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1450dd0e5e13c7fe909a2fa0b825e0bd | Got it. Thank you. And then I have one last question on just post this recent raise of close to $80 million -- close to $90 million of net proceeds, how do -- any thoughts around the change in the capital structure? I know that when you announced Rasmussen and you've been talking a lot -- you've been talking about taki... | Yeah, sure, I'll take that. No, it doesn't, Raj. We're committed with Macquarie Capital to the $175 million in term loan B. We would have flexibility even without the capital raise to replace the preferred with cash which we're evaluating. So we bolstered our ability to do that. But what it really does is it just incre... | direct | [
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aefa5d279dd4f6b4d7bedc1f13935b40 | It doesn't give you the flexibility to perhaps lower the cost of capital on that debt? | In theory, it does right. More equity should translate to a better price on -- pricing on that debt, but I guess we'll see. | direct | [
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4a49395c7ebc1b7e08b8e1ae1dae4157 | You mentioned that the $10 million incremental marketing spend is not clearly [Phonetic] replicated this year. So can you talk about what level you do expect? Is it going back down to 2019 levels or do you mean it would be sort of flat at this 2020 level? And can you also talk about how you've spent that historically a... | Right. So, I mean if you look back to periods prior to 2020, we were in the kind of the 19%, 20% of revenue range. That number has jumped up to in the fourth quarter I think it was closer to 22%. To answer your question, we're going to keep spending to produce the results, right. We're balancing customer acquisition wi... | intermediate | [
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ab1feb8e9d63cdd49cce282f887e5cbb | Got it. Thank you for that. And can you maybe talk a little bit about the dynamics of the rest of the marketing funnel? How lead growth is trending and what your conversion to the course registrations and new enrollments has been doing recently? | Great question. We have put a keen focus on every step starting with the generation all the way through enrollment and then reenrollment and persistence that our students can -- APUS can enroll in a single course at a time. So making sure that they have a great first course experience and reenroll is a big focus for us... | intermediate | [
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468105bd6b05f1ec0cf1112637e9e14c | Tom, what a long way we've come to have a print quarter like that and still be consensus EBITDA by $15 million. So I guess the question is really twofold, which is, one, on the quarter itself, and kudos to you guys, obviously, for managing your costs. But how much of it was potential outperformance at PEOPLE? Obviously... | We are very pleased with the quarter. I think we -- for the company as a whole and also for the National Media Group. And as to your point, we over-delivered from a consensus basis on the bottom line. And really, what's driving most of that outperformance is that our digital -- we talked about this on our comments that... | intermediate | [
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f593b4fea445e1293cd407b3a882733e | Got it. Super helpful. And the guide is excellent, especially on digital, even above our expectations. So you're seeing nice sequential improvement. I don't know if Catherine is there wants to comment on just some of the benefits you're seeing from the platform unification or the push toward video. But just any increme... | Yes, sure. So it's pretty much everything across the board that's growing on the digital side of the business. So that's extremely positive. Of course, you have session growth, right? So that drives up open programmatic revenue. But it's not just session growth, it's also CPM growth. You have our direct sold business u... | direct | [
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bf5414b3cb7bf511a19052651b2a7ee3 | Yes, very helpful. I'll leave you with Tom, if you'd care to comment at all on the unsubstantiated TV sale rumors, as is always the fun topic and especially in light of the fact that your NND business looks like it's very much on the path toward a growth trajectory at this point? | Yes. Thanks, Dan. Obviously, we get this question many, many times before. And listen, as part of our strategic process, the management team and our Board multiple times a year, we sit down and talk about strategically how we enhance shareholder value. And as we've talked about in the past, there's a lot of questions a... | fully_evasive | [
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d88423208aa53832e90d9c55961c05d8 | Hi, thanks. A follow-on for Catherine. If we look at the very strong session growth over the last two quarters. How sustainable is that? What are the drivers of that? What kind of control do you have there? It seems to be -- it's the outsized contributor to the digital strength. I'm just trying to get a sense for what ... | Yes. Well, a couple of things. One is, as I mentioned, it's -- our growth is driven by all of the channels that I talked about, not just by open programmatic, which is driven both by session growth, but also by CPM. So I don't want to underestimate the growth of CPM. In terms of sessions, look, I think it's all questio... | direct | [
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358280bb3eb51546f6e1f286b339e01c | I wasn't going to let you get away. Maybe just some detail around your fiscal 4Q pacing? And then maybe just any kind of core outlook that you could provide for the rest of calendar '21. And then if you care to kind of throw down the [Indecipherable] on political in '22 versus '20 on a calendar basis? | All right. Well, taking them in order, look, we gave guide on the fourth quarter for plus 40 for the Local Media segment. Look, professional services continues to show strength and growth. I think you've heard Jason explain it earlier, it's now a full 25% of our local core advertising business. And an auto makes up abo... | intermediate | [
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cf1015aebc6360c481d3f3cb6fb21ebc | And then maybe just lastly, I want to have you, and then I'll get back in the queue. Just your subscription and network renewal time line looking out over the next two years, whatever you can provide. | Yes. No, of course. Thank you for asking that. We have one affiliate relations renewal coming up for our NBC at the end of the year in Nashville. And then on the retrans side with cable operators, we've got two large deals up at the end of the year with Cox & Comcast. Calendar year, correct, not fiscal. Thank you. | direct | [
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0e2a5e12c67304d2c996f3b5ce21dc02 | Just with regard to prepayments Greg I think you mentioned the single-family portfolio saw pretty high prepayments. Just wondering what you're seeing in the commercial real estate portfolio. We've seen other banks kind of call out the high level of nonbank activity in commercial real estate seeing loans refinanced away... | Well we certainly have not seen an increase over the already high level but we do have a lot of prepayments in our portfolio a lot of those loans do tend to be relatively short term. So there's a lot of movement there. We just haven't seen that pick up beyond what the level that it has been in prior quarters. Single-fa... | direct | [
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c63c569e3b45c7a331c00507b86c7e1e | Okay. And then just on the operating expense outlook you mentioned you're making investments now the Universal Bank. And you mentioned harvesting those I guess benefits of investment later on. Is there a time frame for that? I think you mentioned a couple of years. I was just wondering if you can provide any more color... | Sure. So what we're attempting to do and I think it is working as we had a very significant ramp up in investment with respect to the IT side specifically on the coding and development teams to build our platforms. We've been generally trying, and I think instead of cutting those teams, when we launched our initial pla... | direct | [
