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8df35efaee75453b99a6d2570f8c449d | I have a question, I guess, regarding the orders that you saw this quarter. Most builders have said that they're still seeing good demand and that they're holding back sales, so just wanted to confirm that's what you guys are seeing. And how do you see the orders playing out over the next couple of quarters if you guys... | Yes, Alex, when we talked about it in the script, absolutely see good demand out there. That's absolutely the case in the quarter. We did proactively control and manage our sales pace to try to manage our -- try to match our production volume and our production capacity. As we talked about in the script, very clearly, ... | direct | [
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11116b925cbc2c0881bf70f885a9d288 | And in terms of the supply chain issues, everybody has been discussing, what is it that you guys are doing, I guess, that -- to address those issues? Are you like other builders trying to start more specs and sell them later in the process? Are you guys keeping things away you've always done them? What are you guys doi... | Well, the question is -- it's a great question. It's complicated. We spend a ton of time on it. As you would know, Alex, it's different in different cities. And it's different in a given city today than it was 90 days ago. It's a little bit of a game of whack-a-mole dealing with these challenges, but a couple of key th... | direct | [
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21a4b7770c625073f788e1ae63443fa3 | I got to imagine the customer would not be upset if you gave them my realistic expectation, said, hey, your house is going to take nine months instead of six months because of all these issues, I'm sure they could adapt. But I'm guessing the bigger challenge for you guys has been able to have visibility on cost, correc... | Well, timing and costs, they're both big issues. On the timing side, though, where we're really focused right now, I would tell you that there are stages in each market where we set a window. We tell the customer at the pre-con meeting, here's the window in which your home is going to close. We get to a particular stag... | direct | [
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40c77d078d689a7ce99d8d93b409934a | So, I wanted to pull the string a little bit more on, I think, the first caller's question on costs and I think you have talked about lumber a little bit, and I know that lumber prices have been a little bit of a roller coaster to say the least in the first half of the calendar year. I mean, does that high lumber costs... | I think there'll be a little bit, look, some of the homes that we sold in the spring are going to close in that September quarter, and some are going to close in the December quarter. And we sold them with our eyes open, knowing what lumber costs were. The good news is, as lumber costs have come down, we're now selling... | direct | [
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2c27f1913d7af920bbcdd569520310db | And are you guys putting or just either put anything like longer price escalators or any material price escalators in your contracts? | We have done that. I know that there is some evidence of it. We've looked at it. There are legal challenges with it. There are communication challenges with it. There are enforcement issues with it. I'm not philosophically like would say, no, never. I just think it's super complicated. It's easy to say it's hard to act... | intermediate | [
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e18d5d7f6278d660107dabbb7d345b2f | And I guess just, last one for me and I'll pass it on, is on the preliminary guidance for fiscal '22, I think the pencil looks fast enough. You've got double-digit EPS growth, fiscal '22 SG&A as a percentage of sales below 11% and I think sequential community count grow in the March quarter, did I get that all correctl... | Yes. I think that's all fair. That's kind of what we're trying to paint a picture of based on what we've got right now. We feel very good about that. | direct | [
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ac833d94203320e1269c71d91b5c4d43 | So the first question is on Fenics, on the fully electronic revenue. And Howard, you had sort of talked about this prior that in the volatile markets that customers, sort of, go back to their old ways. So the revenue was down 5% year over year. When I look -- but I guess my question is when I looked at the notional vol... | Well, as we -- Rich, it's Shaun. As we've seen in these volatile times, and as Howard had said and the proof in the past is that, our business gravitates directly toward where the liquidity pool is and where the experience has been, which is where, as the dislocation happened, the voice brokers were on hand with the te... | direct | [
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ddebf1d8b0c827cac3b3cc36c8ee2db3 | So my next question is you paid down the revolver, $75 million, I believe, maybe after quarter end or toward quarter end. And now -- your guidance is certainly reasonable for the second quarter. I guess the question, is this all an indication that you're more comfortable with this scenario? And I noted Steve's, sort of... | Rich, it's Steve. Yes. We did pay down $75 million after quarter end. Our plan is to continue to use excess cash to pay down the revolver as well under the circumstances as we continued to perform. We did not suffer any significant -- to your question specifically, in Q1, no. We did not suffer any significant nor mater... | direct | [
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3b17157d0334dfcdf1b98e525032ea9e | As you look at the capital return policy overall, do you have a period right now, again out of precaution and uncertainty, you sort of put things in limbo. If you continue to build up cash, I guess, toward year end, you could either buy back shares. You get a different stock price now, so I guess the question is would ... | I think the way I said at the beginning, sort of sounds right, which is the board will examine our dividend return policy when we're feeling comfortable that the future is more balanced and more certain. So we will do a capital-return policy review, and we are going to continue to do that. We are a capital-return compa... | intermediate | [
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cc7017d8d1de766bf15ddbad83f96692 | How is employee morale holding up in light of the decline in their -- or the value of their partnership units and the reduced dividend? | Employee morale is obviously concerned with the overall pandemic but very good in the sense that they've been able to go home. They've gone home. They've been able to work. They've been able to look after their families. They've been able to work from -- at BCP sites. And some even still from our offices, where possibl... | intermediate | [
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2f1257be8b6681f6696b21017626fda4 | In your prepared comments, you spoke about how this unprecedented amount of debt issuance, it could be a nice long-term tailwind for the business. What did you guys see post great financial crisis, where, obviously, we had unprecedented debt issuance following that period. How does that impact your rates business? | Well, it's a little different. The volumes, the fed coming in and quantitative easing and all of that sort of came in later. Whereas, in this case, it came in straight away. So really, April volumes were muted from what they otherwise would have been. But for the Central Bank, the scale of Central Bank intervention, wh... | direct | [
