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4d5ce9bf78375dc344a699ca14b2270b | Maybe actually building off of that a bit, I guess going forward how do you kind of see the rate and slope of the PKD diagnoses, kind of, evolving as you continue these efforts? I guess what kind of assumptions do you kind of build in over the next near-term, long-term of this launch? | We have some indication from what we're observing with Anemia ID, which is still in its early days and some indication from the Spanish IST -- screening IST that reported about -- I think about 20% of those hemolytic anemia patients that were screened ultimately were diagnosed with PKD. We get a good sense for what you... | intermediate | [
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] | B |
a19b10eb8d766f679f5a3f2c1efde694 | I'm just wondering with regard to the pivotal trial in sickle cell disease, if you can comment on what the main gating items are that remain before this trial can be initiated? And in terms of the ACTIVATE sickle cell trials with data that we might see later this year, can you maybe give us a sense for how many patient... | Okay. It's Chris here. Launching any of the Phase III in thalassemia and the Phase II/III study -- the global studies, the protocols are written and finalized and now we're in that heavy lift of operationalizing the studies. And that's a whole list of activities that involve regulatory agencies, sites, CROs. And in add... | intermediate | [
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72d44227aa071ca209ff782a62456e5b | I guess first can you remind us where your expectations are for an AdCom meeting and maybe what your internal expectations are for priority review? And then Darrin, I wanted to clarify something from your prepared remarks. Did you say that your market research indicates 70% of providers already ordered genetic testing ... | Let me answer the second one and then I'll leave the room for Chris to be able to answer you on the first. So, the 70% number refers to the proportion of physicians who are routinely ordering more tests to try to be able to get to a more definitive diagnosis for those patients who are diagnosed with hemolytic anemia bu... | intermediate | [
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ec7a326dbb0cbc2aee18007b40e54f57 | So Matt, as we get into the fourth quarter and into the first half of 2023, can you talk to how you see product flows improving? And do you think you'll be able to meet this elevated level of demand as we go into the first half of your fiscal '23? | Yes. Sure, John. Well, maybe I'll start by just saying that Vietnam at this point in time is operational and our production volume on plan. And while transit times remain elevated, particularly getting into the North America marketplace, beginning in the fourth quarter, we're going to start seeing an improved flow of s... | direct | [
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] | A |
e5833f53dc1a4252dbb8393922fe3e3b | We wondered if you could talk a little bit more about the new model with your wholesale partners. Can we expect to see a further refinement of what your differentiated retail strategy is with this new model? And what is the timing of the rollout for this newer strategy? | Yeah. Thanks, Kate. Let me just start by reminding us why we're driving this, what we're calling NIKE Marketplace. And it's driven by the consumer, who I have this phrase of saying, consumers want to get what they want, when they want it, how they want it.
And they expect us to know who they are regardless of channel,... | intermediate | [
"direct",
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db33d08801a016abca5120b8f2f4afee | My question is about China. Matt, when you said you expect sequential growth in fourth quarter, can you maybe give us a little bit more color on that? Do you expect the growth to turn positive on a year-over-year basis? And maybe if you can dive in a little bit more about what gives you conviction in both the near term... | Yeah, sure, Jay. So what I said specifically was we expect to see sequential improvement in the fourth quarter versus what we delivered in Q3. And that's based on the momentum that we're seeing in the marketplace. We're highly encouraged with our Q3 performance and a second straight quarter of metrics and facts around ... | intermediate | [
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63d8ba4edc6a90fa7832a7786ca2a52c | You mentioned that you'll give more color on fiscal '23 on the fourth quarter call. But I mean, at a high level, the long-term guidance that you gave for fiscal '25 talked about high single-digit to low double-digit revenue growth. Do you expect fiscal '23 at a high level to be sort of an on-algorithm type of year as i... | Yeah. We're looking at fiscal '23 and believe the foundation is set for another year of strong growth, and that's because our Consumer Direct Acceleration strategy is working. Our brand is strong and continues to have -- create consumer demand at all-time highs. We're going to see inventory supply normalize this quarte... | intermediate | [
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4740613ec9d20c53f5f582ab52fabff5 | Given some of the sizable shifts in the North America wholesale marketplace, I think you referenced Foot Locker, are you expecting to see a negative impact or a headwind to your total North America revenue at any point? And then maybe just a broader question on your view of the health of the consumer and the ability to... | Maybe I'll take the first part of that, Matt, and you take the second. Jonathan, on the first part, quite the contrary. We see this marketplace strategy positioning us even more strongly for healthy, sustainable growth in North America. And it starts with Digital. You saw the Digital growth rate in North America, I thi... | intermediate | [
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] | B |
c005cb6b822a9a5fafe548b9c62014ac | John, can you elaborate on the spring demand that you're seeing for the brand and just your excitement for the product pipeline into next year? And Matt, as we move into Phase 2 of the marketplace model, is there any way for us best to conceptualize wholesale versus direct-to-consumer margins maybe today relative to th... | Yeah, Matt, I'm so glad you asked this question because the -- one of the things that just gives us extraordinary confidence in our outlook is the innovation pipeline. And it's been so much fun because a growing number of our teams are back together here on campus. Matt and I both spent a whole bunch of time over our n... | intermediate | [
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] | B |
991458805aa285e866768a2d174f6ddd | Would it be fair to say that obviously, the Digital DTC is going to play a much bigger role to get to those fiscal '25 targets? And can you get there without China coming back to that algorithm, 13% to 15% growth? And are the EBIT margins in those two channels relatively similar? | Adrienne, we've got a strong portfolio of brands, products, geographies, and we're encouraged by the momentum that we're seeing in Greater China. As it relates to Digital, as both John and I mentioned on the call, the growth we continue to deliver through that channel continues to be fantastic and it's the consumer tha... | intermediate | [
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] | B |
53e58670e06629076c06124126ec6d8d | Let's start with the JDA, where you said you met all of the technical requirements. So I guess I'd love to understand and characterize what happens next year. Obviously, we've got a constrained environment here from a test point of view with these business units you talk about. How fast could we move with any particula... | Yes. Thanks, Richard. I'm pleased to share a little more details on the JDA. So when we entered into the JDA, the way it was structured, a central engineering group had said they're going to evaluate our technology for a number of things, importantly for manufacturability and for how well it actually performed in doing... | direct | [
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] | A |
6ad57b7a5fc2566bec2a5329dfbe7d79 | So with this JDA customer having MST installed, how many cycles can they do a year? I mean can they do three or four, even more nonoverlapping cycles? Or is it not that optimistic? | They can do cycles very quickly. It's hard to say, Richard, because as you know, like in older process nodes, it might take just a couple of months to run through a full cycle. In the newest process nodes, it can take a very long time. And so we're not exactly sure where they will be using this, and hopefully, they'll ... | intermediate | [
