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8e3f5b8e04b3974d6b4760d3c9d08526 | Great. And just a quick follow-up on capex, Ken. Given this sort of overlapping period you said, does that mean, assuming the equipment is there, that we should think of 2020 capex as kind of being the peak in the cycle? Or is it more level at this level? | Don't know. And the reason I say don't know is that our 5G deployment, at least in 2020, starts on millimeter, right? And we've said we're starting in millimeter late in this year because that's what we have. If, in fact, there was a path to mid-band, you might see us moving there because with better coverage patterns ... | intermediate | [
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01fbaeea894eae79e969329c6ca278e3 | Good morning, guys. Just I guess, a follow-up on T-Mobile-Sprint. So obviously, it looks like the deal is going to close more likely than not. So assuming it does close, I mean, what do you think is going to be the immediate impact in your markets? And what is going to be a longer-term impact on your markets? And also ... | I don't know what the impact is going to be. Short term, I'm sure there's going to be a lot of advertising. But by that same token, this isn't a surprise, right? This is -- it's been coming. It's been coming for some period of time, and the changes we've made to our product offering, changes we've made to our brand pos... | intermediate | [
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eb6e7661fe40ca03602b4b7752d0da91 | Okay. And I guess on the flip side of this merger, I mean, maybe you could look at this as an opportunity. I mean, it looks like your 5G network architecture and 5G build strategy is similar to T-Mobile-Sprint's. I mean, you start from 600. You moved to millimeter wave and potentially supplement this additional mid-ban... | I am constantly looking for opportunities to enhance our competitive position, grow revenues into our reduced costs. And anything with any carrier that does that is something that we have explored in our interest and will continue to explore. | intermediate | [
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0b2a92ca0e87640022c1be1070ef6c67 | Great. And in terms of cable competition, how much of an impact did cable have in your market last quarter? And looking at basically the customers who switched to cable and then eventually come back, if you could share any thoughts on the percentage of customers who you are able to win back. | I don't have those numbers in front of me, Sergey. We did see in 2019, an impact in our feature phone in our low-end users that, for price reasons, have moved into some bundled packages. I'd say the pace of that has slowed down. But we definitely felt it last year. Thanks and have a great weekend. | fully_evasive | [
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7bbde4fc6e867ce9dbede80fd08c8a99 | Maybe first question, they're just kind of near term focused on the ramp of the new plant based capacity. I know we've talked about 100 million over two years. We just think about maybe the next couple of quarters, though, as you ramp that up, the impact to the sales and also gross margin, if there's anything we should... | Yeah, good morning, Brian. Still here. So first of all, just in terms of our expectations on ramping that production utilization, you know, we put a marker out there that we expect it to be fully utilized by the end of Q4 twenty twenty to you know, at this juncture, we don't have perfect insight into how that's going t... | direct | [
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638da8b38fd39a9444c5d9afe0e40160 | Appreciate the color there, and it's not another question of. You know, you've been asked several times since your expansion announcement about whether you had the demand to fill that capacity and you know it. Mindful specifically of the significant growth within the GOP segment, you know, as well as the potential harm... | You know, on some levels, I hope we didn't have enough capacity, but that would be a good problem to have. You know, we we are certainly encouraged by the consumer excuse me, the customer outreach that we had on that and customers interest in space. You know, at this juncture, our focus is on, you know, getting that ne... | intermediate | [
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a654b0db9d9f169a2e6f1f697d7f3589 | Got it. Fair enough to switching over to food service, you know, a bit of a headwind or an offset to the growth this quarter. Not surprising, but just curious if you could maybe kind of give us a little bit of incremental color on sort of the pace of recovery in that channel? I think high level, what we're seeing is ob... | Yeah, so, you know, yes, we're seeing a consistent pattern to what you articulated in aggregate, food service was neither a headwind or a tailwind for the quarter. It looked broadly similar to 2019 as it relates to the impact of a second wave of covid. We're all certainly concerned about that at multiple levels, you kn... | intermediate | [
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f668328ccc1593b0d0c93e71229ae284 | And last one for me. I really appreciate the color and the clarity provided with respect to the food segment this quarter. But just to confirm, you are lapping pricing that you took, I believe, this time last year. So just curious, have you taken or will you need to take more pricing this quarter? And if so, how those ... | So, yes, we are in a position where we have been able to pass through the majority of the impact of higher cost route from this season, and many of those prices will go into effect here in the fourth quarter. You know, that's the result of a lot of great work by our sales team over the last 12 months to get better rela... | direct | [
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96842684704d735163ec3170b97914bf | Ok, and then can you discuss potential headwind that you guys might see in the plant based beverage, including food service that you could potentially see going forward, that maybe slow the growth a little bit? | Yeah, I mean, I say I certainly think a second, you know, wave of covid could have an impact. I mean, all I will remind that we now have, you know, several quarters of what a covert environment looks like. And so I don't really have any material Forward-Looking insight that would suggest it would look different than ou... | intermediate | [
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01718278d9e161a23a04832484e4c2c3 | Ok, that's helpful. And then now that you're through sort of a transition phase, what's your outlook for, you know, gross margins on a plant based business? You know, they're pretty strong this quarter. Just kind of how are you thinking about that going forward as it kind of going to be what it's been reported this qua... | Yeah, as I mentioned to Brian, you know, we think that the Twenty twenty one gross margin will look broadly like Twenty twenty. You know, there is a bit of a headwind with just some added capacity, which, you know, will be a kind of short term headwind to our gross margin rate. But there are two strong tailwinds, you k... | direct | [
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bdcd50a17a4652a22f8387db326d4615 | Ok. And then last one for me. Any update on new product performance such as the hard rubab? | Yeah, I mean, we continue to monitor and look for additional customers to roll it out. We're happy with the product and are actively engaged in putting, you know, promotional efforts against it to drive trial. And, you know, we're encouraged by the repeat that we're seeing on the product. But, you know, we're looking f... | intermediate | [
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dd3b56a92b7157321b88c1ef8a2d5c5a | Morning, everybody. Thank you. Good morning, John. Nice to have some fellow fellow questioners on the call. I want to ask you about the old extraction of the extraction process. Can you talk about the. Quality of your process in producing the base and is there, you know, the equivalent? You know, player in the market t... | Yeah, without without getting too technical here, where I might need some diagrams and schematics, there's two ways of making out. One is you start with OK, flour and add water. The result of that process is you get a very gritty, better tasting product. The other way to do it is you start with raw oats, you soak them ... | direct | [