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4f793784cf6ad20592856939282b5546 | Can you just provide the dollar amount of deposits that have moved over from Epiq so far? | Yes. That's approximately $580 million roughly. | direct | [
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886a2d0cf02c00eda6c6d933bbc6ef50 | Okay. Got you. And then, just in general just more thoughts on the rates, that you guys are currently paying for deposits if you can provide more clarity on what you can lower maybe on money market and savings accounts than, what you have maturing on CDs and what the rates are on those and what sort of repricing benefi... | Well, we've been talking about the guidance that we're going to be able to provide on those. We really wanted to focus it on a NIM level. We've done the work. There's, a lot of moving pieces with respect to those areas. Clearly there is some opportunity on the savings side. Our checking account rates are on average rel... | intermediate | [
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c5de07db0192e13052285e22f2e52e39 | Right. Okay. That's helpful. And then just to -- here in your second quarter so the margin should benefit from the Emerald Advance the line of credit products is that correct? | Yes. Correct. I mean I think you should -- if you go back and look at historic quarters with respect to those products. I think they'll be essentially unchanged. There's no difference whatsoever with respect to what we did with H&R Block last year and what we're going to do with them this year. So it should -- we're --... | direct | [
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7945581331947f856bb76f3ddb365972 | Good afternoon. I wanted to start off on low origination yields. Just wondering what were the origination yields for the quarter? And then if you just go through the CRISIL loans and what are you seeing per yields there and the average life and so forth? | Sure. So obviously I'm not going to go through every product but I think generally around the single-family loans are in a 5.1 range. The CRISIL loans were more mid 5s a little higher with lender finance. The terms and durations of the CRISIL loans generally around several years extending sometimes to three years. And ... | direct | [
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665b98a976d5e8d7aec89f58c4f81ed8 | Okay. That's helpful. And then just in terms of -- in terms of just the -- on capital here total capital a little bit tighter close to 12%. Just wondering any thoughts around capital levels there? | Yes -- no I think that that's something we continue to look at. Obviously we have to look at both of those ratios and to the extent that the loan book's shifting to more 100% capital those ratios will converge on each other. So we have to pay attention to those. And there's a number of ways to work through a deal with ... | intermediate | [
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98691817333084c4b51ae6d1df6a2c30 | Okay. That's helpful. And then on the factoring credit that went nonperforming this quarter just wondering what type of factoring client that was? | It was a staffing company that engaged in a fairly interesting set of activities that impact a number of institutions. | direct | [
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fd8f87a7388dda4dc2731e827a14a66d | Okay. All right. That's helpful. And a last question for me just on expenses here. I guess the FDIC expense clearly benefit total expenses. Just wondering if you could give some color around expense run rate in the second quarter? It sounds like reasonably stable going forward here with some modest stability... | Yes I think there's reasonable stability. I think that looking -- we may have some small operating leverage on the efficiency ratio basis but I think that the real benefits from all the investments we're making are they're going to take a little time to develop a lot of the software that we're launching as slated in Ju... | intermediate | [
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887a1556e0e19b3434ba1b8450f49f78 | Thanks. Guys I had two questions. One on fees. I think in the press release you had commented on a bit of a decline in the fee income from the third-party banks related to Axos Fiduciary Services. What -- can you tell me as you get more of those deposits in there should be less of the fee stream from those third-party ... | That's correct. And you're sort of, I'm sorry. Go ahead. | direct | [
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37da1041c95e65b8875b3e163fbc5b0f | No. Go ahead. I was just going to say if you could give us a sense of kind of where that number is and what the delta is as more of those deposits move over? | Sure. So the year-over-year delta was about $1.4 million year-over-year. So when you look at the overall growth in our advisory deposits during that period you come up with a number in the neighborhood of $400 million, $500 million roughly in that period. So 1.3 1.4 x four divided by that amount gives you the rough rat... | direct | [
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b4605968200aecea9cf5f2b2b32df31a | Okay. And then the comments regarding the Axos Securities Investments LLC Greg I think, you were talking about that with regard to single-family securitizations. So it sounds like, is this a vehicle to allow you to put more through your pipeline and -- or get a better rate or fee on the securitizations? | I think, there's several purposes for it is that with the single-family market changing a bit and securitization market frankly accepting credits that we really wouldn't accept on the balance sheet we have an opportunity to originate some of those credits. We neither wish to securitize them through the bank. It's just ... | direct | [
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77f3571ed4ba2e94d3c1be37cd33cb28 | Hey, good afternoon, guys. I have, just two questions, I wanted to address and I apologize I had to jump off the call for a second so if I missed something I'm sorry. But just on the -- your comments earlier Greg, and this kind of seems like fiscal 2019 was a year where you guys were adding lots of products and service... | Yes. I think that with respect to the securities subsidiaries really looking at, starting in the fiscal year 2020 improvements in earnings, they'll be gradual, but they should be occurring. We have good pipelines on the clearing side. There's lots of operating efficiencies to be gained there. The trading business on th... | direct | [
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8640c7ec81bab937516ccfd0abb87248 | Helpful. And then, just wanted to confirm a couple of things on the Durbin disclosure. So it was $25 million of pre-tax revenue at risk just related to H&R Block and then an additional $4 million that relative to the rest of the business pre-tax. So $29 million total is that correct? | Yes. As we described it with the contingencies previously discussed. | direct | [
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d328dfc2963a8fcf114cf322ea69adfc | And I guess just trying to reconcile then the $0.18 EPS average number just I went through some quick back-of-the-envelope math here and I was getting something a little higher there. Are there any other offsets or future rates that you're using to calculate that per share impact? | That was, that $0.18 was stated and related to the $25 million. | intermediate | [
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15beb47d9b9998eb82528c2c237bd53b | George, I was just hoping we could walk maybe through a little bit more of the thought process on the expense structure for '21. And then, also wanted to maybe get some color on that. I know you guys had talked a little bit in recent quarters about spending some more on the security side. It certainly looked impression... | I'm sorry. Yes, hi. So, yes, thanks for the question, Rob. We've been talking about this most of the year that we've been making additional investments in both our infrastructure and our cyber security initiatives. And you see this bearing out in our numbers as both R&D and G&A are up in those areas and we continue to ... | intermediate | [
