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e73630990b88e971d23e09752498c596 | And then my follow-up is with regard to some of the comments that you made on lower carbon ventures and efficiencies. One is, you mentioned in your comments on convincing customers to use less, which is something that's been embraced on the New York side. What do you see as the range of potential impact of customer eff... | Sure. With respect to efficiency gains, I think over time, it's -- a lot is going to depend on technology from a, call it, a heating equipment perspective. And then how willingly customers are to embrace further insulation and, call it, tightening of the envelope. And our team is busy calculating what those impacts cou... | intermediate | [
"direct",
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] | B |
818d2cad7863d07e8fc232c147ef7d7d | I just wanted to follow-up on Brian's question on carbon. And Dave, I appreciate all the comments on reducing carbon intensity. And as we await more clarity on energy policy, thanks for sharing those details. But if I'm thinking about broadly as we find out where carbon policies evolve, near term, if I'm thinking about... | Yeah. Well, hydrogen, certainly, long-term, would be an opportunity to reduce emissions. And when you look longer term, the best renewable generation sites happen to be very near our service territory. And so, it's certainly possible that the -- any excess generation from them could go toward a hydrogen-type production... | direct | [
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] | A |
630e76920da50106619ad21bb2e486dc | And how do you view California and potential ramifications with the changes in energy policy? | Yeah. I mean, certainly, California has a larger environmental footprint than our natural gas assets do, but we recognize that. And we actually now have a slide in our deck as well that we're looking to replace some of our power needs through building solar plants out there. And we've done that at North Midway a few ye... | intermediate | [
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] | B |
3477ca29094b5149d07c50cd62501cc5 | Thanks, John. And, John, appreciate -- or congrats on your retirement and appreciate the comments that you made on improvement in cost savings and efficiency post-acquisition last year. Could you comment a little bit on what you're seeing in terms of decline rate on a combined basis? You mentioned earlier that potentia... | Yeah. Okay. And it pretty much remains the same. Quarter-over-quarter, we don't see a huge difference, but it's in that 20%, 23% range, maybe a little bit lower, some quarters depending on how recently we brought on new pads, but around 20% decline range is what we see across our Pennsylvania assets. And in terms of se... | direct | [
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] | A |
8b2db809042270905182d18110c04b57 | On the capex, I think, for the first quarter, I mean, really kind of light across the board as you sort of extrapolate it to the full-year guidance, but maybe focusing on Upstream specifically, how should we think about that progression of spend throughout the next couple of quarters, assuming we should see quite a bit... | Yeah, that's exactly right. You'll see an increase in our second quarter and then it should remain -- second to third quarters, should remain relatively consistent. But as we step into our fourth quarter and even first quarter of next fiscal year, you'll begin to see that ramp up. As -- because we're deferring some of ... | direct | [
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16fbe0ff64c8c782daf7a96f9e2edac5 | And then maybe it appears that the free cash flow generation numbers actually went up pretty nicely. I was kind of honing in on that $2.75 type of price, even though you decreased your gas price overall in the guidance. So, any sort of color on those -- on what drove kind of that free cash flow increase? | Well, certainly, the increase in production, having the Tioga assets for the entire quarter producing. Our Gathering, obviously, that goes into 100% into our Gathering business, and so that was a big plus. And we had -- as you just pointed out, we had a low capex quarter in terms of Seneca as a stand-alone, we will not... | direct | [
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] | A |
8e5f09ca49e8a42e9a9c85b35d02e48f | You guys obviously just completed your largest acquisition to date with the Shell deal, but there appears to be sort of more Northeast PA assets that are being talked about on the market. Curious as to your appetite right now for additional M&A. | Yeah. I think, as we've said on prior calls, Holly, that we would certainly be interested in adding acreage in the areas that would be adjacent to areas where we're currently active, and in particular, like Lycoming County. Ideally, the -- what we buy would be near us and have a gathering opportunity, and either come w... | direct | [
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eacf2d82bea6f609b4d8cf399c68906c | So my first question is for John, with kind of the current ship above $50 until about 2023 or so, have there been kind of any discussions regarding increasing spending in California from the $10 million and maybe getting back to the $30 million? And then on top of that, what does kind of a maintenance level program in ... | Okay. Yes, we are already talking about adding development dollars back into California. As we've seen over the last few months, our prices continue to improve. I think recently, we're in the mid-50 level, mid-50-plus. And we do have projects out there that make sense in that dollar range. Our struggle right now, and w... | direct | [
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] | A |
326d94e04f47ed0786e03b392c826f85 | And then my follow-up, I was looking at the Pipeline & Storage capex with the guidance between $250 million to $300 million, is that kind of $50 million delta? How much of that is down to the timing of the start of construction at FM100? And how much of it is just down to kind of other kind of maintenance capex-type sp... | Yeah. So most of it probably is due to the FM100 project and the timing of when those costs hit. | direct | [
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] | A |
bde9e382b7fa0357f50d0d06119995e0 | And then in terms of ongoing LiquidityOne expenses in this quarter and going forward, are you still looking at between $1 million to $2 million of expenses that once this initiative is over with will chow down substantially? | No. We've expressed before that we've papered down those expenses in IT overall, including the expenses to launch the new e-commerce platform and we're still consistent with the approximately $1 million, give or take, on a quarterly basis for probably the remainder of the year. | direct | [
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486aced1d32537a15be08dbe4062b67a | And then in the back half of the year, there'll still be some drag from the DoD contract in the CAG group, is that correct? | The DoD Surplus contract ended -- the residual ended in the second quarter of last year, 2018. We still, of course, have the DoD Scrap contract ongoing. | direct | [
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9ea9521c49c9bc04729dfc71e35a976e | Okay. So there's no more drag from the DoD Surplus? | That's correct. | direct | [
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2e6d3d622777938622df2d9ac99d67ff | In terms of the -- in the GovDeals marketplace, are you seeing any changes in the competitive landscape there at all? | Well, that marketplace is a very fragmented marketplace. The nature of competition has not changed materially over time. The largest incumbent players are traditional auctioneers, many of which have local relationships with these agencies. What I do think is changing is the notion of smart government looking to be beac... | direct | [
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a0ca9c1a699b0f5c033e99d7c72dab1c | How much of your GMV now is consignment versus actual purchase by the Company? | Vast majority and that's trended anywhere from 75% to 80%. | direct | [
