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9cef20452d99b8b5a8a0b26b80f56133 | So we had one on 2939. So for this extracellular vesicle product candidate in psoriasis, what sort of differential efficacy impact are you hoping to see here versus what you've been able to demonstrate with 1815? And do you eventually envision these two product candidates being used for different segments of the psoria... | Vikram, so in preclinical models, what we see actually with both 1815 and 2939 is efficacy that is gold standard consistently across all preclinical in vivo models, meaning at least as good as best-in-class antibodies or equivalent small molecules, even steroids, without the side effect tolerability and safety issues. ... | direct | [
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bbdca568afa5a5c3e92a60432fb58520 | What work are you integrating into your current and also upcoming studies to better understand some of the durable and deepening responses that you've observed in the past? | Obviously, preclinically, we're continuing to look at mechanism of action and how this is working. We have very clear evidence at this stage that the effects are driven by conditioning specific T cell subpopulations which circulate throughout the body and are exerting an effect on a sustained basis. That's very excitin... | direct | [
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a3c5c435c15e9f0276ab8e07ed4bcd29 | Now that it's been about eight months since Otezla had the label expansion to include psoriasis patients across all severities. Curious if you guys are hearing anything about patients wanting to switch to an oral therapy across the different levels of severities. I know in the past, you've emphasized how this could pot... | Yes. Yes, we have very clear feedback from patients, nurse practitioners as well as clinicians that everybody wants oral treatments. You see it absolutely with Otezla, which, as you know, is well on track to being a blockbuster drug despite the fact there are significant tolerability issues with Otezla. It causes, in a... | direct | [
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922a5530777e81e1981fa6dd1dc16f26 | My first question, Rajesh, is on your outlook for this year. So Arthur said you expect to grow more than 50%. I was just wondering, maybe qualitatively talk a little bit about your visibility there? And perhaps also talk about which of the three segments that you expect to drive that 50% plus growth rate? | Yeah. So I think Art said that we would grow by at least 50%, not more than 50%, I'm not quibbling. But I think that it's exactly what I spoke about, Tore, its comms, enterprise networking, data center, as well as the automotive sector as well. The consumer stuff does grow, but albeit small, and the mill aerospace, as ... | intermediate | [
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3d967aa5ff5f8034282de0aac7b63073 | And as my follow-up, you talked a little bit about the customer acquisition strategy. And you mentioned you keep finding more and more opportunities, right, for your high-precision products. So I was just hoping you could update us on the customer acquisition strategy in a bit more detail, whether it's working with oth... | Right. So we're definitely working with distributors, and we're definitely working with semiconductor partners in customer acquisition strategies because, as you know, that's where a lot of the leverage happens. But we've also added significantly higher amount of salespeople, direct titan salespeople. We've added signi... | direct | [
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06a6539ddb0d793a8b8267801e9cc4dc | First question is regarding some of the macro conditions out there, particularly some of the China lockdowns that we've heard from some of the customers in the space. Have you seen any impact from that either from your own supply side or on your customer side that was any effect or factored into the second quarter guid... | Yeah, Chris. We've paid attention to it quite a bit actually just based on the headlines, but we are unable to find any real impact to SiTime because of that. | direct | [
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ed027fca662f926571ac3dccb64d8f26 | I guess moving forward, we -- I guess a two part question here, and we've obviously been in a pretty tight supply situation from an industry standpoint for a while that you benefited from having better access to supply. Can you speak to what you think about the industry supply demand balance here? Do you think that the... | Right. Well, I don't want to be a spokesman for the semiconductor industry because we play in certain markets. And we, for example, don't play in 28-nanometers and tighter markets. But speaking for the markets that we are in, generally speaking, we don't see a real significant loosening up. It's hard to tell the wishin... | direct | [
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de4bb56bfa238754867c62e1ba625f1e | Art, maybe one for you just on gross margins and the tremendous gross margin performance you're able to put up in this tight environment with input costs. I think in the past, you guys have said that you viewed 65% is the long-term target, at which point you'd be giving up revenue growth for margin. But it seems like b... | Yes. I think -- first of all, thank you, Alex. I think your observations are valid. We are getting two premium pricing in terms of the value that we provide our customers, and that is even more so the case in some of these high-value, newer products and higher performance products that we have introduced and we'll cont... | direct | [
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300d47a6e4a8880fe379b3d0d49962dd | And then, just on the inventory and the increase in your inventory dollars, I understand that's for the revenue. But I'm more interested in how you were able to procure such a market increase in dollars. Is that part of the investments you've made on the back end? Are you seeing capacity free up? Is it you're becoming ... | Yeah. I think all of that is true. As I've mentioned in the past, we have been purchasing capital equipment to support our back-end capacity. That capacity has been going in, in the last couple of quarters, and that helps us to get more throughput. That's also helped lower cost part of what I talked about earlier in my... | direct | [
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cd86624c7b783da5f449375bf84f23eb | Roger, you gave us some pretty impressive stats on the adoption of the clocking product Cascade with over 100 customers already and expecting that to get to 200 customers by year-end and you expect to announce additional clocking products. Can you give us some sense, is that clocking revenues starting to become materia... | Yeah. I think it would have been material in last year, but the thing is we're growing our standard operator-based revenue a lot as well. So, I think we'll still come out at a pretty decent number for the year. And I think next year, I think it can be really significant. That's been the one product that -- it's not jus... | intermediate | [
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ab93c069db12ea29eb0cc9e515c379f7 | The second question I had is, have you seen any change on the court's capacity front, or do you think the courts market is still also fairly tight? | I think there are certain expansion of the low end of course that's been going on. As you know that â that's an easier thing for people to do we see that happening. But even at the low end in so-called the standard opulator, not the TCXO, not the OCXO, not the VCXO kind of level, even there, SiTime significant value pr... | fully_evasive | [
