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34a1f884431dff24aaa04e359221adcc | And where would you say your capacity is pre -- having that big shutdown two or three years ago? Are you running at about 60% of the capacity you did at the peak three or four years ago? | I would say, roughly, that's correct. | direct | [
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c4070e6cc343c63d87318b03ab7ba3f5 | Excellent. And then, last question, sorry. But the comments from you, consistent with KCMA data, showing cabinet sales up 10% in January, but semi-custom, up 17%, and that's one month. And I have to look at the comms and such. But wow, what a turn. Can you comment as to the 5% growth, if you think that's reasonable? Ob... | No, thanks, Ken. To answer that question, I think really the biggest pace setter for us is labor availability, which I talked about. So if there is any upside, it will be on any loosening of available labor in the areas where we have our door and our components plants. | direct | [
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f93c1dc2655317963f266ddfb35fa8d3 | Yes, thanks again. Most of my follow-ups are covered, but just a quick one. Maybe a comment on your proclivity to be more aggressive in terms of buybacks with the remaining $9 million authorization, just given rising EBITDA and strong expected free cash flow and obviously, all the gains that you've made on the balance ... | Yeah, good question. I think that, to your point, we are operating well, we're putting up good numbers. We did repurchase about $1.9 million in the first quarter. I think the average price was were around $25 or so, which sends a message that we still continue to believe our stock is undervalued even at these levels. S... | direct | [
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fff89d907fcdccd0aa0f58ed15025d88 | The price versus cost was much better than I was expecting for the quarter. When were the pricing actions taken that flowed through the results this quarter? Were those fairly recent? Or was that sort of last year in preparation for this? And how should we think about the differential in the second half? Does it actual... | Steven, the pricing actions, I mean, the commodity markets, as you know, are incredibly dynamic. And across the global footprint, I mean, Brazil was very aggressive with pricing early. Ag has also been -- and we've really just step by step taking the necessary increases in prices that enabled us to get ahead of some of... | intermediate | [
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4af7772a5ef67d4a7b3b85acaaa8cefd | I noticed that it looks like you have trimmed your expectations for industry sales for North American tractors under 140 horsepower. Can you just talk about what's behind that change? | I think it's the performance in the second quarter. And you know that, that part of the market is much less relevant for us than it is the over 140-horsepower market. And remember, last year, lowest power tractors grew in North America already despite COVID-19. | direct | [
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88a99bf47f6b2b583c3da830057f4287 | So you talked about an inability to meet Ag equipment demand in the quarter. Can you provide us a sense of how much volume was moved into the back half? And if you could comment on how much of that was the supply chain versus your own production capacity constraints. | Yes. Almost all of it is related to supply chain. Again, I said consistently, it's the worst supply chain situation I've seen in my career. But as I said in my prepared remarks, I'm really impressed with how our supply chain industrial teams are handling it. They're doing a really nice job. But the big issue for us is ... | intermediate | [
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72b541203b1129f8851b72a38edbc515 | Can you just provide some additional color on what the uptake was in the quarter, maybe some areas where you're seeing outsized growth. And just so that we can level set on the contribution of Raven going forward, just provide a baseline view on what precision Ag revenue is today. | Yes. We don't provide specific precision Ag revenue. I mean we've looked at what's -- our peer groups have reported, and we think we're slightly ahead of that. But we are seeing very, very strong demand with the new CH26 tractors that have gone out, the Magnums. We just -- we see an uptake very high across the portfoli... | intermediate | [
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62204fbb09f7ca49026e1153f9817557 | The first question refers to the incremental margin. In your previous call, you indicated a 20%, 25% range for the incremental margin for the group. I suppose it has to be revised upwards considering the higher revenues expectation. And still on the incremental margin in the Ag business with such a strong top line grow... | So Martino, the -- on the quarter, of course, the operating leverage was out of the operating -- operating leverage was higher than what we said last time for the full year. And we expect that, that not to be maintained for the remainder of the year. So we expect a lower operating leverage in the second part of the yea... | direct | [
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82ccb39f9c2e36fdd45cd4b2ef8be71b | And the second question is on the Nikola trucks, how the testing activity is progressing? And what's the updated timetable for the launch both in the U.S. and in Europe? | Yes. Sure, Scott. Hey, Martino, the testing activities and also the prototyping and the pre-series is all on track. We have produced five alpha protos, nine beta protos. We have now produced another two gamma, which means they are now entering into try production. So we basically start with gammas then, yes? And we als... | direct | [
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0cbac4990425dceb08b9ef5e426f88ca | I just want to ask a little bit more about where Raven fits in as, obviously, doing some work on it now. It seems geared toward autonomy. Is that the technology that you think that CNH needs to own for the future? Or does this propel you further to this machine learning infield adjustment business that, obviously, gear... | Yes. No, we're very -- as you heard in my prepared remarks, and then on the call, we're just really excited about bringing the Raven team into the CNH Industrial family. They're -- what we really -- I mean they've proven their understanding of how to take software solutions and make them beneficial to farmers is really... | intermediate | [
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5d33194306451cf75d35713c11ba1100 | Maybe could you just give us a little bit more color on the order board and Ag to next year? Obviously, that's partially related to supply chain, but there's also a strong demand. So maybe delineate a little bit about the two and how far into next year and just overall strength in the next year, it sets up the first ha... | Yes. Well, I mean, certainly, North and South America, we're just seeing incredible demand. We're probably into the second half of 2022 right now. And again, with solid pricing. So just encouraged, by the way, the market demand is improving, and it's as much as anything, it's really can we execute and getting products ... | intermediate | [
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b239a9fcc513b9d59f426d27f234294e | Scott, there was some public filing disclosures made recently about the background of the Raven buyout. And I'm just wondering how much confidence that you have in closing this deal without interference from another bidder. And then on the revenue synergy targets, can you say at all like what portion of the revenue syn... | Yes. Well, I mean, the proxy filing that came out provides a little bit of color about how the bidding went down, and I think just showed how well our team executed that. Obviously, it was an attractive asset, and we believe that we are the right owner for it, and I think the -- we're very, very confident in that, we a... | intermediate | [