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9945f82259d4988e8f0c3ce3fa3a3eea | So then, just as you go through this RISE strategy and you're talking about new sort... | Let me just add, can I just add to that? As you begin to look at how we think about the Company's financial model, we provide GMV guidance, we don't provide GAAP revenue guidance and is that mix shift, the consignment increases, the take rate that drops the GAAP revenue on a relative basis is lower versus prior periods... | intermediate | [
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16dc070c20b47899863e49ac2e32cbd0 | Right. So what I'm getting at is that as we look at the Company, I mean, how do we measure the success of what you're doing when you -- based on -- you can't really look at it right now in terms of revenue to GMV, I'm talking about just increasing the take rate, increasing your realizations, I guess, is what I'm gettin... | Sure. I think you look at our business as a more diversified asset-light business over time, which is leveraging the core marketplace economies of scale, we're integrating the underlying business processes, we're driving more leverage. You want to keep an eye on gross profit and how the gross profit improves over time ... | direct | [
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60e95635e4b5006ca465a52fe979b1b5 | OK. And JP, the -- the wind maintenance business. You know, I know it's starting from -- from scratch there. Maybe could you just talk about what you're anticipating from the business in 2021, particularly sort of targets you're hoping the business can get to? | Well, we, you know, we haven't -- we haven't guided to a certain target for that mark -- for that segment of our business, Brent. But what I can tell you is management's extremely happy with how that's getting -- getting out of the ground, so to speak. And very pleased with the management team that we brought together.... | intermediate | [
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c8eeb389b1520edcb4f27f5005e11b81 | OK. And -- and the civil side objective is going to come back to that. And what -- what areas you're most optimistic about for growth in 2021? I mean, assuming we get some sort of an infrastructure bill, I -- I can't imagine it's necessarily a benefit this year but certainly end of the out years. But what do -- what do... | In specialty civil, you know, I -- I do think that, you know, as a benefit of the energy transition, you know, our environmental business which is embedded in our especially civil segment is -- is ripe for growth. You know, we -- we believe we're at the kind of the infant stage of that -- of that market as -- as we tal... | direct | [
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0e4e0c70c1ed08d5ae80a59ac32daac8 | So, first, I just wanted to ask about, you know, these delayed awards. You know, obviously, a lot of positive things are on the horizon in terms, you know, and I think Biden is looking to do with renewable energy. But, you know, sometimes ahead of, you know, anticipation of stimulus or -- or some sort of -- with the ma... | We -- we think it's almost entirely related to COVID.
You know, just -- just everything works a little slower in today's world. You know, it takes a little longer for our clients to get -- get permits upfront. I -- I don't know of a client of ours yet, part -- particularly in the renewable side of our business that's ... | direct | [
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a3f4204704f759e17adcddb8433e844f | OK. Great. That's -- that's really helpful, thanks. And then, you know, second, obviously a lot of optimism across the contracting industry as it relates to the solar opportunities.
Could you just kind of remind us of, you know, some of the kind of key differentiators you have as it relates to the solar market and, yo... | Well, good -- good question. Certainly, that market is -- it -- it lags the -- the wind market as far as maturation. You know, it is reaching kind of the stage now where the wind market reached what I would personally say was a decade ago, where now you'll see the largest developers or builders of -- of solar in the co... | direct | [
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236843d57b400363f5c01ff7f682885a | My question is about the advertising market in the AI robot. So what does management think of the carbon advertising market going into the first-quarter 2021 and what was the top three key advertising verticals for fourth quarter? And my second question is post the pandemic, does management witness any behavior changes... | So for the advertising market, it seems that COVID-19 pandemic is now already under control in China. We can see strong recovery trend on the macro economy in China which in turn lead to a recovery to advertising market as well.
So specifically, for a few sectors like FMCG, auto gaming and education, I think those few... | intermediate | [
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c9fd3ad9731f20648b6540f82d908b99 | The first is can management share some views on 2021 outlook across different sectors. And my second question is so Apple recently increased its privacy control and all the app developers are required to have the approval from users to use data. So will this impact advertising business? | So the fourth, as we mentioned just now, I think we are -- in that great challenge in the overseas market last year. So the strategy for us in the prior year was to return to our home market which is a domestic market.
And now it seems that our domestic mobile Internet business, not only we stabilize our revenue level... | direct | [
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fbd185209306b32c1126123b9cc7f09e | Yeah. Hi, thanks for the opportunity. Just one question Mohit, this quarter you had the air ticketing take rates improve substantially to around 8.9%. So what were the drivers of this? And do you think at least in the period where airlines have to push inventory, there can be possibly an elevation here given that you i... | You are absolutely right and considering that the airlines are operating at low load factors, they are clearly incentivized in terms of driving demand and considering that we have been large volume providers over the years, there has been incentivization coming in from the airlines to the bulk of demand on multiple sec... | direct | [
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b861060ecd01d513db092fb8cfadcedf | Okay. And is this largely a big thing given to say MakeMyTrip because of their dominance or this is across the industry wherein OTS would have benefited because of this phenomena? | Yeah. No. Ashwin, I was saying this is probably a bit of both. Clearly, we probably see the incentivization kind of working much better with much better kind of volume linkage coming through on platforms like MakeMyTrip and Ibibo, and therefore, we believe this could probably be slightly better than what is being made ... | direct | [
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560b5740934658085abb788e3b3cb643 | Okay. And just one question in terms of, you mentioned that you've seen a 35% increase in terms of the SRTC inventory on your platform. So, SRTC would be -- like we've disclosed in the past that we have around 1.5 million-plus seats in bus ticketing tied up, so SRTC would be how big in terms of overall inventory on our... | Yeah, happy to take that Ashwin. The overall size of the SRTC market by the way is as large as the private operator bus market as well. So the difference was, and which is what trying to highlight the benefit that has happened during the pandemic, the difference was that the private operators who are coming online or h... | intermediate | [
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4d70605d197b60a52731f04bad9d2484 | Okay. And just one last question. So, we've touched around 51 million life till date transacting users. Now what you mentioned was that cab booking and train booking is helping you expand to the vernacular Bharat. So, is there a divergence in terms of say or the overlap is much lower between say hotels and air ticketin... | Yeah, you are right Ashwin, there is -- that's really the objective here. I mean, when we were trying to push the rail transactions or for that matter, intercity cab, between the two, intercity cab might have a relatively speaking more overlap than rail users and that too the rail users of specifically booking second-c... | direct | [