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d87f6758d0de8e78ed7fc9d8e5102987 | That's great. It's tough to. Go technical and do it in terms that layman like I can understand. So I appreciate that. Your plant based beverage business is interesting. I thought it was great that you provided some of that consumption data, syndicated consumption data that showed both aseptic and refrigerated. Growing ... | You're exactly right. Our added extraction capability opens us up to being a supplier on the refrigerated side where, you know, both of them are important to us. Obviously, we have significant aseptic manufacturing assets and that is the core business for us. But the extraction project and capability certainly affords ... | intermediate | [
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17bc82ace94ad5d6d0be095b25b1e343 | Ok, thanks on that. Fruit in terms of fruit. What led you to upgrade, be willing to kind of upgrade your outlook for gross profit in 2021? Some of the specifics may be in your priorities, you know, form. | Yeah, our success in working with customers to pass through the increased costs of. Our clarity around the customer commitments that we have for Twenty twenty one would be probably the to the two biggest ones that that gave us confidence to suggest that Twenty twenty one is going to be better than previously forecasted... | direct | [
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34c4d6643162a31f94a77501ceb92cd5 | Ok, that's helpful. Last one just on the debt, Scott, comments on the debt refinancing. So my understanding, the Abdelhalim process and the second line is, is soon to come. And I think he expressed confidence around the second line. Is your expectation on the second line there would be an ability to get, you know, bett... | Yes, good morning, John. So the comments I was offering was really focused around here in the home stretch, you know, and getting the bill done, recognizing it that has the March 22 maturity date and the Stephen Mayne that two honors for knew about two years from now and in October of Twenty twenty two. So we're workin... | intermediate | [
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f04f58ce56ffb9596e95021d33253b7e | Alex, was a pretty strong dealer customer add number in Q1, kind of in line with what we thought on the DI and the website customers. So always tough to kind of parse out underlying organic versus DI and dedup. But maybe if you can just help us think about as we go forward here, obviously, we're all very well aware of ... | Well, look, we're really pleased that we had record sales in Q1. The year started strong. And by the way, continues the momentum. We're growing our dealer count well in Q4 of '19 and grew it again in Q1 before COVID. So we were on a growth trajectory before COVID. Certainly, the whole world changed in Q2 of last year, ... | intermediate | [
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7083ccf37738d73480b9a911c2000f55 | Maybe just looking at opportunities in the landscape, maybe, I'll call it, auto tech. You have fuel, you have dealer Inspire, one of your big competitors got into kind of the auction environment. Do you see opportunities out there as dealers get? I think they're zeroing in on finding inventory more creatively or more a... | Well, look, we still got a lot of runway to go with our existing organic solutions, right? We're still under 5,000 dealers on websites and a much bigger universe. We still haven't even really begun to focus on the independent dealer segment with website solutions and fuel, as I mentioned before, early, early innings. S... | intermediate | [
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0efc0f9057f7555f2d73711304cdb871 | Can we just start with the strength of PowerA? Obviously up 100%. Can you just talk about, is that really just driven from the new consoles, and then maybe, can you break down the growth between North America and EMEA, and how is the EMEA integration going? | PowerA growth is driven by multiple factors. There is the overall growth in gaming and that's been accelerated by the introduction of new consoles released last year from Microsoft and Sony. So, that's part of it. The second part of it is just supply availability, chip availability. PowerA has done a great job managing... | intermediate | [
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9bb2f70ee46ec7bfefe5163a0398b469 | I guess, just one more on that, just the growth in North America and EMEA, were they 100% or can you just maybe break that, I don't know if you can provide that -- | Yeah, look, I don't have that detail with me. PowerA's business is 80% in North America. So, North America's definitely driven the majority of the growth. Although, EMEA has done well, it's a relatively small number. | intermediate | [
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3745e6cba4e9c4cc115feede849b36bc | So, I kind of wanted to follow up a little bit here on PowerA. You gave some guidance of increasing the expectation from 15% growth to 25% growth, but I mean if we look at what you just projected, Neal, you said for the fourth quarter of $50 million to $60 million, if you hit the top end of that, then you really are al... | Thanks, Joe. So, there is nothing artificial in that number. The -- we certainly will strive to exceed it, obviously. We'll do as much as we can. The only thing you have to keep in mind is a couple of things. The compares will get much more difficult in the second half because there was significant growth last year due... | direct | [
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d401551cfbf91df7d9fd81fe3ac89fad | Yes. So, obviously, you talked about commercial office sales in North America continuing to be weak, but also 60% of US schools, they're now fully reopened [Phonetics]. And I think in the past, you've tied kind of reopening of schools to maybe some eventual return to the office. So, I'm just wondering if there are any ... | There certainly are glimmers of hope of recovery. We are definitely hearing a lot more companies scheduling dates for returns back to offices. We think a lot of companies will go back in the summer and early fall timeframe. And it will be enabled by schools being fully in-person as well. So, we think there is a recover... | direct | [
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76b180f591fc7904c0ba14b8339cd6ed | Neal, I was wondering, given the growth in PowerA, if you are where you need to be for working capital or if there is further investment in the current quarter expected? | Quick answer to that one, Hale, is: it's a seasonal business and so its strongest sales are in Q4, and therefore, as it seasonally grows in the year, we're going to see an increase in working capital. We were also doing our best to bring up our inventory levels of some of their products because of the chip issues that ... | direct | [
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6099fadaa8fe7c6c57d927650542f529 | And that actually is my second question is that you alluded to the chip issues that maybe some of your competitors were having, and I was wondering if there is any risk to your sourcing there? | It's why we've been modest about projecting too much growth in the second half for PowerA because of our end supply questions, and obviously, we expect to improve, our forecast will improve. | intermediate | [
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fbc545926c35536351c1d641bbd94c90 | My questions are, I guess, kind of two-part question on raw material inflation, as well as shipping inflation. So, I guess, do you have an estimate of the aggregate dollar impact of inflation across input costs as well as shipping? And then, how much of that's going to impact this year versus maybe some of it being del... | Yeah. So, I think two different things. One, we're seeing live the shipping impacts. We saw that in Q1. And from a purchasing point of view, I think that's going to be a much bigger story from the rising costs that we're seeing for raw materials. To the point you mentioned, we do have contracts with building time delay... | intermediate | [
