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dd45d0e178019866c0f5a0869a776c6c | Just wanted to clarify a couple of points relating to the efficacy outcome measures in the 458 trial. My understanding is that some of these outcome measures are specifically evaluating psychiatric domain, including suicidality. Can you talk a little bit about those in the context of the PDD and LDB indications, as wel... | So, that specific measure, Ram, is really being included more as a safety measure. So, it is very important in that study to assess safety and tolerability. The key outcomes that we're looking at for efficacy are the specific neurocognitive tests that we talked about a little bit, directed toward the three cognition do... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
31bdb8480fa9e19c338b42f76ecc21c8 | And then, with respect to the CAPS-5 measure, assuming that you see a significant impact on that particular efficacy measurement, what do you think the read-through might be for utilization of 783 in other stress-related disorders? How readily extrapolable, if you will, might see an impact on the CAPS-5 measured? | I mean, it's a difficult question to answer because the CAPS-5 is clearly an instrument specifically developed for PTSD. It essentially obviously contains the diagnostic criteria for PTSD. So it's a little difficult to comment on that, I think, and particularly because the pattern of response in different questions may... | intermediate | [
"direct",
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"fully_evasive"
] | B |
beefdff686766b2e5f373249d156fe3f | On the Infusion Systems side, you did mention some stocking on pumps related to COVID-19. I apologize if I missed this, but did you quantify the amount? | We did not quantify the amount, Jayson. But I would say that the amount of business we did with kind of governments in some of the stockpiles was probably about 35% to 40% of our overage in pumps, a number like that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
05c7279d056e367135015d3ad3417808 | Okay. And just to baseline the overage, is that off of what level? | I mean, each quarter, historically, we've sold somewhere between $15 million, $20 million of hardware a quarter in our infusion business. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
33a359fa506de438eef0e8e27454fc13 | On the -- just I guess actually maybe on the pump side, you had talked earlier in the year about some competitive wins from late last year. Have you been able to recognize any revenue from those installs and then generally can you talk about visibility into the pipeline of capital installations? | Sure. In Q1, we did install some. We did get some of those things rolled into Q1. We did not get a lot of competitive installations in Q2. Things are slower and delayed. We are -- as I said in the script, we are holding a number of them and we are hoping to get them installed, but it is really hard because in different... | intermediate | [
"direct",
"intermediate",
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] | B |
9d576023a362020a58331faeaaec1b2e | Okay. Okay. On the consumables side, I think you said oncology grew near 15% worldwide, but the US didn't grow which implies a pretty strong international. Is that true demand, is there a pull-forward there? I am just a little surprised at how strong international was on the oncology side. | Candidly, we are probably a little back ordered because we were short on supply. Remember we talked about late last year it only really started resolving itself toward the end of last year. It was probably a little bit of catch-up in there. It was a very strong number, probably higher than we would expect. On the other... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
302e40cae1e0a7d8757ec4a637edb0f1 | The fundamentals and drivers are still in place for -- to support US market adoption within oncology, correct? This is just a COVID-related lag? | I mean it's hard to know. We didn't really see this as an elective category. I mean, we've been looking at the other folks trying to get screening going again and some of the advocacy work that's going on. Yeah, it sounds generic, but there is probably some deferral of diagnosis and less people coming to the system, et... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bdd84420d047ba11200ba8805aa78d8f | Okay. And did I hear you correctly on the consumables side? I think you mentioned new pieces of new business over the last few weeks, which I assume the last few weeks weren't realized in the June quarter. | No, there has been a few things. We couldn't get in to do installs. We finally had the ability to do that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
41bfe7b508115a8a8237f62bf1060d43 | Just lastly on the Grifols announcement. When are they expecting approval for the Dextrose IV solutions? And then can you just help us size the US market? | Yeah. I don't think we'd want to comment on somebody else's approval cycle other than they've been working on it and are working on it. I don't know the exact number, but I would say in the US market less than 20% of all IV solutions, maybe less than 15% are PVC free. But it's important in certain clinical areas and it... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
30e50c828121a6839d35549dfd644ad4 | On the overage, I guess you mentioned 35%, 40% is sort of government stockpiling. So if we could assume that those products, I mean, they may be utilized initially, but in theory you may not get to dedicated disposals -- disposables on those, but the remaining, whatever that may be, 10%, 12% those should start to flow ... | Yeah, I think that is our view, Larry. What's hard to say is, if it was stuff on the margin that people need to -- is it going to be running at the exact same rate as a typical pump is running. So it will likely be utilized, but it may be -- it may not be running at the $x00 [Phonetic] that we typically expect per year... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cf09a71efc91ada498d472ab7f0adf1a | And on the implementations, I realize the challenge you guys are having, how much is getting into hospitals, talking to -- sales pitching as many of [Phonetic] these contracts are coming up on the solutions side. And then just selling now that you have capacity on the oncology side, it sounds like internationally that'... | I think everybody is adapting and so the hospital customers are also adapting to the online world, though they too are a bit zoomed out like the rest of us. I think in certain parts of the country on-site discussions are happening. Again though, I would say it is still 25% of the calls if that -- right, we'd be happy i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1a96e18151a6896d6b97707915019a87 | And then just on hospital utilization census, you mentioned obviously April-May was tough. June you've come back a good amount and then July has come back even more. And I think that's what we've kind of heard from just general hospital utilization commentary. Sort of, I mean can you ballpark, again, that 10% number? I... | Well, I mean, I think, at least relative to our results and our kind of stuff, we call -- recent baseline, like forget Q1, just what was Q4 or something like that. We were down for the quarter, kind of, on the consumables items, 10% from baseline. We said July is a little -- and that's sort of -- and June was better th... | intermediate | [
"direct",
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"fully_evasive"
] | B |
b159cca956d9f6c3f2ffa5fe74099dcb | Just on the expense run rate, you sort of gave us some guidance on the gross margin. SG&A, I think we're looking for a little bit -- a little bit higher, more of a flattish sequentially and it came down a little bit. Maybe, Brian, I don't know if you have any thoughts on sort of -- is this sort of a good number with a ... | Yeah, I mean I think for the rest of the year we will see this probably creep up a little bit, maybe not to the same level that we saw in Q1, but Q2 is probably the low point for the year on SG&A. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e3f6582b72a611f880a8a8dcc0c811b8 | Greta. Hey, so just on the guidance, pretty clear 2Q and 3Q, seem like you are much more comfortable around where those quarters have come in. Just thinking about your model, what does that say about what you're thinking about the end of the third quarter, into the fourth quarter? | Like, is there going to be school in the fall. It's hard to -- it's hard to know right now. I mean, I think our customers sincerely want to be busy. They're really trying. And in terms of patient recruitment and getting full and getting people to ER and getting awareness up, I think everybody is trying to do the right ... | intermediate | [