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97e41cc610a5c115b1c3a73a381b6662 | And then, Jim just one for you, if I may. Just obviously the price increases, so I'm glad you guys were able to get those through. On the domain outlook for the year, it's a bit of a wide range and just wanted to maybe get your thought process on that. I guess probably understandable given a lot of macro economic puts ... | Yeah, this is George. Maybe I can jump in here a little bit. So, I would say, in general, the trends that we're seeing in the domain name base are similar to the trends we've been seeing in the last few quarters. In that registrars from both North America and EMEA are performing very well and that growth has been sligh... | direct | [
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0e6f6d9f8d01aa6c1ac0187c6fd66e44 | I guess, first, and this is probably splitting hairs. But could you have taken another penny in price increase or is it because like it's slightly over 7%, you can't, I guess, any clarity there? | I'm sorry. I think you've got it right. The problem is that if you apply -- we don't bill in fractions of a penny. And the actual increase came in with a 0.9 on the -- to the right of the decimal point in penny. And so, you don't know, the number was 9, we rounded down because otherwise we would be slightly over the 7%... | direct | [
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435d10a9eaf65a19b5a0f202b3b27689 | And then, on COVID kind of through a rankle, I think, and potentially how investors are thinking about the price increases, how should we think about the cadence from here? I mean, that something is like you kind of expect to happen annually? Is there room to compress the time frame and take them earlier? I guess just ... | Nick, this is George. I'm sorry, I placed on mute, George. I'm sorry. Mute is that tricky. I'll let George weigh-in, but basically we don't guide to future price increases and today's announcement is only for an increase in com domain registration fees that's effective and begins on September 1st of this year. Beyond t... | fully_evasive | [
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840c891cd6f493b669f7dcadfe3bdc0b | One last question, just kind of ask COVID restrictions maybe loosen in certain markets, vaccines are rolling out, are you seeing any change in kind of the trends we saw in 2020 in terms of people's -- SMBs switching to digital solutions, people leaning into online solutions. And is there any meaningful changes in trend... | Yeah, Nick, this is George. I don't see any materially difference in the trends that we saw last quarter. Even through January, the only thing I'll just mention is, we do have a little seasonality in our business from time-to-time. And we do get impacted by holidays and the Chinese New Year this year is a little bit la... | direct | [
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05f71f949de8f59a582fd607284c1548 | The renewal rate. The down 20 bps year-over-year, anything that you saw in particular this year, whether it would be -- I noticed that over the last month, there was a couple of days, one where I think the domain base was down 93,000, another one that was down like 102,000. Sometimes I usually equate that to some of th... | Sterling, as you pointed out, the renewal rate was relatively flat year-over-year, I think 73.5% in the fourth quarter versus 73.8% in the fourth quarter 2019, so relatively similar. We did have a very strong 2019 performance from China-based registrars. And as we've talked before, as a group, we tend to see their firs... | intermediate | [
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111cf804a351ff2a20fd2f9499c74e89 | You made the comment that .web, neither the revenue or expenses are factored into the guidance. If we just say hypothetically that you get the approval and you can move forward to getting it up and running, what should be some of the cost levels that investors should expect to get it launched? And perhaps some of your ... | Sterling, I think, I guess, with all of the process, part of the IRP complete renewal rating, I think I can say, repeat what I said earlier, which is that, where we hope that we're weeks away from something from the panel. We're certainly closer as time moves on, but I think it's just too early to give any indication o... | fully_evasive | [
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da46e7b42a155dafcc0faea86f794949 | In the US, if you look at the new business applications, they spike late summer early fall, so I think August/September timeframe. But they're still elevated in the fourth quarter, especially on a year-over-year basis. If I think about that relative to your new domain registrations, the 10.5, new registrations have bee... | So, Sterling, we've seen that same data. And as you know, we are a FIN registry. So we do get some insights from our registrar partners and from what we hear from them. Yes, new business starts and companies finding that they can better serve their customers by having a website and ergo domain name helps to facilitate ... | intermediate | [
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bcfb5aa85a5f6d6cd66d6a361057dd97 | On mix of domains, the new TLDs, I think, have given back some of the share that we saw them -- saw that category gain in years past. Are you seeing that mix having any impact on your business? Also to be more specific, you're a FIN registry, but you work with hundreds of registrars on a global basis. Are registrars co... | I guess, I would just -- I think the best answer I can give you that question is; one, that I think is just a simple fact which is the .com is a recognizable brand that helps people get found online, it's a popular well established brand. I don't know, I'm not aware of any specific deliberate effort that we've been inf... | intermediate | [
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5541aa46e748b6fc783bed9dc447aa54 | Hi. This is Strecker on for Dan. And great quarter, guys. But our first question is hardware, again, really strong. And I was wondering if that's coming more from PSD2 deadline, or if you're seeing some of those hardware devices from 2013 that need the battery life of only five- to six-year renewals or if that's being ... | Sure. So I think I would say that at this stage, the majority of that sort of above trend line performance is still really being driven by PSD2. I -- we do believe that over the next two or three years, we will start to see some refresh from those orders in the early part of the last decade -- this decade. I guess, we'... | direct | [
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311c3aea1250605e25779953f3b2ec2c | Great. And then just on the software license side, I mean, another great quarter there. Is there anything you guys would like to call out or any additional color you can give us? | I think we talked -- we did talk in the first -- the second quarter when we were seeing the real order activity. There are very, very strong order activity around hardware, but was taking some of the focus away from the mobile security business in the short term. We believed, at that time, that, that would begin to shi... | intermediate | [
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164b9ef35f1588e08b5132bb79014c28 | Congrats on the solid quarter. Maybe my first question, maybe this will sort of suffice, but you mentioned the combination of data from, I think, mobile app security, feeding the risk engine as being a useful combination for the -- when you highlighted this quarter on Trusted Identity. So I guess, one, how do you expec... | Sure, Matt. And I think -- let me just -- I'll maybe answer that a little bit in reverse order. I think that, as you know, and as we've talked about many times, we have Trusted Identity as a platform strategy. It's really about not isolated products or isolated solutions. It's really about bringing these technologies a... | intermediate | [