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8f3f912216cee0bf1bf4a003aa8d5cc8 | Hi, congrats on solid distribution. I have a couple of questions. Firstly, just wanted to get a little perspective on what do you think about the horizontal platforms entering into the travel vertical. We already found it's more like a vertical business, horizontals have not been able to do anything globally. Is there ... | Yeah, hi, Gaurav. No, it's a good question, and this is not a new occurrence. We have seen horizontals trying to get into travel in the past as well. And in fact, we have also at some point of time powered some of the horizontals doing this. I think it's an obvious thing for a horizontal to want to get into more and mo... | direct | [
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de0a8ef99c15690a855e0761ba49fdcd | Great. Secondly, a question for Rajesh, any color on the market share in the domestic air side and how it has changed during the course of the pandemic, any color on that? | Yeah. Sure, Gaurav. Like we've mentioned that we've been actually gaining incrementally. I think we had announced last quarter same year, our share was about 27% odd, and in this reported quarter, we'll be over 29% or so. | direct | [
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044ff7937e7fb80ca0f5d337a982e313 | Got it. And last question for Mohit. When we look at the customer inducement costs, is it fair to say at this point in time, the large part of the cost will be to drive a repeat behavior and very limited part will be to acquire new customers versus let's say a year back, when large part of the cost was to acquire new c... | Yeah, sure. Right through the pandemic, the focus has been on driving repeat from the existing customer base, that [Indecipherable] customer base as we've talked about. But I think rebates were then and therefore, clearly, a large part of it is directed toward that rather than kind of new customer acquisition through t... | direct | [
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433231dcaa7fe1e7be7ac7b85f8a24a0 | Congrats on a good quarter. My question is on the outlook, you guys raised the EBITDA outlook for the year, I'm just hoping to understand a little bit more on the drivers behind and then moving pieces in the back half of the year versus release to Sealy do you expect that strength to continue or do you expect accelerat... | Great, good questions. First of all, let me take Sealy and then we'll pass it on to Bhaskar for some of the details. Sealy has surprised us so far this year. The momentum was obviously strong in the second quarter at 7% if I remember correctly. And I think as I've said on the call, it is continued and we would expect t... | intermediate | [
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b8cce05145fb9eadacbf6fd14b3f07de | So kind of looking at the quarter outstanding gross margin numbers, particularly in North America. Just kind of rolling through the next of the year or the rest of the year, I should say, how should we think about rate growth in the terms of things like commodities that continued to be pretty weak, product mix, mix wit... | Sure. Good question, Curt. So the way I would think about that is the underlying margin excluding their new business that we're adding. We would expect that the gross margin to grow on that. So as you mentioned, is that we would anticipate getting it continued improvement from a channel mix perspective as well as our o... | direct | [
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42780067041483a4e8ae39c5e5655d1b | I think I want to talk a little bit about our advertising expense during the quarter and then kind of plans going forward. And when we should expect kind of the uptick to involve Mattress Firm In the new and Big Lots as well and what promotional activity or advertising, we could expect from those two new relationships ... | Okay, sure. First of all advertising, we think is core expense, but certainly there is some variability in it. And as you can see from the sales growth numbers, there was no reason to pull the advertising lever very hard during the quarter, but we certainly expect that we'll continue to spend approximately the same per... | intermediate | [
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94307a9fc6c382ec3eea264736edc0c7 | What do you think drove your improvement in return on advertising your lower customer acquisition costs, is it possible because Mattress Firm is going through this transition that they're just seeing less aggressive and it's allowing me to big share, particularly at a time where one of your big competitors going throug... | No, I don't think our advertising efficiency has anything to do with anything with Mattress Firm, although I think your theory has some validity. I think it's more likely that the very aggressive bed in the box companies that their advertising budgets have been probably pulled back quite a bit as those companies contin... | direct | [
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0977af1e12735606adcda559b97ed385 | I was curious, Scott is too early in the Breeze Launch to look at the mix of what you're selling and you commented about it for your stores, but I was thinking about overall including wholesale. Is there been enough time to get a sense for North America Tempur-Pedic brand only how the mix compares today say to pre the ... | Great question. Clearly we called out some outstanding performance in our direct channel, where we can control the process. When I look at the total Tempur launch in North America, I think we can clearly say that we've eliminated the negative mix that we've been working through. And when you look at the totality of the... | direct | [
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c6fc631c4f7debbc653edd5097cee7c6 | The gross margin beat was particularly impressive. And I'm wondering if you've got any help, any material help from input costs and what the trend is in the current quarter? | Sure. As it relates to the second quarter and what we saw from a gross margin standpoint, the outlook where we're sitting at today has slightly improved versus where we were in the second quarter. Some of that came to pass in the second quarter. However, what I would say is that from an overall perspective what we feel... | direct | [
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99e349a8eaf9a3ba0a8cf2ed7d1a0ba5 | Just looking at the adjustment to the guidance, if you could tie together, the midpoint implies a notable step-down in the growth rate of EBITDA from first half to second half. So, I wonder if you could just give us some insight on what some of the changes and headwinds might be that are evolving? | Sure. We had a couple of things that we called out. So on what we have working in our direction is the continuing momentum that we see on the Sealy side as well as what's happening from our direct. Direct has performed very well in the first half and we would expect that would continue. We did call out a couple of item... | direct | [
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3cbbc88bab90b25c3295dde5debe0569 | My question is around capital allocation. I mean you're pretty explicit today with what your plans are, but I guess Scott and Bhaskar, I was hoping for a little bit more thinking on why not be a little bit more aggressive today with share repurchase given the strong cash flow outlook and strong EBITDA outlook? | Good question. Obviously, capital allocation is a Board issue. So, we get lots of input from investors, debt holders Board members and everybody else and it's one of our core responsibilities. I mean if you look at the history of the company, it was in 2016, we bought back over $500 million worth of stock buyback. So f... | intermediate | [
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0d8ed6ce003c9a1b89db09d857da5a25 | On the other side of the capital allocation that question, any thoughts on, you've outlined on that's [Indecipherable] on continue to step down a call price your thoughts on refinancing or cap structure in terms of loans versus bonds. Do you prefer to tap certain market versus the other? | Great question. And we do look on up in the capital structure at the debt structure too, and we will continue to study that. Obviously, the markets are very attractive. Obviously, our leverage profile is getting better and our outlook certainly looks rosy. So we'll continue to look at the debt structure. I think that s... | intermediate | [