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dd4c5da190963e65909d4a876591f462 | I want to circle back to some of the discussion on the Fenics brokerage revenues. So I kind of -- I understand what you're saying. And yet, we look at some of the other fully electronic venues that are out there, market access had a really strong first quarter. Tradeweb's volumes were really strong in the first quarter... | So Fenics U.S. Treasury had a really strong quarter. Fenics GO had a really strong quarter. MidFX had a strong quarter. We've had strong quarters in some of our fully electronic platforms as well. I think what has been a headwind for us compared to, say, a competitor, so we say, they don't have voice brokers. So they h... | direct | [
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a39b87be1b8528db7310f956f8ce93d1 | With insurance brokerage business, you've spoken about trying to figure out how you can extract the most value out of that franchise, and I think a potential option was selling that business. And given current market conditions, has the window to potentially sell that business closed for now? | I don't think so, but I think these businesses perform well, and they're countercyclical, meaning that the desire for insurance has probably risen. I think people think about insurance more often now than before. There are certain details where -- so obviously, if there are clients that are in stress, that's problemati... | intermediate | [
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33d98c1a85dbec140b8684ac89fe5027 | Several years ago, GFI Group share price was coming under a lot of pressure, and management basically came forward with a take-private offer. And obviously, you guys end up buying GFI Group so that did not take place. But given BGC's current valuation and the stock price, would you contemplate a take-private deal for B... | I think in early May of two months into a pandemic, I think the answer is the one you've heard from my management team today. Head down, conservative, generate cash, get your people back to the office, take care of your people, make sure they're safe, make sure they can operate effectively and print your balance sheet,... | fully_evasive | [
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9ec7d5420d7ca4ae0d7492afb48d9f62 | Hi, Warren. Good morning and congrats on the NDA acceptance for the Alport syndrome and thanks for taking the question. So you mentioned, Warren, in the prepared remarks that you've been actively preparing for the AdCom over the past several months. So could you discuss what you believe will be the key issues you expec... | Yes. Sure, Yigal. Thanks for that. Yes, I think that the -- we've been, as I mentioned, in active preparation with the first-class outside help and review and, of course, have gotten a good review of the data and program by many outside key opinion leaders as well as the advisors that I mentioned. I think the issues th... | intermediate | [
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2da5122ce399e1b281eb38536112e797 | Okay. Got it. And just one quick follow-up. Do you have any thoughts on why the FDA opted for standard not priority review, given the severity of Alport syndrome and the lack of any approved therapies to treat Alport? | Well, I think it's the same answer. It's that the bardoxolone is a new molecular entity. Again, it has a novel mechanism. It's unlike other agents that have been approved. And so it presents novel review issues that I think they wanted to give themselves plenty of time to review. I'd also just note that they have defer... | direct | [
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47a96275745eb47234eb8050f8c4b695 | Good morning and congrats on the FDA acceptance. I guess coming back to the sort of omav Type C meeting, can you just discuss at a high level sort of the range of potential scenarios coming out of that meeting as you think about it? And how you anticipate communicating feedback from that meeting? Could that be somethin... | Sure. And so we've provided guidance since last year that FDA has requested additional evidence of persuasiveness before they're willing to accept an NDA. And so we've been working collaboratively with the division to try to provide additional analyses that we hope will influence their view on our development program. ... | intermediate | [
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e71ce6d89445ce925529f394fa7a8f56 | Hi everyone. Good morning. Congrats on the progress and thanks for taking my questions. I -- just to follow-up on the Friedreich's ataxia question. I guess, just checking if you have any additional clarity on EMA's views on your Friedreich's ataxia data? And is there a path forward in the EU that could be independent o... | We're in the process of seeking guidance from the EMA, and we'll incorporate that into the development program. And so at this point, we have no additional comments on what they may require of us. | intermediate | [
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770f940c50fbbf03c768dfd4de327c4b | Got it. Okay. And then for the Kirin Phase III study in diabetic CKD in Japan, data aren't expected until first -- F'22. Just checking if there is any possibility for FDA to request blinded data from that study or potentially from the FALCON ADPKD study to augment their Alport review? Or could Reata potentially submit ... | Yes. So Maury, those studies are ongoing, and we view it as highly unlikely that they would request any data from those two ongoing trials that, by the way, are overseen by an independent data safety monitoring board. And so our NDA filing for Alport syndrome, it doesn't just include the approximately 200 patients that... | direct | [
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5985666193dff62e26db11d8784693a5 | Good morning everyone. This is Nick Rubino, on for Annabel. Our congratulations as well and thanks for taking our questions. I think we along with almost everyone else as well expect the topic of hyperfiltration to be front and center at the AdCom. What can you provide to the FDA to get them comfortable with the EGFR i... | Yes. So we, obviously, as I talked about on many calls over the past few years, we've spent literally over a decade to characterize the novel profile of bardoxolone. And so from a preclinical perspective, we've conducted a few studies, including working with one of the top labs in the world, Professor Kashihara in Japa... | direct | [
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86e913bca375b300e66bb0accf8d6298 | That Great. That was [Indecipherable] thank you. And that actually kind of leads into my follow-up. In terms of how much of the three year data from EAGLE are you going to be able to discuss with the FDA by the time of the AdCom? | So we have publicly disclosed data, obviously, from the EAGLE trial through three years, and that's Phase II patients. We have many patients from Phase II, but also the Phase III trial, who are still being followed in the EAGLE trial. All of the data that we had, but the data cut used for the NDA were included in the N... | intermediate | [
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c5abd4305fbb9b02c705385679a226a1 | Hi good morning guys. Thanks for taking my question. First one on bardoxolone. As part of your partnership with Kirin, I'm just wondering if you will be able to submit any of the safety data to the FDA during the course of the review of bardoxolone for AYAME? Obviously, there's a lot of information in that. But actuall... | No. I mean, under the arrangement, we'll have access to the data when the trial is completed, but it is an ongoing blinded study. So we wouldn't anticipate being able to use that data during the current review of the Alport syndrome NDA. | direct | [