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6db95295b1e65e372ed7ae56bb9b78c3 | Congratulations on a great quarter. And I'm just curious about the Cisco agreement that you mentioned in terms of the hardware. So does that mean hardware might be staying elevated then or how is that going to affect the hardware orders, do you think? | I don't think that the long-term trend that we have talked about for the last couple of years is really going to change here. We do believe that over time, the hardware business is going to decline at a -- at some rate, which we believe will be a reasonably modest trend line. But some quarters falling faster, some quar... | intermediate | [
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7faacec9452fbc44078f5fdcad253002 | OK. Thank you. That was nice color. And then also the software was really a nice bump for this quarter. How sustainable is that pace? What sort of affected this quarter, do you think? You said people probably held up in the first half because they were more focused on the hardware orders than your regulation there. But... | Sure. Yes, of course. Look, I think there certainly was some contribution in the quarter to some pent-up demand from the first half of the year but I think when we put this in -- first of all, when we look at our order patterns in the fourth quarter, we expect to have another strong quarter for mobile security in Q4. A... | intermediate | [
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e229310060c04819ade5f97d7c4e4844 | OK. Thank you. And then so in terms of the partnerships you announced, the Avaloq last quarter, and I think you mentioned now that you had a couple of more. How much are you hoping with that go-to-market strategy? And when -- how fast do you think that should show sort of sales in the top line? | Yes. I think that what we're pointing to here, in general, is a larger strategy about strategic partnerships and relationships really across our entire value chain. So we are adding partners that are technology partners, those who, when combined with our e-signature offering or TID platform, increasing value of that pl... | intermediate | [
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642df7d4bfbfe4698162fb1142824606 | OK. And then lastly, the timing of the Analyst Day. Is there anything we should weed into that or come out with a great quarter and having an Analyst Day in December and -- | Thanksgiving and Christmas. So you have the opportunity to do some of your Christmas shopping in New York City. | intermediate | [
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66775462d6418e36c0a1a3abe3dd1fd5 | Hey, guys. Thanks for taking my questions. Congratulations on a really good quarter. First of all, I just want to touch more on the partner network. What percent of revenues are you seeing come with some touch from the partner network currently? And how do you see that being changed by this Cisco partnership? | We -- the -- many of these partnerships or distribution partnerships are not all new. We have had a number of these for quite some time. I think I haven't looked at that number recently, Mark. I don't know if you have any insight. I recall that about 20% of our revenue comes through distribution channels historically, ... | intermediate | [
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53dc65f7df8a4be0012d9c70e3fb8893 | Great. And then -- so obviously, you saw a pretty rapid growth this quarter. How much of that was driven by PSD2? And within that, how much of that was really won over because of Avaloq? Do you see any of that really continuing forward? Obviously, it would be at a slower rate but with PSD2 being extended. | So I think the PSD2 driver is -- this year is predominantly a hardware driver. And so I would look at the -- some of that growth that it was in the mid-50s, I believe, hardware growth for the quarter, after a very strong quarter in Q2 as well. And I would say a lot of that trend line growth or above trend line growth i... | intermediate | [
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03292d0100704de10887404baf59e22b | So I was digging into a little bit more American Vanguard obviously, just transfer coverage recently, but wanted to talk a little bit about biologics. I know it's an important growth area. And you'd both internal development and recent acquisitions, i.e., Agrinos late last year, I believe. Could you maybe just provide ... | So I think, you mean if we included Agrinos for the full year. Yeah, it would be obviously been north of 30. As we look going forward -- I think we provided a slide obviously showing the biologicals growing I think by 2025 to over 100, right. Yeah. | intermediate | [
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1b8d2fc7d5a9f8b03ed162f71381b601 | Okay and -- got it. And then maybe just switching gears, it's similar question just with SIMPAS, 75, 85, I think units out in the field, just curious if you've gotten any feedback on the systems yet or at what point you expect to get some of the feedback or definitive data that you may be looking for? And -- | I mean, the first feedback we got was the guy going through the field with asthma [Phonetic] has had -- one video that we've received so far. And we've got our people out in the fields now kind of recording and monitoring. When we talk about when things are planted, then we will see any issues or questions that might h... | direct | [
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da40c483dc5311cced41d1551c4e71a3 | Got it. And on that of more aggressive rollout, I believe you're partner with Trimble, would it be -- just have you any vision on sort of what that would entail? I'm not sure if it's direct farmer visits or demonstrations, things like that. How do you sort of get it a little bit more the, I guess, the word out there pe... | Yeah, I'm not sure of the trade shows. We're doing farm [Phonetic] show this year because obviously last year we weren't able to do that. We did have completed a whole group of videos from assembly to application, how to write prescriptions and, of course, where we've got staff that are available to service on a moment... | direct | [
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a2b850fcb2f28f02254252bcb86a7d44 | Got it. That's helpful. And I apologize, I probably should ask this by jumping over to SIMPAS. But I know the Zevo product, I think it's the Procter & Gamble late license formulation from you. And I believe in one of the recent calls you've talked about that product may be rolling out to additional store locations and ... | Yeah. Our understanding is it's widely distributed through Walmart. That was a big change. They're with Home Depot and Target and all their stores last year and this year, they're adding -- that indicated they're adding Walmart and they are in the Walmart stores. | direct | [
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710cd7347642fdcb0d998694b3818d98 | Yeah, good afternoon. I may have missed some of the formal commentary around couple of my questions, but just on the cotton end market, I think you said there is a Bidrin destock for excess challenge or anyway. Just wondering if you expect that to persist through this season or will that be worked through? And it's any... | I think most of our impact is in Q1. I mean, first month sales here were pretty good in this quarter. But it's a -- yeah, it's a function of that the early market is strips pressure. And I think we're -- I think it's looking OK for that. But plant bug and stink bug are really the -- really takes off and that's people s... | intermediate | [