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563ac0f01ece5c94b6ef66684b77dd16 | If you pull back the end market segments. I'm wondering which ones do you feel like have the best relative opportunity for growth in the next 12 months? I know all of them doing pretty well. And if it's wireless infrastructure, I'm wondering, are there any geographic specifics to that demand? | I think answering the geographic first. I think the United States, Europe that includes Israel in the comms, enterprise â comms enterprise data center has done very, very well for us. The data center is particularly is very much a North American big booming thing. You can think of all the big data centers. You can thin... | direct | [
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] | A |
62e3886391c3082f670492bbe6017011 | And just a follow-up on that in terms of the automotive market. I know, you had a very strong traction with the lead customer. How has the traction been in gaining content at additional auto OEMs? | I think it's been pretty good. I don't have anything like earth traveling to report, but it's been a design win by design win, but I don't think we've had anything of the kind of -- that we described the last time and the was time before that, primarily because of those kinds of wins are only few and far in between. Bu... | direct | [
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] | A |
b7ab5f258aafb4cdb9317aedd1e257e7 | I just had a follow-up on the R&D efficiency and new products. And Rajesh mentioned six new products scheduled for this year, which would give an additional $3 billion SAM. I mean, I know historically, you've always been very efficient from an R&D perspective, but it just seems like this is a really big step-up. So I d... | Sure. First of all, these six new products are across the categories of oscillators, clocks and resonators. So they're in all three categories. So that's really good to know, right? So this would be the first year that we'd have products in all three categories being introduced new. The second is that a typical oscilla... | intermediate | [
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d70bbb7617299d4b06d701033888631a | Hey, guys. This is actually Mike on for Bose. So my first question is I was wondering if you could just talk about maybe where you're seeing the best opportunities to deploy capital between RPLs, jumbo, investment property. Last quarter, you mentioned season RPLs. Is that still the case? | Hey, Mike. This is Mohit. Thanks for joining us. Yes. I mean, season reperforming has been the core strategy for the company since 2014. It still offers tremendous value in the loan upside from just mitigated losses given the strong housing fundamentals, coupled with how strong the new securitization market is and wher... | direct | [
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786a5033f575b8978a7e89cb0abed5f8 | Got you. And then I think last quarter, you mentioned that the cash yield on RPLs is still high single digits. So when I look at some of the recent maybe Fannie RPL sales, it looks like everything is pricing above par. So I was just wondering if you can maybe walk through the math to get to that high single-digit yield... | Yeah. I mean, yields on most things have come in. As you just mentioned and alluded to, the GSE sales that took place in Q4, spreads have come in quite meaningfully. And most of loan packages in the RPL space are trading at par or above par. But at the same time, on the new issue side, spreads have also come in quite s... | direct | [
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7a0737af789d0c19e87a22dc3853bafe | Great. That's helpful. And then on the business purpose loans, can you just maybe talk through some of the economics there and the math with regards to the asset yield and ROE because I just assumed that if you're not originating those loans again, then sale margins are -- must be pretty high right now? | Yes. So on the business purpose loan front, I mean, our portfolio, we've been focused on growing that portfolio. It's a $200-plus million now. Given the short duration nature, I mean, we have a lot of pay downs on a monthly basis, but the gross coupon on the originations is probably just under 9%. And net of servicing ... | direct | [
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ba6b560554d5728f91852f91047dd238 | Great. That's helpful. And then just one more on the buyback. You increased the authorization to $250 million. Can you just remind me what was the previous authorization? | Sure. We had $150 million before. | direct | [
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8fa2102f5421b45e0e371377e8583172 | Gotcha. And how much is currently available? | So $228 million. We used $22 million last year. | direct | [
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d328291e39831f1d6fb909a834f24f0a | Thanks. Mohit or Rob, can you guys walk through kind of what your cost of financing was on the securitizations you did in the quarter? Can you just compare that to what the cost of the financing that was being replaced was, just to get a sense of the change? | Sure. So -- hey, Doug. This is Mohit again. So the securitization, we did four securitizations. The 2020-R6 was not a relever. That was just loans we had acquired at the end of September that we put right into a securitization in early November. So -- and the cost of funding there on a term basis, as we said, was aroun... | direct | [
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53c614bb483d9859a6ba3e2e23489472 | Got it. And on the deals that you said are either callable today or callable in '21, assuming securitization markets kind of stay where they are, would you expect comparable amount of savings? | So I'll give you some stats here. So of the 16 deals that have become callable, that represents roughly $6 billion or $7 billion of UPB, with current sec debt that's associated with that of $4.8 billion. That debt has a current yield of 4.27%. And as I mentioned earlier, we think in the new issue space right now, you c... | direct | [
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b7477d60b5b32c25decf25fd6da2e85c | That's helpful. And then you also mentioned that kind of as opportunities present themselves, you have the ability to increase your -- increase leverage. Can you just help size that and kind of how you -- or how we could think about that opportunity? | Yeah. I mean, if you look at the core focus of the company, which is the season reperforming space, the GSEs took a pause during the pandemic last year and picked up the pace of selling in the back half of the year. We think they're still behind schedule, and the portfolio has grown as a result of the pandemic. Though ... | intermediate | [
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7087f6aed7c2e364982c4f0564982ae4 | Hey, good morning. A couple of questions. Can you talk about how you're hedging the CMBS portfolio now? And any tweaks or additions you've made since year-end? And maybe just how you like the -- that as a source of liquidity relative to agency pass-throughs? And then on the portfolio of callable securitized debt, can y... | Hey, Eric. Let me start with the Agency CMBS question. So as of Q4, we still had no hedges on that book. So -- and we currently have not changed that in Q1 as well, even with the market having sold off 25 basis points on the 10 year. If you go back to the weighted average coupon on our Agency CMBS book, it's north of 4... | intermediate | [
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1cb9931cf197a67b4d58203514f8efd0 | Got it. I was hoping maybe you can give some thoughts or guidance around your appetite to lever the retained piece as you complete those deals this year. | I mean, I think where our leverage is at 1.2 times on a recourse basis, coupled with the large cash position that we have and a large unencumbered asset position we have, we're pretty comfortable financing the back-end pieces. But unlike prior to the pandemic, I mean, we're working on strategies to have either nonmark-... | direct | [