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09caaf0b58da79a1082806e0725f1a80 | Got it. And then on the Type C meeting for omav, do you know currently who's going to be in attendance there? And I know that FARA has the petition out to the FDA. I was just wondering if you know if FARA has a meeting with FDA. I know other examples where senior leadership hold meetings with advocacy groups around new... | No. We actually don't know actually who will be in attendance at the Type C meeting. We make requests, but you really never know until you actually attend the meeting. And we're not privy to or aware of what the FARA's activities are with respect to their interactions with FDA. | direct | [
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80c226c8deff2695e6a8f0f3367dd6ad | Good morning everyone. Warren and team, congrats on the progress of NDA acceptance. Also, clearly, certainly, Colin seems ready for an AdCom presentation. I had a quick question on the omav program. I guess I'm wondering if there's a possibility for another pivotal study, I think you kind of outlined that in -- or poin... | No. I think we're committed to pursuing the approval of omav for Friedreich's ataxia. Despite the fact that we have not yet been able to submit an NDA and we may have to do another study, we have a very well done pivotal study, the largest one that's been done in FA patients with a clearly positive result. It will be a... | direct | [
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4360fc5afd0f9cdb1aa82f68d0343d24 | Yes. That suggests another question to me that I'll take offline regarding strategy. But I did have one question for perhaps Dawn or Colin regarding the total addressable market. When you think about ADPKD and patients that have high percent or probability of progression? And then those patients included in the MERLIN ... | So we don't have estimates right now, but we think the number is obviously much larger than just the Alport syndrome and the PKD population. I think what's different about our approach than other approaches recently is that there's been several trials conducted with agents that affect pressure within the kidney, namely... | fully_evasive | [
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2d38ea04a10ec358e29c9ef3ac5c64f4 | But you see this being able to provide a target product profile that may ultimately be, if not disease-modifying, certainly a delay to kidney progression? | Yes. For patients who are at risk, and this ties into our thesis for Alport syndrome. And as I discussed here, and I think it's been lost a little bit that Alport syndrome is extremely rapidly progressive. And so the first few slides that I presented I think people have to, OK, it's Alport syndrome, progresses a few mu... | direct | [
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aa4c73f15f544660973f40b1a2db4724 | Thanks and best wishes heading into a couple of very important FDA meetings soon. I was actually hoping to ask on both of them for bard and omav. First on bard. The FDA seems to be making life difficult for many sponsors lately by taking issue with things that seem to be taken for granted in the past. So how confident ... | Joe, so I think that we've been transparent with our discussions with the agency dating back to our pre-IND meeting with Alport syndrome, which we had in 2016. They gave us the design for the Alport syndrome trial, which we've executed. They gave us the same design for the FALCON trial. And as I mentioned previously, i... | direct | [
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a0b4adfbe4298477952a0c9347ce43f2 | Okay. That's helpful. Thanks. I mean, I recall that you refined a STAT plan that seemed to be good proactive work. So hopefully, that will help. Now just on omav. I was curious how much of your upcoming Type C meeting will focus on the delayed-start analyses that you have now versus establish what's required for the ne... | We're going to discuss the overall set of data that we've generated and so what's new are the delayed-start analyses. And it's important because we believe the data demonstrate disease-modifying activity. And if FDA agrees that interpretation, that would put them in a position where they will view the development progr... | intermediate | [
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92e136fe49ba1304d57000f2bf62dcbc | Jorge, so you mentioned the stacking system. I read that about 23% in February, performance increasing to 30% to 40% in March. Well, what kind of level would you be comfortable with in order to meet the guidance in 2021? | Thank you for the question. It is important to -- to stress something that we tried to describe well in the MD&A, which is we are bypassing whatever tonnage or -- or extract ounces we are not placing with the stacking system, we are making up with the placing more on the leach pad with trucks.
So what we are tracking ... | intermediate | [
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8bfe69dc08f9f3afcc8b97c7bee02b3e | I recall around mid-October, the initial grades that you had stacked were a little bit below like maybe 0.83 grams per tonne or something. You had been previously maybe been targeting one, above one. But now I see that if the grades -- stack grades for the end -- for the full year are one gram per tonne, which implies ... | Yeah, grade is in line with our plan. Absolutely. | direct | [
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bba1517e9ce193b27cb58cfc1d9923cf | On capital allocation priorities, we have you generating a lot of free cash flow in 2021. You mentioned you -- you have expanded investment on exploration. I -- is a dividend something that you're thinking about at this point or repaying the debt? What -- what are your capital allocation priorities beyond investment an... | Yes. And then thanks for the question because it allows me to point something here. We have three priorities. Number one is, first, we believe at times like these, companies -- many companies need to -- to strengthen the balance sheet, right? These are the opportunities we have in these -- in cycles like these, legs of... | direct | [
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f50188ce8a24920a7bdf9d6f767f7377 | Just further following up from sort of the previous questions on the stacking and the -- what sort of timeline, like, adjusted your current rates you think you could be ramped up on this stacking system? It's unfortunate, yeah, COVID is obviously restricting you a fair bit there. But you think this would be like a two-... | Yes. And, you know, that's a tricky question to answer. We have a -- our problems are with the stacking are isolated right now to the braking system -- to the communications on the braking system. It's an ultimatum issue.
We've been trying a lot of things on solving problems and improving, and now we're left with this... | direct | [
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4eb48a91eb23125261c6dc16915ef1c5 | And then, just if you could give us some color on the ramp-up or the status of the SART plant and sort of what are the ramp-ups going there as well. | Yes, the SART plant is not critical path for us. This is important. We need the SART plant, but we don't need it to produce gold and -- and we don't need it in day one, right. So, the copper content in the pregnant solution to now is -- is manageable.