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1cc4c90aaa64cd05c7b87a5e839e2969 | Given the strong direct to consumer business that you had, are we seeing a shake-out in the bed in a box model here? | I don't know I'm going to say you've seen several things. One is I think that we're tapping the market that's not well served right now, which just going to call high-end bedding in North America. And our Tempur-Pedic flagship stores are designed for high-end customers and I think that's an underserved market. So I thi... | direct | [
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d88b7192211d18dae31c5042da18f8c1 | Thanks a lot for taking my follow-up, can you give us more detail on the breakdown between units and price for the Tempur line on the Sealy business? How much of the improvement is coming on a same-store basis versus expanded relationship? | Sealy is easy because that's all on same-stores effectively. We haven't picked up any of the new business yet on Sealy. Right. And more broadly the nicety about Sealy is that we're seeing growth in all the price point. We were challenged from legacy standpoint in that sub $1,000 business. So what we've seen in the seco... | intermediate | [
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f8559fb8f3ab8ca02d6b13fe0413f779 | So a couple of things here. One, a lot of content there, a lot of content today in general. So could you just kind of clarify the channel trends and the inventory trends as you look through your four pieces? I know the industrial -- sorry, the PTS piece, you thought there might be a little prebuying, maybe in little in... | Yes, I'm happy to do that, Mike. First of all, the PTS business, we're starting to gain and see some momentum in the channel. And so as Rob said, our January orders in PTS were 30%. And so after a relatively OK fourth quarter where orders were 2%, it was a nice highlight for us going into the year. Climate, I would tel... | intermediate | [
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9d60b38c873b4868b368a948f32d299b | Yes. So if I summarize that, though, the couple of areas where you pointed, there was some channel restocking going on, it doesn't sound like you think there's excess inventory in the channel that that's more getting you back toward parity. Is that a fair characterization? | I would say, absolutely. We do not think there's excess inventory in the channel at this point and that -- there's opportunity there. | direct | [
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fc44d4f6cb405589ae5ad418b8c82be0 | And then on the price cost side, price cost positive in the fourth quarter. Maybe some thoughts on how you're thinking about it here moving forward. You've got some indexing relationships. You're putting in pricing in other areas. So just thoughts on how that works through the year, just at a high level. And if there's... | Sure, Mike, this is Rob. So we do think that we'll be neutral to slightly better. We could see climate remain modestly negative in Q1 and turned to positive Q2, that's where you're going to see the two way material price formulas and that lag that you're referring to which is generally about three to four months. But t... | direct | [
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8dc7978cbeb99833f1e1b02bd3ea34cd | Last one here. With the transaction announcement earlier today, my suspicion is, the balance sheet usage over the course of the year is going to be pretty measured, given you have to figure out what the dividend looks like and just all the machinations there. Is that a fair thought process? Or should I be thinking abou... | No, Mike, I think that's the way to think about it. In terms of -- we will continue -- I will say we continue to be balanced in our capital allocation. We are still going to look for a disciplined approach here through organic investments, capex, R&D, dividend, opportunistic share purchases. And of course, we're still ... | direct | [
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99e66146a62e89f66d7d6b15292960fa | Just on the guide and the incremental. So I think fourth quarter, you had 54% incrementals on some growth. I think, that even includes the inventory charge. I'm just wondering why we're still thinking about kind of only 30% plus, and I know there's a plus on there, incrementals as we flip to growth in 2021. | Yes, Jeff. Rob here, again. I think the way to think about this is, we really did have some nice benefits as we exited the fourth quarter, especially from a mix perspective in the HVAC space in the pool space. Those are some of the really nice benefits that we saw. And they do tend to be a bit lumpy from that perspecti... | direct | [
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cabdadb24f607cbd1d411aa646fda5bf | And any aberrations in the PT margins, which were particularly strong on the good side that would normalize? | Again, our PT business has done a fantastic job in 2020 of driving 80/20, and accelerating their consolidation, their SKU rationalization and transforming the cost structure of that business. And so I would say, no, nothing in particular sticks out with regards to margins for the PTS business. | direct | [
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d656bd7873aca6e8114ee8d7f162fde6 | Okay. And just a clarification on the deal structure. Can you just talk about the range of shares that are going to be issued associated with the deal? I don't know, like just the split and then the dividend dynamic, I think you'd be issuing some additional shares, depending on the dividend, is that right? | Yes, that's right. Let me give a little bit more detail. I mean it's a good question. In a typical RMT, there would be the 50-plus percent for Rexnord shareholders, 49.9% for Regal. In our case, we currently have a good, solid overlap of shareholders, and what this means -- and currently, that overlap is roughly 25%. T... | direct | [
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6513577552736e5df787572f7631766a | Okay. So just to clarify, so the base split is the 61.4% to 38.6%, so you'd be -- there'd be 26 million shares issued to, or so to the Rexnord shareholders? | Yes. That's right. | direct | [
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ca067182933f64f339a3460a5e3544f5 | I guess as we head into 2021 here, are there any additional divestitures we should be thinking about? Or do we kind of work through a lot of the pruning actions as we think about the core portfolio here? | And Chris, as you know, we really don't talk about divestitures until they -- if and when they occur. We talked about the small motor service center in Cairns, Australia that we divested in Q4. I mean we're talking a couple of million dollars of revenue, and it was losing money. There's not a lot of that in our portfol... | intermediate | [
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555326a66a628886bf8146e8c18238c9 | Understood. Understood. And then thank you for the color on the first quarter and then particularly on the margins, I guess it is because there's such a swing and a lot of moving pieces going on. How should we think about kind of Industrial Systems margin for 2021? Can we get to mid single, 6%, 7% margin in '21? Or is ... | Hey Chris, this is Rob. Good question. We did spend a little bit of time on this during the call, but let me give you a bit of a perspective here. We do see some continued, near-term choppiness on project mix in the first quarter for industrial, and we're also seeing some lingering, near-term COVID-related pressures in... | intermediate | [
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8bc2b04a9abac20e205731b999a59442 | Roni I think you said that, you think this could be a potential catalyst. I'm just wondering, how are you addressing the sales challenges in a virtual environment to be able to take advantage of the opportunities in the market as more careers start to really embrace the cloud? | Yes, hi, Mayank. As you -- as you mentioned all digital and cloud can be more interesting at this time. As you know, we have more than 400 customer worldwide. So we are going to each of them, we saw our managed service approach is including cloud and we are bringing more and more opportunity to this area. So that's def... | intermediate | [
