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61ab5d0f39317546dc4f924bbca3d6ef | Hey, morning, guys. Thanks for all the details and taking the questions. So maybe we could drill into a little bit on the spend patterns from -- Not so much on VPG, but on actual dollars realize. And the question is really just given how healthy the consumer is, are you seeing a like for like customer, whether it's an ... | We're not seeing any particular evidence of that. What you have seen is obviously as our honer mix of sales vis-a-vis gone up, they're adding more points to their portfolio than they may have done in the past, however, they are in smaller slugs. So the actual average sales price of a first time buyer, or of an owner is... | direct | [
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09947afd36627dd9a07c82c9df3e99ab | Okay. Yeah. Very helpful and then just to follow up on the progression of the revenue recognition, do you guys expect that to kind of fully normalized by the end of the year? Or do you think that obviously could potentially bleed over into '21, even though it should, I guess be less of an impact quarter by quarter, rig... | Yes. Well, the assumption, remember Chris, is quarter by quarter it's if your contract sales in a recovery, are continuing to increase sequentially, on average, it just means until you get to back to more of the seasonal quarters and just normal growth, you are going to have negative reportability from that recovery. S... | direct | [
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99ae37bb889f66d0354740ab760af8e5 | So you gave the growth for the Microsoft related business and I think you said well over 20%. So I'm wondering if you could put a finer point on that in terms of how fast it grew. And then, I'm wondering if you could give us a sense of how fast you're expecting that business to grow for all of 2020. I know historically... | Okay. As for Microsoft, well, originally, as we all remember, 2019 has been a bit slow, but toward the end of 2019, I believe that many of the potential customer moved off the fence they were sitting on and decided to go with Teams. So that has driven, initially in January and February, good portion of the business. Th... | intermediate | [
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98938229457b4c0b43c7ab6990691044 | Got it. And then I didn't quite catch, you gave some numbers for SBC revenue for last year and I think projected this year. Could you just reiterate those numbers? I didn't catch them. And then if you could say how much of that SBC revenue you think was software last year and how much you think might be software this y... | Okay. So roughly, the numbers, because I don't have them here and we know those numbers are internal data, and not really are discussed, but I would say that session border controllers were sold for a bit above $60 million last year. This year we look to grow this above 20% annually. As I've mentioned, in the first qua... | direct | [
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4028620604c8e3af44cebf70bf271b72 | Got it. That's helpful and then you mentioned your gross margin, you expected -- I think you said you expected it to be up in Q2 and you referenced COVID-related expenses or expenses you're not going to incur because of COVID. I wasn't sure what that comment meant. But if you could just clarify on your expectations for... | Right, so, as we know, business activity around the world kind of stalled from the middle of the first quarter and still continues for the second quarter, we did a new estimate of budget items going forward. Obviously everybody understand that traveling is going down. So expense on travelling is going down, same for ma... | intermediate | [
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9391acbaf7427f2fc97d6e2273998f32 | Got it, OK. So that was more in reference to operating than gross margin. Okay, that makes sense. And then could you just give us an update on the Voice.ai business, kind of where that is in terms of scale growth and any updates there. | Right. So we have two main activities there, the NLP ASR activity and then the recruiting activity. The ASR NLP activity, this is very -- grows very nicely in the first quarter. We were hit -- we plan to go major efforts in other countries, but now that has stalled due to the virus. On the other hand, we have very inte... | direct | [
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1b3b844e81c0545a62318f2040c16651 | As a follow-up to your comments on guidance, you talked about how the company managed to weather the impact of COVID-19 on your supply chain, and you also talked about how the switch to working from home is having a positive impact on demand. So I guess, looking at your reiteration of guidance, are you guys being conse... | Yeah. I think, in one of my conversation with one of our investors, it became obvious that AudioCodes sits right now on two of the main trends in communications. One, which is the collaborations team and second is the work-from-home team. And because we have huge investment made over the last years and actually, we are... | intermediate | [
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2294f16b3d12bc3b5ca39e36e2c39021 | That's helpful. And I guess the last one for me, how do you guys view acquisitions as part of your growth strategy? I'm asking in the context of your growing cash balance. | Right. So it's a matter of the regular business. We -- in each of the business line, we do monitor and study the environment, the other players, competition sometimes and once we will get into conclusion that you know a business would be necessary, or very good to help grow or if we feel, make it jump, we will definite... | intermediate | [
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b6ee2ebb702a10c088921fe132de66c7 | Just want to follow-up maybe a little bit on the last question. Just to get a better understanding of how the business may be negatively impacted by the actions taken to fight the virus, whether it be from a sales or deployment perspective and if we do see the economy is starting to open up a little bit more, is there ... | Sure. So I believe that the world moves these days much faster through cloud communications and our real challenge as a company would be to cope with the developments and, you know, if you look on names mentioned in this call, some of the worlds biggest, largest and quite fast ramping companies that are leading unified... | intermediate | [
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5a3075947c3b0351f4da9f7804da498f | Okay, great, thanks. And in terms of the the Voice.ai, and what you're doing with Google, how -- what's the business model there? Is it a flat fee? Is it transactional? And what kind of installed basis Google have with that platform? | Okay. So very simply, this is a Software-as-a-Service solution, meaning that every chat bot developer that wants to add phone access today in the U.S. and the U.K. and goes to the site and click on using our solution-The One-Click Telephony Gateway, there is a price that's for the team. So, all in all, it's a Software-... | intermediate | [
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1a52c74f4928368b97c872306278ec5d | Okay and just the installed base that maybe Google has a number of bots or the number of transactions that they're transacting among, just to get a maybe a feel for the size of the market or maybe you could talk about the overall size of the bot market, the opportunity you see there for yourself. | Right. Actually, what we announced today is a very simple -- we worked hard on implementing it, it's not that trivial. But still, it's just the first step that you can think about a CPaaS solution, a Communication Platform-as-a-Service connected to the One-Click Telephonic Gateway. So, we intend to connect some of our ... | intermediate | [
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f53d75867dff69f9c00bec14b90c8a43 | Okay. And lastly the -- I guess when you gave your initial guidance, the shekel to U.S. dollar was like I think like a $0.05 headwind or so, but it seems like the shekel has depreciated a little bit that you're kind of -- what you are embedding in your guidance change in terms of the FX impact? | Yes. The FX change have very important point. Yes, indeed, during the crisis, the U.S. dollar has appreciated against the new Israeli shekel. We took advantage of that and basically, when compared to the original budget, we have -- we will now have, in each of the coming quarter, a better budget position because expens... | direct | [