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cafaab79f84bdaca6e1015b2faaf4107 | Yeah. I guess, just on that point, I guess, do you expect that the second quarter is going to see much of that or really will we see the impacts of those in the third quarter and beyond? | No, we're going to start to see cost impacts hit the P&L in the second quarter, and then, much more so in the third quarter and beyond. And just to follow up on that a little bit, Bill. As Neal mentioned, we have raised prices in April in the US to offset that increased inflation. And we're going to be doing some of th... | direct | [
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1fc8d12977b3b08aa009e4bbcdcfeb11 | Hi. Good morning, Neal and Boris. I got on a little bit late, so I apologize if you covered some of this, but I first want to touch on back-to-school and see if you could give -- so a little bit more color on how you were thinking about the split between 2Q and 3Q, and how you're thinking about that unfolding in the US... | Sure. So let me start. We're very optimistic about back-to-school, being 100% in-person, in the US. There was some uncertainty earlier in the year about how exactly it's going to break, but consensus is emerging and we're seeing that today we've 60% of the schools already being fully in-person. That come August, July, ... | direct | [
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7a900a255f4cc1a0dc00206c9f6cd385 | And if I could add a follow-up on PowerA, certainly, a very exciting new product to bear business. Could you just give us, you know, what's your latest thoughts on how you're thinking about the medium-term, perhaps two-year to three-year revenue opportunity from PowerA? And how you think about the long-term opportunity... | Well, this year, we said, we expect roughly 25% growth from PowerA. If you look at the forecasts from industry analysts, they project a 18% sales growth over the next few years for the gaming industry. So, I don't think it's unreasonable for us to expect that we will grow in the medium term, at least with the market. A... | direct | [
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c43b7d210d6ac2d42c2c2cac77ff4e05 | Good morning. Just following up on that. In terms of the new leg to invest in, where are you comfortable on your leverage? Or do you have to get down back to that 3.5 by -- by year-end to fund the investments, or how are you thinking about that? | To do something major, Karru, we would have to get down to that 3.5 times, at least, or lower. But we are comfortable doing small tuck-ins at the current level as long as they are strategically aligned and financially very prudent. And when I say small tuck-ins, I'm talking about $10 million or less. But, for a major i... | direct | [
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e84ff918f5094a52f5ae282234f517af | Okay. And you guys referenced funding some growth initiatives for the second half, I was wondering is there any more color in terms of the size [Technical Issues] of those investments, and what they're going behind, other than the PowerA supply issue concerns? | Yeah, most of them will be our new product development and demand generation to support our growth. And the product development will be in the work-from-home, video gaming, computer accessories, art supplies, wellness, all of the areas that we are seeing strong demand in. And demand generation will be in the near term ... | intermediate | [
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829fcb46482a498d2f8fa12ed8e11d46 | Hey, good morning. So just wanted to ask about back-to-school. Are you seeing any changes in the purchasing habits on the regional side as these schools are going back into the session? And what are your expectations on gross margin as you start to scale up and you go back to normalcy with back-to-school purchasing? | Hamed, it's difficult for us to say because right now, the increased demand from end-users will be in primarily service by the inventory that the customers already have. So, we haven't seen a significant replenishment cycle yet. That's still to come. So, it's difficult for me to give you any additional color on a regio... | intermediate | [
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57a72777807d3345398b0ab5baccbab0 | I'm wondering on the M&A front, if you're seeing any more opportunities out there as we come out of the pandemic? And then, if your success in PowerA has made your -- made you change the view for -- you might be interested on the M&A front more be it more tax versus the traditional business? | Yeah. Thanks for the question. There certainly is no shortage of M&A opportunities in the whole thing. As we've mentioned over the last few earnings calls, there's lots of things in play there, both because the pandemic has squeezed some players, strategically, but also because the [Technical Issues] valuations there a... | direct | [
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0a9d98dc55016a30a661c4e8037e93d3 | [Technical Issues] Thanks for taking a follow-up. Most of my questions have been answered. But, Boris, maybe you can give us a little bit more insight in some of the new product introductions that you're thinking about here or looking at? I know, previously you talked about humidifiers as a potential area of interest. ... | Sure. In the wellness area, we're definitely looking to expand of the line. You mentioned that previously we talked about entering the humidifier space, that's definitely something we're looking at. We're also looking at more of a commercial delayed air purifiers. Today, our products are largely focused on the consumer... | direct | [
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60286ba2ab2a1125f19e273c7d13d2ff | Just maybe can you frame for us some expectations in terms of upcoming catalysts as it relates to Pompe in the competitive landscape? So Sanofi has a May 18 PDUFA coming up for Neo. And can you just walk us through how we should think about the competitive landscape depending on the type of label that they get? Is it y... | Sure. I really can't comment much on the Neo product or its regulatory pathways. I will say, of course, it was studied in a controlled fashion only in treatment-naive patients. And I think that's a very significant distinction between what we studied in a majority ERT switch population. So, for us, we remain focused on... | fully_evasive | [
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87aabd956bc554447b326259b15a08b3 | So AT-GAA, what additional secondary analyses might be forthcoming at medical meetings this year that could probably help [Technical Issues] the drug's profile and differences from Neo-GAA? And then if I can just slip in one more question, what gives you more confidence like the -- what you're going to negotiate for CL... | Sure. So two different questions there. We'll take the first one on Pompe, what additional secondary data do we expect? We continue to run multiple secondary analyses looking at a range of the secondary endpoints that were pre-specified in the study. And as we do that, we have continued and increased confidence in AT-G... | intermediate | [
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f7e659086f40ed16355485aff9048dda | What are the core countries of geographic expansion for Galafold in 2021? And what are the considerations for deeper penetration versus geographic expansion? | Sure. Yeah, we're not giving specific countries just from a competitive perspective, but I can tell you, the areas of most geographic growth continue to be Latin America, Asia-Pacific and then Middle East, North Africa countries. And as I said, we're expecting over five to come online from a reimbursement perspective t... | intermediate | [
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e9cc65a8ea05644fc99678a04702c8b1 | Just wondering when we may expect Pompe and Fabry gene therapies to enter the clinic? We're looking for some updates here. And then, we're seeing the competitive landscape grow and the dynamics emerge, specifically for Fabry gene therapy. Maybe could you remind us of some areas of differentiation from competitors here? | Yes, that's actually maybe a great place to start with our Fabry gene therapy. Again, this was jointly developed by the Amicus science teams and Jim Wilson and his team, again, combining the protein engineering experience at Amicus with the vector technology and experience at the Wilson Lab at UPenn. And maybe Hung, if... | intermediate | [
