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10f89c49e0d0eac569e7626eab5b4ab7 | I wanted to talk a lit -- or ask a little bit about the Sphere. And you noted you're seeing some third-party interest in what you're doing with content. And I know it's early days, but can you dig a little deeper on the content that we, as investors and consumers, should expect to see inside of the Sphere from your pro... | Sure, Brandon. It's Dave. You've heard us say before that the MSG Sphere will introduce an entirely new entertainment media. It will be the first large-scale venue to deliver immersive experiences for up to 20,000 people at once, and it's going to use multi-sensory technologies. For example, it will have a high-resolut... | intermediate | [
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85eb12373b4e2475a8c644c7f6976c93 | All right. And then, in the press release, you called out additional Sphere costs in the quarter. Can you help us just understand the nature of those expenses? And maybe, give us a timeline on how the cost base is going to ramp as we get to the opening of the venue? Our construction costs, operating costs going to come... | Sure. First off, looking at the entertainment segment results for the quarter, the AOI loss reflects [Audio gap] strong and profitable performance for our traditional core live entertainment business. And also has -- the results also include expenses related to Sphere. These Sphere expenses in the results, [Audio gap] ... | intermediate | [
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608918c32df8a1b4443c29c7b5a7111b | Andrea, I wanted to see if you could update further on the potential DTC model for networks. Do you continue to be in talks with distributors about this? And is there any early framework you provide around addressable market or upfront costs? And then, just given Bally Sports has put some pricing around their RSN busin... | Hi, David. Well, I'm not going to comment on Sinclair. But what I can tell you is that, since we've spoken on the last call, we continue to make good progress in evaluating our potential product, the product type, pricing our technical specs. We have other considerations we're looking forward â we're looking at. But ye... | intermediate | [
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837f5dad59135f2ae06c0075ad98c6a0 | OK. And then just for David, more broadly across the entertainment or Tao businesses. Are you seeing anything in forward bookings or current per caps that would indicate signs of softening demand due to the economy or inflation? And that question would be for either at the consumer level or corporate level. Thanks. | I would â this is Dave. I'll take it. And I'd say, the answer is no. At this point in time we're not seeing any slowdown in spending overall. As we spoke about earlier, our venues continue to fill up with events. We mentioned how strong our fiscal fourth quarter looks with overall event count, anticipated to exceed the... | direct | [
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fc1ffc6c9d3104ed30fe5db00322f1f6 | Great. Thanks so much. I was wondering as a corollary to the prior question, if you could help us understand the current or historical mix of corporate revenue as part of the business or contracted revenue? Just to understand what the underpinning, the backstop is on the consumer going forward, there were to be any wea... | Sure, Paul. I get -- the question is that we -- to answer your question we have significant contractual revenue. So affiliate revenue, suites, sponsorships, and signage revenue are significant percentages of our total, and they're all part of multi-year agreements which are staggered in terms of the timing of when they... | intermediate | [
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5e3359a9a7e2cbd7b3e72a2bf1a417da | Hi. Good morning, everyone. Thanks for taking my questions. I wanted to just circle back on the networks business. For us, anyway, there's just so much clarity and understanding around experiential leisure, about the leisure assets, the development of those assets, and the Sphere, etc.. With respect to the networks, if... | Sure. Well, we clearly understand that things are changing. But as an organization, we remain firm believers in the power and popularity of live local professional sports. We've always invested in and believed in live professional sports. We have, what we believe is a unique asset, we broadcast hundreds of these gains ... | direct | [
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733d66c0afec783c55c34b939ef276f1 | Understood. And if I could follow up with just one detail question. With respect to the Sphere, just in our flow, a lot of the discussion does revolve around supply chain availability and cost, as well as labor cost and availability. As it relates to the Sphere development and getting that completed on time and on budg... | Sure. Thanks, David. It's Dave. First off, we made -- we have made great progress. The building is really coming along nicely and we're excited about what's ahead for MSG Sphere. As we've said previously, MSG Sphere is a complex construction project, and we continue -- we're continuing to aggressively manage every aspe... | intermediate | [
