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d47834ce890fcba3f9cb820b15732937 | Hi, good morning. It's Brian Chin on for Patrick. Thanks so much for taking our questions, and congratulations on the results. Maybe first question here, just, Peter, maybe to go back and just clarify something in addition. So the $100 million capex for fiscal '20, which includes the carryover, does that include that p... | Okay. So the $100 million is -- the approximate $100 million is a $33 million carryover. And in addition to that, what we would describe as, maintenance capex. At our current run rate, that number is -- current run rate $625 million, 10% of $625 million is $62.5 million, add $33 million, you get approximately $100 mill... | intermediate | [
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f655e2fe2b437b1dc4cda9946cc174b6 | Okay, got it. So even if you made the decision in the next quarter, it wouldn't be producing revenue within the fiscal '20 horizon, it could be beyond that? | No, not unless we can pull a miracle, but highly unlikely. Yes. | direct | [
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e34dddcae49a2ef00dbb53e501dc04cc | Got it. And kind of related to that, the China start-up cost, it looked like kind of a 200 basis point lesser headwind in the fiscal 4Q. What are you sort of thinking in terms of fiscal 1Q, January, and -- yes, I guess that would be my next question. | Hi Brian, good morning. It'll be less in first quarter. As we said, Hefei almost reached breakeven in the fourth quarter, so we expect that to continue improving, and the effect from Xiamen will be less.
Go ahead, Peter?
To clarify that, as John said, Hefei is profitable. We expect it to make money in the quarter and... | direct | [
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0b3757eb9783fd44dfc93e714aaf95b4 | Okay. Maybe my last question just [Indecipherable] things out a little bit here, but it sounds like what was more of a headwind now has shifted to a little bit of a tailwind in fiscal 4Q in terms of China and maybe China mainstream in particular, in terms of on the IC side of the business. I'm kind of curious, can you ... | No. I think you've read my comments wrong. We don't see the China -- the momentum in China diminishing. We don't see this as a temporary blip on the radar screen. There's been a strategic shift in the market that is in -- that in our view is not moving in the opposite direction. China is -- they have their foot flat on... | direct | [
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09115f2550f8a32d422247832d89dc43 | Hi guys. Thank you, can you hear me?
Yeah, hi, this is Frank in for Tom. Thank you for letting us ask a few questions. You talked about IC coming back in China. Can you speak a little more to it in terms of what is driving the return in spending and is it memory or logic, and maybe a little farfetched, but perhaps, wh... | The demand in China really is both memory, logic high-end mainstream. It's very broad based, it's big customers like while you are [Indecipherable] it's many other smaller customers with factories that are ramping and coming online. So yeah, it's really quite broad. I think generally speaking, some real bright spots or... | direct | [
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295f6ae57b596b3b4c6aaa4763c112aa | Right. Thank you for the color. And then just a follow-up to Brian's question on capex earlier. So, when you remove the carryover from this year, you got roughly $78 million [Phonetic]. Is the sort of the ballpark that you're thinking about moving forward as a maintenance level or what are you thoughts on that? | Yeah, I think our view of maintenance capex is about 10% of revenue, right. So that for us is that we see is a good target going forward. They will more or so -- usually maybe a little less, there are others. So I'll just remind you, leading-edge lithography equals $40 million. So you don't need to find many of those t... | direct | [
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a681f1b49d88dce82964916225109a53 | Yeah, OK. Thank you for that. And then I know you have four customers with long-term agreements in China. How many of these customers do have the capacity to serve over time? | Well, we're taking care of all of them. I think to quantify it, what we said was, it represents about $300 million plus of business over a three-year period. So that's the $100 million a year on average. Right now, that's between 15% and 20% of our revenue, which is on one hand, a really nice solid base load, but it's ... | intermediate | [
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79bfc46c442d13e682179b069e405ee8 | Okay, thank you. And then lastly from us -- thank you for the color regarding the headwinds in China. You said that the effect has been concentrated and relatively small. And could you sort of quantify what you're baking into your guidance for the first quarter? | Yeah, the headwinds in China were in Q3. We mentioned that the business was impacted. Now what happened in -- what happened over the summer as some very prominent companies had put on restricted trade, there was disruption in the product development roadmap. But generally, the Chinese electronics manufacturers came to ... | intermediate | [
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ccfb3cb235ded8aa53d722fc4209f695 | Hey, you broke up a little bit when you gave the revenue number. Can you just give me that revenue guide again? | Yeah Alex, so we expect revenues to be between $62 million and $64 million for third quarter. | direct | [
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b85a53f7ec428c770f5f0dd3def3e8ab | So, I was hoping you could talk a little bit about the Cisco stuff, give us a little bit more granularity. You said it improved -- it's not that visible in the numbers to me. So, I mean, is it bigger than a breadbox or smaller than a slice? | Yeah. So I -- as we reported also -- I think couple of quarters ago, Cisco continue to enhance the product portfolio from Radware, that they're offering to their customers as part of their global price list with full measurement on their salesforce, and we're starting to see, a rise in activity across the world, and it... | intermediate | [
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3a6ac81ca71da706382f2c1259f86c30 | So on the European side, you had indicated after the first quarter the real erosion in bookings and that despite a very strong print on the revenues that you are concerned about the outlook. Obviously, the revenues came in, not surprisingly. Have you seen any meaningful pickup in the bookings in the EMEA? And -- how we... | Yeah. So, no, I don't want to go into booking per quarter etc., but sometimes even bookings increased and they did, an even significantly overall our view of Europe is continues to be cautious, especially on Germany and the U.K. So I would separate, the specific booking results, which again were extremely good versus o... | intermediate | [
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af975e600e98c10404cccba2fbd120b6 | So one last question and I'll see the [Phonetic] floor. Can you give us any break between your kind of conventional, traditional business and the security and SAS related stuff? Any metrics around the newer portion of the business security versus traditional, would be very helpful? | Yeah, not any new specifics to share beyond my comments that there, we see real strength in cloud and product subscriptions and that we are on our very strong and our way to, for the subscription portion to be 30%, not only of new bookings, but of total bookings of the company. So there is strong progress still. | intermediate | [
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9dd4ad7dcd72911d3eec6b62e6ea358c | Hey, guys. Good quarter. Roy, can you talk about enterprise, which again, for not a quarter? I guess, this time was, you're going flat on a year-over-year basis. Is this just a reflection of the transition to a subscription where all of that revenue are actually is counted as service provider because it goes through th... | I think it's a mix one in -- overall in enterprise, the deferral of revenues is higher and you see, I think the growth on the total deferred as a result primarily, of course, from our enterprise business and the fact that most of the cloud subscriptions, product subscriptions are going into that segment, so that's obvi... | direct | [