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839592abe1a0374544ec2cea36b5cb3b | Okay, so you haven't really had any challenges in terms of closing these deals and converting these opportunities due to the virtual nature of the sales process, you've been able to navigate through that and still close at a pretty healthy rate. Is that so? | No, in terms of closing deals, as I mentioned in my call that we have, it's not related just for clouds, we have challenges for many for getting more pipeline, the deals that we have on the table. It's OK. Sometimes we have delayed, but it's not related to the cloud. | direct | [
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6b3183656aa2f85e4ef2025206b50591 | Got it, OK. I wanted to just shift gears to the model, maybe Roni, if you could comment on the trajectory of revenue growth and margins. These changes because of the pandemic, or do you think it's going to be, you following the same seasonal pattern that we've seen historically on both the top line and margin front? | Hi, Mayank, this is Roni G. I think in this time our business model showed strength. We are selling core system solution to insurance career, and they has a very high visibility and stickiness, which is very important at this time for a very long way period. This is a core system solution and how our customers run thei... | direct | [
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81b117fa0105e3db3f8ed38608912a1c | Got it. And then just very final question here, from my perspective, a lot of the companies that have large delivery hubs in India have had supply side constraints just because of the work from home shift, it doesn't seems like that disrupted your model. Can you just comment on how you address those challenges. If ther... | We started the mid-March event to do some testing, working from home for the entire company globally, basically for three days sales of the Company globally went to work from home and we measure if we are capable of this, are we using laptops, firewall in all of that. And basically, we've been able to do this successfu... | direct | [
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673d0d1a4aca80a6cd96da4eb209c46b | Hey guys, thanks for taking the question. Glad you're all safe and well. I guess, I wanted to touch a little bit on, first of all, what you're seeing with the existing customer deployments, so obviously as you think about existing customers roll-out implementation in late-March, early April did you see, was there a pau... | Hi, Bhavan. I will take this. 15% of Sapiens' revenue is coming from customer that we signed last year and right now are being in the middle or early stage or end of the stage of the implementation of the core system solution. In the company we are monitoring this area. Basically, we are monitoring all the key accounts... | direct | [
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1269f6d2e246cd6d7f9fb19a4b8a536a | So let me just drill down that a little bit. So when you look at the guidance Roni and you've got the potential for extending the timelines for these projects and you built that in, or how much have you build that into the guidance, today. I understand the new logos will be tough, and that makes sense for everybody, es... | We factor some delay not material one, but some delay that the revenue will we see from 2019 to 2020. But as I mentioned earlier, we are right now, extending or increasing the theme of customer success, we see right now opportunity and not real opportunity, we are doing so, of increase in the revenue that our customer ... | intermediate | [
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b2a636c4857d257e43cf1b53027c3cad | Got it, got it, got it. And then I wanted to onto the Life and Annuities the reinsurance business. If I look at that you sort of thought about that business to be stable to flat, but you've now had some wins, given the investment aside, I guess, as we think about Life and Annuities, how does that layer into the growth ... | I think we saw already shift in the life area in terms of growth. We already started this last year we win some deals I can say right now that we have also some opportunity nice opportunity that we are working on and Q1 was go for life more on the European side less on the USA side, but overall the entire life is sligh... | intermediate | [
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fd830d21fd18f8056b7c3f2365ad8e3a | Got you, got you. And then one -- one last one from me, you've talked about sort of this shift to managed services. You've talked about cloud, but historically, you said there's been very little interest in cloud. And so I'd love to understand sort of not this year, maybe but in the next two to three years. How big, ex... | Today, we do not have significant amount of managed services plus cloud revenue. But I would say that all the deal that we are signing. I would say majority of them are managed services let's say cloud opportunity. So think about this 500 customer we are signing, let's say 30, 40 new deals every year. This is the place... | intermediate | [
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7b8d468115982f230e1668715dff9463 | Hi. I think you're doing well. I wanted to ask if you can give some comments on client behaviour that you're seeing based on the customer size. I'm curious if you're having different conversations. We're seeing different priorities at some of the larger insurance organizations versus the traditional base in the lower t... | Hi, this is Roni. We don't -- the behavioural form that the customer can be different for each one of them. I think the main focus right now from the -- from the -- the customer that in production is make sure that we are able to maintain them, we can work remotely and -- and we can add more value, they are looking for... | intermediate | [
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a685108683185450d6f26a3b3a5912e0 | Okay. And then as we think about the progress here over the next couple of quarters, do you expect to see the June quarter as a low point and a build from there from a growth standpoint or what do you expect it to be relatively even as you go through the balance of the year? | Hi, this is Roni G. I think if we look at the yearly guidance, we are still focusing growth area, as I mentioned earlier, it's about 9% we are planning to grow quarter-over-quarter, steady state. The new layers of building on top of each time. So we do not have any drop. We are going to continue. I think additional lay... | direct | [
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9747ffe668947a3efd6e179b605ee14e | Okay, that's helpful. And just last one for you here as the current environment changed anything around capital allocation as it relates to M&A, obviously you have the dividend announcement here, I'm just curious on the M&A front, anything around commentary on pipeline and the valuations, you may be seeing? | Hi, this is Roni. M&A is part of our strategy. So we didn't stop adding [Phonetics] into M&A. Yes, we are looking it not big companies, we are looking to medium to small size company to mitigate the risk, we understand that also the due diligence process will be remotely. So we are conscious about this and we will make... | direct | [
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04c9864eb29f51e2abb5441ac4f5d400 | Hey, guys. Thanks for taking my questions. Most of them have been answered. I guess if I can have just a final one on the guidance you gave a lot of color, if I put in all together, what you've said, correct me, if I'm wrong, but it sounds like most of revenues have been recurring and therefore on the decrease in guida... | Hi, Tavy. This is Roni. I think the outlook is more relaxed. I think in the early days, it was very much concerning, right now it's little big company are releasing the restriction, we'd like to give some color, I think Roni mentioned this, when he talked. The Digital is becoming more and more a demand from our custome... | direct | [
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4a878250df14e163d9519de7c40cf410 | Hi, thanks. Good morning. First question, just regarding some of the deferrals that have been now rolling off, what percent of the deferral rent was collected in the third quarter and maybe in October as scheduled? And have you had to recut any new deals where you had agreements in place? | Yeah. Sure, Todd. Good morning. Good to hear from you. I'll start with the deferral question, and Brian can talk about the ongoing negotiations. So let me walk you back to Q2. At that point in time, the last time we reported, which was in early August, we had about $12 million or so deferred. Since then, Todd, $5 milli... | intermediate | [
