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2efbf57d31c71a38a0104b53dd387e86 | I was hoping to get some clarification on the timing for data for AdCOVID; I know there was a belief that you could potentially have data on a subset of patients by the end of this quarter and full dating in Q2, but it looks like at least in the PR you're mentioning full data in Q2 with no mention of any substantive da... | Sure. Again, good morning, Kelechi. So we've not made any changes in our position. What we're emphasized here is the availability of what we consider to be meaningful data.
So while we will have data in the first quarter, we wanted to emphasize that the meaningful readout would occur in the second quarter. And we're e... | direct | [
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0c2c20ac0e006866eedc8be6d0fb872f | Can you talk a little bit about the design of the heterologous study that it seems like you added Saint Louis University to the collaboration recently? Can you just talk about what is the design? What animal model you're looking at and insight of what helps you understand better about the transmission blockade of AdCOV... | Yes. Good morning, Mayank. So we're in that study where the model is the transgenic mouse model. That's the model after Saint Louis is been using for a while and it's a very, very expert at.
And what we're doing is comparing the vaccine activities and efficacies of a RNA vaccine that closely mimics the RNA vaccines th... | direct | [
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f3777f8a88c267da566e2318f6ea97f9 | Maybe the second question, if I can follow-up on your comments made previously on the FDA guidance and also on the experience with flu. Now, if you think about that NASH factors, the FDA guidance was not very clear in quantifying, which does to be a positive for the field that the ball is not that high. But I'm just cu... | I'm reluctant to do that because currently I think we're getting close to having a harmonized assay's performed with harmonized reagents. And so you can really do the comparisons and understand what's going on. This is what they got. This is what we got in a meaningful way.
We're not there yet. The temperature has rel... | intermediate | [
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7664a095a324543437d6eb1dafcee71e | As you saw from the testimony given by the prime [inaudible] vaccines on Tuesday, it does seems like adenovirus platform in general may not have the same timelines in which they can come up with the new vaccine for the variant. I'm just curious like, with your platform again, I'm clear on timing, but still can you prov... | Sure. So, you're right. There are vectors unchanged as quickly the RNA, and that's why the RNA vaccines are really got the attention and the initial funding to get where they are now in that that's fantastic. The important question is how quickly can we make the variance in relation to the evolving landscape of circula... | intermediate | [
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4e7e7407ad54a5e2e71447980f011fe5 | Talk a lot about AdCOVID, I was hoping if you can extract the way that things go as planned, what the next NASH look like in terms of next study, if that could be registrational and when that could kick-off? And then second question on 801. You discussed that you're expecting robust reductions in liver fat and body wei... | Yes. Good morning, Jonathan. So we are â we've just initiated the Phase 1 trial of AdCOVID with a readout that will occur â a full readout, which will occur now in the second quarter. And we are planning right on the heels of that to initiate a Phase 2 trial, which would probably start toward the end of the second quar... | direct | [
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5cca8f151a7baa83edf09bb8b4c7d71e | My first question is related to your progress in Japan. In the last couple of years, the progress has been very great. The grossing ranking has done very well. Can you share with us what's your next milestone? What's your next goal in Japan mobile game market? And my second question is related to Harry Porter launch. W... | OK. Alex and for the audience, for everyone's convenience, I'll quickly translate William's remarks. And apologies for the technical glitch just now. Firstly, regarding our objective for the Japanese market, it's a very important market for our global initiatives, and we've achieved a small milestone there over the las... | intermediate | [
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b56cddc0a7ebf8853c96505b471ced36 | So my first question is actually regarding the margins. So with the newly signed contract with UMG, how will that change the gross margin and cost profile for the new, innovative business and assuming you may have to pay an upfront fee on that? So -- and also, with more contracts and all that, how should that change in... | Alicia, and for quick translation of William's remarks, we've added comments from my side. So first of all, William commented that the multiple year, in nature, this changes the sublicensing formatting for direct partnership. So in essence, it's not really changing the margin trend or on the business side. The big, pos... | intermediate | [
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ca0585b228839430c1c2a5367426c737 | I have two questions. The first one is to follow up Alicia's question on music monetization. William, you mentioned that you guys are considering to diversify the music monetization. So in addition to the current subscription-based monetization model, what are the monetization model that you guys are trying or contempl... | So Alex, I'll provide a brief translation of William's remarks. For the first question on the possible monetization format around NetEase Cloud Music, obviously that would require some innovation. There are certain monetization formats that's been proven, but what's more interesting is what are the other more innovativ... | intermediate | [
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f0d238273863165b225ddb25f630a82b | So I have two questions. The first one is about the cloud music pieces. How do you think about the positioning of the soc media companies in the online music market in the long term? It seems like some of these soc media companies have been adding musical-related video contents to their platforms. So just I wonder whet... | Eddie, I will provide a brief translation of William's remarks. Firstly, on your question, we believe short-format video and music actually are very synergistic verticals. However, they are fundamentally different because usually, for short-format video, firstly it is chopped. It's usually less than a minute, whereby a... | intermediate | [
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cc5ba991dfefc7e81d463259708216c7 | Thanks management for taking my questions and congratulations on a very strong set of results. I have a question about our overseas game strategies. Given that we have IP licensing, we have our strong in-house development as well as we get the cash proceeds coming from our Hong Kong listing, so how would we think about... | Thomas, I'll provide a brief translation. So we -- actually, with the Hong Kong IPO, it doesn't really change our mentality or approach toward a content-focused global initiative. We are always very active and open minded on all the strategies you mentioned. Actually, there's no forced ranking in terms of priorities. I... | direct | [
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e5da669c6ff32fb2b659d117823aebd4 | And then friends, William and Charles, I have a follow-up question. It's about the paying ratio and ARPU. If we try to compare Japan versus China, should we expect China is heading toward the Japan level in the long run? | OK. Thomas, I'll provide again a translation of William's remarks. So first of all, it is very common that different geographies, different economies demonstrate different kind of consumer behavior. But on the longer-term trend, we do think that the Chinese consumers' willingness to spend and the ability to spend is on... | intermediate | [
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ac051df4a20570a5a101f588395a2f44 | So two things. I think to start with, if you look at the contribution margin in Oil and Gas in the fourth quarter, you -- I think it's like in the, like, low $12 range excluding shortfalls. So how should we think about that --? | Yeah. So, Steve, this is Don. You're right. We're in the $12.70 range once you take out the $27 million for the shortfall penalties. But we had some other kind of run of the mill things that happened at the end of the year. So -- and a lot of those year-end adjustments were favorable, right. So we did have some really ... | direct | [