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f124a81287304ee68c1d7474f0bc0214 | Julian, maybe you can just walk us through sort of what's being done both in terms of preparing for the BLA submission, but also concurrently with respect to commercial buildup as you prepare for omidubicel? | OK. Let me begin with the modules that are being prepared for the BLA submission. The non-clinical module is complete and ready. And the clinical module will be completed in the near-term. And lastly, the CMC module will be completed by the fourth quarter, all of which will be necessary for BLA submission. Let me turn ... | direct | [
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263ba56113897b159c0eae0cecf7112a | How do you think about spend ramping throughout the year as you hire folks and how big a sales team will you need to achieve your commercial plan? Then secondly, I would love to ask about GDA-201. One of the interesting factors about this product is naturalistic expansion of the NK cells with NAM. But now, you're intro... | Yeah, absolutely. Thank you, Jonathan. Good morning. So in regards to the ramp-up and personnel, obviously, the personnel in the field will be key to our success. The good news for us is this is a very efficient launch from the standpoint of personnel and also through lead spending. So when you look at the target, so l... | direct | [
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cafd9bcfdba67cea4718361a5720d802 | Anything at the EBMT meeting next week that we can expect that's different from the TCT meeting? And then, for omidubicel, just wondering if you can guys can disclose how many patients have been treated in the expanded access? | Thanks. So with respect to the EBMT meeting, we're excited at the opportunity that the data will be presented in the European forum. And it's being highlighted in high-profile session, the presidential session. There will also be a panel session in which the investigators, the European TI [Inaudible] who will be partic... | intermediate | [
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ee4957ae3d9a01ef8619040659d63f1d | For 201, what remains gating for the IND filing? And here I'm on this that cryopreserved formulation has been finalized, then the FDA gonna sign off on the formulation prior to the formal, full IND filing, or how does that work? | Sure. Thank you, Julian. In terms of what's left before we file the IND, it really is CMC section for GDA-201 and finalizing their cryo formulation. The cryo formulation has been finalized in a lab. It's now just a matter of -- and it's scale for clinical scale. It's now just a matter of manufacturing, enough of that f... | direct | [
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f056fec4d599ab9f1d1d91e6541ceb12 | Julian, just in regards to the module that -- just wanted to confirm, I believe you mentioned that the clinical module will be completed, submitted shortly, as well as the manufacturing by end of the year. Just curious if you can maybe characterize or quantify just the level of analytical and critical comparability tha... | Yeah. So let me just start at a high level and turn it to Ronit to talk about the clinical module and the CMC requirements. We had a very detailed conversation with FDA in December. And we have very clear understanding of what they're looking for in terms of CMC both analytical compatibility, as well as clinical compat... | direct | [
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e226cf48b85da017004f76d46f1ed8f6 | Julian, I was wondering if you could give us a little more color on why the CMC module is the rate limiting step in the BLA application for BLA filing? And have you reached an agreement with the FDA regarding sort of the criteria yet? | Yeah, I mean, it's not uncommon that CMC is usually the rate limiting step for any product, but in particular in cell therapy, where there's a lot more attention and just different criteria to be adequate for supplying the commercial marketplace. So this is not unusual. Michele, you can probably reflect on your experie... | direct | [
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c5c13b6355c413e2c1f9e2246d370308 | Given that there are some key differences in the types of donors that you plan to use for your trial, and the fact that you're using cryopreservation versus fresh product that we've seen in the academic sponsored study. I'm wondering if you have plans to present any preclinical, either in vitro cell filling essays or m... | Yeah. Sure. Thank you. Yeah, as you point out, for our IND filing, GDA-201 will now be a completely off-the-shelf and cryopreserved product. It's still from the same source from normal donor apheresis material. But just as a reminder, the clinical study that was done with collaboration with Minnesota was from a related... | direct | [
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b1d72229a4b014c5025036f592506821 | We saw something of a trend with the overall survival in the pivotal study. Any thoughts on conducting an outcome study, maybe post approval or do you have any plans in that direction? | So indeed, we saw strong trend for overall survival. I would remind you that we were not powered for overall survival. And let me invite Ronit to further comment on follow-up of our patients.
