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df34ba462e1f6dbc728f1090d4f33a4d | Based on the results that you are seeing from Howard County, is that impacting how you think about future locations? And then how does that impact, especially with commodity prices having moved higher your interest and ability to acquire more in 2021 or beyond? | Yes. And a lot of our inventory -- again, we've got the range out there that's been updated for this year. So there's some impacts with spacing, but again, it can be four wells. So what we're talking about as a swing for 1,280 acres.
So we're going through that, and the answer changes some of that price. So we continu... | intermediate | [
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5b2a206861c372b28697bf0ef2d2eb9c | Real quick, I know you're not guiding to the quarter because of the shift of Easter, but there is lot of talk about sort of the impact of the shifting tax refunds and everything. Did that -- how did that to this point net out for you? I mean, like, as expected, did it net, could you, give us some color there because of... | There are quite a bit moving parts, Sam. As you mentioned, the fact that Easter moved in to April, is a big shift. But I will tell you that -- what I am prepared is that we weren't disappointed in the sales for February and they came in a little below our expectation. However, we are pleased with so far sales for March... | fully_evasive | [
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2a361db0c9d7aa291469c78168884ee6 | Okay. And that's even with Easter being this Sunday -- this coming Sunday last year, so. | We plan for that, Sam. So that's built into the plan. | direct | [
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102c4f95c8ecbd235f9fcc6d8830ce1b | So let me ask you this in general, have you caught up to your plan, when -- would you combine the two months thus far? | We don't -- like I said in my prepared remarks, we're not going to tell you where we are for the quarter. I gave you a bit more information. I should have -- tell you we were -- that we were not pleased with our February results.
Sam, one thing. We will say additionally is that, we took into account February and our e... | fully_evasive | [
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1a217b7c878f3d82ecd52603f77015e5 | All right, thank you very much and then since the close of the quarter, I know, it's going to come out in the K, but since the close of the quarter, have you used any of that $50 million or have you been... | I stated in my remarks that we still have $50 million available. We've been in a closed period since the end of the fiscal year, since we had released earnings at that point in time, so we had not purchased any stock at that point. | direct | [
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2bb29111d247489ca9e126e1911710d2 | Okay and then Cliff, can you talk about how you're viewing sort of both in the short and long term, the impact of Payless going away? | Well, Sam, anytime a competitor goes away, as we have to look at from a human standpoint, I didn't mean with the employees, but from a business standpoint, I think is positive for us and others and (inaudible) family channel. The low end of our -- the bright part about Shoe Carnival is that we carry a broad range of pr... | intermediate | [
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bda99c04f632208acd19a683037bfff5 | And then two other things. Kerry, can you give -- or either one of you, can you give us the comps by month for the fourth quarter. And Cliff, could you talk about the athletic business. It was in the quarter, it sounded like it was -- it sort of eked out. But can you -- two of your larger brands had sort of been OK at ... | Sam, we saw November being up high-singles and we saw December and January, both at low-singles.
And Sam, we -- as you know, we don't talk about brands. That's a policy we've had long-standing. I will tell you that our athletic business was positive for the quarter. I'm pleased -- very pleased with where we came out i... | intermediate | [
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81974c51afd691954b68abfb63ad9f99 | And then as far as like mix of athletic, it's so important to you, just in the general sense looking ahead to this year. How do you feel about that? | We are still positive about athletic. In fact, we plan our athletic business low to -- low-single-digits. We consider low-single-digits anything under 3.5%. | direct | [
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2f2415c8966e233aecd484a79f3efe73 | Hey guys, thanks for taking my question. Just wanted to dig into that goal. I think you mentioned 10 new stores in 2020. You mentioned as you gather data on the CRM, but could you also share with us a little bit on what you're maybe seeing on the real estate lease environment out there and is that something you think w... | Greg, we are certainly hoping that the lease opportunities open up from a -- gets little better from a costing standpoint, but the fact is, we're really early in the process, so looking for sites for 2020. We've been at this now for about three or four months and I can't really give any more guidance from that. Look, l... | intermediate | [
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def974615d717d83cf80fd50571cdb3e | That's helpful. And then can you just kind of give us a little bit color on how, what you're seeing in the Puerto Rico stores right now? | Puerto Rico as a territory is performing positively. However, today there are I believe five stores open whereas a year ago there were only two or three stores open from that we covered. There are six stores open today in Puerto Rico, year ago there were three or four. Can't remember exactly, but -- so the sales that w... | direct | [
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ff6a563079071ea478c12cefc6834b5b | So first is just cadence comp Q1 last year, just walk through Kerry, February, March, April, what they were? | You know, March and April is really hard to describe because Easter moves around too much, but -- so we had a soft February or similar to this year, where it was cold and we -- and there it felt like the tax checks were a little delayed. We were down just into mid-single digits in February and then the combined March, ... | intermediate | [
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7f20c39c162fd80c274797b4442d1eab | Okay, got it. When you think about low-single digit comp, is that basically the assumption every quarter. Is that fair to say? | It is, they're built into our guidance, yes. | direct | [
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018492550195543cc68dda2a243b140a | Okay. Got it. And I know it's going to be a little bit hard to calculate this, but I would assume normally March is a bigger month than February. Is that fair to say? | Yeah because March is the five week month, so typically it is larger. | direct | [
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ecd0b77b604455bc9383615be9213268 | Got it, OK, good. I'm curious, Kerry, just on cadence or any color, so just for the year in terms of your expectations. I mean, it's basically driven largely by the buyback or maybe any color you can give as it pertains to the margin, gross margin, SG&A, how we should think about those percent of sales as it pertains t... | Okay, so built into or the high-end of our expectations, we're looking at a flat gross profit margin and built into that is both the idea that merchandise margins relatively flat and the buying, distribution and occupancy is relatively flat. Remember in 2018, where in Q2 of this year we recorded $1 million benefit from... | direct | [
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68f22c87d3512bbc2a8412898b7bee74 | Okay. And final two things. Do you anticipate earnings growth every quarter, I know there was a lot of certainly benefit in the first half of the year, which is a calendar shift, just how should we think about that? I know, Q2 is pretty high hurdle, but any color you could give there? | We expect -- we do expect a low single-digit increase each quarter of the year. We got tremendous plans for our back-to-school time period and so even though last year. Chris, you remember, we -- every conference call, we kept reminding everyone that we had to go against a 7% increase in August. And then we comped it w... | direct | [