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d0313f22f277cd877d66a02b4fcc23ca | Maybe this is sort of an oddball question, but I'm wondering what portion of Fiat Powertrain's production volume is actually going to the Ag market, obviously, to your Ag business. And I'm trying to get a better sense as to whether or not you'll sustain some pretty meaningful Ag exposure within the on-highway spend sim... | Yes. Well, FPT has been just a phenomenal partner for us over the last decade, and it's just -- it's nice having them as part of the family. We've worked -- what we want to -- we've not -- there's no surprise that this spin is happening, right? We've known about it for a long time. There's probably no single part of th... | intermediate | [
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6d31c3cefe15642d6f209eb47d1fd682 | But just to be clear, I mean, something that's going to make this spin different versus other truck OEMs is this beyond highway, spin is actually going to retain some meaningful Ag exposure, which is something that most other truck OEMs wouldn't have. And I just want to make sure I'm thinking about that correctly. And ... | Roughly 20% of the volume. | direct | [
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af8ff8591d41142d2c4d89ad01ee8020 | I have to admit, I'm still relatively new to the story. So I hope it doesn't sound too naive, but just looking at your revenue development in the first quarter, up 37% and second quarter, up 60%. It seems it's mathematically relatively a low ball for the second half of the year with the overall revenue headwinds in bet... | Well, I think, the answer to your question is mostly related to the comparables throughout the year. I mean, obviously, the first half of 2020 was severely impacted by the pandemic shutdowns less so in the second half. And as you know, if you look back, we had improving results and revenue throughout the second half of... | direct | [
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dc5855b09020c03da3fd7b4805eafe77 | I was just wondering what is the dynamic in order intake in your agricultural business in the second quarter versus the first months sequentially? And whether there was like big pre-buying effect in the first quarter because of the price increases. And I know there's seasonality and so on, but just like with regards to... | We talked about it in the prepared remarks. I mean, really, the high-horsepower tractors were seeing very, very strong demand as our combines with, again, orders well into 2022. So that's the -- where we've seen the biggest demand, but it's quite strong across the portfolio right now. We were up in orders last quarter,... | intermediate | [
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b6459c0f6b205cc06c2628a2bfd663e2 | Wade, you had mentioned in your prepared remarks that some completions planned for 2022 could be pulled into '21. Just want to see how many you were thinking and what kind of impact that may have on your '21 capex? | Yeah, Mike. This is Herb. Yeah, it's pretty straightforward. You know, we said in February that we had a number of completions that were just on the other side of the year and now we've got it on this side of the year. So the capex spend is the same, it's just when we turn those in line. We made the assumption before t... | intermediate | [
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c67124fe93534bc6928f45da0e613b05 | OK. Good to hear. And I guess, a bit of a housekeeping item. On the EBITDAX, there was about $21 million of other operating income. I just want to see if you could give us any color on what all was built into that? | Hey, Mike, it's Wade. Yeah, there's several items in that line and they actually go both directions. You notice it's a net number. We do have the -- there's a -- and I mentioned it in the prepared remarks, there is a gain in there from our power hedge, I'll call it, on the cost side. We're not going to quantify that, b... | intermediate | [
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e047d200b9fccf4b7ef16d84207069c1 | OK. And just one last one for me. Just your thoughts on NGL markets, do you see any more upside? Or any thoughts on trying to hedge NGL prices here? | Yeah. Mike, you know, NGLs have been pretty strong and it's really the propane exports and the international art being open on that end of things. So we're really sticking with our routine hedging program. Now we've targeted a total percentage level of lower than we were before because our leverage is lower. But yeah, ... | direct | [
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67054c427e617a65bf70c038401312ab | Can you just talk about your thoughts on inflation kind of in the back half of the year? And what is your current contracts in regards to the completion services and the decision to do the 50 net completions in the second quarter? | Yeah. Gail, thanks -- thanks for the question there. On the inflation side of things, you know, we've long thought and I think everybody knows that it's driven by activity, and if activity increases, you'll see inflation coming some number of months later. In our case, we have a lot of the key costs locked in. So the r... | intermediate | [
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2bf2380140644dbcfa1f050917e87162 | Great. And then pricing in South Texas on the oil side was really strong this quarter, was that all driven by the storm? I know there was a renegotiation of a contract there. Just trying to understand how we should think about South Texas oil pricing on a go-forward basis. | Gail, yeah. That is -- same thing we talked about fourth quarter. So there's a big element of better realizations on the oil side because of the contract that expired in beginning of October for us. That was a big uptick and then the rest is really just what current prices are at. There's nothing really different there... | direct | [
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76dee7933b3344bef790f434d96158d0 | Great. And then just on the activity set in the second half of the year, should we assume that's more on a completion standpoint in a TIL aspect more 4Q weighted than 3Q weighted at this point in time? | No, I would not assume that. It's going to be a little more in 3Q than 4Q. | direct | [
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a76d3d04a12c86f76da8f92c07461eaa | You know, I noticed, obviously, the pull forward in some capex. I was wondering, is there any change in your capex by geography or location that you're pursuing at this point? And if the Austin Chalk results are strong, could you shift that over time? | Uh, Karl, thanks for the question. No, there's really no material change in the balance of where we're spending the capital at all. So, no, that's the same and Austin Chalk, we're happy with what we're seeing and we're going to continue on the program. And as you know, we upped the counts on drill and completes in the ... | direct | [
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6c8532aae5d9f8c8b2f6d77984197f35 | Gotcha. Is there anything changing that with what you're seeing in the A&D market? It certainly seems to be more active recently, is there -- are there opportunities for you to do some tuck-ins or potentially sell some acreage that could improve your liquidity as you're looking at some of these stub bond maturities? | Um, Karl, you're right, the A&D activity has picked up very recently. We do see some continuing there. You know, it's something really makes sense. We look at it, but we are really focused on generating that free cash flow and reducing our absolute debt, and improving the leverage metrics. It would have to be really co... | intermediate | [
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5cbedfd21b215dc7025a46cfd2e5b644 | Gotcha. That's helpful. And then I guess the last one for me just on managing the balance sheet. You know, you've sketched out a part the free cash flow and with the hedges, there's quite a good deal of visibility into that. And so the balance sheet doesn't look problematic in any way when you take a look at the maturi... | Yeah. Good question. I -- you know, I guess the first thing I'd say is, I'd kind of repeat what you just said. We certainly don't have to and we certainly have nothing planned. But it is -- if you follow us in the past, you know that we try -- we do try to be opportunistic when the capital markets provide those opportu... | direct | [