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d07f522b560e3889c61869a557494099 | Can you please go into the details about the transition from Microsoft Skype for Business to Teams, as well as in the past, you've indicated this migration might be headwinds to Microsoft revenues. Also could you go into more detail on the transition? How is Microsoft doing? Is Teams as functional yet as Skype? What wa... | Okay, that's a long one. Okay. I'll try to take it one at a time. Basically we -- I have mentioned, I mean, we as a company used Skype for Business for many years. It's a great unified communication on-prem solution. When we moved to work-from-home, we started using it personally, as you said, and then, you know, the h... | intermediate | [
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087e71f8680ce4fa6db2c658b0e3f733 | Where should gross margins level off and why? And then also, can you explain what you can sell into enterprise accounts that use UCaaS service like RingCentral? | Okay. So that is exactly what AudioCodes Live is about. So we definitely have a lot of products associated with deployment of Teams, our session border controllers for direct route, phones, management systems, conference devices, etc, but the real value is really in our ability to help the companies get fast on board a... | intermediate | [
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ea8cd4185b2ca5fa3de19d66b2527daa | Maybe first one for Karen or Dave. It looks like the -- I think it's Slide 7, the free cash flow guidance from the non-regulated businesses went up modestly versus the prior expectations. Curious, drivers behind that? I mean -- I know we had a better second quarter, but anything else that might be driving some of that ... | Yeah. Not really, Holly. I mean, mostly the results for the second quarter and drawing up of our marketing to market, if you will, our forecast assumptions that you see in release. | direct | [
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75d2847564b06b673cf21cfdac77cf86 | Okay. Okay. And maybe Justin one for you, just bigger picture. You had a big M&A deal in your neck of the woods announced yesterday. So I'd be remiss not to ask you guys kind of what you're seeing out there and maybe how you feel about valuations and sort of the evolution of the M&A market since you did your deal last ... | Yeah. Sure, Holly. I guess first I'd start by just congratulating our friends at Alta on a great result. The Anadarko assets were, when Alta originally bought those, those were ones that we thought were very attractive as well and they have obviously been very successful with them. And then note as well we're looking f... | intermediate | [
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c472940964c0350f7ca5ec993d0521b0 | Okay. Great. Maybe, Justin, just one other one for me and this is more just nuance and I can follow up with Ken if you don't have it at your fingertips. But you mentioned most of the TILs being sort of done for the first half of -- for '21. Can you give us those numbers for, I guess, in total for the first half of the ... | So, Holly, yeah I will defer to Ken to follow up on the exact number in the first half. The final pad we have remaining this year to bring online, it's six wells in Lycoming County, which will happen late in the fiscal year. But really in line with what I was suggesting in the remarks there. We really are -- we will be... | intermediate | [
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e6d39fb83e365a158bd9bef116189acb | Q2 production was very strong, a bit above our expectations. You talked a little in your prepared remarks about declining in the back half of the year. Can you just give us some detail on kind of the magnitude of the declines you're expecting? And then there's clearly a step-up in production in fiscal '22 with FM100 co... | So we haven't guided '22 yet. But really the -- what we try to do is target our production as best we can in alignment with our operations plan to have peak production and flowback occurring in the peak winter months and when the market is the best. And so we really had engineered and designed our program during fiscal... | intermediate | [
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934752d257c5366610c168c99460da6a | Good morning, all and thanks for taking the question. So I was looking at Slide 33 and I get the kind of the temporary increase in Appalachia other LOE. And so I guess I was just trying to figure out once the kind of onetime costs to bring kind of the acquired assets in line with Seneca is all very well. Kind of the ot... | Sure. So the small incremental increase is really related to some of the work we're doing particularly on the newly acquired properties where we're really bringing those up to Seneca standards. The other thing that definitely plays into things a little bit is just as you have more wells, you see you have a little less ... | direct | [
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5fc130a34c8f95d8a234793af8bcf67c | Okay. That makes sense. My follow-up, kind of basically shifting to the other chart is, other LOE as a whole for Seneca has basically trended down pretty consistently since 2018. I'm assuming some of that is down to kind of lower activity in California. But then with kind of activity shifting more and more to Appalachi... | Yeah. So the fundamental driver there is really the relative contribution of our Appalachia gas production versus our California oil production. Just on a unit basis, the California oil is higher. It's the nature of the operations out there. So as our production continues to grow in Appalachia relative to California, y... | direct | [
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0f369bd10ed74bcf67a2c351f3909250 | I first just wanted to circle back on the production and capex trajectory outlook. Given the timing of production for the rest of the year means production will decline as you hold back some of it to bring the wells online when Leidy South is complete. It would seem like this implies pretty favorable capital efficiency... | Sure. So the way to think about it is we added a second rig back in January and that activity is really -- the reason to have the increased activity is all about growing into the new capacity. So we've been actively drilling those wells -- drilling additional wells and that activity will continue. And that activity wil... | intermediate | [
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f3cbe30f80fc1b1fb84c7dc635d8ae43 | Okay. Great. That's helpful. Thank you. And then just my follow up is, you have an unique perspective given the integrated business model. And during the prepared remarks, you mentioned that you see a favorable outlook for nat gas and for NGLs longer term. But just wanted to get your thoughts more specifically around w... | I'll be happy to start on kind of our general views on the gas markets and then I'll kick it over to Dave to talk about Northern Access. But certainly as it relates to kind of where we see things today. I mean, yeah, we're constructive. We are in a better place certainly than last year. It's an understatement. But we f... | direct | [
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731402774f301913cdcafb20e597f5e6 | Sorry if I missed it, but what is the balance of PPP loans at the end of the quarter? | It's around $120 million or so, I believe. I don't have the exact number. I mean, I think it would be, Andrew, I think we funded $53 million and we've received forgiveness on $35 million. So I would think of $120 million, I would think it'd be $118 million, $119 million, something like that. | direct | [
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ee9334ff0d29920ef24bb80cbf6e6e02 | And then it sounds like forgiveness on that is going pretty smoothly. Is there any timing you can provide on how you think that's going to be forgiven? It will be more weighted toward the second quarter or third quarter, what are your thoughts there? | It would be a total guess, from my perspective, I would think the second quarter would be bigger than the third quarter when you... I would think so. I know a lot of our lenders are working with our customers. We've got several things in the pipeline, and I know they're doing some outreach to talk to the customer. So I... | direct | [