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c0d690c6cd635cd87d9cb1d47d7bc791 | And then the other question, so from a bigger picture perspective you guys did a really good job I thought with the ISP discussion in December. As we look out and I know it's early, but if you look out for like 2023, '24, is there a situation where the volumes may be up a bit, but the contribution margin per ton and th... | Yeah. It's really an interesting question, Steven. And I think, as you said, kind of from a big picture standpoint, I feel like we're transitioning from more of a bulk material supplier, which has been kind of where we've been for a century plus to more of a specialty kind of highly processed minerals and ingredient su... | direct | [
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9d31e669e9540877b18c37e148527d24 | Wondering if you could give us sort of a feel for the supply side out there on the oil and gas business. Certainly demand is picking up with frac activity. I guess what I'm trying to get a feel for is is there incremental pricing required to bring back idle mines? Do you think there is substantial reactivation under wa... | It's a really interesting question. And if you look at what happened in the pandemic sort of downturn of 2020, you saw a lot of companies do exactly what we did which was take some mines almost completely offline and then others got turned back and started running at, say, less staffing levels. And so, if a mine could ... | intermediate | [
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de5f328003c56e90d3de946480abe2ac | And then specifically in that comment of Don's that you we're talking about, are you guys contemplating any incremental price in 1Q versus 4Q? And regardless of that, should we expect more as we move into, say, 2Q? | So I feel like things will get a bit more constructive out there. We've already seen some opportunities to get pricing. It's a bit of an interesting dynamic. We had a lot of negotiations with our customers in Q2 and Q3 of last year and gave some pricing concessions in those quarters as needed to support the customers a... | intermediate | [
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c419c23ecad1215295f90e1a4fc6937b | Just kind of a question on the competitive landscape. As your -- as some of your competitors have exited bankruptcy, were you guys able to take some market share over the last couple of quarters and how do you think that the competitive landscape is kind of set up now that you've seen some of your competitors kind of r... | So I think we have been able to gain share in oil and gas and in the industrial sector as well. We've had a number of customers approach us, started in 2020 quite frankly, looking for additional supply. And it's not just from the competitors who went through bankruptcy. But I felt like there was just kind of a general ... | direct | [
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61bf3f3517f843e8f21144d0eae6db13 | Okay. Great. And just a follow-up, do you guys expect to get any shortfall payments in 1Q? | No, right now -- we don't know what's the answer. But right now, I would say that we're not anticipating anything of a material nature in Q1?
We would hope that especially in this environment that our customers going to buy all the contracted tons. But things are pretty tight out there and there are days where especia... | direct | [
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b094399139ca41f99eb956eb30b4a496 | Yeah, I guess just a follow-up on that, I'm kind of -- I mean I understand the costs on the ramp-up side are going to hit Q1. But do you think 2Q contribution margin on the O&G side given those dynamics could get back to the 4Q adjusted level of near $13? | I would expect that we'll see a rebound in Q2. I think there's a couple of things there, as Don said, we'll be through some of the cost issues from Q1. We didn't talk about the whole sort of weather thing yet. I mentioned it in my prepared remarks, but I think that will definitely be a bit of an impact, of course, in Q... | intermediate | [
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6e5162e8e0bf7887aa6c9dbf403a9099 | My first question is on the specialty material side. And I wondered if you can give us a little bit of a sense of how large the addressable market is. You mentioned the revenue price per ton potential is very attractive. So I wondered if you could maybe frame up the kind of total market opportunity. And then also kind ... | So it's really fascinating, Lucas, and it's one of the things that I really get excited about when I think about our industrial business. If you look at how we've defined the business over the last more than a century, it tended to be pretty focused on the sand dynamics and a lot of the same end uses that we've traditi... | intermediate | [
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91aff73d793833fd7a543278da0feb53 | And then, turning back to the energy side. There's been a fair bit of consolidation among service providers but then also among producers. How do you think this is impacting the competitive dynamics kind of as you reemerge from this downturn? | I think that that dynamic actually is one of the most beneficial things that's happened for us. My experience in selling into a lot of industries over more than three decades is that big customers like to do business with big suppliers. And so the larger the customers get, I think the more they're looking for companies... | direct | [
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ee9b34b64f76ed1b3793976bf1f5e88f | I guess, my first question was just on the ROE targets and understanding that some of it's just math in terms of the growth in the capital base, but you did seem a bit more cautious just generally on just kind of a near-term and potentially longer term ability to achieve that. So hoping you could just expand upon that ... | Sure. I think the financial businesses generally do correlate to an ROE range, right? And part of that is because you need capital to support the business and increased revenues generally require increased capital and increased footprint and so on. So I tend to think those laws of sort of gravity or the laws of nature ... | direct | [
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eccf9fc0b4bd65b279b2bb4e77e58cc8 | My next question is just on the OTC and the listed derivatives which increased a lot. I think in your prepared comments, you mentioned around some of the pricing changes or proactive miss you guys have had. If you could just kind of expand upon that, thinking about the stickiness of these types of levels? | Yeah. This has been a tough thing for us to do. So if you think about, particularly in our Institutional segment, we have a sort of a somewhat undifferentiated offering. I mean, we always think we are better than the competition because we serve them better and all of that. But there are a number of firms who compete w... | direct | [
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398be07244204d10d904f76e8817f8d8 | And then just shifting to Global Payments, that was a portion of the business that was from a mix perspective impacted by COVID. Just thinking about the outlook for that both from a capture and just kind of volume perspective, how should we think about that business from here? | So you're correct, that business was affected by COVID pretty dramatically, and I think it's now sort of back on track largely, I mean depending on what happens going forward clearly. We are pretty optimistic about our payments business honestly because we continue to get sort of internal traction of the banks. And we ... | direct | [
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43169053095cd7fed7fe3f4d6ed74ace | You mentioned the crypto potential opportunity, and curious if that's just an expansion of kind of Gain's retail offering or if that's something institutionally? And then within that construct, the M&A kind of outlook, is that a capability that you are just going to be launching organically or something as you look at ... | It was actually interesting because we've been sort of watching like everyone sort of crypto all over the headlines, right? And we actually did sort of -- looked internally and we are sort of surprised that how much revenue we are actually getting at the moment from our clients who are trading in the crypto ecosystem. ... | intermediate | [
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eb86f6d83f838f4253dfef0275b0268c | First, I wanted to start on the national origination business. You guys had a really nice quarter there. Can you talk about what factors drove the big growth, and how sustainable that is over the next handful of quarters? | Of course. What we've hired, as we -- as I mentioned before, some outside business development offers, some additional ones offices, we have. And now, two in New York, in Miami, one in California. We have a lot of organic growth too, customers that just -- our existing customers and have additional financing needs.