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ca126b6856a659ef4eeef2ab7abae3d8 | Just one question on the guidance. So if I look at the year-over-year growth in 2021 and even at looking at the upper end of $315 million, you're guiding for a 21% annual increase. However, from this point to 2023 guidance of $500 million plus, it calculates to about 26% CAGR. So just wondering if you could help us und... | Yes, Mohit, thank you. Good to talk with you. I'll ask Brad to fill [Phonetic] that. I'll just say upfront again to remind everybody, continued growth, great demand continues. We do see the building queue of patients. And we see much of that growth then being alleviated post-COVID. We expect beginning in the mid-year, ... | intermediate | [
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cd31413279d53edbfe67eb0b32728691 | I just wanted to ask you a question on your gene therapy program for Pompe. I was just wondering if your strategies for your Pompe gene therapy program has changed based on the heterogeneity of the patient population and your PROPEL results? Could you talk about how you plan to achieve what you envision for this progra... | Sure, thanks Joori. I'll just say that it hasn't changed in view of PROPEL. Obviously, PROPEL and all the clinical work and published studies continue to inform the development program for Pompe gene therapy. Again, to remind everybody, Pompe gene therapy has been in development in the field broadly for well more than ... | direct | [
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521bffd78d7b3d1e271cd98c128b618c | As you continue to advance your gene therapy pipeline forward, could you remind us which indications you think there are already established natural history data in place? So for example, you were able to demonstrate the improvements for CLN6 and CLN3 Batten disease in light of your understanding of the natural course ... | Yes, I'll turn it to Jeff. Thank you, Kristen. That's a great question. It's going to be very important in all of these neuro programs to have robust natural histories. Jeff, do you want to comment on kind of where we are with both CLN6 and CLN3, and then more broadly, how we think about natural histories as comparator... | direct | [
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976810f8055ed91b47e2f8c2453a0a98 | Any interactions from agency on PROPEL study? And considering the stats plan accounted for evaluation of FVC as second endpoint, was the significance level specified any different than the usual 0.05? | Yeah, just on the first part again, our plan remains to complete the BLA submission by the end of the second quarter, and we don't comment on ongoing regulatory discussions. And I just want to be clear on your second, maybe, Jeff, just remind people of FVC, its importance and what we saw there, both in the overall popu... | intermediate | [
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70a451bee26b7e8e8047cc619347ddf6 | I'd like to go back and maybe just get a little bit more color on some topics that came up on the PSX call earlier. Topic of refinery closures came up. And I think if I heard you guys correctly, it sounds like the remaining PSX refineries beyond Rodeo are fairly well insulated here going forward, barring another downtu... | Yes, Spiro, it's Kevin. I think the way to think about this, you look at the PSXP portfolio. And generally, it's focused on -- to the extent the PSXP assets are tied to Phillips 66 refineries, that tends to be down in the middle of the country, so sort of Mid-Continent and to Gulf Coast for the most part, which is gene... | direct | [
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063fde365ba226710e84006fda157ad0 | Next one, just on some of the things that came up. Greg had made some comments around Midstream assuming to elaborate on a few of them. So first, he mentioned the Midstream industry probably sees consolidation over the next few years. M&A hasn't really been part of your strategy historically. So just wondering how you ... | Yes. Let me answer the second one first, and then we'll come back and talk about the first one. So the comment around the MLP life cycle is really just reflecting. If you go back to where we were, say, five years ago and then look at what's happened in the space -- in the Midstream sector over this subsequent five year... | direct | [
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27232a2ec02ad8d2f47beb102eab4346 | Hi, Kevin, I would like to unpack your last comment about PSX potentially participating in broader asset consolidation across Midstream. Are there particular assets or geographical locations which assume a certain part of the value chain that you think would fit well and appeal to PSXP more than others? | Well, so you look at the portfolio that we have in PSXP today, and you've got crude value chain and NGL value chain assets. And some of which are integrated with PSX assets, some of which are not in sort of stand-alone. And so I think you look at where can you leverage the existing portfolio into something bigger and c... | intermediate | [
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5d5827818af0d40b60fca0ff81b823ca | Got it. And shifting to DAPL, can you give us an update on the evolution of the process, where you think it goes over the near-term and key milestones from your perspective to keep an eye on? And also related to that, can you tell us about the movement on Bayou Bridge that is directly related to DAPL? [Indecipherable] ... | This is Tim, Theresa. So I'll cover that a little bit. Let me talk about DAPL real quick. Really, nothing's changed. We still had two items that need to be addressed by district court and an appellate court in D.C. We fully expect that those will be addressed based on the briefing schedules we've seen sometime toward t... | intermediate | [
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2a6a451e8e3095154b3a36fad96bccd0 | Hi, good afternoon. I was just hoping you might be able to provide a little bit more color on the joint ventures, how those businesses performed if Gray Oak and, I guess, Sand Hills, Southern Hills, just wondering if those things kind of met expectations, anything kind of stood out there in particular? Just any color o... | Sure. Jeremy, this is Rosy. Yes, during the quarter, all of our JVs actually performed well. I mean I think as Kevin covered during the prepared remarks, Gray Oak actually was one of the leading ones that contributed to the quarter. Sand Hills did well, but it performed well last quarter. So I would say that as a stand... | direct | [
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de8df6cca443e40475f13ce1ffe9f4af | Got it. That's helpful. And just want to see valuations in the space have kind of declined a lot this year, as we all know. And just wondering, with the yield standing where it is, is there ever a situation where that capital could be kind of better deployed, be it lowering leverage or unit repurchases or what have you... | Yes. Jeremy, it's a good question. And -- step back and priority is to maintain -- have a strong balance sheet, maintain that investment-grade credit rating. And we also have expectations that we can continue to invest in growth in the MLP. We're fortunate that we have a very strong MLP, a great portfolio, really stron... | direct | [
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3568e279a6114acacc1ded07ada28781 | First off, on Opengear, could you just provide us a little bit more color with the historic growth rate? And just looking at some of the existing customer base and sales channels do you expect a lot of cross-selling opportunities? I mean, how are your initial thoughts kind of approaching that as we go into 2020? And th... | Yes, great question. They've experienced double-digit growth in the past and we do expect that to continue. You can tell from our guidance, we are being, maybe, a modest at the midpoint here to make sure we are incorporating any acclimation to Digi. We do anticipate the opportunity to do some account mapping. Opengear,... | direct | [