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] | B |
3eb98df28c6a2742f11f780bdd54f5b3 | Can you characterize the pace in the last quarter since then? | Richard, you're right. I didn't talk about that on the call. So you didn't miss it. I'll continue to say the same thing. We still have a number of JDA customers that we are continuing to talk to, and we are hopeful that those will turn into actual JDA agreements sometime over the course of this year. | fully_evasive | [
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eb8c0cc0085d12d6c6528ee15e8f9c69 | Let's jump over to the foundry license you announced last week. I know you haven't given much detail other than announcing it's a foundry. I think you said in your prepared remarks, it is a customer that is in and has been in Phase 3 for a while. Did I catch that correctly? | That's correct. Yes. | direct | [
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b9dcc058ec731bf8d0c8314775c030d5 | Can you characterize how long you've been engaged with them in any way to help us think about this? | Yes. I would say we've been engaged with them for a few years now. And we've done some experiments and now the -- so kind of more of proof-of-concept experiments. And so now as I talked about in the script, they did a bunch of work on our MSTcad tools focused on one particular applications area they get very excited ab... | direct | [
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c1438ffcb4857234351d906260259fd9 | This is your first foundry license that I recall. Please correct me if I'm wrong there. But maybe you can talk about the broader foundry environment and receptivity that you're hearing, especially as you've announced this foundry customer. | Yes. This is the first time we've said that we've had a license with the foundry. And so let me address that a little bit. Foundries are interesting. Obviously, if our technology is adopted by a foundry and made a standard process, it opens the door to fabless design companies around the world designing chips that can ... | direct | [
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391ecb536dd4e79240afccb4f8f52c4b | My last question, I'll jump out of line here, Scott. I may not have caught your comments directly here, but I think you said you're pleased to report that you've done a large number of R&D runs with a lot of companies in Phase 3. I think it was toward the end of your prepared remarks. Can you help us understand kind of... | Yes. So in this period of capacity constraints, probably for a year and a half now, we continue to work with customers. And we'd be working with them on MSTcad and planning and other things, but their ability to start wafers has been quite constrained. So maybe they would say, we have this great idea we'd like to explo... | intermediate | [
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6e625779012edb34c2f3ac3bb83418d0 | Can you give us an update on the prior licensees? We mentioned in the press release that we've got five new licensees that we've announced. And just the question is, can you provide an update on some of the prior ones and how the progress is going there? | Yes. So obviously, we can never give kind of detailed results on our licensees, but I can say that we continue to work actively with all of our existing licensees and planning and running wafers with them with one exception. And that I have talked to you guys about before is our Japanese licensee AKM. A little more tha... | direct | [
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] | A |
a751c73468a8c5e3a1420cb01fe407f9 | Do you see traction more coming from legacy semi? Or are you seeing traction from fabless semiconductor companies as well? | I would say we're seeing a mix, but we still -- our sales efforts have been focused around IDMs and foundries in the past. So I would say the majority of the work we're doing is there. But we're starting to see more and more work going on with the fabless semiconductor companies, and it's a focus that we're going to tr... | direct | [
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4624a2cfab300272a56fd53165c7c396 | Can you give us a little bit more detail on the shelf registration and if there are any plans? | Yes, happy to do that. So we had a shelf registration statement that we filed in 2019. And under the SEC rules, the S3 registration statement has a life of three years. So I consider it just good practice to always have an available shelf registration statement to take advantage of opportunities if we see them. So it w... | direct | [
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] | A |
c45707f0694326b6f22fed51013978e6 | At what point is a JDA classified as Phase 5? And what does that look like and mean? | Yes. Regardless of whether it's a JDA or a licensee, Phase 5 is when a customer enters process qualification. And that's a pretty well-defined term in the semiconductor industry. If you have a new manufacturing process that you're going to take to production, you have to run it through a series of tests to test all fou... | direct | [
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3be79757e8803d1a55b372c62420190a | Given that it's a foundry, are -- did one of their customers lead you to the foundry? Or did you approach the foundry directly? And adding on that, do you have to do separate license agreements with the end customer through the foundry? | Okay. So first, on this particular foundry, we engaged with directly, as I mentioned a few years ago, and have been exploring a number of different areas with them. Although we also have spoken with some of their customers. But if the question is, who was responsible for kind of initially getting us in there? I would s... | direct | [
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b910c58fdb05489355178b09589ea43c | Have you seen an uptick of activity with MSTcad? And what metrics do you use to determine whether the MSTcad is impactful and the penetration into the market? | Yes. MSTcad, we definitely have seen a lot more customers come in. MSTcad is definitely not like a generally off-the-shelf product. It's extremely technical, and we made it and continue to make it easier to use but it does require a lot of handholding by our team to help them get the technology properly integrated into... | intermediate | [
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8782f23e27c639d7621dd2b68267946b | Hey, there. Thanks for taking my questions. In your presentation, you state that the, "Turnaround program at Bolivar is progressing," unsurprisingly here, but arguably the site has been a turnaround story for quite a while. And so, just thinking bigger picture here, I mean, what tangible changes have happened in Q3 thu... | Our turnaround will be going on for some time still cycle because we -- there's quite a number of issues that we are addressing in Bolivar to bring it to the required efficiency. In terms of what changes we have during the year is basically that we are moving from the Bolivar West zone, which is pretty much depleted. T... | intermediate | [
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] | B |
3e58607686bfb61b1937f0d75903f6f7 | Building on the last question a bit. Now, listen, I mean, you know we love Yauricocha and think it's a great asset. So I'm really sorry to keep picking on Bolivar here. But just looking at the guidance that you put out, so you essentially cut guidance in half with really only a decent upside for Q2. At the midpoint, yo... | I think it's going to be much better than what we have now, Heiko. We are going to move into a Penalita, which has better grades. We are looking at increasing the throughput, reaching 5,000 tonnes per day. And then, if appropriate we can expand it into 6,000 tonnes per day. As I said our turnaround product is also focu... | intermediate | [
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3c59ee5300a0db361dc3d9910e640d95 | Thank you. I guess, on the bright side, with the delay at Bolivar, you might be bringing new production on in a better pricing environment in a couple of years. But my question is really would you elaborate on the security situation at Bolivar that you mentioned earlier and its impact on operations and your mine develo... | Yes. Thank you for that question, Mark. A couple of months ago, there was a very -- in nearby Bolivar, being a town called Serrocavi, which is between Bolivar, it's like one hour from Bolivar and it's on our access road pretty much to the mine, a local [Inaudible] is being blamed for having killed two 80-year-old Jesui... | direct | [