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93162d34f35ef270dbbbc46dfc67ccd2 | All right. Great. And then, I appreciate the comments on the theaters -- on your theater exposure. So a few questions. I guess the three stand-alone boxes, it sounds like you're working on potential plans, I guess, to redevelop or reimagine those boxes. What rights do you have to recapture that space from the theaters ... | Yeah. And that's a good question. And obviously, that's from a confidentiality perspective with the leases, some of the trends from kind of the rights of what we have. But as I said, we're playing offense on those. There's three freestanding boxes: one in Jacksonville at our River City, tremendous outdoor open-air cent... | intermediate | [
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4f527ca1066e7cb6f792c48c50ecb2a2 | Okay. And the rent that Regal pays, it's almost $23 a foot, seems pretty full. But what's the rent for the Regal's -- if you sort of stripped out the Webster Place location, can you share how much that skews that figure? | Yeah. We don't have that number in front of us, Todd. Let us get back to you off-line on that one. | fully_evasive | [
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c0e27edb5d6bdeb31d25c40c5c053465 | Okay. And just one last question then. On the local small shops, so the trend there was positive from 2Q to 3Q in terms of collections, but it ticked down 1% in October. The other segments, the anchors, mid-tier, and the national small shops all increased. Is there anything to read into that? Are you seeing any weaknes... | No, I mean...No, I haven't. I mean, October -- it's a statement of time. And October today is more advanced than where we were same time over September. So I wouldn't read into that 1% at all. We're seeing good movement even daily on that number. So it's just a point of time. | direct | [
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306037dfc546dbc70160b3795268466a | Hi, thank you. This is Conor Peaks on for Derek Johnston. Congrats on the positive lease operating metrics. But looking into that, how sustainable are these rent spreads going forward that have been reported? | Hey, Conor. I think -- that's a good question, and thank you for that. So, I think sustainability is there. And since we've got the new management -- have been in place, I mean, we've been averaging 30% average lease spread since second quarter 2019. So this is, as I said, continuously undermanaged, and hence, under ma... | direct | [
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d2c44e7fc53c30abdb87443df05bc058 | Got it, thank you. And then looking over to the acquisition front, you guys said that there was a bit of an increase in potential transactions. Kind of just looking into that, what kinds of opportunities are you starting to see from that area? Any color along those lines? Thanks. | Yes. And we were doing this pre-COVID as well in the private sectors, where some families -- family office or private individuals have CMBS loan debt coming due. These could be one-offs, portfolios. We're seeing increased activity from some of the banks where, I think, this could be a huge opportunity. Really, the key ... | direct | [
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945b722d3285d6eb03543f8fee2cf087 | Hi, good morning. Signed but not open ABR, how do you see the weighting of that come online in the coming quarters? | Yeah. The signed not open of $3 million, all that will come online over the next five quarters. So a little bit this year and ratably over '21. | direct | [
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635271dfe0e7efdfa6f1c386af21fe09 | Thanks. And then can you discuss what you're seeing in the leasing pipeline for 4Q? And 11% of your ABR is due in 2021, how much of that has been addressed? | Yes. So from a leasing pipeline, the visibility is pretty strong. I've said in my prepared remarks, well, $3 million is SNO, we have $1.5 million behind that in lease, and then another few million behind that in advanced LOI negotiations, if you will. So, I mean, Linda, it's -- a few weeks ago, I had lease committees o... | direct | [
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549f3cb3621fff3a79bab8a16d0039e5 | Thanks. And then over the next several quarters, do you have a sense of where occupancy might trough? | Oh man, I mean, I wish I can tell you. I think there's just too many darn competing variables out there. I talked a little bit on my prepared remarks that the -- we're obviously still waiting on the election results. But primarily, it's really the duration of the pandemic. So, too early really be seen on occupancy. I t... | intermediate | [
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80033faf5161e352d94565771a28a3aa | Thanks for that. Just one last one. In terms of avoiding full-priced apparel tenants, but welcoming banks and medical uses at your centers, how do you evaluate the long-term demand for these lines of businesses? | It's asset-by-asset. It's a macro, and it's a micro. And obviously, there's oversupply in certain segments of certain geographies, and there's undersupply. And from a perspective of banks, obviously, the visibility and access is key. From medical, we have a team really assigned to really harvest institutional hospitals... | direct | [
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085c04b15672613b845ee886b53da78d | Strategically, Brian, can you maybe comment on your GIC joint venture? So, discussions are moving along, also particularly given the fact the lending market still appear to be very slow and gummed up. And also, how do you reconcile that with the stock price seems to be staying in terms of allocating capital? | Yeah. So obviously, we're in conversation with GIC a lot. They see a lot of deal flow that we don't see. We see deal flow that they don't see. As I said on an earlier Q&A, IRR and yield, if you will, is everything. So we're matching that compared to other strategic areas where that could be leasing capital, where as we... | intermediate | [
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810201751508c92e0b7ba4f0f13d5f6f | And how does the -- your discussion with lenders, how is that -- is that one of the biggest stumbling blocks right now on the acquisition side, in particular, or in the M&A market, potentially? | Yeah, no. I think for the right assets, there's debt. Obviously, size and geography and credit is very extremely important. So for -- yeah, for large M&A deals, we're not talking about that. We're talking more on one-offs and smaller portfolios and where there's good credit, a good story, good narrative, most likely gr... | direct | [
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a56622c7378075519444b0e812be001c | Yeah, hi. A couple of questions. First, I'm not sure if I missed this, but did you comment on -- was there anything abnormal driving the new lease spread this quarter? And the second question, in terms of thinking about future acquisitions, are you thinking differently about grocery-anchored/essential mix and just kind... | Yeah. Mike, thanks. So let me hit the spreads first. We -- there wasn't really anything abnormal. We had two junior boxes that were extremely good spreads, but then we had a number of small shop deals that were double-digit spreads as well. So that's that. Two, on the acquisitions perspective, essential business and gr... | direct | [
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26c5852756961efc737d77d5a6d4fb3e | I'd like to open with a question on the Microsoft Business. Looks like you saw a nice pickup in the fourth quarter, the Microsoft businesses, I guess, Teams is starting to gain some momentum. Can you talk about what is still in the pipeline for Teams in terms of features that you see that could help further accelerate ... | First, you know, we know that there are several features missing for the voice implementation within Teams. From our ongoing discussion with Microsoft, we know that the plan is now to complete them in the first half of this year. So all-in-all, we know that much will start happening in the second half.