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] | B |
f7466860850b48cce51d23353d07be60 | I think that's fair. And then you guys have really gone from one abnormal event to just an even bigger abnormal event from year-over-year. The last one had implications that became headwinds for several quarters afterwards around manufacturing absorption and supply chain cost. Where are -- have you now fully annualized... | Yeah, I think in the short term, and I know you asked about 2021 there, in the short term it's about some of the extra costs we put into the factories. It's right thing to do. We do it again. Those kind of now cut into the product costing. It's about how much hardware we place that's still NPV positive but could be a d... | intermediate | [
"direct",
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"fully_evasive"
] | B |
82f118e2c8e325787bd4939d496db6d5 | Okay. And on Pfizer, I mean does or could that dispute impact some of your other manufacturing agreements with them? | We don't think so. We think it's very separate -- very separate discussion. | direct | [
"direct",
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] | A |
a5023eb67d01ce01614c9dfb8c0996a8 | Can you remind us what was the drastic recovery period assumption in the last MVP? I guess for the competitors, it was three years give or take. But I just want to confirm what was the traffic recovery for you? And from the recent data that we have seen regarding traffic, do you believe that there is some upside to rec... | First, in terms of what we originally expect for the recovery, we saw that we will have the same amount of passengers that we used to have in 2019, for the 2024, for the end of this period of five years. Today, with all the news -- with the great news of additional fleets from the Mexican companies, and also the new op... | intermediate | [
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] | B |
1d869fdeb0eeac9699792b0faec53d4d | Interjet was a relevant airline for GAP in some way, but the airline has stated now that they are intending to restart operations by the year end, although they are starting a formal Chapter 11 process. So have you had any discussions with them to restart operations in GAP's airports? | I will say that first just for everybody in the peak time of operation of Interjet, they used to have around 10% of the total share of passengers on GAP. Really important to mention that all the routes that Interjet used to operate were routes where more than one competitor operates also. So Interjet didn't have any ex... | intermediate | [
"direct",
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] | B |
64ebc8676c567a911d394016ecd34f96 | My first question is on the tariff strategy that you have for this year. Are you already planning to be very close to the maximum tariff or what's the pace of the increase that we might see in the next couple of years, in this year for instance? And my second question is kind of a follow-up to Alejandro's questions on ... | The first part related with the maximum tariff, we expect that in this year, quarter-by-quarter in some way gradually we will be closer to the fulfillment, the 100% fulfillment of the tariff. We expect that on the last quarter of the year, as soon as the international traffic begins to have a more clear recovery, we ex... | direct | [
"direct",
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] | A |
f4a128d7e2c1411ffa2e84fab85e744b | Do you have a sense of like those additional partners will be more leisure driven or VFR driven just to get a sense of the potential commercial revenues increase there? | I will say that we have one of the things that we are seeing clearly is an important pick in terms of the leisure markets. I believe what we are seeing in Cabos from Southern California -- South California and Texas is really very interesting. Also, we have some new routes for Los Cabos airport coming for New York with... | direct | [
"direct",
"intermediate",
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] | A |
95f2e9b8236afc5a9b622139cf6777b4 | The first one is regarding the potential rebalance in Jamaica, just wondering if there are any updates regarding the timing and the potential outcome of that negotiation? And the second one is related to the discount programs that you have been implementing to the commercial tenants and to the airlines. Just wondering ... | Well, regarding the negotiation of rebalancing with the Jamaican government, we are working. They decide to have a team to analyze our proposal. There are two different proposals, one from -- for MBJ and another for Kingston. And the idea of this is the final outcome will be at the end of this year because we will have... | intermediate | [
"direct",
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] | B |
6677fd90b0f91d1dff8fb9059fb20e54 | My first one is on your perspectives for traffic in Vallarta. I know you mentioned the strong perspectives for traffic in Tijuana on the VFR market, much more dynamic Southern California and also your leisure destinations, which I also agree that they'll perform much better once the vaccination improves, but what are y... | Perfect. There was, Rodolfo, we say that Guadalajara, as you say have really an important mix of leisure, VFRs and business. In some way, the VFRs for instance the routes to South California to Sacramento, Oakland, we are seeing a continued recovery on that. And for sure, it will be really related of how the economy of... | direct | [
"direct",
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] | A |
e1667578fb60b397ee7422ff12a05d2e | How much is Monterrey and Mexico City out of the Guadalajara traffic and do you have that number handy? | Yes, in terms -- in general terms, as I said before the pandemic, these two routes used to have between two of them less than 18%, 17% of the total domestic passengers. Though this number has changed dramatically after the COVID, we are seeing more and more seats to leisure destination -- to domestic leisure destinatio... | intermediate | [
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] | B |
4e3071970d1013da1099e277dc9c67a2 | And my second question was on the potential impacts that you can see from the outsourcing bill. I mean, you might have some of the parts of your labor that qualify as specialized. I mean, I don't know what has been your exercise or the impact that we could see from there on higher labor costs? | Well, we have done some analysis about this potential effect. Obviously, it is a new rule about the net profit sharing for the employees, the amount that could be affecting our resources around MXN60 million, MXN70 million. We are in the process of analyzing these and the effect is not very relevant. We in terms of our... | direct | [
"direct",
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] | A |
9f866bae5a3c6ef131d63a57ae0b2f98 | Just a quick one here on growth planning into the recovery. Aside from the airport there in Barbados, are you considering any other acquisitions? And any thoughts on specific regions perhaps that look most attractive. | No, we don't have any opportunity right now that we are reviewing. All we have to say, we are expecting about what happened with Barbados, But for sure, I think that in the coming months or even years, we're going to have some additional clarity about the region that we will like to continue exploring is related mainly... | direct | [
"direct",
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] | A |
dad65b3e655ad1d473bccf988cdec257 | I just have a few questions on the MVP [Phonetic] investment. So, how is the construction of the second runway of Guadalajara? When should this be ready? And how does this couple with your expectation of traffic recovery? And also if there will be [Indecipherable] investment channels to commercial spaces? And if this c... | In terms of the runway, the second runway of Guadalajara, we just begin the workings of the -- to the work on that area to develop the second runway. We expect to have ready this infrastructure for 2023. I mean, it's really harder construction because it's just outside of the runway of Guadalajara airport. So, we have ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
eb6fdd8a6376fea8fac5f40283744390 | First question, I wanted to ask you guys around scale at BlackRock in relation to the margin guidance that you guys provided for 2021. I guess, given the strong exit on the revenue front, this implies a pretty healthy pickup in spending. I know you talked about some specific areas, like technology and market data, but ... | Thanks, Alex. It's Gary. Happy New Year. I'll take the first swipe at that and then let others chime in.