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22ba07f371c8c378b88c15c3c50b81a8 | OK. And then, just on the deferral of the $10 million of the capital expenditures. I understand that that will help you in terms of financial flexibility. But does that delay the ramp-up at Bolivar in terms of turnaround? Or do you think it's just better times -- it's a better time to the ramp up? In other words -- | Reich, in terms of the ramp up -- This isn't time to ramp-up. Mark, we don't have some idle capacity. | direct | [
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251a8bbc25720af1f1d8468e16b11f39 | Two questions and a suggestion. Question No. 1, do you have any concern about your financial solvency, the ability to pay all your bills? And question No. 2, as a best guess with all the moving prices, you have any kind of sense of what the capability of producing EBITDA is in 2023, assuming present prices? And my sugg... | Hi, Lee, it's Ed. So to address your first question on solvency. There are no going concern uncertainties at this time with our expected production and cash generation over the next 12 to 15 months. We're still focused very much on the turnaround plan at Bolivar. We have gone out and secured more lines of credit to hel... | intermediate | [
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61e1333a504a75a444511afe19d66509 | OK. And you have an attitude about the suggestion of a reverse split? | I think we should be looking, considering all options here and that's certainly something we're looking at. Internally, we have talked about it, and it's one to do something like that. Right now I think it would be better to do something like that on a more positive uptrend is when we can really show the turnaround tak... | direct | [
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e9ba08eafa2d5a3387dde1cfde081340 | Yeah. Thank you. I just wanted to know if you could just kind of touch on that mark-to-market adjustment on the unsettled open sales position? And how can you kind of manage that? And would you -- how much of that would you expect to realize? | Thanks, Mark. So we have -- with our off-takers, we have potentially sales positions where once we deliver the concentrates, so that's the -- at the port, they have the option to either pay us either one month out or four months out and they've been choosing to pay between three to four months out. So you do have that ... | direct | [
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b94f155f7311ca91d0b79a9e2b1bd3d2 | OK. Well, that's very helpful. And then, just to follow-up on that. Is that a change in behavior that you've seen from that one month versus the three to four months out? Is that -- are they just choosing to do that because of the uncertainty? Or do you think that's becoming more normal? | Yeah. I can't speak on behalf of the traders and their views on that, Mark. | fully_evasive | [
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70eb448ce5dc08d8eb71aa636daee55d | I was wondering how did auto frequency progress during the quarter? I know you mentioned it's almost back to the pre COVID levels, but does it seem like there might be kind of like a cap on how close that number is going to get for the, I guess considerable future. | I think that that's really contingent upon the virus in terms of the impact and peoples ability to get out and travel and what not. I mean it's, it's a question that we continue to get asked that although frequency is up, claims are down and it really does highlight the fact that there is more mobility out there, but t... | intermediate | [
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241705dc5b319006323a8cb0c0a8c33d | And kind of related on that point is the, the decrease in large fire losses. Is that normal volatility or is there any evidence that's from people like greater loss mitigation from people being in their homes, more people working from home able to stop those things before they become large fire losses? | Sean, this is Jeff. I'll take a shot at that. It's certainly an excellent question and when we've asked internally as you can imagine more difficult, but to determine wide losses do not occur and to determine why they do occur. So it's difficult to say that the stay -- the fact that more people are staying at home has ... | intermediate | [
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512dd267bc7e1d35fa371a42c591eb95 | We're hearing more evidence about possible rate inflations in 2021 in workers' comp and obviously we certainly hope the economy recovers and maybe some upward exposure units. How do you see that all playing into the expected kind of growth in 2021 for workers' comp? | We've been successful in growing our workers' comp book throughout 2020, we expect that to continue into 2021. In terms of the rate environment outside of the reduced frequencies related to COVID because of business is not being as active, we are not having as many employees working during, at least during the time whe... | intermediate | [
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758efbc829c13331dea432540874f449 | How can the company get the word out more broadly so that investors take notice of the successes that you are having. The gap between Donegal trading at, I think 0.85 times book value while the the peers are trading at an average of about 1.1 borders on, in my opinion inaudible considering the strong execution that com... | Doug, this is Kevin, and I'll start and also ask for Jeff's comments as well as particularly as we start looking at the Investor Relations piece. We, number one, we appreciate the compliment. We are working diligently to provide shareholder value and we're very focused on that. Your question is very timely as it relate... | direct | [
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89fb0008ad8a137d45a0f8edc11e665d | Kevin, you mentioned the roll out of the new product. I'm curious when person, what do you expect personal lines premium to start to show some growth. I know you're doing a lot of reunderwriting and repricing and what not, but, so the premium still going down, you have an idea of when that might turnaround? | Yes. Bob, I believe it's 2022, probably end of first quarter, beginning of second quarter of 2022. We are rolling out this product in the July August time frame. We're going to group it in in states of three. This product is very much price refined and so we're going to be able to go out there and compete in the person... | direct | [
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d6283d5c8f1759da4b98fced3530c5a6 | In terms of COVID, you didn't really mention much in terms of COVID claims, I suspect you probably haven't had much change, but my question is actually, yeah, I think you probably have a lot of business interruption type claims that you denied. How much is a legal expense do you expect to have to incur to defend yourse... | Sure Bob, this is Jeff. Very good question. We have somewhere over eleven hundreds of claims, business interruption claims that were presented. The majority of those were presented to us in the second quarter, very small number were added to that number in the third quarter of 2020, and as we announced last quarter tha... | direct | [
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d2164cb826fcec24be74e67c0815bfea | The expense ratio, you said it ticked up a bit this quarter, you had some technology costs and the incentives for agency underwriters. Should we expect more technology cost to kind of down the pike as you put in these new products. I mean, I'm trying to think about how the expense ratio might react over the next, next ... | Sure, Jeff again, I'll take a shot at that. We did have an increase in technology costs in 2020, about $2 to $2.1 million year-to-date, about $700,000 per quarter. And we do expect that that will continue through the second half of next year, so that same expense pace would be applicable through the second quarter of n... | direct | [
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12b4e7d851217f0bebcc1a24296d79e3 | And I guess the last question, I'd be remiss if we don't ask about the kind of specific reserve development information by line if you have that handy? | Sure. I do have that handy. As we mentioned in workers' comp and personal auto, both had favorable development. Workers' comp was right around $2 million of favorable development and for personal auto, it was $1.5 million of favorable development. It was offset by $2.5, $2.6 million of unfavorable development in CMP. A... | direct | [