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3fc1770bfda5bf0f629a27ab24812200 | Right. And as the market has come in and tightened, is there any appetite or ability to pay down the line that you got from Ares last year and essentially refinance it into lower cost nonmark-to-market term funding for the retained pieces? | Yeah. I mean, I think that's another tool. Like our focus, as it was in the better part of 2020, remains on the liability side, both on the securitizations that we have callable and the cost savings on those, coupled with just our repo borrowings. I mean, if you go back to December of '19, the cost of financing on our ... | intermediate | [
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47ad5b0bc0f5dfca7556f655d2d4cd20 | Hey. Thanks. Good morning. First question, Rob, I was hoping maybe you could take us through kind of what the main drivers were of the $0.04 decline in core EPS from last quarter to this quarter. And then the second question, sort of in light of where earnings are and the compression that there's been on new investment... | Sure, Trevor. Thanks for the question. Going from last quarter to this quarter, we have had some portfolio paydown. But I think one of the bigger drivers, and we may have touched on this in last quarter's earnings call, on the ACMBS side, we did have a number of prepayments on that portfolio where we received penalties... | intermediate | [
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ac4789f4f4b57705d668bde1da72aa72 | OK. That's helpful. And then historically, your guys' portfolio has paid off quite slowly. I was wondering if you could provide some color around sort of how prepay speeds have progressed over the last several months and what the outlook is for that going forward. Thanks. | Yeah. I mean, the uniqueness of our portfolio is just that. But I think if you look at our credit portfolio, which is our largest position, prepayments have remained flat throughout the pandemic. I mean, if you looked at Jan prepayments, they were around 9, 10 CPR. And if you forward to Jan 2021, speeds remain consiste... | direct | [
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821550cd424ee6b60319bd2f402cd92e | Hi. First of all, Allison, could you -- what's the net liquidity? I missed that number -- with -- including the public shares and cash? | Jon, it's about $169 million.
$169.4 million. | direct | [
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cc2d9b15dcddc9b707b7b756a0112713 | OK. Thank you. And then, Mark, could you opine a little bit on -- so, do you believe that private markets are down as much as or more than what's happened, say, in the Russell or the Nasdaq? | Well, Jon, I think as most people have read and seen, that the indices, while down sharply, don't really tell the whole story. And I think we discussed it on our last call, over 50% of the Nasdaq is down over 50% and something like 20-some-odd percent are down 70% or more. So, especially with the small mid-cap growth, ... | intermediate | [
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fd4fe9bbc4d774d4ca80acbc781901cc | Well, so is it safe for us to assume that we could hear, like, more activity when we -- when you talk to us on the third quarter call? | We -- I will say that we evaluated more opportunities in this quarter than we've had in many quarters behind previously. We're being really, really careful of how we deploy our capital and trying to be as opportunistic as we can. But we are obviously for business and looking to find the best opportunities to deploy the... | intermediate | [
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fe2fbbb56e9be1a8f4bcd5d64aa317f6 | Maybe, Doug, just a quick question to follow up on the guidance. Looking at the contract operations segment, it looks like revenue is set to decline in the back half of the year. Is this really primarily driven by the lost EBITDA that you mentioned or is there something else going on in the segment? | Yeah. So, it is -- it is two things, Kyle. It is very much that EBITDA that goes away, offset obviously by the gain that we saw, but we also are experiencing the inflation that you're hearing about gas [Phonetic] all throughout the country, and likely, globally. Higher parts expense for us is forecasted in the second h... | direct | [
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22fcd519601f45390446fbc478f19454 | Got it. Okay, that's helpful. And maybe for Brad, based on what you're seeing with recent bookings and kind of the outlook for activity, can you help us frame up how to think about the growth for Archrock next year? | Thanks, Kyle. It's too early to really know what and how firmly 2022 is going to materialize and develop. But I will share that I'm optimistic. The activity that we're seeing in bookings already for starts and new activation on locations in 2022, it's taking place at a nice rate. That translate -- translating that is w... | intermediate | [
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7704791b1a1822f8c9dffa431dfaf4bb | Couple of quick ones. So you talked about electric compression as a growth opportunity. Can you maybe talk about pricing strategies on that and what difference you're seeing for electric compression if any? | Sure. On the good news front, as our customers and as we, and the entire industry, all turn our attention to being the best corporate citizen we can be, including our ESG efforts and managing emissions, the continual migration to more electric motor [Phonetic] drive compression, where we have electric -- electrificatio... | direct | [
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8ece4c9edd9770897550d6e174dc9fa0 | Appreciate that. Thank you. You mentioned you're optimistic in bookings for starts and new locations things for next year. Is there, I don't know, sort of a percentage that we could just think about in terms of bookings turning into eventual revenues, or yeah, is there any way, I guess, we can just kind of think about ... | You know, Selman, this is Doug. I'd say, part of the problem with that is going to be a little bit dependent on what our capital, our ability or desire, I guess, to spend on new equipment will be for 2022. That's a discussion we just had with our Board, preliminarily, for the first time looking at 2022. And so, as much... | intermediate | [
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79c09569f175524b4d6c118d622c36e0 | No, not a problem. And I understand. I appreciate the commentary. Let me just see if I can ask this in more of a general question, is there anything you can talk about in terms of like basins? I mean, OK, We all know Permian from that standpoint, but is there any other basins that we should be looking for, particular s... | So, you're right. And I think the conventional perspective in the industry is that the Permian will be the dominant play, especially with a buoyant oil price that it's prolific, it's profitable, and it still attracts more capital than other plays. But after the Permian, and there are some producers that don't have such... | direct | [
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797121baf50802cd9dde6da75fbbc4f0 | Good morning. Just on the compression, you sold in July. Was that smaller horsepower stuff and any -- any comments on demand trends across the small, medium-large as the [Indecipherable]? | Sure. The answer is yes. The horsepower sales we've conducted are primarily around our smaller horsepower fleets. The average size was definitely in the small horsepower range in all of the asset sales that we've conducted on year-to-date. And as for demand across the horsepower ranges, I'd say that the tightest demand... | direct | [