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90721e857b35dcb938a2f8cf9fd91eb7 | Okay. And maybe on the cellular product side of the equation, I'm not sure if you gave a breakup, but you could provide a little bit of color in terms of fourth quarter how that looked? It sounds like it's a little bit softer and I would imagine we would see some acceleration going into 2020. So, your thoughts in gener... | Yeah. The fourth quarter we actually had a good contribution from cellular through the year. And embedded and RF were a bit of the success story. They performed a little better than expected, but we do anticipate in fiscal 2020 that between cellular and our network product offerings that those will have significant con... | intermediate | [
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70fc05b5029ca69fcdcf0cfaa55cf793 | Got you. And lastly, if I could, just looking at the guidance for fiscal 2020 backing out contribution from Opengear and guidance that you've given for the first quarter you've got organic growth of about I think 6% to 10% for the year, but given the flattish guidance in the December quarter, it certainly implies an ac... | Yeah. Thanks, Scott. Yeah. Our first fiscal quarter is -- it's not unusual for us to have a slower quarter. Channel tends to want to optimize their inventory and so they're being careful with restocking orders. There's not of course as many selling and installation days. So that first fiscal quarter does tend to be a s... | direct | [
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a42390e5971869f76ec2a8f2c90a5338 | Good afternoon, Ron and Jamie. And my congrats as well on the acquisition. Ron or Jamie, maybe you can provide a little bit more info on Opengear such as their average gross margins, average sales side? How many 10% customers they may have? And then Ron, your comments kind of alluding to potential other smart city type... | Great. Thanks, Tony. Yeah, the Opengear business it has a lot of similarities to Digi's infrastructure management or network business. So they have margins that are higher than Digi's combined margins in that products and services similar to the margins that we have experienced in the network and infrastructure managem... | intermediate | [
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14a42fe31b026703c27eefd2d76b70d1 | Great. Thanks, Ron. Just maybe a follow-up on Tony's question. Just as we put Opengear into the model, can you help us Jamie just think about operating expenses coming in from that customer -- from that acquisition? | Yeah. Mike, I think with the offering that they have as Ron alluded to with the expanded margin rates in that sector, you do see more that kind of flows down at the EBITDA line. That suggests that the operating expense profile does kind of line up with what Digi sees. The go-to-market strategies with channel, there's r... | direct | [
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4eb3907ecffa7dda1b8af7f658020648 | Great. That's helpful. And can you just help us think too about as you guys first time, since I've covered you that you're starting to lever up the company a little bit. You've talked about maybe looking at solutions. So what is kind of the acquisition appetite? Where are you guys comfortable leveraging up the company?... | Why don't I take the first question and Jamie can take the interest expense question. As you can see from Opengear and you see the progression historically, we started off with small acquisitions to form SmartSense. We increased our appetite and confidence in taking on bigger acquisitions. Opengear represents the large... | direct | [
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cb1e8609248e577c42e390c2f53e5923 | Great. That's helpful. And one more question and I'll pass on kind of a two-part question. Ron with the city opportunity it's great to hear, how long are these projects? Is that $20 million was that all included in fiscal 2020 guidance? Or is it spread out longer than that? And maybe any color on pipeline of how many m... | Those are great questions. We did start deployments of this project last quarter. And so it did contribute somewhat to the upside we saw in the quarter. Of the $20 million about $1 million of it is an annual recurring revenue that we are expecting to achieve over the next five years. So that $20 million sort of becomes... | intermediate | [
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6b4548797647ba75ba5891fdc5e4143f | Great. And one last question popped in my head. Just on the solutions business with the talk about going to more bundled deals, should we assume implied in your guidance a step down in the run rate of that business maybe closer to halfway between the run rate of the business and what you put up last quarter on recurrin... | Yes. So we do expect the top line to grow. We expect the annualized recurring to grow faster than the top line, because we anticipate 3,000 to 4,000 subscribers happening on a quarterly basis. We were a little bit short of that last quarter, but we think we will more than make up for it this current quarter. But if you... | intermediate | [
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fb021091bd28f218cbb1cbcb11184e21 | Hey guys, thanks for taking my questions. Just curious, if you could share what would the breakdown in Opengear's revenue between products and services and solutions was or is? | Yes. So the -- as I mentioned in my remarks Jaeson, that this business will report into the Products & Services business units. So all of its revenue will attribute to that business segment. It is truly in the spirit of hardware-enabled software-defined although the customers in that business are mainly paying an upfro... | intermediate | [
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d394ebef7ed2e763f0cfa9408c18b760 | Okay that's helpful. And then just lastly if you could comment on what you're seeing as far as inventory in the channel at the distributors? And where you think that is? | The channel inventory is pretty similar to what we have reported in previous quarters around $20 million or so maybe a little bit higher than that but it's around that $20 million mark.
Yes Jaeson, it's actually stayed fairly consistent quarter-over-quarter.,s o not a lot of movement there. There wasn't really a lot t... | direct | [
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125c3c06fadbbe714cf50637052deaf0 | Hi, good afternoon. Thank you for taking my questions. I wanted to go back to the IoT Solutions business. In the past, you've said that the IoT Solutions business should grow roughly 20% annually on a total revenue basis. And I know what the model shift is. I was wondering if you could update that metric so we can kind... | Yes, it's a good and a fair question. We've achieved our goal of growing this business over 20% on the topline in the last couple of years with the focus more on recurring revenue, which is really where we want this business to land. Our expectations for top line growth are probably closer to 15% to 20%. But that subsc... | direct | [
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5c0068bf81d2ad2aa497de264efbb7ae | Got it. And then back to the site additions, I think it was one of your lowest quarters for site or asset additions, since you've had the business. And just curious why is it? Is it just ebbs and flows normal project-based work? And what gives you the confidence to get back up to a normal more 2,000, 3,000 plus units p... | Yes that's another real good question David. I think that on the positive side, we haven't seen any market trends either customers' interest competition that have challenged our projections or confidence in the business. I do think as we enabled SmartSense 4.0 and we are starting to move customers to that as the destin... | direct | [
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5c9220217fb6126c8866deb725540245 | Got it. And the last one for me housekeeping question. What was the capex in the quarter? | For the year right now -- yes for the quarter David, we were under $100 million in capex for Q4. | direct | [
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60d48008aee3a944ecade9e6f6a3eae8 | So I have three questions. So first, on the mobile side, just want to ask what's the apple-to-apple ARPU lift for the 5G adopters? Meaning, for example, before they migrate to 5G, when they were on 4G, the amount they paid and then how is the increase on the dollar amount they paid after they migrate to 5G?