So look, our performance in 2020 clearly reflects, as we've talked about at length, a strategic commitment to investing responsibly in our business across market cycles. And our margin of the year, up 120-basis-poi... | intermediate | [
"direct",
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] | B |
6723c79b20f6773b0ca25385dd13cc86 | So if I look back on 2020, it's interesting, right, because rates go to zero, and there's a lot of things at play. But you had really good fixed income flows, both active and passive, and that's continuing.
I'm sure it's big picture that goes into Larry's opening remarks. As people start thinking about higher rates an... | Well, I don't have a crystal ball. So right now, the forward curve does show interest rates going up quite significantly, as high as 180, last time I looked for the 10-year. I -- we are seeing -- we believe that because, even at that rate, that is not going to change the allocation that remarkably because I do believe ... | direct | [
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] | A |
323cb48c2990dc0e396f1ee9b81558a6 | Hey, good morning, Larry. Happy New Year, and hope you guys are all doing well. Actually, it's on scale. We've all witnessed the pickup in M&A activity in the asset management industry, and many CEOs have discussed the need for distribution scale.
And since BlackRock is the largest asset manager in the world with the ... | OK. Well, I'm going to try to avoid commenting on what other firms should do. But obviously, as you know, our competitive advantage in terms of what we believe drives a lot of our value proposition is global reach, is best-in-class technology, risk management, diverse investment capabilities across the spectrum of acti... | intermediate | [
"direct",
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] | B |
b0c8f9fe5b750885aaa389cc92cfa412 | Hey, everyone, Happy New Year. Hope everyone is doing well. Thanks. Larry, I guess, a regulatory question.
It does feel like after being pretty quiet and dormant for a bunch of years, we are starting to see more talk about relooking at asset managers for their systemic risk and everything. So just kind of maybe your t... | Great question. We built BlackRock around the whole foundation of strong global capital markets. I think we have been a big beneficiary over the years by we've believed in global capital markets and the expansion of global capital markets over the last 20 years. And I think the size of our footprint and the size of the... | intermediate | [
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] | B |
a914e1cde5c626319945d7b39af81e53 | Hi. Good morning. I'm curious your views on the outlook for tax-managed investing in the aftermath of COVID and the outlook for higher personal income and investment taxes in the U.S. and abroad.
To what extent might demand here provide another catalyst for ETFs in direct indexing growth inside and outside the U.S.? A... | Well, the answer is yes, but it comes under a broader picture, and that is we are seeing increased demand for what is called personalization and customization, and that includes tax managed. It also includes ESG and includes factor preferences. And as mentioned before, wealth managers are looking to do more with fewer ... | intermediate | [
"direct",
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] | B |
84cd8d9210bd18393bb11cb8f0c5906d | Thanks, management, for taking my question. I have a question regarding your business model. So, can management elaborate a bit more on the synergy that you mentioned during your prepared remarks between the direct and the network partner models? Does the company have any preference between the two models during COVID ... | Thanks, Charlie. I will take this question. Our service network expansion has always been driven by both the direct and the network partner models. Historically, our direct operation model generally focused on the higher tier cities, while our network partner model focuses on the lower ones.
For our direct model, we w... | intermediate | [
"direct",
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] | B |
e1aa528bcb78070f2a33d43849bcf714 | Good evening, management. Thanks for taking my question. So, will management provide some color on the monthly performance in the second quarter? And by merchants categories, does management notice any of the recovery trends of different merchants, to say, such as catering, cinemas, and other spots? Thank you. | Sure. Thanks for your question. The general environment has been challenging due to continuous impact of COVID on our operation both in first and second quarter of 2022. I have to say that the second quarter so far by end of May is even worse, compared to the first quarter.
Most notably, the outbreak in Shanghai, beca... | intermediate | [
"direct",
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] | B |
75c4948b8307c1130a32d4b41c7cc263 | Thank you. Hi, Mars, Maria, and Hansen. I asked that, can you give us more insight on the competitive environment in the first half of this year? And how do we anticipate the incentive fee rate going forward into the second half? Thank you. | Thanks. I will take your questions. In terms of the competitive environment throughout 2021 and in 2022, we are seeing a general decline in competition int he direct model, as our peers within the industry continue to significantly scale down their direct operation personnel. We currently operate the largest and the mo... | intermediate | [
"direct",
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] | B |
f10e7a2002433308a18d1fa3d1101210 | Good morning. Don wondering for the first question, if you could just talk about your current view of the chip shortage and what your customers are telling you at this point in here in early March and curious within that if you think you're waiting to the trucks and SUVs in the Auto business should help to cushion the ... | Let me answer the last part first. Yes, I don't want to speak for the customers, but we do know that across the board customers are reallocating to the models that are selling for them. So we do benefit from that. But it's very difficult to project how that will work out. We said in our third quarter that it was minima... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b39b7b95916ad1462aa745c29f80e6dc | Okay, understood. Second question I had is, by my count you show about a dozen or so EV product applications on Slide 6 and 7. There are a couple maybe two or three that you'd highlight as an emerging opportunity for the company beyond what we've already know is your strengths in terms of busbars and LED Lighting is yo... | Sure. One of the ones we like, I mentioned in my prepared remarks are the charging ports. They've -- They're fairly complicated. There's actuators in them and so there's coils in them, there is connectors, there is Class A surfaces, so we're -- we don't have any awards at the moment that I can announce, but that is an ... | direct | [
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] | A |
ce8967997d89b518368992b53f07b581 | Okay. Great, thank you for that. And then last question I had is, if you could just remind us of your overall commercial vehicle exposure in industrial. And more importantly what your outlook for that business is right now based on the increase in order rates that we've seen and as build rates start to recover? | I mean we follow ACT and we look at somewhat flat, I shouldn't say that, because it is increasing in our third and fourth quarter, but we see it mid next year, continuing to go up into '23. Not sure if I would call it the peak, but I think that's where ACT has it. We tend to outpace ACT. We'll just have to see how stro... | intermediate | [
"direct",
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] | B |