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8b3884a5a777452d394c1e0b81a896db | I think Bob just made the comment that farmer profitability is going to be pretty good this year. I would hope so at $7 corn, right, and where soybean prices are. So the question, I guess, is to extent that they want to take advantage of that now and try to press for yields, where can you see that show up in your deman... | Yeah, I agree. We are seeing continued sales of our corn soil insecticides in this quarter so far, as you pointed out planting is not complete. But once planting is complete, I think there'll be more effort put in keeping the field clean and knocking down the weeds and so herbicides -- post emergence herbicides will pr... | direct | [
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0d8a3ef42117e559d9a3eb65e23b455e | Okay. And then, I know you mentioned -- you just mentioned the broader distribution for Zevo, but in your prepared remarks, you mentioned an adjustment to the Envance royalty agreement. I was hoping you could elaborate, is that an expansion of the technology? And when -- so it's been that agreement that the royalty sho... | It is set now for quarterly. It has been quarterly all alone, but accounting wise, there was a change in recognition of from what periods in advance you would recognize the royalty. And then, as you mentioned, we had some licensing increases in this quarter that [indecipherable] every year -- I mean, every quarter. | direct | [
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7af62cab511b2e463453bea051239414 | I'm sorry, can you -- is there any way to elaborate that -- anyway to elaborate that related to, I know you have this Envance technology, you think as you talked about it being applicable in broader categories. What time -- is this adjustment speaking to that or is there any timeline on when that may be a commercializa... | So it is in addition to the other technologies. We're looking for license partners continuously as we see broader market opportunity. But as to specifics of who the license agreement is with, we're not able to talk about that. | fully_evasive | [
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51f21f3ba003a6c30d858a2ee100f180 | Okay. And then -- sorry, just on the -- on your cash flow statement, the receivables was a pretty big drag in working capital, I'm just wondering if you can elaborate on why such a big number there on operating cash flow? | Yeah, I mean sales are up 21%. So that's really what we're looking at. | fully_evasive | [
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f7cfaf09868bd227e215924b1110b4d2 | Okay, so the timing -- I don't know what kind of terms are on, but I saw there are stronger demand trends toward the latter part of year -- quarter there? | It was fairly even over the quarter. And given the fact that it is global business with different terms all over the world, it's bit difficult for me to respond to whether it's longer terms. But yeah, it's mainly driven by the sales in the quarter. I mean, our row crop business really to impact on the corn soil insecti... | direct | [
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16b111a43904a425cbf10bb3fac41162 | Good afternoon, everybody. Thank you for taking my questions. I appreciate it. In Envance your -- just to amplify on a previous question, just to put more meat on the bone, if -- I mean looking across the commodity landscape, it seems like there is fairly strong pricing dynamics across most commodities these days. How ... | Well, there's two parts of that. One, I don't know if you were alluding to price increases, but we have put price increases through in the U.S. on the portion of our volume at this point. So that's one piece. From those products as well and I think higher demand, most of what were -- our strong margin products are for ... | direct | [
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af0c5810a7d577c7c5ce4a6f51779922 | That's a very good thing. Thanks for that. It could be the answer there. I guess, I was more angling and you answered part of the question I was angling and that is on the volume side. So just to elaborate more fully. So from a supply chain perspective, downstream of you, if you were to see stronger demand, you feel li... | Yeah, correct. I mean, we certainly have some raw materials that have came from Asia. A good portion of what we are doing is domestic sourcing, but it doesn't mean there wouldn't be bottleneck somewhere. We've experienced delays at the ports, particularly in the West Coast where the freighters have stacked up that seem... | direct | [
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597ada5f4d72a4004ef4bd270ca6dcc8 | And you alluded to this, so it sounds like you feel like you've got pricing power at this point to be able to -- if you were to see any type of pricing dynamics in the supply chain that you can pass that through in light of the current demand environment? | For the most part, yes. There are certain products that are sold by a variety of people where we're not in a position to -- those products, we're not going to build inventory for. But where we have that power, yes, we will try to protect any upsides. | direct | [
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f0ae12838c325f9d8158fdb56b39d707 | If I may just continue, another question, just looking at the building [Phonetic] drought in the corn belt in the overall Midwest as well as out West, I'm just curious, what are you hearing from farmers in terms of their concerns around pest pressures as we move through this growing season? | Yeah, Brad, so it's a bit early, right, because they are just starting the planting, right. So, looking at the planting, it looks to be ahead of last year. But if you get into the, I guess, Northern Western Plains, there they have a water issue, right. So that's a -- that's kind of a two-sided coin. On the one side, it... | fully_evasive | [
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6c7ac7c616f963af18cf28ce22ff6748 | Yeah, Bob, thank you. That's very helpful. I just recall that there was some discussion at the end -- in last season that there was some concern that rootworm infestations had returned to the Midwest and as a result corn and corn planting and some -- and now we got the drought building, so I'm just curious what you hea... | Yeah. Fortunately for us, those are not the pockets where we're strong with our CSIs, right, or you need to have strong CSIs. Little bit of concern in Iowa. Iowa is starting to dry up a little bit, but -- but as far as once that planted, they've got the corn that will be [Phonetic] usual product they haven't. Yes, so t... | intermediate | [
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143eea6e2a224825230520411d7caa18 | Okay. So my last question then is just, we're -- several quarters ago, Eric, as a team you all had given some fairly -- some nice targets for your financial performance out of 2023 and 2025. I'd just be curious kind of how does the -- as we now enter into -- you duly noted that we've gone through this day long downturn... | I would say yes because having tailwinds is a lot easier than having headwinds. And again after eight years of headwinds, it's not like we just jump up and down and say this is going to rise in next three years. But having been through a lot of cycles over the years, things are lined up pretty well particularly coming ... | direct | [
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4ee127f0091334b80ce7969dd7673ede | Anything is possible, obviously. So not to be sarcastic, but I guess, do you think that if this bull market in the ag space kind of persist longer than one year, do you think you can -- is there a chance you could achieve the '23 targets a little sooner than you thought? | '22, well, I mean it obviously would move things up. So -- Yeah. Yeah, I mean, obviously given the three to five year targets is OK. There is some variance. And obviously if we've got tailwinds, we will move faster. And if headwind or something else comes and flips around, that's the reason in the three to five. But ri... | intermediate | [