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eb831757d36deff0e202dbebee4e8f4f | I mean -- and then, just rolling in those fees and all the different dynamics that play here on the margin, like how do you think the margin should perform from this 3.41% level? I mean, do you have the benefit from the fees, but it seems like the core trend with although liquidity coming on might be a detractor from t... | Well, I mean, certainly the liquidity that we have, and as I said, the mix has dropped a little bit. So that's really been a lot of the story if you look back to where our margin was in the first quarter of 2020 before the pandemic sort of a little more normalized time. We -- probably like I said, half of that drop or ... | direct | [
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4525252a3f9d12c3477d3fe1dcbaf996 | So, my first question, just on the -- I apologize if you covered this in your prepared remarks, I was jumping between conference calls. But just in terms of how we should think about the reserve level and the provision going forward? I mean obviously the adoption of CECL was quite a big boost. And just given the strong... | I think -- I mean I think a lot is going to depend on loan growth really frankly. So I would think if you assumed a flat loan portfolio, we sort of believe with our loan portfolio at the level is that right now. We've got the right reserve levels. So if you have a flattish loan portfolio and no charge-offs, there might... | intermediate | [
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52237f22d8730fe636c136375ab009d2 | Okay. But from a pure loan loss reserve perspective here at like 1.59 excluding PPP, you don't think you need to go higher than that right. If anything, there should be a bias for some reserve release going forward? | Well, I mean, I think, we think we're appropriately reserved at this point. So, yes, I mean, I guess I agree with what you're saying. | direct | [
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3f0b135d0856b12d0968d2427e92cac3 | Okay, fair enough. That's helpful. Thank you. And then I guess my other question, you know, on expenses, again I apologize Rex if maybe you called out some one-time items that weren't repeatable, but can you help us think a little bit about a good quarter run rate going forward to go off? | I don't think really in the first quarter of this year, we really had too much that was not fairly standard. Our expenses are going to be a little higher related to the mortgage business, because I mean as long as the mortgage business is still robust, we're going to generate a lot of fee income from the profit on loan... | intermediate | [
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11eb9bf3fbe6899e43c492421ee0d02b | Just -- I guess just a question on capital, obviously, so you adopted CECL. But Joe, I think as you alluded to your capital levels remain pretty strong. TCE is north of 10%. Can you maybe just remind us again you're sort of bias toward uses of capital going forward? And I know you bought back some stock during the quar... | Yes, I think, what we've said before, you know, obviously, if there was something really opportunistic on the acquisition side, we would be interested in that. But to remind you, the way we view acquisitions as we're going to have conservative assumptions and based on very conservative assumptions, particularly with re... | direct | [
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204cee939f55398f9b160d43c6c2b8cc | Hey, good morning guys. So Clay and Greg, appreciate the disclosure on the quarter-to-date volumes. But any sense on -- is that tracking revenue relatively close? I think in the quarter, revenue was down, I think 12%, volumes are down 13%. So any reason that's changed? And then if you can just kind of give us what volu... | Well, our margin on the volume, the net revenue yield did remain constant during the quarter at 106 basis points. Schools do help that. So in Q4, depending on what schools do, that could have a small negative impact on the net revenue yield, but I guess we'll wait and see. Year-over-year, our volume is down still. I do... | intermediate | [
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b41ce86b4b5b4dc5419109a10444ea77 | Okay. But I mean, I think schools were a headwind. So maybe revenue is a couple of points off of volume growth. There's no reason it should be -- it should deviate materially, I think that would be help -- that's helpful. And then, Greg, I wanted to talk a little bit about the -- you mentioned you've seen an increase i... | Yes, John, that's a great question. We are seeing people moving more to a SaaS model online. I think Clay mentioned that some of our installations pushed and that's given people the opportunity to think about the type of implementation that they desire, and we're seeing everybody moving to online at this point. To the ... | intermediate | [
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997081461fb4dfe3ddee704fea7d65c9 | Okay. And then a last one for me. Clay, any type of quantification on what some of the delayed implementations were from a revenue perspective. I mean, obviously, delay doesn't mean it's going away. So just trying to think about what that headwind was in the quarter, even just a range would be helpful. Thank you. | I know at one particular company, we had one $250,000 job push, so it'd be north of that if we were to look companywide, I don't have an exact number, but... | intermediate | [
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5f71481bd66bb288fe97f3ba19e917f1 | Hey, you have Cathy and Jason on. So first just wanted to ask about the revenue and EBITDA contribution from the most two recent acquisitions that you guys signed. | Cathy, we've -- our practice has been to give the purchase multiple and that's 8 times to 10 times. So you can surmise from that $1 million to $1.5 million of EBITDA between the two. And maybe you could use our standard margin in software to estimate revenues off of that. | direct | [
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d610ae7903659f7b850fbd449d7512ab | All right. Got it, that's helpful. And secondly, I just wanted to ask, can you guys give us an update on sort of card-not-present transactions? And how much of total volumes they represent? And sort of how fast is this growing versus card present? Thanks. | Card-not-present is over 50% of our transactions, that declined a little bit in this quarter with the absence of school. School revenues are 95% online. And over time, that is increasing, and it's corresponded pretty closely to the integration percent we give. But we expect it to increase over time, schools a variable ... | intermediate | [
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7e504ced301501e94a505447b0aeeb70 | Okay. Just a follow-up. Clay, you had said, for July, the volumes were up about 4% sequentially, but I didn't hear if you had said the planned volumes on a year-over-year basis. Can you pull that together, just to give us a good -- an idea of where we're standing and maybe the first weeks of August as well? | I believe July was down -- do you have the exact number? 5%, yes. And August for the first week is also 5%, down from previous year. | direct | [
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e38119fab609307dfcde12135b338e82 | Got it. Okay, that's helpful. And then really within the non-profit, besides that is as pre COVID just about 5%. I guess when you think about that vertical, are there other large players that play in that vertical? Or would you characterize it as primarily pretty fragmented? | Well, it's both, Peter. There's some large players and then there's a lot of smaller players. We were excited -- this acquisition that I mentioned earlier. Churches weren't allowed to gather and people were used to putting cheques and cash in the offering plate. And they've gone to online sermons, and they're actually ... | direct | [
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7eaf4fb9d43cd3ef5c61ce24f58e0a4a | That's helpful. And then how would you characterize, I guess the education, you've kind of given some thoughts around that. I just -- at this point, I haven't seen any aggregated numbers, but you're kind of assuming it's about 50% of the K-12 population is virtual, is that was the comment that you had made in terms of ... | We did say 50%, but not -- that's not the number of students, remote versus in-person. We still collect a number of fees for registration, for all types of things, whether schools are in-person or remote. So it's probably a lower percentage that are in person than 50%. But we're estimating we'll garner about 50% of our... | direct | [