Second, as I ha... | direct | [
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2afaac7d94ec2aa45c3370240dab1118 | I wanted to move on to Voice.ai. This has been an area of significant investment for you. We just hoping you get a little -- put a little more color on kind of one, how much revenue contribution you've actually seen from that to-date? How much investment you've put into that on an annual basis? And how you're thinking ... | First, let me put an overall framework on this. We have at this stage about 60 people employed in the Voice.ai business, which we officially announced two years ago. The business is still growing. Last year, we did above $2 million of sales in that line. We do expect an increase of at least 50% to 100% this year in 202... | direct | [
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e2274e45beedf1dc2db4b9e0f0f32c60 | I wanted to just talk about your -- the seasonality of your business into the first quarter. Sounds like it's -- you are continuing to see pretty good momentum. In the last couple of years, you've actually seen a modest seasonal uptick Q4 to Q1. So just wondering how we should think about from a modeling perspective th... | Yeah, yeah. I've learned in the past not to rely on miracles, enjoy them. So, for planning purposes I usually plan on a down quarter that will be roughly around 2%. But you've mentioned, rightly, yes, in past years, we've been able to beat that and actually grow. So, we try to stay modest. I think we saw that in our gu... | direct | [
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8b26d28317fe054dd68c0a1147ac9732 | I wanted a clarification on the royalty agreement. Understanding that will have a positive impact on the gross margin. I believe starting in first quarter of 2020, did it have any impact on the non-GAAP gross margin in the fourth quarter of 2019? | Yes, yes, definitely, you are so right. Yes. Already in the fourth quarter of 2019 we had a contribution of several hundreds of thousands of dollars in the quarter, but we do expect that in 2020 we will have close to a million contribution on each and every single quarter. | direct | [
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1d9b00b7330c24fc68680c5c656a7165 | The non-GAAP share count for the quarter, you have a GAAP share count, but I couldn't find the non-GAAP share count for fourth quarter of '19? | The non-GAAP share count for diluted EPS is 31.4 million shares. | direct | [
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19a41fff25a45ecc207caabfee1695aa | I'm just curious on the cloud, UCaaS, CcaaS, that whole kind of market segments. How much of your revenue comes from kind of the cloud market today? | So, it's growing. It's not substantial as these days. It's growing. We are deployed with our session border controllers and the management, centralized managed suite and the routing application in both AWS and Azure. We grew, actually in fourth quarter, we grew very nicely with our SBC and Azure and in Teams that is re... | intermediate | [
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0d847ea5da41fa2ba7f1b5e4c2f5354a | It sounds like obviously Microsoft's sort of the biggest platform environment [indecipherable] who would be sort of number two and three in the list there after Microsoft? | We have -- we have number of partners. We have mentioned in the past few names like RingCentral, Amazon, Zoom and a few others. So obviously, we had, in the past also BroadSoft now Cisco, so that's a partner. If I have to call number two in terms of volume of sales, it's Genesys at this stage. All of the others are sti... | direct | [
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63615d9fe103579fb97bfe6ac7c5dbcf | Teams obviously, the Teams subscriber counts grown rapidly. I think it was over 20 million in the September quarter. Do you know like what percent of those Teams users are also using some form of Microsoft voice and where might that go? | So, you touched on a interesting point. We do see actually, obviously, there's a large installed base Skype for Business users and some of we have seen fourth quarter a number of them starting to move some of their users to Teams. So, I assume that going forward there will be pure new Teams accounts. But at the same ti... | intermediate | [
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ccf0dc29b44b377df71253a7967d856c | You talked about a number of large Teams win I believe in the quarter. I assume those deployments will be in a cloud delivery model? | Yes, yes. When we're talking about Teams, we're talking about cloud deployments. We're talking -- but then, some of the components maybe installed on-prem and session border controllers could be placed either in a cloud and/or on-premise. But all-in-all the majority or the whole implementation is meant to be cloud base... | direct | [
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a32ee86edba61ec5bd0d4638c306d076 | How important are acquisitions to your sort of medium-term strategy? | Good question. Well, we keep growing nicely on the top line, 13.7% this year, on the bottom line more than 30%. It's not crucial. We will -- if there's one area I'd like to look at, it would be more the Voice.ai business where we would like to inject larger, bigger operation into that business unit than we would maybe ... | direct | [
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e1d7ea35b86b7be6b79d083246279e18 | You had mentioned the expectation for UC-SIP to continue growing at about 15% to 20%, based on the guidance, I think that's implying like a flattish year for Gateways, but can you just maybe give your outlook for the Gateway business in 2020 based on your revenue guidance? | Yes. UC-SIP will keep growing at the rate we have mentioned. Gateways, we enjoyed a very unique year of up 10%. Obviously, we have done our bottom-up analysis for 2020. It looks like we'll continue to grow on but on a more modest mode. Whether the line will stay flat or grow and/or decline by you know several percent t... | intermediate | [
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099ce0dbe8d7a99f2d62e6fb6f59e26e | In terms of your partnership with Dolby and you're entering the meetings market. What's been the early reception, what are you hearing from customers and maybe what gives you confidence as we go into 2020, and your ability to gain share in that market. | Okay. So this is a bit premature and we announced the launch in around September, October of last year. We did send the first product, that's a joint product by us and Dolby to several large companies, at this stage some hundreds of units. We know this interest in those units. With the [Technical Issues] think probably... | intermediate | [
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53e3bd1cf8057acc3231966c742fca72 | Can you just update us on your tax status in both the US and Israel you know with the tax status [Technical Issues] what do you expect to be full tax payer in Israel, I think you're paying in the US already, but [Technical Issues] | If you are referring to the expected tax payment in the next one or two years, we do not expect more than $1 million in terms of cash tax payment. We have NOLs and we created the deferred tax asset for that, and that will offset any future tax payment both in Israel and in the US. | intermediate | [