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27e2db6ca753a4f6a33323dbd3e6b940 | Okay, then speaking of partners, you mentioned also on your prepared remarks the -- the importance of building a third party kind of reselling motion [Phonetic]. Can you give us some more color on how many partners do you have now? How many are critical to your subscription businesses? Any concentrations, regional colo... | Yeah, so we have multiple sets of channels. We have -- what we call the traditional channel, the networking and the security VARs, in that we have definitely over 100 across the globe. And then we have the one that we are treating most strategically because of the scale and ability to a bring us in front of many of the... | intermediate | [
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079d083dd200a3aa1ca5f69e295fee70 | Hi there, thanks very much, guys. I guess, I was really interested in your comments about Cisco and the bookings improvement there, and I'd love to learn more about that. I, certainly heard what you said about, more of the products going into the Cisco price list, is that -- is that the simple reason why the Cisco tren... | So I think there is multiple parameters, so first if you recall our initial deal, we're integrated DDoS software on top of the Firepower Next Gen Firewall, and in those deals, we were limited in the potential to where Cisco sold an NG firewall, and when that NG firewall was internet facing, where data flows was a probl... | direct | [
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16a10936f96f9b2bfe9d48a1e99fac7e | That's great. And then I guess, I also wanted to go back and I guess, you're more about your efforts on encrypted traffic. Can you just talk about, how SSL capability kind of layers in with the rest of the product portfolio and how you see that? In terms of ramping an opportunity for new revenue. | Okay, so, I think this is a very big problem today in security, because more and more of the traffic of the network traffic is now encrypted for privacy and other reasons, predominantly through SSL and DDoS. When you encrypt the traffic, all your network security devices are blind to the content and cannot detect any a... | intermediate | [
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f7671df4f3883a51bbbc1671a4ab9421 | Thanks for taking my questions. I got disconnected for a minute. I am sorry if you're already touched on that, but can you comment on the deferred revenue? I mean, we're looking at the evolution of, the balance sheet deferred revenue going down sequentially while the uncollected billed amounts were going up significant... | No. So this is why we referring to the total deferred revenues and by that it eliminates the short term, long term and what we build and what we didn't. So, I advise to look on the trend of this $172 million in the break of what will be in the next 12 months, to be recognized as revenue. This is the -- the only trend t... | intermediate | [
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fe17405b5100498b3a98cd20a67476cb | Got it. And you mentioned Cisco and the announcement of the -- your product within their portfolio. What about checkpoints and Nokia? Anything they are evolving over there? | They continue to contribute. With checkpoint also, we are quite optimistic that we are gaining [Indecipherable] and definitely new logos, but I don't think at this point it's in the scale of the Cisco relationship and the Cisco momentum. We are working, of course, with them to grow it further into accelerate it. | intermediate | [
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3332af950a55b949bfa8bce1b3b38882 | Okay, that's helpful. And just a last one from me, please. Looking at the acquisition pipelines, do you guys have any incremental target that you think could be a credit for you guys compared to the last quarter? | So, you know, we continue to look and to be active in the market. Obviously, we will report only when something is -- we concluded it. So, at this point, nothing to share, but obviously we're looking for more opportunities. We are very happy with how the anti-bot acquisition, the ShieldSquare acquisition is shaping up.... | intermediate | [
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c42e555230c0e9c1fe1be06074a4315b | I wanted to start off a little bit on PRS because that was really the area of the business that stood out to me. It looks like it grew sequentially despite what was a more difficult environment. So maybe you could just talk to kind of what you're seeing there from an account penetration perspective? And just any though... | Yeah, it's interesting. We did a lot of work last quarter meeting with plastic surgeons for various planning activities. And I think some of the surgeons had indicated they definitely saw an impact due to COVID with cases being delayed or pushed out and others really saw no impact. So I was a little interested in that.... | intermediate | [
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b5c9217866d82401c069276eac9662d8 | OK. Perfect, and good to hear. And then on the core hernia side, if my numbers are correct and please correct me if they're not, but it looks like it was down a little bit sequentially compared to last quarter. I assume that's largely related to COVID.
And I know you provided some helpful commentary in the marketplace... | Sure, Drew. And just before Tony steps in to give some color on the market. Just to clarify. So OviTex was up sequentially from the second quarter and PRS was actually down slightly sequentially from the second quarter.
So Tony, if you want to touch on it.
Yeah, yeah. So there's a -- hernia is our foundation and we'r... | direct | [
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64e5e4204caef076114efd3faec683b3 | OK. Perfect. That's very helpful. Thanks for the correction there.
And then just last one for me on the rep side of things. I think you mentioned about 40 reps. If I remember correctly, you had been targeting around that 50 number by the year-end. So that if I got the numbers correctly there, I mean that seems like a ... | Yeah. I mean we -- our rep productivity is really looking good. The improvements are stark. We have two-thirds of our sales force is either at $1 million or higher or on track to get to $1 million, I'd say, in that $500,000 to $750,000 range.
And then the last third has been on board for less than a year, but even the... | direct | [
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cb04b9add7d56b6a1747bd3336be7d64 | Hey, guys. This is Frank Pinal on for Anthony. Just two quick ones, I guess. First one, on robotics, I'm just wondering if you can sort of trace out how the penetration works out over the next year or two just sort of looking at da Vinci robotics procedures.
I think they crossed the 250k mark last year. Just wondering... | Yeah. So on the robotics front, I've said this before and I guess I'll say it again, a robot is going to eat hernia maybe all accept the most complicated Ab Wall reconstructions or special circumstance cases. So if you just look at the inguinal market at 750,000 to 1 million procedures roughly, the robot is 25% penetra... | intermediate | [
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c1ff7447ae72eadadcda49d8037bdad1 | Great. Thank you for taking the question. So I just wanted to see if we could get a little more color on the Next Sciences partnership here and maybe what we should expect from a medium term with respect to the business model? And then just longer term, from a product development perspective, I know you guys have been ... | Yeah. Thanks for that question, Kyle. I'm going to frame it as a 24-month time horizon basically, because we have some stuff that's shorter term, but most of it is a little out there. So what we're doing is we're suddenly repositioning our company to be -- to have a bigger play in soft tissue, right? So soft tissue rei... | direct | [
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fdd734e907694f2711afda9ef4f87462 | Great. And then maybe just could you give us an update -- you may have given it, but I missed it, was just your core accounts. And I think you talked on sales rep productivity, but maybe core accounts and maybe where you stand within Health Trust? | Yeah. I mean, Health Trust is ticking up, right, as we work our way through supply chain issues. I think we're up to about 37% of our business is coming from Health Trust. We're probably getting up to about a $10 million run rate or so, up from about $1 million run rate when we started.