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98e8ff8e4b1f1ce6f2c18b8233926151 | A couple of questions as it relates to the retail channel. Wondering if the number of doors that you're in is trending in one direction or another. Obviously, everybody and their brother wanted to sell the equipment during COVID. But wondering if you're seeing that remain pretty steady here. Are you seeing some retaile... | We have not seen any change, and it's been very steady in the number of doors. It's really just the inventory levels that we're dealing with. And then we have really even better ways to monitor not only sell-through, but also inventory levels by SKU, by retailer and we manage that very closely. We actively manage it wi... | direct | [
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2a8a553c4701dd7b39a401b5922757d9 | And then as it relates to JRNY, I was going to ask about additional metrics, but I missed what you had said about churn and how you're going to communicate that. | As you know, this has been kind of a journey for us, pun intended, where we have been giving more and more guidance and metrics as we go along. So we started last quarter with some more of those. We're just holding to that set of metrics. The churn one, in particular, will be more meaningful once we start turning those... | intermediate | [
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3b57e5dce2e3a355a1ddd2aaf46001cc | Got it. And I just want to make sure I'm hearing the verbiage right. As it relates to EBITDA positive in the second half, are you intending to say at some point in the second half, so at least one quarter, are you saying for the totality of the second half of the year, you will be EBITDA positive? | Hi, Steve. It's Aina. For the totality of the second half, so the second half period, two quarters together, adjusted EBITDA positive. | direct | [
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a59dba8f929c506119cc9ea90246fda8 | Just wonder if you can dig a little deeper into kind of the promotional environment and sales during the quarter. And just do you feel like at retail that you worked through kind of aged inventory, and kind of your comfort level with the retail inventory. | Our inventory overall, like I said, they still have elevated levels of inventory, but we have been working through them, and we have been actively managing it with them so that we provide promotional dollars to move that through. We still believe that there is a permanent shift in fitness habits that help us. We contin... | direct | [
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1dbdcb77f94c1a80def67978fb5a6e70 | And as we look at product mix, can you talk about at all -- and I know it might be tough competitively, but the mix of the products that are maybe new in the last 18, 24 months. And then as we kind of look forward, how do you see your R&D and development cycle on new products, maybe new product launches over the next f... | So I'll start with -- we talked about the installed base for JRNY has gotten bigger. So that's showing you that people are attracted to the newer products that we've launched, starting with the new embedded screens. They like the products are connectable to JRNY. So more of our units sold are shifting to that. So that'... | intermediate | [
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704f59040b9e31671d2fde57686cff8c | As we look at selling and marketing expense, obviously, advertising down during the quarter, what's kind of your outlook there, especially as we enter kind of the key selling season? | What we want to do is concentrate our spend with the best ROI. So in Q1, we showed that selling and marketing expenses went down because we knew it was going to be a seasonally low quarter. Most of our expectation for revenues in the back half, 65% to 70%, so we want to support that with advertising. | intermediate | [
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9ff15619cfce0bdc9fa09a906135a43f | Just you know that freight input costs have been a big drag for the past 12 months or so, and then, obviously, in the freight side, paying spot rates was a pretty significant headwind. I think you said in your prepared remarks, you expect that to improve year over year, but not quite be back to what you were paying in ... | OK. So yes, it's not going to go back to 2019 levels. I think that's not what our negotiated rates are, but our supply chain team, if there's an opportunity to further drive it down, they'll go after it. On a year-over-year basis, a lot of what's driving that gross margin rate improvement from where we are now to 27% t... | intermediate | [
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9a8f443f82f75c24df6ea20dd5cdd4ec | And then just maybe talking about the -- touching on the retail environment, and I think, Jim, you said you're kind of positive view of consumers reacting to promotion. But does that leave you to believe that you will need to promote at a higher level to get that consumer response? I know it's a very small quarter for ... | As you said, it's early and it's kind of tough to call that. I mean if you listen to other retail -- if you listen to retailers' calls, they're all saying promotions will start earlier. You hear Black Friday starting in early October, for example. That's the earliest any of us remember. So it's tough to tell. When you ... | intermediate | [
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bb610f4222a021897a5a1c7169c62131 | Just with your third-party credit partners, can you provide any maybe insight into the health of the consumer or any trends you're seeing on the -- maybe the lending or the credit side right now? | So our third-party partner is Synchrony. And what's been happening in the last several quarters is a lot of consumers have been paying with their own credit cards, so not really taking as much advantage of the financing options that we've given them. That said, we haven't seen anything in the quarter that just ended th... | direct | [
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be53a755fe7eecf80da5c8f7068c2937 | If we can maybe one quarter -- another quarter in, in reiterated revenue guidance, if you could maybe just talk to, given the higher split in the back half of the year this year, kind of what's giving you the confidence still as another quarter and that we can kind of meet those numbers? Is it conversations with retail... | That's a fantastic question. Maybe I'll start with the top line, and I'll ask Aina to talk about our cost and margins and SG&A. So first, we still see this kind of long-term opportunity that's elevated in connected fitness and fitness in general, home fitness relative to pre-pandemic. So that is a good long-term trend ... | direct | [
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28917cd2a3f13542502fae1b6d199018 | The nature of discounting in the quarter in really helping drive sales, does it have you thinking at all differently about kind of baseline prices for some of your offerings? I know you touched on kind of how much promotional activity there will be going forward. But anything just on pricing in general? | I'll just remind everyone that we did take some price increases on key items fairly recently. And so we did try to build in kind of the impacts of inflation on input costs there. So we did raise those. In terms of promotions, I think the environment is -- it changed a bit. Like when you saw the fourth quarter, it was -... | intermediate | [
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746fe374dc7735a37def02fb9616dc53 | And then one quick last one, and you may not want to touch on it yet as it pertains to JRNY. But just kind of relative to your expectations on the paying subscriber side, positive, negative. I know we are rolling still off some of the 12-month trials, but anything you want to touch on there. | No, it's on pace, and really, most of the work is ahead of us, right, because we started those 12-month trials late September. So you'll see the first of it there, and we have a plan to go after those people and turn them in to pay subscribers. You'll start to kind of see this over the next couple of quarters. I think ... | direct | [
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5fb46042f5a59fcfda46f93cd7ebecc4 | I was hoping you could talk through a little bit more detail related to the prior reserve release related to the catastrophe events. Are those like 2020 events? Or do they go back further than that? Very unusual to have such a large adjustment for cats? | That's a great question. I appreciate it. And it was -- it does seem a little high. So it was two points in total for the prior-year development.