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fb19d3a099a660fbf9d1360e36180799 | Yes, thank you for taking the question. So yes, I wanted to follow-up a little bit on John's question earlier about maybe some of the changes and encouraging maybe leading indicators you're seeing within the public sector. It certainly sounds like there is some elements of that as well in the education sector, about ma... | Well, we clearly like software revenues. And the fact that we believe we can increase our software revenues even in this environment speaks to why we like it so much. We have a pretty -- our team is pretty quick to pivot, I would say, they've been in the business for a long, long time. They know the customers. Our cust... | intermediate | [
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ba144d64644cc5ff9027c429d57bfd02 | Okay, that's helpful. And it was kind of interesting to hear, I think Greg and maybe Rick both commented on the record new sales. So that -- I mean it's pretty impressive, particularly given lots of your folks are probably working from home and virtually and such. So just would be curious maybe what drove that, if it w... | Well, there's multiple reasons. I think our marketing department is a lot larger and very effective, very active compared to where we have been and they have taken us to a new level when it came to that. So we've given our salespeople a lot more leads. When we go out for a webinar, we're normally having 50 people at be... | direct | [
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e091adba856ad84a51352ce53a374858 | Okay. Really helpful. And then just last question, just on kind of quarter-to-date trend. So just to clarify, so I believe, Clay, you said, basically down about 5% quarter-to-date on a year-over-year basis. And then you certainly talk through education a bit and what could happen in the fall. But certainly, there's a v... | I can't really think of anything other than that. I did mention that some costs are coming back. We've recalled off a furlough. So you could build that into your model, I think. | intermediate | [
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da7ea1415731c0a2186ddb23b1553ae4 | Hey guys, congrats on the quarter and nice pick on the sales momentum. Wanted to start off on the education side. And I think, Greg, you talked about winning your first ever sort of higher education being -- I'm curious, are you guys thinking about [Technical Issues] as move for one-off? [Phonetic] Is that an opportuni... | Yes. It's very different. It is a huge opportunity. It's a major university that is a household name, maybe we have five or six in the coming year. New ones that we add, it's not 100s, it's not -- we're not thinking that it is something that we pivot from K-12, but it was a large RFP. And we do plan to take our success... | direct | [
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e488a13b7d5603591702b27f1711a318 | Okay. That's helpful. And then, Clay, your comment around August volumes being down right about 5% here at the beginning of the month. Is it fair to assume that there'll be some degradation in that number as we go to the latter part of August? Just assuming that schools start to play a bigger part later in August than ... | I guess that's fair. But school volume is small. It's very high margin, but it's small volume. So I don't think it will tilt the volume much, but it will -- going to 50% of revenues from 100%, we feel that. | direct | [
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c4d1b3e2d69e4ae7a8dd2961d80dfbb2 | Okay. And just last one for me on the M&A pipeline, and it's good to see you guys are converting some of these deals. With the pro forma leverage now right about 4 times, 3.9 times, will that cause a bit of a pause in your activity over the near-term? Thanks guys and congrats again. | Thank you. Well, I guess what I would say to that, George, is most of our deals are small, as you see, we did two for $16 million. That moved the leverage ratio 2/10 of a turn. And so we're not going to pause. We'll find a way to do our deals. We do want to manage our leverage ratio close to 4 times. So we'll find a wa... | direct | [
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0d4a164bc6b9c78d5cfa6cb8f493dfe3 | How did the mix of patients look in the quarter? You exceeded expectations, was just hoping to get a better sense of was it repeat customers, was a new direct-to-consumer customers? And how much was due to the insurance channel? | Christian Gormsen: We saw growth in both cash pay and insurance. We did not see a lot of repeat, so that was significantly lower than we'd seen in prior quarters as expected. So that was sort of the development. So again, where we are pleased is the fact that we were able to grow both cash pay and insurance and specifi... | intermediate | [
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0379033754daefe6275bd02407fcb71a | On return rate, I think it was a record low for you at 23%. Maybe you could just touch on what drove that. And I think in the past, we've been thinking maybe something like 25% was the low, but how low do you think this can trend down now as you're breaking barriers toward the bottom end here? | Yeah. No, no. You put it right. We are ahead of our own expectations and I think this is really due to the diligence of our support team and how do we really keep optimizing the user experience. We're not changing our overall assumptions on what we can do. With return rate, there will be fluctuations from time to time ... | intermediate | [
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ae2fbcf33f7fe86e86e4725f29c21b1a | On guidance, you beat by $2 million versus the $3 million in first quarter. You raised the low end of guidance by $2 million as well. I know you typically have a very conservative approach toward setting expectations, but just want to make sure, anything to read into that or it was just the low end and not the midpoint... | No, no. And again, we've been getting some great support and guidance here. And we feel great and given the strength of Q1, we feel even better about our full-year guidance. But it is like you said, we're one quarter into a year, and it's definitely tumultuous year that we are looking into. So we don't want to get ahea... | direct | [
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ef22513f419ddfdd6caefe76725fa043 | I was hoping to start a little bit on the April trends or even at the beginning of May. Are you guys seeing any pullback potential demand as audiologist clinics open up or patients begin to return there, or you're actually seeing maybe more demand as patients start to go to restaurants and be mobile and try to be more ... | Those are all valid crisis there. Again, we don't give specific quarterly guidance in terms of what we're doing here, we're definitely seeing -- there's always moving pieces in that sort of demand landscape. I would say, we're really benefiting here from having multiple ways of driving our demand, be that through digit... | intermediate | [
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ee2b097a6a8f642a84250e18b674685b | As we think of Eargo 5 -- and I'll have one more, too. But as I think of Eargo 5 and that launch, I know you guys talked about it being more material in the back half of this year. What have you guys traditionally seen when you've launched a new product? Does that give you a short-term bolus, is it a long-term bolus? D... | Yes. So really, what we've seen, and I think the best example we have was the launch of Eargo HiFi last year in Q1. It's really a long-term impact. So for us, what's going to be key with Eargo 5, it's a brand new platform, everything is new around us and we do believe it has a lot of potential. The key is not to drive ... | direct | [
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f94048a21924036c3f0f4c965afe5532 | I was hoping to touch on competition a little bit, just because we've started getting more questions around that. Have you seen any changes to the competitive environment either today or in the future and that could be some of the online services companies like hear.com or some of the other manufacturers maybe outside ... | Expected of you. Yeah, exactly. Now, there's obviously a lot of things happening in the hearing industry and I think it's proving the potential of this industry in general across hear.com, across Lively, Bose with their recent release, Sonova's recent acquisition of Sennheiser consumer. So there's definitely a lot of a... | direct | [