So I think that's going well, b... | intermediate | [
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ff1fbd85cb4e60ee06dce5095f52db02 | Tony, I'd like the sound of that LIVN program. So thanks for that. I guess I have a question here for BRAVO. The two-year follow-up, How many patients are done? Is it similar to the 75 in the one year? And when do you think that will be published? | Well, we just got the one year published. We just locked the database and did the analysis on the two years. So the manuscript is going to have to be developed and then all that. It could be six months, I guess, before we get that in publication.
But the data remains strong, solid. Patient count is roughly similar. I ... | intermediate | [
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d48e3c6532f6274c4229994c9d4fc235 | Got it. And I know BRAVO II is much longer. I think it's supposed to take more time. But given that you're sort of the only option that can be used with the robot I imagine it's not quite as important as the original BRAVO, but I guess just any update there any thoughts? | Yeah. I mean, BRAVO I actually has roughly 20 patients that were done robotically in it. So there's a subset already. And then certainly, the ReBAR stuff that was presented at SAGE is mostly robotics.
So our robotic data set is looking fairly good before even BRAVO II. So Bravo II is going to be nothing but additive t... | intermediate | [
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c1b58fb55f8efdf8f49ea85d2a353066 | Can you just walk us through the rationale for the restructuring of the financial milestone from $100 million to now being split up into two. I'm wondering if this is something that AstraZeneca initiated and wanted -- obviously having $100 million for the first patient dose in the Phase III is better than $50 million. ... | Let me first say that, with monalizumab, we are really very excited and very proud with the achievement that we've got today. I mean, I remember this is the first assets in 20 years for Innate Pharma to get so far into it, this Phase III and to be so close to the market. So this is a major, major achievement that we ar... | intermediate | [
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00473d704222cee850c7d35ccd599141 | On the receipt of the second half of that payment or the $50 million, A, when do you expect and I'm looking at the timelines, is it a post 2022 event, where you would think you'd get this interim data that will then trigger that? And then the follow-up on that would be, can you share with us some of those criteria that... | So looking at the pre-defined criteria, I think as many people know on the call, usually on our interim analysis, we don't really get into the nitty-gritty details. But from what AstraZeneca has told us is, there I'm expecting this interim to occur within -- between 18 months to 24 months and I want to emphasize they a... | direct | [
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76aa5ca3fa569c37c352d314e658e5d0 | Are you able to disclose what sales were in the first half? And then my follow up there would be, given that you -- the arrangement with AstraZeneca, it -- should we be expecting that contribution will potentially being negative in the second half. I know you had plus EUR900,000 in the first half, but just given kind o... | So maybe I'll hand over to Jen for the first part of the question about the commercial performance. I mean the straight answer in terms of, can we give a little bit more granularity that AstraZeneca has booked in sales. So we'll start booking the sales in the fourth quarter of this year. So -- but we can give you a hin... | intermediate | [
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4223fc533836c8450836ec76e78f6b6f | I had a question on the FORCE trial for COVID-19. Could you provide a few more details on that study in terms of its design, specifically how many patients you're enrolling, what do you -- how are you defining the standard of care or the control arm, and what endpoints are you using? For example, is it something like t... | Okay. Thank you, Yigal. I'm going to hand over to Joyson to give you an update and remind that this is an investigator sponsored trial that we are conducting with the public hospital here in Marseille and other pipeline cost. And actually details about the design and even the sample size as well as the interim analysis... | intermediate | [
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1f0fd5f351b3f123f7d280ad20c15340 | Could you just provide an enrollment update for the TELLOMAK study as it currently stands, now that you've begun resuming recruitment? And in terms of the data that you're going to share for Mycosis Fungoides and Sezary Syndrome, can you provide any more details on the types of data that you're going to be disclosing i... | So, let me answer the first one, enrollment and then subsequently the types of data. So in regards to the enrollment, right now, we are -- we've had sites brought back up, so lot of the sites that were on clinical hold initially have been activated again. And then second is, I want to kind of reference the fact that th... | intermediate | [
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2fe9bbd0a59a7f58d4eaf446e56d0f63 | I know we didn't spend much time on STELLAR-001, but could you just walk us through the rationale, the discontinued enrollment there, was there just zero signal or not a compelling enough reason to move forward due to -- maybe competitive landscape developments, just some color there would be great? | Thanks, Graig. Before I hand over to Joyson to answer your question, a quick reminder that this is a clinical trial collaboration agreement that we had signed with AstraZeneca in 2018 in order to design a Phase I/II trial to evaluate the safety and efficacy of the combination of durvalumab in combination with avdoralim... | intermediate | [
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e4b1826b7ff256f9da8f701bdabbdba7 | I'd love to get actually based on what you presented on the Battery Day. In the last six, seven months, I want -- I was wondering how much progress you've made on that front, first, in terms of process development. So how are things coming together on your pilot line? Are you getting to the kind of production throughpu... | Well, so we have the -- and Drew can add to this. But we have the -- a small sort of pilot plant, which is still big by normal standards, expected to have like a 10-gigawatt hour per year capability in Fremont, California. And we made quite a few cells. We're not quite yet at the point where we think the cells are reli... | direct | [
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dc825ccf4b675898b3e0bd7354a4dcfa | I had a quick follow-up on maybe, Zach, for you on your energy business. So I understand like the negative gross margin with solar roof ran. But I was wondering what do gross margin look like there when you look at the storage business and where you -- what's your ambition in terms of gross margin in that business as, ... | We're aiming for comparable margins in storage as in vehicle. But it is important to bear in mind that vehicle is more mature than the storage. So -- we're already are at margins with the Powerwall. But some additional work is needed for the Megapack to achieve good margins. Yes, Drew, what do you think? Yes. Sorry, ju... | direct | [
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724c17462e899147ed5346ab5e72288b | I was hoping maybe just, first, you could talk a little bit about how you're thinking about the rollout of version 9 of FSD and the transition to the subscription model. It sounds like some of this is about to roll out next month. I'm not sure if that's the subscription model, but maybe you could just spend a little ti... | Yeah. We're working on getting FSD subscription out. There's a couple of internal technical dependencies, but from a business model perspective, that's aligned, and we're hoping to roll that out soon. The key thing that I say here, there's a lot of potential for recurring revenue based on FSD subscription. If you look ... | intermediate | [