The largest, really, when you look at it, was coming through on our primary business related to 2020 cats, but it was widespread. There was at least 10 cats in there where w... | direct | [
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5e13d4930a0ba54fe7ec2ba74a7160ec | So ultimately, this was more about, like, as you said, almost a dozen small adjustments rather than one big adjustment where you kind of miscalled it or something? | That's exactly right, Mark. You have it. Thank you. That was a great question. | direct | [
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c4243563ac6251660e5bd0eb23c4e323 | The second question that I had related to the sizable level of growth in Cincinnati Re. Again, that's a fairly new business unit. So I'm not really used to what the -- it doesn't have a lot of historical run rate data. So I guess, I'm curious, two things. One is kind of where you saw opportunity that prompted such a la... | Yes, Mark, good question. This is Steve, and -- Steve Johnston, we have two Steves here. Basically, the short answer is, we just have a talented team there that's well connected, and they're supported by great financial strength here of the organization that just had the opportunity to take advantage of firming prices,... | intermediate | [
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ae5b876776e3e1713d4d985d0b2112ab | Was the growth primarily in property-oriented lines? Or was it casualty-oriented or maybe a mix? | It was across the board. It may be have been a little bit more casualty and specialty. But it was across the board where we saw opportunity for good pricing and fair terms and conditions. | direct | [
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cb83bf82d4cfc59dc92452e196dc5827 | OK. And then, I guess, my last question, really just -- I mean, you commented a little bit in the opening remarks, but just in terms of the market conditions, the pricing behavior that you're seeing, I mean, would you characterize the pricing environment as continuing to improve? Or is it beginning to stabilize a littl... | Yeah, you're right. As we mentioned in the prepared remarks, we do feel that we're getting rate that's ahead of loss cost trends. And I think what's important is that we are looking at this policy-by-policy, coverage-by-coverage, state-by-state, it's more of a ground-up approach than a top-down approach. And we still -... | intermediate | [
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b5b54f2fe6c138f713be1df1f76777f3 | Do you think your multiyear policies approach, do you think that that enhances your ability to capture rate as the market moves? Or does it inhibit it? | Well, it's a steadying influence, Mark. I think as rates go up, we will have prices that are in position for three years, same when they go down. The retention is very high on the three-year policies, and we just think that's stable long-term approach to relationships with our agents and their customers is a winning fo... | direct | [
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394bd523b05383e474c5b1b4e0ce8a65 | Any observations on the competitive environment? Anything new or different than your -- than that what you're seeing out there? | I don't think we've seen anything differently than we've been seeing. I think we continue to see a large amount of discounting from the small independents and a few of them that are sort of small brand and kind of of the same thing. Nothing new from Western Union or Money Gram. Really been a consistent sort of marketpl... | direct | [
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8450d81da3b8b65139e7e884e9031aaa | Got it. And then just as a follow up, any states that you want to call out is maybe above or kind of under Plan A? How do you feel there? | I think we're doing quite well across the country. I think that if we had to delineate a bit, we've been even more pleased with our ability to hold share and grow it in places where we're really strong. And we continue to always set the bar really high for our ability to gain share in those big markets out west where w... | intermediate | [
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89923497538f5254aafd7b8dca922b32 | Yeah. Thanks for taking my questions. Good afternoon. A couple of things.
One is, either for Bob or Tony, just a general question you know I know it in recent quarters, you've made a point of highlighting that at least near term that Intermex is principally a top-line market share growth story as opposed to a signific... | Yeah. I wouldn't think more broadly the operating leverage David, it's Tony. The FX income didn't come in stronger really than we expected it to. Where we got the spread between revenue and EBITDA margins was really we got operating efficiencies in a couple of areas.
One was in bank fees and the other was in salaries ... | direct | [
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5fb6a17265f062d594c556277c3c3307 | OK. Got it. That's very helpful. And then just secondly on the demand front, maybe just expanding on Mexico.