Absolutely, Gil, so thank you. So in terms of following additional information on patients, we will have additional follow-up f... | direct | [
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c75fd2f5ad31e3932f64e992edb86198 | So we see a lot of different benefits for the NAM platform. Any thoughts about using this for gene therapy purposes? It allows the expansion of hematopoietic stem cells. And now, you're looking at engineered hematopoietic stem cells. So I believe this is really large there. | It's a very good point. And that is not lost on us. And we are exploring quite a number of avenues in the laboratory setting. And we have nothing to report at this time. But stay tuned because we think this platform will be the gift that keeps on giving, as we entertain other expansion of different cell types. And agai... | intermediate | [
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7995e6a4d985ad5d67f3e800986967c4 | Hi, great. Thank you very much. Good comments on the CE side. I just want to ask as far as the CE -- what are they all part of a package renewal on the mobile side with CE or were these independent, or maybe what was the mix. I'm trying to figure out how you're going to market on the CE side? | Yes. So Ian, I talk about two kinds of contributions from the acquired Technicolor assets. One, first I mentioned that the CE licenses where we're licensing consumer electronics products. So that's now we can bring some of our legacy assets to bear in those licenses as well. But that's primarily driven by the acquired ... | intermediate | [
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cea9715f41e01db346f31247c56f9fdc | Okay. Got you. And then a few others here. I know there's a rate setting case going on in China for Xiaomi. Where are we with that? And how do we think about that vis-a-vis the case in India right now? | Ian, hey, this is Liren. So you are correct. There's a case in Wuhan China where Xiaomi has requested the court for global FRAND rate determination. That case is still in for the early stage. And so it's -- we don't want to spec it on what the court may or may not do in what timeframe, but it is important to know that ... | intermediate | [
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f78357aa541227cf529851dd75e229f6 | Okay. Thank you. And then the final question would be on buybacks. You don't have to get like $70 million or something at least at the beginning of the quarter you bought back some stock, take it maybe the a little bit more aggressive, but was that just because the stock started to move up and is that why you kind of d... | Yes. I think Ian, we're always looking to balance the strategic benefit of a strong balance sheet, and the optionality that provides. We've -- disciplining and responsible return of cash to shareholders. So that's always been the case that remains the case. We picked up some activity toward the end of the quarter there... | intermediate | [
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3227745722622449c6a3d8ee59514b37 | Hey, good morning. Thanks for taking my questions. Liren, congratulations and welcome to your first conference call. Hey Rich, I'm not sure if I heard the number, but did you give a CE number or a Technicolor number for a first quarter contribution? | Yes. I said a total CE revenue was about $7 million with about four of that being recurring. | direct | [
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4cb7ec9e60b463968b4a61da8bc4a3a4 | Got you. Okay. So we had some catch-up licenses in there in terms of some of the new licensees. | Yeah. If you look at our financial metrics, you'll see that we had some past sales. I think that's discussed in the queue as well. | intermediate | [
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60a5b610b0c8d70e3c7c2118dac2da11 | Got you. And Rich in terms of OpEx, I know it varies from quarter-to-quarter given the patent administration costs, but how should we be thinking about that over the course of this year? I know you've been looking at tightening things up and maybe coupling that, Liren, you're having been in now for a relatively short p... | Yes. So I'll start and then allow Liren to comment afterwards. So on the first part of your question, I mentioned on the call or in my script that, we saw some pretty reasonable expenses levels in litigation in the first quarter. But with the cases that Liren already referenced. We do expect that to go off a bit as the... | intermediate | [
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2207251e51741dd9cb72d09432cc0f34 | Okay, great. And Liren, if I could I know you had some comments as it related to Xiaomi both in India and Germany, but I've not gone through the full filing online. Could you take us through the highlights and timelines what we should be expecting in the near to intermediate term, in terms of how those cases progress a... | Yes. So, hey Scott, so basically what I was pointing out to you in our early discussion as well as in our 10-Q filing here, we had pretty major good outcomes from the India case that was really good verbally two, three days ago. So where the judge has determined the interim anti-anti-suit injunction that was awarded to... | intermediate | [