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816a3f514eebc1d52bc669b03ca93045 | Okay. So Q1 is the only one that could be sort of flattish, outside of that, you've got growth every quarter. | Correct, that's right. That's where we're guiding to, that's the high end of our guidance. | direct | [
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4e971574db7fd2178c4286a2dcb75d94 | Kerry, your guidance -- is based on what share count? | For next year, we're looking at diluted shares outstanding for the full year, just over 15 million shares. | direct | [
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777b8c8a39e478bca9b5a912eb0af635 | So you're assuming basically no incremental buyback in that. | We factor in a certain amount. We don't typically factor in initially becasue we can't, we don't know what the stock price is going to be throughout the year, but we do plan certain amount of buyback of the total $50 million. | direct | [
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6d82730a3dc23004f3a8ec87fea50f84 | Got you. You commented on Payless earlier, but you've also had Sears close or not close but get out of the footwear and apparel business. You've had more JCPenney closings, you've had Shopko close, you had maybe the second half of Bon-Ton and now rumoured models (ph). Can you talk about any impacts you've seen or you e... | Not sure how -- I'm not sure how to measure it unless we talk to you about stores on a location-by-location basis. But I can tell you that we have 4.3% increase in the -- for the quarter and our sales were up mid-single-digits for the quarter and mid-single-digit for the year and some of that had to be effected. There ... | intermediate | [
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af1c4190b88b284f87fb2285cc56d8cb | Okay. You said you were very anticipatory of back-to-school. Can you tell us what about the second half of the year and back-to-school has you enthused? | Well, back-to-school as you know is our strongest time period. And we plan for it, we plan for it all year. Back-to-school and holiday are very, very important to us. We spent the entire year. I am very excited about the product we've seen. I don't want to give too much insight because just like we listen to our compet... | intermediate | [
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cf90c2fe3fe5b695e1c8255841167c4c | Okay. And some of your other besides Puerto Rico, you had some newer markets that were underperforming that had got a little better. Can you talk about some of your other markets? | I'm not sure. | fully_evasive | [
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ab7bfc802e9d968faa7a39f7a7f9b484 | Just on the CRM initiatives just real quick, I know you said Cliff, that you've got a couple more months to go before you really roll it out, but clearly, you're seeing things in the data and minings of the data that you are already utilizing in terms of your marketing, probably your inventory purchases and things of t... | We believe that Chris, I was going to answer that two ways. Our -- this is really took off in August of last year when we relaunched our Shoe Perks program that -- our customers are very excited about what they saw and excited about what we were doing and how we were messaging them. And that took off and continued thro... | direct | [
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12748c69c62549b45f3b16e0a12f272c | The first one is on NEPSI. Just was wondering if you could give some more color on how the combined offering now is playing with your customer base. So for the new energy in your product offering, how has your pipeline changed versus what it was pre NEPSI and what kind of momentum are you guys getting? | Yeah. We feel really excited, Philip, about the integration of the teams. They're working tremendously well together. We kind of hit it at some leverage and some synergies between the team. That's working already extraordinarily well. I think the depths of the pipeline continues to show signs for growth. I think the di... | intermediate | [
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be7e9b7a8c043ea49066bb06eaa5f0a0 | And then as a follow-up there on VVO, specifically, can you give us an update on what the utility activity is there? What kind of follow-up -- follow-on orders you're getting? Or have you made it into kind of standard purchasing for a bunch of these utilities? And if so, how many and how many do you expect to secure go... | Yeah. I remain tremendously excited about VVO. I think it has a perfect fit for something that's really a critical need today on the Grid. We've been able to now show with utilities, both of the projects already, where we've been able to deliver very quickly the results that they were looking for. I think there's a lot... | intermediate | [
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8d13c302b4e137e18a8b5b19e9feccf7 | Could you talk a little bit about the major design process? And how we might start seeing that begin to roll through the P&L? It seems meaningful that you're now entering into class of ships at this point. | Yeah. I think it's hard to predict. What we're trying -- you know where we are with San Antonio, and that's about $10 million per year per ship. We're obviously at elevated levels relative to that because we have four under work. So we're trying to deal with that demand and be able to deliver systems. So from a meaning... | intermediate | [
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89c055c42127fe4e546733a1097c1cef | And then on the REG side, obviously, moving forward, with -- this project is a meaningful benchmark for the industry, let alone you guys. Can you speak to how conversations in other geographies are going and the pace at which those folks are evaluating to potentially move forward with pilot projects? | Yeah. I'd say the number of utilities, particularly the ComEd is being a great cheerleader for, continues to increase. They're trying to hail this as a very important product for their future. They're trying to help market for upsell of the utilities. I think that's a tremendous value to us. They've been extremely supp... | intermediate | [
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514b57c1cffa2002d0bd32dab346dba7 | Maybe first on Inox, now that the focus is on the 3 megawatt platform, you kind of talked a little bit about prototype design and commissioning. But can you just give a little bit more detail on how you're thinking that business can look here over the coming quarters as we kind of progress through those steps that are ... | Yeah. Inox has demonstrated with the 2 megawatts. They didn't need to get the type certification to start taking orders from the turbine or to start building supply chain. What we're telegraphing today is they're now actively working to build that supply chain. But we don't have an order yet for 3 megawatts in yet. So ... | intermediate | [
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5713d1671051ba42d1e38f079b4231c7 | All right. And then maybe my next question on the supply chain. I know that localizing that has been a big focus for you and it's helped a lot. Can you just talk about if you're seeing any issues there, given kind of what's been going on? | Yeah. We've seen issues with COVID in our supply chain across our product lines. The team has done a tremendous job trying to overcome those challenges. We haven't missed a beat in production. We haven't missed a beat with the financials due to COVID. But I think the longer it goes, certainly, the harder it gets on our... | direct | [
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b5abc2f813bbdca8c67b9ea3615ba6e7 | All right. And then maybe last, just on the balance sheet. Can you talk a little bit about the priorities given the strength there? I mean is it more acquisitions preparing for that REG kind of pipeline as it moves to the next phase? Or just anything else we should be thinking there? | We want to continue to scale the company. We want to grow and diversify. We think that the diversification -- we think that the reduction of revenue volatility period-to-period are all things that's tremendously valuable for the company. I think the selection of going down the path with NEPSI was really smart by the te... | intermediate | [
