertain times, we may take smaller bites. But having strong cas... | direct | [
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ea6f6e79be9eb9fc4a6a4675a390e49f | Brian, just a quick question on services. I know that you had outlined for the near-term kind of a 6% to 7% total revenue growth and software 9% to 10%, that implies pretty low services growth and just given where you are in Q4 and the momentum you have in Metallic, is that still reasonable to assume like a low single-... | I think it is, Jason. First of all, good morning. Great to have you here. I think a reasonable services growth rate for FY '22 of low single digits is probably appropriate. Again, we're going through a period of transformation and we've been strategically converting many of our older perpetual maintenance customers to ... | direct | [
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350cf0a3fd0fdc0be8671cc5945f3cd2 | And then for Sanjay, I guess my question is on the data protection market, and it does seem like more customers are starting to look at data protection through a data security ones, which is not totally new, but seems like it's ticked up a lot just with the kind of ransomware scourge out there. Can you just talk to tha... | Fair question. This -- the way we look at it is that protecting against bad actors is part of the construct of how we think about data protection and data management, while back you would say that's a security play and this is a data protection play. Now it's sort of -- it morphs a little bit more, it's morphing. And w... | intermediate | [
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"fully_evasive"
] | B |
93cb500f3aa38d8d368dab8ab572aaa2 | I guess I wanted to ask first on Metallic, you threw out several metrics that were quite impressive. ARR up 2x quarter-over-quarter, I don't know if I missed it, but did you say how much Metallic is of ARR or how we should think about be as Metallic kind of penetrating the existing installed base of the Commvault custo... | Sure, Aaron. So, we're really excited about the progress of making a Metallic. In a fact, this was a product that really came to market at the start of the pandemic about a year ago. And if you recall, we were giving it away to customers and non-customers to try our endpoint because of the -- everyone is working remote... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fe08b5fc302b63cc2d42764313b012ac | Fair enough, Brian, this was a quick other question here is that, when I look at the reported results, one of the numbers that really stands out is that your free cash flow, I think it's like 70% higher than the prior peak. I know that deferred revenue has grown quite well over the last two quarters. Is there anything ... | Hey, Aaron, thanks for the question. I think longer-term, you'll see a normalization of that. I think we had a very strong Q4 free cash flow and it was driven by, as I said, a record Q3 performance and we did have some one-time items that showed up in there in the form of time to go to payroll and also some IRS tax ref... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cc3ddbbcc56643d76d7aa6bf4a5e8695 | I just was curious if you could maybe rank order or give us a little bit more color as to how to think about the demand for data management overall versus the federated product portfolio being able to address any workload in any form factor against kind of the change in the go-to market efforts over the last year that ... | James, hi it's Sanjay. So I guess to the parts of your question, hopefully I'll cover what you need me to. But the first thing is, if you look at wherever you were a year ago, whoever you are today, data management, data protection are imperatives. Customers are now looking at this as part of their core IT strategy as ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2744f4e03571e352fa0fdf9854c9e38d | Sanjay, you had mentioned that Metallic, you were kind of giving way to customers during the pandemic to try giving -- just being a good vendor and good support overall. Just curious maybe it's for Brian, I guess, how should we think about the monetization strategy of that over the next year as you shift from kind of f... | I'll take that question. So the free offering was to our endpoints. Okay. As customers started working remotely, we give them the endpoint capability. Hope -- I think it's through September. And from that point on, I mean, customers can do the basic trial program, but it's all paid service and really we -- I think the ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8fbf40c8229a07a19ccd3ce97ea82ec5 | Sanjay and Brian, I was wondering if you could maybe drill down a bit more on, what's been driving your very strong, large deal performance. Is this happening just organically with customers? Or is there sort of a subconscious sales motion changes that you've undertaken to really drive this. Any additional thought, doe... | Hey, Jack, it's Sanjay, how are you? So it's a couple of things. One is, as we shared up the course of last year, we've been very focused on our go-to-market activities, with segment of the market in a way that we think we can really get into and help our customers we've aligned the portfolio and the workloads to match... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c689543e2718edde419e32ff14e49c6d | You've completed the first year of a subscription renewal cycle, which has been a new motion for Commvault. I was just wondering when you think about entering, as Brian alluded to a larger, real opportunity here in the new fiscal year, just what are the lessons learned from this? What do you think has gone well, and wh... | Good morning, Jack. It's Brian here. So, yes, so FY2021 was that kind of inaugural year for us in terms of a meaningful subscription cycle, but we got ahead of this. When Sanjay came in a couple of years ago, he said that the need to build out a customer success function, that's really dedicated to paying attention to ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a4a1d061c91574d8bf8927d7ebfe494c | So large deal success has kind of been a focus or a pretty prominent over the last two quarters, was that more of a pipeline anomaly or is that the new status quo? | I would say that we are seeing success across the board, Jacob, so yes, we are seeing success in the large deal, execution of pipeline, I think that has to do with restructured go-to-market infrastructure. We've got a sales force that's hitting its stride. There's just executional excellence that's happening in that ar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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