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416dfe8cd07d00637826c234a704380f | A couple to start on Eargo 5. So, Christian, what still needs to be done before you launch? And have you decided if there's going to be a price premium? | Good questions as always, Larry. Where we are with Eargo 5 is planning the back end of the ramp, so this is more of the logistics supply chain piece of it. We have gone through our registrations and all of it, right. We are constantly monitoring all of the feedback we're getting from test users in terms of sort of the ... | direct | [
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0ab1baf14592dd5420e8b96cde810ef4 | Christian, just to follow up, how derisked do you think the late Q2 launch is? Based on what you said that there are some software tweaks, how derisked is the late Q2 launch? | You know, I feel very comfortable or else we wouldn't be talking about this openly on this call, right? I'm wearing the hearing aids, as we speak, right. I think for us, it's more, how do we scale the launch and that's why we're also saying, we will see material revenue impact in Q3. But from a product readiness point ... | intermediate | [
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c285c3b615daae2affcec7e452b1c05a | Christian and maybe Adam, I'm trying to understand kind of the guidance and the Eargo 5 impact, because the benefit seems so clear and you said, kind of this is the biggest product launch in the company's history. So why would there be an inflection in the business given these large number of improvement? Your guidance... | Christian Gormsen: Yes. Now, maybe I start, and I'll definitely let Adam give you the nuance here. I think, what's been so important in everything that we've done from a guidance point of view since we started exploring the public markets with you has really been, we want to base it on what we have seen historically if... | intermediate | [
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c084948589019228445d23871fb7c242 | Christian, how are you thinking about the timelines for opportunities outside of the DTC models such as the omnichannel opportunity in international and other insured markets? | Yes. Now, this is another part that we've really been doubling down on our investments in through Q1 and into Q2. So first of all, I believe in all of these opportunities. As we've spoken about before, specifically, given the construction and plan designs within the insurance markets, we're not expecting any meaningful... | intermediate | [
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6baae36fd591662d7db37815e575cec8 | I guess if we could start maybe on the international Fluids side and how we should think about the guide for 3Q. You mentioned that we should probably remain below breakeven on an EBITDA basis for 3Q. I guess I was curious as to whether that entails you guys holding on to unabsorbed costs, given your outlook for intern... | Sure, so this is Gregg. I'll start in terms of addressing the overall margin profile and then kind of hand it over to David to give a little more color on the international outlook and what he sees moving there, but in terms of the cost structure, there's obviously been a lot of actions taken to date with the cost take... | intermediate | [
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2a9fff53a52862dc853b0fad447d7357 | Okay, it's helpful. So maybe if we think about getting back to positive EBITDA in the business. Obviously, Q4 seems far away, so does Q1, but do you think we can turn EBITDA positive in Q4 or should we figure it more as in early 2021? | Yeah, obviously, with the variables that I mentioned, the unknowns on COVID and the caveat there around the overall ramp of the market activity, I would say our best crystal ball would be that it's in the EBITDA breakeven range in Q4 and then improving from there. And as David touched on that's -- these international p... | direct | [
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f37feab0746f9782b3fbb5776f98f7b5 | Right, right. Okay and then just last one for me, on working capital, you mentioned not surprisingly that days spike that's as expected. I guess how should we think about the target or where days should level out, especially given the reduction in North America and just thinking about how we should think of it in more ... | Yeah, I mean as you look at it -- at our Q2 performance. I mean our recent history, we've been running overall DSOs around 110 range. Obviously, the international business is what lifts it. U.S.'s generally runs below that. When you look at the Q2 performance with the slowdowns that we saw in the international market, ... | intermediate | [
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e0165c59934fe2c4fba45109b9e328c6 | With respect to the North American onshore fluids landscape, it seems like there's a lot of changes going on with some very large global players that kind of play in that sandbox. You guys have done a good job of taking cost out of the system. I realize fixed cost absorption just gets you when revenue levels moved lowe... | Hey, George. Good morning, this is David Paterson. U.S. land had a challenging quarter in Q2. There is a dramatic drop in activity. We were able to, I would say, gain share in the quarter and I think if you look at the swift actions we took on the cost lines, significant roof line reduction, significant headcount reduc... | direct | [
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0b4289e731e4cd7505111ac1f3797056 | Great. And then my follow-up question is just on the Mats side of the business, clearly, margins have been a little bit depressed of late. Just frame for us how you think about long-term margins in that business from an operating margin or an EBITDA perspective. Where do you think we get back to once these kind of COVI... | Yeah, as you look at the Mats business, although we've taken some cost out, we mentioned the 10% reduction in the overall workforce. There isn't a significant change in the cost structure of the business. So I think the constructs that we were working under still holds. I think your longer-term normalized margins when ... | direct | [
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cbb90de134cb2d54d4a15dda7737c95a | Okay, that's a good segue into my last question. If you think about kind of underlying activity absent COVID levels or underlying kind of shots on goal from our project award perspective given a lot of those energy infrastructure and kind of more industrial end market projects are longer-term in nature, how are discuss... | Hey, George. It's Matthew. I'll talk to that one. Look, I think we covered it a little bit in the script. We're continuing to build our customer base there. We've seen some meaningful increases in the number of customers we're talking to. We have also seen sort of mid-Q2, we saw a drop in activity on the bidding and pr... | direct | [
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aa0f11c5f3ca1f387cc706fa11ffc000 | First question is a clarification, the latest round of price increases of 6% to 12% going into effect in June. That's on top of the price increases that you put in April 5, or is it on a different set of products? | That -- so the first price increases were 5% to 12% and those were on a varying set of products. The second set of price increases were 6% to 12%, mainly on the wood connector products. | direct | [
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5db918b2d6396ab9f6c4bbc30ea5035f | In Q1, North America sales up 23%. Can you give us a just kind of approximate breakdown between volume and price? | Dan, it's Brian, not a lot of price in there, mostly volume. Just a reminder, we did not have Lowe's in Q1 of 2020. So obviously, we've got that element there and so, mostly volume. There were a little price increase impacts in Europe, but -- so mostly, the volume elements that I just mentioned. | intermediate | [