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af9ffe4546db3a99828406900ebf1dda | Dan, I guess on REG, I should say. Could you -- I understand the technology. I was just wondering if I could -- if you could articulate the value proposition to the utility beyond improvement of resiliency because utilities seem to be under pressure. What's the pull for that? | Yeah. The pull is very strong, and it's very clear. So what we're really competing against is other capital spends to upgrade substations, build new substations, build more transmission into the urban core that are all tremendously expensive. So what we've seen is at a substation that they need to expand capability, RE... | direct | [
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a33ccb4434132c425cd44d5b1342eb02 | Got it. I guess I'm still not fully understanding the value proposition. So if I -- if I'm a utility, and I'm under a decent amount of pressure, and I have a set budget, how do I reallocate budget to you for REG versus allocation to, for example, improving, adding to my wind and solar assets to kind of green up the bus... | Yeah. The problems that you talk about are different and disparate. So the problem we're trying to solve is on the grid itself, particularly in the urban system. So what you're doing is, let's say, I don't know, pick a big city, Chicago, for them to build a brand-new substation downtown is highly cost prohibitive. It's... | direct | [
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56555399c01fae372b49c4d75c5792c3 | Got it. And that's helpful, by the way, Dan. So just I guess, to finish this point. I should look at that is if it largely city-based in terms of -- if you have an existing city, you have an existing infrastructure, your solution is more cost-effective when you look at having to add a substation versus tearing up stree... | And we're exactly focused on urban because that's where the higher value is. And now you think about how the grid is evolved on the distribution side or distributed generation in the city more driving toward electric vehicles and such changing the demands on the distribution grid means that the distribution grid spread... | intermediate | [
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59e84043ec4a52db08ffa7846038f770 | Got it. That's helpful. I guess just with respect to NEPSI, it looks like a great acquisition, but I'm just curious, if I look at the core business, is NEPSI going to experience a steep decline in Q4? Or is it just that the sort of the D-VAR in kind of that core business is what has been declining? | No. I think you're missing it entirely, Jed. I'll be direct with you. John made a comment, we're not shipping any ECS to Inox. It's Wind. grid is growing. grid is doing tremendously well. We look year-to-year, the organic business and adding NEPSI both. So D-VAR is growing. SPS is growing from the revenue standpoint. V... | direct | [
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7e0a8691d1a593e73b46ee84c53c172b | Yeah. I mean I hear you with that, but I mean, maybe just help me with the math because if I look at Q3, it looks like D-VAR was cut in half. So I guess, when you say that I'm missing it, if -- you had NEPSI at $6.6 million. And the SPS is fairly stable. I guess what am I missing? Because it does look as if for Q4... | SPS is growing. I think the second part you're missing is there is an acceleration of revenue in D-VAR where you have Q1, especially Q2, to some extent, where you have additional revenue that was planned for Q3 and Q4 that were pulled forward. So when you look net-net, you will be trailing three, four quarter averages.... | direct | [
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b4941d1dfca311c24c9c9102c00e696c | I guess my first question is actually advertising spend. I know that you were -- you're moving from kind of noncustomer-facing SG&A shift to get into kind of demand creation and we should think about that as probably being in the 6% of sales range. And I'm just wondering, how you think about that number relative to oth... | Thank you. So we are pleased with our two top investments, which are technology and marketing, as you gauged, and the marketing investments have allowed us to expand our product margins, reduce discount, etc. So we're learning as we go. Yes, you're correct that 6% is roughly where we're planning, but we're learning, an... | intermediate | [
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a30272589f9e238189ddb02e2d65da19 | So maybe -- so maybe Sonia or Katrina, at Old Navy, maybe just help us to break down the drivers of the improvement to the 27% top line this quarter versus 5% in the fourth quarter. Have you seen the momentum sustained post-stimulus? If so, what do you think's driving it? And on the bottom line, I guess help us to thin... | We've got multiple strategies at play, right, Matt. So specific to Old Navy, they're really seeing strength from the distortion on product and the acceleration of comfort and cozy, whether it's the fleece and active dominance that they've seen, and really big growth there, triple-digit growth. With the resurgence in th... | direct | [
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9d9f231df0cd7c93b28ee32f27647a83 | Great. And then maybe just a follow-up for Katrina, could you speak to gross margin progression as we think about the first quarter being 400 to 500 basis points above 2019? And I think you previously attributed half of the Analyst Day EBIT margin expansion to ROD and the other half to SG&A. I just wanted to confirm th... | Yes. So. When I think about margins for the year, what I would say is the rent and occupancy leverage that we're seeing is largely on track based on the work we've done to shut the North America stores and get the lease renegotiations that we've worked so hard on last year. And so I would say about 75% or 80% of that 4... | intermediate | [
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700ac4af96c337f1de5fec3d8c34d516 | Thanks. Good afternoon. I was hoping to just get your thoughts on the progression of the Gap brand as the year moves forward. Any piling on the Kanye collaboration, and then how you're thinking about planning inventory for the brand through that collaboration and as sales continue to improve? | So, as you know, we've been doing the heavy work with building our creative competence and creative audacity with Gap while at the same time restructuring the business by shedding unproductive stores and the review of our international markets. Looking, it's harder to amplify as the strategy and an important partner. A... | intermediate | [
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6cbff1eeab1b02147cf935bca0cff7c4 | OK, great. Thank you so much. Katrina, my question is on gross margin. The -- you've got really nice leverage here in ROD. I wanted to know if you could break down the 430 basis points of leverage between any per -- between what you expect to be sort of permanent and more lasting as compared to temporary if there were ... | Thanks, Kimberly. So on rent and occupancy, we actually didn't have a lot of totally unusual items happened in the quarter. I would say it's safe to assume about 75% of that 430 bps level of leverage will continue for the year. And so we'll see. You know, the negotiations, as you know, can be sort of lumpy. So we'll up... | direct | [
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710c1f9c416ab1313e1a10f590e53f3d | Hi, good afternoon. This is Sarah Goldberg on for Mark. Thanks for taking our question. With the intimates launch at Old Navy, it looks like some good early signs there. I was just wondering, has this been capturing a new customer, or is it largely been an add-on purchase at this stage? And then how you see this scalin... | Yeah, look we're excited between the Old Navy launch, between GapBody, between Athleta's sleep and intimates, as well as Banana Republic's True Hues that all four of our brands have permission under the guise of the lifestyle positioning to lean into the intimate space. If you add them all up, it's a fairly sizable bus... | direct | [