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370c078220a75257665211757dbd3c0a | I was hoping, Zach, maybe you can just talk a little bit about opex. There was a noticeable increase, even excluding SBC. Obviously, a lot going on this quarter, but can you maybe just talk a little bit about how we should be thinking about that going forward? | Sure. On the R&D side, what we're seeing, as I mentioned in my opening remarks, is kind of a convergence of a series of programs that are happening. And our R&D opex spend kind of correlates to where we are in the product life cycle on different programs. And so we're kind of at the tail end of investments in, what we ... | direct | [
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98117efd890f27ba66964b5e95043944 | Two questions. One is on COGS. I think we've gotten from Battery Day a pretty good feel about the potential for COGS reduction related to powertrain. But I'd like to get a sense of the path to reducing COGS, ex powertrain, as you'd still need a meaningful reduction on that front to make the math work on a $25,000 vehic... | I mean, I think all of the above. Yes, I mean on the vehicle side, there's plenty of opportunity as well. Obviously, building a car like a Model S lot is quite complex and has various moving parts. Model 3 and Model Y were steps of improvement in that. But when you look at some of the other advancements that we're incl... | direct | [
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d0bc9702ddd1c54c1f964f6382419124 | As you see Berlin and Austin ramp, I'd like to just get a sense on the comparison of Fremont versus the new capacity. Obviously, Fremont non-optimized because you bought the old NUMMI facility. You had to retrofit that to your need. So maybe you can give us a sense of how your new capacity is going to differ versus Fre... | Yes. I think we don't want to talk too much about future product development. The earnings call is not the right place for -- to make major product announcement. So yes. We'll get there, but we'll talk about it later. | fully_evasive | [
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5e25b448cb547b875032e64a8ab95730 | On some of the plasma data points that are baked in the guidance as well as the performance in the quarter, maybe just a little bit more detail on what is baked in there for specifically volume recoveries and then any thoughts on how you are reflecting the restrictions at the U.S.-Mexico border. Just an update there wo... | Yes, thanks Anthony per se [Phonetic] question. With regards performance and how it tracks to our guidance. We're bang on for what we expected to see year-to-date. We had 14% volume growth in the first quarter. We've seen 21% through -- as of the end of last week, so almost 40% of the way through our second quarter and... | direct | [
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d793419ab77faaf85a56076d15ed47e0 | And so just to be clear, the bridge between the sort of 6% organic in fiscal 1Q and then trending toward the higher-end of the '25, you certainly have a view for continued volume improvements, which it sounds like you're seeing in July, but also on the upgrade front, is there anything baked in there as well. Last quart... | Yeah, you're exactly right. We have a lot of growth loaded into the second half of this year. So it's ambitious in that regard, but that tracks our models and what we see with the waning stimulus effect etc. Upgrades are part of that forecast and we're seeing that really across all three of our offerings as we communic... | direct | [
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74cbc1d37f31d5295b75d818ed0b611d | I'll sneak the last one in on Cardiva, ahead of expectations there and just wondering the complexion between just general EP volume improvements versus the original forecast versus say just expansion of the VASCADE franchise into new centers. Thanks again, I'll get back in queue. | Yes, thanks Anthony. We're very, very excited about Cardiva and VASCADE, both VASCADE and MVP exceeding expectations. This is a product line that did mid-40s last calendar year with Cardiva. We were able to collectively deliver $22 million in revenue in our first quarter alone. So we are very excited about the recovery... | intermediate | [
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e4f2bd9fdffa87e2939e9e674860e19c | Hey, this is Anthony [Phonetic] on for Joanne. Thanks for taking our questions. I have two. My first, Hemostasis Management had a strong quarter this quarter. Can you sort of parse out where that strength is coming from? Is it still sort of these research hospitals and labs are buying TEG [Phonetic] to study COVID pati... | Yeah, Hemostasis Management grew 31% in the first quarter. It's truly outstanding growth. A lot of that is benefiting from the increased procedure volume, no doubt. It's an essential product in that regard. U.S. is disproportionately driving that growth although we've had growth in every geographic segment and it's a c... | direct | [
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034e848bdb2f74713fd4cb841e7ec3f2 | Great, helpful. And then my second on Cardiva, what has surprised you either positive or negatively about uptake and then could you just give some more commentary on how the integration is going? Thanks. | Yeah, I'll start with the integration because I think that's the real success story here. To be able to bring that team onboard and assimilate them in preserving everything that they're doing, have been doing exceptionally well. John Russell and that group built a really high performing team and we're benefiting from t... | intermediate | [
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ef25c630edf4c9c96294acd2c66fdb14 | Yeah, thanks for taking my questions. Wanted to ask about free cash flow. So just given the decline compared to the first quarter last year. What's your confidence level in the guidance and is it more realistic to now to expect to be at the low-end of the guidance range for the year? | Hi Mike, it's Bill. So on free cash flow. We're confident that we will be within that $135 million to $155 million guidance that we put out there. The cash flow is down a little bit from last year and it's a combination of we have higher accounts receivable than we did last year as our revenue has begun to return. So i... | intermediate | [
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e9341304b371948c936255e559c8462d | Okay, thanks. And then I don't know if you've given us any guidance on a GAAP basis, if you include all the restructuring and kind of one-time stuff in there, but do you expect free cash flow to be positive once you -- I guess on a GAAP basis, not excluding that sort of stuff. | We would expect it to be positive for the year, yes. | direct | [
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026ede70809db2c703ea4c1207edfbd2 | Okay, all right. And then one of the things I've heard some of your larger customers talking about is trying to collect more plasma outside the U.S. over time. I'd imagine you saw the opportunity to capture that business, but I just wanted to get your thoughts on that and see if there is -- what that means to Haemoneti... | Yeah, Mike, it's Chris. That's a perennial discussion topic. I think it's gained more momentum in the COVID period. One of the things we communicated previously is that we've helped more than 25 countries around the globe over the last year step-up the collection of convalescent plasma initially in response to COVID an... | intermediate | [
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7091c436f34caa4a4485b4d00fa70e1e | Hi, good morning, Chris and Bill. Thanks for taking the question. Just on the quarter here, I think you grew 6% organic in plasma and I think I heard you mention collections grew 14%. So I'm just trying to better understand kind of the delta there between the two numbers. Was that price, but would love some more color ... | Yes, Drew, there is a range of factors, obviously, we're talking about comparisons over prior periods. We did call out price adjustments and we've talked specifically about those in the prepared remarks. It's a combination of legacy agreements including for the PCS2 technology where we had a specific operation. It had ... | direct | [
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e02f3e30bf609400735dce9cd5b8d5f5 | Okay, understood. Thank you. And then just on the NexSys conversion by mid-fiscal '23. Is there any way that you can and maybe you don't want to discuss this, but frame that in terms of your overall installed base because it just mentions or you mentioned you expect to complete transition of your major customers, but j... | Yeah, Drew, I appreciate the question and I know you want to drill down on that, but for reasons of customer confidentiality, we'd prefer not to talk about the specifics beyond what we've already guided to. Thanks. | fully_evasive | [