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d8beb0c82de62b9800b3a137e084a216 | Hey, very helpful. If I could just a quick follow-up on the India proceeding then, given so if you're moving to a permanent injunction and they're required them to basically, I guess, sounds like place finds an escrow. What are they basing that fine amount on? I'm kind of curious in terms of how they set that rate. And... | Okay. Scott, I want to make it very clear. Maybe there's a little bit confusion on this. So when we see make it permanent. We means, anti-suit injunction order. And while the case is pending and the previous decision was making an interim, now the court has made that anti-suit injunction against Xiaomi to be permanent,... | intermediate | [
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69386e9993b8a700b9e7e051cc2891d7 | That is, thank you. And lastly, if I could, I'd be curious as to your thoughts in terms of the strategy on the IoT front, the currently are a couple of joint ventures, where the company is pursuing into certain markets like metering and auto. I was wondering your thoughts from a high level in terms of the opportunity f... | Yes. Hey, so as you pointed out here, InterDigital has a couple of participations in various different platform for IoT plays. That covers automobile and smart meters. And we are still going through the internal me onboarding process here. I currently do not have any updates on the strategy and everything is going well... | intermediate | [
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de646aa11014c956c6ecb0b58fb6b951 | Good morning, everybody. I'm on for Anja this morning. | Hey, Matt. Good to hear from you. | fully_evasive | [
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9be7f09b0e1b556b5f41733813bb7e18 | Yes, nice to talk to you. I think you called out for wireless renewals that included Technicolor assets today. How did the economics play out in general relative to the uplift you had anticipated when you acquired Technicolor? | Yes. So a number of those deals were fixed price agreements. So at the end of the day, you're negotiating for a sum. What I would tell you is that, all the deals were consistent with our rates schedule. So that includes all aspects of technology that we bring to the deal. So unpacking it and saying, this much for that ... | intermediate | [
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d18249750815881135da57c7cd7ad9a2 | Got it, all right. And I guess, an accounting question here, I guess, I'm thinking through it on the fly, but in terms of the new accounting policy around the convertible debt. Was there a material impact to the P&L quarter-to-quarter on the interest line? | Yes. So the way that you've booked the convertible debt beforehand was the -- you try to estimate the value of the conversion feature that's embedded within the instrument. That's what enables you to pay a lower coupon. So that is treated as a no ID, and then you accrete it up to par over the life of the debt.
So unde... | direct | [
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f366dfc924884261b761bd6fc7ecba96 | Perfect. All right, thanks. And then last question, just around the CE licensing strategy, I think you called out about $50 million generated since the Technicolor deal closed. Where do you think we are -- what inning are we in there? And do you see that accelerating as we move through 2021 into 2022 or kind of one of ... | Yes. So I think the encouraging thing is that we're signing deals there further validating the rates that we charge within that market. And maybe Liren has other comments on that, but in terms of what inning we're in, I mentioned there's $4 million roughly of recurring revenue in the quarter. Now mind you, the CE busin... | direct | [
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7651429c54b7093969e2a22bf45b8a43 | Hi, guys. Thanks for taking my questions. I'm sort of piggyback off an earlier question on pricing, but maybe a bit more high level. Is there anything having an impact on the rates you're charging today for new agreements? Just given some of the price increases we're seeing broadly. Do you have any plans to change the ... | Yes, Derek. So what I want to go back to is, as Liren mentioned in his remarks, we have among if not the most transparent rate structure in the industry and we came out with that and publish that a little more than a year ago. And it really hasn't been any change to it. We feel good about that. And that's what we're go... | intermediate | [
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a2626e3d442005d8094e6329ef35f290 | Got it. And Liren congrats on the new role. I'm just sort of curious, if you could share some of your top priorities, I know, it's still kind of early in the game for you. Just anything you're targeting this year, if that differs at all from your predecessor, maybe as it relates to targeting various handset OEMs, fixed... | Yes. Hey, Derek, this is Liren. Hey, thank you. So as I mentioned earlier here, we're executing exceptionally well on despite also to a very difficult environment for R&D and we have very, very valuable patents cover super important in our view of technology know 5G video AI machine learning. And those technology has b... | intermediate | [
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ca501df1995aa9826d51225c32e8b17f | Is it fair to say that market share improvement is related to our large number of freestanding restaurants and also our higher exposure to delivery than competitors? In other words, he's wondering if this market share is sustainable once markets are fully reopened, and if the market share gains have been across all reg... | First, we measure and track market share in all our markets, using a variety of sources that we try to triangulate in order to identify trends and opportunities, and based on all this information, in the first quarter of 2021, we gained market share in most of our key markets. According to CREST for example, during the... | intermediate | [