We... | direct | [
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b7eff8ba512fd80ab9e2fca7d7658eb0 | Next up, I wanted to talk about the purchase market. Has something in the market for loan purchases changed, which could suggest that volume would pick up going forward, or was this quarter strong volume more a function of seasonality? | I think, it was -- this quarter, we had a big purchase of $68 million or $70 million included in that number. We often bid on pools that large -- they're very competitive. And so, I think that was a big contributor to the large portfolio, the purchase for the quarter. I expect -- I wouldn't predict that every quarter i... | direct | [
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b0739b3523929ef01031a2859e65de1b | I wanted to ask a little more about the NEWITY deal. What is it about the small balance working capital loans under $25,000 that you guys really like as a lending product? And what is it about that product that you think will particularly appeal to the customers that ACAP brought on? | So first of all, it's a -- you can get very good pricing on the product. It's prime plus 4.75%. Typically, with SBA loans, the maximum you can get is 2.75% over prime. This is a big underserved market that will benefit from this working capital loan.
It's also -- if you want to do it in a lot of volume, not that it's ... | direct | [
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36df8e7188cf582a6daee2adc2e78578 | Next, I wanted to talk about asset sensitivity. I know you mentioned earlier in the call, most of the originated book is tied to prime and floats. Can you go through the rest of the portfolio, please? And remind us which buckets of the loan book are variable, and what they reprice off of? And also, if any of the loans ... | Sure. Thanks, Jeff. It's around 92% of the national lending originated portfolio is variable with just about all of those loans tied to prime -- and all of those loans primarily have floors built in, which is typically the rate at origination. So I would say the majority of the originated book is variable.
On the purc... | intermediate | [
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62d5c58ae214b4d1cff510e023eef239 | Switching to capital, it was a nice quarter for buybacks. I was wondering, if you could give us an update, please, on what remains on the program, and how you're thinking about buybacks as an allocation of capital in 2022 in comparison with other loan growth initiatives you have in place? | We have about 396,000 shares left to buyback as part of our approved plan.
And to answer your question on the way we think about it, for the longest time, we only bought stocks under tangible book. And to date, JP, how many shares that we bought back total? And then, what's the weighted average price.
One second here... | intermediate | [
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67f72f7c699878d879439bfa0917d22c | Last question was on expenses. In your prepared remarks, you mentioned something about $45 million. Was that referring to historical expenses or was that a forward-looking guide? | Forward-looking, I think we were living to this quarter. And I think that's a reasonably good number for the year. And that's $45 million annualized. | direct | [
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369e388b2ea9a570b1f3f8561bccb2fc | If we get strong loan growth, does that mean that there would be -- that expenses would come in higher than that $45 million number or does that $45 million number contemplate the strong loan growth that you guys have -- | No. If we have very strong loan growth, then that number could get higher. | direct | [
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3b192432154193364860ce445683bc05 | Thanks. Good morning. The first question I have is on capital allocations. You guys -- obviously, you have a strong liquidity position as of July. I was wondering if you could talk about how should we think about the capital deployment and what kind of trends are you seeing in the transaction market? | Hi, Gaurav. It's Ramin. We're looking to where -- our position was that we wanted to be defensive going into the downturn. So, we slowed down the pace of investment, built up our cash position. As the market has stabilized, we're looking at -- we, obviously, don't need the significant cash position that we carried thro... | direct | [
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fe9703e2fc1fc4fdcb86fb624bcac745 | Okay. Great. And second question I have is on the Series A redemption. I know in the past you have talked about probably doing that over the course of a couple of quarters. Is that still your thought that that when it's up for redemption, it may be done over a couple of quarters or you may look to redeem that in 40:20? | Well, we're getting -- we'd like to -- obviously, it's a very expensive piece of paper and it's accretive for us and we'd like to redeem it quickly. It will be -- that is balanced by what the opportunities are out there in terms of acquisition. So, we have money coming in every two weeks from our Series T, that could b... | intermediate | [
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34b86114912c732fc06ec21e2b2917ec | If I can kick off with a question on margin performance and inventory holding gains you achieved in Q1. You walked through the benefits to the company of passing on higher price hikes to your customers before you realize the higher cost in inventory. Can you give us some color on how you expect that to progress into Q2... | Yes. Well you know, we've been doing this a long time. We've -- that's part of our model. I think our customers see us as a part of their business. The customers we service know and we've proven to be there for them, time and time again, with innovative new equipment and the fact that we're able to give them an uninter... | intermediate | [
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d8ba0da4ba282cd8d09b8d4a805fed01 | On working capital, very good working capital performance in Q2 -- in Q1, sorry, and you touched on the ability to sell across the platform as being a benefit for you versus many of your peers. Can you give us a sense of how you expect working capital to progress into Q2 and beyond? Should we expect further modest inve... | Yes. Sure, Seth. This is Arthur. Good question. So when you look at Q1, we had, I would say, a significant portion of the kind of working capital build behind us, so to speak, from higher prices, particularly in our accounts receivable, which was up close to $350 million quarter-over-quarter. So we wouldn't anticipate ... | direct | [
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e45e6803ba44572234432054076b148c | My first question is on the M&A landscape. Given the current high profitability across the industry, are you seeing any reduction in available opportunities? And when do you think there could be a turnaround? | Yes. Sathish, thanks for the question. Yes, the M&A front, it's active. We continue to see activity there. We've, like I said in the last call, looked at over 100 of them last year and didn't see the one that made sense or things just didn't work out. But right now, the -- what we're looking at looks fine. That's just ... | intermediate | [
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42f3f56dcc59b50050bf2a5fbfd11441 | My second question is on Nonres Construction. Given the strong order backlog, are you adding or even planning to add additional crews to cater to the increased demand? | Yes. So on the nonres side, that's our largest end market, and we're very positive on that. We have continued to invest in our operations servicing nonres consistently with additional value-added processing equipment, also expanding facilities. So we think we're in a very good position. We've been selective. We're focu... | intermediate | [
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cf977636236766120ab8cd18c182a60a | The demand environment right now, Jim and Karla, for April, how is that shaping up so far relative to what you saw in March just in terms of how the cadence has progressed through the first quarter and into April? | Phil, yes, it continues. We're not giving you specifics. It's -- just because the quarter changed calendars, it didn't change the market. So it continues to do what it's doing. To quote a friend of mine, we're still working our mojo. So if we continue to do that, we'll have another quarter. So yes, just to answer your ... | intermediate | [