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04d1e4ac43e4c6fe86282625cefe48e9 | Given the current environment, maybe could you talk a little bit about how the selling environment has evolved from maybe May to June to where we're at today, as the hospitals are starting to reopen in some areas for elective procedures, how are those discussions changing and what are the customers telling you? | Well, I think kind of, almost on every metric, I can think of Q2 was the low dip and every month and almost every quarter we're getting more access. The discussions are continuing where they were left off. Or we've continued those discussions sort of in a virtual mode. So I just think that for sure healthcare systems h... | direct | [
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e5437e63ff7737322541e65170e7231f | Historically you've talked about the medication dispensing cabinets in your equipment and software being a top five purchasing item for hospitals, and given the current environment and the budgets that hospitals are dealing with, I think the American Heart Association was talking about losses of $325 billion in the fir... | Yes. So Matt, this is Peter. So I think in the past, we said that we've always considered our automation infrastructure solutions to be in the top two or top three of the priorities. So we think that's unchanged. There's a couple different views as well on kind of the profitability of hospitals. You can look at the Kau... | intermediate | [
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700aa657966c77137f8c0ea05a7e8a85 | Can you talk a little bit about your ability to deploy your various solutions in a remote manner. I mean your product revenue beat our estimate and I think consensus as well. I mean, so obviously you're deploying some products. I mean, how much of these can be done on-site versus virtually please? | Well, I think it's really almost the majority of the XT point-of-care systems can be deployed virtually if it's -- particularly if it's not a first time customer. There is new technologies, including setup wizards that customers or technicians can employ that almost make it impossible to make a mistake when they do the... | direct | [
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4210ed3dc1d0fdcb7477724432207c0d | It seems like your cash flow was actually very good this quarter. It's a little bit counter intuitive given that occupancy rates in hospitals were low, like very low. Just any thoughts on what drove that? And I mean would you expect that trend to continue or not? | Yes. So there are three questions there, David. So the cash collections were very strong this quarter. We believe we have a very strong and healthy customer base overall. So that's good to see. From a admission perspective, we understand from our partners and providers actually that currently, hospital admissions are w... | intermediate | [
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0f0722f756dfcd63a99254d709e63c4d | Could you just provide some additional details on the Walmart relationship that you mentioned during the call. And what you're doing there specifically? | Yes. So our PHS platform connects side by side with a retails on-premise platform and the -- our platform is designed to enhance the revenues of retail pharmacies. And in this case Walmart has some of our other platforms that they use, particularly the IVR systems and some other options, but most recently they did the ... | direct | [
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6614a608023e34a6a588f573f8ff4a4f | So on the outlook for the bookings, I just want to better understand what gives you the confidence to say that Q2 was a low watermark, considering that these COVID numbers aren't getting any better and the uncertainty in all of our lives right now for the back half of the year? | Yes. I think it's just the levels of activity in the pipeline at the various stages have heightened quite a bit, and we carefully track every customer where they are with capital spend, likely to spend, likely to shut down and so I think with our sophisticated model and with our inputs, we feel pretty confident about i... | direct | [
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a0ed20d757acd502dbc14bba206267fc | I wanted to just raise the issue of competitive conversions. I imagine that in this environment, there is a fair amount of hesitancy regarding hospitals appetite to make changes here. So can you talk about how much of an impact you are seeing from that, I think historically competitive swap outs have been about 20% to ... | Yes. So we believe we've got a good pipeline on competitive conversions also this year. We've had some competitive conversions earlier this year as well. Maybe just a little more color on the historical bookings growth I think that the December 10 Investor Day, we did state that actually in point-of-care, the biggest b... | intermediate | [
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3aa3722a32ce419372ee472bca2eb0f0 | If you could just talk a little bit more about the reduction in force you implemented where there are certain product lines that were impacted more than others, whether that's IV or med adherence as a couple of examples. | Yes. So we had in the prepared remarks about two-thirds of the realignment there are really strategic right. So last December, we announced that we're accelerating the transformation of our services from maintenance service, operate fixed services to professional services. So that's about one-third of the realignment t... | intermediate | [
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e26df57e666dc1af7f0fdc591efa5f37 | I know you had talked about the long-term growth of 10%, 12% and based on the conditions you're seeing in going forward, I think we've talked about Walmart etc. How do you see the point-of-care relative to central pharmacy and retail institutional, as we look at those buckets in terms of where that growth is coming fro... | Yes. So, what we don't want to provide specific numbers kind of the breakout of that 10% to 12% composition. But they are directionally roughly in the same direction as we presented on December 10 last year. So where the growth in Central Pharmacy is a couple of points higher than in point-of-care. And then retail inst... | intermediate | [
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1236d2aca3a9193f8edd9b3734eaefdc | Obviously the cash continue or has been building nicely. I was wondering if there are any objectives or goals you have right now in terms of Pan use or just let it keep building? | We'll keep building. M&A is also part of our strategy, that remains part of our strategy. So depending if there is an attractive strategic potential acquisition that could be a use of cash as well. | intermediate | [
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e7201b3fe38660f3bc40894efd2a2514 | I apologize if I missed this, but did you comment on what your -- the percent of your legacy installed base with your automated dispensing was for the quarter. I know you usually give that out. | Yes. So we didn't have it in the prepared remarks, but we're at 26% now program-to-date. And it's in the Investor deck. You can find on our website. | direct | [
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bf91bb1a5d69f2a7b2699ffec9e1cdc0 | As I guess as a follow-up to that, do you see that more as less risk as you commented earlier in the call, I believe that the installation with in regards to upgrades is easier to do remotely in virtual. Is that the case, so that you should continue to see that percentage stable or tick up going forward? | Yeah, I mean, I think that was Randy that made -- Randall that made the comment. But yes, we expect a steady upgrade cycle there. What we said in the past that it's a nine-year upgrade cycle with the curve, if you will. And then from our perspective, what we believe that this more a when not an if, if you will. We expe... | direct | [