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c1231d26731e2d7d42f10d5d1606c2e8 | I wanted to start on the topic of tariffs. Could you maybe just walk through what got worse relative to your thinking a quarter ago? I'm wondering, is it the inflationary pressures from your suppliers that worsened or did some of the Modine mitigation actions maybe just take a little bit longer to go into effect, and s... | Let me give you a couple of points, then I'll let Mick chime in. The indirect impact of tariffs has been much greater than we anticipated, OK. As I highlighted in my comments that the domestic suppliers have been very aggressive in using the opportunity for rising cost and higher demand to leverage their capacity again... | direct | [
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6a60e9d632e4f755ae9ec1dc9fecb75d | So that's helpful. So a quarter ago, you kind of tweaked the fiscal year guidance by $5 million, this quarter you are tweaking it by $6 million. So total let's call $11 million EBIT adjustment the last two quarters, and over that period of time, I would imagine that the contribution from the industrial business has bee... | Yeah, I'll take a stab at it first, Joe. It's Mick. I'm not going to comment specifically on your math but probably I can help you with the direction. From the magnitude that you are laying out is higher than that we've seen. But from a material standpoint, we talked about in fiscal '19 about a $6 million to $7 million... | intermediate | [
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91bfeb9217136fa80c4c272f17a4988f | Okay. So focusing on the good news now, CIS profitability was pretty remarkable this quarter. And I seem to remember that seasonally the December quarter should actually be the weakest of the quarters for CIS, so even more remarkable in that regard. Maybe walk through some of the things that surprised you on the upside... | Well, as mentioned in my comments, Joe, we were benefiting from several factors in CIS. First off, they are a focused leadership team on building levers in their strategy that are important to improve operating performance, manage opportunities with the restructuring that we did in Europe last year that we invested in ... | direct | [
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eee4cc07a1bb58c251cdaf1b36563eb0 | And then my last question, I'll turn it over. The growth in Building HVAC was also very remarkable this quarter, do you have a sense -- this would, I guess, apply only to your UK business, but a sense of stocking ahead of some uncertainties in Q1 thinking about Brexit primarily. But anything that would indicate that no... | Well as far as orders, we are, right now, in very good shape as far as order book. And I mentioned the real focus on the data center business there with the expansion of data center, colo centers in Ireland, England, the Netherlands and Germany, of which we're receiving nice orders and really gaining share. So the orde... | intermediate | [
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3fd2859fe13a80b1716a9762a1d78083 | Just I have a couple here. First, Walter, just to clarify, the New York American sale process, I know a lot of moving pieces, but are we still targeting this year close, is that the current plan? | Yes. That's right, Durgesh. We're still working through with -- as I said in prepared remarks, still working through with staff and others. And we're hoping to be expecting this year. | direct | [
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783fd97d9eb28d2a70b6eaeee8082781 | And then just on the subpoena, can I just clarify that this is related to specifically homeowner services within American Water Resources business and the information that you might be sharing, is that just New York specific? Or are there other states involved in the subpoena? | Yes. It's specific to our New York City metropolitan operations in HOS. That's exactly right, Durgesh. | direct | [
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5983297d326937af276e7f9880641ae7 | Got it. And obviously, there's no set time line here as to how this matter gets resolved. | No. Not at this point. Again, we continue to work and cooperate in investigation. | direct | [
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b18cbfcc21b4a0fb8eb0179b9f8569fe | Okay. Understood. Just one big picture then, Walter, just your thoughts on the Biden sort of the America jobs plan. They talk about several hundred billion dollars of investment on lead and then water and wastewater assets. What are the implications to your existing business and then just your regulated acquisition gro... | Yes. Durgesh, let me start with we're really happy that the administration is focusing on water and wastewater as part of the infrastructure plan. So we like the attention that the industry is getting. And we think that the plan will benefit our customers, primarily by having access to low-interest financing that's par... | intermediate | [
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3ff422d52ce74073c93d3f353425046c | Perfect. And just -- does it -- how does -- I mean does it increase your sort of footprint on the regulated acquisition side? Or does this sort of -- since there'd be a lot of aid given to sort of systems across the country, does it derail your regulated acquisition growth strategy? How would you sort of characterize t... | Well, you know, there's -- as we've said, and I've said in my remarks, there's significant needs out there in the water and wastewater side. For us, it's not going to change our plan. Our pipeline continues to grow. We're going to continue to provide meaningful solutions for communities, and we're committed to our plan... | intermediate | [
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0d1eaab834b0873e866df80a6640cba9 | Maybe to kick things off after Durgesh's question here. Can I follow-up and ask you guys about your latest thinking on the administration just around PFAS regulations, hazardous determinations there and just -- obviously, there's a lot of different pieces that could move here. And any at least preliminary thoughts on w... | Yes. Julien, thanks for the question. We think there's going to be a lot more focus on PFAS in this administration. I know they formed a task force. I believe it was last week to look at what are the next steps to establish an MCL. Right now, there's a health advisory limit of 70 parts per trillion, and we think that t... | intermediate | [
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b7c394585b073b5ca992d2ed71fa8fa5 | Got it. And hazardous determination, that's just part of the broader context here, right? | That's right. That's all part of this work that's going to be going on. | direct | [
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] | A |
39a68c32e6689abefe740dd33653cc14 | Got it. All right. Excellent. And then I suppose a little bit more nuanced here. As you think about the impacts here in the quarter on the non -- the market-based business here, you're probably still broadly within plan on the year and have some offsets. Just can you speak to that? Obviously, the payouts and the warran... | Yes. With the HOS business, we're seeing higher claims on the wastewater side. People are spending more time in their homes, and that's causing apparently additional breaks that we're having to repair. And then on the partnership side, we have seen a little bit of a slowdown in those partnerships. Yet we still have a r... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