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36055c9cfc55d4d65623643be280a1ba | Since we mentioned that May was already was at 90% of 2019 levels, how are margins performing under this scenario? | We tried to give you some color and more information about sales in the second quarter, but we cannot comment on short-term profitability trends. But what I can tell you is that there is a lot of operational leverage in the business. So, with a quick rebound in sales as we saw in recent weeks, we expect a stronger rebo... | intermediate | [
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3f05b0c95350cb49f70b648caafafcde | Once again Arcos has been successful in managing input cost pressures and protecting gross margins on a consolidated level. She is wondering if we can comment on how that looked in Brazil and how she should think about gross margin moving forward, considering that input cost pressures are a reality? | Yes, so far, we have been able to manage the food and paper line of the gross margin, I think, very efficiently in 2020 with a minor impact versus a very good 2019. And we are very happy to say that in the first quarter of 2021, we achieved a gross margin expansion of 20 basis points during this first quarter against t... | direct | [
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d0680052613d58a4ff259d664444a0bc | In the first quarter of '21, we highlighted Chile and Argentina as the key drivers for our South Latin America division. Could we please share some recent systemwide sales trends for those countries? | We are very pleased with the sales trends in those markets and in SLAD division in general, and we saw a very strong momentum at the end of the first quarter and that momentum continued in the second quarter, despite some additional restrictions we are seeing particularly in Argentina, but it's important to mention tha... | intermediate | [
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09eb2f425964a2e17280f678a7add241 | Do we have any concerns with respect to supply availability for poultry given grain trends and especially because of the expected strong demand from BTS Meal promotion? | No, really, we do not expect any issue with that. I think that we have a pretty strong supply chain and we do not expect anything. | direct | [
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132d31a614838846cbb16735001debe6 | How was mix evolving in terms of higher margins, margin desserts, beverages and sandwiches and also how are we thinking about input cost pass-through and how are consumers and competition responding? | Our industry and customers in general have seen a significant increase in food inflation in most countries. So there has been room to increase prices in our markets. Food inflation obviously is happening not only at restaurant level, but in groceries, so people are very, very sensitive to that. Fortunately, in terms of... | intermediate | [
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1c0c954197b87c6947ba3601702fa5d1 | How do the economics and flow of the business compare for our delivery people versus the aggregators? How is profitability and service levels last mile versus aggregators and economics and flow of business for our delivery people? | We still don't have the economics because we are in the early stages. What I can tell you is that we think that self-delivery is a strategic initiative because it gives us greater control over the sales and information of our customers. How it works is the process -- in the process to place the order is done through th... | intermediate | [
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119eea9ef831a42d013579d3586f640a | Can you elaborate on our adjusted EBITDA margin contraction when compared quarter over quarter. In other words, the bridge between the first half -- the first quarter and the fourth quarter, but maybe more of a trend in terms of margins and how things are evolving? | Well, in this case, our business is seasonal. Usually the first quarter of each year has much lower margins than the fourth quarter of any year. The fourth quarter for our company is always the highest in terms of EBITDA. In these particular six months, what we can say as well on top of the seasonality is that in terms... | direct | [
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2f9a9d308fb45a34ded53aa964b202b3 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now.
Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sour... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes?
I mean, no. That's straightforward enough. I think just adding to what you said earlier about ta... | fully_evasive | [
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04ac550229bbca960bf3714139b75455 | First question is, you talked about -- you gave us some near-term kind of magnitude of yield change -- just can you give -- given your kind of credit management and thoughts on where you want to kind of deploy capital, where kind of -- where might that go over the course of the next four or five quarters? Or is -- or c... | So, John, I'm going to flip that one to Harp to talk about the yield change versus prior year. Harp, if you want to cover that one and then we can kind of discuss about way forward.