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f753a93db2714ff4dc15cfd31b32b818 | Looking at the guidance, previously, pointed to -- as you mentioned, Brian, 16.5% to 18.5% operating margins for this year. And I think we did say a couple of times, not to be picky, but I think we said a few times that 2020 levels would -- probably wouldn't be sustainable. Now we're looking at least that and potential... | Sure, Dan. So primarily, price, as I mentioned in my prepared remarks, it does take a while for current resource, higher price steel to make its way into our cost of sales based on weighted average cost of inventory. However, the price increase is in effect really April or June as we noted earlier. So there is that ele... | direct | [
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faf2800c637d831b1493bac7ae18f2f1 | Is there a revenue growth assumption range kind of underpinning those new margin target -- the new targeted margin range that you can share? | Well, we're still expecting volume to be up mid-single-digit, and we're not necessarily sharing the topline revenue number, the finished number for 2021. But yes, there is that element that the revenue associated with volume that I just noted, and the price increase is influencing that operating margin guide. And of co... | intermediate | [
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4a3fb620775384137c66328ccce5e6c8 | Increasing focus in terms of capital allocation at least as you've described potentially as M&A, I think you mentioned you brought in some outside consultants, etc. Just any commentary on what the pipeline looks like, are you looking at kind of smaller tuck-ins? Are you looking at larger deals as a possibility as well? | Yeah, let me see if I can address that one, Dan. So, as we've talked about -- we've talked many times about opportunities we'd like to see in the fastener space really being able to control our manufacturing from an onshore standpoint versus buyouts. But also, as you look at our new initiatives, the mid-rise steel init... | intermediate | [
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e2924c62d83f79cfe2248e72b1f275b6 | Maybe my first question, just I guess if you look at the -- you can see there is a little wider range, a fairly wide range on the operating margin guidance. What's the primary kind of toggle point between getting to the lower end or the upper end because I guess when you guys deal with price, I mean you generally get w... | Hey, Tim, it's Brian. So volume primarily related to the back half of the year. And also when we had come out with that guide earlier, we had just announced to our customers that price increase. And so, the -- as we're looking at that current guide now, the elements around volume toward that Q3, Q4 time period are part... | direct | [
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252da46923fda03eebb0f685885f1bc6 | And did the prior guide include any price realization? | It did on the first price increase. | direct | [
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e8961c57b344a2f4a0542694d2f06210 | And I guess when you look at the supply chain side of things, I mean, Karen, you mentioned some benefits you saw. It sounds like it was mostly in Europe, but if you look at the U.S. market, I guess how are you handling supply chain issues, I mean if you had any? And have you benefited at all from competitor kind of cha... | Well, as you know, I think almost everybody discovered that resins are used in many, many building materials from OSB, the cardboard, and for us, our adhesives. So when we had that freeze in Texas, there were certainly some supply chain issues being able to get resins. And that's what I mentioned, we've been able to ta... | direct | [
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aa1b3f7cda3d982f4a4bd1cdc00b3ae4 | When you think about SG&A relative to maybe where we were two months ago, has your assumption changed for SG&A spend this year? | Not significantly. I mean we've got, of course, new initiative spend that we're looking at there. And typically, as a company, I think you know what we focus on things like testing and code reports for product ahead of or earlier than we would when we're bringing on sales folks and the like. One thing I do want to call... | direct | [
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04286304189b1420591f10f7107ea023 | Maybe Brian, just starting with you, at the investor event about a month ago, I think you alluded to kind of a mid-teens operating margin kind of before getting back in that high-teens again by 2025. Realizing that some of the gross margin pressure is yet to come, given the increase to the margin outlook for 2021, is t... | Yeah. Good question, Kurt. No, I don't think it changes that longer-term outlook. It's more of a timing issue within 2021 and 2022. As you see -- as you've seen in prior years, our cost of sales lags on steel pricing increases and then it goes the other way. So I would say -- to reiterate what I'd mentioned in the prep... | direct | [
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1731fb6de44455c41f8d52757648e4ec | The home center channel has been obviously a really positive contributor to growth. How do you think about that impact kind of lapping the Lowe's win in Q2 of last year? And then is there any way you could kind of help us ballpark, what that home center channel subset is kind of as a percentage of revenue at this stage... | Well, we don't -- we're not breaking out the revenues on its own for those customers. As we noted, it's up over 60% year-over-year, primarily due to the comparable that I mentioned on a previous response, Lowe's not being in our Q1 2020 numbers. We would expect it's a very -- it's been a strong market. 2020 was very st... | intermediate | [
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bab35e25b2e98bd82ad2c045ca46d91f | Karen, you had alluded to being in different stages within the growth initiatives within those different target markets. As we look at the next 12 to 18 months, could you just talk about which areas you think could be kind of most impactful to your overall growth trajectory, and where you're, I guess further down the l... | Yeah, that's a really good question. And I think if we talk about those areas where our fastener line can have the biggest impact. So we discuss the OEM, the DIY, R&R market as well as the mass timber, those are opportunities that use a significant amount of fasteners and so there is some nice growth opportunity there.... | direct | [
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1da39de544b95c2f03b227955a65bee1 | My first question is just on the home center year-over-year growth. The portion of that growth, it's not driven by Lowe's. I understand the growth rate, it won't be as robust as you lap the comparables, but the increased R&R activity, what are you hearing from your customers in terms of the length of the runway that th... | Yeah. I think the R&R is going to continue to grow. I think it was even as Lowe's -- not putting in the Lowe's business, we still saw that both Lowe's and Home Depot had a substantial growth in 2020. And I think probably some of that growth was -- future growth was pulled forward, but we are hearing that they still thi... | intermediate | [
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d8f83ab95f0b23c419e46cfd64df9d96 | And on your weighted average cost of raw material, how long does that weighted average cost typically lag a price increase by? How should we think about that? | Yeah, it's a good question, Julio, and that's why I wanted to note the 2022 element. It could be that long just due to the amount of steel we have on hand. And as we wait, as we consume and bring in with purchases, it could go through the end of the year early -- into early next year. And then at that point, assuming p... | direct | [
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2ca41b8c5c9958c903b4b47e4bbb9ac4 | But I think just to clarify, does your expectation kind of expect a deal that continue to rise all the way through '22 or... | No. Yeah. Sorry. Let me clarify. So, at current price, it will -- the weighted average amount in inventory will increase even if prices were to stay flat in the spot market. So if we were to continue buying at today's price, the weighted average of our inventory will continue to increase because we've got now a pretty ... | direct | [