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4c8f3cafcb5ddd30df2a9f70c27c63d1 | There was some commentary earlier in the call about defense and space being solid this year with, I think, even, you said, increasing backlogs. In terms of the big major programs where the push is happening, any specifics you could give behind that? | Well, just our -- one of the larger programs that we support is the Joint Strike Fighter, and that activity level is strong and continues to be strong. And I think that outlook, as we said, for the balance of the year should continue. And -- but then just overall, when you look at program after program, there's a lot o... | direct | [
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3861295bc90d2be62461ba47505c22e7 | And then just on some of the signs that you all are seeing in oil and gas and maybe some select inventory replenishment. Is that something that you all expect to accelerate as the year progresses? And is that purely a domestic comment? Or is that a global comment as well? | Phil, so on the oil and gas side, remember, too, where we participate. We're not in the big OCTG or line pipe products. So in the areas where we participate, and we tried to make it clear, it wasn't a huge increase. But kind of any activity was positive activity. It's good to see our folks down in Houston smiling again... | direct | [
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bbad9a2b178c1328d61c8406cfd9bbdc | And then last question, just out of curiosity, given all the swirling headlines on semiconductor shortages and OE outages. You obviously participate aggressively in automotive through your tolling business, which I think, just based on memory, a lot of that's just-in-time. So what are you seeing there in terms of the e... | Yes. Yes, Phil. As we said, we really saw a minimal impact to that in the first quarter. We do think we'll see slightly more of an impact in Q2. But we're also able -- we're picking up some new business on the tolling side. I think it will partially be offset by some new programs that we have. So we do expect that we'l... | direct | [
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7612f551dfdea5d84c680f9c4ea91521 | Regarding the supply chain disruptions that you and everyone else in the industry has been seeing, have you seen any alleviation there? I mean you mentioned that it's continuing into 2Q. But I guess what's the cadence? And then I guess without all these disruptions, do you think demand would be back at pre-COVID levels... | That's a great question. I can just tell you what our crystal ball says. The -- on the metal side, it sounds like the mills are ramping up, which is a good thing. So that should help with that end. As far as the supply chain issues, I'm assuming you're referring to computer chips and rubber and all the other things, fr... | intermediate | [
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91e0040f48afc4470cc4e0c94a5c2b12 | Curious if you could discuss at the GCI level, what's the most appropriate target leverage ratio should be for the Company and the capacity you would have to either increase investments or repurchase stock, or consider other uses for the capital? | GCI operates under both the credit agreement and some public filings. With respect to the credit agreements, we are at roughly a 5.1 times total leverage ratio using that metric. On the bond covenants, we are approximately 5.5 times versus a 6 times covenant. Obviously, we've seen some fluctuations in it -- excuse me, ... | intermediate | [
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f2e71e17cf7a560d60bfa1f485ef8d5b | And just an operating question, in Alaska, do you find that there is a greater sensitivity to natural resource pricing, for example, like the oil market, whether it's on the business side or the consumer side of the cable business? Just curious how to think about some of those sensitivities over time? | Well, if I understand your question correctly, you're basically asking how much of the price of oil drive business activity in Alaska. And I think there are people on it from the GCI side, you could certainly be more articulate. But the answer is quite a lot and particularly with some lag on what projects get started, ... | direct | [
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a52496d14d4eda0de0e012c2f0b3eba6 | There is a comment in the release that there's an impairment loss of $167 million related to wireless licenses and can you just talk about what drove that reassessment about long-term wireless revenue? And secondly, on Liberty Broadband side, the new house proxies coming up next May. It looks, though, like if I'm doing... | Sure, James, I'll take the second question first and let -- we'll divvy among who is -- I think it's going to be Brian who's going to answer on the wireless question. But on the Liberty Broadband question, I think you rightly note that proxy will expire. I think there are several potential remedies to ensure that we do... | intermediate | [
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fa96ee0bb4c7c1924ea846b91028a84b | I know that there are a lot of moving pieces on the RHC, both the plus and the minus you guys disclosed today, but wondering if you could sort of directionally give us a sense of how that may impact OIBDA in 2020? | I think you would expect all else being equal, that we should be receiving positive impacts of that. The contracts that were suspect, we took the $17 million reserve on. There is a potential we could end up with a larger reserve on that, but I think we're comfortable we had the right reserve based on the facts and circ... | intermediate | [
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12aba36ac8b3af413bbd8f42241b9a78 | And then more of a higher level one, just given the T-Mobile/Sprint decision recently, big horizontal merger, I would love to hear your take on, Greg or Ron, or whoever, implications for M&A, large scale M&A at Charter, does this precedent with this decision open the door for things that you may have not thought would ... | I think that was more targeted toward the Charter level, but T-Mobile deal is clearly good for GCI. T-Mobile is our largest roaming partner and we get a lot of benefit from them. We will have access to additional spectrum that comes to us through their merger with Sprint, which we will be able to deploy in Alaska and i... | intermediate | [
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ffbca1c4701553fe0f29b0362cbd9063 | Hey, this is Mike Kerrane from SunTrust. Most of my questions have been asked and answered, but I just wanted to ask you if I could get more color on the $400 million of additional margin loans. I mean, what's the -- if you could remind me if like what's the rate that you get on those margin loans, and what I'm just tr... | Hi, it's Laura Baldi again. We pay a spread of LIBOR plus 185 [Phonetic] on the margins from this and we can use to partially repay back LLC facility, which is [Technical Issues]. We did that and the presence of this is in part to some regulatory reasons. | direct | [
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5118e3522e01639261527a6d733037ef | Apologies for asking the same slightly indelicate question as last quarter, but you still have to cope with the still fairly hefty discounts on LBRDA and GLIBA. You can't get a better ruling from IRS anymore. Is there anything in lawsuit [Phonetic], given all the uncertainty that would make it desirable to collapse the... | That -- we clearly, obviously, have no plan or intent on that, but we have certainly read that others have suggested it and some of the logic for that might be just reducing overhead, taking advantage of various discounts, consolidating some of our holdings in one spot. That would obviously be subject to some issues ar... | direct | [
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ef1bc8ff4f27f57093aee87be653f7bb | Patrick, I just wanted to start on additional color on the record number of new customers in the quarter. As I think about historically something like the IKEA partnership, for example, a few years ago, that allowed you to reach a new demographic. There's nothing I can really point to this quarter. So I'm just wonderin... | Yeah. Thanks, Adam. The first thing I would say, I think there's really three things. And the first I'd say is, obviously, there's more people at home, so I do think that has something to do with it. I think the second is around what we've seen in terms of streaming video and really a lot of customers started -- a lot ... | direct | [