And then m... | Thank you for your question. To answer your question number one, the mobile ARPU, about the mobile ARPU trend, our postpaid mobile subscribers net adds continued to maintain positive in the first quarter. And we see up-sell among 4G users, while 5G are continuing to strengthen our adoption of higher price plans. We rem... | intermediate | [
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8bb6d5859cfa28059590dd07403a3d29 | I had a question related to 5G data usage and the network piece. Could you tell us what's the average data usage relative to 4G? And is that driving any changes in your network rollout? I presume you're still focused on coverage. But can you tell us how you're thinking about adding capacity later on in the rollout? | The average 5G user data usage is actually larger than that of the average mobile data usage -- data user, for sure. For example, like for the first quarter this year, the average 5G data user, like 33 gigabytes versus the average mobile data user like 24 gigabytes. I think that's the difference. | intermediate | [
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629eea838a5aa199e17773e9915d8a5b | I have a question relating to the ICT business and whether you can give us any insight on what sort of return level you're targeting on your investment in the ICT business? I ask this because we don't have any visibility on profits at the moment. It's quite hard also to distinguish the level in investment. So it would ... | I think we've been working on the ICT project for many years. And, of course, as you've seen that, we've been trying to increase the profit margin every year. In between, we also like to bundle our own product into -- factor into this project in order to increase the margin as well. So you can see that year-over-year, ... | intermediate | [
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d443e7b5c920c1cb1d051d03591d0501 | So I have another two questions. So first on the first quarter results, so like first congratulations on solid result. It all exceeded our expectations. So, can management share what's the biggest beat in terms of results versus our expectation? Like which area are we seeing actually higher growth than our previous exp... | Okay. So for the first quarter results, right, so as you can see on Page 8, for -- Page 8, so -- yes, so what type of beating our expectation is the revenues from our emerging business, such like IDC, cloud and cyber securities. So, as you can see, the growth is pretty much over 10% to 30%. So that's really positive ne... | intermediate | [
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39f8b09c3648e1579ec45909d7a184cb | My question is really about the capex for 2021. In particular, the Internet capex of TWD8.8 billion, which was about 5 times as much as the previous two years. Can you just remind us what's the reason behind the increase in that part of the capex in 2021? And would you expect revenues to come from that in 2021? Or woul... | Okay. So for the capex, right, so the question is why in 2021 the capex has gone up, right, relative to prior periods. So the reason is that, for the 5G network, we will -- we want to enhance and accelerate our deployment of 5G network. So that's one of the reasons. And also, we see a lot of demand from customers with ... | direct | [
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13c0d655e5bf1ee271e8990142299384 | I have two questions -- three questions. My first question is about, I mean, just our EBITDA margin has grown. But also is the increase of the mobile devices sales also increased. So could you give us about the -- more color about the reason why the EBITDA margin can grow, given the mobile device revenue growth? This i... | Okay. So for the first question, right, so why EBITDA margin is high, because of the -- we just mentioned, right, because for the first quarter, there's an increase in our ICT revenue. And also, we -- there's a lot of contribution from our application via value-added services. And also broadband revenue also increases.... | intermediate | [
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59ed3cbf95b4d34fab3c0703283f029f | So if we get the subsidy from the government, we'll let -- subsidy will -- how does the subsidy will affect to the income statement? Will this affect the cost or will affect the EBITDA margin? | Okay. So for the government subsidy, right, so how should we account for it? So basically, once the budget is approved, then we will record it as a deferred revenue, then we will amortize it over the useful life of the 5G base station.
Yes, it will be included as revenue. Yeah.
Yeah, we'll include it once NCC approve... | intermediate | [
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234917318d4c09da9c2f6922cd4dcb9a | And my second follow-on question is part of -- we just kind of inform the commercial private network wins now, and we cannot disclose our customers' information. But we -- just interest because we got the news from the media. They had informed about the commercial private network revenue maybe were up to the more than ... | We have no idea about the number you just mentioned, yeah. So, we are not able to comment at this point. | fully_evasive | [
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68f71e2e4c5e209a171893fa070b0b5b | I'm also interested with the ICT revenue, the revenue segment. We have just -- some question is about the ICT revenue. But I just want to clarify, is the ICT revenue is almost the same with enterprise revenue or that's something different? | Yeah. So for ICT revenue, right, so they are mostly enterprise revenue, yeah.
I think we mentioned that in the last year, the ICT-related revenue already -- I think in the past several years, it's already more than 10%, right -- roughly like 10%. Last year it's larger, because last year we had a lot of large governmen... | direct | [
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0894b337da1c9aaabcc46d8543b0ca35 | And we just mentioned we will sum -- the budget will about the data center deployment. So because I just missed the information. Can you give us the information how many our capex will relate to the IDC data center deployment in the 2021 story? | So for Internet, our total capital expenditure is TWD8.8 billion. And in that section, mostly for IDC, yeah. | intermediate | [
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c82700c5fd96ab8b32cbf8f5b59fdf8b | First, I guess, on software, I noticed that you maintain the guidance. We're sort of into May now, you gave an updated -- I think March 23rd and also in January. Do you get the sense that things are picking up? You feel more confident about the range of the guidance or the higher end, as it relates to either people get... | So, yeah, you're -- of course, we did maintain our guidance for the full year. If you look at the quarter, we came in slightly above what we had guided to back in March at 11% versus high single-digit. And as we look out over the rest of the year, we also reaffirmed the color around the pacing and it's important to kee... | intermediate | [
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6d94857963cf61cc426c31d5ae9ab54e | And then question two, maybe for Karen or the team. You have a candidate now from MALT1, that's fantastic. Do you feel you'd like to get these things in IND before you consider partnering? Is that kind of, OK, a line in the sand but kind of a good place to think about where is most optimal IND and greater, maybe just t... | Yes. Good morning, Mike. So, on our MALT1 program and others, as we've discussed in the past, we do plan to move these programs forward ourselves. And at this moment, we are looking toward IND opening studies next year, as we discussed in the in the call. However, we do stay very cognizant of the landscape. Each of the... | direct | [
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9c9967e17cb86513d97d56701211a3d0 | I want to follow-up on the last one on just real quick on the software pasting through the year. I want to make sure I think about this correctly, because I know this was a big point of debate last quarter and that was sort of as we started the year. Typically there is a little bit of seasonality or 1Q tends to be a li... | Sure, Mike. Good morning. So you're right, we have seen that kind of seasonality in the past. And I think the thing is that we have guided to back half being higher growth than the first half and fourth quarter being the majority of that growth. So I think as you think about the pacing of the year, I think, it's import... | direct | [
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e151da1344f25bdae4a0a8d8ef1355b1 | Sounds like you're -- you seem to emphasize that beyond the three-week compounds in the internal pipeline, you've got more and more potential candidates ramping up that you sort of finding some early hits for. I'm just wondering, how should we think about the breath of that early pipeline? How many assets can you -- do... | Yeah. Thanks, Mike. So as we've described in the past, our capacity to run discovery program, we do run around 20, 25 of these programs. Those are both in collaborative -- collaboration and a holding in pipeline. This year we've been really ramping up the team that's looking at the early earlier stage program, where we... | direct | [
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13b4b5b94a30a24e4b6d518ab878a83f | You had some comments in the prepared remarks on sort of going back to the office post-COVID, returning to normal operations. Should we be assuming any significant impact to the operating expense line, as we go into for cue from those activities or is it going to be a more gradual transition? | Thanks, Mike. Sure. So we are planning to be back in the office in the fourth quarter. And we, of course, had these plans in place, not knowing the exact timing at the beginning of the year, but as we planned out the whole year expenditures. So I think it is more of a gradual thing as we get back to the office. I mean,... | direct | [
