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25abd460a05c16b0bbd3efc3cb355e76 | Got it. And I am sorry, if I missed this, did you say, what are the new securities yields coming on at, like what is the duration, what's the yield of new purchases that you expect to do? | So the new duration -- the new securities that we're purchasing are coming on at, you know, generally they're mortgage-backed securities. So about [Indecipherable] maybe a little bit higher now that the rates have been kind of creeping up; duration is about call it four to five years. | intermediate | [
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9321a2e1ba96b22700375e9c8b0d7ca6 | Got it. Four or five years. And just on a separate -- moving away from the margin. Peter, if you could talk to in terms of expense leverage as we look into 2020, if the rate environment doesn't provide any relief, like you've done obviously a great job managing expenses. I would say over the last decade, like are there... | Yes. So I think that we have been focused on that 2% to 3% absolute [Indecipherable] as you pointed out, a long time now. We continue to think that that's the appropriate level for us. Obviously, if we see a meaningful drop off in revenue, we will have to respond to that. And unfortunately, what's been a component of e... | direct | [
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299511a1ada62c106f552c74388cb38c | Peter, it seems like the Hawaii economy continues to hold up pretty well. I'm just curious what is your thoughts on kind of where pipeline stand today. And I guess year-to-date, you guys kind of been growing it about 6% annualized. As you kind of look out into 2020, do you think that's a reasonable pace to maintain thr... | Yes. So I think that the crux of the question, Aaron, is around where we are in the cycle more than the health of the Hawaiian economy. Hawaiian economy, I think, my view is, it remains pretty darn stable. We do view ourselves to be later cycle, if you will. And so what would begins to creep up, it has to do with credi... | direct | [
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4a466ca6eaea166c8a19a67b41212524 | Sure. It seems reasonable. And then on the deposit side, obviously, this quarter -- this past quarter, you had some outflows out of the public deposits, but presumably you see some uptick you're heading into year-end. And then as we get into 2020, the deposit costs, it looks like those have started to come down some. I... | Yes. I hope so. So you covered a lot of real estate there. And so, yes, and really kind of a lot of what we're thinking about these days as you might imagine. The deposit wise, we were down on a linked basis 1%, but note that that decline really came out of our public book. So our core commercial and consumer deposit b... | intermediate | [
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47fcf693a80faa76512dade5e626196c | Okay. And then just a quick one for Dean. You guys had a fair bit of noise this year and I guess in the first quarter when a couple of items coming in the fourth quarter in the tax line. Prospectively for 2020, should we be thinking about a kind of 21%, 22%-ish range for the effective tax rate? | Right now, it's hard to say, we haven't completed our budget, yet. We're still going through the process. So I would not want to give a guidance yet. | fully_evasive | [
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e165947e55df358a7251ad1cb4b71a8c | So I just wanted to -- Peter, just kind of more broadly in terms of the economy kind of understanding where we're at in the cycle. If you could talk about, you mentioned in your prepared remarks, both visitor spending that has been coming down a little bit and then also a softening in the condo market. And just some of... | Yes, I think you just -- I think you hit it on the head. Both the visitor industry, as well as the real estate market here have been chugging along quite nicely for a pretty extended period of time now, and I think what we're seeing in the numbers is basically comping off of what's been years of growth and a little fla... | direct | [
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11feef783ba3e27594329ea39561f601 | Okay. Thank you, that's great color. And then just one last one from me, and probably for Mary. Do you have any color that you can provide on how you're thinking about CECL and where the reserve might trend or if you're not disclosing at this point, when you expect to? | Sure, Jackie. Well, we've completed several parallel runs and to-date, we are not seeing any material impact in the conversion to CECL and it really reflects our portfolio composition, and the fact it's heavily weighted to assets with historically very low charge-off rates, and some reallocation within the reserve comp... | intermediate | [
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adae37f98bb039c1d5a3526e170a1c1e | Thanks. Hi, good morning. I just wondered if we could go back over to deposits. Do you have the piece what's the public time? | Public time it $665 million, right, $665 million? | direct | [
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3681d7327914fd7c56ca04d8c64145ec | Okay. And then how are you thinking about that bucket going forward, both $665 million and the $1.3 billion of total? | $1.294 billion, right. Well, so the way that we look at that portfolio is about half of that are operational effectively relationships that we have with the various municipalities in our marketplace. The other half are time, less relationship, very price sensitive -- rate sensitive. And so I would say that for half of ... | direct | [
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de9d88a35d019146c0db4608a8493369 | Okay. And then, I thought, I mean, you took your cost of deposits down in every single category. Is there any planned reduction that is maybe happened early in the fourth quarter that will continue to see that trend or how should we be thinking about that? | Yes, I mean we manage the rate pretty closely, and we'll -- where we have opportunities continue to reduce the rates. | intermediate | [
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c1b0f525198a9c096d763fcbd7962bde | Okay. Or maybe just, sorry, just one more question on this. Ask in another way, if we look at your core deposits, so exing out all CDs, so 88% of your deposits here are core, and those are costing 29 basis points. And obviously you've got a huge chunk of non-interest bearing. But, in other words, as we think about wher... | Well, I don't know what the ultimate low point would be, but I would say that the trend would be lower subject to our local market competition. | intermediate | [
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3f4edefc87205394877adba5b836a3e5 | Okay. And one more question on margin here. Do you have the premium amortization number for this quarter? [Speech Overlap] it was $5.8 million past quarter? | Yes. It was $6.4 million this -- $6.2 million. It's $6.4 million -- sorry, $6.4 million. | direct | [
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ae72f929ede14ac687040fd60f2cbea8 | Hi guys, just a quick follow-up on capital return, Peter, like when you think about buyback activity going forward, you obviously raised the dividend, but just talk to us in terms of capital payout and capital ratios. Do you expect to sort of manage the bank to where the ratio's are or should we expect excess capital r... | No, we wouldn't and haven't for quite some time returned capital in excess of our earnings. Generally, our policy is and has been for a long time, 50% -- over time 50% of our dividends -- dividends is 50% of our earnings and the remaining balance to growth and stock buyback to up to 100% of earnings. That's the way we ... | direct | [