Once again, you've commented the last few quarters I think that we're coming off a couple years of above-trend growth for the whole industry, for the U.S. Mexico corridor, and that expectations are that moderat... | Yeah. The only thing I would change is just that the effort anymore. I think the market ebbs and flows and has for a number of years and one of the things that we look at a lot is the two-year trend because sometimes there are blips in one year over another. And when you look at the second quarter of '19 and you look a... | intermediate | [
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a40ec3ae7941fc15fc9082519256c5f3 | Good afternoon, guys. I just wondered if you could touch a little bit more on the payroll and the reloadable card progress and initiatives and just kind of hear a little bit about how far along are you in those efforts. And when do you think we could see a more meaningful contribution, how to think about the timing on ... | Well, we've got some good things going on with the card. I mean, we've been testing it and selling it in our branch stores, which we -- as you may know we have about 32 stores of our own that we actually own and it's our personnel. But the bigger news on the card is we've been working with some direct access to compani... | intermediate | [
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60a91d6a5d8ca3930b9f9517088879c3 | And as a follow up, are those people typically going to be loading those cards directly with payroll and then digitally transferring money to -- across the border or do they still go visit a store? And I'm just kind of wondering if the margin profile on that is different for you at all because of that program? | Well, two things. One is is that they will have their payroll directly put on the card. So that's gonna be given as their first option when they get here. Obviously, they could decline but they'd be given a check still but that's their first option.
So their payroll will be directly loaded up on the Intermex card. Sec... | direct | [
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8e96de18777bfdd41dfceed3a7cf8feb | Yeah. Thanks, and good work on the second quarter. Question on the Africa-Canada expansion. How much of a headwind -- can you just remind us so much of the headwind is that to margins this year and can we expect some of that headwind to abate for next year? | It's a building stage this year, and we've been pleased with how quickly Africa has grown. But it's still a very small contributor in terms of really transactions versus other countries and we don't really disclose until things get to be meaningful, so it's still small. Canada was just started. We just did our first wi... | intermediate | [
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169db299341b3f54bb0600e899187a6f | Great. Thanks. And then the slides highlighted the tier two U.S. to Lat Am channels.
And just help us think about as you grow in those channels, are you leveraging your existing network? What's kind of the margin profile? I mean, is it just a scale game, you just get more transactions with your agents, you just get be... | Well, the margin -- typically, tier twos have lower gross margins per transaction than Mexico and Guatemala. Think about it this way. Mexico is by far the most profitable. Guatemala's the second most profitable, and then El Salvador and Honduras are about the same sort of profitability per transaction.
But what they a... | direct | [
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80be353c788b979f58d7fdd462cf924b | Hi. This is Dan Reagan on for Joe today. I have a question how the dynamics changed in the past quarter regarding your ability to take market share in your territories? And how should we be thinking about this moving forward? | Well, we haven't changed. We continue to take market share in second quarter. If you look at the total growth to Mexico, our growth to Mexico was equal to 130% of the total growth in the industry. So what we've always talked about is that even when things slow down, we continue to grow.
We've seen now a quarter where ... | direct | [
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7b890fee3c917e8244ad5378d14ec935 | Excellent. Got it. And I just want to follow up. How is your approach to customer service evolved as of recent and how should we be thinking about it as a differentiator? | If you look over customer service in our technology, it continues to evolve in the sense that it's not a matter of lately. But we're -- this year we'll spend millions of dollars on capex for our technology, and a lot of that technology is directly related to customer service. It relates to how we take care of a wire fr... | direct | [
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6091a6d54b047e0d79b106aff64e306d | First question here, just want to make sure I heard correctly. I think you said, you expect to pay more in absolute compensation, but a lower comp ratio. So I guess that would imply an expectation for revenue growth on the year unless I misheard something in that comment. I just wanted to make sure that I kind of heard... | I think that's the way the math works. Our goal is definitely to pay a higher absolute compensation, and we do aim to bring the comp ratio down further from where it had at the end of the third quarter. | direct | [
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127747cfe993674bfbf05a6c9bcf935e | And then in terms of kind of the financial sponsor initiatives, Scott, can you maybe talk a little bit more about what you guys are doing there? Obviously, we see kind of this opportunity that's only grown in the market and sponsors are playing a bigger and bigger role. And particularly, as you guys have kind of a glob... | Sure. I mean this -- I can't overstate how important this initiative is because sponsors just become an enormous part of the M&A market. And by the way, also, they hand out a lot of restructuring assignments. They do a lot of refinancing. They obviously raise new funds. So there are many, many ways in which we can serv... | direct | [
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9d0d00986aa36076fce1c404290508d4 | Maybe just one more, thinking about just the backlog progression and the build by region, you gave some good color on kind of your expectations on how the full year will shake out from a regional perspective, which is a little bit backward looking. But are you seeing areas like Europe start to maybe perk back up a litt... | Look, I think the one outlier for us this year is that we have had less deal activity in Europe. But I think we have -- I think what's important for shareholders to remember, so we're not big enough to sort of track the market. We're never going to be sort of the index fund where the market goes up 25% and we go up 25%... | direct | [
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0eea7c9651a027e89c42112acb00024f | Yeah. Its good. So I just wanted to hear a little bit more about the quarter. Could you just give us a little bit of -- a little more insight into the key strengths there? And then your comment on the fourth quarter as it relates to the comp ratio is certainly really upbeat. So I'd also just like to hear a little bit m... | Sure. Absolutely. I think the answer to a little more color on the third quarter and also a little more color maybe on the fourth quarter and beyond, I think is sort of the same point, I think, can answer both, which is that -- we're -- this is a year for us that's characterized by smaller transactions. We don't have a... | intermediate | [
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c112650d32245951c8cf21a41ec1522b | Thanks for that. Yes. That's helpful to understand what's really going on underneath the surface. So Scott, one thing -- certainly, impressed with the pace of share buybacks in the quarter that was certainly above what we were expecting. And I see that your basic share count has come down nicely, but your diluted share... | No, it's all that really. It's the fact that when you're in a loss position, you end up focusing on basic shares outstanding. And when you're in a profit position, you focus, as most companies do and we normally do, on the diluted number. So if you look at our diluted number over time, it's very consistent. Obviously, ... | direct | [