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c273a765505588f7cc1fe1f7f3ba99b9 | Hey, guys. Congratulations. Great improvement. I think the stores look fantastic. And to your point, very optimistic. Could you just touch on a little bit about Old Navy sticking there because the intimates line was something, but I've also noticed the active line looks a little bit -- looks teens, different in the sto... | Yeah, thanks, Marni. Good to hear from you. Thanks for your notes too earlier. You know, listen, Old Navy has a lot of permission to play across categories and they have leaned into intimates as their latest foray, and they have our -- we have our extended sizing or body positivity launch in the fall as another example... | intermediate | [
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eceb23dcd958ed500148989b4ccaa793 | Hey everyone. Thanks for the updated guidance on Convent Marine Terminal and the expected throughput. Just wanted to dig in a little bit on that. So the API2 price really started crashing in March so at 2.1 million tons for the first quarter, you're kind of at the bottom of that new throughput guidance. If prices staye... | Matt, this is Mike. Thanks for your question. We're comfortable with the guidance and I -- we can't speculate of course on the future, but the forward curve for the API2 was quite a bit higher than the current prices. So, you're correct in your assessment of the current low price makes it difficult for our customers. B... | direct | [
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de9c6c5b824f45373dd4fe6247d85113 | Okay, great. That's very helpful. And then -- so if your sort of on poise on track to achieve 3 times leverage by the end of 2019, are we then to assume kind of after that and after the Simplification Transaction there'll be some kind of portfolio augmentation through M&A? And if there is, kind of what -- what kind of ... | Well, the answer to the first part of your question is yes, we will, as we've indicated, pursue both organic growth opportunities and we'll look to grow through M&A initiatives as well. We've targeted 3 times and that's where we'd like to be not only at the end of this year, but in years to come. We might -- on a very ... | direct | [
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04c0d04fdca66b7fcd24cb33c0f051f1 | Do you have an upper limit on that temporary leverage level like a number behind that or...? | No. It would be very situational depending -- it would depend on the opportunity and the cash flows available from the opportunity, the timeframe that those cash flows might be available to us. So, I couldn't speak to that without having a specific opportunity in front of us. | direct | [
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399ab6fa49a5b12d3211e7979ba37cb2 | Okay. Thanks. Congratulations on a very good start to the quarter. It sounded like weather didn't make it easy on you. Two quick questions. The first is assuming -- it sounds like this year you will focus on paying down debt getting down to that 3 times leverage ratio, getting the -- hopefully getting the Simplificatio... | So, clearly something like a buyback would be a Board level decision. We have indicated post Simplification that we're going to institute a common dividend of $0.24 for common shareholders. So, there'll be some distribution to the C-Corp shareholder post close. Depending upon the portfolio of opportunities that's in fr... | intermediate | [
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18f6f26410e76633f6ea528258aca728 | That make sense, appreciate it. And then just as a reminder, so the take-or-pay contract that you guys have with Murray/Foresight, when does that contract expire and how do you think about the -- a world in which API2 prices may not be $80 or $75 or higher in perpetuity? | So, the contract expires for the 10 million tons in 2022 and then there is 4 million tons in 2023. I think you see kind of volatility in the pricing as we've seen kind of recently in the recent past as well. It's very hard to say where the -- where pricing will be long term, but I mean if you look at forward curve, it'... | direct | [
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c773cd5d3126be3e95142fc22a0d7632 | Hey, good morning, guys. This is Dan on for Lucas. I just have a quick modeling question related to the Indiana Harbor rebuild. So, your 1.22 million ton run rate annually comes out to about a little over 300,000 tons quarterly. So, is that something we should be thinking about as a fourth quarter event like maybe seco... | Okay. So the 1.22 million ton run rate is something that you should model for 2020. We will be rebuilding the remaining 57 ovens at Indiana Harbor throughout the year. We plan on being done with that by the end of the year sometime in the fourth quarter. So we'll exit the year at that run rate, but you're not going to ... | direct | [
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58b7d7f2d1becd8047a9ccbe6b1b00cb | The first one on the digital entertainment. Regarding your guidance, I believe you are not including any of those new games that you mentioned in the pipeline that potentially you can publish in later the year. So I just want to clarify on that. And then, related to that as well, besides India, which country do you thi... | In terms of digital entertainment, our guidance does take into account of games that we believe might be launched this year. Of course, any new games in the initial launch stage probably will focus more on user growth and management penetration as opposed to immediately focus on monetization. So the contribution probab... | intermediate | [
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40952c5a83532449f7fe11a66167dc7f | With the decisions to exit trends, at what point would you also evaluate some of these cross-border tractions in Poland and Spain that you could maybe kind of prompt you to moving ahead with your next step of the penetration? | Because of e-commerce, as they shared, we are focused on Southeast Asia and Taiwan as our core existing markets, which has continued to enjoy very strong growth despite the very strong comps versus last year during the height of COVID. And as you can see, we also have gained significant ground vis-a-vis our peers. In I... | fully_evasive | [
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f3ca74da474b1b657d6ce738baf8789a | And the second is if it is at all possible in the gaming business to talk about how quickly you can build up a portfolio of games and move in to be the stage of some of those games, that would be fantastic to understand how we can expect that trajectory to potentially proceed through the growth of 2022 quarter-by-quart... | In terms of the game portfolio, we are very focused on diversifying our game genres. As we shared before, we are looking into different genres such as sandbox, RPG and other more casual games to supplement our existing offerings. Now, I think these will still be early stage games. And also, given the size of Free Fire,... | intermediate | [
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4cad13f244d161f42c040c9312beb352 | And third, this is a general question on the e-commerce business, where we noticed how the momentum is very positive, both from the standpoint of rate on account of take rate progression, as well as a progression toward free cash flow and profitability. I wonder if you could just take a step back and give us a feel for... | In terms of the take rates, so we are -- as we shared before, we believe a high single, low double-digit rate is achievable in the longer run. We still believe that. And as you can see, we are progressing well toward that rate in most of the markets. We're already getting a high single-digit rate and we believe this wi... | intermediate | [
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6180f1dbe0e2b7e29d9dd3468eae56b3 | First of all is, can management talk a little bit about your view on the 2022 GMV growth? And the second is, can the management help to sort of break down the rough mix of Asia and new markets in terms of EBITDA loss this quarter? | We don't give guidance on GMV, but we did give guidance on GAAP revenue for e-commerce. We believe that it reflects our view about the potential growth rate. And I also mentioned that in terms of the take rate increase, there will be -- while we will continue to increase take rate, the pace will be moderated and well m... | fully_evasive | [