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da777f649551831a4745ded23eed2372 | And Peter, do you think about the valuation stock price anything in market where given how you talked about sort of where we are in the cycle. Is there any desire to maintain excess capital right now or just the cycle doesn't really impact, how you think about capital strategy? | Well, it's a good question. It's the question we seem to have gotten a fair amount over the years, and less and less, more recently. So yes, I mean the economic conditions, the condition of our own balance sheet and capital needs, our growth prospects, as well as what we -- how we view the intrinsic value of our stock ... | intermediate | [
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58eaba745d6ec3785e7b525a2f0343f7 | So maybe I can briefly translate my question. So the first question is about the growth plan. So Noah -- so management mentioned that Noah is now in a growth mode, and you already have planned for top line growth, client growth, etc. So could you provide us the guidance for active client growth in 2021, and for the lon... | Okay. So I'm going to translate a little bit of Chairlady's answer and also have my own inputs as well. So she just stressed, that we have again clarified and cleared our strategy focus to continue to focus on high net worth individuals, and also super high, ultra high net worth individuals. So basically, in addition t... | intermediate | [
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bfec305483d468392ac4d0848408a326 | We see our number of the relationship managers was stable quarter-on-quarter, while slightly decreased year-on-year. And could you please give us more color on the future growth plans of our relationship managers and also more introduction on the structures under the -- our triangle service model? Thanks. | So that's a very good question, very insightful actually. In terms of the 1,200 RMs that we have currently, we believe that actually the new triangle mode will continue to be able to help us grow the talent pool of the RM. As you would imagine, that the service mode had been sort of switched from a single-man army, int... | direct | [
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7977355425095065d08c31e6a62977a6 | I'm wondering if you have a 2022 growth and maintenance capital number and any kind of large projects or large buckets you could highlight there? | Generally speaking, I think that our expectation for maintenance capital in 2022 is in the $50 million, $60 million range, which is consistent with our historical run rate. Excuse me, Michael, with the lion's share of being in -- associated with our soda ash operations as it usually is. | intermediate | [
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5223f3945d559220cd290eed72324716 | I apologize if I missed this, but do you have an expectation or forecast for soda ash volumes in 2022? | Well, we're basically -- we're sold out, which is -- includes all of the 3.5 million to 3.6 million tons that we make at the Westvaco facility. Not all of that is obviously sold as bulk soda ash sales, but also included is the soda ash that we use for our AR specialty products, as well as the soda ash that we use to ma... | intermediate | [
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d2878194309b0bc901dd2efad54d220a | Just on Argos and Kings Quay. Just want to confirm what I heard in your comments that you -- it sounds like you think you'll hit kind of run rate volumes by 2023. Is that right? | Correct. We would anticipate a fairly dramatic rapid ramp and it's in the public domain, but because it's reported on BOEM websites and other places, but there are 14 wells that are predrilled and completed at Argos. And I think the number is either eight or nine that are drilled and completed at Kings Quay. So it's a ... | direct | [
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80b0c15155224c5577f44a78d52c7b43 | In the past, I believe you all have talked about maybe some longer-dated potential developments, maybe in the '24, '25 timeframe. Can you give us any updates on these projects? And then also maybe any other thoughts about Gulf of Mexico production over the next few years? | We're still in active discussions and not at a position yet to divulge some of the things that we talked about in the '24, '25 type time frame. We continue to see very active levels of activity in and around our assets with folks actually, I think Transocean just announced a kind of extension of some of their drilling ... | intermediate | [
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5a78736f4be04e89a2e174ca74d245bd | Can you give us any more details around the -- I guess, the split of spending between 2022 and 2023? | I don't have that at my fingertips at this point. We will probably -- we'll file the K later and probably have a little bit more detail. But basically, the large portion of the remaining capital to be spent on the Granger expansion is going to hit in '22. And so, we can get that for you at a later date, but I don't hav... | fully_evasive | [
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3fcc007f0374616984dc65b8f624d098 | Just good to see the pricing upside that you guided to on the soda ash business. I was just curious if you could provide a bit more color on two things: one, when you think about the contract resets, have -- at this point in time in your guidance, does that reflect most of your contracts having reset higher? Or is ther... | That's a good question. Basically, all of our contracts, the vast majority of our contracts have been determined for 2022. So we do have a portion of our international sales contracts, which are through ANSAC, which are determined on a quarterly basis. But basically, all the domestic contracts and Latin America contrac... | direct | [
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d71f1a71da028fb1b6c0afdd162a8ae7 | With regard to the guidance that you gave and now specifically on offshore, there have been, as you alluded to in your remarks, some years where there's been more impact from weather disruptions or hurricane activity. What do you bake in there for 2022? Just trying to figure out if -- what kind of allowance we can put ... | Yeah. Historic -- yeah, good question. Historically, as we've prepared our own internal budgets, we have baked in, in the third quarter, that the third quarter is basically an 84-day quarter, instead of 92 -- excuse me, 85-day instead of 92. So we've taken a full seven days' worth of aggregate anticipated shut-ins. And... | direct | [
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f3991df376abba4aeb16ff421c8eeae2 | Yeah. So you talked about some transactional advantages on the tax side in accounting, was there anything else in accounting? And what was the nature of the transactional items and benefits that helped you? | So a couple of things, Jim. Encouragingly from on the tax and accounting side, we saw steady and consistent increase in revenue from the most of our larger offices. And so when we see that that's a signal for high demand for the core services kind of across the board, across industries across our client base. As far as... | intermediate | [
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08fe6aaf6a820496f16c0d756740cf3b | So it wasn't the benefit bonuses this quarter? | No.
No, nothing like that.