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7148c093526fff081dd2659e8720bf42 | Yeah. Just wanted to follow-up on the Austin Chalk. You said you're pretty pleased with some of these new wells, but don't have 30-day rates there yet. Just wondering, when you think you would have that data and would you anticipate releasing that on the second-quarter call? Or is that something you could potentially r... | Uh, Michael, this is Herb. You know, yes, we're happy with the way the Austin Chalk program is going and we like having more and more data coming in. And I'd say, you know, we'd certainly have them at the second-quarter call. I don't know whether we'd do anything earlier than that, but we do have quite a few more on ri... | intermediate | [
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623329a202aa6fde245fb8a2615fa076 | OK. Sounds good. Lastly, I just want to get your thoughts on any potential impact on your cash flows, if say, the Biden administration is successful in removing the intangible drilling credits for oil and gas companies? | Yeah. That's -- Mike, that's a good question. I mean I think there's clearly potential for a big impact on the industry, I would say, overall. You know, we've run numbers, we've run kind of worst case, what we think and kind of a base case of what we think, but none of us know, obviously, exactly what's going to happen... | intermediate | [
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dc6d502087cecd9be7d8485c5c179c38 | OK. That's helpful. And anything that you could do to shield any current tax liabilities at this point? I think you guys do not, if I'm not mistaken, do not have much in the way of NOLs left, but anything else you could do there? | Yeah. I mean our tax department works really hard on that and they're doing that right now under different what-if scenarios. I don't have any silver bullets to lay out to you this morning, though. | intermediate | [
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889635978a2ecf6e27a1fbd171295ef4 | Hey, guys. Just want to see what the thought process was behind drilling the three gas wells and the three NGL wells versus more oilier wells in New South Texas wells you reported last night. | Oh, yeah. You're talking about -- Steve, sorry, this is Herb. You're talking about the JV wells down there? So those were -- we entered into JV in the fourth quarter. There were six DUCs down in the south end and three Eagle Ford and three Austin Chalk wells. So the economics look robust. The JV partner was interested ... | intermediate | [
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a49a0d857dc65e28ee000c1d5ab1b60d | OK. The uh -- I guess, I meant, were you just testing different areas? I guess, was there a certain reason behind drilling the NGL wells and gas wells versus just more oil wells? | Well, those were really part of our delineation program. If you look at our map, you'll see we're looking at all different areas of the field and basically identifying the productivity of the Austin Chalk through a broad area. And that's what increases our confidence in the ultimate inventory that we can deliver from t... | intermediate | [
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1ccfab1dc43719711d80732dcbbe773d | Got it. OK. Thanks and just one more question. Could you quantify the production downtime in the first quarter? I know you guys gave the number of days, but in terms of the actual production, is that something you can give? | No. You know, when we released in February, that was right in the middle of the event, so we didn't really do it that way. So obviously, we did have some impact on the first quarter and it was really 14 days of production that were impacted to some degree. That's what it came down to and then there was a knock-on effec... | intermediate | [
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5c7d5eaee55c61c61d98f421557eca13 | Yeah. Hey, just a little bit of a follow-on to that question. And you know, obviously, it was pretty rough during that winter season. We've heard from a few other companies that talked about having crews out there 24/7 and keeping things up in line and seeing a lot better uptime than originally expected. Is there any k... | Uh, yeah, Scott. It was pretty straightforward for us. You know, the electric utilities had brownouts and blackouts. And in our case, where we've got ESPs and pump tracks electrically driven. When they did those rolling brownouts and the blackout, it shut down all our pumps and that prevented us from producing and that... | direct | [
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d6e23bc2f2896ce19df458dcae94285d | OK. And with respect to the pull forward of a handful of the wells in 2022 or I'm sorry, from 2020 to 2021. You know, it doesn't sound like there's a capital impact to that. Is there any kind of a pull forward of production? Or is it, at the end of the day, pretty immaterial given the time frames that you're shifting h... | Yeah, it's relatively immaterial, 2022 is pretty much as it was. It's just moving around some completion timing. It's just really what it is, fewer in the very start of the year and more in the second quarter, but not materially impacting 2022. | direct | [
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b5a5ffdcb3c6e315e6dad024ce312e71 | OK. And then with respect to your, obviously, guidance this year, that hasn't changed and you know -- and we all know first quarter is pretty rough for everybody. And 2Q looks like things are starting to get back to normalized, but a little bit -- maybe a little bit of a delayed completion stuff getting impacted to tha... | Yeah, Scott. When I look at it, it looks very, very similar to, in terms of what we can do in 2021 and 2022. It's, uh -- it moves 100,000 barrels here, there per quarter, but it's not that material and well within our ability to forecast. | intermediate | [
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2b7207e2e4bc3d72cd785fd9716d3ba7 | OK. Yeah, I guess my -- the point I was making, like it's -- is there sort of a quarter or two in the back half of the year where you kind of make up for some of the stuff you all lost in the front half of the year? | Uh, you know, I've had -- no, not really. It's not like there's often the big silver bullet quarter that cures what happened in the first quarter. It just kind of comes along as the completions come online. | direct | [
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8fb243862b2e982d7e463424077d5d3e | Thanks. Good morning, gentlemen. My first question is on the listed derivatives, RPC, obviously came in a little bit better. You mentioned a couple of things in terms of why that happened, and one of which was focused on improved pricing. So just curious about the sustainability at this level and some of the inputs tha... | Okay. Welcome Dan. Let me start and Bill can chip in later. So I think there were two things going on. Obviously, we saw on a relative basis, a decline on the institutional side, which is our lower priced offering versus the commercial side. So there was a little bit of a -- sort of a business mix toward a higher price... | direct | [
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c8c50350b20661a4c04f4ff558fd016b | Yeah. That makes sense. Okay. Thank you. And then I have a question on expenses. Obviously, variable comp growing with the revenue and profitability makes sense. The fixed compensation seem to grow a little bit faster than I would have expected. So I think there were a few things. You talked about in some of the commen... | Sure. Sure, Dan. Thanks. There was about -- I think we mentioned in the comments in the filing, about $1.8 million in severance that was in Q1 if you're looking at as compared to the immediately preceding Q1 -- it was in Q2 versus immediately preceding Q1, sorry, which kind of drives that up a bit. I would also say the... | direct | [