We have a movie -- the SART pant in February was at 37% of design c... | direct | [
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e675fab49850976f647eee0f995ef984 | For depreciation at Lindero, could you guide us what you're sort of expecting this year, and like $1 per ounce for Lindero? And if possible, a more longer-term value. | Yes. I heard you're asking for depreciation dollars per ounce, I -- we're using the units of production method based on ounces produced. I don't have, unfortunately, a number in my head that I can share with you but what we should expect, as we're depreciating based on ounces -- on a per ounce basis, it of course is th... | fully_evasive | [
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2a212147f16429848f9d9cef6396063d | In the foreseeable future, is it all exploration at or close to mine site or are there any, you know, new -- new areas you're looking at? | Yes, kind of bit of everything, Adrian. So, at the San Jose mine in Mexico, we have an aggressive program or drilling program in the immediate vicinity of the mine and both on the north boundary of existing resources on the deep extensions and to the south. We have identified also four kilometers -- sorry, 400 meters d... | direct | [
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e627dbd46057c227f1d7988950533d93 | How much copper are you guys seeing so far? I went there. And on the flip side of that would be a house I'd had consumption relative to what you're looking for. | Yes, you know, copper is -- copper grades are trending along with what we see in our resource reserve model, around 0.1% copper is what we're seeing. And in the case of Lindero, what makes Lindero viable -- technically viable is the fact that 95% of that copper, that 0.1% copper that we see in the Lindero porphyry is i... | direct | [
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2972e5371807c89c23446f36e3852033 | I guess the timing your planned annual reserve resource update. | Yes, we'll be releasing reserves resources in the coming weeks. | intermediate | [
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2aeb6165141ea2b41c785a76cc8430a3 | I wanted to start on gross margins. Today, it looks like companywide, you were up over 100 basis points year-over-year in the quarter and up roughly 50 basis points for the full year. You called out some cost reduction actions. I wonder first time, you'd mentioned those but I wondered if you could talk more about these... | So I'll mention a few things and then, Chris may want to jump in. I'd say the biggest area really was the things we did in commercial aerospace and rightsize the business, both from the direct force perspective and overhead perspective, and then Doble we saw a really nice pick up in the margin in the fourth quarter and... | intermediate | [
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08d5abc632144cca69b7b2a41a474893 | Sticking on the gross margin topic, but shifting more to a price cost kind of conversation in terms of just any inputs where you're seeing inflationary pressures. Is there any business or units where you feel like you're ahead of things here in terms of pricing actions you've taken? And then at the other end of the spe... | So, as you know, a lot of our contracts are fairly quick turn, and so we do have an opportunity in most cases, not all cases that in most cases to be able to kind of reset the price as we go forward. I think, we've been a lot more aggressive on price increases and that we have in the past, because I mean the reality is... | direct | [
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7b42eaac0215e09b3119ec0de722d341 | Got quick question on the commercial aerospace side of the business. Given the uptick in or as you saw in A&D, does that suggests your customers are getting closer to unwinding the excess inventory levels? Any kind of update on what you're seeing in commercial would be great. | Yeah, I mean that's -- we've obviously is there, their increase in orders, that is because you're getting some of this behind them and the fly rates are picking up some. So it was very encouraging to see this kind of a order pickup in the fourth quarter. Our anticipation is, we should continue to have some level of imp... | intermediate | [
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fffa0b37ee265a7f0ff4dfb254378caf | And in test, was there any impact for your company or your customers on the chips? Lack of chip supply or any other product supply that might have hurt you on test in particular? | No. That's -- this one area where we have seen a lot of that -- a lot of what we do is more structural type work. So we're making a chambers, making the foam absorber. I mean the amount of electronics we do are really pretty small. So it's just not something that would impact us. As far as our -- the customers, I mean ... | direct | [
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4b4c4d28d862319c71abcaae2737786a | And in the utility side of the business. I know some of the increase in orders was -- is acquired orders. But can you talk a little bit about -- even if you pull that out out looks like a still good quarter on as far as the order side. How Doble is doing? And how is that business playing out compared to your expectatio... | Sure. Well, we did have growth. I mean just setting the acquisitions aside, we did have growth in the core business and had a really, really strong September. So the question, how is that -- is that a trend or anomaly and I'm hoping for a trend honestly. It seems like with the business, we had thought it was going to r... | direct | [
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214dcb0c221d20c76cfedd0bfb2b964c | I just wanted to dig into the Doble commentary a little bit more, and just the USG segment in particular. The organic growth rate that you highlighted in the press release was 3% to 5%. I would have thought the utilities would be picking up the spending a little bit more next year and especially if there infrastructure... | Just a couple of general comments about utility industry, and one of our directors has recently retired, Senior Executive at a large utility and so communities still maintains contact with a lot of people and has insight into the industry I think at a pretty high level. And we think what we're seeing is, making a littl... | direct | [
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cb771bd4ec2865ac3baab6f003e36f3c | Got it. That's helpful color. And then I was just wondering that you've done three acquisitions in the last quarter or so, and they're not quite as big as some of the other ones you've done, but I'm just wondering, you mentioned that your programs in each of the segments have to look more assets. But I was just wonderi... | Yeah, I think it early though, we're working on some things. I think it will be next calendar year before anything else is done. As far as bandwidth, I mean obviously the financial bandwidth is not an issue. I think the people bandwidth is pretty solid. Fortunately, with the businesses that we've bought to in the utili... | direct | [
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fc56ae4e986a05600fcc0b6ea46fda32 | Hi. Yes, just one follow-up from me. I don't know if you said this earlier in the call. But, Chris, just in the $3.20 of EPS and the margin guidance for next year. How much inflation are you baking into that as just over the next two quarters or so, and then a recovery or is it the full year? I'm just trying to get a s... | Yeah, I mean I would say that we've seen that inflation kick in pretty hard here in the second half of the year. We expect it to be pretty hot and heavy for the first half of the year, then you kind of start to anniversary in some of that, and then your price increases kind of hang in for the back half of the year wher... | intermediate | [
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2d5ad4a601f25a7fcb921e1722734274 | Okay, great. And then are there any parts of your business, where you can take a price to match the inflation? Is there like a percentage of revenue that you can raise it on or cant raise on, what do you think of it? | I think I would say that we don't feel like we can get price anywhere. We've worked again with all the subs as we went through the financial plans for '22. I mean that was kind of a key topic of what's the inflation expectation and and what are the levers we have to offset that. And so again, you do have some longer-te... | intermediate | [