205550e0cbeca6d8479786cc931448a0 | Just want to dive in, you mentioned margin expansion next fiscal year, which is helpful, directional commentary. Just curious there was a lot of headwind challenges obviously this year. But as we -- looking back, maybe to fiscal '20, EBITDA margins were close to 20%. I guess is that a reasonable baseline you mentioned ... | That requires us to get in the guidance for next year. Let me see what we can say there. We've talked about margin expansion into because of the Class 8, and so if I were to look at the industrial margins, I wouldn't -- would say we would benefit from that increase, also we have a better margin mix in some of the new p... | intermediate | [
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] | B |
60d399e78b7f2b4f74ae3b24abae95b0 | And then just on the chip shortage and maybe I missed it earlier. Did you quantify or could you quantify how much that impacted your Q4 guide? And then do you expect that to be resolved this quarter, or do you think that will linger into this -- next fiscal year? | I think it's going to linger into our Q1 of next year. We have been told that perhaps by mid calendar year it may alleviate itself, but we've also had the caution that it may go on. We did not quantify it. There's a lot of moving pieces in the quarter. That's why we gave a large range. I can tell you that, let's go fou... | intermediate | [
"direct",
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] | B |
375b050c8181e617302507d1bf8c2614 | Last one for me, I've asked this previously, but a little more directly, maybe your net cash position almost in net cash at this point. Nice debt repayment, but from the capital allocation standpoint, your stock valuation relative to earnings is lagged to peers for years. I guess, you guys are focused on acquisitions, ... | A very appropriate question. That is something that we are considering. We're now going to -- we're up [Phonetic] over $200 million in cash. Not likely to pay down much more debt, it is very inexpensive debt. There is some debt in Europe, we may repay. So now, but let me back up. We thought it was very, very important ... | intermediate | [
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] | B |
8b14cdb943ef66744c7d11ccf4d6388b | I was interested to see the cash payment out of SANAD. I think there's historically been some concern about your ability to extract cash from that. So could you help us understand, should we think of this as sort of one-time and maybe there's not going to be more of these as you start to embark on the newbuild program?... | So, Connor, thank you for the question. I think that we have not been concerned at all about the distribution of cash. I don't know where that's coming from. We've been very clear that excess cash is to be distributed. And we have a mechanism to forecast and decide whether we have excess cash or not. And the only reaso... | direct | [
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] | A |
c4f0bc328d09f5172851764c25c2e4ce | I guess the question then is if you could just update us on this sort of thinking. I mean, I guess I think you said you had three awards for contracts. Can you remind me, was it five-per-year cadence or 10-per-year cadence that there was supposed to be? And then basically, the question is, is three per year maybe a bet... | Yes. Well, I think, yes, the cadence is pro forma five per year, but obviously, Aramco has to review its own plans and its own budget allocations, and it's really up to Aramco to figure out how they want to optimize it. As William mentioned, there's three have been indicated. Only one has made it to a PO so far, but th... | intermediate | [
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] | B |
a87bd930bf525314929a6c0560a9c6b9 | Just there have been some sort of conflicting reports around offshore activity broadly in the Middle East, maybe being slow or some suspensions out there. It seems like you have a lot of confidence that your activity is going to be trending higher. I guess can you confirm that? And then just one other question, which i... | Well, with respect to Aramco in particular, the contract is -- the pricing is actually determined by the contract. So as I said, these contracts are full payout contracts, so we don't really have that kind of concern. I think the concern will be Aramco has to decide whether these newbuilds make sense in the overall pla... | direct | [
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] | A |
d3baf63033f32abaef6c7c0a1eb4fa46 | You've outlined a lot of good work that you've done on your balance sheet over the last year or so. I think when folks take a look at it now and you have a little bit of that increase in liquidity available to you from SANAD, you do have a clearer runway ahead of you. But when you think about the revolver, I'd be inter... | Karl, yes, you've basically hit it on the nail. I do think our liquidity is not really an issue. At this point, we've done a lot to address that. As I mentioned before, we've cut our near-term maturities in our notes by $1.5 billion, and we certainly only have about $86 million worth of maturities in 2021. And the next... | direct | [
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997ba061e4907e7d3b5213427c23f4e6 | Maybe in the Lower 48, I guess, I think you have about 110 super spec rigs. Your market share has lagged a bit in the last couple of quarters or certainly the guidance for 1Q. Just curious if that's driven by higher pricing discipline versus peers and whether you expect that to flip as we go through the rest of 2021. I... | You know, obviously, our priority is not share growth but profitable growth. And I think I would note that our daily margins and our revenue per rig are higher than our peers. And if you add NDS content, it's higher still. So what we're interested in is profitable growth and showing that discipline. I would note that t... | intermediate | [
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a931093b6f4b87641416a57a997a7aef | As you mentioned, the guidance for $8,500 a day. Just curious if you could give a little color on maybe the mix of pre-COVID rigs in that and how leading-edge now compares to that guidance in 1Q if there's going to be a further decline expected in 2Q and maybe just some sense of the magnitude. | Sure. So obviously, our average day rate this last quarter was about $21,000. I think in the last call we said that we're seeing rates in the high teens. I think the good news is, given what I just said about rig count, is we are starting to see the trend of crossing the $20,000 threshold in terms of pricing. So the ga... | intermediate | [
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ef27f2b8a21785abe09431b65693a231 | So maybe first just a follow on to that discussion but thinking about potential sensitivity in terms of activity in the back half of the year. In the Lower 48, I think one of the big open questions as how your customers will react later this year if oil prices can hold near current levels. So what's your expectation in... | So if I knew the answer to that question accurately, I'll play the futures market, and I'll quit my job, OK? I mean, yes, like I said, the party line thus far from the Tier 1 customers is to abide by the commitment to people making their free cash flow. And therefore, the census that we've taken for whatever value you ... | intermediate | [
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3c7039cb4e7fdcc05ba902afbacaaa68 | Last quarter, you guided $21 million free cash, if I recall correctly, to be in the tens of millions or, I guess, to be interpreted anywhere between $10 million and $99 million. So in William's comments earlier, he noted the slip of some collections in 4Q. It sounds like those are being recouped in the first quarter. S... | So I'll give you an updated guide. I mean, I think I'm comfortable doing that based on the strength of our performance, Sean. I'm usually a company's harshest critic, even harsher than you if you'll believe that. I mean, at least I'm accused of that. But this quarter and this year, I really have very little things to c... | direct | [