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406329c53b03d5739b3c7ac8ba40bb76 | And I guess just you touched on this earlier, but on your key growth initiatives, you talked about -- you have a product for all your five growth initiatives. Maybe if you could talk about the concrete initiatives? Can you maybe talk about some of the nascent opportunities within that space? And I know you're working t... | Yeah. The concrete market area, we've talked about this. Our carbon fiber product is really the one that's looking to have some growth opportunities as we get repairing bridges, buildings, roadways that sort of thing. And so, as I mentioned, we've got product, we've got testing, we now have code reports on that carbon ... | direct | [
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b985e62fda5f761ee670af48112ce7e7 | Varun the cash flow is such an [Phonetic] impressive thesis story right now and I'm curious to the extent your drawn down inventory on a per location basis if you will, have you seen any impact on fulfillment rates or have you been able to sustain those fulfillment rates | Craig. Hey, good morning. It's Varun and I think it's a great question. And as I said in some of the upfront remarks, the teams have just been doing a phenomenal job on the trade working capital program. Just for as a quick memory jogger, trade working capital comprises inventory payables offset by trade receivables. A... | direct | [
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cb73c88a1cac2935b5bf95925159922b | Could you talk about the impact from this Fiat Chrysler battery distribution shift. I mean -- I guess what was it. What would be the revenue comparison with it exiting the business, what's the margin benefit, I think those are sort of profitless sales. And then what's the timing on it, doesn't impact the fourth quarter... | Yeah, Thanks, Bret. We started the FCA agreement in January of 2018, as we ran through last year, clearly the impact on organic growth is about 1% in a positive fashion. So that's basically what we're going to be giving up over the -- over the next 12 months, it will start a bit here in Q4, it won't be a full impact ,p... | direct | [
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f0d53c557967c3f3324473a8d7b4e1bc | I wanted to touch on what you're seeing in the North America aftermarket business. I think you pointed to salvage really outperforming, but you were seeing some acceleration on the aftermarket side as you move throughout the quarter, is that more a function of just seeing some easier comps or how should we kind of thin... | Sure. On the salvage side, obviously we have a leading position, we've been able to buy cars, total losses at a reasonable price and so our margin in that business are strong and we believe they will continue to be strong. On the aftermarket side of the business, again the growth early in the quarter was a little bit s... | direct | [
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b4999c6ba7142399d17a40d5d5c080fe | Cash flow from operations is at one of its best percent of revenues ever where can that go and how do I think about that progressing into next year. | Great question, Michael, and really appreciate the kind wishes for Diwali Also, it is a big event in the Hindu calendar and again for those who you celebrate Halloween and my family celebrates all of it. Happy Halloween to everyone. We are certainly enjoying great LKQ weather here in Chicago, needless to say. Yes, with... | direct | [
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164f18b0476b7ba7078101a0371d52a1 | Wanted to follow up on the revenue rationalization, you guys have done a great job kind of rationalizing unprofitable business in both the US and Europe. You mentioned the FCA contract, but how far along are we in that process. Is there still further business that you think you can rationalize in Europe. And then, same... | Yeah, so in the US, we think we're, largely done, again, we spent a lot of time last year, early this year really focusing on profitable revenue growth and margins, gross margins in our North American business. Clearly the FCA contract. I didn't fit within that those parameters, so again, we decided to exit. In Europe,... | direct | [
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51786989698465dcb4dc29fdf1287560 | So yes, first off, a great job on the free cash flow and North America margins really impressive. I do want to focus on Europe. With that said, relative to the guidance that you gave on 09/10. Just wanted to get a sense for, it looks like, kind of a steep implied ramp in Q4, did something change at all, the margin, poi... | Yeah. So I'll start and Varun can fill in. The results for the third quarter for Europe were exactly in line with our expectations. When we set forth the guidance back on September 10 and. And yes, we anticipate that Q4 will be a decent quarter for us in Europe. And so there is no change, if you will, in the kind of th... | direct | [
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18b9f2ed5d1065a7f8b14e72c7923f58 | I want to follow up on the EBITDA for Europe in the fourth quarter, if I could. I'm just curious, do you think you can expand margins year-over-year, or is the macro still too much to overcome | Ryan, it's Varun out here. Yes, we do believe we can expand it. I will give you a couple of data points to think through. First of all from the investor discussion we had 7 weeks ago on 10th of September. With regards to Europe, we are very careful in terms if you know how we were putting forward the cadence of the mar... | direct | [
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59567ef76018575bfb731ed870e1eab1 | Wanted to touch on the drop-down pipeline and get a sense of when the next drop-down might occur? And if you're thinking that it was more likely to be a new build or something from the existing fleet. | Hi, Chris. I think, yeah, again the dynamics for drop-downs is that the sponsor secures long-term employment and when that is secured we have an asset that can be drop-down. As I explained on the business development side there is good progress being made, for potential projects with commercial start up in the 2020 to ... | direct | [
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aa7c2a6dd388ff10ce3931fa35daa396 | I actually wanted to touch on the Slide 10, which you referenced. I wanted to get a sense of the negotiations in terms of the long-term business development for the Esperanza given that the contract runs through 2021. Just want to get a sense of what an extension might look like or what sort of the current thinking aro... | So Esperanza is now operating in China as you know and we are in discussion for extending the contract in China. We also bidding her for other projects. But there is then ongoing discussions regarding an extension, but the terms and details of such discussions is not something that we are available to talk about yet, b... | intermediate | [
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aa5db8dd7110065bfaca6e8e64f10a77 | So I have a few questions. My first relates to some of the dry docking cost that you call out in the press release or the second quarter. There were a little bit higher, $7 million and $8.5 million relative to the amount of time without service. I was curious, if there was any special outfitting or new equipment or som... | Yeah. Hi, Ben. Thanks for the question. And first of all this amount is for both units Gallant and... For Gallant, we will do dry docking and for Lampung, we will do the survey onsite. So that means we don't have to go to dry docking to do the survey for Lampung. And we have developed procedures enabling us to stay on ... | direct | [
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0632d5dc665ddb2d7e5e605e8af21bbb | There was not really I don't think ever been any secondhand or third-party acquisitions in the entire FSRU space. Is that something that you think could materialize there being a seller of an FSRU in the market, maybe doing something with the contract that you guys might be interested in looking at? | Well, I mean that's -- it is part of our strategy to consider that as well. I mean the strategy of the MLP is to acquire assets on long-term contracts from the parent or third-parties. So far it hasn't taken place that might happen in the future. The primary source of growth comes from the parent, Hoegh LNG holdings. G... | direct | [
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c1fde395e78b017b4624d6d71a33f78c | Have you ever -- has there ever been an opportunity that where you might have been able to do that. I'm just curious whether that's something that is realistic to consider or probably not? | Well, it's not something that we have actively pursued so far. Not to say that there hasn't been opportunities, but it's not something that we have actively pursued so far. | intermediate | [