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58925c48023fce6f11653ae472d3b325 | Firstly, on e-commerce, your guidance to achieve positive adjusted EBITDA in your core markets, this would be driven by what key factors? Is it higher take rate or lower sales and marketing? And any color over there would be helpful. And if you can throw some light on the competitive landscape in core markets? | In terms of our e-commerce cost of EBITDA in Southeast Asia and Taiwan, this is as a result of both the higher take rates and also cost efficiency as we scale. As we always mentioned, the platform, the marketplace model that we are pursuing enjoys a strong silo effect and the economy of scale as we continue to grow our... | direct | [
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9a6e2d66111196b6444ce589798e7a00 | Secondly, your cash and cash equivalents went down by $1.6 billion quarter on quarter to $10.2 billion. Can you highlight what factors drove that decline? Is there any other investments? | About the cash position, we are trying to optimize the cash yield by investing into a shortened time deposit, some of which are over the period of three months, and by GAAP, is categorized as structured investments. And that amounts to a quite significant $800 million to $900 million. So if you add that back, actually,... | direct | [
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17fc0b8f451ee98376170500f86877cd | Firstly, if you can talk about new game development, we know there's a lot of talent available in China now. Are you changing your hiring strategies to accelerate new game development? | In terms of new game development, I think our strategy has been quite consistent. We have studios globally in the States and also in Singapore, Asia and Korea and other parts of Asia. So we are focused on income development. And at the same time, we have been investing globally into strong development teams and IT with... | intermediate | [
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e7134770a60d8bf4e9ba71aac52a8510 | And second question, I know it's a bit sensitive, but is there a process to get the ban revoked in India on Free Fire? | And in terms of Free Fire in India, we're still working on it. Other than what's been publicly disclosed, we don't have much more to share at this point. | fully_evasive | [
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2d85cffa03b9f136bcbd21f50f65661f | My first question is on the announced new micro mill. You mentioned that it will be rebar-centric and that you are looking to add MBQ capability. But can you provide any rough estimate on the size and capex for the mill? | Yes. Sathish, I think until we conclude our -- all of our analysis and our site selection, we're not prepared to give further specifics on that. But I think if you look at our track record with our other micro mills, you know, we will be very disciplined in the way we look at the market. And, you know, we'll come back ... | fully_evasive | [
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e29ebb455813158e726a7e9b92b0901c | And my second question is on the funding for the Tensar acquisition. Now that you had a little more time to explore your options, any initial thoughts on what the mix of debt or cash would be? | Yeah. Good morning, Sathish. You know, we benefit from the very strong balance sheet that we have. And so, as we work toward closing, which Barbara outlined, will be likely in the third fiscal quarter, we will take stock and leverage that strength of the balance sheet to make sure we fund the growth project in an effic... | intermediate | [
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4a205dd0cb67dad4c2fe8aff5c03af1e | I just want to ask two questions. One, on the new mill, in the past, you've really flagged the importance of your Southern base and the specific growth in that region. I just wanted a little more color on why the East Coast or Midwest and if you're concerned about any greater exposure to imports there. And the second q... | Thank you, Timna. You know, a couple of comments on the new mill. I think we have had a traditional Southern -- primarily Southern exposure, but following the acquisition of a few years ago that really rounded out our footprint and opened us up to take advantage of a very, very high consuming rebar market in the Northe... | direct | [
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91e7ed2853f10a2523d83df5a39902d9 | Got you. And then, I'm sorry, on the question on the Midwest and -- or the East Coast mill, I had snuck in a question about if that opens you up more to imports or if that's a concern. Would you mind answering that part, please? | Yes. Timna, I mean, you're well aware of where the major importing locations are. And I think that we -- our assessment is we're going to enjoy a pretty favorable import environment, even with the adjustments that have been made to the European situation. It's always a risk, but we monitor that carefully, and again, I ... | direct | [
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91b9d392302e44dcb8370d23011038ba | If I can ask another question, please, with the new East Coast mill. You touched on earlier potential for some synergies and operating efficiencies. Are you able to give us any tangible examples of what you're looking out on the operating efficiency side, perhaps quantify any scale of synergies that would make this inv... | Yeah. Seth, Happy New Year. Hope you are doing well. I think, again, I'd just point back to our track record. And, you know, we're always evaluating the long-term capital needs of existing capacity balanced with, you know, upgrading to a more current and new technology. And if you look at -- when we did the analysis, i... | intermediate | [
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e4d1179f5aff8b65ba541e34d4d1c380 | And I guess a separate question with regards to fabrication pricing, I believe in your prepared remarks, you commented you expect backlog prices to increase throughout the coming fiscal year. Given that I think in the past that pricing is often been set kind of with reference to steel cost, is that comment a sign of co... | Seth, I'll start and then Barbara can add some comments. And as you are aware and know our business well, essentially, the fab pricing is based when the contract is awarded at a price over and above, you know, typical rebar pricing. And as we, you know, look throughout last year, you know, rebar pricing increased, you ... | direct | [
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7761b49fd08e6fb21030b5fd5d263402 | Can you just give us a little bit more clarity on how you look at your overall cost outlook for 2022? Obviously, on the scrap side, maybe also on the energy side, obviously, there are always some voices in the market, talking about higher scrap prices for longer. And obviously, there's a little bit of an energy crunch ... | Thank you. I'll begin, and then Paul can maybe give a little more guidance if you're looking for a modeling question. Clearly, there's all sorts of inflationary pressures out there. And, you know, what I would say is the market is absorbing those inflationary pressures. And at the same time, we're trying to manage our ... | intermediate | [
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cb97707adc3ce2d58b0c3a71561bba26 | The Tensar acquisition expected to close in your third fiscal quarter, that's going to be I think the biggest acquisition, you know, after they grew down one and pretty sizable in terms of, you know, the platform. Is there more, you know, M&A that you have your eyes on as you grow the company? | Yeah. Thank you, Phil. As you know, you've been around a long time, we're not going to give any specifics as it relates to potential targets. But we've worked hard to reposition the portfolio and to have a balance sheet that is impeccable and allows us a lot of flexibility. And clearly, we believe that the addition of ... | intermediate | [