No real impact from contingent commissions. | direct | [
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263d665c785003de85bdfe09e34b3d9c | Okay. And you mentioned government consulting has been sort of mid-single digits for the year, is that similar in the third quarter? | Yeah, I think across the board kind of mid single digit this year. As you know, we typically perform couple of hundred basis points higher than that and it's really just been delays in some sizable contracts. | intermediate | [
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f135243d414ab538c01124da828289ec | Okay. And then you talked about some investment spend in the fourth quarter, could you give us some more details about that and then I'll let someone else ask. | Yeah again, I would say there was a number of categories there including our branding campaign. We just finished a flight recently that's in the fourth quarter, there'll be spend associated with that. I also mentioned the investment that we've been making in our what we call our office practice management, office on ou... | direct | [
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0b072c3bab18a4e0bb36a5a4f6df14f6 | Right. Maybe just sneak in any -- can you give us an order of magnitude of what that -- what the investment cost will be in the fourth quarter? | Yeah, Jim, I think we're signaling that there will be some impact in the fourth quarter and without getting too detailed about it, with the margin up as it is today, you're going to see a little bit of a compression on a full year basis for the 12 months versus the 9 months. So... | intermediate | [
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da707da8b9b27ebc25bf696a06fc563b | Hi, good morning. This is actually Trevor Romeo in for Andrew. Thank you for taking the call. First question would just be, some -- the margin performance was very strong again this quarter. Just wondering kind of what are the most important factors driving the magnitude of that improvement. And how much of your intern... | Yeah, Andrew, this is Ware. It's a number of things, we're commenting on the strategic initiatives and the things we're investing in the business. This has been ongoing for a couple of years. So the good news to us is we are gaining traction and seeing more leverage in the business. We commonly talk about 20 to 50 basi... | intermediate | [
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3d3fa2ed3ae98ce94c5ee43358fbeee7 | Okay, great. And then could you just give us an update on your progress with cross-serving, particularly interested in what kind of success you're seeing -- selling the core accounting services to benefits clients and vice versa? | Yeah, Trevor, it's Jerry Grisko. What I would say is our cross serving activity this year is consistent with what it's been, how we performed over the past number of years. We do not see as much activity going back and forth between our financial services group and our benefits and insurance group. We see more activity... | direct | [
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4e79bc771d8ac9f0eb145869c2f67bab | Okay, got it. I guess do you see -- do you see that as kind of a long-term opportunity to increase the cross-serving across the segments at all? | Yeah, it's -- it's important to us on a number of fronts. First of all, it's -- it's embedded in our culture, it's the way that we go to market. We have -- we have through our CRM system identified each of our clients that are -- that are more susceptible, are more attractive from a cross-serving perspective. We have a... | direct | [
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a480d8d655ecdb140ca90d38744b823d | Okay, got it, thanks. And maybe just one more, if you could maybe just expand a little on your broad view of the small mid-size business environment you see right now, just from a macro and business confidence perspective, maybe their willingness to spend on discretionary products or services right now? | Yeah. So let's kind of level set here. We are -- over the past couple of years at all time record high levels of confidence among SMB. With that said, they can't help, but be influenced by the headlines that we're all reading in the papers and hearing on the news around tariffs and other uncertainty, both in the global... | direct | [
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fbca7aeee94fb00018b783a0a767e37e | Good. just wanted to talk a little about M&A. So could you walk me through the math, roughly how much additional revenue would you guys need to acquire over the next few months to generate 3% or 4% revenue growth from M&A in 2020? | The wraparound is what you're talking about. So, year-to-date $17.4 million, but some of that's already done and it won't incrementally increase by that amount. So you do the math at, I'll just say approximately $950 million of revenue, you need $27 million to $30 million of net new revenue on a wraparound. So -- so we... | direct | [
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e89a82c3dfd3d505443f5e0be1dc44e0 | Yeah. Got it, thanks. And you guys also said there's a full pipeline, how big is that pool of potential candidates, is it dozens of companies -- hundreds, what would you say? | Well, it's an interesting question depends on how you break it down. I will say that we have -- we have -- we have looked at over 100 companies so far this year. And that's not to say we put NDAs in on each of those and certainly haven't gone down the path on a lot of those. So, the pipeline is I would say consistent w... | direct | [
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d063bf1d5732b4e40494dc61659824d7 | Great. And then just one more quick one, are there any geographies in the US where CBIZ is underrepresented and the growth opportunity looks pretty significant? | Yeah, we've actually talked about this from time to time, the answer is yes. So for example if you look at the Pacific Northwest, we're not represented at all there and we really need a presence there. Silicon Valley underrepresented, the state of Texas, strong demographics really underrepresented there, there was a nu... | direct | [
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80069ac647dd75a741c89f93dd9abb38 | Hey, good morning. I wanted to touch on -- go back to a little bit on the -- the investments that you're talking about for the fourth quarter. I was wondering if you could I know you talked a little bit about that, but I wanted to get a sense from a timing perspective, should we think about those types of investments a... | Marc, it's a combination of things, some of these things are ongoing. For example, the investment in new producers is ongoing, but sometimes the timing of when the hires occur creates kind of a greater year-over-year difference and that will occur in the fourth quarter this year compared to the fourth quarter a year ag... | direct | [
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78646accd73ab74c72691497c77a05ef | Okay, great. And then I think you'd mentioned this a little bit, but as far as delayed activity that had flowed through the year toward more so in the third quarter, I think you touched a little bit on this that there might be some that still ongoing into the fourth quarter. I was wondering if you could put some color ... | Yeah, so Marc, it's Jerry. That was really referring to the delayed work from the tax reform act and I won't get into all of the conversation we had about that in the first and second quarter. But suffice it to say that we were expecting more revenue in the first quarter as a result of the -- the traditional and expect... | direct | [
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6f2b5acad52a7e73a7b56f5353ff7467 | Okay. And then last one from me for now at least, the commentary around the branding spend. I was wondering if you could touch a little bit on, I guess maybe what it looks like as I mean this time last year you guys had sort of just launched your national television campaign. So I wanted to get a sense of are we lookin... | Yeah, Marc, that's a great question. First of all the total spend is approximately the same year-over-year, but you're absolutely right. Last year, in a start up there was more protection and design work and probably fewer media purchases. This year there is a little more media exposure because we've now invested and w... | direct | [