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ce2590624024eac16338c5c5d3604ea6 | I wanted to ask on the Google litigation. You had the Legrand license win just a couple of months ago. If I recall correctly, I think there's some dates approaching for the Google litigation in spring/summer time frame. So just wondering if this Legrand licensing win gives you some momentum into the Google decision? An... | Adam, it's Eddie Lazarus, the chief legal officer, to respond to that. Hi, everybody. So in terms of dates, we have two very active cases against Google right now. The first up is in the International Trade Commission and that will go to trial on February 22, so coming right up. And we would expect a preliminary decisi... | direct | [
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f7c7d7411e1a8e97b86a4667cd9a9533 | Did the upside in the quarter come mostly from the direct business? Or have you started to see retailers ramping inventory levels as foot traffic recovers? I'm just trying to understand whether that restocking catalyst is still in front of you or you started to see that in the December quarter? | Katy, it's Brittany. So we saw really strength in our products across the board. But because we were supply constrained for the quarter, I would say that it's safe to say that there is restocking in front of us as we continue to get all those products back in stock. | direct | [
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c2ecf3c0dfa0505437a1a50b0803f158 | You did not flow through the entire EBITDA beat from the first quarter to the full-year guide. And so just want to get some color as to whether you're view of profitability in the coming quarters has changed? And whether because of the strength that you saw in the first quarter, you're looking to step up investments. I... | Yeah. So overall, we still expect higher profitability for the year and higher gross and EBITDA margins for the year than what we were looking at before. But we do have some additional opex investments to make to support that higher revenue. So that's coming for us both in sales and marketing, in our direct channel to ... | direct | [
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fd427332470db37ba1b534529202c3b3 | I mean, clearly, you're not going to talk about future products. But in the past, we've seen three categories of launches. One is just upgrades of existing products, the other is price point expansion with an existing TAM and then the third is real TAM expansion. Any color as to which of those three categories we shoul... | I think it's fair to say all of them. | direct | [
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39473709ae905f8b4ba2f5782ac4737e | So I wanted to start off with the -- go back to the litigation and, in particular, the ITC situation. Just ask -- we've seen these kind of ITC cases come before. And even now, the ITC may rule in one direction or another. Let's say, they rule for you. There tends to be a delay and many times, not an implementation of t... | I would just say that we have a great deal of confidence in all the cases that we bring. And we believe that Google is infringing a very substantial portion of our patent portfolio, and that we're going to continue with this process until we vindicate our IP rights. | intermediate | [
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df6ac788ddfff6dabd40a44ed48eaaf3 | We continue to hear that there are growing problems in semiconductor supplies globally. And I wonder if you guys could talk a little bit about what you're seeing there and whether you expect to see -- you've talked about the supply constraints already. But do you see a worsening situation there? How does that affect yo... | Yeah. Rod, it's Patrick. I'll take that. The -- that's something we've been dealing with in the quarter as well, just as everything is ramped back up and demand and those kind of things. And I think Brittany hit it in her comments about the work by our operations and supply chain team. They've just done an incredible j... | intermediate | [
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4c3b9396af561bbd653ce908c89a4ffb | I know you launched the Sonos HD back in November. Just wanted to get a quick sense for how that's performing relative to expectations? | Hey, John, it's a little early for us to really be talking about that. We've only had it in the market a couple of months. But look for us to provide some sort of update on both HD and our ad-supported business at our investor event in March. | fully_evasive | [
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59e8fec5c9717b4abe672d9bfd9a86c9 | I don't recall any specific kind of numbers provided around kind of DTC growth, and how much that was as a percent of revenue. I was wondering if you might be able to provide some color around that. And then I guess the other piece, I mean just overall with gross margin. I mean it seemed like that was slightly above yo... | I can hit both of those. Look, Patrick had some commentary about how DTC continued to accelerate and continue to be very strong for us. No sort of change in our guidance relative to what we outlined in Q4 in terms of what we're looking for, for the year, and we'll provide an update at the end of the year in terms of wh... | intermediate | [
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9eef6b17d95897c4a68fc35f85493075 | Can you just quantify overall what benefit you had from tariffs? It sounds like you might have perhaps had some money that you guys received and so maybe that benefited EBITDA, but just wanted to kind of clarify that. | Yeah, sure. So we had pretty minimal tariff expense for the quarter, and then we started receiving refunds in the quarter. And so our net benefit was $3 million, and so that hits gross margin. So there's a net $3 million benefit that you see coming through in gross margin, and then that does flow all the way through to... | direct | [
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91295e7616f506020c4bb383dba508fc | Could you talk about the promotional activity that you saw in the holiday quarter? And how much you think that impacted your revenue and profitability? And compared to prior holiday quarters, can you say that this year was more or less promotional than prior years? | I would say that our promotional activity this year was very consistent with last year's promotional activity. What I would say is probably the difference that you saw from us and nearly everyone in the industry is that it happened a little bit earlier this year relative to normal. People just got started with that ear... | intermediate | [
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c6b446cc4862c0cbcb332a4ca469e226 | Digging a little bit deeper into your geographic performance, what are your expectations for APAC this year, given the work you've done on IKEA. Just curious if you're starting to see any evidence of a rebound following pretty aggressive physical store closures in that region and curious if your guidance assumed any ma... | Yeah. So I would remind you that inside of APAC, we report both APAC and we report IKEA. And so what we're really calling out for the APAC region is that those numbers are getting hit right now because of IKEA. So IKEA has had store closures across their stores. And that really depends on COVID and when they get to reo... | intermediate | [
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a5dbadf9ad2260921727d4de7aee5461 | I was just wanting to get a better understanding of where we stand on inventory, including your ability to maintain supply of your top-line products. I know you mentioned that you're out -- still out of stock on three products and expect it to become back in stock in the second quarter. But for those SKUs where you're ... | Sure. Happy to answer that. So what we said specifically is that as expected, we are getting back into a better in-stock position on the majority of our products in Q2, but there are three products, Arc, Amp and Move, which will likely continue to be out of stock into Q3. That's because we continue to see really excell... | direct | [