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07cc154a211c94cdc948baadf3a29836 | You. know, I know the deal hasn't closed yet, but regarding Tensar, is there a likelihood that you're going to have to put more capital into that business as you grow it, or as you see fit with infrastructure and new capacity, you know, on top of the amount of capital that you're putting down to buy the business? | Yeah. Interestingly enough, Phil, one of the things that was attractive about the Tensar business to us is the higher margins available because it is more of an engineered solution and there is a heavy technology R&D component to it, but secondarily, the lower capital intensity. We believe the footprint that exists wit... | direct | [
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3339db6d0b3d9c9a4d171f34992ff142 | Hi, good morning. Thanks for taking my questions. I have two. The first is if you could provide some update on the intake for the medical unit in 2021. If we're being able to fill the seats and kind of ticket outlook you could discuss. And the second is about PEBMED integration and cross-sell initiatives. If you could ... | Hi, Marcelo. Thank you for your question. I'll take the first question here, then Julio will help me with the second answer here. So the intake for our medical seats for 2021 it's in very good trend. We are not expecting any kind of surprise and keeping the same trend to have 100% of occupancy of all seats, including t... | direct | [
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4b0bf0f5af1de2141748c3402e855d2f | Hi, guys, good morning. Thank you for taking our questions. We have two. First is related to the MedPhone and the WhiteBook. Are you guys going to maintain both lines? Or are you planning to unify and have a new combined product? That will be our first question. And the second question is related to the Medcel student ... | Hey, Susana, Julio here. So in regards to the first question, so far with MedPhone, I mean, we still want to keep the application up and running. And at this point, we are trying actually to convert the users from MedPhone to WhiteBook subscribers, so that's what we are doing now. In terms of the future, what -- the pl... | direct | [
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0390eee7efd45997ed576ca216c68c81 | Well, thank you, Julio. Just a follow-up on the Medcel student base. The cross-selling for the students -- for the last year students and the students that are before the last year students, is this happening? Or you are just -- the majority of the sales are happening just for the students that are graduating? | Yeah. Well, the majority of the students, they are actually -- let me explain how this works. So the intake actually during this period of the year, September to December, most of them, the majority of them are still in the school. So they're still graduating, so they're finishing fifth year or the sixth year and the i... | direct | [
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6de5248a57ca18da3f68da6d7938d15c | Hello, and good morning, everyone. Thanks for the call. I have two questions as well. The first one regarding the discounts that you recognized in this quarter. Just wondering if this is something that you already recognized. The mandatory discounts, right, that's something that you already recognized everything? Or sh... | Thanks, Fred, it's Luis speaking. Regarding the mandatory discounts that we had on the third quarter, it's all that we got on the third quarter, OK? It's related to state decrees that requires us to give the discounts at this period and reflects the discount that at the first instance the judge has ruled us to give thi... | direct | [
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5a44b21734f4321d52443344a3fa214d | Hello, guys. Thank you for the time, for the questions. I have two questions that are kind of specific. We noticed that the receivables for the quarter are still up versus last year. We'd like to know if this is a new level? Or if it's something that is contingent to COVID only? And also, we saw that the cash flow this... | Hi, Mauricio, it's Luis speaking. About the receivable base that we got on the third quarter, yes, it was a little bit higher than the days that we had on the third quarter last year, but it's lower than the one that we have presented on the second quarter. What's the difference between the years of it? What we got, th... | intermediate | [
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b42f3182a57e336bba1d3811f5eaea8a | Yes. Hi, thank you for taking my question. One question, more technical, follow-up question. Your earlier remarks were very helpful. And from what I understand from all the answers, you're quite sort of comfortable, if I may say so, in terms of how underlying dynamics are shaking out, all things considered. In terms of... | Hi, Irma, this is Virgilio. I got your first and the third question about Mais Medicos. About the dropouts, before renewing all students for the second semester, we are expecting to see a higher dropout, but when we finished the reenrollment, we didn't see that. The renewal rates was the same pattern that we had previo... | direct | [
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c381e9a3c6c92670895ed664eb9981b4 | Hey, good morning everybody. Great quarter. I just want go back to the acquisitions. I think in the you mentioned, they added 15, what you were expecting maybe at the onset of guidance, like 11 to 13. So that's like a 25%. So we're -- now I'm just trying to square, is that like were you expecting some declines in those... | Yes, Michael, I would say, I think we talk collectively, the run rate on the businesses prior were around $100 million in the expectations, maybe in the 10 to 11 for the two most recent additions, ACS and Gibson. I think the -- we're seeing, they are seeing the benefits of greater entrants back into customers to implem... | direct | [
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ec3fffbf1a7c7c2babc73948ff00dc39 | Okay. Question relates to -- you mentioned some of the as we this recovery, some of the working capital considerations, I'm interested in some of the people considerations. You have a a decent team of, I guess, I would call them spec engineers supporting that Fluid Power segment. What is the capacity within that team t... | Right. So both application engineers and then some engineering support that goes on as we configure and build the systems. And so I'd say our deployment model is both. We will have local engineers inside of those operations in our facilities. But we also have centralized teams and expertise to help and use good enginee... | intermediate | [
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7f04dd0e493d52d020199cb44d1379e9 | So first off, just as we track what constitutes normal sequential patterns on a consolidated basis, is typical seasonality the way you think about it sort of down low single in the first quarter, up low single second quarter, up mid-single third quarter and then flattish in the fourth quarter? Is that a decent template... | That would be. | direct | [
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78f0007faf62f2c2bc9f73a836435fe8 | Okay. All right. Then in the FPFC segment, could you parse out trends you're seeing in hydraulics versus Flow Control? Any disparity between those two parts of that segment? | Yes. I don't know if there's a great disparity in it. The hydraulics business has had the benefit of continued work of connecting electronics to solutions and for construction off-highway mobile applications. So perhaps a little stronger than flow control, but we were encouraged by the progress in the quarter and seein... | direct | [
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74210123ae5193db71fd0376372a4463 | Okay. That makes sense. And then when the pandemic started, I seem to remember the theory was that some of these process industries just unplugged and walked away and that there would be some sort of a greater level of Service Center sales as they crank production back up. Have you seen any sort of restart type of sale... | Yes. I think especially in discussions with the team and with customers, we are seeing greater break-fix activity as capacity and production ramps, but also the work on the teams on projects to be ahead. I think there is a good recognition and seeing trends come through. If you were idled for a longer period of time or... | direct | [