59e6d298048e3b2f6e616f588c8ae255 | Got it. So how do you think about that relative to the full year? I mean, obviously, the wastewater continues a little bit elevated, just offsets, etc., probably not to be material, right? | It's really not too material. No. I mean we saw roughly $0.01 or so of that impact related to the state-at-home activities in this quarter. And as you can see across the country, states are starting to loosen up. So there'll be some return. So I certainly think we'll see this start to mitigate. And in any event, we don... | direct | [
"direct",
"intermediate",
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] | A |
a4ea8c23ed0a1fb7dfb8bc0ac06a2e61 | Thank you. Just a couple for me. The first one, with the recently announced Pennsylvania, New Jersey transactions. How do you think about potential cadence and magnitude of the equity guidance that you gave at the Analyst Day, just thinking through 2021, 2022, if it's going to be split up? Or are we still assuming kind... | Well, first, let me talk about the growth, and we're really excited for these two acquisitions in our two biggest states. It's all part of what we're doing and providing solutions for communities with the City of York on the wastewater side and then Egg Harbor City. In the first WIPA, that's really important, is the fi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2e9c7995b28176f36105c0a0e013ce8b | Got it. Just from a timing perspective, is there a possibility that we could see some of that equity in the 2021 time frame? Or is it more beyond 2021? | No. It's beyond 2021. At Analyst Day, I think we indicated that it's still -- it's about $700 million of equity in the five years, and it's still roughly in sort of the middle of that 5-year time frame. So no. No, I would not anticipate anything in 2021. | direct | [
"direct",
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] | A |
8513ce01bdfc4667510b564897c7d7cf | Got it. And then my second question, I guess, maybe for Walter is obviously, these two acquisitions in states that have a favorable systems in place for such growth. With the pending New York sale and then the recently announced Michigan divestiture as well, when you just look across your footprint in the different sta... | Yes. We do a constant assessment of where we're operating, where can we provide the best value for customers and where can we grow our systems, and we'll continue to evaluate our footprint. But we're really happy where we are right now, and we continue to grow. If you look at our pipeline, we're growing. We have eight ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2243ccc9bf714dad66e778bab1fdbe99 | Hi. Good morning. So just a question on the -- Walter, on the disclosure of this subpoena in homeowner services. I guess it doesn't say, I think, in your release, just if the company has done its own investigation and if they determined anything was done wrong? Do you have any color or information on that? | Yes, Steve. And given that it's an ongoing investigation, we really can't comment any more on it other than what we have in the disclosure. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
a3184fce8f26df5d3a645675e268f335 | Okay. All right. And then Walter, on your year-end call, you had kind of hinted at a larger acquisition or more growth coming in your tuck-in acquisitions and the like. Should I assume that was the York deal that ended up officially getting announced? Or is that still kind of relevant for something else? | Well, let me approach you from this. We continue to build our pipeline. We continue to, again, provide solutions for communities. And if you look over the last year, we've almost doubled our pipeline. We've done the biggest acquisition in Pennsylvania American Water's history. So we're going to keep doing much of the s... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
971a5b6314552cfda70886933cba5971 | Okay. Great. And then just on the New York American sale, if I understood you correctly, it sounds like neither your forecast nor your equity timing should be impacted at all by whatever happens with the outcome of the sale. | Yes. That's correct, Steve. | direct | [
"direct",
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] | A |
522662fca6ffc23014748205caf3bdd5 | Hi, good morning. Just maybe following up on that last point real quick. The sale timing would it impact, I guess, where you land within the range of your 2021 guidance? Or phrased differently, you have some timing assumption associated with close presumably baked in, can you disclose what that assumption is and what a... | Rich, it's Susan. Probably not going to add much more detail to that. I would just echo what Walter said in his prepared remarks and in his answered a minute ago. We just don't see having any impact on 2021. | fully_evasive | [
"direct",
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"fully_evasive"
] | C |
6d7f7a9d6e0210a26871c30a1e3bc11c | Fair enough, thank you. And then just separately, curious, at a high level in terms of your O&M efficiency ratio, what impacts you've seen on your efforts there over the past year under the pandemic and what that may mean for sort of progress in efficiencies going forward as we reopen. | Yes. It's been a big focus for us, as you know, Rich, and we're going to continue to focus on every area of our business where we can drive efficiencies. We've improved it from 34.5% to 34.1%, as I said in my remarks, and we're confident that we can hit our goal in 2025 at 30.4%. So we're going to continue to do the th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
81f68e99a023ed6a269323a19e9ea15f | Hi. Good morning, everyone. I've just got another couple of high-level questions about geography, which is something I'm always interested in. When I look at your coverage across so many states, does the Biden proposal change the view of your opportunities across states? I mean, you've already said that it's not going ... | Yes. Verity, Walter here. Yes, the administration's proposed plan does not change our outlook at all on acquisitions. Again, we continue to build our pipeline of opportunities. We're providing meaningful solutions. And really, when you look at the size of our business, how long we've been in business since 1886 and the... | intermediate | [
"direct",
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] | B |
32dd3f8be9d044802a672676b3a9ecc5 | Yes. So I just wanted to know whether the states in which you're active, the Biden proposals create new opportunities in particular states? | I'm not sure it would create new opportunities. The great thing is it really talks about water and wastewater, where before, we were always left out. And I think there's a realization in this country that there's so much fragmentation and so many improvements that need to be made that the private sector, American Water... | intermediate | [
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] | B |
c399be55df38a100a7ef56541cf5a451 | Right. And so what's missing in this -- what would you like to see that's missing in terms of fair value or infrastructure surcharges? What's missing there... | Yes. We continue to work with states. Yes. And we continue to work with states on fair market value legislation. As I said, Kentucky is now the 11th state within our footprint to have fair market value legislation. It's really an affirmation of the value that we provide and the -- I think the recognition of the legisla... | intermediate | [
"direct",
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] | B |
41f5dcb15e39ebec0b4134ae3686a56f | Thank you. Our first question comes from Peter Lawson from Barclays. Your line is open. | Thank you. We do not have a question from Peter Lawson at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
e627bfba406864fa04be2fdcd041eb12 | Thank you. Our next question comes from Tyler Van Buren from Piper Sandler. Your line is open. | Thank you. We do not have a question from Tyler Van Buren at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