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151a5206d94dc1b29241dedd32870a0f | You touched on this in the past in your prepared remarks, but with the closed suction catheter, the Ballard being endorsed by the World Health Organization and your fourth line coming up and running now, I'm just curious, help us think a little bit about this tailwind as it applies to Europe and Asia, specifically, bec... | The way to think about Respiratory in the closed suction Ballard is about 1/3 of our headwind was offset by the closed suction revenue that would so you think of it in terms of we've been about $10 million ahead of our normal Respiratory volume for the year. And we expect that to continue to some extent in the second h... | intermediate | [
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0b15185979a841817763666309e36534 | I noticed in your schedules this morning on the GAAP to non-GAAP reconciliations that approximately half of the adjustments there are COVID-19-related expenses in the quarter. Could you just give us some color as to how we should think about those COVID-19-related expenses to the back half of the year to kind of get to... | So we have two sets of COVID costs. One set that we're calling out, the $3 million plus that we're considering more onetime in nature. Some of that will continue into the back half of the year. And then there's some costs that we're incurring on a more routine basis that we are expect to incur going forward, and that h... | direct | [
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9a0d47b19c0ff001d38492b7dc451f8a | So I'm just trying to get at what you're implying with some of your commentary. Like on one hand, you're saying the virus impact will extend into 2021. On the other hand, you're saying you're prepared to refer to growth post-COVID. Are you basically saying that you're not expecting to return to growth by the fourth qua... | I think it's difficult to predict things like that at the moment because the duration and severity of the pandemic is just an unknown. And what we've seen, like I think most of the calls is on elective procedures, a return to sort of 70% to 75% overall. And there's definitely pockets where that's maybe increased or eve... | intermediate | [
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01e45473d910a96a18541bffa0eeb94b | The trajectory of recovery in Pain Management is obviously a very severe trough for you and getting back to 70%, 75% of volume. Can you compare ON-Q versus COOLIEF? Are there some differences in those trajectories there? | Very similar. Interventional Pain may be slightly coming back a little bit faster overarching. But as you can imagine, we saw the same only 25% of normal procedures in sort of the March-April time frame that went up in May to 50%. Now we're seeing that progress in June and into July to more of the 70%, 75%, depending o... | direct | [
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"fully_evasive"
] | A |
77b6329418b632a7a4d041883c15630f | And then the trajectory of the Digestive Health, the delayed tube replacements. I guess, how long can that continue? I hate to make the analogy, is it like a haircut that you can just skip that doesn't necessarily need to be replaced? Or is there a backlog of that needs to be people coming back to the hospital for that... | So I think it's starting to come back. I mean, look, people it's a little bit of a consumer confidence element. But obviously, in this case, it's the fear of contracting the virus in the medical center or the healthcare environment. So there has been delayed feeding tube placements. We're seeing a little bit of progres... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e80a5e38dc2aa0e07a82a3a18311b4ec | Just a follow-up for clarity. How often is it supposed to be replaced, how many times per year? | Every three months. Three months, yes. That's a normal regimen. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1efe1532fce0b9058818b3378e5b312e | So I want to go back to the comment that you made on ON-Q that I think you said you saw record sales of pre-fill pumps through the Leiters relationship in June. Can you just remind us kind of what percentage of your total ON-Q business that is? And then secondly, are you specifically attributing any of those sales to t... | Yes. So remember, one of the key elements on the dislodgement of that market was for minimum Avella going down and really just now Leiters being the only solution, and we're fortunate to have a sole source agreement with them. So about half just right at about half of the 30% of our business that was being filled is no... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
808b1ff44213ffff9a6613c2368822ce | Okay, great. And then just a modeling question. On the M&A, is it fair to assume that of the six points you're attributing to M&A of growth that roughly five points are a little bit more would be coming from NeoMed relative to Summit? | That's right. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
211e4c2f295fa34cd38bc021940af6d4 | How are we thinking about the M&A strategy here at the company, given kind of everything that's going on in the world and your balance sheet? Just help me understand like what you're looking at and kind of you're still going to be opportunistic? Or how you think about valuations right now? | The way I think about it is we're more focused on execution and cash building or cash preservation. I think we're doing a great job of that. And also, alongside of that, a top priority is integrating Game Ready and NeoMed and some of which are going along extremely well to capture those synergies even in this environme... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f5fb11fb34e54e02cb67897fcf4405de | And then maybe one more just on flu. I mean, there was an article a few weeks ago about how Southern Hemisphere flu levels are almost at record lows, if not nothing. Can you talk about maybe how you think that impacting some of the purchasing decisions in the back half of the year as we kind of think about the puts and... | Yes, on Respiratory, I mean, we're also experiencing some orders from governments. They wouldn't really affect our year-over-year. They are bulk orders, they come in their cash and then they're put into inventory for these types of pandemics. And we have an allocation process that we're managing tightly the utilization... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e8614a75daa6c2bd6c887872dc50a08c | Just a question actually on upcoming catalysts. I know there's not a lot of talk about new products at the moment, just given the background. But, Joe, you've always discussed innovation as a goal growth driver to Avanos. I mean, could you just give us a better sense of what's upcoming, whether product launches or clin... | I think the things that you should focus on with us for catalysts are the international growth. Obviously, COOLIEF continuing at double-digit growth. And then everyone, including us, are highly focused on the return of acute pain to a growth perspective. On innovation, we continue to invest in our own R&D. But likewise... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b5d6501ef5c6fefb75aa30ef8599a106 | And maybe for Joe or Michael, but with COVID disruptions continuing into 2021, as you discussed earlier, how are you thinking more about the company's cost structure, balancing, cash preservation and growth opportunities? It sounded like you're maybe ready to make or start layering back on some internal investments. Bu... | Yes. No, great question. So we continue with all of our previously announced cost savings initiatives. Those keep going. With COVID-19, we've had a little bit of delay in a couple of the areas, but we anticipate getting all those costs as we enter the back half of the year. And then we also announced some additional co... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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