Yeah. Absolutely. Hey, John. How are you? So John, if you look at the yields of 33.4% and you look at them year over year, you're probabl... | intermediate | [
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f7480465ccad3e721cb9fb430d1f126a | Clearly, we've heard this around from other market participants that the call it the lower credit bands have been, they're getting more impacted by inflation and as a result of having a harder time servicing and debt. I'm wondering if -- are you seeing us kind of creep up to -- like if you give credit scores, are you s... | Well, I think for us, the industry overall has seen to cross over that 2019 delinquency level in the second quarter, if not earlier. We're still 10 basis points below that. We talked about the two portfolios or the two segments that we cut. The digital affiliate was performing poorly because we believe there was some a... | intermediate | [
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731fae835ca2d9e83f1115c5474d5682 | How do we think about the balance of capital? I mean, is the capital return a higher priority now for you? Or how do we just think about where that sits in the prioritization stack given the change in economic environment? | Well, John, we have these conversations every quarter with our board in terms of shareholder returns and how we allocate our capital. The prudent thing in this environment is to obviously make sure that we have the reserves for any potential uptick in unemployment. That's why we've held on to 11% rate on CECL and plan ... | intermediate | [
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8ac5e39016a3d6f0a74bbb5db1395032 | Just one quick question for me. The charge-off guidance sequentially puts you at about $35 million charged off in 3Q. And I believe, Harp, you said $11 million base reserve increase. So I'm assuming that that's just to fund your 11% reserve given the growth sequentially in the third quarter.
Does that mean that we're ... | Yeah.
Yeah. And I just want to add to that, because I think it's important is the reserves we built in the second quarter were solely for the growth of the portfolio. It was not for deterioration in credit. And I just think that's important in terms of -- from an overall industry standpoint, we had 11% reserves, and w... | direct | [
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50ecdc44655024a6a38081a698be891b | I guess first, just on the capex raise. Could you give us a little more detail on the decision to add a bit of activity to the 2022 program? And maybe just also detail how much of the increase in the budget is from that incremental activity versus the increased inflation expectations? | Zach, thanks for calling in. So on the -- how much is from continuing operations. The basic background is we've got some great crews that are out there working for us. And even when we look within those operators, those service providers, we have some of their best crews when they benchmark them against all the crews t... | direct | [
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3d37ba9f220bd484fbdfc57a7ca71644 | My follow-up, really, just one thing we noticed in the guidance update. It looks like you're now completing five additional wells in South Texas, now up to 43 and two less wells in the Permian. Anything specific that drove that mix shift? Or is it more timing related? Really just looking for a little more color on that... | Yes. No, you picked it up, Zach. So really what that was is we had a larger gap in South Texas, so we closed that gap. It's primarily in South Texas on the frac spread side.