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02d3991705593b8ef9d5cc8d71a144cd | I wanted to ask just about your guidance -- top-line guidance for the year, which you're basically raising it by roughly $75 million. You just came off of a quarter that beat consensus by roughly $55 million. So just trying to get a sense of is that a conservative view reflecting what you just talked about, about the p... | Yeah. Look, I would say we do our best to share what we know right now. I think as we called out when we gave the guidance, we continue to have supply chain challenges. And of course, there's questions about what will the world look like as we get all of the vaccines rolled out and stuff like that. We continue to be pr... | intermediate | [
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e2d6fa899c9e3428b4b02d5186254a39 | And in your gross margin guidance over the year, pretty robust. And how should we think about any impact from higher percentage of sales through the channel as some of those channel partners like Best Buy and IKEA come back? Is that going to be just offset by continued strength in direct-to-consumer, as well as improvi... | I would say we've sort of factored in everything we know about both product mix and what's coming from a new product standpoint and channel mix to the best that we can predicted into that gross margin forecast that we provided. | direct | [
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97515743863a339cb7a9e4b076fcac72 | I wanted to hear you maybe comment on the weather impacts that we're seeing across the country right now? And how your territories are positioned in this regard? And what do you think is the -- maybe the need that -- of the greed specifically in your territory that you might be looking into addressing in the future, if... | Otter Tail Power is a member of the MISO market. You've heard a lot about ERCOT in Texas, and their issues with capacity, icing, natural gas supply. And then we do border the SPP market, but we are a MISO market participant. We are on the western edge of that. Through the recent cold weather, we have approximately 800 ... | intermediate | [
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62bb84e2371941ae9584c61270a4a5aa | So, you don't see any generation shortages at this time on your system that's basically at the bottom line? | Yeah. The MISO market is different than SPP, which is getting a lot of the attention. We are bordering that. And there is no question that the MISO market prices are elevated over normal. But as long as you have generation resources that are bit in equal to or above your load, you are effectively covered for those pric... | direct | [
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f9668264c9dc7e7d49c66196927fd273 | And then my second question was about the capex. It looks like you may be shifted some capex from 2021 to 2022. If you could comment a little bit on that, maybe, is that driven by just the timing of projects, or COVID situation, kind of what drives that? | Sure. I think there's been a slight change in our timing with the Hoot Lake Solar project. And so that, in total, the project is not changed, but there is some movement between 2021 and 2022, start -- anticipating a little later construction start on that project. | direct | [
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9d5c1579d579adee4d8c70a91f0f9a76 | Are there any other assumptions you could provide us for BTD like sales growth in 2021 versus 2020? | Yeah. I think, our sales growth assumption is -- now it was -- based on steel prices at the time, but we're probably in that 5% to 7% sales growth assumption for the year. | direct | [
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0fe34900424002329701eea27e1e08ad | And then along those lines, several of the larger companies in BTDs end markets, in recreational vehicle and agriculture, actually have been forecasting fairly bullish outlooks for 2021. And I'm just curious is the guidance that you laid out today, it could approve conservative, if the trends that we've been seeing in ... | Hey, Brian, this is Kevin. I think that's a fair statement. I mean there is -- we're seeing some pretty robust activity as you referred to in the fourth quarter. And as we head into the first part of 2021, there is certainly some headwinds here. Like I mentioned in my script notes about the steel prices, we are seeing ... | direct | [
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8c71c8c16ae1d328e6dc1f4acbe18cd9 | Okay, great. And then just to clarify on the steel price headwinds that might be alleviated. That steel is a -- there is a raw material cost pass-through for BTD. So just how the rising steel prices could impact the end markets? | Yeah. I mean, there is certainly risk, for example, with these high steel prices that some customers in the end markets it could cause them to perhaps not build certain types of inventory because the price points to the end consumer could be too high. So, it's something...
Depending on how this will -- how long it wer... | direct | [
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e6d9d97b0ab2c3c1a5b31df078740ef5 | Okay. And you mentioned depleted inventories in some of your end markets that's driving some of the growth in 2021. Have you experienced any supply chain issues or bottlenecks on your side of the business? | No, Brian, we're really haven't. We -- obviously, there is some concerns right now with the steel, limited supply in the steel market, but we have not seen -- we didn't have any supply constraints in 2020 and we've been able to successfully get our steel supply here as we head into 2021, but we're certainly paying atte... | direct | [
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78df0b9d5addd74695c90bc76ec19adf | Okay. And then just to Plastics outlook that you've [Technical Issues] 2021, could that be viewed as a normalized type of operating environment for Plastics, or are there still several variables at play, which could make it higher than normal or less than normalized I guess from a margin perspective? | Yeah, Brian, as we look at that $0.52 to $0.56 per share that we've guided for 2021. As we look back over the last say five years or so, that would be kind of in that normal range of earnings we would expect. And obviously there will be as we go through the year there's always risk to -- risk and upside to margins depe... | direct | [
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7e54f1ee0f7f34a6224a56faff37c3aa | Okay, great. And then just lastly on the Electric segment. You mentioned various initiatives that would be enhancing to your rate base CAGR. I'm just curious you were previously growing at over 8%. Obviously, Merricourt was a big driver than some of the other generation resources. But if you're sure -- if you're still ... | Yeah Brian, this is Chuck, and thanks for the question. If you look back at our last five years of capex, it's largely tied to sort of a first-round of MISO transmission and Otter Tail's 2017 IRP. We believe that there will be additional regional transmission projects that impact OTP, in that our IRP that is going to b... | intermediate | [
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8482506946a07ca2f8b10cee24b09d92 | Okay. So then just to follow up on that. So when you look at the five-year capex, really the upside probably in 2024 and 2025, just given the timing of when projects are approved or when needed. So how to you look at it? | Yes, I would look, the later years on -- to get a project approval -- identification plans project approval is more weighted toward the out years. | direct | [
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dfefbe68e3449b810986f31787f99255 | Hi Kevin, just starting with the balance sheet. Can you review it, so that your comments on, I mean you don't foresee additional equity needs? And then just related to the current maturities of long-term debt about $140 million, is that just timing related to the maturity of one of your credit facilities or can you tal... | Yes. I mean as it relates to the $140 million, Brian, as you know that comes due in December. We expect that will start -- we've had some initial discussions with some of our investment banks on what the markets look like we would expect to -- as our past practice to do a private placement of debt to replace that refin... | intermediate | [