a6c9788b799b682a539ffa648c6256c4 | Thank you. Our next question comes from Chris Shibutani from Cowen. Your line is open. | Thank you. We do not have a question from Chris Shibutani at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
6ff8d6ce33cb634efa38ff8025c605f3 | Thank you. Our next question comes from Alexandre Bouilloux from Mizuho Securities. Your line is open. | Thank you. We do not have a question from Alexandre Bouilloux at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
e4020a4c1b28dff4850f6f2148b1435b | Thank you. Our next question comes from Gobind Singh from BMO Capital. Your line is open. | Thank you. We do not have a question from Gobind Singh at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
d2b108425c3bc0cf7e533baf00f99fa6 | Thank you. Our next question comes from Aydin Huseynov from The Benchmark Company. Your line is open. | Thank you. We do not have a question from Aydin Huseynov at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
05fb5678817613759349193d66982caa | Thank you. Our next question comes from Jay Olson from Oppenheimer. Your line is open. | Thank you. We do not have a question from Jay Olson at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
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] | C |
32e58147745da9f1afd69d56bcea26cc | Thank you. Our next question comes from Corinne Jenkins from Goldman Sachs. Your line is open. | Thank you. We do not have a question from Corinne Jenkins at this time. We'll move on to the next question. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
073990cc88dcd070bffa0a5ac052f64e | Thank you. Our next question comes from Daina Graybosch from SVB Leerink. Your line is open. | Thank you. We do not have a question from Daina Graybosch at this time. We'll move on to the next question. | direct | [
"direct",
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] | A |
74dc6b5e49ece63c72029e20a0b51748 | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI. For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
"direct",
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] | B |
e2562d47f4966db2b72f60805cb947c9 | OK. So when you're saying achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics? | Yes. It's not true at demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain, and it's kind of whatever the most effective part of supply chain is that sets your rate. I mean, the number of rabbits do know how to pull out of a hat for supply chain is insane. Team h... | direct | [
"direct",
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] | A |
1d7b6488cfa9b2499f76961700cd2616 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now. Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sourc... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes? I mean, no. That's straightforward enough. I think just adding to what you said earlier about tal... | fully_evasive | [
"direct",
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] | C |
dee782943cc5dde86059278267be218f | You mentioned -- I am sure that Avi has sees the program driving growth. Are you able to share with us how many programs that are large like this that make up maybe a majority of demand -- demand, for example, do five or six large programs account for 50% or 60% of the orders or is demand broad-based over say, hundreds... | Well, we don't have hundreds of customers potentially, I think. We have a -- I can say -- let's say potentially, so yeah, it is spread for us it's -- it's widespread, you know. And I am sure this is a significant one for us. It can -- it can be providing something like $20 million of revenues maybe a bit more this year... | direct | [
"direct",
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] | A |
7d6d1440e71b77756122d786d6181674 | And then, on the APS side, you still expect to deliver a thousand radars for the Eitan and 60 for the Bradley in 2021, or is there anything change in terms of delays or, you know, push forward by hand -- and or are there other APS delivery you expect this year, you know on the early stages? | We said already that APS will affect our top line only in the second half of 2022 and onward, mainly, in 2023. | fully_evasive | [
"direct",
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] | C |
b7d314d41ff738aa41de10a7158d3c95 | But is it -- is it the Eitan and Bradley are the only two that will have small deliveries this year? Is that right? | This year, we are going to have very minimal deliveries of prototypes, it is insignificant. Serial deliveries for the Eiton, we start next year. On a lower -- lower scale, Bradley is expected 2023, [Inaudible] is expected 2023 also. So, APS will start affecting not only in 2023. | direct | [
"direct",
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] | A |
32a25cc3004c8222c5a3ef54d352f25e | Got it. OK. And then, you mentioned gross margins and in the U.S., you're at high-capacity expect -- efficiencies. I guess I'm curious, the long-term target 40% or you double or triple in size, and in terms of revenue and build scale, what is a reasonable long-term gross margin target for the company? | I think that if you examine the companies like us, product companies in -- especially in the defense, you'll know if we do really well we cross the 40. But -- but you know, it is not there. We keep saying we are not a software company. There is a limit to -- to the top line to the -- to the gross margin.
So, if we do ... | intermediate | [
"direct",
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"fully_evasive"
] | B |
9f0ae7d72342602b9cf67b195303df54 | Yes, yes. I agree. And then lastly, if you can comment on RAD -- the RADSee technology and give us more details. How are these radars being used in autonomous driving in the vehicle market in general, maybe a supplier to some big solutions and -- and, you know, what kind of functionality they bring to that -- to the au... | It's so early, it's too early to describe. You know, we are taking a minority share at this point but the whole idea is to address this fair highly price-sensitive market with a high-end solution that gives better or excellent performance over price ratio. That's what we did in doing the defense. Today's technology of ... | intermediate | [
"direct",
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] | B |
770135c7a8207fa4181a765e08751405 | Maybe Avi first. Your operating expenses were looks like about 26% to 27% of sales in the quarter. Is that -- is that sort of, as a percent of sales, the -- sounds like in your comments and the stability there, the percent of sales we should assume for '21? | I believe as, you know, revenue for '21 will grow from 76% to 120%. That's our guidance and definitely, our opex will grow at a way smaller percent. So, as time goes by, the percent of revenues of the opex will go down. | intermediate | [
"direct",
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] | B |
319adf38ab8ce6f5342ad24970ec19ef | OK. Go down. You know, can you -- can you provide any more specifics on -- on how much it goes down or maybe another way to ask the question is -- is -- is it fair to assume that EBITDA margins for next year will hold in those sort of 15% to 16% range? | Look, we already achieved the 70%. So you know, we can go where our target is to bring it above the 20% and we definitely see as quantities grow, the top line. We definitely want to see ourselves in this -- in this area of the 20-plus percent. | fully_evasive | [
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] | C |
b640a9c85b15f7aa12a75ccdac1e6f06 | OK. And you're confident that's sustainable then from '21 to '22? | Yep. That's -- that's the idea. We -- we increased our opex dramatically over the last couple of years. We've been very transparent to the market informing them that this is what we're doing.