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1a09ce89ead84316b1fecdf34b688657 | Randall you -- in your comments talked about four initiatives. I'm not sure if this touches on Gene's question or not. I couldn't quite hear the answer, but maybe go through those a little more detail, where you're doubling down on some development activity in those four areas? | Yes. I think what's important is that as we move our customers to more sophisticated operations of the pharmacies. We, particular need to get them more involved in the workflow process, the analysis of the workflow process. So getting our customers to have professional services upfront to do that analysis, to understan... | direct | [
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efb6969a87089b26a018f1c6a91a91f3 | So as far as the benefits I see, obviously there's lots of benefits here for the customer. I'm wondering about for you all, is this going to be additional mainly to margin? Or do you see it as a way to accelerate growth as well? | Well, I think over time it will be a benefit to margin just cutting down the cycle, right. And as well as the cost of sending people out. It has been a pretty big component of the gross margin line. And so when you don't have to send people out or when you don't have to be there at present, when you can just plug it in... | direct | [
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ae0aea0fc2681b8843386ea25f0f177f | Peter just quickly on cost of sales for products. Can you -- what would you highlight is the main impacts on -- as a percent of revenue or percent of sales going up? | Yes. The main driver there is less volume leverage in the second quarter compared to the prior quarter, right. So that's the biggest impact and like Randall and I called it earlier, we expect the second quarter to be the lowest quarter for bookings and revenue in this year. So we expect some modest increases in gross m... | intermediate | [
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26ed3ea1f1dc7f1d28c12a2795f1784c | Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far Model Y gross margin was versus Fremont Model 3? And then just more broadly on strategy, it seems like your approach to insourcing is varying by region. You're i... | Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp.
So we think there's a continued opportunity to optimize the cost structure there.Model Y,... | intermediate | [
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07d93bf4df13f9de4fcd98de306adc3c | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI.
For Porsche, it's smaller, at... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
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43bb1c3707dcb5bb8c9d11c519e94716 | Elon, you've talked a lot about the mission of the company and really trying to drive EV adoption globally. So how do you think about that trade-off between driving toward industry-leading profitability yet trying to make your cars more affordable and broader? It feels like, historically, you've always picked the path ... | Well, I think we actually achieved both when you factor in autonomy. I think we can go way beyond industry margins and have the car be affordable to more and more people and potentially almost everyone when you're factoring in autonomy, but that was really a mega game changer, giga game changer, yes. But I mean, it is ... | direct | [
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cc5efed24e1d2631857310c630b05fca | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter.
I haven't seen any specific comments about new orders or backlog in the release today. So ca... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
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69cfb612b3cb870282cc884e988ef433 | OK. So when you're saying achieving 500,000 deliveries has become more difficult, was it really just a function of the recent shutdowns and some of these supply dynamics? | Yes. It's not true at demand. It's really just a production issue. It's been pretty hard when you've got like a global supply chain, and it's kind of whatever the most effective part of supply chain is that sets your rate.
I mean, the number of rabbits do know how to pull out of a hat for supply chain is insane. Team ... | direct | [
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7c82c8709b63fcef46148af06a7d40b4 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now.
Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sour... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes?
I mean, no. That's straightforward enough. I think just adding to what you said earlier about ta... | fully_evasive | [
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f5184a3232c7a83faff76bd52fe635d1 | So first -- Hi, so you gave some good commentary around expected trends in the transportation end-market for the second quarter and the full year. Just curious if you can offer some similar commentary on what you see for your other end-markets for 2Q and the full year, and also if you could talk a little bit about dema... | So, Brian, on the automotive side, just to recap, we were down about 22%. We saw the market down somewhere in the region of 24% in the first quarter/second quarter. And we said 20% to 40% down. It was different across the regions. For the year, we said 10% to 20% range. We've seen some forecast around 23% for the year ... | intermediate | [
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38836877303fe2716485ae7aa7bef810 | Got it. That's helpful. And then, second question, I know the timing of recovery is something that's impossible to predict at this point, but whenever we do see things and quite positively whether it's later this year or next year, can you talk about the areas of the business where you would expect to see a sharper sna... | Yes, so on the transportation side, it's going to be tough in the second quarter. We think there will be a slow improvement. If you look at the forecast that are coming out there every week, they are evolving. And I think when you look at big ticket items like vehicles and with the unemployment levels and changes, it's... | direct | [
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f0cd46baed36d8ce43985fba5a0f2c20 | Got it. And then, last question just on the cost structure, curious if you guys could maybe quantify the costs that you've taken out in response to COVID so far and then just, as you think about additional expense reductions, it sounds like you guys are kind of planning for macro scenario where we have kind of a slow, ... | So, Brian, as we talked about, we took some cost actions in the fourth quarter last year when we had started seeing some slowdown in our commercial vehicle end-market, and we have taken additional steps, which we talked about on the earnings call today. We are staying away from trying to quantify the full impact from t... | intermediate | [
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8dac4eaf2ebd2260ce18ccbb76a3815f | Sure. Yes, I just wondering -- I was hoping you could quantify what the impact to your margins were from these factory shutdowns will be in orders, particularly within your non-US based facilities. And are those factories at this point fully functional and if not, are you able to alleviate some of those bottlenecks in ... | So, Karl, if we got your question right, you're asking about the margin impact and how much we can protect as we navigate through this situation. You saw that our gross margin declined somewhat in the first quarter as the volumes dropped. We are looking at ways where we can reduce manufacturing costs, and we are also m... | intermediate | [
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f9d603146aa90b6fd772ee08ab526e83 | That's helpful. Maybe just a follow-up to margins, I understand factory utilization is challenged given some of the supply chain disruptions year-to-date, which is probably continued trajectory, but from here, it was helpful to talk about some of the end-market dynamics going forward, but sort of margin recovery will b... | Karl, the primary driver is going to be recovery in volumes. And as Kieran mentioned and I covered as well, we are seeing some underlying improvement in some problem areas that we had last year, but that's going to be tempered with what we are seeing on the volume front.