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4ed54aedd13b4651071ffcf9c1e5d335 | And have you been happy with sort of how that -- where that exposure is played out or have you felt any need to sort of move around like where those dollars go or how should we think about how that message is being conveyed. Thanks. | So, Marc, it's Jerry. When you talk about where the dollars are going today, it's a broad based campaign. Really we spend more money in markets and offices where we have a larger presence, some lesser amount of money in smaller markets, but we are really covering all markets of any significance within CBIZ. We would ex... | intermediate | [
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14155ba21b5df31659181c8b7c6c5c14 | Is the low inventory of PS5 because of the shortage of semiconductors, which is being talked about? And in your view, when do you expect the dissolutions of this problem of low inventory of semiconductors? | Originally, our plan was that at the time of the PS4 launch, we try to exceed that level by 7.6 million units this fiscal year, and we are on track to achieve this. And for next fiscal year, we believe that there will be strong demand to continue. But compared to the original time, we try to procure components and the ... | intermediate | [
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f7b5183086165a22ada2c23cddd7fdfc | For image sensors, you talked about the topping up of inventory, stockpiling inventory. The number of wafers that are input, I think in the first the quarter to next fiscal year, what is going to be the number of wafers that are going to be input? | First, regarding the number of wafers for the image sensors, in the third quarter, it was a simple average it was 117,000 in the last three months on average. And at the end of second quarter, our forecast was 110,000. So it was above that projection. So the capacity of the plant is -- we're working at full capacity be... | direct | [
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bb7a9f3bc51429f1523fb9708987b60a | Regarding capital allocation for fiscal 2021, are you going to continue with your strategic investment? But in the last three years and going forward, is there going to be any kind of a difference between what you have done in the past and the next year? | Well, for us, in the last three years, we have been supported by a very good demand. So we are very able to have a good capacity for investment. So in the entertainment area and so on, we have more opportunities for good investment opportunities. So compared to the last three years, I think we are going to scale up our... | direct | [
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e8ff394cba6dafeeba8e5b50b8ac6223 | Regarding image sensor, in Nagasaki, I think you're going to have additional capacity. And I think we start in April this year, no change in schedule. And also regarding camera, the environment has not recovered yet, but what is the situation or projection for fiscal '21? And how about the sales of the new product that... | Regarding the Nagasaki production facility. We have added capacity in April 2021. April 2021 is still the schedule to start the plant. However, after the production starts, the increase or the timing and the rate of capacity increase and that is something that will be reviewed -- that is being reviewed in the 2021 inve... | intermediate | [
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0938b1245088491abe6a8fa7ae0fa69f | About games, volume, you are producing according to plan. And in terms of the market reception, there's a shortage. In other words, you have not been able to fill the demand. So perhaps in terms of the market, the image might not necessarily be positive. So you have good sales, but the impact on the market could be neg... | Well, first question -- and we have not been able to fully respond to customer demand, and therefore, we seriously think about this so that we would like to produce as many units as possible as quickly as possible. And will it negatively impact the platform going forward? Well we are going to do our best and hardware, ... | intermediate | [
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73747e50fe103a8e21a8961c82b574bb | With regards to games, right now, hardware cost thinking is very proactive. And there could be a negative margin. And how long are you going to continue this? And what will be the impact on the performance, if you have any ideas on this, I'd like to hear them. | For example, in terms of the next fiscal year, it's true. PS5, you have a negative margin, but we have other peripheral devices and controllers, so we think about hardware overall and the impact on the P&L is pretty much neutral. Now negative margin, of course, should be minimized. But right now, it's not the only meas... | intermediate | [
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1502536d57681a29e01a42e1e7a1434d | About image sensor. Compared to the previous forecast, the demand seems to be stronger in your analysis. What's the background or backdrop in your analysis? For example, on the customer side, they are accumulating -- stockpiling the inventories at a higher level than the real demand, there may be a risk. And the compet... | Basically, the difference from the previous forecast is as follows: major customers, new models are selling very well compared to the previous forecast, they are stronger. And Chinese customers -- well, the shipment to certain China's customer has resumed and so this reversal of the valuation loss, but we were not assu... | direct | [
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08915002707d9c8ebe821c70489ff890 | About games. In your discussion earlier, you said that the PS5 users, the 87% is subscribing to PS Plus. Now those PS Plus subscribers were the initial purchasers? Is that the reason? Or on the other hand, those who have not joined PS Plus, but through the PS Plus collection service pushed up the subscribers numbers? I... | PS5, as you rightly said, this is a very early stage for a detailed analysis. 87% of the subscriber -- subscription is very high as a percentage. And for this, let's say, for example, PS Plus collection, well, we did that, as you rightly said, in order to expand the user base and we have done various things and those m... | intermediate | [
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863217bce8f350b63896c753d36fcc3a | Next term, well, I think there was an upward revision this time in a major way, especially in music and electronics. I think you have improved the profitability or operating profit. But under COVID-19, you probably didn't expand as much as you have expected. So that's one of the reasons. But looking at the profit level... | Well, for next fiscal year, in April 2021, when I announce to you, the earnings release, I would like to provide you with a more detailed opinion. But there may be some one-time factors or some COVID-19 factors. But still, my feel is, if you look at it from a long-term perspective, we have been able to improve our fina... | intermediate | [
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3c240ce417d46b9ab5689dc4eae2ca25 | Regarding entertainment, you're going to make some proactive investment. So animation and music, you are going to -- you have been investing actively. But Mr. Totoki, so are you going to strengthen this area? Or is there any particular area you want to push more? Or you feel that is short in investing activities? | I think I have been saying this before, but our IP and the DTC and technology, those are the core areas in which we're going to invest in our IP. In the entertainment business it is very, very critical. It's a very critical asset. And it's probably a starting point of our business. So we have to have IP. We have to own... | intermediate | [
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d451d8c25f6b335d306eaefc27664d14 | AWAL, you have acquired that company, and so you have Sony Music and the Orchard. And I think you're expecting synergy with them. So -- and how about the -- how is it going to contribute to the sales and the profitability of the music segment overall? | Regarding the acquisition of AWAL and the synergy with the Orchard, that's the question you had. Now regarding the Orchard, we took time to consider it and the indies artists are the core customers of Orchard. Whereas AWAL, there are -- they have individual artists. So it's not necessarily the indies artists, but as a ... | intermediate | [