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144d4cdd4f0cfaa977763add9342ee91 | So you've historically had one of the strongest cross-border practices out there. So I'm curious how supply chain disruption is featuring in your client dialogues? And then how would you contrast the cross-border versus in-market M&A in both the U.S. and Europe? | First of all, I would say, absolutely, that has been an enormous strength of our firm. We have five offices each in Asia Pacific, Europe and the U.S. We have a very collegial culture and people work together extremely well across borders and cross-border deals. So that has been a strength. I think kind of for the same ... | intermediate | [
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fcf971cf1b5d3061cd4242b0b0f1ae32 | Okay. That makes a lot of sense. And then we've talked about, obviously, one of the macro risks to M&A in terms of supply chain disruptions. But one of the issues we've heard from peers is that there's this micro bottleneck in terms of service providers, specifically lawyers and accountants hitting capacity constraints... | Yes, I agree that supply chain disruption generally in the economy is not a big problem for us. I mean that's a bit of a high-class problem in some ways that corporations are making such great profits and that drives more deal activity. And if they're running out of certain supplies, that's probably something that gets... | direct | [
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cb6431d62b477d5515f34934acaecb3f | Absolutely. That makes a lot of sense. And then my last one is just if you could just sort of characterize the restructuring environment you're seeing today? Has it picked up at all off the lows? Or is it continue -- does it continue to sort of remain quite muted? | I think restructuring has remain quite muted. I think I was certainly one of the early people saying this very early this year. Already the last year, of course, it was a restructuring boom, and there were a lot of deals that carried over that got -- carry into this year and got done in most cases, probably earlier in ... | direct | [
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7ed23651f642e2daaa53f6914c3c5a4c | Can you provide further color on what drove the sequential decline in daily active users this quarter? | Certainly. The sequential decline in daily active users (DAUs) this quarter was primarily driven by a combination of factors. First, we saw some seasonality effects, which is typical for Q1. Additionally, we experienced slightly lower engagement in some of our key markets due to increased competition and changes in use... | direct | [
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4d5bd8e88234023f70bda7d4b81aa6a2 | How do you see the current macroeconomic environment impacting ad spending on your platform for the rest of the year? | Great question. The macroeconomic environment remains uncertain, and we're seeing varied impacts across different advertiser segments. Some industries, particularly in the tech and finance sectors, have pulled back on spending. However, we're seeing resilience in categories like CPG and entertainment. Overall, we're ca... | direct | [
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24141192955f9ed5d22cc593e0c9b553 | Can you elaborate on the progress of your AI initiatives and how they're expected to impact user engagement and monetization? | Absolutely. Our AI initiatives are progressing well and we're excited about their potential impact. We've been investing heavily in machine learning to improve content recommendations, which has already led to increased time spent on the platform and higher engagement rates. On the monetization front, we're using AI to... | direct | [
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964a667c5a705ad0a03f97ea7831101e | What are your plans for international expansion in the next 12-18 months? | Our international expansion strategy remains a key focus for us. Over the next 12-18 months, we're planning to increase our presence in several high-growth markets, particularly in Southeast Asia and Latin America. We're investing in localization efforts, including content partnerships and language support. Additionall... | direct | [
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574ae95777407fcd78cd088dcaa81a71 | Could you provide an update on your cost-cutting initiatives and their impact on margins? | Certainly. We've been focused on optimizing our cost structure over the past few quarters, and I'm pleased to report that these initiatives are showing positive results. We've streamlined our organizational structure, reduced redundancies, and improved operational efficiencies across the board. Specifically, we've seen... | direct | [
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daa22286bc88923054d9a9a9cfcf8cc9 | Could you maybe directionally give us some ideas on the durability of vaso in the back end of the year and how Pemfexy should be growing in the second half of the year? | Yeah. Thanks, Tim. Yeah. Look, good question. And I will tell is -- we don't have complete visibility to that. There's a lot of factors that go into these markets. Obviously, the first half is going to be very strong for the company because we have the exclusivity period. The second half of the year is actually going t... | intermediate | [
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ae0abe0b83a01a80393cd455923e12ea | Maybe as you're looking at business development, can you just talk to us about how you're assessing targets? You mentioned in your commentary that you're looking to avoid clinical risk. Does that mean marketed products or does that mean maybe development-stage assets, which you think have minimal clinical risk? And his... | Thanks, Tim. All good questions. It's -- let me try to take it as best as we can. But what we're finding is, as I mentioned in the script, that this is probably a wonderful time historically to be in an acquisition mode. We have cash. We have an unused balance sheet. We have plenty of opportunity to acquire. At the sam... | direct | [
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01c426e55fc6ca74e44c8db89321c9b9 | Scott, your comment on sort of much having to do with COVID, right? Can you just elaborate there? And just in terms of it, are you thinking about given the increased usage we saw in vaso with COVID, net-net are COVID outbreaks a positive for Eagle this year, just on the back of vaso or sort of given Pemfexy and the res... | Thanks, Brandon. Boy, I'll tell you what I don't know the answer to the COVID question, right? It's been a drag in our earnings for the last two years as chemotherapy visits have been down and the Belrapzo and Bendeka numbers have probably been suppressed over the last two years because of that. Now we launched vaso, w... | intermediate | [
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bc55d7ec29c73ecf45b0a270186db816 | You obviously have tremendous financial flexibility at this stage, but it sounded like you're looking at, I guess, tuck-in acquisitions initially. Is that a correct characterization? Or should we just think about that you're going to be opportunistic in the valuation environment and it could go either way on business d... | Yeah. Thanks, Brandon. I would say that right now, we are being opportunistic in finding many opportunities. It's just -- we're running a company. Everyone on the call is investors. It's an unusual situation right now. The fact that we were so prudent over the years and how we managed our cash and our balance sheet, it... | intermediate | [
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60a8702bae993488ae4b8ec1fcf1bc1a | So on Vasopressin, I wanted to drill down on your thought process regarding sales for the exclusivity period. I guess the question here is, can you elaborate on where you think your share of the market is going to trend? Or are you -- and then secondly, are you thinking about strong sales in the context of the COVID en... | Yeah. You're welcome. David let's take this one at a time. But let's go to the last one. Let's go to Bendeka. First and foremost, this is a therapeutic alternative. We are not getting generic competition for Bendeka. We have done extremely well in the courts with Bendeka. We have numerous patents that go out to 30. We'... | intermediate | [