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31d0559f033a72912e4afb45512e8ece | I wanted to ask some specific questions on the numbers related to the new dividend policy. And I'm just trying to understand the walk from EBITDA to what's available for dividend next year. Simos you touched on it, but I just want to -- just for illustrative purposes, if the Company does $500 million of EBITDA next yea... | We said, Amit, not $177 million -- $197 million of debt amortization. | direct | [
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cfcc0920dad244ef8c51368f6db1a6e6 | Okay. Could you -- can you. I think it's important, because the way you guys talk about dividends. Now we have to pay more close attention to the quarterly cadence of cash flows. And so one, I wanted you Christos or Simos to help us with the 22 -- is there any lumpiness in the cash calls in 2020 related to interest or ... | No, Amit I don't think you're wrong. As you correctly said, we have updated in our presentation, the capex schedule for the following few quarters as well as dry-dock expenses for the fourth quarter and then, effectively, we don't have any dry docks for 2020. We don't have any maturities in 2020 that we will need to us... | direct | [
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c07c726a39d2ce6446bfe52b1839aac6 | Even the interest payments will be smooth over the quarters? | Yes $72.5 million can be broken down evenly between the four quarters. And that's on the basis of the current LIBOR curve, right. The current sort of three month LIBOR curve. | direct | [
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516fac9482f82b7589df60d475c6a255 | Right. And then the other thing I had and I'll hop off. Soon, just to get off the queue. But when you guys pay down the $200 million of debt, next year, your interest expense goes down as well, right, so is that $60 million in 2021, is that how we should think about it -- it was on interest rates I guess, but? | Yeah, that's that's correct. I mean interest will go down effectively in 2020. It goes down to approximately $66 million on the basis so far of today's LIBOR curve. And then in 2021, it would go down to $55 million. So it reduces by approximately $11 million per year. | direct | [
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7c569aa30ad80e680df2ea0dbeb7320d | Okay, that's helpful. And just last one for me, if I could offer Hamish or Petros just more conceptual. I think this is obviously, we think it's very positive in terms of the Company is a 100% of surplus cash flow to shareholders. But you have had instances in the past, where shipping companies have had a variable divi... | Sure. Look we've designed this dividend policy in order to be able to follow it for the long term. And frankly, our hope is that by sticking to this dividend policy investors will be well rewarded and will value the Company appropriately. And if the company is valued appropriately, we will have a currency that will all... | intermediate | [
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6ec0441c2be72c7e74175e76e6e94889 | Yeah so, just as it relates to the dividend policy, Hamish, what are your thoughts around then share repurchases or early debt repayments, does this kind of negate the need for any share repurchase program? | Well certainly our focus will be on trying to do things that maximize this dividend at least with the share price where it is currently or hopefully higher. We would take another look at that if contrary to our expectations, the share price dropped significantly. But I think our focus is on maintaining or trying to inc... | direct | [
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1ac6be064698d0151c3b3589a4be7bc7 | Okay. Thanks, Hamish. That's pretty clear. I wanted to ask a question related to the scrubber installations versus the -- installations versus commission. So can you walk us through the process of what it takes for it to be commissioned and how long that takes? | Hi, Chris. Well, as long as installation is completed at our shipyard, it typically takes us three to four days to commission a system. And by now it's almost on the same day that we get the ship certified. So compared to like six months ago, we have managed to optimize the process to a very short one of approximately ... | direct | [
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6cfee562d5ede29e429819060bb7ef01 | Okay and then what's the kind of average time at the shipyards now, is it closer to 40 days or closer to 50 days? | Well, it depends on whether we're talking about straight scrubber installations or we're talking about dry docks. We have so far concluded 50 scrubber installation calls at the shipyard and having had the effect of writing things, which is now proving quite valuable. Our average downtime at the shipyards is at 25.4 day... | direct | [
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e7f6132262b1d7cde2319ad5321ee560 | Okay. Finally question on kind of the market, what are your thoughts around Capes versus the smaller asset classes and why, might there be diverging expectations for the rest of the year in 2020? | Hi, Chris. We expect that at least til the end of this year as they're going -- as there going to be several more scrubber installations as well as Q1 next year, we expect that Capes where most of the installations are taking place will do much better compared to previous years, of course, because you know that always ... | direct | [
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10f6ef8f311d5b9d2bbb87bc4fcce055 | Hey, guys this is Ben Nolan. Good news on the dividend policy really like it. But I was curious, certainly over the last few years and even over the summer. I mean, you guys are used your shares for vessel acquisitions and I think, successfully, and in particular as you draw closer -- hopefully closer to to NAV or abov... | Well, we really don't know -- whether something is low-hanging fruit or not depends very much on the outlook of the shareholders of the target Company. And that outlook changes from day-to-day, and so we can be surprised. Basically, if we can do transactions for cash and shares that are accretive to our dividend and ma... | intermediate | [
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d6b1a13bf70a509116e392dbd1b644e6 | Got you. Okay, well that's helpful. And then then just following up on the dividend question, just to make sure that I have it. So as it relates to sort of how you think about it, and I know that there was a [Indecipherable] in the release saying that you may prepay debt and that would take away a little bit or vessel ... | We're not planning to prepay anything with operating cash flow. And I think the point we were trying to make in the dividend disclosure was that if we sold securities, were sold ships that we might use those proceeds to prepay debt or to buy ships and would not therefore dividend those proceeds of security sales or shi... | direct | [
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9df25a0456c619f734c56f88e089086e | Hey, it's Amit here from Deutsche. Just a follow-up, thanks for taking it. Quick question on the minimum liquidity numbers you put out there. I know you -- you want to get to $2 million by the end or middle of 2021. It just seems like $2 million per vessel is just so much more than what your minimum liquidity covenants... | Well, I think what we -- what we were thinking was that the $2.1 million of debt service per vessel is more or less a year's worth of -- cash per vessel is more or less a year's worth of debt service and in 2016, that kind of cash balance was looking mighty thin and today, it looks like a lot, but it's a very volatile ... | direct | [
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d51710e8dabf9515a05ca22663586665 | Yeah. Got it, OK. And then the last question from me. I think the bigger question here is, is that, you know what is kind of the two, three, four year vision for the Company from a size perspective, from a capital structure perspective, it seems like the dividend is going to drive at least -- the vision for the dividen... | I think in shipping, basically there's very little advantage to having debt and if you look at -- just if you get very technical and look at the capital asset pricing model, the only benefit to debt is from the tax shield on the interest payments, but we don't get any tax shield from the interest payments, because we d... | direct | [