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8b632d9357e4cc2e7ef5beb15d5197e7 | Maybe we can start with the Building Products segment. I want to hit on the growth rate a little bit more. I don't think there has been many building product categories to put up that level of growth in either the fourth quarter or in their outlook for the first quarter. Can you kind of just talk about what you guys ar... | Yeah Reuben. I think it's a combination. I'd start with -- the cycle is encouraging. We're continue to -- the demographics well noted, millennials are home buying, inventory is low, rates are low, consumer net worth is pretty strong. So we're benefiting there. The secular trends are supporting the nesting, deurbanizati... | direct | [
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f0e14426df87d64262eaa88a6aaa379c | We've noticed Google trends for fireplaces has kind of gone through the roof here in recent weeks and months, I think at record levels. Can you, I guess two-part question. One, in the past when we've seen waves of cold weather and energy costs rising, it's been a benefit to part of your business. Are you guys already k... | Yeah, sure Reuben. The weather is certainly helpful, but if you -- the product category you're alluding to, that really responds well to cold weather is actually not growing as fast as the other product lines right now. So I'm sure the weather has triggered people to think about a fireplace, but it's not the thing that... | direct | [
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57af44d4adca4221182986196e38c279 | And then shifting over to the Workplace business, certainly bouncing back I think quicker than we had anticipated. Can you kind of parse out the small business. You mentioned the smaller customer, smaller office, is it looking. I guess from a geographical perspective, are you guys benefiting from your presence in some ... | Yeah, I think, some or both. I think our positioning with -- in the channel and in some of the markets we're in, we're definitely benefiting. I think smaller businesses are more active. Small, medium businesses are more active. The deurbanization trends are starting to kick in. We're getting some interest in satellite ... | direct | [
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dd04825ef72c9e6daa2f0f432725c5e3 | And then if I could sneak one more in, the Design Public Group acquisition, pretty interesting. It seems like it can help you guys across a number of different sort of categories that you're looking for. Can you -- any way to quantify what the business is today and maybe what the targets are as you look out into the ne... | Yeah, I mean for the year Reuben, we're expecting it add about $36 million to $38 million of revenue. So that's kind of how big it is. Its on a pretty high growth trajectory. So we expect it to be larger than we move forward in other areas. | intermediate | [
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3e3c7a1dbbea103587137945014af479 | Maybe I'll start with the resi segment supply chain challenges. Are supply chain challenges slowing down the time from orders being placed to orders being fulfilled? Maybe what are you doing to manage or mitigate this dynamic? And the time frame, is there any projected time frame of the issues alleviating maybe in the ... | Yeah, Steven, in general, we're holding our own in the Residential Building Products segment in terms of -- demand is certainly very strong. The supply chains are stressed a bit, but we are not seeing any major disruptions there. We're basically able to keep up with it. Particularly, new construction side, it's basical... | intermediate | [
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e915746883531cc7e362f21e0c7b50d7 | Excellent. Okay. And then on resi, investment spending up, to take advantage is of kind of that arbitrage of intention to purchase and actual purchasing, maybe you did a meaningful dollar increase in 2021 to continue to capture that opportunity. And then secondly, investment for M&A as you continue to acquire dealers. ... | Yeah, on the operating expense side, Stephen, we are continuing to invest or ramp-up investments, especially in the Residential Building Products segment. We expect that $68 million of investment to the P&L this year, so it's about double what we had last year in these efforts to connect with the homebuyer and the home... | intermediate | [
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8b3d9b37712b11fbbdf7f682c89cc2cf | Okay, great. And then taking on workplace e-commerce demand. Is work-from-home still the main driver of e-commerce demand? Do you expect that to still be the case as things play out? Or do you think more contract-type office demand will support the e-commerce channel in a more meaningful way going forward? | Yeah, I think that work-from-home is clearly still I think in the early innings. What I would tell you up to this point, though -- we've got a pretty large position in the gaming segment, so call out, I don't know if its work-from home, it's from home, a lot of it, but it's not probably work-from-home, although maybe i... | intermediate | [
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ee004f4d781ffdcbf45860b209a57b16 | Can you just highlight or touch upon anything that you're seeing that gives you the optimism or confidence in that kind of broader reopening of the workplace as we get to the middle part of the second half of this year. | Yeah, you know, Greg, that's -- we are seeing some uptick in activity. I would say would be the bid RFP requests. The conversations are starting to ramp-up. I mean it's early, for sure. But that gives us, it's -- you go back three months or even four months ago, the levels are higher than they were. And so we're -- we ... | direct | [
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61a54434a596958774ef2f71f29ded72 | Okay. And obviously, a lot of moving pieces on the cost side of the equation. How much avoided cost do you expect to come back in, do you know in '21? And maybe if you just -- you get the nice guide post for the first quarter. But when we think about the full year, how should we think about incremental margins or the p... | Yeah, Greg, last year in 2020, we reduced our cost by approximately $90 million. And of that $90 million, about $18 million of it had due to temporary measures, salary reductions and furloughs were the main contributors there. So that $18 million will come back. But there is multiple moving parts. So its not the only s... | intermediate | [
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4822d433ad6568029dff54da350d3160 | Okay. All right, thanks. And then what is the split of revenue in the Residential Building Products between new construction and residential remodel? | Its approximately evenly split between the two. | direct | [
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f5c7b82977ed45669ad1edf5366906d8 | Guys, got just a couple quick follow-ups. Marshall, you mentioned price cost would maybe be a drag in the first quarter. Can you quantify that? And then do your pricing actions and your cost initiatives, assuming the current levels of inflation kind of persist, do they get you back to neutral starting in the second qua... | Yeah, Reuben. We are -- I'm seeing these rapid increases, especially steel will be double what it was last August, actually more than that. So we're going to see some negative price cost in the first quarter and by the second half, our pricing actions and our cost initiatives will be in place, so we roughly neutral our... | intermediate | [
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d72ff93f188d08268a35e57da8069deb | Okay. And then a follow-up to Greg's full year incremental margin or margin outlook. So a lot of those puts and takes come out to neutral. Does that mean whatever kind of volume growth we think that the business is going to have we would apply kind of normal contribution margins, maybe less the price cost pressures tha... | Reuben that's a reasonable assumption. I would point out to you that over the long-term our goal is to expand margins in Workplace Furnishings. Many are depending on the volume situation that will hopefully begin in 2021. In Residential Building Products, our goal is so much to expand margin there. We talked about the ... | direct | [