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7499ea78c859eca7d0e21d181453bc6b | Okay. That makes sense. And then just on the retail rollout, it was mentioned a few times throughout your prepared remarks, Sean. So just to be clear, this is a offering that you're looking to start with city index or the retail platform in Europe expanding kind of direct equity capabilities that ultimately you think w... | Okay. So I think one of the underlying sort of long-term strategic thesis for us acquiring GAIN was to try and add our broader product capability set to their self-directed platform, and obviously, that we're bringing in a self-directed platform and a new customer segment for us. So that -- those things are harder to d... | direct | [
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6f0cd66db5c9542423e1b01eb85b3b86 | Yes. No, it does. It does. And then my final question is just on the M&A environment. Currently, I know obviously you've been very acquisitive over time. How would you characterize the kind of opportunity set today versus other periods? And maybe how much time you guys as a management team are spending on those inorgan... | Yeah. So we obviously see a lot of stuff, I mean, people know us as a consolidator and acquirer. So I think we're sort of in the flow of the transactions, if you like. Typically, we see anything from 50 to 100 opportunities in that 12-month period. I would say, what's different now from my perspective, and maybe sort o... | intermediate | [
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8c818dff41c9451c9bf92dd4badbc302 | Hi. [Foreign language] Thanks for taking my questions. I've got a few quick questions. So the first one, I think that Mr. Fang, during the presentation, briefly touched on your collaboration with the CP Group announced last week. So, just wondering, could you please share a little bit more about the details of business... | Last week, we are very pleased to announce the strategic partnership with Thailand's CP Group, and we plan to establish our joint venture to launch our partnership. And it reflects both companies' high recognition of each other and the willingness for a deep cooperation. And this will lay a good foundation for AAV sale... | intermediate | [
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8644254c4f4b6ca76ec1b101123a02f7 | Second question is about production discussion because I think a lot of supply chains, they basically suffered from recent COVID lockdown. Have you encountered any hiccups in terms of production, part sourcing, or type certificate payments and all the operation-related stuff? Do we see any risk of further delays in ter... | In light of the recent COVID epidemic for your second question, as mentioned before, since the first quarter of this year, like most of the Chinese companies, we have been facing pressures, challenges, and uncertainties due to the resurgence of the COVID-19 pandemic in China and the stricter travel restrictions. In res... | intermediate | [
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e1c905c720f02a353dd38e6230040d2a | My last question is about our new models. Can you please share a little bit more about the operational updates on VT-30, where will we plan to get a certificate on this new model? | For your third question, at current stage, our airworthiness certification work is focusing on the EHang 216-S product. For the product of VT-30, we have maintained the principle of safety first, and there is no need to rush in the process of designing, R&D, and testing for this product. We have been establishing this ... | intermediate | [
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4b85b8664751ff4076072f59f4bac45f | My first question is regarding to employees in the research and product development department. I see that we have around, I'm guessing, 50% increase in personnel and mostly in the R&D side. Is it possible to give us a rough distribution between the 189 R&D personnel increase? Like, for example, certain percentage is w... | I understand the number of employee you are talking about is from our 20-F of 2021. The size of our R&D team has been steadily increasing as we continue to enhance our R&D capabilities, which is our core competitive advantage. So, basically, the distribution of our R&D team follows our R&D strategy, which is to establi... | direct | [
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dae69e9b0918880e7ee8a137583ae2a3 | And for my second question is about the strategic partnership between EHang and CP Group. We see that EHang is actively forming key partnership with companies from each countries of Southeast Asia. Are we going to see similar strategies in rest of the global regions? And most importantly, will we see similar strategic ... | So, regarding our global, you know, strategy, forming partnerships, so basically, we -- as we mentioned earlier, right, we've positioned ourselves as UAM platform operator. And we understand that the UAM industry is a whole ecosystem. So, we are trying our efforts to build this whole ecosystem, which means that it cons... | intermediate | [
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e0737aa66fa845f717fcc914ed4df508 | Hey George, let me start with -- where, well, roughly speaking salesperson, the growth of the sales force, where is that now? Where would you like it to be by year-end and are you seeing any change in quality of person that you're interviewing from your competition or outside the industry? | I wouldn't say that we're seeing any difference in the quality of the people, I would say that the kind of the last group that we brought on to really get caught up where we wanted it to be in our growth in people took a little longer than we had expected to get to the level of productivity we're used. But I think that... | intermediate | [
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0554e826fcf3a1bd26cf399b28c6c627 | Okay. And then maybe secondly, I know this year you guys made some changes to the incentive compensation effort, putting in or moving from EBITDA, EBIT and then putting in a free cash component. Maybe just talk about the balance right between growing top line, being stewards of capex and improving ROI. You balance that... | Yes, John, I don't think anything changes in the balance. We are heavily focused on sales growth, it's important to us. The quality of sales growth has always mattered as well. The changes in the comp system in the program, just give a little nod to making sure we do what's right for our shareholders and look at the fi... | direct | [
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44ca2d8a6817daa690a76800ffc03078 | Hi guys, good morning and congratulations on the nice quarter. The first thing I wanted to ask you about is gross profit per case. I feel like maybe I didn't even hear this number right when you said $0.37. Can you just maybe unpack what's driving that and then how should we think about that going forward? | Yeah, I'll take that question. We did have an improvement in our gross profit per case. Excluding the acquisition of Eby-Brown, but it was a modest improvement and we've always improve that number and it's been primarily through
The change in mix of business and this quarter was really not much different. But when you... | direct | [
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8d24fdf81be2d5f7fbe40ed54fa9c322 | Okay. So, I guess if we were thinking about organic gross profit per case progress there, similar to what you've been doing? | yes it is. And. And you know we'll live with this unusual comparison for two more full quarters and then for a partial quarter and then the comparisons will be a little bit easier to determine. | direct | [