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0c586387a9988fa3f84f9c30e62781bb | So I guess first of all, thank you for giving the guidance for revenue for this fiscal year. And I'm just curious what holds you back from giving earnings guidance. Is it the movements in your petroleum-based input costs because there has been a recent rise in oil or is it more of the supply chain constraints? What ele... | That's truly -- most of it is aligned with the revenue. We don't -- we believe our gross margin will be within our range, as a historic range for the year. But also the uncertainty around the extra or the implied costs that may come in because of certain changes in distribution due to the pandemic are things that we ca... | intermediate | [
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7da6cd52744c113acd29d09db41a5576 | Also can you talk about your A&P spending? I mean, you noted that the high revenue growth kind of made the ratio lower, but I'm also wondering how much you're spending behind your brands given that maybe in some cases you're chasing demand a little bit? Is that an environment where you would actually want to pull back ... | Oh, no, not at all. We've continued to invest in our marketing activities. The one area that we've been not pulled back on that have been forced to reduce is areas of our marketing tool box that require physical impact, for example, sampling, our sampling programs, which are highly people intensive. But we are continui... | direct | [
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b91789ed311dc6adb6e5ad09aed49bbe | And also can you give us some of your thoughts on -- I know this is a long time from now, but a year from now when you're facing these strong comparisons due to the pandemic, what are your thoughts on being able to grow your revenue against such strong comparisons a year from now? | Well, our long-term aspiration hasn't changed. We, and as Steve has shared and I've shared over many years, we believe that there is still a long growth path for us in many countries around the world. As Steve mentioned in his comments, we'll see how many of the new users that have come into our brand that we've identi... | intermediate | [
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1e2958d3af87fdd6ad2fa0f03299e5fc | So I was just looking Europe was much, much stronger than I think anybody anticipated. And while I realize that a lot of that was from the remodeling trends you mentioned, I was just wondering was there something particular in that particular region that led to a strong growth. And also the margins seem much better tha... | I'll ask Steve to comment on the revenue side. He is very close to the European business.
Thank you, Garry and hi Dan. Yes, I mean it really -- it's really for Europe. There was some rebound in terms of the marketing distributors. I mean these are really kind of global trends that we've seen. Our marketing distributor... | intermediate | [
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e04d5eda03535432e4a6e1ca635eafad | Okay. And then I know that there were some tailwind from lower oil prices or lower petroleum costs that kind of flow through -- well, the costs were lower, but the pricing was lower in the -- earlier in the year. Now you're kind of feeling that. I was wondering if that's kind of peaked and should probably ease over the... | Yeah, we've seen as oil has crept up recently we've seen or we will see 90 to 120 days, beyond a little bit, high -- a little bit higher or a little more headwind to margin from where it is today. | direct | [
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8327b398e337cbe5dc6a7a641ad4c0fc | Okay. All right. That's helpful. And then I guess finally, just in terms of timing, I mean has -- in the past historically has the Chinese New Year ever had an effect on sales or does it historically had an effect on -- should we expect a seasonal slowdown here in the first quarter, at least in Asia? | Well it depends when it falls. Last year, obviously it fell right in the beginning of the COVID time. So we see that -- we always get an upswing after Chinese New Year. But we believe that it would be no different to previous years. And as you know Chinese New Year does fall at different times during the year -- during... | intermediate | [
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18e21f0454f0987cd14efdb852ba8d73 | Okay. And then finally, I think I saw in the deck and you mentioned that the cost of doing business went down previously in the quarter. I was wondering if that's -- again that's just executing better or if there is something you're doing differently to reduce those costs. | It's revenue.
As a percentage -- cost of business as a percentage went down. In real dollars our cost of business went up, but as a percentage of revenue it went down and it was because of the higher revenue. | direct | [
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1d0ac003eb0ac19fe00bd282bda13b30 | I just have a question on the guide -- I have a question on the guidance. It looks as if -- can you give us some idea of how you're thinking about the store versus e-commerce in the fourth quarter, I guess, number one? And then I have follow-up. | Yeah, I think we're continuing to see growth in e-com and have some exciting initiatives planned for the fourth quarter. So I think planning on it continuing to be a big part of our growth story. | intermediate | [
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1b3c42016021db9fcc75e300af91b883 | And then, so if we -- so just making -- taking the balance and the growth prospects here, it looks as if you could come in toward the low end of the increased same-store sales guidance and still reach close, if not beyond, to the top end of your EPS guidance based on the ranges that you provided of gross margin and SG&... | No. I think that's fair. I think we've taken a conservative view on EPS guidance. The fourth quarter is going to be a little volatile, certainly different than last year with the holiday schedule and the launch schedule. And so, we wanted to add a little conservatism to our outlook. | direct | [
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de1025cebd14aa87973d65aa1f904aaa | Thank you. And then Jared, how much has the -- how does the launch calendar for you compared to last year and how well positioned is City Gear now with the new products from key vendors that may have not been treating them as well prior to your acquisition? And sort of what are the expectations coming out of City Gear ... | Yes, Sam. The volatility that Scott referenced on the launches is really more date changes focused really along with the Thanksgiving shift. We certainly had some really, really strong results during the third quarter and we feel like we're positioned really well when it comes to access the product along with allocatio... | intermediate | [
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178adca2bca5941d95528270cb2a18a2 | Yeah. Hey, guys. First question. Just around the gross margin, can you maybe dive a little deeper and help us understand maybe how product margins performed in 3Q, and how you're thinking about the product margin change within that fourth quarter guidance? That's my first question. | Yeah, so in Q3, strong product margin on the store side brought down a little bit by the increase in e-commerce sales. E-commerce tends to run a little bit lower on product margin and store sales, but still a positive comp versus the prior-year third quarter. If you look at Q4 and -- of last year, we have a about 150 b... | direct | [
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3081c13c582db0d3347f5b7ad4f9d9d8 | Okay. Then so -- but the underlying product margins, if we tease out because I know gross margin gets some leverage there on occupancy with the strong comp, but the core product margins were -- I assume were down a little bit in the third quarter and it sounded like they're going to maybe be up in the fourth quarter. J... | Yes. So not down a little, basically flat. | direct | [