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2ad7470d7ef981cd8cffdce6b36fead1 | IFRS from Q1 of FY 2021, you're going to apply that. So at this timing, you are changing the accounting standard. So what is your thinking for doing this at this time? And what will be the impact, probably, in terms of the securities and financial services, there will be some impact or maybe it will look a bit differen... | About IFRS. I'll be answering first of all. So why this timing for the change? Well, as you know, IFRS international introduction is being promoted, so that mid- to long term, for Sony, optimal accounting standards were considered. And we have been studying this from quite a while ago. And also the accounting standard ... | direct | [
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fd712e3d8f324ab2b5e76c81d9e3c872 | This time around, there is this huge upward revision of the operating income. And the assumption of the profitability, the previous time was operating margin of 8%, and it was revised upward to 11%. So I assume that the efficiency must have improved. In terms of the profit margin, against this profit margin increase, i... | Allow me to answer your question. About the operating profit margin, it was increased to 11% and must have improved efficiency. What contributed to this? I think that was the question. If I may share my own gut feeling. Against the profit margin, it seems to me there is higher attention across board. When we meet the m... | intermediate | [
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0bdd0ec792fe4e72b2f74f1229634c86 | Shabtai, maybe first, Team's growth continues to be very exciting. And I know you dug into it -- about the quarter somewhat in your prepared remarks. But when you think about the go-to-market motion, are you guys hiring more sales reps to sell into that Microsoft installed base to drive voice into Team's or maybe what'... | Thank you, Samad. I'm really glad you brought that up. I didn't mention headcount. And headcounts really changed dramatically. We grew 6% over the last year. So we added another 45 employees to the 745 employees we had then. A majority of these positions are with our sales and services organization. And as you can expe... | direct | [
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6952132260b3e2690bb7a130084084dc | And then, maybe on the pipeline again, your confidence in the environment definitely ran through on the prepared remarks. But when you think about how you measure it in terms of either a client inbound request or sign-ups for demos, anything that maybe kind of tangibly that AudioCodes measures that points to what the p... | Yes, we are. We definitely track that internally. We have analytics. Each of these deals -- as we're moving more and more into recurring revenues, we're measuring the pipeline. We're measuring the contract value that is accumulated and we measure obviously the execution of how much was deployed, how much -- you need al... | direct | [
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ee6e96de914473075a2286611039442c | Maybe just one last one for me, for either of you, but the profitability continue to be nicely above our expectations. And so, I saw that AudioCodes repurchased $10 million worth of shares in the quarter. Maybe how should we think about the rest of what's left in terms of that $30 million buyback? And if there is any a... | Right. So, right now, I mean, by -- we are taking a position where we need to relaunch a new purchasing effort every six months. So, the current one basically adds like $25 million in total, out of which we already executed some $10 million. So we are left with about $14 million for the rest of the six months that will... | intermediate | [
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e3d4f794668a6a1d3491f96f36de2634 | Can you talk a little bit about the strength in the call center market, like how much of that do you think is that you see there kind of more like pandemic, kind of one-off emergency versus really strategic changes to what's going on in the industry? | I think pandemic really puts a lot of weight on the issue of moving the agents from the facilities into working from home, right? There was no other choice. So -- but during that process, I think many of the vendor -- the end-users actually found out that the cost of using agents at home is substantially lower than the... | direct | [
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a31343870398ad52530aaf798c02bdca | Okay. Okay, perfect. And then, if you think about your ongoing migration like toward more software away from hardware, can you talk a little bit about, like are there any more active steps you need to do as an organization to kind of achieve that or do you think it's just a natural evolution? | It's an evolution. I mean, we have started that journey like three years ago. We've done great steps. We are improving quarter-to-quarter. And I believe that today, there's no single application that's developed internally that does not rely on cloud communications -- built in cloud communication. So, everything that n... | direct | [
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004adeae816037aa93f1a8e8c6286bed | You gave the relative growth rates between Team's and Skype for Business. But can you just give us the mix of revenue like, how much revenue from Microsoft is still for Skype for Business? | Yeah. I can tell you from the pro forma, so all in all, I think revenues topped $25 million or above. Out of that, Skype for Business accounted for give-or-take about $8 million and the rest of it came from Team's. | direct | [
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1bd7bfd46dd9f8d9b5eaa9302c8eb426 | Okay, great. Thanks. And then, when you look at the Team's market in terms of voice penetration within the user base, can you just give us an update on where that stands? And have you seen any change in the trajectory or the pace of voice adoption within the Team's user base? | Yeah. I think we're seeing in 2021 greater emphasis on voice. It may relate to competition coming from other companies making voice more important this year. Also, if you want to play on the top-line of the vendors of UCaaS, you really need to have all of the different components. And this drives some other companies t... | intermediate | [
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23b539a0f1d2d5f944eb5b070af84875 | Okay, great. And then, in terms of Live, can you maybe -- what is embedded in those ARR targets, the $10 million by mid-year, $20 million [Technical Issues] by the end of the year and also maybe the number of seats, the relative seismic counts and ARPUs? | Right. So, basically we're talking about companies -- our target is mainly thousands of fits, but the projects do start with type of a hundreds. In terms of services, we do provide the first -- most basic services Direct Route SBC. On top of that, we provide management. On top of that, we provide other routing services... | intermediate | [
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198c64a4ecf297aa91604e9f669aecfa | Okay. When you look at that stack of the [Technical Issues] technology stack required to stand up like a seat and then also these -- some of these incremental applications you're talking about cross-selling or selling into that universe, where you think -- where do you think ARPU will get to or where do you see it may ... | Okay. It's a great question. We can start as low as $1 when the service is the most basic one. But when you stack up all of the different capabilities, or when you need to connect to the local PBX or to provide more advanced services, the ARPU can go up to $4, $6, $7, etc. So, you can make the average yourself, but thi... | direct | [
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7f5b6987699d5fd5fe262ddc5d837a4d | Okay. Great. And then, just lastly, how are you going to market with Live? Do you have any like direct or internal sales force selling that or are you just going all through the channel? | So, we are working with the channels. I mean, we have not changed anything in our go-to-market. We actually include our partners in the game. Obviously we help them where the -- like the knowledge and/or the expertise, but the go-to-market is indirect still for some very large customers who have hundreds of thousands o... | direct | [
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304ed932d1fac8f88e11d7fdf31d0d1b | Thanks for the question and thanks for all the color on the Microsoft ecosystem. Are you seeing any -- within that area, are you seeing any shifts in the competitive landscape? Are you seeing new vendors get approved? And then, second question on the product side, are you seeing any shifts toward more of a SaaS model t... | Sure. So, generally there are not too many newcomers, right? We have seen announcements from companies like 8x8, RingCentral and Vonage offering services like that throughout. Nothing more than that. So, all in all, in terms of providing a full technology stack for Team's, I think we do not see much competition at this... | direct | [