We've built up our U.S. presence and U.S. subsidiary via "our opex". We've increased dramatically our R&D efforts but we're sta... | direct | [
"direct",
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] | A |
3a9590318f35c73907dfff43f5089ee6 | OK. OK. Perfect. And just one final question as well on RADSee. Should we expect more investments in the -- in the automotive sector? Dubious, this becomes maybe an area where you see synergies and an opportunity for growth, or -- or strategically, how should we view this initial investment in terms of your longer-term... | Look, we are looking around for synergistic opportunities around the technology first not the market because there -- there are not too many companies that are involved in the defense market like ours. And they -- they are typically bigger than us. So, we are looking for growth around the technology and synergy -- syne... | intermediate | [
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] | B |
fec975b961b1760d98e8e2bf484a845a | OK. So, is it fair to say there are some -- there are some natural synergies between your radar technology and -- and what RADSee offers that -- that over time, you see -- you see greater opportunity there? | Yes. We can see even -- I mean, the way they -- they -- they do the radar is very similar to how we did it. You can migrate algorithms from here to there. Naturally, with the adaptations, the -- the frequency ranges are totally different but still, there are -- there are some core algorithms that are relevant around th... | direct | [
"direct",
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] | A |
88c8931e01915b8fc65bd2ecbf01aab4 | So -- so, for -- for, you know, the past year, the -- the military review people, then working from home, they haven't been very efficient. Has any of that returned to any level of normalcy? Is there -- are they back to any level of reviewing on that sort of the normal basis? | I see. I think we can say that there is a COVID fatigue all over and things still don't return to the original pace. But we took it into account and a lot of what we believe will happen will happen in the U.S. this year.
So, we do see where it's coming from. We are beyond -- beyond the point of -- of, you know, holdin... | direct | [
"direct",
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] | A |
5c0be158072a19e09b0031618d1a6ac8 | Hi guys. Congratulations on a -- a terrific year. A couple of questions for you on the balance sheet. The inventory days are -- are pretty stable despite the big growth you guys have had. Just wondering how you're feeling about your inventory of semiconductors where there's -- there's been a lot of shortages reported, ... | You know, inventory-wise, we took a decision a year ago to have basically a one full year of -- of supplies of component -- components in our warehouses and that's what we keep. We are attentive to the hiccups in the market that come forward, surge in the automotive market probably. But it does not affect us. We are cl... | direct | [
"direct",
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] | A |
c0aebdac8e92997acf2b932d3d253ed5 | Good afternoon. Are you -- regarding RADSee, are you going to be a passive investor for the time being or Yossi Ben Shalom with his ties to the automotive industry is going to be involved heavily in the new acquisition? | No. We are going to be passive minority investor to FFN. Yossi Ben Shalom is not involved with the investment of RADA. I mean, he is involved as the chairman of RADA.
But that's -- I mean, it's RADA that he's investing in RADSee. | direct | [
"direct",
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] | A |
578a080aed807cfd7a3733f51412b3bf | OK. My second question is I noticed that ARC ETFs that led by the famous Kathy Wood is involved in RADA. Are you in touch with the management of ARC and the other big investors in your company like Wellington Fund? | We are in touch with all the relevant investors in RADA whenever the need is on a general basis. I don't understand why this is unique. | intermediate | [
"direct",
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] | B |
bb3ab876975cf3ca63e8782045500e00 | Hi, Dubi. You recently started trading the shares in -- in Tel Aviv on the stock exchange there. Can you just provide investors and provide us an update on -- on the logic for that? And then -- I mean, I think it makes a lot of sense. And then how that's gone so far and -- and how that helps to achieve your goals? | OK. First, we opened up the -- the trading today in the opening ceremony. So, it's a milestone, let's say, this morning. We -- we -- we started being traded only last Tuesday.