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52d03e7efab34d06eee16d5b93b7bd3b | Flat. Okay. That's helpful. Thanks, Scott. And then, I guess the next question is, now that we've got City Gear in the business for a year, how should we think about kind of the pace of SG&A growth going forward? I'm even thinking into maybe the next year, what level of comp is required to kind of either leverage SG&A ... | And -- so, good question. Our plan is to integrate the City Gear corporate headquarters into Hibbett basically at the end of this fiscal year. And so, we should be able to recognize some SG&A cost synergies from that integration, that's what Jeff was mentioning before. I think -- so that I think is specific to City Gea... | intermediate | [
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cef0f01521a24e0a727998cc2a3b8f6b | Hi, thanks for taking my question. I was just curious if you could give us a little bit of color on how impactful the shift in back-to-school shopping was for third quarter, and the back-to-school any shift in launches? How impactful that might have been on third quarter as well. Thanks. | Yes, there was some launch shifting. We referenced it on the Q2 call. So we did see some of that, but the quarter was really driven by the strength around our back-to-school assortment. We certainly saw some of the business shift from July into August. Some of our key back-to-school categories saw their peak weeks chan... | intermediate | [
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6615897a9a3b4924c8c1106434f3f6d8 | Great. And then on e-commerce, where is profitability for e-commerce today? And then for City Gear, how quickly can that launch, I mean Hibbett came out of the gate, I think like a high-single digit e-com penetration. Is that a reasonable expectation for City Gear now that it fits on the Hibbett platform? | Yes, I think that's a reasonable expectation. The numbers there are so small. And so, the growth percentages may be huge, but it's going to take us a little time to get that -- to get that to a meaningful number. But yes, I think from a profitability standpoint, what you're talking about on the e-com business overall, ... | direct | [
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2800588e8c255f08bfbe6c4b84a030c6 | Yes, I was wondering, well -- I mean, I don't know if I might have missed it at the beginning the call. Did you give the same-store sales increase or the range of increase by month, and if so, can you give it to us? | No, we did not. And again, we're trying to get away from providing monthly comp data, because it's -- with the launches moving around from year-to-year, it gets very noisy. And so we prefer just to talk about the quarter in general, because it gives you a much better picture of the overall strength in the business. | direct | [
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c93a6d97038e3018b4db81762135ef03 | Okay. And then, was every month above your expectations for the quarter? | Yes, it was. | direct | [
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3246cb6b2fb706fcf04226bdef8754dc | And then can you -- with BOPIS and ROPIS, can you give us some idea of how important that is becoming in your business, what kind of -- how that may have aided the comp given that they -- given that they come into the -- no, given that, that does bring people into the stores? | Yes. Sam, it was running about 7% of the business. The good part of that business is, we have 20 plus attachment rates when people do come in. Around the Christmas period, it runs 20% to 30% of the business. The other thing that we did too is really the Klarna, which -- where we can buy now and pay later. That was also... | direct | [
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848b532d1539b9af32e0b2d3da992188 | And then lastly, where -- like on the continuum through the integration of City Gear and the various digital and omni-channel projects that you're working on, so where do you think you are on the continuum of, sort of, you will never be exactly where you want to be, but sort of being at a point where you have like the ... | Yes, we feel like we have the foundation. Now it's just how do we serve the customer better. It's really about -- really how can we take away friction points for shopping. We really have the foundation laid for the business to continue. So it's not really about continuing to build that. We're just continuing to add and... | direct | [
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1728edd357f4e540dfca54b79a2259f8 | Okay, and then thank you. And then, Jared lastly, you mentioned in your prepared remarks, regarding Under Armour and other footwear business for back-to-school. Can you give us some more color on that overall business or was that mostly kids shoes? | No, it was across genders. Actually it was across gender more focused men's and kids than women's. But we had a nice assortment compared to the prior year from Under Armour and footwear. It resonated with our consumer particularly well. It was nice to see some stabilization in that business on the footwear side with Un... | direct | [
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d3d0b033017a462de01d4defa12546d0 | How about on the other side, on the apparel side, which I assume is bigger? | Yes, well, it is bigger and I think I referenced it in my commentary around baselayer. Under Armour apparel for us, historically, has been stronger as we get to cooler weather. We did see some of that toward both the latter part of the quarter, but we have seen some stabilization in that business. The business has been... | direct | [
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f97d4fcd438ed4728e3df8c0f9930417 | Hello. Thanks for taking my question and congrats on a really strong quarter. Just first, can you give us a sense of the apparel business and sort of what your expectations are for the fourth quarter? And within that, sort of what product categories seem to be working? And then, specifically, have you seen a slowdown i... | Yes, no problem. I mean, our apparel business was exceptionally strong, particularly on the activewear side. Men's business was double-digit. But the logo wear and some of the trends that have been out there continues to resonate. We are seeing some movement between brands, which is the normal course of business. Our s... | intermediate | [
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c21aad56ab0607754191a4a10a3893e5 | Got you. That's super helpful. Just a follow-up, can you give us a sense on how you think the promotional environment will play this holiday season, I guess specifically, sort of given the short-end selling season, and is that sort of baked into your guide? | Yes. It's baked in. I think given the marketplace, we expect it to be promotional. I don't -- I wouldn't necessarily comment that it will be more promotional than last year. Certainly it feels like we've started a little bit earlier, but our direction has been to really reinforce our assortment to stay as far away from... | direct | [
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1450046d2bb897587adcca0f80ac5cfe | Got you. And then just one last one for me here. Just sort of -- as we look into the fourth quarter, it seems that you're sort of lapping a tough launch calendar and that possibly this year the launches were more spread out between the third quarter and the fourth quarter. Can you give us a sense on sort of how you sor... | Yeah, I'm really not going to comment on nuances. We feel good about the launch calendar and we feel good about where we're positioned both from a Hibbett banner perspective, as well as City Gear banner perspective. Again from a nuance perspective, there's always nuance, there is always change. There's always focus on ... | fully_evasive | [
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25a71eec86eead0e4c19bf77489d8ab6 | Hi, thank you for taking my question. How much of the financing program for customers impact central sales in the third quarter? | It was a good percentage of our e-com business, but we're not giving out particulars on that. | fully_evasive | [
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ce2346a4d4fff9034f9003a62d14b052 | Hi. Thank you, management. Thank you for your presentation, and thank you for taking my question. So my question is, could you share with us the latest at year-to-date shipment in [Inaudible]? Do you expect to -- there are any significant changes from now to 1st of May and after first of May.