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25ce6f76bf9d57fe1bb21a2529d69e32 | Hi. I don't know what that was, but good afternoon for Corey. I was curious, first of all, could you perhaps tell us where your lease negotiations are going and what you think ultimately may happen there? And then secondly, I'm curious, when did you open the first, I don't know, handful or tranche of stores? And is the... | We are talking about our discussions on our current lease stores. Right. Yes. We are having just good discussions with the various landlords and like in most other businesses, there are some abatements taking place, some reductions taking place. And I think we're making good progress. It's important. But as also, as Co... | intermediate | [
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d1b6ae6e790028b70d29a7bc757a5246 | And then stores. When did you open your first, I don't know, 10, 15, 20 stores? And is there any color on the ramp since you did that? | We closed almost all of them toward -- even in March, almost, all of them were closed. And now we are starting to open them up, in fact, even today. But every day, we are hearing of states which are allowing stores to open up as long as they're done safely and distance is maintained. And what we have done also is we ha... | intermediate | [
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594acac24b254ef2f434b805d2cce16f | OK. And my last question is you mentioned, Corey, that you've enough cash to run for 12 months. Any parameters around the scenarios you ran that make you comfortable? I mean, is there a percentage of sales decline, for example, worst-case that you could share that you still have the cash to operate for 12 months? | Yes. John, we use very conservative numbers. And we've actually ran a few different scenarios and with very, very low based upon the kind of a worst-case scenario based upon the immediate drop-off in business that we saw after March 19 when we closed all our locations. So it was in a very slow ramp-up to business going... | intermediate | [
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977ab7df20467745083150c7fef8541b | And, Farooq, I'm sorry, you did, on April, where you were 35% of last year's business. Did you get better toward the end of the month, adjusting to the virtual world and working online with the stores closed? Was there any improvement in that downtrend through the month? | It did improve toward the end look at because of the fact, our e-commerce, for instance, increased by 215%. But the reason we don't do give a lot of -- put a lot of emphasis on that is all the business of this 35% was done through technology. At the end of the day, these were our folks out of our meeting our designers.... | direct | [
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f7027b1918d0e302c998a0998cadcf94 | This is Andrew on for Brad. I wanted to ask, given this changing environment we're in, has your strategy behind the membership model changed at all? And we were wondering if you could give us a sense for how you're thinking about non-membership model promotions during this time as well? | Well, it's a very important question. This crisis what's coming along, of course, when we saw it happening in China, we started happening in overseas. So we decided that we would for the time being hold up the membership program. And in March, we took it out so that people would be able to purchase our products without... | direct | [
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5c9ca4e12cbf03fbd5aa17c365dc137c | Understood. And then it's also good to hear that the contract sales continue to grow throughout the quarter. But going forward, how do you expect the pandemic and the changing environment to potentially impact your contract business? | Well, our government contract business at this stage is holding up. I think that there is -- all over the world, people have somewhat slowed down, but they're not slowed down in terms of their needs. People are placing orders a little slowly, but what we hear is that they will continue to do that. And generally speakin... | direct | [
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a8e3dc5c4131ea4fde672a50a863970a | Gotcha. And then I guess the last question for me. I wanted to ask, given the changing consumer environment, have you noticed any changes in average selling price lately? And if so, how do you expect this to impact margins? | Well, as you know, even this quarter, we improved our gross margins considering the fact as our volumes were low. Or even if you look at our operating margins held up pretty good. It was because of the retail not being able to deliver that had most of the major impact. So I think that we have continuously made improvem... | intermediate | [
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7042527b75a4838046a608570a3fc70c | Hi. Good evening. I hope you are all well. I wanted to ask about the expense reductions that you're making. Is there any way you can size for us in aggregate with all the efforts, including the furloughs, how much should we expect overall expenses to go down in the second quarter may be on either expenses or cash? So w... | Yes. It's a good question. I think that will let us study it because it's changing every day. We've already now opened up close to 60% of our stores. We've brought a lot of people in. Certainly, our expenses are going to be lower. There's no question about it. And how much lower, I think that might be better for us to ... | intermediate | [
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9accf44048a054fc7ca7a4d7ece1d7d1 | OK. Understood. And in that light, I wanted to get your thoughts, obviously, a lot of change in the industry and perhaps some more permanent changes to how consumers shop more digital, more digitally. I guess, how you're thinking about the furniture and home furnishings business, how that can evolve over the next one t... | Well, I think that there's no question that there will be a great opportunity, and I'm talking for us and most probably our industry, too. But certainly for us, which is a combination of personal service and technology. When I mentioned that we did 35% business of our retail business in April under very tough condition... | intermediate | [
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6489daafd226b74985f48b76fdc16f4b | And last one, any trends you're seeing differently by region across the U.S. for example, urban versus more suburban and in the type of items consumers are buying? | Well, obviously, when you look at urban areas like, for instance, New York, obviously, it's almost shut down. I'm talking about Manhattan. Suburbs are a little bit better. And I think that certainly, there has been somewhat of an increase in home office because people are using their homes, and we have been also advert... | direct | [
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a11ff9f6ee9b26737533c387d2be850b | Good afternoon. How are you? Thanks for your time and taking the questions. I jumped on the call late I was having some problems getting in. So I apologize if this was already addressed. But the first question I wanted to ask is maybe about the health of the independent network, the non-company-owned stores? | Well, I tell you this. Good news is they are in very good shape for a number of reasons. The average association of our independent family is about 40 years, second generation, third generation. And over the years, the one who retired, we took over those. So the ones we have are really fairly strong. I have an opportun... | direct | [