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df2d8abd75d8ce37490bfbd7898afb54 | Hi, Joe. Nice quarter and a good explanation of it all. I just had a question, maybe just kind of some assumptions. If we started with the field EBITDA, I think it was $4.6 million in 2020. You and Jeff outlined a number of initiatives, whether it's more additional cost savings, etc., but in broad strokes and where you... | Sure. Jack, good question. So on the field EBITDA remember, field EBITDA does not include any investment income at all from the trust. So anything positive is really strong. As long as our investment income is greater than our corporate overhead, we're going to flow through a lot of margins and a lot of profitability. ... | intermediate | [
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a441e7f122b2602c1eee4f0875a98b07 | And that would be on all of your debt or you say a significant portion of it, Joe, and potential reduction? | That's all on the debt. | direct | [
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42315ddafc027164cd1d61ecc041baa3 | On all debt. Good. Just coming back to Tier 2 and I guess Tier 1. So, when you're talking about pricing, and you're doing it more on a localized basis, that means prices could go up or down depending on the market, right? So -- or are you implying that this pricing tool is giving you better realizations on pricing or, ... | Yeah. I think, there are three components to it. I think when you set, let's call it retail pricing, there's also a lot of discounting that goes on from a sale go-to-market strategy. If you're not controlling the margins of the discounts, you could raise prices all day long and not net any improved margin. So, what we'... | direct | [
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0ed760dd7f6dd4111469cee0a94f4c55 | Ok. And just last question on your selling expense. For the quarter, it was down for the year it was I guess, kind of flattish, even though, volumes were up substantially, whatever adjustment you made in terms of headcount or compensating, your top guys more, etc. Is that pretty much through the system, or do you still... | Yeah. We're actually down for the year about $4 million in selling expense with that pretty significant increase in revenue. So, our efficiency -- I think as Jeff pointed out, our selling expense went down from 25% of revenue to under 20%. I mean, that's a remarkable level of efficiency. We expect that it'll continue. ... | direct | [
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a5284de7a8ba21874177d85eee1f77d9 | Now that you're almost two months into fiscal 2020 I was hoping you're able to go into your estimate for new sales growth this year. | So, first, we don't obviously give revenue guidance, but from a sales perspective, we're really optimistic we crossed over the $1 billion mark this year. And if you would ask me two or three years ago if that was possible, it would have been such a stretched target. So we've now set that as the benchmark. We continue t... | intermediate | [
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e2be41e24173bce533e2187ee4162ecf | Are there any particular end markets or geographies that are having an outsized impact on that new sales? | Look, we always strive for across the board and we allocate resources accordingly. But ATS will continue to be strong for us. And if you think about the dynamics in that end market, right, with sustainability and energy, it's where we have our largest proportion of sales people. And you know, look at this year, right, ... | intermediate | [
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75cd839f12a0d691f28bbfd71b8d42e5 | But the last couple of quarters you've had this self-insurance adjustment of several million dollars and it's treated as an adjustment for -- analyzing the quarter's results as it applies to a previous period. But you know it is money I think that works to your advantage. So I was just wondering if you could maybe talk... | Great. And welcome to the team David. This is Anthony. So we're very encouraged and proud of the dedicated effort we made in both the pre and post loss management. As you know, the balance sheet amount is a highly subjective, actuarially determined amount and we look at that balance on a quarterly basis and the adjustm... | intermediate | [
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53b3b92957c18774a0ebc2482bd86670 | And so, just to clarify, the $5.4 million adjustment, that's on a mark-to-market basis, that's not just one quarter analysis of the reserves that you took some time ago versus actual experience. So the $5.4 million is trueing-up your entire portfolio? | That's true in every loss year from 2018 and prior. So [Speech overlap]. | direct | [
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fb65ab3ab41a8f3d69bc5e7354b6780e | One of the -- in issuing your initial 2020 guidance, you know you cited incremental IT spending an incremental human resource spending. So on the IT side, could you, I was wondering if you could maybe characterize the incremental spending you're seeing in terms of what this spending that was originally considered part ... | Great. I'll take that question and hand it over to Scott. So, our guidance and results fully incorporate both the capex development and ongoing operating expenses associated with the subscription model. So just for context, we're moving from a primarily on-premise model to more of a cloud-based service across all of ou... | intermediate | [
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aa46e903994894b518875d21decb2791 | Okay, and then just one last question and I know you've touched on this in your prepared remarks, but the -- bringing on a person in a brand new role as the Chief Strategy and Transformation Officer. I understand that you have certain targets and he brings something to the table from his previous work with your Company... | Sure. So, a couple of comments. First, you can only imagine how delighted we were to actually bring on more of the top partners of BCG to come and help us with what we're doing and I think the best way to start is like the things that he'll be working on. One is going to be our business mix and strategy going forward, ... | intermediate | [
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65d8b77e263883bd703647a2b897f19f | Yes. Hi, good morning. I guess I wanted to hopefully get a little bit more color around the margin expectations for 2020 and maybe you can help us get some confidence around them. So maybe just starting on the corporate line. I guess, Anthony, if you can quantify for us, what's the year-over-year delta on the spending ... | Yeah, our corporate line, overall, from an outlook perspective, is going up roughly $25 million. Of that half is going to be IT and HR related, and then the rest is going to be associated with items associated with corporate -- our stock-based compensations in corporate across the enterprise. So half of that increase i... | direct | [
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250b4517dd0120aaabeafcf4f4f73962 | Okay, good. That's helpful. And then I guess for the segment guidance, I guess the two areas where maybe we'd appreciate a little bit more color on how you get there, but Aviation and Education are the two markets where you've had the most labor market pressure, the difficulty in hiring people. And in both of them, you... | Yes. So I'll take it in two buckets Aviation and Education. For Aviation, I think it's a -- maybe a different story than education. For aviation 2019, we were really culling the portfolio. We were looking very hard at non-performing contracts and made some tough decisions that I think will end up inuring to a higher ma... | intermediate | [