And on the Permian side, it's just the timing around the end of the year on the turn in lines and we have two that turn in line at the -- after t... | direct | [
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8d0ed86e2618c02188d7fb4ce0b7625e | Could you remind us, I think there are 20 completions in Midland that were supposed to -- or 20 wells there were supposed to be completed very early in '23, I think, January, February. Is that still the case? And then would just be curious with the -- with you securing additional equipment into '23, how does that chang... | So, Gabe, that one is difficult to answer is just what we said actually previous quarter was that we had quite a few turn in lines in the beginning of 2023, and that was the result of four pads in the Permian with about 20 wells that we said, OK, they're actually going to start up on the other side of the year-end. So ... | intermediate | [
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7dd719a479381a5276a3b7ddd46a18d5 | And then maybe on the cash return, angle, I appreciate the prepared remarks from last night. But curious if you can maybe give us a little more color? And then also, do you anticipate you would do a little bit of a formulaic approach similar to peers where you would kind of allocate x percentage of free cash flow to sh... | Yes. I'll just start that and then hand it over to Wade. Just I think it's just great how fast we've gotten this position to be able to return capital to shareholders. We're way ahead of what our original plans were. And it's just the underlying assets that we have, they keep on performing better than expected. Our bas... | intermediate | [
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8daf953ee6372e6901bd0cd07cdf4b67 | I wanted to follow up on the change in plans with the additional rig and crew or filling those gaps. I guess I wondered how far you've contracted those? And I guess for all of your contracts, how far are you contracted? Are you into '23 and maybe any kind of insight you can provide on what you would expect when you reu... | Yeah, Mike. Thanks for joining the call. There's quite a bit behind that question, actually, and it deals with the entire supply chain that we have. So let me just start with if you're going to have the drilling wells you need to have the tubulars ready to go with all the casing. And we're into 2023 on getting the firm... | direct | [
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1883eee1fd63aa13573dab13f24ef7b2 | OK. I guess do you have any sense of what you might expect for inflation for next year based on what you've seen so far this year? | No. We figured you guys to be wondering, it's just one of those things that after Russia invaded Ukraine, it was just really hard to figure out the supply chain. And we fortunately were -- had commitments through much of this year on most of what we needed. And then we locked that down real fast for this year and start... | intermediate | [
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a5df59d642b59b19666686bd36b83dfa | OK. Understood. And I wanted to ask, in your prepared remarks, Herb, you had mentioned 13 years of drilling inventory in the Midland Basin. And then you've got some exciting results from some new zones. Looking at Slide 16, you've got a lot of zones listed there. I'm just wondering what is built into that 13 years of i... | Right. Mike, I'll just start by saying we have a little bit in every one of those 8 zones, but what we're really doing is expanding what the potential is in each of them. We run a normal annual process on that, which will really be in November. We'll start pinning that down on how much we've added in every interval. So... | intermediate | [
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10e75f7583f9e9d57ef5f5d0ca099cca | Hey. Just one follow-up on the A&D market. Chesapeake announced they were going to be exiting their Eagle Ford position. And while that's still early on, and we don't know exactly what that sale process is going to look like. They do have some acreage that directly offsets your northern area in South Texas. Could that ... | Yes. Zach, thanks for asking that. Yes, on the Austin Chalk, we think there's just some great acreage out there. You always got to look at what are the specific land terms and what are the specific midstream commitments on those sorts of things to really get an assessment of value. And I don't know how that looks. We a... | direct | [
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eb34726c020c45c6dc59a06ef9d99fd1 | I just had two quick ones for you. First of all in terms of the SMBs. I know you mentioned that churn will likely pick up in the second half. I know you foresee some bankruptcy emerging September in Europe specifically. Can you tell us if you've seen as of today any delayed payments from these small and medium business... | Of course, so related to the churn of the SMB, you're right, we raised the guidance when we made the framework last quarter. And we raised from 10% to 12% the churn. Actually, we have observed in Q2, a 9% churn, so which is a good sign because it's usually the historic level we have seen. Nevertheless, we decided to ke... | intermediate | [
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39fcdccd05ba460126bf0941d44f1cac | Few questions, starting with SOLIDWORKS. Looking back at Q2, Pascal how would you say the year-over-year decline in new SOLIDWORKS licenses compared with the 11% decline in Q1? Assume it might have been a larger decline, but perhaps you can clarify that? And then looking forward, what are you thinking in terms of the a... | So for Q2 the performance for SOLIDWORKS you've seen its minus 3% total software revenue. And if you split between the new license and recurring part, the recurring part is growing at 6% and if you do the math, you will discover that the new license are decreasing by a little bit less than 20%. Regarding the adoption o... | intermediate | [