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8b92940bce087305520b9542306ccb72 | OK. And then how have they adapted to the membership model? What's the feedback you're getting from them on the membership model? | Yes. I had just a question that was asked. Basically, we decided, I saw in February that things were going to get bad because we saw what's happening in China, what's happening in other countries. So in March, even before a lot of this emergency was taking place, we said we are going to give the opportunity to every cu... | intermediate | [
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83cf176529d1b84fc8563aa143b6cdc7 | And now is that just temporary? I didn't hear your answer to the prior question on that. Is that just temporary? | No. We'll see, at this stage, we'll continue. It's a great opportunity, great benefit because what it means really is to a great degree is giving an opportunity of delivering of products free to their homes, which we used to do, which we have done from time to time. We'll continue. We'll see where this crisis leads to.... | direct | [
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c6f0b974f08563984f6473a01bb24bc3 | OK. And then I guess lastly for me, I saw in the release, the commentary about the China orders, wholesale orders during the quarter. But how have those trended in April and early May? Are you seeing a recovery in our China wholesale order business? | Yes. They have gone down quite a bit, not only because of this crisis, but because of all the other issues that were faced in China. The good news is, that actually, just starting in the last month, and it was a good surprise to us, they decided to utilize our television commercial, which really focuses on at Ethan All... | direct | [
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b3ca49d3a5c72f5b9bd18e5d0fed79c7 | So thanks for taking the question. Hopefully, the folks in Texas are thawing out and recovering from last week, I saw that on the news, sorry to hear about that. What I wanted to ask first about was specifically the new cable customer. So I am intrigued by this, I want to get a better understanding, when you talk about... | Sure, Simon. First of all, thank you for your comments regarding all this down in Texas. It's thawing out nicely, we've -- we had a little bit of a rough week last week, but it's back to back to normal now, so I appreciate your kind words on that. With respect to the cable TV customer, it is a -- it's not a brand new c... | direct | [
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b02e09fee05a5e3c94332b5494fc831d | And I guess, I'd like to get a understanding of how you're thinking about the broader trend in your cable TV market in that? I recall speaking about this a couple of quarters ago, at which point you thought that maybe in the construction season spring to summer 3Q '21 you'd be getting back to kind of mid-teens revenue,... | I think we probably can be significantly higher than that level later on in the year. We're sitting right now on the strongest backlog of cable TV products I think we've ever had. And as I've noted in our prepared remarks, this was the best -- the fourth quarter was the best quarter in cable that we've had in several y... | direct | [
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7bd0eec7799d0bdd3eb31caae544881b | Thanks. And then, maybe just one last one for me, if I might, is on your datacenter business, particularly the hyperscalers, I appreciate that quarterly visibility can be a little bit difficult, but what sort of linearity or expectations do you have for the full year? And part of my question goes back to the capital sp... | I think it's difficult to draw a direct line between capital expenditures on the part of the hyperscale operators and our revenue. I mean, if you looked at our revenue in that segment over the years, it -- there's probably some high level correlation, sort of a macro-correlation, but it's very difficult certainly to dr... | intermediate | [
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c0fd326e651f367d5d78401153670277 | Good afternoon. I trust from your response to the last question that your visibility in terms of what has been communicated to you by your varied status from the customers that it's relatively limited at this point or is that not the case? Let me ask the question more openly -- in a more open way, what has been the com... | Well, OK. So there's -- I guess there's two issues that we've been communicating significantly with our customers regarding -- one is, the sort of near term trajectory of the inventory draw-down to the extent that those customers have that situation. I would emphasize, it's not all of our datacenter customers that had ... | direct | [
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b122f4037a50c7f2b818dc8f3903d4a5 | All right. I assume it -- well, I assume it goes without saying, it's way too early to think about what pricing will look like? | Yeah, I mean I can't give you any firm guidance on that. I mean, It's certainly a topic of discussion as well with the customers. Yeah, I don't have a -- I don't have an indication on when that will play out at this point, too early to say. | direct | [
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d0005fbcf8e668e32ad674743ad332dc | Hi guys, thanks for taking my question. If I can just start off on the 400 gig wins and you mentioned in the press release that you're seeing customer interest. I'm just wondering, what are your expectations in terms of timing of deployment because I'm just thinking if deployments are in the second half as most of the ... | I don't -- I wouldn't say it's late to hear on those wins at this point. We are having discussions with customers about our capacity ramp-up plans in the second half of the year. And so, I don't think they're feeling pressure right now that if they don't announce a win or something like that, that we're not going to be... | direct | [
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fbaef941b3b679523a4d9b94c09ccc3c | Okay, and then, just a follow quick follow up. I think you mentioned on the slowdown that you've seen related to China telecom, you are starting to see that move up sequentially in 1Q. Just wondering is that more -- are you hearing anything that's more driven by the supply chain having worked through the restrictions o... | Yeah, that's a really good question. I want to use that opportunity to try to make sure that we're crystal clear on what we're trying to say regarding Huawei. It is not our intention to try to say that Huawei's ban necessarily caused any disruption to our customers' ability to deploy their networks. What we are saying ... | intermediate | [
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fbd9b2a8da5373bb4ecbbeef834388b4 | Hi, thanks for the question. Quick question on your strength in the cable TV segment there. Your cable capex not really doing a whole lot but you guys doing well, do you attribute that more to share gains in the optical new designs or do you attribute it more to a mix change of spending by the MSOs on more node splitti... | Oh, yeah, I think it's both. We have been spending a lot of time and effort developing a new line of cable TV products, including some amplifier products and other node sub-assemblies and things like that related to these rollouts. So we've expected for some time that these rollouts would start to occur and we've engin... | direct | [
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ff96a2a1f577dbe7dec28a969a0a3089 | Yeah. Do you think some of what your differentiation is around expanding the addressable spectrum in the plant and looking for more upstream capacity? I mean, I imagine there is some kind of design...
Changes...
And requirements you have to meet. | Yeah. No, absolutely. I mean, the deployments that we're aware of and the equipment that our customers are purchasing for those deployments are squarely aimed at increasing the amount of bandwidth and as you indicated specifically, the amount of bandwidth in the return path direction. That's an absolute...