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b6f21d7cb1833cded26c8a174acf1db4 | When you talk about the aggressive pricing of the competitors in the senior living market, do you have any indications or thoughts as to when that might subside? Is there some threshold, where everybody kind of gets to an occupancy, where they say enough is enough and everybody quits killing each other. Can you give a ... | It's hard to say. It's-they are very competitive and I think as long as they're working, they'll continue to offer concessions. I don't see that concessions are going to subside anytime soon. | intermediate | [
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ae0543bc69aab75e13471f82426bdb2e | And then the rent roll-up in the MOB life science segment were pretty impressive. Do you see continued double-digit rent roll-ups in the fourth quarter and as we roll into 2022? And what do you assign that to? Is it just the broad strength of the market or the assets that you have in certain markets? Can you give a lit... | Sure. I think it's a combination of things, Bryan. Certainly in our life sciences assets, we're seeing large double-digit roll-ups in rent. The Massachusetts property is -- Lexington is a strong life sciences market. Torrey Pines is a strong life sciences market. But we are also seeing roll-ups in rent in our MOB portf... | direct | [
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274508b6a290dd06c8089f0846ebcbd6 | And I caught Rick's comments on the capex spending in the third quarter. Maybe I missed it. But Rick, can you give us just your quick thoughts on fourth quarter capex in 2022 early thoughts on capex there? | Bryan, I would love to give you thoughts on capex. There's a number of reasons why it's incredibly difficult to forecast. I mentioned in the prepared remarks some of the supply chain disruptions. I would just say the things you're reading about are true. We're seeing 16 to 18-week delays for carpet. I won't even tell y... | intermediate | [
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1e364f398bf9f3bab4429c1729c03a40 | Jennifer can you provide some color on the current concession packages that are currently being offered? I mean how much are your competitors offering right now? And are they be more aggressive than they have been just a few months ago? | No. I think that they're as aggressive as they've been a few months ago. It varies from market to market. You might see community fees being waived or half a month rent for per month for the next three months it's usually things like that and Five Star is offering similar packages. | direct | [
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6e9f146c1a096a4c356c107aff6b4726 | Yes. I know Five Star has been -- and I think DHC has wanted to avoid offering these packages. I mean what changed? And when did you start offering these concessions? | What changed was that the competitors were being -- offering deep concessions. And so in order to try to grow occupancy Five Star had to start offering them to keep up with that. We did want to avoid it and we certainly want to avoid reducing rent. So free rent is the way to do it. So once that free rent burns off you ... | intermediate | [
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d4c90c7d32f38d7c67625a4fd51277c7 | Okay. And then you said that these packages are working right now. I mean have your competitors seen stronger occupancy gains than Five Star has? And if so, can you kind of quantify to what extent? | Well, I think that they have. I haven't seen the quarterly results from some of our peers yet. But yes, some of the peers have been reporting stronger occupancy gains. We're undergoing a transition. The announcement of the transition of the 107 communities had an impact across the portfolio, not just on the transition ... | intermediate | [
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c65bd230c3df8044fc60ca515bf185e8 | Okay. And then can you quantify what you're seeing on the labor side? I know you mentioned it a little bit in your prepared remarks. I mean when did you start increasing wages for some of your employees? And how big are those increases? I mean how big have they been? | So we're -- our wages and wage increases are generally consistent with the market. I think Nick's last report had 4.5% wage increases year-over-year and we're seeing similar increases with our operators 5% or so. Though for frontline workers we're -- in some markets we're seeing double-digit increases. These are worker... | direct | [
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1b45f8fd2cbd211b4683f852954b41b8 | And then has there been an increase, I guess during the August-September type time frame. Did you see a noticeable increase toward the end of summer and the beginning of the fall of costs kind of jumping or the difficulty to find those labor units? | I think, it's been tough for a while. But yes I mean certainly the last few months have been particularly challenging. I mean we've talked a little bit about the 5% or so year-over-year growth. But I mean certain roles I think I read that hospitality was up nearly 13% year-over-year in some cases working food and bever... | intermediate | [
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8a761e6941374cc41f6c9ca3be52435f | Okay. And then just finally talking about leads I think you're highlighting there's a pretty big uptick in leads. It sounds like the majority of that was on -- over the Internet. which I believe is a lower closing rate type lead. What type of leads can you kind of quantify the other lead sources that you had? And if yo... | No, I think, it's almost entirely driven by website leads. I think there's been -- we're still using some other sources for Five Star specifically has other lead sources but it they've really been pushing their digital lead platform and are seeing results from it. The result of those leads is we've seen an increase in ... | direct | [
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b9adba9193d194c849822c47e197d920 | Just a couple of quick follow-ups after your presentation. Firstly, your user growth is pretty impressive, very strong. I'm wondering if there is any impact on the ticket size, if the ticket size is coming down because of the new users, does it affect the operating life range of your logistic pieces? Seems like the ful... | Thanks, Eddie. This is Sandy. Let me take your first question regarding the fulfilled margin. So I think for gross margin, we would look at 1P and 3P separately. If we look at the pure B2C gross margin in Q4, it went down a little bit. But if we include the advertising revenue in re -- relation to our 1P product, that ... | intermediate | [
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6b0c61efe79549ffb8de21647019f509 | Thank you. And thank you for taking my question. Thank you Xu Lei, Sandy, and management, and congratulations on the strong 2020 performance. I think my -- my question would be on both of you Xu Lei and Sandy, you mentioned about a lot of new businesses, which are very exciting and I could see you've launched Jingxi. A... | Thanks, Ronald. This is something maybe let me take the questions regarding COC. And later I can comment on some other new initiatives. So, in Q4, as I've mentioned, we did a restructuring for our Jingxi Business Group to really try to generate synergies from the three separate business units. We see -- there is a grea... | intermediate | [
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f047bc9a4d0b9b8d3c134b33756066c9 | Hi. Thank you. Good evening, management, Xu Lei and Sandy. Thanks for taking my questions and also congrats on the solid results. Just very quickly, I wonder have you already generate any revenue from community group buy in the fourth quarter? Just wondering your FMCG category, have you seen any impact given the rising... | This is Xu Lei. We'll answer the questions related to FMCG and the Chinese New Year grand promotion. And overall speaking, we have seen the focus of the community group buying are in these -- in the following areas. First is the fresh produce, and also the FMCGs and some mainly related to the digital products but mainl... | direct | [