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19251ad5d53184cbcd1d50a703555a64 | On the -- first question, with regards to ACV guidance for 2022, taking a look at your breakdown, you get to the core equity achieved [Phonetic] and supplemental are rebounding already quite well, but Positivo should be the laggard. What the company still needs to do to accelerate the growth for this specific brand and... | Hi, Vinicius. Ari de Sa here. Thanks for the two questions. So, starting with the second one, the third-party services is mainly driven by the payment of the fee related to the acquisition of COC and Dom Bosco. Okay, so on the financial statements, we are breaking down this amount, but it's roughly 90% of the third-par... | intermediate | [
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7b53e1abf8b12fbe98c9d7d832c860fe | Two questions on our side, which I think are correlated, OK. The first one is about the share-based compensation plan, I'm sorry. I understand -- I wanted to understand better the year-over-year increase considering the recent stock performance. And the second one is about financial expenses. I believe that both of the... | Sure. Yeah, thanks for the question. Yeah, I mean, we -- in the presentation, on the footnote, we explained the dynamic pretty much by the time we acquired Geekie. We also agreed to acquire the management related stock option plan, right. So this was part of the agreed price and part of the disclosures that we had pric... | intermediate | [
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95f305513f9e899aefdd3367915641c3 | Two on the ACV guidance, if I may. So, first, is the guidance including the return of students that dropped out during 2021 or there would be an upside to them? And number two, a little more on the qualitative side, you guys can share with us anything about the commercial landscape. I mean, is there any one that was mo... | Sure. No, thanks for the question. So, on the first one, in this ACV, we are not incorporating any assumption or positive organic variation, OK. So we are pretty much assuming the number of students as per the contracts that were signed. So, any -- all the organic variation would be an upside to a number. We think it's... | intermediate | [
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8f85b863445c0bb5948be5191d779790 | Just like to get an update on international school, the arbitration process and the commercial cycle. | Sure. Thank you, Ricci, for the question. So, yeah, actually we have news regarding the arbitration process. Today, a couple hours ago, we received the decision from the arbitration court, which will be disclosed tomorrow before the market opens in our financial statements, the SEC. The court has decided that Mr. Uliss... | direct | [
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91e702f0b6dfba9381697a9d258be92c | Hi, Ari. So, thank you very much. In reality, my question was answered, but let me get a little bit more detail on international school. So, what is the provision you have already, can you remind us? And then the expectation is that that should cover 100% of the conclusion of the arbitration, correct? | Javier, it's Otero here. Thanks for the question. Yeah. So, today in our balance sheet, we have roughly BRL370 million provision in the liabilities. So, as per this decision from the arbitration court, the formula that we used to calculate this amount is in accordance the interpretation from the arbitration court as be... | intermediate | [
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bee51c33ee033107856a0965ec8965d7 | What was the foundry coke volumes in the first quarter? | Matthew, thanks for your question. But as we've indicated in the past, we don't intend to discuss specific volumes or price components of the foundry coke or export sales activities. As you can appreciate, I know, particularly the foundry coke market is a smaller market and to discuss in any detail our participation wo... | fully_evasive | [
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a856b5266ca53fc60e5474b62538ca03 | And then previously you guys have -- in your slide deck you've given -- when you break down kind of the quarterly shipments and logistics, you've given the CMT EBITDA, like an EBITDA attributable to content specifically. And I think that's missing this quarter. Is that a departure from policy? Do you -- are you not goi... | Well it's not an oversight Matthew. It's purposeful and some of the foundry as we're now repositioning CMT, we expect to be serving different customers, different markets over different time periods, different circumstances. So to discuss in any level of detail, the profitability of CMT again, given the competitive sit... | direct | [
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cd1b047835d986a6b2a52f1f9c614e3d | The iron ore take-or-pay contract, is that with a US customer or a foreign customer? | It's with a US customer. | direct | [
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146bb02bf27b20ad89af1b067f6e2126 | And then just sort of just going on the back of the guidance for cash flow for the year $80 million to $100 million, maybe you're closer to the top end of that if you're sort of guide -- hitting the top end of everything else. That kind of implies close to $55 million of cash flow for the next three quarters, which get... | And here your thoughts were in [Indecipherable] for three, you're exactly right. So now, you're going one for three and then all the same because you have added 333. | direct | [
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f4ba65b102ac128cf594e42849116a83 | Well, I'll try to do better than 333. But good job on the quarter. And first question Mike, just to hone in a little bit on how the business is running versus your expectations. So you talked about an update three months from now. The meantime comfortably upper end of your previous guidance range. And what I'm looking ... | Yes, good question. Thanks, Lucas. The outperformance doesn't have to do with our volumes. We expected to run full and we did. So whether it's our domestic customers, our export customers or our foundry customers, we're meeting the expectations we've set out for ourselves with regard to all three of those markets. So o... | direct | [
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51ff0ae23eaba04c24c2fa4a5f807892 | Very helpful. Really appreciate that. I'll take this for a double. And then just kind of looking ahead, there is another step down in your Domestic Coke minimums in 2022 and just looking for an update here. Are there ongoing negotiations? Are you predominantly looking to the export market, more foundry coke business on... | It's an excellent question and the answer is all three. It's premature to comment as to which one of those alternatives will ultimately win out for '22 and beyond, but we are in discussions with our domestic customers, we continue to look to grow our export and our foundry coke business. Economics will drive that and o... | intermediate | [
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bb28b914aaf81c2533d8334730bc452c | Mike, just now you said for '21 expectations. Was that '21 or '22? | '21, we expect to run full in '21. We have 400,000 tons to fill and we expect to be able to fill those tons in '21. | direct | [
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c79401b8067bbadb5ba1cafa2a4e7e8c | And for 2022, is there a concern that you may have to reduce utilization rates. If one of the three initiatives fall short, what would be the contingency plan for that? | Well if those plans fall short, we obviously run it less than full capacity. It's not our intention or our desire or our goal to not run full next year. We believe quite strongly, but we produce a very high quality product, second to none in the market, whether it's the domestic market or the global market. Our coke an... | intermediate | [
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6f0d6f2f1fca41d81ff0ba52b401f9f2 | Very helpful. Thank you, Mike. Not sure if this will count as a single or not. But I appreciate your perspective. Last one from me. On the iron ore take-or-pay, probably strike out on this one, but can you give us a little bit more context around term volume? Just a little bit more color for investors to appreciate the... | And you're going to strike out in this one Lucas, but you're still going to go to Hall of Fame too. So don't feel badly, but we again for commercial reasons and I hope you can all appreciate the sensitivity, we're just not going to go into the specifics of these new agreements we're reaching as we revitalize CMT. | fully_evasive | [