Requirement... | direct | [
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a10d0674b20298bd6789fff2f483a17c | Hey, good -- Pardon me. Good afternoon. First question for me is on the kind of overall topic of diversifying customer base and you mentioned you need 10% customer in cable TV, you've also apparently got some new 8% customers, I think, thanks to some very helpful and transparent disclosure in your filing. On the datace... | Yeah, it's a switch vendor who's selling largely into datacenter. So some hyperscale, a lot of Tier 2 and some enterprise. | direct | [
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e19b5f52b98a5e22ce76047629b7adb3 | Okay, on the NEM side. And then, in terms of the direct datacenter operator, any color there or should we assume it's one of the bigger guys that have not been discussed in the past? | It's a fairly large datacenter operator, U.S. based. | direct | [
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952bfb06c70aaf8d8e65969bb1425359 | Got it. And congrats on that diversification. With regard to the potential recovery in the datacom business, and I think you mentioned a couple of separate issues around 100 gig inventory and I think it's notable that your 40 gig business has gotten so small, but -- and then, the up -- potential uptake and inventory si... | Yeah, I think your characterization in terms of datacenter spend sort of bottoming out in Q1 is probably accurate. I would caution, Q1 when it comes to cable TV in Q1, just keep in mind that our cable TV production is largely done in our China factories, so we do have the Lunar New Year holiday and so our capability in... | direct | [
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fb6275ce2f4f1a86af2cfd1ee2ce8890 | Hi guys. It's great news about Bob. To start, maybe you could give us a little more color on the path to adding private real estate and why now, and maybe how quickly you think things can ramp? And then I know sizing is hard, but maybe give us an idea of your aspirations about how much AUM we could eventually get to. | Sure. Let me start. In terms of why now, as we look at how well we've done in building out our real asset strategies, we think it's time to continue that exercise to develop our product strategy for the next five years. And as I mentioned, we think there's an opportunity to innovate and combine both listed and private ... | intermediate | [
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a7b7fecf1ddf13c0dbee39eae4d00fd1 | Got you. And then maybe just -- maybe on the possible timing of the ramp? And then also, do you guys have other aspirations in private markets? Infrastructure seems like a logical step, maybe even private credit. | Well, we're going to focus on real estate, number one, and then secondarily, infrastructure. And it could be something like infrastructure debt, so a focused version of credit. But I think it will be harder to develop infrastructure because it's a less well-developed investment area, but it's going to be rapidly changi... | intermediate | [
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203ab2b3b947e8776d36a1f75c2c851b | Great. Good morning, and thanks for taking the questions. Jon and Joe, you both provided some color on the outlook given rising rates and inflation expectations. But can you provide some context on what levels or backdrop tends to be good for your strategies and demand versus what type of a backdrop could become more c... | I'm going to ask Jon to start with that, but I think we're in a very, very interesting period as it relates to this question. And I think to maybe state it simply, I don't think there are periods in the past that you can really look to see how some of our asset classes are going to perform in an environment where yield... | direct | [
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a84128e4544cd9ad97c3a1c1ca5bdf65 | All right. Great. And then just as a follow-up just on the product side. I think just given the private market initiative, when you think about the size of that market versus where you guys are, say, in the public markets, just trying to think about how much that could contribute to Cohen & Steers over the next, say, d... | Well, again, on the size question, the private real estate market is -- in the US is $15 trillion. You can look at the other asset managers who have businesses and get a feel for how big those businesses can be. Frankly, right now, I'm not thinking about that because, again, there are good competitors and private real ... | intermediate | [
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] | B |
4dca7bff28992b0e622b062c107c37e5 | Hi. Thanks for taking my question. This is Jeff Drezner on for Rob. A question in regards to capital management and how maybe you see that are playing out considering the need for funding some of these new initiatives, how we should think about that policy going forward? | Sure. Let me start, and then I'll ask Matt Stadler to add on. First, in terms of the new initiatives, this -- we've built the team organically, so there's no upfront capital cost associated with that. But as Matt said, the compensation costs with respect to that are embedded into the comp-to-revenue ratio guidance that... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
648afda46b5726cf283d01954951c242 | Okay. Thanks. And I guess just following, so historically, you've paid out between 50% and 60% of your earnings in terms of dividends. Can we expect that to be unimpacted going forward? | Yes. We don't see that quarterly distribution policy being affected by the private initiative or what we're doing with -- in the closed-end fund market.
Yes, Jeff, I would just add that it's not -- our approach to this is not necessarily to have a 10% or 15% increase year-over-year versus maybe a 45% to 55% distributi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
67c218629d11dc29884867b733e4f765 | Could you remind listeners the benefits of mini programs joining the JG Alliance? And then maybe which verticals are you seeing the greatest adoption versus which verticals maybe are taking a little bit longer to adopt the technology? | So yes, as you know, the mini programs has been profiting -- has been profit generation over the past couple of years, right? So many mini program developers, once they build their mini program, the account, the mini programs, they need to acquire users. So currently, they -- most of them can only rely on the WeChat's ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
37d0ba21637c03b32a0b3ca6287e044c | In terms of the subscription services, can you talk about how fast you're able to convert the premium into paid customers? And what has been the biggest obstacle to converting these customers right now? | Yeah. So actually, in terms of the conversion, right? So currently, we have about 60,000 premium customers who actually enjoy our free service and then the paying ratio is relatively low, about three -- a little bit less than 4%, right? So that's still room for -- to increase the conversion. So what we are trying to do... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9d303a58b8da82dc9edecc1961ddad0f | I'm kind of curious what the bad debt provision is kind of we saw in this quarter.
And ultimately, you break down on the impairment a little bit. I think there was some error in the slide deck, you guys mentioned going cloud. I'm just kind of curious what the -- maybe more of that project because I think around the IP... | OK. Thanks, Ryan. OK, I'll take your question. On the bad debt, yes, we'll not go into specific of particular debtors.
But in overall, those are the debtors pertaining to the legacy targeted marketing business that we are winding down. So those are the ones that has been lingering with us for a couple of orders that we... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ddb8bb8610333da86e036a351b93b212 | Are you going to replace kind of a lot of your infrastructure, a lot of your servers with cloud? | No, no, no. So Ryan, let me answer that. So actually, we are not replacing everything. We are just replacing a part of, OK, which we think will benefit from the going cloud, OK? So basically, those servers might be better managed by the cloud service provider instead of -- so we can focus in on the path level instead o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ec79bc7136eef14053893120db349396 | And then maybe just kind of on the numbers. And the last one, pretty chunky impairment on the long-term investment. Looking at about RMB 44 million.
Kind of curious what that is? | Yes. Again, those are the investments that we have made in the past pertaining to a few investees. Again, those are the ones that we have made -- the investment we made with the intention of helping us in the targeted marketing area. We thought of the fact that we'll be able to have some synergy through these investees... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6e4d512719276372b6ddeb2bde877d4c | And maybe kind of just get a sense of -- on the new product side, I think you guys have launched some new kind of new products recently.
Just wondering if you can maybe share some early kind of feedback from customers and clients. I think it sounds like there's a lot of R&D effort upfront to kind of to develop these --... | OK. Ryan, let me take your questions. So regarding the new product, the progress with the new products going to market, right? So first of all, these two new products, the UMS and the VaaS, were launched in the later part of fourth quarter. So after Chinese New Year, and then starting from beginning of this year and al... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
42d852a1c0a2cf57d377261ebaa90c24 | One of the things we kind of talked about on another previous call -- I mean, the one prior, were kind of the efforts to kind of bring back some of the targeted marketing clients to the new kind of JG Alliance that, that product that kind of -- that you've got the new advertising inventory and you have kind of companie... | Hey, Ryan. Actually, when I compare the customer base, right, actually, they are very different. The customers who currently use our JG Alliance network, actually, are very, very fundamentally different from those customers who use our targeted marketing business. So for the targeted marketing actually before, most of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
77b94d57fe3fee9c8875c2c132e14904 | So I wanted to start on the expense base compensation was up about $7 million linked quarter, I think it was a little more than we had expected. I know in the slides, you call out some kind of temporary increase in personnel costs. I wonder if you could just talk a little bit more about that and how we should think abo... | Okay. Thank you for the question. I would say that the third quarter was a little lumpy, with some episodic expenses in there. And I hope the expectation would be for quarterly expenses to be between $300 million and $305 million ex merger related costs. But the third quarter was a little lumpy. We were up $11.2 millio... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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