Karl, the other thing I'd add there that we're ... | intermediate | [
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dd4d3bbddd526e582c58071f8ab6f772 | Good morning, guys. So with an easy one, how many of facilities are fully operational today? | Hey, it's a dynamic situation. But just to give you a better color, John, from what I said, we've got three facilities running in Asia; we got three running in Europe somewhat at different levels; and we've got two running in North America, one not. And then in Mexico, we've got three -- four in Mexico, of which three ... | direct | [
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baf308b5f054700492aec83159e2664a | Okay. And can you just walk me through the dynamics how the restart in your China facilities kind of looked like and what you learned in that lesson that you can apply to when the restart happens here in North America? | John, that was -- that's something that was really beneficial to us. Our teams in China did an excellent job coming back in very difficult circumstances, and we really took the learnings from them. They were the first ones getting back. It didn't -- it wasn't a digital back on. It was a slow ramp. It took several weeks... | direct | [
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829087bdc64bdcfcda0f3864c6122559 | So do you produce right now for the transportation market here in North America even though they're not taking products or are they taking products? | So we have some product that goes into critical transportation like ambulances or fire engines. So some of those products are still moving at lower volumes. And so, hopefully, that helps you get an understanding. | intermediate | [
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c77471015aaba8ba328bfaa640a1ab0e | Okay. And regarding the medical market, my understanding that the elective procedure is being deferred, a lot of the medical suppliers are getting hit pretty badly. It doesn't seem to be the case with you. Is that because of temperature sensor is doing well, or have you not just seen it yet? | So we're being very careful and that's why our comments on growth at the transportation, what we see is reasonable, but we're also very concerned. When you look at beyond four to eight weeks, what could be changing in demand that we haven't seen yet and obviously, when you think about our temperature sensors, they go i... | intermediate | [
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3daf99074430bed3a26983c02e6c0513 | Okay. Can you provide me what your debt covenants are Ashish? | So John, the primary debt covenant that we monitor carefully is the gross debt-to-EBITDA and the upper limit is 3.5 times. And at this point, we are well under 2. And as I mentioned, we had borrowed $50 million of additional beyond what we would normally be borrowing and that is why the covenant is a little bit higher ... | direct | [
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] | A |
636a1c84ae55e02dbca8c27cb1ccc3c4 | Okay. So that $137 million you have left on your revolver, did that include the $50 million? | $147 million.
So after having borrowed the $50 million, we have another $147 million available under the existing facility. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
74bf765cfd37b353197bc478ed99cf2e | Kieran, can you talk more about China like I think we read news that some customers in China have reframed back to like higher level of production. So what are you seeing in China in terms of current market demand and then feasibility? | What we're seeing is on the transportation side, we're -- our facility has moved back up. We're running as normal. And we are looking out in terms of what does the end of the second quarter look like, and what was the third quarter be like. I was on with our plant there last night, and we saw some new incentives coming... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9f434808efe5ed44d4e999214e04e4c6 | Got it. Thank you, Kieran. And then Ashish, is it reasonable to assume that share buyback will be temporarily suspended? | So Hendi, we are discussing with our Board on what the appropriate steps are to take and as decisions get made, we will talk about that. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
a92400775a136fb114a397300f34991f | Got it. And then, one more question, Ashish. So when we look at Nodiac [Phonetic] acquisitions, how do you distribute the sales when you report like individual segment, like how much of that is in industrial, how much of that in, let's say, like medical and transportation, etc.? | So, Hendi, for the different end-markets, which acquisition are you referring to? I thought I heard you say Noliac, but... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
9a78d8f0132bd6b7e6957349b312255b | First question I had was just on COVID-19 testing. So there was some discussion around OPKO getting named as one of the four designation testing centers for the U.S. government. And I think that decision was supposed to be made yesterday. Just checking if there's a status update on that. | Yeah. Hi. It's Jon. So that decision has been delayed by the government until May 14 or 15. But yes, we have submitted, and we were asked to submit as one of the finalists. But the answer is we won't know anything until May -- it looks like May 14 or 15. They've delayed all decisions until then. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cd7c104799a47a24c8f52096ce3f9bc9 | And then now that we've been into COVID for a couple of quarters, probably difficult to predict too much going forward. But just wondering if you have any line of sight into optimizing capacity and cost and expenses that could potentially benefit the bottom line maybe in 3Q or 4Q? | So we're obviously paying pretty close attention to the level of investment that we have. Obviously, the testing demand is declining. So you could imagine that we're starting to scale back some of our operations. However, it is remaining fairly robust. So there's not a significant amount of cuts that we could do to bri... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f5c1712b0017730c88f22fbd8c9ede4 | And then last question is just on somatrogon. So your PDUFA is scheduled for October 2021, and then the Ascendis PDUFA scheduled for June. I'm just wondering if you've gotten any indication from FDA that the timing on the somatrogon decision could get accelerated based on the Ascendis timeline, if there's been any info... | No, we've had no feedback on that point. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1fb1ac0005313a215e228cc52ecb043b | OK. Any thoughts on if that's a possibility, I guess? | Anything is possible. We're continuing with the expectation that the PDUFA date will remain the approval date in October. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dbd7c9b3dd0da19723a537b3c2b95084 | My first one, I was hoping you could help me understand -- better understand just the services revenue number this quarter. And I ask because it looks like your testing volumes came in at the lower end of guidance, but your reported revenues -- service revenues came in at above the high end of the guidance. And so I'm ... | Yes. So, Dana, what we've seen is, and we've talked about this a little bit before is a lot of the testing volume has shifted away from the state and local government testing that was done and move to some of the higher revenue line items or higher price per test line items with some of our non-government business. So ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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