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ec779c7b57d271edb349ae314637436a | So you guys -- can you hear me OK Mike? | Brett, pardon me, you're breaking up. We're not able to hear you. | direct | [
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9ff3a73b5486840ba4e4f88322b16982 | Hey Mike can you hear me now? | Yes, it's loud and clear. Thanks. | direct | [
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3260e6c99e91dc8d7516b6cf60e0189b | Good. The operator had trouble hearing me too. Anyways, thanks for all the hard work. You said something to Lucas that reminded me of some of those, I mean to ask you. You talked about the quality of your coking coal, there has been more of the steel manufacturers and even some of the car manufacturers have been talkin... | Yes, it's a good question. But it's actually quite a complex question, but I'll try to be brief in my answer. The question really revolves around environmental performance and more particularly greenhouse gas emissions. I think our environmental record speaks for itself over the MACT standard, no one's built a coke bat... | direct | [
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8a129bbe7e600ab4ffc7c37ed4ce82d9 | I think the first one on the strategic partnerships and when we have seen a bunch of them in the last six months, including AWS, Snowflake and you also call out Azure and Dell partnerships in the release. You did mention in your prepared remarks that the AWS partnership is going to ramp up from the back half of 2022. C... | In terms of partnerships, the range from really strategic collaborative go-to-market, which is the AWS end of the spectrum through to really interesting technology complementary partnerships, if you want to think about it that way, so with Snowflake for example, it's data encryption, data security portfolio that Snowfl... | intermediate | [
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abb26f8edb1e2b8c7ef4163698a12729 | My second question is on the free cash flow. Clearly, you have pretty strong underlying cash generation, which is significantly impacted by some of the exceptional charges, working capital items. When we think about and look forward into 2022 and beyond, is it a fair comment to make that 2021 will see the trough in ter... | The Wapp settlement, this Wapp provision is a provision. It's not a settlement. It will -- if we settle, it will turn to cash at that point, but obviously, I can't comment beyond that. In terms of the exceptional unwind, yes, we expect that to occur during the next 15 months, 16 months as we talked about. So we do expe... | intermediate | [
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7b4b9e4c30e349375d97e423dfde4959 | Just on the margin progression, I mean, I think previously there wasn't a hope to get to mid-40s margin by 2023 or exiting 2023. Can you give a sense of -- I appreciate it's a while away, but whether the consensus of sub-40% is too conservative in your view or given the investments and the time it takes to fix some of ... | We're not backing off a tall margin progression over the Midtown [Phonetic]. Clearly, when we talked about that last year and there's not been a change here, we require the stability of the revenues first and then the delivery of the operational efficiencies so we get leverage across both of them. So we need to put -- ... | intermediate | [
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1a7f564bab3ddce794f69b975eb08ecc | And related -- well not related to that, but leadership changes you mentioned a few times, can you give any quantum of the magnitude of departures at a particular rank or within particular divisions. | In terms of leadership, basically, we have new leadership across two of the key portfolios in the business. We've made extensive additions in the maintenance renewals, customer success area to get more senior and fresh perspective and talent over those. We've brought in industry skills and leadership into our security ... | intermediate | [
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51700af3dad7c3f2795c5996fdf33b80 | And then finally just on those four problem product areas, could you maybe give a sense of how significant they are within the revenues today either within just maintenance or within the total revenue pool? | On the product portfolios, the -- basically, you can see when they place [Phonetic] out when you look at the overall maintenance performance. Yeah, I'm not going to be drawn into specifics on which portfolios because it's very commercially sensitive. What I can say to you is that the actions I talked about earlier, a b... | fully_evasive | [
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47467292a9996dd09476e9681715f2db | Can you say how much of maintenance they represent or... | Well, you can see from the performance. It's clearly a significant proportion of the maintenance base is reflected in those portfolios. So correcting it will have a material impact. | intermediate | [
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0d26825ab92fa423b43b08b79afc9048 | One is just on the revenue guidance that you mentioned, right, that the guidance for revenue was -- for this year was somewhere around the consensus numbers today. I mean, that would imply a bit of deceleration I think in your license revenue for the second half of the year. Can you help us reconcile that a little bit ... | Yeah, on the revenue trajectory, Julian, all I would say is look at the year as a whole. Yeah, last year was such an odd year, but seasonality is not necessarily relevant and we've also been pretty clear that either side of the lane in a financial period with a few transactions moving one way or the other, SKUs one per... | intermediate | [
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067f379c66aba36059f87d9605e33ed8 | And then number two is just on the SaaS portfolio, I mean, can you discuss a little bit what are the underlying metrics you said that you see are improving and what parts of the portfolio are you -- think it will be really primarily SaaS-only in the future? | In terms of SaaS, the key metrics are pretty, pretty standard. So it's bookings, renewal rates, and customer satisfaction -- kind of three big things, the big things I would count. Alongside that, we have more project-oriented metrics because we're repositioning quite a number of the portfolio, we're rearchitecting the... | direct | [
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6cb89f66057227d6cfd8fc00d734a7d8 | Stephen, you mentioned back level users. Any idea in terms of how much technical debt there is there? So what is the license potentially if you could get a certain number of the back level users on to current levels? | In terms of the technical debt, probably not the right term. There isn't technical debt in the product, no. What we have is a backlog of people who are not taking advantage of that new capability and functionality. It's almost impossible to quantify other nine [Phonetic], very significant if we could move a reasonable ... | intermediate | [
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2f1a4815de85a4171e9d4ed8c90b97b6 | And then secondly, you mentioned retention rates as a -- to do area. Just wondered if you can give us any clarity in terms of what the average maintenance renewal rate looks like at the moment? | In terms of retention rates, what I'd say, George, is they're not good enough in too many places across the portfolio and we believe we've got a very significant opportunity to improve those. We've pockets of real strength in terms of renewal rates, but we've got significant opportunities in other areas and we've got s... | intermediate | [
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1c5a97b707d807424644bb1b83b57b2a | And then thirdly, nice to see SaaS on your to-do list. Is this not an excellent time to move customers from license to SaaS? And if not, from a sort of an apps delivery standpoint, then at least from a financial standpoint to build better annuity into the business? | Yeah, SaaS. There is no question that building a proper SaaS revenue stream here was a really significant part of our plans to improve overall levels of recurring revenue. We're being very targeted in how we do that, George, for a couple of reasons. One, we're evolving our product strategy and we're driving our executi... | intermediate | [