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7785baaf0244d085fb18b013460e5309 | You talked about the coverage on the long-term contracts and the pipeline on the drop-downs from your sponsor. Taking a look on the other side of the equation on the overall demand for FSUs -- FSRUs even though you are protected on contract. How do you see the competition rolling out over time understanding that produc... | So, I think if we go a little bit back in time, we -- there are 4 large established players in the space that has for some time been increased competition from shipowners stating they want to expand in the segment and some have made a speculative order. I think it's fair to say, though, that as per the outlook for the ... | direct | [
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10ed41b7fe70895f82f95e5c7cc5c20e | In your press release you referenced certain performance warranties related to vessel performance there were not many during the second quarter. Just wonder if you could talk a little bit more about that. | No. In all our country and units where we're operating according to the contract during the quarter and we had 100% availability of our fleet. And that's also some of the main reason for the increase in revenues that we see from the first quarter 2018. So during the quarter our units were operating according to contrac... | intermediate | [
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] | B |
fb702c1252dcc281101cea6ebe4a5052 | I just wanted to ask a little bit about the current strike situation and the commentary regarding volumes. I guess it's the obvious question, right. So we had 2.1 million times I think of sales in the first quarter. The commentary around 4.9 to 5.5 million is that is that essentially, you know, if the strike isn't, you... | We'll be giving you a quarter by quarter breakdown as well, it's pretty tough to have this as well. And the reason for that is due to the fact that we just don't know what disruptions will be caused throughout the period of the strike. The way we've kind of walked through this in the 4.9255 is the first quarter we actu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3acd100108d3d10674ba79b823b8be1e | And understood that makes sense in terms of the unknowns here. So but just to clarify, so it's Is it reasonable at this point to effectively just kind of spread it evenly over the remainder of the year and use that 4.9 to 5.5? range? If it again, if the strike were to continue? | That's reasonable. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9050aef1fc6f686102f8db4a468a8e96 | Okay. And then just one other quick question. The cash costs were obviously, at least in my view, you know, exceptionally good in the quarter, was there anything extraordinary that that suggests that we shouldn't assume a similar level of cash costs, you know, going forward, obviously, the volumes are going to be lower... | David is Dale, yeah, I mean, we really focused on keeping our costs low, and we obviously got a little more volume in the quarter. So there was nothing other than that significant load for the rest of the year, you know, we do expect our cash costs to be a little bit lower, but then again, we're gonna incur some cost w... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d0a65d64d4374cbdbe588da7a44032ba | Okay, so sorry, just to clarify on a cash cost per ton basis, the even with the lower volumes, you think your cash cost per ton have kind of offsetting issues that will result in cash costs for time being similar, and the near quarters? | Well, if we, if we sell what we have an inventory, right, which was produced, you know, at prior levels, right, our levels of people working in everything, so those cash calls from a turn, until after you bleed off all that inventory, then after that, you would start to see the lower cash costs, right on lower volumes.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b1f17ef9d89286e4e4bfec9faba31fbe | Hey, good afternoon, everyone. But my first question is on the sales commitments for 2021 to 4.9 to 5.5 million tonnes. And I wonder if it's possible to give us a little bit more of a flavor for what the geographic mix is of of those commitments. And with those be sold at the equivalent of the Australian benchmark, whi... | The commitments are to our primary customers in Europe, South America, and a few others into Asia. And those are based on the Australian lowball price. But there are also opportunities and swapping opportunities and things that allow us to also participate, much as we did in the first quarter in the Chinese markets and... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3e386bf80beb38268ccd30feccd48e12 | Thank you. And then I want to return to Dave's question on the cost side. So so if we kind of think about things, 700 to 900,009, or 30,000 tons per quarter, that means your inventory like in the second quarter, he would be essentially selling all out of inventory. So that would still be at Dale, the lower kind of curr... | I think, what hopefully, I'll be clear, but yes, thank you, too, you will see a similar cost if not just a little bit, slightly higher. But after that, after you sell off the inventory, then what we're producing now would clearly be at a little bit lower cost per ton. But in your p&l, we will have some additional cost ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b144be64cae35c5edbb9bdc9deba6c3b | That's, that's helpful. I appreciate that. May May, May circle back with that later. But But I want to ask one, one final question. Just your variable cost structure has been a true different differentiator. And I would say, really, really positioned you Well, during a pretty volatile time that medical market over the ... | Well, I think a huge part of that variability was around the rail contract and the variability for the royalty rates. In actuality, when we look at the labor variability, it has had, I would say, a very small impact over the last five years, primarily with things just like bonuses based on the benchmark pricing. So I t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
30043995b36e6e3d57a4e0221f9d9a88 | That's, that's helpful. And in an environment like Q1, like we just had, on a kind of dollar per ton basis. What would be the labor variability tailwind? On the cost side for you guys? Roughly? | The variability in the future quarters?
No, no. And so when I when I look at q1 was terrific costs, number that you just report it. So it's very, very good job there. And what I what I'm trying to get at is in a quarter like Q1 repricing is very low. And obviously, your costs were fantastic. How much of the lower cost... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8130709f2b55e7650cd6798a7ff72e44 | Alright, great. Thanks for taking my follow up. So I just have a couple of quick ones. I was wanting to talk a little bit more about the Jumeirah is charged in the first quarter. You know, and what those were related to, and how they may transpire in the in the coming quarters. And then the second question just regardi... | Alright, David, they all take the first one on demerge diverge was just a little bit higher in the first quarter, couple things one higher moisture content than normal because of the weather related heavy rains in Alabama, over the past few months, in the normal rain season heater. And then with a higher proportion of ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b3a8581d40ed76864813ecb637b855dc | Okay, is there are there any sort of next steps that we should your votes or anything coming up that, you know, that we should be thinking about? | Now, nothing scheduled at this point. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
26af47302800ab30074a38f946222a32 | Thanks for taking my question. Just wondering if you could provide an estimate for what the idling costs for mine for might be. Just so we can understand what the cashflow impacts are in, in 2021. | Yeah, for my for, there's, those are gonna vary. Obviously, we got, you know, some of your fixed costs, like electricity, your property taxes, but we do have a very small crew that has to continue to fireball for mine and those kind of things. So, you know, we're in the range of two to $3 million a month to maintain th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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