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2aaefdc083dcc115491ee81b9768bfa0 | Okay, thank you. I guess maybe my last question then here would be just on the free cash flow and the balance sheet. You guys mentioned you're kind of in your target range now. EBITDA is going to be kind of flattish next year. So you won't delever from growth and I'm just trying to think how you're thinking about alloc... | Yes, I think, Justin, our current leverage and continued strong cash flow provides really the optionality as it relates to our capital allocation strategy, allowing us the ability to look at M&A and share buybacks in In 2020, but a lot of factors are going into that. So I think you'll see a continued focus on deleverag... | direct | [
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4fd6ad1f82a6928d810f2b027773e54a | Just wanted to sort of follow-up on the back of that and sort of maybe talk about the potential acquisition target areas or whether or not that's something that you've already begun to embark on and how should -- we should be thinking about where those priorities may lie? Thanks. | Sure. It's good question. So we've talked in the past about the fact that we were going to start targeting some of the ATS segments like Energy and Sustainability and Power and we're going to continue to look at that. I think having Josh come on now as our Head of Strategy is going to help us to be more focused and ref... | direct | [
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18d6527524d29d35bea327460c1c5a86 | Hi, thank you. A couple of follow ups. Anthony, first on the interest expense guidance for fiscal '20. I mean, just making sure I have it right $45 million to $50 million, down slightly from fiscal '19 and that's after a meaningful pay down of debt in the last quarter. Are there other -- does that imply less of a debt ... | Yes, it's in line with our expectations. If you look at our composition of our debt, the proportion that's fixed at a higher interest rate as well as the proportion that's floating and our expectations of where we see the interest rate curve based on market conditions. That's how we come up with our interest expense. B... | intermediate | [
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91714412e974ccd1c180f8b5c647e9e5 | Okay, and thank you. Next, what has to -- I apologize if I missed this, what changes in fiscal year '20 to get to double-digit EPS growth in fiscal '21? | So, for us, it's about getting back to historical growth rate averages, right. We talked about '20 being kind of more of a muted growth. So once we get back to our historical growth rate, once we get back to historical retention rate, there is absolutely no reason why we won't be double-digit EPS going forward. | intermediate | [
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] | B |
b4360204dbe652f796bc37cbdc7dfa6b | Great, thank you. In terms of, you mentioned a bit on healthcare and you moved it, I think it was last quarter or the previous quarter. The healthcare and the B&I, was that still somewhat of a drag in the most recent quarter and could that be a drag from lost contracts in fiscal year '20? | No, no, actually surprisingly, it's performing well. It's -- now that it's in B&I and it's getting some of the operating leverage of our branch network and the proximity of the ABM B&I offices to where our healthcare assignments are we're actually seeing that as a nice little surprising uplift. So we're pretty excited ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
301372431f264b2361635a9df46fa229 | Okay, thank you. And last from me, and thanks for the detail. I thought I heard that you mentioned a corporate line item increase and I saw the press release comment and for a previous question on IT and HR increases, but could you quantify the increase, I missed that. Please. | Yes, I quantified it earlier. Year-over-year, we're expecting overall $25 million increase in corporate line item. Half of which is going to be in that IT, HR investment. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ec18dca9a3b34e38b630294e4467a4e4 | Can you expand a little bit, Hayden, on project catalog and what the early traction is in beta and now what you're seeing once it's launched? And then I guess a follow-up on that is, how should we think about Upwork's take rate as the project catalog gains traction? I think the price points, that could potentially incr... | Yes, we've been really gratified by the response in the market to catalog so far. It's really a great way for new clients to discover what's possible in Upwork and really dip their toe into freelance talent overall, and it has a fantastic discovery engine aspect to it. And then they can use catalog as a way to then gra... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ab48eb329c7ca561464244dc6e57e825 | Hayden, I wanted to ask a little bit more about the cohort spend. I think you mentioned pretty strong growth across GSV for both 2020 cohorts and cohorts prior to 2020, and client retention rates reached 102%. So can you talk just about the drivers here of cohort spend? And obviously, the main question is sustainabilit... | Thanks, Ron. What we've seen has been really strong broad-based acceleration in spend across pretty much every client cohort, both from new clients and retained clients. So GSV from clients acquired before Q4 was up 30%. GSV from clients acquired before 2020 was up 27%, and that was part of what drove our CSR to 102% t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8a0011ed9c642297c3a684293cda4159 | So last quarter, you talked about the -- targeting 20% growth in 2021. And now you've actually given us guidance. It looks like it's a little bit above that, maybe 20% -- 23% to 26% growth. Just curious if you could talk about the KPIs that you're tracking. Are you seeing actually stronger growth than that than where w... | Sure. Thanks, Marvin. Appreciate it. With respect to guidance, as we looked at Q4, we saw really strong performance really across all dimensions of the business, including acquisition and spend per client, both setting record levels for us. And as we think through the year ahead, we're assuming that we're able to -- ou... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d1b1371a7237fbbd07d67c9e53ad5339 | On project catalog, I realize it's early, but if you could talk about maybe how much you're assuming this year's 2021 guidance and then if you can give some color on year-to-date trends. Obviously, we're almost at the end of February. I mean it sounds like all the strength from Q4 has sustained, but any sort of color y... | Sure. So with respect to project catalog, as we mentioned in the script, it is included in our overall guidance. It is early, so we don't have a ton of great data to forecast a rapidly growing project like project catalog, but we've taken our best guess, and it is reflected in our overall guidance. In terms of January ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5c6dd848a99e91551885774b238a2175 | I was wondering if you could talk about the enterprise segment, drill down on that a little bit more given the changes that you're seeing in talent procurement and organizational behavior and the benefit that, that's having on the platform, I guess, specifically as it relates to Enterprise, if you could just talk about... | Sure. I'd say our client mindset, as we talk to folks in the market, are really evolving rapidly in our favor. We talk to enterprise customers all the time, who are increasingly creating their virtual talent benches on Upwork, moving more organizational capabilities to use independent talent in more and new ways. And t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
be516e5594379a8f9193bc0383438249 | Kind of one big thing that stood out to me was the NIM expansion that you guys had in the first quarter. I'm just kind of curious if you could just talk a little bit more about your ability to hold loan yields flat and kind of what your outlook for the NIM would be sort of outside the impact of the PPP program. | Great question. Outside, I think for good intelligence as to how our NIM kind of performs through cycles, you can look back to the prior time period for which we had -- we're at a zero balance in interest rates, and we're able to maintain our loan yields nicely above the 5% level. And I think that is really what's goin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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