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55e5ca01675d65638c99163f68dbd12b | And I just had a question on the working capital point that you raised in your free cash flow pitch. I was wondering if in H2, we should also expect some non kind of the fact that there was a catch-up effect in H2 last year that wouldn't recur here as well. | Hi, Marion. Yes, you're exactly right. So last year, in general, when it comes to the trade receivables balance throughout the year, we collected a lot of aged receivables and there's an element of catch-up there. And so, you would expect that not to repeat in the second half. If you think about working capital in gene... | direct | [
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693304bc356e8c97a4a0b0e46acbf9ce | Firstly on maintenance. Obviously, this takes quite a while to turn around, but I was wondering if you might give us some idea as to what you think good might look like. What sort of effects can you have on that maintenance trajectory in the second half of the year and then 2022 for example, if things go well with your... | In terms of maintenance, you're quite right, it takes time to turnaround. This is a complex area with a mix of issues that range from the very specific to broader based and it's tough to actually get headlights at a granular level. So really all the focus we have at the moment is on the actions and our ability to direc... | intermediate | [
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219c5dfdf599ddf861ec23a63554f2e2 | And my second question was to what extent -- in terms of the move to subscription and then SaaS generally, to what extent should we worry about cannibalization or is this really new product areas that doesn't -- you're not switching existing perpetual licenses over? | The vast majority of where we're focused on our prioritization is on if you want to think about it net-new opportunity, that doesn't necessarily mean net new customer, but it might mean net new use cases and net new opportunity projects within our existing customer base. So to that extent, we don't expect it to be in a... | direct | [
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db99ee9ac956e949b500d3667c214d96 | Zander, it seems like the ASP per customer in the enterprise business grew sequentially, if I'm doing the math right. Is that driven mainly by bigger seat deals or more solution selling? Anything in particular to highlight there? | Hey, Pinjalim, thanks for the good words. Yes, our average contract value up about 35% year over year in the enterprise space. So, not only did we add several hundred customers, but you're seeing a meaningful increase. And it can be attributed to a handful of factors. First, we have better sales folks who are better eq... | direct | [
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93f8ff2fff0f6a2b8bfcaa74407561ac | And the other thing I had was in the shareholder letter, I think you mentioned about some dealing and deal closures. Did the close rates kind of comes back toward the end of April as the pipeline built kind of came back? Or are you seeing still kind of weird close rates? And have you seen any request for payment deferr... | So I'll share a little bit more kind of leading business indicators, including Q2, what we saw in April, recognizing these are unique times. So, we're -- the quarter was really progressing along quite nicely in January and February, the leadership team and some customer success organization, landing deals right on pace... | intermediate | [
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1bef258cbf3a06f96e36edbf442a1c4a | Understood. Just to put a finer point, the demand gen seems like is back, but what have you seen in close rates? Has that picked up -- picked back up as well? | Yeah. So, recognizing that most enterprise software companies you all cover, you see the highest close rate in the third month of the quarter, and customers have been trained to expect that. We've been pretty strategic and agile about different incentives, as you can imagine, to get folks closed early. So, we had a str... | direct | [
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ffceb1bfcec0c7edeb645e31d14e1f40 | Just want to dig into the churn you cited, Zander, on the call. I assume for one that was mainly whatever churn you saw was on the self-serve, not the enterprise side. And within the self-serve segment, was that churn more of the monthly paying base? Or did you see some on the annual paying side of that? | Chad, thanks for the questions. You're right to presume that the churn -- incremental churn was on self side and not in enterprise sales. Again, the growth rate in enterprise sales would mute any potential churn that we saw, but our customer success organization was really pleased with the renewal rates, and our custom... | direct | [
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194176fba5b4056839d447389e09c89b | So just to understand, I mean -- and not to put words in your mouth. But I mean it seems to me by everything you guys have cited, the enterprise business, and I understand close rates in the first month of the quarter, all that stuff, but is actually accelerating potentially. And it seems like if you look at RPO or def... | So I would say a couple of things about our enterprise sales business, and I think I speak for my peers at other companies running enterprise sales teams. I was on the phone this morning with our global sales team. This is a difficult environment, right? Nobody is working in the office where we've created this incredib... | intermediate | [
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931261834ec15fd632dcfbfcd77a7722 | I wanted to ask maybe, Zander, a bigger picture on just the M&A strategy, just given all the changes in the marketplace and everything. Has something like this -- has this accelerated or changed anything on how you view M&A going forward? Clearly, you're integrating Usabilla and GetFeedback. And then maybe another -- j... | Ron, thanks for the kind words, and I hope you and your family are healthy as well. So, on the net adds quickly. We said this was a metric that was going to have quite a bit of noise. We're aggressive in terms of our growth marketing and making sure that we're delivering the right package for the right person in the mo... | intermediate | [
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63523f108235796053c53dfaab83dca5 | Zander, what you're seeing in the current environment, is there any learnings you're taking away that would cause you to rethink some of the product development road maps or ways in which you might want to either go to market or which products you think could resonate in the market over the long term as you think about... | Yeah. Eric, it's great to hear from you. I appreciate you joining the call. I know you've got a lot on your plate. I feel, whether by luck or by smarts, our strategy is sound, and I love the three categories we're going after. We know that our massive user base and footprint inside of organizations positions us to get ... | intermediate | [
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5d30a0cdecf02178518b95a8bfbafbf0 | Debbie, I understood sort of the broad messages on the cost side of the equation. But I guess I wanted to go one layer lower and just see if -- is there any efficiencies you think you're gaining now by reexamining the cost structure that could be more permanent than transient and less reactionary to the current environ... | And Eric, I'll just -- excuse me, I'll just take your second question about the cost structure. I mean, as you can imagine, in this environment, we're doing a holistic review of all of our expenses, and we've started by going after the usual suspects. So, we've decreased the level and pace of hiring for FY '20, we've r... | intermediate | [
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7dfe2a06e163d16a144dc492ef0a2b3e | Just wondering if you have an update on international, how that's going. Any dislocation to the international rollout and development of the sales force? Or anything you can tell us about that if you haven't already? | Sure. Robert, I feel like I scheduled our party alongside eight other parties around the neighborhood. So, it's -- I know you all are trying to get to all these companies, but I appreciate the question. We touched on it a bit. Our international business, again, we're in market with a sales team now less than 12 months,... | direct | [
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602395ba65fd6a1a6645a25cbac16a76 | Question about the telehealth comments, and I'm curious in terms of just the workflow and the impact on the referral process and procedures downstream. I'm curious, how you make sure you're included in that process and what sort of investments you're making? And is there an opportunity actually for committee to take sh... | Hey, this is Lynn. I can answer from the practice side.