So -- just another quick ... | Thank you, Louise. So I will talk about more on the year-to-date shipment trends first, and then in response to a question regarding the latest regulation. So in December, we have still see a continuous improvement in multiple operating leverage that we are confident in our commercial developments, including the number... | intermediate | [
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a5bd624874edb96c332ae83830b87b2d | Hi, management. Thanks for taking my question. I have two questions here. And the first one is on the regulation side.
And so regarding today's regulation update, including administrative measures and also the second draft on the national standard, [Inaudible] the potential impact on your business and how to deal with... | Sure. Thank you very much, Lydia. So two questions, one is on the regulations and the other one is going to be how big the changes to a new product launches. So far today, the State Tobacco Monopoly Administration announced the administrative measures [Audio gap] the supervision of next generation tobacco products, suc... | intermediate | [
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6b3216303a9421aa9d16de7deb4ff8cc | Thank you, management for taking my questions. I have one question. So, during this transition period where you cannot expand your sales networks, you cannot launch new products. So what is the major focus of your work day to day work during this period? And can you share with us some of your major achievements or prog... | Sure. Thanks very much, Charlie. So I can share our progress for our last quarter in three aspects. And fortunately, on the sales and distribution, we have been closely monitoring our progress in operating and financial performance.
So we have been putting great effort into driving singles [Inaudible], by introducing ... | direct | [
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] | A |
0da4424280374ebffb5e2c9a36fa781c | [Audio gap] I have two questions here. And the first one is we converted a shortage of cartridge flavors in your stores, and could you provide some color on your [Inaudible]? And the second question is how will the second draft of national standards affect all the existing portfolio? | Thank you, Peihang. So the line is not very clear. But I think the first question is mainly on you have seen that some of our flavors are off stock in our store? And the second one is, on flavor again, and what we'll see how the national standard's affecting our current portfolio? So on the first one. So after the admi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
823d00d415f4c8cc74b7efbd23f81451 | So first, a nonaerospace question from an aerospace analyst. Look, the strike is a concern for everyone. And I wanted to know if you could maybe expand a bit on some of your opening remarks here. Could you tell us why you think holding firm on your offer to the union is worth it? Now I understand, Scott, your clear ins... | Yes, Rich, this is Bob. I'll take your question. And just to be really clear, the strike wasn't our choice. It was the union leadership's choice to do that. I think we're actually very close to having an agreement. It comes down largely to one fundamental issue, which is managing healthcare cost inflation. 7% to 10% an... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ba1cf251f32ea896f8882c977a4e9a92 | Okay. Thanks for that. And second, you didn't mention in the slides this time, but last quarter, you noted that you were on hypersonics programs. And I think this is a little important because this could be a meaningful growth driver here. So could you tell me to the best you can, which programs you're on, what you're ... | Yes. Great question, Rich. I'll take that one, too. We're excited about the future of what hypersonics mean to ATI. You think about the core of the company being material science, advanced process technologies and the innovative people that we get involved with every day. Hypersonics is actually going to stretch us, an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f0494bac63026a9322c0ca4de209a5a | When we look at AA&S, that segment did about $50 million in EBITDA, obviously very strong. Can you give us an idea how much STAL contributed to that number? And then secondly, can you also tell us what the transitory benefit was from the raw material inflation timing? | Sure. Two parts. First, in terms of the transitory benefit from metal, that was largely in the SPR -- SRP rather, segment and the benefit there's a couple of ways to look at it. Bob highlighted in his script, the benefit relative to our guidance, amounted to about $0.08 for the overall business. And then as you transla... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d75214cc6b1d58932d0f0b10969a9743 | Thank you. And I think that there were some comments in the script about moving from minority to majority positions on certain forgings, presumably that's engine business. But curious if you could give any -- any color on that? Is that related to your new GE contract effectively just kicking in here on a lag as we all ... | Yeah. It's -- what I would say is, yes, you're not far off in terms of what the source of that growth was. It is, I would say, isothermal-related forgings primarily, and it is another good sign in terms of not just waiting for the end markets to recover. We're aggressively going after building on our relationships with... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
65f9f96cb5d6879e094730a1b5e74201 | Yes. I was wondering if you could talk a little bit about the renewed Boeing titanium agreement. What specifically changed? Was there added duration? Any change to minimum contractual volumes? Anything you can comment there? | Yeah. I think, -- this is Bob. And I think on the Boeing situation, we're pleased to see it is a multiyear extension, for the first point that you're asking about. I think it's following kind of some of the industry norms and kind of aligns with the backup contract for the titanium spun supply. So we feel pretty good a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a9b9a6971d66f13f5ddafa301834e098 | Okay. I guess what I was -- maybe more specifically, I was wondering if you could -- do you guys have better visibility on 2022 titanium Boeing volume? Could it grow in '22? Or what do you think? | Yeah. Yeah, that's a fair question. And what we see is really about narrowbody versus widebody demand trends, right? So whether it's 50-50 or not, you guys can be the judge. But I think the narrowbody, we're starting to see it flatten out the destocking in '21, some upticks in '22, not getting back to where we want to ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4cb1f112cc4f06fd4ef531577b074345 | It does. I guess -- but you do expect that in '22, it will be above the '21 levels. I mean, they'll gradually get back to that. | That's right. We expect the destocking to come and then we'll see improvement in 2022. It's just not going to be back to the 2018, 2019 levels. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f75899e8d3d29a493549655cfd6ec38 | Thank you. Good morning, Bob, Don and Scott. A question on your high-performance business. Is there any way to think about how much of the tailwind was from higher metal prices, such as cobalt and nickel? | Yes, this is Don. I'll give you a sense. Generally, what I would say is they were -- the tailwinds related to metal in HPMC side of the business, not nearly the same as what you saw on the SRP side of the business. So it would have been kind of low single-digit millions of tailwind. So a good guy for us, but certainly ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
20b115dc952eb4d4145058379cfc29a1 | Got it. So I guess, more generally, in this segment, do you pass it through to your customers or hedge it? Or how does it work? | It's a variety of contract structures. So the bottom line is that because of the agreements that we have, and I wouldn't want to get into a great deal of detail. But what I would say is we've constructed in a way that we've been able to minimize the metal risk and really highlight the value creation that we bring to th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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