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115bacf5ee55d412ec9d019fd1e8ac67 | Okay. And then I wanted to ask you about guidance, I mean, you obviously had a great Q1 EBITDA growth north of 30% well exceeded expectations, but you only raised the full-year EBITDA guide by 1%. Is there anything that makes you more cautious for the rest of the year than maybe what you thought a quarter ago or is thi... | It's more the latter, It's early in the year, since Q1, it's a long year, we've been in the industry a long time. And look, we came out with 7 to 10 as we usually do and we took 7 off the table. It's now 8 to 10 organic and we feel good about that. If we see a change, we'll definitely come back and modify it, but it is... | direct | [
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bb0933c42cc9925b426fe18424c0176c | Okay and then just one other thing on the guidance that I wanted to clarify here. Jim , you raised EBITDA and then you raised EPS also by kind of a little bit. But you introduced $0.07 per quarter of carrying costs on the debt and I'm just trying to understand how EBITDA and EPS both kind of go up by the same amount, e... | That's right, the $0.07 carrying cost on the bonds that we secured. | direct | [
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69b9b148233dcaa195ef56b58c673d38 | Okay. So, if it closes at the end of this year, it's really just sort of like probably around $0.07 or a touch higher is what you're saying? | You're thinking about that correctly. | direct | [
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17e989ba5b60bd86d7c5f0f97da0c13f | Good morning, guys, thanks for taking my question. I just wanted to see if you could help us with color specifically on kind of the local side of the business in any changes you're seeing there. Churn has always been an important part of the opportunity to sell into new doors and the balance of new customers and penetr... | Yes, we've seen very little change there, the only thing I would say is that we're adding new business at a slightly less rate then we used to, and our lost business at a slightly lest rate than it has been in the past. But you put the three together; the new business, and the lost business, and the penetration and we'... | direct | [
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5f236d8bdcce5feac4521e191eae0ed6 | Okay. And then, just anything on pricing both from a competitive standpoint and with inflation flowing through to customers. Is there any push back on that side? | No, I mean, we've always been in a real competitive industry. I don't think there's really been any change per se. The inflation rate is probably a little bit higher than we'd like to see, when you get close to 3%, it can be a little bit more difficult to get those prices into the customer. But so far so good. | direct | [
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25ed1c1838fbdf73ec87b252b9180dba | All right, this is actually [Indecipherable] for Jeff Bernstein. Thanks for the question. Just on the sequential trends through the quarter, both your main public competitors mentioned both as a different points in the quarter and you guys mentioned last quarter that you off to a very strong start. This quarter, I was ... | Yes, it was pretty consistent through the quarter. July and September, a little bit stronger with independent and August was, but it's pretty consistent. | direct | [
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08be9e33208b4fe48fb5727cef035051 | Great. And then just on the Eby-Brown business. Just with all the headlines surrounding the breathing illnesses in the quarter. Are you seeing any negative trends in the tobacco business for the Eby-Brown business overall? | No, we aren't we're continuing to run that company, we're pleased with the results we see out of Eby-Brown and look forward to a good year from them. | direct | [
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26cf9d8995ab885da5fde5b46981a33e | Hey, good morning. George, can we start off with Foodservice in the quarter itself. It shows a nice quarter, quarter-over-quarter improvement, independent cases that is and then overall segment EBITDA moved nicely sequentially as well, but total organic case is actually slowed a bit on two year, so maybe you could you ... | Well the casual dining -- our casual dining business was difficult. And then once again I say this all the time because it's really important to us, we don't comment on individual customers, but as a whole, our chain casual dining business was -- it was a somewhat difficult quarter. | intermediate | [
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133771947fb99892870f9d62e3be88c2 | More so than it has been in prior quarters or? | No, actually, similar. | direct | [
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b723f491430a01dc0b6c41b6fb36284e | Okay. And then, Jim, I apologize if I missed this , but can you maybe help parse out overall EBITDA growth in Vistar. So the $20 million in year-on-year improvement, maybe break that down between the organic performance, Eby-Brown in any type of one-time benefits realized. | Yes, sure. First, I think you know that we don't separate Eby-Brown and Vistar. We report them as a segment and we've disclosed the top line on Eby-Brown for you. I think it would be important to know that there is $5.6 million gain on tobacco excise stamps in the quarter that happens occasionally and to the extent it'... | intermediate | [
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8867b9dca991380f714bbda40a1be707 | Okay. If I could just follow up really quickly, can you just remind us how that excise tax stamp flow through the P&L and then also -- you can correct me if I'm wrong here, but I believe there is going to be a 3rd cigarette price increase that takes place in calendar Q4, so should would be looking forward to that? And ... | So, in the latter. It's not reflected in updated guidance and I certainly am not in a spot where I can predict or count on that to happen. I know in the past folks have thought it would happen and it happened sooner or later, so it's really hard to put a pin on when that will occur. The tobacco excise tax stamp gain fl... | direct | [
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2839d5fbfda74a6d380642abd34e8497 | Good morning, thanks for taking my question. I wanted just to pick up with Vistar's organic growth and just if you can put a little bit more color on some of the drivers there. I know you called out corrections in the press release at the beginning and a small part of your business, but you did call it out. So, are you... | Well, I'll start with the first question. Actually, let me start with the second one. The programs we put together, I mean it's really early, we had tremendous amount of traffic at our booth . A lot of that was driven by a pizza program that we were introducing and we have some early wins with that, but it's not anythi... | intermediate | [
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f01b66d109bb888bea087887a49fa85f | Got it. And have you seen any changes in your theater business given the movie release calendar and performance? | Yes, it was very, very slow growth and there has been less. I guess I would say big name movies that have come out and there's been a couple of that haven't done as well as expected. But we are anticipating a very good holiday season with both Frozen movie coming out, that's always been a big hit. At least the first on... | direct | [
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03ae56dae6296215ba1d8029a0baa172 | Hi, good morning. Thanks for taking the questions. Just wanted to, George, asked about technology. You mentioned in your opening remarks. And so I was just curious if you could just give us an update on where you are with online ordering with the automated facilities. I think the second one is coming online this year a... | Well, we've put some warehouse and delivery systems in that have helped us. The biggest one being what we call Truck Builder, it's something that has been around the industry for a while, we felt we were at a point where our people who are ready for it and the system was where it needed to be. That's been a big help fo... | direct | [