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c6d21de0c68c0b2b98c6982c608ac1d4 | Okay. Thank you. And then just a follow-up on beat -- on the Manufacturing segment too. I think historically you've mentioned a margin target of around 5%, is that still one of your internal targets for that business? Because that changed --. | Yeah, you're referring to the return on sales margin in that and we continue to look to drive the business collectively the segment to that return. | direct | [
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993d9e4cf58921c1b7547473cd802cd1 | Oh, just clear -- you indicated earlier that your -- you do not anticipate additional equity needs through '25. Is that correct? | Yeah, right, in this current five year capex plan, I mean we feel good. We successfully completed our equity needs that we had come out a couple of three years ago and said we needed that $70 million to $75 million of equity. We wrap that up here in December. And as we look at this five-year -- current five-year plan, ... | direct | [
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576ed13ecc70b3167a510f06c3ee9d59 | Hey, guys. This is Allison on for Ramsey. Hope all is well, and welcome, Hemanth. Just on the competitive environment, how do you -- are you guys thinking about market share? So when you win a customer, where are they coming from? Or really, in other words, what is most common here that they were previously using brick... | Great. Yeah, happy to, Allison, and thanks for the question. I think that the -- if you look at the market share that we're gaining, as I mentioned in the opening remarks, guiding the 36%, 37% compared to an industry growth rate of 4%, we are growing much faster in the market. In terms of where that is coming from, I t... | direct | [
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0a05edf94f3a3ac200f735dfcd023361 | Hey, Matt, Stephen, and welcome, Hemanth. Good to have you on. First question on customer acquisition costs. I'm wondering if you just elaborate about delevering on the sustainability and good to see the step down. But maybe talk about the sustainability of lower levels of CAC. And then over intermediate to longer term... | Yeah. Thanks, Andrew. I think that what -- if you look at the reasons why we're seeing the 11% increase in -- or improvement in cash sequentially, it's due to a variety of factors. I think our team has never been stronger. When you look at our CMO that we promoted internally, Rina Hahn, if you look at the creative and ... | intermediate | [
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8a38549b9af16df178f38d550b1b64ea | Very clear. Very helpful. And then, Hemanth, if you don't mind if I put you on the spot. Obviously, a big question we get from investors is path and timeline to profitability and don't expect any big announcements here. You've only -- you haven't been on for too long. But maybe you could just tell us just a framework f... | Yeah. Thanks for the welcome. And I think thanks for the question, certainly on top of mind, I know for investors. I would say that, one, we certainly are long-term focused in terms of value creation. And there's a couple of things that we've started doing, I think we talked about a little bit here in terms of we're in... | intermediate | [
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2522790bab427bce506aab71770d966f | Great. Good afternoon, everyone. Thanks for taking my question. Hey, Matt, I apologize if this is redundant, I wanted to just dig into CAC trends a little bit more. And specifically, I'm looking at my notes from last quarter, and I know there was a specific comment that you guys were experiencing more competition in mo... | Yeah. Thanks, David, and happy to go into more depth on the CAC side, especially as it pertains to Q1. I think that the comments and what we experienced in Q1, I think, was more specific to Q1. I think that if you look at Q2 and the general trend that we're seeing, we are able to both, as we mentioned, bring down custo... | intermediate | [
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fac0c87c5cc1c73ffcffd850a3c7861b | Got it. That's very helpful. I appreciate the detail. And maybe just as a follow-up, sort of interested in getting a feel for sort of corridor mix and how that might impact -- impacted growth lately, as well as maybe over the next few quarters, specifically, LatAm has been very strong performer for a lot of tradition -... | Yeah. Thanks, David. I think that the punch line would be that there's increasing geographic mix in terms of our customer base, both from a send perspective, meaning North America, Europe and Asia, as well as receive perspective, meaning primarily Asia, Africa and Latin America. And we added 900 new corridors just last... | intermediate | [
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7c3d5a075f19c896e6c22d0ced16113a | Hey, this is Noah Katz on for Bob Napoli. Congrats on a great quarter. Thank you, guys, for telling us a little bit more about the Passbook initiative. But is there anything you can tell us about the Remitly for developer initiative? Previously, I think you gave us some sizing on it as a percent of revenue, but any col... | Yeah. Great to see you, Noah. And we are -- we continue to be excited about Remitly for developers. As you know, we've announced a couple of partnerships there in the crypto space. But if you look at the pipeline of companies that have a need to be able to disperse funds in emerging markets, it's a much broader pipelin... | intermediate | [
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b3ef302dd0c686448a460de7bfdeaedb | Great. Thanks for answering my question. If I could fit one more in. I know you guys expanded into five new send markets last year throughout Europe. It might be too early, but do you guys have any initial observations from these newly entered markets and how they're comparing to your more stable markets that you guys ... | Yeah. I think that if you look at the new markets, we're continuing to roll out the same kind of corridor expansion playbook. And so the punch line is they might mirror other markets that we've launched when you look at some of the early active rates and other metrics that we look at to kind of estimate the lifetime va... | direct | [
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09b466089e86d836ae6ed51a97b69bac | Hey, guys. This is Alex Markgraff. Matt, nice to speak with you. Hemanth, nice to meet you. Just a couple of quick ones from me. First, thinking about the kind of implied second half based on guidance. Can you talk about what's assumed around some of the leverage and transaction expense? What should we kind of anticipa... | Yeah, thanks for the question, and thanks for the welcome as well. I'd say when we look at transaction expenses we called out, there is some level of variability around the margin piece. We are making continued improvements on the fraud side of things, using technology, etc. So current expectation is for the margins to... | intermediate | [
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306fc0988927d9fe2b5eeec898a5ce39 | Great. I appreciate the extra detail there. And then, Matt, maybe one for you. Just around your comments about narrowing the focus on complementary products. I apologize if I missed some detail on that, but would you mind just kind of expanding in terms of how your thinking has perhaps change versus this time last year... | Yeah. Yeah, absolutely. And I'm happy you picked up on the word complementary, which was used very intentionally. And I think that when you think about the broader products that we can offer our customers, the ones where we believe we can add the most value and they will increase and deepen the relationship, which shou... | intermediate | [
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a5900719309189e118ab670f78fe27a5 | So I just wanted to ask about the comments you had about Charter and moving some of their subs off of a third-party platform. Can you maybe just give us a little bit more color on what part of that business is? Is it a specific geography or kind of a protocol business? And can you remind us what percent of Charter's su... | Yes. Greg, thank you for the question. It was a smaller group of subs tied to a geography that moved across. And so it's not material. There's more that we expect to do this summer as we move forward with it. It's an area that we continue to say Charter is a very key and important customer for us, and we will continue ... | direct | [