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0d51f6148987b611187123e25262d351 | Just wanted to ask about the expanded AstraZeneca collaboration. Could you provide a little more detail on that? How much of a step up in usage would AstraZeneca be involved in the platform? And what does the extension mean in terms of economics for Schrodinger? | Yeah. So, first of all, what it means -- thanks, Do, for the question. This was a really highly successful pilot program, if you will. And it was really great to see how successful it was and the rollout to the entire company. We're, of course, not revealing the details of the agreement. But I think it speaks very well... | fully_evasive | [
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0be18eaf3301c2f9dfafaf83ba252f6d | You've talked previously about how Schrodinger has the ability to use their own software platform in an unlimited fashion. Could you quantify for us, how much it would cost an external company to construct the internal program that you have currently, just like terms of dollar figures, number of licenses that Schroding... | Absolutely. That's a good question. So what we -- as Karen said, we're running around 20, 25 programs. And at the moment, and this is going to increase by the way with timeouts playing out in a second. But at the moment, that turns out the usage of the software to support that number of programs is around $30 million t... | direct | [
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3258af03f6204eee3b63961814fd69dd | You previously said that you expect some -- number of your collaboration that are in lead optimization to move into GLP-tox studies? Is that still your expectation over the next few quarters and the milestones that you expect to achieve, will they be cash payments or just recognition of prior payment? | So I'll say that, first of all, we don't have full visibility into everything going on in all of our collaboration. However, we have seen and I think you've also seen the progress that's being made in the programs that are described publicly, you've seen progress, for example, with Morphic, and we know that these progr... | intermediate | [
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0d1ce5f39f5511d96328931500d949dd | Could you run us through the purchasing dynamics for a pharmaceutical company? How do they -- what's the typical cycle for making decisions, obviously, they tend to make decisions on an annualized basis. But do they ever make incremental decisions throughout the year or is it really on a one-time basis on an annual eac... | Yeah. It's typically the most of our contracts are one year contracts. So the decisions are made on an annual basis. There's certainly examples of cases where companies have essentially recognized in the middle of the year that they're running out of licenses and have -- we've done contracts and they'll be your -- that... | direct | [
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8eea4e6eca08220e9a9c0e5a33a8c98e | On the occasion, when a customer does add on incrementally during the year, with that add on be a yearlong contract or would it be to, I guess, to fit into the current contract and then conclude that that in the fourth quarter? So if that's when the contracts currently in and ... so that they basically incorporated int... | It really varies. It's a really good question. It varies. We -- sometimes the contract is started and so that it's coincident with the earlier contract. But actually, just as often, it's a contract now where there are two duals in the year and then later on they are merged. They are -- it is really all -- every differe... | direct | [
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5630d0daade0eafb4017077c6d627dab | Yes. Thanks for taking my question. So, just if you can get some more commentary on the demand environment, this week alone, we've seen several of your suppliers and (inaudible) companies guiding weaker than seasonal, citing demand issues in parts of auto and industrial and some inventory order correction. I know in ty... | Matt, good to hear your voice, and it was shocking that was the first question that you asked me. Book-to-bills are a bit lower than they've been, but they're still healthy. We believe that we're kind of in a normal range now, and we've also seen lead times become more stable. We haven't seen a big contraction in lead ... | intermediate | [
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664a401fcddf8e7faed988a9f9766ef2 | Okay. Thank you. And then -- as for the growth that you're seeing in Asia and time you talked about weighing the margins versus returns and that makes sense, but does that mean you're doing more supply chain engagements? I know a few years ago, you were doing some big projects like Apple-related for instance and you pu... | Well, some of a higher volume engagements, but we're making sure that we've got the right terms and conditions with respect to the working capital. So, if we take something that will be a lower-margin deal, it's got to have a high return on working capital. And we have a pretty good -- a pretty tough threshold and disc... | intermediate | [
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113adda694883df15e83fa5ae34e8e23 | Okay. Are these share gains against like local suppliers in Asia or is it against other competitors? Or is it direct business that's going through the channel now? | It's a little bit of everything that you just mentioned there. | intermediate | [
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7eb79fb2528010f59b58c505389e42d0 | Hi, everyone. This is Madison on for Adam. Last quarter, you mentioned a goal to get to 4% operating margin sometime in the back half of fiscal year '19. You've obviously made good progress toward this goal, but what are kind of the puts or takes or two or three critical factors in getting some additional leverage to p... | A couple of things I'll mention is one, that we're trying to really focus the company on making sure that we get the right returns back to our shareholders. And one of the ways to do that is to putting (inaudible) focus on EPS, so that's kind of what I'll say is the top priority thing that we worry about. The next thin... | direct | [
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2cb73ed1e567597d3c4c28cbf1ec516a | Okay. Thanks. That's very helpful. And then, given the continued growth we are seeing, I was hoping you could provide some context for how you're thinking about operating cash flow for the full year, whether it'd be a dollar figure or a certain net income conversion you are looking to achieve. Thanks. | Sure. I think, Q1 is a pretty good proxy. If you take our net income and you add back depreciation, amortization and stock comp, you'll get between $140 million and $150 million, and that's pretty good number going forward, obviously, adjusted to what your model says working capital, our target is to bring it down a da... | direct | [
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a8803073725d43c59e27f8c7fa4fd2b8 | Great. Thanks for taking the question, and congrats on the results. I was wondering first if you could kind of remind us on, maybe your controls to monitor double ordering, cancellations and maybe how that's evolved since the last kind of market downturn or slowdown. And then maybe what are you seeing from cancellation... | Well, the controls that we've got in place -- you just described. We looked at cancellation rates, expedite rates, and when you look at that across every geography and every business unit, we haven't seen a market change. So, they've been relatively stable on the same quarter-to-quarter. So, that gives us pretty good c... | intermediate | [
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5665ccf74f4d8669d6db3c00c39649bd | Okay. And then, maybe for a follow-up, you guys in the last quarter talked about the existing first kind of round of tariffs being 1% of your line card. I was kind of curious with the incremental $250 billion in tariffs now in place, what percentage of your line card is affected by that? And how have you seen that kind... | No. In fact, last time, when I gave you that number, it was more that we were considering all the tariffs in place. So we -- it's not a bad number they're using. More importantly is the actions that we put in place to make sure we're mitigating it profitably. And so the things that we've done as we work with some of ou... | intermediate | [
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b8718b0e95756aa64bd865632767e1ed | Thank you very much. You mentioned you're seeing good opportunities in Asia. Can you walk us through a little bit about as we look forward maybe several years how big of a business that could be, maybe as a percent of your total? And I assume you're able to put in like lower cost support for it and maybe focus on highe... | So, I would put it this way. First of all, think about it this way, Jim. We want to make sure the returns are right. That's the most important. Make sure we get the returns right. So, it doesn't matter what geography, we're in, whatever business we take, we want to make sure it's healthy business. And that's what we've... | intermediate | [
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967c7da21c5ac6d5c420de2bfa325e1c | Hi, good afternoon, everybody, and congrats on the results. Tom, how much buyback activity has been done here through almost the end of October? And would you considering adding leverage here to buy back the stock now that it's below book value or essentially at book value again? | Yeah, as you can appreciate, we normally don't give a guidance to our buyback in the upcoming quarter. We're really sticking to the capital allocation plan we laid out, which is over time 50% of our cash flow going forward to that, but I think you have a fair point in that if you liked our stock at $47, we love it at $... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
3394b1e31515dc97a065c3b04a60e31e | Okay. Here is a follow-up, is there a way to size now that the higher-volume business may be a run rate that you picked up in Asia over the past quarter or two or couple of quarters? | It's been about $300 million a quarter or so. And it's with many different deals and each one is evaluated individually. We want to make sure that we do have the appropriate margin and capital mix for anything that we do accept, Shawn.