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32b709c5518921169ce396eadb96ea63 | Perfect. And also just maybe an update on wages, particularly that warehouse and driver employee and what you're seeing, is that stabilizing or do you anticipate any more investments in that area going forward? | We don't anticipate any more investments. But certainly if we're having issues getting people, we're going to address that, and we're going to address it immediately. We're doing well right now. Our turnover has been better, particularly better with drivers. I think we're doing some things that have helped with our dri... | direct | [
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7e5f3f448e42ca0643be47b061f35895 | Good morning, guys. So just on the convenient space, look a lot has been written again about Amazon entering that sector, I feel like we just got done just proving it on the Foodservice side. I'm curious if the barriers to entry are the same, with respect to having to operate multi temperature trucks, high service comp... | Well, I'll second that, that you don't want to underestimate them and that is for sure. But if you look at the -- the delivery is different and the convenience store than it is to say a Foodservice operator, but it's still very complex. Delivery time is very important, three temperatures are important. So there is not ... | direct | [
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882792379be3420a65f9f8afabe35b4e | Got it. And then just circling back to the guidance one, one point of clarification. In the current outlook, are you looking at one quarter of the carry cost or multiple quarters? Because I think it's basically almost a 4 percentage point drag to the current growth rate, if it's one quarter but clearly more if not. | Yes. Our outlook reflects the same perspective we have on the closing timing of the deal, which is goes into the calendar year, early 2020 and we're looking at one quarter. | direct | [
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23c1bd8b93990a1a0c288876920a4f1a | I guess my first question is relative to the supply constraints that you guys are seeing. Are there any particular areas in the portfolio where you have actual leverage? And then on that same topic, are you seeing any impact from the components environment on your margin? | The component shortages exist across a pretty broad part of our portfolio, is how I'd characterize it. And from a margin perspective, so what we're seeing is besides lead times pushing out on some of these components, we are also seeing price increases. However, that's been built into our Q2 guidance. And overall, as E... | direct | [
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708b8391589f2b837fafb956bf0ef441 | Yesterday, Qualcomm spoke about opportunity relative to millimeter wave adoption in China, which [Indecipherable]. Just curious to hear what are your thoughts around the topic, maybe what you're hearing, and maybe if you can kind of put in a realistic time line on that opportunity to materialize. | 5G, as I briefly mentioned, continues to be a pretty significant growth driver, primarily in our semi-electronics business. So that's a contributor to the strong double -- mid-double-digit growth that we saw in Q1. And we anticipate it to continue to be a driver throughout 2021. Now of course, as we said before, that's... | intermediate | [
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bfdf2c1a2a0432d3ad54b5019dea63e9 | Just maybe following up a little bit on the supply issues. Just curious if you can give us any color as to whether or not it got worse, a little better as we're going through the quarter. Obviously, you're indicating a fairly significant impact here in Q2. Just any sense that you can give us in terms of how this likely... | It definitely got worse throughout Q1 versus what we saw coming into the quarter with more and more part constraints than what we had expected, which is leading to what you're seeing for Q2. What it's caused is our lead times, as you know, have been really short, right? We ship in a few days to maybe a couple of weeks ... | direct | [
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07ac3dde08db62fd0a4e935d75185f1e | Got it. And then maybe as a follow-up there, on the other side of it, do you have customers now that are then placing orders earlier? I mean, again, even with the 4- to 5-week lead time, that hasn't stretched out too much for you. But do you have increased visibility as a result of this? Do you see customers coming in ... | We are starting to see customers place their orders earlier. Our sales team is knocking on doors saying, "Hey, get it in sooner rather than later." The more visibility we get earlier in the quarter, the more likelihood is we can get it out the door in the quarter. So starting to see a little bit more of that. One thing... | direct | [
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84a5b3cfe9effc9a5095e5b7cb9daf0e | Starting as well on the topic of the supply chain shortages. Could you quantify how much revenue the company wasn't able to meet in the first quarter that you otherwise would have without the constraints? And then if we think about the first half of the year in total, how much revenue do you think you're unable to fill... | It's -- we're -- it's a pretty straightforward bridge between bookings and revenue for us. So if you got the bookings growth at 19% year-over-year and revenue at 9% year-over-year for non-GAAP, the difference there is the backlog build, primarily. There's some deferred revenue in there, but we typically have historical... | intermediate | [
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dec74466f6ffa27d0afea5cf2efd941c | Okay. All right. Thank you for those additional comments. On this topic, maybe you could go into more depth the steps that NI is taking in order to try and alleviate some of these shortages over the next few quarters. You were at the peak of this problem. But also, are you thinking about changing your procurement or in... | It's kind of -- this is -- there's some fun stuff that we've done despite the tough situation. Other than the brute force that our amazing procurement team is doing to tackle the component issues as they come up, our R&D team across the company got involved to help identify opportunities for where we could redefine pro... | direct | [
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0da7ffbb85a9705b76c5adbe10195312 | I wanted to dig in a little bit more into the transportation segment, if I could, and nice to see the good order growth that you reported there. And if I recall, the company has some particularly good exposure in some of the autonomous applications. And we've seen a lot of momentum there recently. Just a couple of exam... | First of all, yes, we're -- as Karen mentioned, we're quite pleased with the result in transportation, excited about the future. The fact that we had an all-time record quarter from an orders point of view, after a couple of years of some more challenging headwinds in that space, I think, was a great indicator. And the... | direct | [
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bd89e24e257e00ed2aec3beff5d8ae52 | We've referenced the creation of some new strategies around the broader-based business, more reliant on indirect distribution. Where are you right now? Where do you think you are right now just in terms of assembling that network and putting the network together? | Yes, so we've really started accelerating that strategy significantly in the quarter in Q1. And I'll just say, our strategy is really on that Tier 3, that broad-based business I described. And it's both e-commerce and distribution. We saw really good growth ahead of the company growth in e-commerce in Q1, so the invest... | direct | [
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40e5c72f801505db5bfdb37c1f377d23 | How do you assess your kind of sell-out visibility within that channel as it's come together, sell-through? | Currently, Rob, there's no inventory being held at our -- in our distribution channel. So our -- when we do those sells, too, it's clear where the end customer is and who it is at this point. | intermediate | [