Josh, I think your question is in terms of market share. How is it affecting? Has telehealth affect that in -- I think it's a very positive. I think we have a very positive position in terms, but I'll let Lynn give it specifically, but I think we've done really w... | intermediate | [
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dc30918ccb43fc13aa4a5a6edfb3504b | Good morning. Appreciate the comments about recent volume surgical trends in the month of July, down about 10%. And I'm just curious, how much variation is there in that number, if you could maybe give us a range between some of those hot spot markets that you talked about in Texas and Florida. How much more, are they ... | Yeah, Frank, this is Tim. It's a clear correlation that our biggest impacts are in those markets that are experiencing surge conditions. We have very few of state mandates as you know that are limiting our ability to provide elective or scheduled care to our patients. But in those hot spot markets, in Texas and Mississ... | intermediate | [
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99744e8bee03721ea4d16766bdcdb823 | Thanks. Good morning. The pricing mix, up 7.6%, obviously, a strong result. Can you just give us a little bit more on sort of the acuity what CMI was up, and then payer mix, not only hung in, but look like it actually improved within commercial, which I guess was a little surprising, maybe any thoughts there and whethe... | Sure, Ralph, this is Kevin. I can give you a little color on that. So from a demographic standpoint, I think the -- the group of patients have probably stayed away from our hospitals, the most during the quarter were Medicare patients, those being at the highest risk and probably stayed away from the healthcare environ... | intermediate | [
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364e38c017aeed491c43e49df074a7e5 | Hi, good morning, this is Jack Slevin on for Brian. Thanks for taking my questions. I just wanted to touch on margins and how you're thinking about margin profile moving forward? And then kind of how sustainable the current cost structure is and at what point you might need to ramp up staffing and comp? | We're actually feeling pretty good about margins. And we think there is a lot of visibility into the future in terms of our 2.0 program, in terms of expense management, all those things are positive for us. Kevin, you want to...
Sure. So we had started back in the third quarter, some margin improvement initiatives. We... | intermediate | [
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8b7dc8ec042e59fdc3c56fa0a91486a8 | Hi, good morning, thanks for the question. The capex in the quarter came in around $93 million, which held up relatively well to the prior quarter and initial guidance. Can you give us a sense for what you have budgeted in the back half of the year and where you might be pulling back on investment spend? Thanks. | Sure. So we've, as you know, we pulled guidance for the rest of the year. So we don't -- not giving kind of a target on our capital spend, but as I've indicated, we are continuing to invest in what we believe to be our growth opportunities. So that, as we recover and things return to normal, we're going to be well posi... | intermediate | [
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f043cae199a1ef525ec16c69619c4f8e | Hi, there. Yes. So I with you and the peers, it seems like the industry has gotten pretty solid, done pretty well dealing with COVID and maintaining some pretty semi-normal operations. So I'm trying to understand where, if you're managing this well during Q2, what scenarios might exist where there would be some downsid... | I'm not sure that it gets any more complicated than this right now, Kevin. I think this is bad, most difficult, I've seen in the last number of years. And I think the great thing in terms of this organization is the ability to adapt. We have seen a remarkable change in terms of the way we provide cared. We have people ... | intermediate | [
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"fully_evasive"
] | B |
1890cb8def80a42331066efdcd9f88f6 | The first one is on the aeronautical maximum tariff. So, considering that airlines have been negotiating with most of airports and in some cases some fees have not been charging. What could we expect for maximum tariffs in the short-term meaning the second quarter and in the immediate term, meaning year end 2020? Could... | Well, basically what we are seeing today is a very reduced demand. So we believe that there is no effect if we try to reduce our fees for the month of April or the month of May. So we have maintained our tariffs and we believe that we can comply with -- we have to maintain compliance toward the year end. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
606961c3fd2c98d1da723c22cebbbbea | And my second question is on the non-aeronautical business. Same thing in the same context, what could we expect in the short term for commercial revenues per passenger? Have you grant any rent payments facility to payments or any deferrals? | Most of our contracts, as you may know, they have to pay higher of the minimum guarantee payment per passenger or a percentage of sales. So if we do not have passengers, we will not have to pay rent. So it's made automatically. So in that sense, we are not reducing or adjusting the contracts. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d7200a8d30316382e6fa2db66101a7f2 | My question is light of the likelihood of the GDP contraction beyond 5% I just wanted to ask if you have had the opportunity to discuss with the authorities the possibility of delaying the 2021 and the key mandatory capex? | Well as you are aware, the contract has a clause that says that the maximum tariff can be reviewed in the case of Mexico in an external way. When on the Mexican GDP drops by more than 5% in a year and that's happened in fact on track. Of course with the current circumstance and the current expectations from analysts, i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1438c41f9ca307fa52e96ad3eae5d961 | On the something I couldn't hear well because of the connection but can you comment as to whether the dividend will be kept or there is the possibility of cutting the dividend until we have more sense about passenger traffic? That would be the first question. And the second would be related to cash burn, if you could g... | Yes, of course. In the case of the dividends, yesterday we held Annual Shareholders Meeting, they have sadly approved the dividend that it was proposed MXN8.1 per share. But it was -- this was subject to the approval from the Board to the moment of the payment that's from May 11, 2021. So the Board will have to approve... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5f12d5318ae1250d769042e0978a2f62 | So my question is if you plan to negotiate with government the postponement of mandatory capex? | As I said before, in accordance with the contract, we do not have that possibility this year. But of course, with the given standards [Phonetic] and as I said it in my initial remarks, during an expansion situation and that expansion situation is that some companies have stopped operations [Indecipherable] and that it ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
af363743fd5170882138b2dceb3e3e09 | Just one quick one for me, I know that it seems that Mexico apparently has not been that active in likely offering any assistance to the corporate sector. What are you hearing from Colombia? Kind of any indications from them with respect to whether aviation industry will get some sort of relief? | Steve, thank you for your question. So in the case of Colombia in comparison with Mexico they have been more active in the measures that they have been taking. As I said here in the report they were very [Indecipherable] basically closing or sorting down everything as from March 23. And that can be seen in terms of res... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b02c7664c59d0cb344088deefd801b80 | The first one is concerning about account receivables. Can you give us like a number or approximate number about what's the total of the sales coming from airlines and in specific from Interjet and American Airlines and my second question is do you think you could obtain some waivers in opex sorry capex your current MD... | Hi, good morning. In terms of the account receivables you can see those in our report, revenue increase in the case of Mexico and Colombia, most of the increase is coming from the land industry. I do not have the details of American Airlines and Interjet you are requesting. In terms of the capex, as I said before, we h... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
6d27ec316ec556293c0e1f556e0df56a | Hi Adolfo, thanks for the call. My question is on commercial revenues. Sorry if you commented on these. But I understanding Cancun operating in just one terminal. So I want to confirm you how are your operations there in Cancun and what are the implications on commercial operations? Are there any penalties with the ten... | Okay. As you have said, yes, in the case of Cancun, we have closed two terminals and we are just operating today in terminal 4. So all the operations of airport have been concentrated there in order to reduce on one side the expenses and of course on the other side be better prepared in the case of these reduced demand... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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