So, you know, it's too early but -- but the rationale is -- is very -- very understood. We have quite a significant investors basically hearing... | intermediate | [
"direct",
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"fully_evasive"
] | B |
cec7bd4d42ad903b3cafa9a80ff2cc3a | On the West Coast consolidation, you mentioned it'll end soon. Can you reemphasize, that's largely a margin expansion play? And then when it is done, can we expect capex to decelerate pretty meaningfully next year? | So the consolidation that we're doing is really part of our full integration strategy. We did something very similar on the East Coast when we completed a number of acquisitions there, also. And so what we seek to do is to try and consolidate our footprint and then invest in the facilities to create more scalable autom... | intermediate | [
"direct",
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] | B |
9207350d7e4bd3b1124a47da7e33ada8 | We're approaching your fiscal '20. And I'm just wondering how much you guys are concerned if we get a CR for DoD into maybe calendar 2020, should we think about that having any impact to your fiscal '20? Or is the backlog so good and the trend so good that, that maybe would be more of a fiscal '21 impact for you guys? | So hard to tell exactly what might happen. I think our operating assumption right now is that it's likely going to be a three-month CR. We've heard that it may go longer than that; so a little too early to tell. We are obviously very pleased with the bookings performance. We've got another record backlog that was up 30... | intermediate | [
"direct",
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] | B |
26d56c1ce71698e110037bee1a2f1450 | I was just hoping, seeing if you could maybe quantify the contribution from Athena and Syntonic or at least from a run rate perspective and how that kind of equates to the expected Q4 organic growth rate. | Yes. So in terms of Athena and Syntonic, we did not announce the amount of the revenue or contribution for the fiscal year or for Q4. What we did say when we announced the transactions is that we don't expect them to be material to either Q4 or fiscal '19. We've only owned them for about two months, and they are smalle... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
8dd1405f5678343a0b772617bf8068cb | And then just from the financing, I mean, I think you said in the release that it would be paid for with existing credit facility. And I think you ended the quarter with maybe $112 million in cash. I mean, how should we think about debt to end the year versus kind of that cash buildup at least from the beginning of the... | Yes. So right now, following the acquisitions of Syntonic and Athena, we have $324.5 million of debt on our balance sheet up from where we were at the end of the quarter. And you're right, we have $112.5 million of cash. One of the things we talked about in our prepared remarks was the pipeline we have around M&A. And ... | direct | [
"direct",
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] | A |
b7659847e6266eafc201824963798e1b | In terms of CRAD, you mentioned growth year over year. Maybe can you talk about where you're seeing the largest customer investments? And when we think about the development timeline on the CRAD, maybe how quickly that kind of materializes into maybe more sustainable programs? | Yes. So CRAD was actually up 46% in the third quarter. So we continue to see some pretty substantial growth there. And as we talked about, that is supplementing the significant investments that we're making. In terms of the market segments where we're seeing opportunities to work with our customers, it's really related... | intermediate | [
"direct",
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] | B |
42dd213cea47d3da4ff726448ababc1e | The gross margin guide for the fourth quarter is for a kickoff. Is that due to some of that CRAD work starting to move toward production? Or would you say that there's a reasonable opportunity that you'll continue to see maybe more of that come than expected? And what's kind of the timeframe over which that moves towar... | Yes. So my take just based upon the environment is that we're going to continue to see increased CRAD from the customers. The RDT&E line in the budget was up quite substantially. They're clearly trying to focus on next-generation technology investments. And we're seeing the same thing for the customers. So I think that... | intermediate | [
"direct",
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] | B |
2f5ffb7953e0c6f69e0f15c9a77f3c0e | And then I don't know if there's any additional color that you guys can give about the M&A pipeline in terms of where you're seeing the most opportunities and whether there are some larger opportunities, as well as kind of smaller ones? | Yes. So I would say it's extremely active right now. It's probably the busiest that we've seen it for quite some time. I think the opportunities that we're looking at play very much into the themes that we've discussed in the past. We've got a number of those kind of going on in parallel. The first is in the C4I domain... | intermediate | [
"direct",
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] | B |
93d39181a5b532521b0f7ce6c22bc964 | Just to pick on the gross margins a little bit. I mean, the level they were at, a multiyear low, I mean, you've got the target model out there 45 to 50. And I get investing in the annuity programs. But clearly as you alluded to, Mark, and the DoD is investing, the R&D budget was up significantly, the big primes are kin... | Yes. Look. I mean, we always work with our customers to try and be as competitive as we can and to help them as they're trying to win more business. One of the big things that we're doing, as you know, is really leaning in on the IRAD side. And we're kind of partnering with our customers on these next-generation progra... | intermediate | [
"direct",
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] | B |
18ddcad72ab0dc3f048d859a283907d6 | And then maybe just on the program side, maybe one on a big one for you guys, just how do you think about the F-35? Seems clearly the DoD doesn't one to procure as many. I know that's been a big program for you. And then on the flipside, maybe new pursuits, sensor is what could be a very big radar program with Spadoc a... | So the answer is yes. So I think our position on the F-35 is pretty strong. We continue to win more content on the program over all, particularly in the RF domain where we won additional content for radar as well as this quarter we actually took additional share for RF, for EW applications. As I step back and kind of l... | direct | [
"direct",
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] | A |
7f23a5fd274cdce9baaa3090abe7e558 | Are you guys on or working with Lockheed and Ratheon SENSR, the Spectrum Efficient National Surveillance Radar program, which could be the largest radar program ever? I mean are you guys working on that one? | So I'm not going to speak specifically to that, Mike. It's in the early stage and is obviously still competitive. But we do think that our technology suite, particularly given the very high performance, server class products that we brought out, and now with the rackmount rugged servers that we have with Themis and Ger... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
613b64036fe6a819ee2747fdb1620ae3 | Just wondering, to the extent you're at liberty to discuss, when you mentioned in your presentation the new growth opportunities with GECO Avionics that you identified, could you speak to any of that? | Yes. I won't mention the specific platform. But I think we've had multiple conversations with customers that are interested in their capability set technologies that combined with Mercury. And it's largely targeted at airborne upgrades, John. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2307ce617b01ac8c17bb6ac7cc8d8a02 | I'm wondering, you mentioned that you have your robust pipeline for acquisition activity and you mention it looks like multiple percentage points of growth augmentation in your outlook going forward to achieve like 20% total growth, including acquisitions. I'm wondering what kind of a run rate do you kind of view that ... | Yes, we believe so. I think if you look at over the last four fiscal years, we've grown total company revenue at a compound annual growth rate of 24%, and that includes high single digit, low double-digit organic growth. As you mentioned, we supplemented with M&A. The M&A pipeline's pretty robust. I think the market si... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
08aa8c45a84ddc15716dc47e87102f1d | First question is how long do you guys expect Canada to be a drag? How long will the product transition take there? | Hi, John, we're going through the strategic review at the moment. We're trying to figure out right size. We'll look at -- we're looking at the market if there has been a substantial change. It's not as simple as just shutting down or growing up, we've got to actually figure out what is the right thing to do.
The change... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
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