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bdac04ff44680a417a186165ab36d981 | Okay, OK. Just one last question. The -- as we went through last year and we spoke to the 2023 target operating model, you would express some, I guess, optimism around the ability to move toward the SG&A targets perhaps at a more accelerated pace. How do you feel about those -- that pace right now? | Good. We're still on track to be at that target in 2021. So we feel real good about that and the opportunity to continue to scale that going forward. | direct | [
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ddac5e025713bfc90fad663da1382d1c | Two for Ron and Pete on GCI and then Greg one for you on Liberty Trip. On GCI, can you talk about the potential tailwinds from the emergency broadband program? And also more generally, what sort of the potential benefits and risks you see of increased government support for broadband infrastructure? | It's sort of a two-part question. The first on the emergency broadband program, which we will add in Alaska a $75 a month credit for any consumer of broadband who has some -- has in some way being impacted by COVID. Ordinarily you would expect a very strong uptick from something like that. We're a participant in the li... | direct | [
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f647240d903d842159f35959ab135e88 | And Greg, on L Trip, the spread to my math is 35% plus. Anyway to get cash to tackle that spreads? And as that Certares got to say and the recent history with margin loans, it's been like eventful shall we say, but are there other structures or options you use? And how -- just broadly, how much of a priority is that sp... | So, on the L Trip discount, as you know, there is relatively limited volume in L Trip and it is fluctuated from being a premium at various times to a discount. And it was made more complicated by the structure we have and the uncertainty around Certares. And if you go back and remember when Liberty Trip was spun away f... | intermediate | [
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d1780fdccdc2c53116bff32c7213d1eb | Charter participated a little bit more aggressively or maybe a lot more aggressively than most in the RDOF program. Wondering your thoughts on kind of what the difference in view was between Charter and the rest of the industry. What allows them to be able to mark us there? | So on RDOF, I think it's really the function of a couple of things. First, I think the Charter management team did shown their ability to operate effectively in many of these rural markets and know how to drive their costs attractively in the terms of their cost to connect, to their cost to service and so their opportu... | direct | [
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8acb961c58f67abe60d2b4168670c6a7 | And then secondly, on GCI, 2020 results and then this quarter again seem to be a lot better than what was originally contemplated in the merger docs. Wondering your view on what have been the major puts and takes and what's the upside from here? | I guess the second half of that is mine then. In terms of GCI's improved performance, I think there really are two key components. Most important one long-term is probably be improvement of the situate -- the regulatory situation surrounding the Rural Healthcare environment up here and the fact that we're now able to g... | direct | [
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6c3d059e22295ecdbc33f7e3ed7e236e | First, is there an opportunity to revisit the ownership cap discussion with Charter and does the cap being enforced at 26% influence, how you view the structure of Liberty Broadband? And whether or not you just rather own Charter shares directly instead of through Liberty Broadband? | On the 26% cap, we did have discussions. We're offered some alternative to increase the cap. We looked at those as unattractive relative to repurchasing our own stock at a 19% discount. There is nothing to say. We can't revisit some of those discussions down the road. But at the moment, we like paying a 5% to 7% tax an... | direct | [
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5625bca24082bae2f19533d3b6a1ea1e | And then also just curious, you mentioned 5G, if you could describe if you're seeing any new use cases from your customers in the early days of the 5G network? | And on the 5G, in spite of the industry high, I think it's early to be seeing any material impacts from new use cases. The population of 5G devices relative to the overall wireless population is still less than 10%. I think most of our users are using 5G has faster speed and it has pleasingly faster speed, as much as 1... | direct | [
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d4c3559fe551a3d3deb2831bad7fbdd7 | Ron already answered my 5G question, but on the relative buyback effect, Greg made the point in the last call that it gets them using or you're actually increase in the number of Charter shares owned per LBRDA shares as a result of the net effect of the buyback activity, does that disappear when you thought that NOL? I... | Thank you for the question and the complement. On the tax rate, we think it will temp up marginally in 2022, but it will still be very attractive relative to certainly the current discount. When you do share repurchase, it's always you have two minds. One mind you take advantage of a low price and the second mind to ge... | intermediate | [
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e12d9cc28ccbd9d738e67cdea6aeaf33 | Great. Thanks very much. Congratulations on the quarter. Just some questions, let me start off, if I can with the distribution and the decision to resume the quarterly payment. I guess, it reflects several factors, but I guess what caught me off guard was just given how weak the underlying coal markets are and your dec... | Mark, this is Craig. I would say that we considered -- the Board considered a variety of factors. The performance of the business since the COVID crisis hit and the near and intermediate term outlook that we have, our liquidity, our cash generation that we currently have and when weighing all those, it appeared that it... | direct | [
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b41bcda65fc10330b960d286561eac0a | Got it. And yeah, I just -- it was something that sort of caught me a little off guard, I guess even in reference to Ciner Wyoming suspending that $7 million distribution, but that's fantastic. I assume the Board wouldn't have done it if they weren't confident that they could keep it going in this type of market condit... | Mark, I think it's very possible that our cash flow cushion could -- as it trends lower, could go below zero at some point. It could go negative, absent some turnaround and dramatic improvement in the global economy in the near term. But I would always balance the negative cash flow cushion with the amount of liquidity... | direct | [
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21e9db704d175da2bdd2e88e8308a7c3 | And related to that point, is there a minimum liquidity number that you guys would like to keep or have on hand? | We don't have a target that we are sharing, Mark, as far as liquidity. It depends on the facts and circumstances and the more optimistic we are about the outlook going forward, the lower that number can be and vice-versa. Right now, we're comfortable where we are with our liquidity number now. We think over $200 millio... | direct | [
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600c759b3d941c133c9a587ac6bff801 | Got it. And then my last question. Just maybe some color around the Illinois Basin royalty rate. I noticed that it stepped below $2 a ton. I wasn't that sure, if there was something funky from an accounting perspective going on or if that's sort of the new run rate to think about, because it was obviously a materially ... | Well, there's a couple of factors at play at that. Chris, you want to talk about that or Kevin?