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3802702e38ababe51de09594e06b158b | Are these smaller wins like a prelude to a bigger discussion you're having with them? Or like are these -- you view these as trials to a bigger agreement? Or how should we view the movement there? | It's a large opportunity and it's one that we would always welcome the opportunity to have that discussion. We're willing to use all resources available to us, people, balance sheet, whatever, to continue to improve our business. If you recall back in 2014, we had material discussions with Comcast that led to 100% of t... | intermediate | [
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60871166f004639f8173a94afe3e4827 | OK. Great. Thanks again. And then in terms of Comcast, if I missed, right, it looks like your revenue is down about 10% year over year. Can you just give us maybe a little bit of color on what's driving that? I think a couple of quarters ago, you mentioned they were delaying some project work potentially, but what's yo... | Yes. Thanks, Greg. I think our Comcast revenue year over year for the quarter is maybe down 1%, tops. So it's not a large one. We do have the agreement in place with them and we're in discussions with them for the longer-term activities. We've got the current agreement that goes through June of 2020 with a possibility ... | intermediate | [
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"fully_evasive"
] | B |
5eb766e9347df5e9c69986eaaba4bf54 | OK. Thanks. And then lastly, the international business, obviously, you highlighted another man services win with AT&T this quarter. But what's the split of that business now between managed services and software? | We don't disclose that in the level of detail that you're asking about. The things that we have shared and we'll continue to is that we believe transitioning our software businesses into managed services continues to be a very good strategy because it takes it from being a one-off to being multi-year. As I mentioned wi... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
dcdea2fda13b73477d3220f9241e1d95 | OK. Is the total value of that five-year deal greater than what you would have gained from a traditional kind of software sales to AT&T? | Absolutely greater than what we would have gotten from a traditional software sales, yes, because it's always a longer period of time in that exercise which works better. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
04aa602c012b9037a6c09dfef4da1e7f | OK. Great. Thanks for taking the question. On Forte, it seems like you have a big opportunity now that you have a cloud-based payments gateway to pair that with Ascendon. Can you talk about how the cross-selling efforts between those 2 have gone and how perhaps you're marketing a combined solution? | Yes. Thank you for the questions, Zach. We appreciate it. And it was just last fall when we closed on the business, but it moved along very quickly to get some of the cross-sell activities closed in very short order. We were absolutely executing the plan on what we said and intend to do with that acquisition. We contin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b4d2af9e825fcad380aa143a3941b5d2 | Got it. That's helpful. And then one question on the guidance. So you're 1Q '19 operating margin came in at 18.1% but the full-year guide for, I think, 17% to 17.5%. Knowing -- I know there's some seasonality involved, but anything in particular we should be thinking about with that new margin guidance? | This is when there is some seasonality there, and I'll let Rollie answer to it also. But we always give ourselves some benefit for opportunities like our customers that we would like to work long-term extensions with that if there's a capability, we're always willing to do some give to get on that front. But as you see... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1cf3826ec296f2bf0c90053df4d237c1 | Yes. I am Matt Van Vliet on for Tom. I guess first off, following up on the Forte acquisition, we're looking at some of the newer verticals that helped you get into at least in a bigger way. How has that sales activity been so far? How's the pipeline building? And how's the overall volume of potential opportunities bee... | Thanks, Matt. I appreciate the question. As I said it before, it's executing to plan as far as what we thought would happen. Whenever you go through the acquisition, there's always some of the integration activity that happens there. But having just gone through a detailed portfolio review of those assets and also the ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
af48d08b65dc2ee64142de1f4902d81d | And then looking at some of the Ascendon opportunities, you obviously highlighted a nice deal in Japan. Just curious in terms of what you're finding -- or are you narrowing in on a specific revenue model that you're going to look to drive with that platform or continue to be sort of use case-specific and maybe helping ... | That is a great question. We've been at this for a while and there have been a lot of different models that have been worked. I would tell you that the teams and us, we're getting a lot more disciplined on what we're doing and where we intend to take things on the Ascendon front. And so there's a couple of models that ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a0986b4046112676ce125dccf7852786 | Just two questions from me, actually. Firstly, I'll openly admit I'm not particularly good at modeling the interest charge for tech companies. You've very helpfully given us the $230 million cash number for the year. Just two questions around that. What does that look like in terms of P&L charge? And if we assume the c... | Hi, Charles, its' Stephen. I'll do the second question and then I'll hand to Matt for the first question. Our license business is typically project-driven, so it's typically business case-oriented rather than list price-oriented. And each of those deals gets negotiated individually and at the point in time directly wit... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
02c23b241e7bfc4d5ebe7a931c1e58f4 | A couple of questions on the expense side. Any way to talk about the kind of -- what the variable piece of the salaries being up, what portion of that is tied to kind of increase in mortgage banking. Are the variable, if that's possible to kind of break that out? | Well, if you look at the breakdown for salaries that we have it in one of the tables, the increased quarter-over-quarter is mainly due to the additional work day. So that adds about $0.5 million to the expenses. And a lot of the rest of the increase in salaries and benefits is due to the elevated level of separation fo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
436b1f798a393cf89d4621264d46f46f | Okay. All right. Thanks, Dean. And then the other question on the expense side, is that just the rise in the net equipment line, was there to make significant quarter-to-quarter that seemed like that popped up a bit. | No, it -- excuse me. It reflects our continued investment and generally the IT space is what hits that line. And so that we do have a number of projects that are being completed. So the depreciation is starting as well as some of the software costs. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b23b302a07f0f8679b488f3169882a21 | Got it. Okay. And maybe be one for Mary. Just on the net charge-offs, the type of loans that make up the net charge-offs, and if you could comment if that's been a similar mix as past quarters? | Yes. It has. As expected, we continue to see our net charge-offs, primarily in our dealer and direct portfolios, while our home equity and residential mortgage portfolios remain in a modest recovery position. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8fc032e6d1432b432a17863a26a68310 | Just, first question, I wanted to follow-up on the margin guidance around, I believe you said about 4 basis points to 5 basis points of compression is what you expect in the fourth quarter. Can we talk to just in terms of how we should expect the margin to behave. If we get multiple rate hikes, do you see some leveling... | Yes. Ebrahim, just rate hikes or rate drops? Great, I was confused, that's what I thought. Okay. So the guidance I provided included an expected 25 basis point rate cut this week by the Fed. There is a potential for another cut in December, but it's too late in the year to impact us materially in the fourth quarter. Bu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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