Hi, Shawn, here we do in Asia -- this is Phil -- we model each by -- we do, by cust... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
028512655069aa1ee8e3d88cdbfb4594 | Okay. And then, lastly, just a quick kind of question on the tax rate. It fell in the first quarter, you guided down a little bit from your run rate from the second quarter. Would you expect any further declines in the tax rate as fiscal '19 progresses or is it -- where it's going to be for the rest of the year? | Yeah. The 20.5%, that's our estimate for the total year.
Right, Shawn. I would say this, that doesn't mean we're going to stop working on that. Let's assure to that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9c44c6e2c78439f5b9897b639553021b | First question -- good morning. In terms of acquisition, so it sounded like some of the deal flow in the third quarter and then October was attributable to deals that you're pursuing, sort of pre-COVID. Were there any changes in the prices paid today compared to the pre-COVID pricing that you're negotiating. And then c... | Yeah, I'll answer both of those in one statement, which is, our view with both what's been closed and what we're underwriting is there -- there really hasn't been too much of a change in the range of the cap rates that, we're offering tenant expectations, etc., if anything, the sector has performed quite well, right, r... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4e3c0e3c5abfd85c6a2479f9987c5f06 | Okay, and can you describe what the acquisition pipeline looks like today, and maybe can you discuss whether you expect to have any additional closings by year-end, and sort of how big the pipeline is really heading into 2021? | Yeah, we really don't typically provide that level of forward expectation. What I could say is the team is continuing to underwrite, we have a series of opportunities, both one-off and multi-property in the pipeline. And as I said in my remarks, I think we feel very confident that we're going to continue to execute on ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bc2c4070e1afaa6a86c4d1aa1fa0fd8c | Okay, and just lastly, in terms of the balance sheet, can you just provide an update on sort of the timing and any pricing expectations that you have today on the February -- the Series A notes. | Yeah, I mean we're, as Danion mentioned in his remarks, we are in the middle of working through a refinancing of the upcoming February 21 debt maturities, and again, we certainly expect that to be a pretty positive event for the Company, but again, I'm not prepared to offer sort of any level of pricing or coupon today. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
69554a71e923232295c4ee6b5b091174 | So, maybe touching on acquisitions again, I mean, as we think about that other automotive bucket, which is kind of in a lot of carwashes in recent quarters versus kind of more the traditional C-store investment, how big is the cap rate spread between those, if at all? I mean I'm just thinking, are cap rates on C-stores... | Yeah, it's one of the reasons we like the other automotive extension is pricing is fairly consistent between C&G and some of the other automotive buckets. So while I think there are small variations, it's not a significant gap. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
066462efb520ad58ea5cefe8fcb45213 | Okay, and then with the deal that was closed subsequent to quarter end, I'm sorry, I missed the tenant, and maybe kind of how did that deal come to the team? | So the tenant is Fikes Wholesale, they operate their C-stores under the brand CEFCO, CEFCO, and there are probably 200 locations across the Southern United States. We have an existing relationship with the management team there. They've certainly been an operator who has been growing organically, right, and who has fro... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f9cd5ee39aaef701761e8744352a1a08 | Okay, understood, and then maybe shifting gears a little bit, with the kind of August announcement about the settlement around MTBE with State of New Jersey, how could potential future settlements potentially impact the kind of environmental obligation that's on the balance sheet, and just thinking due to the dynamic b... | Well, so the remediation obligations, which are the -- which is the $49 million on our balance sheet, that is separate from our environmental litigation matters. So the -- I'll answer your question about litigation, right. Getty wants to get out of the environmental litigation business. These litigation matters that ar... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
58c50d108745628836e67f54618bfb1c | Okay, and then, so I guess broadly speaking how much of tenant is reserved for any other outstanding kind of legacy litigation, and maybe where is that flowing through? | Well, it's accrued as a liability on our balance sheet, right, and as we take additional accruals it flows through the P&L, and I think at quarter end, Danion may have the exact number, but I think it's 17.8%, what was on our balance sheet?
Danion Fielding -- Vice President, Chief Financial Officer and Treasurer
Yeah,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e28e75e3f40ff622efe3b20eec9a9a19 | Hey, good morning, guys. Can you talk a little bit about what's happening with the rent coverage at the store level and economics there? Obviously your collections have been very good, but do you see at all profits being squeezed by tenants? I know you mentioned, Chris, that the gas stations are coming back, but still ... | Yeah, so, our coverage, we published our investor presentation this morning. Our coverage on a trailing 12 months was 2.7 [Phonetic]. That is a very strong number for Getty. It's actually an increase from what was published last quarter. The primary driver behind that was the rolling off of a relatively challenged quar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
630780730f6645170e4f1c93d22c8ee2 | Got you. What about the deal flow? This has been very good for you 3Q and post 4Q, is there anything behind that deal flow, is it something that we're working on for a while, and just the timing happened so, or do you actually see more activity on the side, and also who are the competitors? Have they changed between th... | So, there are two questions in there. The first question was what's been driving the kind of recurring deal flow? I think two things there, if you'd go all the way back to the end of last year, right, we had a really busy fourth quarter of '19, a really busy first quarter of 2020, kind of pre-COVID, and we've had a num... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f9624a8c7644eb4e59dac89480dfd06 | But what about the sales today, are those any different today than pre-COVID, and have you also not front, are we seeing any distress in the market? | I wouldn't use the word, distress. I think what I would say is having access to capital is certainly at the forefront of many of our tenant's minds. If you're a public or a larger operator, you certainly have more access to capital than if you're a small regional operator. Some of our opportunities that we've closed th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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