Christopher J. Zolas -- Chief Financial Officer and Treasurer
I'd be happy to, Craig and Mark. Yeah, absolutely. We tried to mention this few time in our remarks earlier, but this is driven by the agreement that we entered... | direct | [
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4507709dc4a223c77f5e681de50ab611 | No, that makes perfect sense. Is there any sense -- I know, you mentioned the distribution being suspended as it relates to the soda ash business. Any reason to believe that it would resume in the fourth quarter or I mean, do you have any color or thoughts on how to think about -- I mean, I assume that will be a zero g... | I can't -- we can't give you any color other than what Ciner has announced and just generally speaking, they've announced that they're suspending it until the market improves. I will tell you this, I think you need to be prepared for a some extended period, multiple quarters for sure of continued tough sledding in the ... | intermediate | [
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7d12f9eceb305277f4991eee5167c044 | That makes perfect sense. One final one -- just one for me, and I think I've asked this in previous calls. Can you talk a little bit about the minimum structure and maybe how to think about that as a floor from a revenue perspective for the business at least as you look across your portfolio for people who might be con... | Well, Mark, as we have talked before -- explained to you that the real key with the minimums is the extent to which we have deficiency payments. So that if we have an obligation under a minimum obligation from a lessee to us under lease and they do not generate sufficient royalty income to cover that minimum then whate... | direct | [
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862a805bc46814ccb32c4c5299db9acf | A couple of questions, first from a macro perspective. What do you think will be the catalyst for maybe an inflection in e-commerce adoption across some of your key markets? We've, I believe, seen smartphone adoption increased meaningfully over the last couple of years, which has been a catalyst in other markets for mo... | Thanks, Aaron, Thanks for the question. I think on the macro, in a way, we can call that the million-dollar question in some way. And what's important here is to share a few thoughts. Number one, we did not build the business expecting or hoping an inflection. We've built our business so that as we continue to scale, i... | intermediate | [
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e66f9d798827a984878d25e834e98a51 | Firstly, could you comment on your growth outside phone and electronics category? I think it was about 15% of the CFDR, which last year -- which doesn't look particularly high, given the stage of market development. So just wondering what prevents the faster growth in your view. And how do you see trends evolving going... | Thanks for those questions. And I think on the first one, over the quarters, and over the years, I've always wanted to appreciate the growth together with, I would say, equation of efficiency, both from a marketing efficiency and from a unit economic perspective. And I think on this US team that we have put a lot of em... | intermediate | [
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f094652d898b863ef7f0f83dc25f1f2d | First one is on marketing spend in Q4, obviously, it's stepped up versus Q3 as you'd kind of expect to the seasonality. But customer growth didn't increase very significantly. So can you talk about what you spent the marketing money on? Second one is, obviously, gross profit after fulfillment expenses growing very stro... | Thanks, Sarah. And I think if we start with this one, I would agree with you right. And I think the fact that we are well-positioned on the everyday category is definitely positive and helps. At the same time, I mean, you see the share business from phones and electronics, I mean, it's still 43%. Right, in 2020, so the... | intermediate | [
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40e8b78153832832ddc6d3d862bd9759 | There's been quite a lot of chat about higher shipping costs coming out of China, higher freight costs. Is that impacting the business at all? And if it is, how are you passing it on to the consumer? | Yeah, very good question. And, yes, you're seeing and our cross-border business from China wallet, you know, double-digit or 10% to 15% of the item sold. So that's how much we are talking about for Jumia this cross-border business, and it's been working very well. And those increasing trade costs, of course, they are a... | intermediate | [
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"fully_evasive"
] | B |
a29183babe25dd518fe88f239de3565b | On OpenEdge, on the outperformance there, was any of that due to those renewals, some of the slip deals that you had in Q3 and Q4? Did any of those come into play in terms of the Q1 outperformance or was it from a different set of customers? | Steve, this is Yogesh. Thank you. The outperformance came from a different set of customers. The deals that didn't happen last year, we explained last time that some of those people were not renewing, etc. So these were different deals. Some of them came in a bit early and some of them came in a bit larger than expecte... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
128064fed1385e2b77d6871ed3a86cb7 | So then on the acquisition, if I may, one housekeeping and then a more substantial question. I just want to make sure. Now on the revenue accounting, it doesn't sound like there's a write down. You'll be accounting for that at its normal run rate, or will there be a write down followed by more revenue coming in as cont... | Yes, Steve. It's Paul. So as I mentioned at the beginning of my comments, right, all the financial results are on a non-GAAP basis. So we have preliminary purchase price allocation, right? But there would be a, because 75% of the total revenue is maintenance, there would be deferred revenue haircut on that. So we will ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
853568414dd4bd1f066eeb24cb6efa62 | It sounds like when I do the math in my head, the pre-acquisition operating margin was maybe on the order of 20%, which seems like there would be a target of opportunities if that's kind of stable mature business. So with the $15 million in cost synergies, where are you finding those cost synergies? And do you anticipa... | So I think you are right, Steve, on the way you're looking at it from a cost synergies perspective. Our intention is to make sure that the product and the sales and marketing functions are kept stable so that we can continue to retain the customers and retain the healthiness of the business. That said, we are finding o... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3f1dee6f0a5ac7db23716c28ca7133d2 | Got it. Any opportunities for revenue synergy, or should we think about it as more like an addition to your portfolio? | I think we should think about it at this point as an addition to the portfolio. There's always some possibility that we might be able to cross sell and do, get some additional revenues. There are obviously -- the OpenEdge customers and the core customers of ours can be candidates for the products from Ipswitch, as well... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
05cbb0a6a9a4fa74325968997d9c394e | Yogesh, could you just discuss a little bit about the ramp in your go-to-market activities with Kinvey and DataRPM this quarter? And I think the quarter before that, you were ramping up activities in those areas. Just wondering if you could just give us little more color? | Yes. So we ramped up, we are continuing to ramp and we ramped up, as you said our sales and marketing efforts, and we continue to see steady pipeline growth. And new customer wins in Q1 were consistent with that we've seen in the past few quarters. So as I've said previously, we will disclose bookings for our new busin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
506ddb7ac3730911bd9204bfdf3fa35e | And then with respect to potential new metrics around Kinvey and DataRPM, are you getting any closer in your view to introducing new metrics for those businesses? | Yes. So as I said, we continue to see the customer activity and pipeline growth. And once bookings become meaningful, we will provide them. So I think bookings is the metric that we expect to provide first. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
155f8d2002322415a01784c56feba9cf | With respect to the 40% margin target that was called out on the call, how long do you think it'll take to get up to those margins? | Yes, so our expectations are one year, 12 months. So we expect to get there within 12 months from when we close. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
41c0a92978d53a2e40fb3183af9d518a | Maybe just, I hate to beat a dead horse here, but just back to Kinvey for a quick moment. And I think when we talked last quarter, the goal was to start seeing some acceleration and uptake in the pipeline in Q2. And so I guess I'm just wondering if kind of the -- it sounds like it was a more linear build and sort of an... | Yes, so Matt, we continue to see steady pipeline growth, right? And the new customer wins in Q1 were very consistent with what we've seen over the past several quarters. So as I said previously, we will disclose our bookings for this business as they become meaningful. We're hoping that that will be later this year. So... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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