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eef10980eb66323df4ebad81939e3aaa | Jennifer, when you think about the senior housing component kind of down the road, and I think you used the term new normal, how do you think that, that looks in two to three quarters maybe from an increased regulatory standpoint, visitation, social distancing, etc.? Can you elaborate on how you're thinking that this i... | Yes. Well, I think social distancing is here to stay in senior living for a period of time regardless of whether states start to open up. I think that just because of the at-risk population, operators will continue to have social distancing and sheltering-in-place residents staying in their units for the time being. Re... | intermediate | [
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707c69584d3441c95b5538d9b38b67c7 | And then when we think about occupancy for modeling purposes, I don't know, maybe I missed it if you shared what occupancy was looking like in April. I know Welltower was putting out some kind of biweekly, what the degradation in occupancy was. I didn't know if you would be willing to share that or put another way, whe... | Yes. I think with the current state, we're thinking occupancy will likely drop by 40 to 50 basis points a week. For how long that lasts, again, it's hard to know. It really depends on how long COVID-19 is raging through the country. But I think those are good numbers to use. | intermediate | [
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d7816084987584c8f842e5b85175edc3 | And then lastly from me, and maybe, Rick, this might be a question for you. You talked at the end of your comments about the ability to raise additional capital above and beyond the liquidity that you currently have and things that you could do to do that with your bankers and with the assets that you have available. W... | Thanks, Bryan. There's just a lot of uncertainty related to the pandemic. If we had a crystal ball and knew where it was going, we wouldn't have to worry about it. But I believe our Investor Relations team is getting a lot of inbound calls asking about liquidity. Part of that may be related to the $200 million of senio... | intermediate | [
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ee48d0a7f70347ef3c10ef5e49f61e4f | I'm trying to think of how to interpret your Q2 outlook. One interpretation is that, you're not really seeing much recovery off of Q1, right which is kind of surprising when we hear of China PMI improving and all the optimism about some signs of recovery. The other interpretation is that maybe Q1, you saw the extra ben... | Yeah, Vivek I -- I'd say certainly I can confirm the first part of the question, that in first quarter we did get a benefit from comms equipment, that's just in in the numbers, I think when we look at our second quarter outlook and we put that together, again, we base that on the orders that we get from customers as we... | intermediate | [
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6824053b87985d5b281ca658537bc024 | Have you seen any pickup in orders over the last few weeks versus let's say the first few weeks of the year? | Well I would say that importers behaved normally in the quarter and again, two-thirds of our revenues coming through on consignment. So we'll get an order when that product is due to shipment and that happens instantaneously. So orders are probably less of the strongest signal that we'll get then versus that those dema... | intermediate | [
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67b1c38e156fd763c94d6cb14589c2ce | Rafael I was wondering if you could talk a little bit about some of the utilization actions you are taking. How much of a hit were they to the calendar first quarter gross margins. And I guess more importantly, I know it takes time for utilization actions to kind of go through the P&L but the utilization rates now bott... | Yeah. Thanks for the question. Let me try to frame that for you a little bit. Over the last couple of quarters, we have talked about how we were going to decrease our wafer starts that to adjust the expectations of revenue, while at the same time we're going to increase the portion or dedicate a portion of those wafers... | intermediate | [
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ca8a202c6504d7d611ac1978badd5742 | If you look at how the business has historically performed, I think I need to go back to 2001 to see a calendar second quarter that was down sequentially and that was sort of in the wake of the tech bubble. Again, I'm just trying to get a sense of what you're seeing in the bottoms up business to potentially have a scen... | Yeah, so I would say first, if you look over and you know this very well, John, if you look over 10, 15, 25 years of the comms equipment market, that business is lumpy, it's lumpy because of the way that operators put out tenders and then place the orders and the OEMs our customers have to build to those. So history ju... | intermediate | [
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9a6d85ab3a48576833fc894e1a18f1e5 | I know analog and embedded have diverged partially because of this, if it wasn't for the upside on comm and analog there, do you think you'd be seeing similar year-over-year trends without the strength in comm? | Yeah, Stacy... Yeah, they will be much closer. I think the -- there are still some differences, but directionally all the end markets are the same and they'd be much closer from year-over-year decline standpoint. | direct | [
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b4eebd546d7050f6a6cb6bddeb41300e | Again I want to follow-up still on comm. So we're seeing very strong ups I mean, I guess here as if the first part of it is servicing, I think you mentioned this that the upside versus guidance in the quarter that was all comm. So the rest of the business came in as expected. And I guess just secondly on how concerned ... | Yeah. So I'd say that the upside that we saw was almost all from comms. I think that the rest of the markets and businesses if you looked at it from that way performed about as we expected. And the comments on what the future of that looks like, I just go back to the statements that we made before and just staring at h... | intermediate | [
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8dba3636adad952c9f57b1e7cef6fcbd | Will inventory -- while your factory loadings go up sequentially in this quarter versus last quarter? Or are they going to be going down. I'm try to understand that if you believe inventories are going to be a source or use of cash this quarter? | Yeah, last quarter we characterized that, because it was more relevant at the time given the inflection point on our revenue. Now that the midpoint of our revenue is above the same as the first quarter, I think it's time to just not focus on that and focus on the other things that we think are more important longer-ter... | fully_evasive | [
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03ef25004647114ac57b471ea4d34533 | Dave in your script you said, I may have misunderstood this, but you said that regionally the business trends were consistent except for communications equipment, I don't think I really quite understand that and hoping you can just spell that statement out for me? | Yeah, yeah. So that you can. There are -- you can think of the largest manufacturers of communications equipment, we try not to go by customer of who those are. But there are only a couple of regions in which they exist. And so you can imagine that you can connect those two pieces of information together. So hopefully ... | intermediate | [
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9346f35ee10796c8124854883e5ba7df | Dave, you talked about the business being up 30% year-over-year. What was embedded in your original guide for the first quarter? | Well again, I think that overall our revenue came within the range of our expected guidance, it was in the upper half primarily because of the strength that we saw in comms equipment. | intermediate | [
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ed3120a8d4bc0ea279cd3a9e55c2f309 | Wanted to get an update on your thoughts on capital return, your stock is back up to now quite your 52-week high, but pretty close how should we think about buybacks versus dividends versus other use of cash going forward? | Yeah, and I'm happy to address that Toshiya. First let me take everybody back to our capital management strategy, the objective that we talk about and when it comes to cash return, our objective there is to return all free cash flow to the owners of the Company be buybacks and dividends. And we think that we recognize ... | direct | [