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d029c131077a22c47922f34fb15130b0 | Hey, guys. Good morning. I Just wanted to cover the 2019 outlook at the start. So you're taking $200 million out of revenue at the midpoint holding the EBITDA guide. I guess, just noted the actions that you have referenced in the prepared remarks about incremental facility closures and everything. I guess, what actions... | Yes, Matt, this is Jeff. Operator, let's head we are very confident as to launch these new programs that our margins are higher on the new ones than most of the ones that they have replaced. So I think that's a level of confidence that we have there. In addition, there were many actions that we were taking last year, s... | direct | [
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9c7add18231d977396752f1d81319828 | OK, fair enough. And I guess it looks like your holding the cash restructuring guide. And I think you'd already spent roughly $18 million in Q1. So you're already pretty much midpoint of that. But you guys did highlight some incremental flank closures in China and pulling forward some stuff in North America. So are we ... | Yes, Matt, it's Jon. When we said that range, we left in about $10 million wide because we thought there might be additional cash coming in for this year, or should I say, out going this year. You're exactly right, it's closer to probably to the top end of that range as we put forward those other actions into 2019. | direct | [
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93abaaf5b4b1c0d7ec844026b8475296 | OK. And then last one. I mean, your balance sheet obviously is not a major issue here, but when we think about sort of net leverage in the two times range and some sustained choppiness in sort of the global cycle. I guess, how do we think about use of proceeds from the AVS business? Is the prudent move to deploy all of... | Hey Matt, it's Jon again. I'll go first and then I can turn it over to Jeff for additional comments. I think the prudent move initially some debt pay downs. If you go back to the acquisitions we did in Q3 and Q4 of last year, we did tap on our ADL facility to the tune of about $75 million collectively to do those thing... | direct | [
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286395898126657a1d87c6a1286bd1b1 | Thanks. Good morning, everyone. Jon, on that Slide 8, when you go through the bridge analysis, there are a couple of things. First off, on the volume and mix impact on revenue and adjusted EBITDA. And so I think, if my numbers are right, it was roughly $25 million in Q3, $50 million in Q4, and now it looks closer to $6... | Yes. When you do the math, the close to 57-some percent seems to be unusual. Mike, I agree with your conclusions there. And so there's both price and the volume affect in those numbers. But if you break it down by region, I think it'll be helpful. And the Europe and Asia stories are very, very similar, that's what we h... | intermediate | [
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6194c356a56630dafdf9e139fcd40a58 | OK. Does that start to soften? Or does that start to -- the impact -- your commercial negotiations start to kick in for the benefit of the year commercial negotiations into Q2, right? | They're starting to take root in Q1. And yes, you are right, they'll ramp up as the year progresses. | direct | [
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679200c452a815b709d0cfb6d38ecf48 | OK. So as we look forward? So even if we have the impact on that adjusted EBITDA should decline or should lessen as we get through the year? | Yes. Like as Jeff said as well, as we launched our new product portfolio later on the year, those incremental margins will help the rate as well. But I do want to offer, Mike. In my prepared remarks, I alluded to North America being the most significant driver there. So I did want to add some color there. | direct | [
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d11dcfd2241b3eaea3723355f14cd8e7 | A lot of that's changeover, right? | A lot of that is absolutely changeover, but there's also some programs that are balancing out. And as business is launched, the new products there, namely the Fortrex platform on the Explorer, and the back half of the year, we will see margin improvement as well. | direct | [
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dcce1f16da6c2816a34d8c0a96fb636a | OK. Also on that chart, if the acquisition impacted $55 million, but I don't see any corresponding impact on adjusted EBITDA. Is it insignificant? Is it that what that means? | As of now, the year-on-year effect is below our overall long-term automotive business range there, Mike. So the $55 million in revenue, call it around 10% pull-through on that. So that's just included net in the volume and mix number there. | intermediate | [
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"fully_evasive"
] | B |
7f4beab67743afd7ce433ea39a41a549 | OK. And just lastly, you alluded to SG&A cost and you said the three items that had the impact inflation and then the acquired businesses and it looks like -- is that what that $9 million prototype tooling? Is that what is in that SG&A? | Part of that is. The engineering portion is there. There is also -- as we build up the applied material science business infrastructure there, there are some incremental year-over-year SG&A related to that as well. But like as Jeff said, the new acquired businesses as we find the synergies that were in this case, when ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
03ef7fba3022ed23b9f14b36df939b56 | OK. If I can ask you one question on the award with the Chinese sportswear manufacturers. Is that a contract manufacturer or is that a brand name? | Yes, Mike, this is Jeff Edwards. With Jeff DeBest here, I have him if there were questions on the details, which we appreciate you asking, he'll give you just a bit of overview here on what that is. And so, I will turn the call back over to Jeff DeBest. Yes, Mike, thanks for the question. Yes. It's a brand. It's a reco... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
94abeee2399851ffce797ed1c00a89ea | OK. Could it be a U.S.-based company that has the material produced in China? Is that what it is? | No. It's not. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b80c726df21bc4a186dec266a51dbd3d | So it's a Chinese -- China-based company that is the manufacturer in [Inaudible]? | That's correct. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
500a51dfc9b4c296553bbbc207a47de9 | I guess maybe to start, acquisition costs have been pretty advantageous for you. Can you just talk about your outlook for '22, and purchase pricing of tree nuts for the year, and your thought process around it? | Sure. So, as we pointed out in the last few quarters, we've seen some significantly low commodity acquisition costs. I'd say probably in about all cases, they dipped below historical averages. Looking forward at new crop, and we don't have complete visibility on that yet, but in most cases, we think many of those costs... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b9b6958d6df579c9a052356526e45c8c | I guess just thinking about very successful on the consumer side, can you just talk about the opportunities for growth when you look out to '22 both on the private label and the branded sides where your opportunities are? | Sure. Chris, this is Jeff. Thanks for the question. So, really fiscal '22 opportunities, looking at private brands first, focusing on our key partners. There's still opportunities to build and work with them on expanding their private brand programs. And we touched on the trail mix segment, which continues to grow, esp... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6c93414ee3ecf1f1c628ffcd6b32cdb5 | I guess just thinking about the investment you're making, both in personnel, but also the consumer research, what are your early signs that the kind of indications of the opportunity there? Can you maybe just expand on what you're seeing? I know it's still early stage, but... | Yes. So, I touched on a little bit about the millennials and the Gen Zs and their consumption behavior, it's one of the first insights that we've seen. Also, the investment in the consumer insights allows us to find other gaps. And we've talked a lot about expanding consumption, looking at alternative channels and we t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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