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608bee7baaa5bd420fa39d7fc5a2823a | Can you just comment on how the order trends have gone over there over the last three months. Have you seen any stabilization and then any words you can give us on our distribution inventory as well? | Yeah, Chris. I would say that as we said in the prepared remarks that really all the regions prepared -- performed similarly with the exception of comms equipment that we talked about all of -- all the markets were pretty consistent this quarter. Distributor inventories were up a little more than a day sequentially and... | direct | [
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84e4612c66087d724cfcb4e74f54b1e6 | If we look at your other quote-unquote other revenue, it's like a 8% of sales now and the operating margin has been sort of steadily trending down over the last few years. And I think the most recent quarter was 15%. So it was about 25% below the corporate average. A, why is that operating margin so low? What's going o... | Yeah. A couple of things on that recently we -- in this last quarter we did have a decrease inside of that business within our DLP business. But a lot of that was due to this consignment transition that we have talked about. So that's part of what drove kind of the short-term and also maybe some of what the margin issu... | direct | [
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36e0250ea0bf14dc1b649c54fdb95435 | We saw last year some of the tightness of things that TI doesn't sell like MLCC capacitors and things like that where the lead times got really inflated. And clearly that's corrected now. I guess as you look back on that do you think that that trigger inventory of TI components to get built and where do you think we ar... | Yeah. I think Joe that as you're describing it, those -- that's kind of what drives semiconductor cycles, right. I think that if you think of a customer wherever they are in the world and they start to get notified from their suppliers and our peers that their lead times are going out, and even though ours aren't going... | intermediate | [
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d8bcc2213f55104df03a4fa32c60d096 | Any change in your own lead times over the last three months? | Generally our lead times have remained stable, even screw through the period of a very strong demand, our lead times had remained stable. I think that you can always find pockets just as you can today where we'll work with customers very aggressively to close. And I think another important metric that we track, Joe is,... | direct | [
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"fully_evasive"
] | A |
152fdec3f5b675044d3a0781f1eb605d | Just to start, I mean, if you could talk a little bit about 2021? I mean, you had a very strong booking year. When you think about the mid-single digit growth target long-term, what type of book-to-bill is required to support it and has there been any change in either duration or makeup of orders that change that dynam... | Well, I would say the following. You know that we do not provide guidance. However, the growth in our backlog of more than 10% this year does give us some indication about what can happen in the next year and a half to two years. But this backlog is going to be transformed into revenues. No doubt about that. So, yes, i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5399b772163e0282528ee09d2900fae0 | That's helpful. And then, I mean, you called out the strength in airborne, on precision munitions and training and simulation and kind of the growth inflected up in Q4 and I know there has been a little bit of headwinds on the aero structure side. I mean, has that business reset higher, were there kind of one-time item... | Well, the airborne systems in general for military platforms, we feel very comfortable with that, and the growth in the backlog includes also growth in that area as well. There is a small piece of airborne which is commercial avionics which does not grow. Actually in 2020, there were -- we did reassess our business lin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5ce6b95d303aaf85ef95db8c40bbcea7 | And then just last one from me. I mean, in your comments you talked about the phasing of cash flow are largely dependent on Israel and you had a very strong Q4. But for the year, the receivables were quite a headwind. I mean, is there any way to at least bracket kind of what you're thinking for this year or maybe some ... | Well, as you probably know, and we have spoken about that in the past, the cash flow item is high priority in our management, the way we address it. We put a lot of emphasis in creating free cash. And yes, the Ministry of Defense here in Israel is lagging behind to some extent. However, we believe that in the future, o... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
5c44470ab7db72818900ea488194d510 | Yeah, guys, just to stay kind of top level, obviously, we had the election yesterday and it's still early. I think a governing coalition has to be formed. But do you have kind of any early indication of where Israeli defense spending may trend today versus yesterday? And to the earlier questions on cash flow, does this... | Hi, Pete. As you rightly said, we are still waiting for the final results. We, because of the political situation here in Israel, actually there was no five-year planning for -- no active five-year planning for IDF for the last year or more. And because of that, they also owe us some money. But I'm quite confident that... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a1388dc7039b7d90a77cce853c51eed6 | Okay. That's very helpful. Thank you for that. And then another thing I wanted to get clarity on top level is, we talked the last couple of quarters just about the impact of COVID in terms of slowing travel, slowing business development and the signing of contracts and deliveries. Could you compare the progress you're ... | Peter, I must say that we do not see any significant impact from the COVID on us, on our business. On the contrary, the fact that we have subsidiaries, dozens of subsidiaries around the globe, is a huge strength to the Company because one of the reasons to make acquisition programs is of course military means, but ther... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
88b68cdec8e9a2e072208eabcef8ab05 | That's great. That's great. Okay. I appreciate the color. Let me just ask one last one, and I'll get back in queue, on Hermes, which seems to be doing very well. You had the big $300 million contract earlier this year. And then also, I wanted to just understand the deal with Canada for the Hermes. Is that a lease deal?... | Yeah. With the Koreans, the KAI, its cooperation in the market of UAVs in the country and around and we are discussing promoting our current portfolio as well as adaptations for the local needs. And with the Canadian program of the StarLiner, it's a kind of lease of -- it's a kind of lease of the new StarLiner platform... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bd509e96950b32441f3537b24abae3f3 | Okay. Okay. Understood, understood. Okay. Last one for me, actually, and I won't get back on. But, Yossi, while we have you, I thought you guys did a great job maintaining margin rate in 2020. It seems like in '21 we'll have some additional volume. I don't know how mix will trend in 2021, but do you have any sense or a... | You know that we do not give guidance. However, there are three elements to consider impacting that -- this parameter. One is a negative one and that is the currency rate here in Israel, which compared to the US dollar is a very strong shekel which does affect our cost of labor. That is the negative part. On the positi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4c7f4d66ee6159234a2d84ef1f47d19d | Hi, this is Liz Cohernour, and we've been a shareholder for approximately five years and have long admired the Company's management, business models and disclosures, your sense of responsibility and corporate growth through acquisition which we know does take some time to integrate everything into what's going on. I no... | Liz, this is Rami. Thank you very much for the question. I think that the -- what needs to be taken into account is the technical issues of being listed on various indices in various geographies and the eligibility of a particular company to be listed. At the moment, we are listed on -- within the indexes of the Tel Av... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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