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a2f7ac237ec9d0726b3e6ba6e4f47f68 | Secondly in your remarks earlier Pascal, I think you used the phrase resume investments when speaking of certain customers. Could you relate that view to the manufacturing and supply chain business specifically? There seems to be a good deal of let's say ferment in that part of the engineering software market, where nu... | Before to answer to your question. I want to correct one thing. The Quintiq business is right on plan compared to the acquisition plan we developed at that time. So -- and the reason is, as you clearly express, believe it or not this market is not well served, right now. There is this strong belief that the ERP players... | intermediate | [
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29c9d591250358cb0273c8643b1cc491 | And lastly on Medidata, is it possible that the strong bookings the 20% or so, which is above the revenue CAGR that you talked about for that business could in fact translate into an even faster revenue CAGR for Medidata for some time. And if that were to occur, would there be faster margin leverage in Medidata than yo... | So I will -- to answer to your question, I will start with the second part of the questions, because as you remember we outlined the plan for the profitability of Medidata a year and half ago. We'll say we will win 2 points EBIT margin every year for the next five years. So, where are we? In Q2, we're 20% operating mar... | intermediate | [
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5fe42a579e6c1242c6486d91a0fd00a4 | Building on Jay's previous question. You mentioned customers willingness to make to resume some of these investments. Was there a particular month or a period when you saw this begin? | In fact it depends from 1Q to another one. Let's start with Americas and especially, United States. We saw a good start for the quarter because many people they were anticipating the lockdown and we signed some sizable transactions I would say the first month and it was little bit more difficult at the end of the quart... | intermediate | [
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2e04efbd07edb82a05685060604e1f5a | Okay. And if you look at your 3Q range for new license growth of minus 18 to minus 8. It's quite wide. Can you maybe talk about what it would take to get to the high end of the range and maybe what would happen to get to the low end of the range? | So the way we did it, first we're looking the pipeline. And if I compare the pipeline now versus last year, we're roughly between 85% to 87% of the pipeline depending the country and depending [Indecipherable]. However, the level of maturity of the pipe compared to last year is much better, and the way we measure it, w... | intermediate | [
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2d354c1d9b030997b4f74f39d57654ee | I think I was last this morning. So my lucky day. I've got a couple of them, I think that's for Pascal. So just in terms of the services business. Obviously the Q1 and Q2 you've given the organic numbers. Coming out of the Medidata had a little over EUR20 million in services this quarter and out EUR14 million last. So ... | No, Michael. First, I never gave the services number for Medidata. Michael, who said we're defining the services the same way? I mean, we have different policy. That's the reason why maybe it's not fully comparable with the numbers you have. That's probably the reason why you have time to recompute the number. But I ca... | direct | [
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3cc376a6e957613f00999060d0b7824b | Okay. And then just another one on services. I think you said that you've got 10% at the workforce on the bench. The margin performance looks very good. If again just taking the revenues they were down I think it was 11 million sequentially? | Being on the bench, does not mean they have a utilization rates at zero. It means they're not fully loaded that's the reason. Maybe my expression was too extreme. | intermediate | [
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e25bb81445542c243415583e73cce0a1 | I mean so revenues were down EUR11 million quarter-on-quarter and costs were down EUR12 million. I know you also talked about subcontractors. So can you give a sense of how much of that EUR12 million [Indecipherable] was just letting go off the subcontractors? | For the subcontractor we're reducing by almost 50%. Not the majority but you're covering definitively two-third. | direct | [
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e09b3f2641905ccdf46b5d7cf304400b | Okay. And then for the rest of the year margins and services would be similar to Q2's level. Do you think? | I hope so. You know that's a very fine -- I mean, it's very fine to manage the margin on services, that's the reason why -- and if you look at the range, we gave for the top line for the services in Q3 between zero to 10% growth, the range is pretty large to a certain extent and this could have impact on the margin obv... | intermediate | [
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a4c56a6d8e8dea2edb4c33598a4ff856 | Thanks. Good morning, and I appreciate the new slide deck, very helpful. So a couple of questions. I was hoping, Sean, you could expand upon your comments about what's going on in the Global Payments and some of the recovery you're seeing in terms of activity and reengagement. If you could expand upon that, that would ... | Sure. So I would say a lot of it was related to the pandemic, sort of the flattening out we saw last year. And in two ways, our core underlying payment volumes generally continued, but on the margin, where we saw changes was the larger payments that we get from banks and their corporate clients, related to capital inve... | direct | [
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d2a38d74e8c9f9d7a84c55e8e46201da | Yes, yeah. That's helpful. And then, just kind of going to the retail side and some of the things that you have going on, and frankly, what's happened in the market, obviously, a lot of retail participation broadly. You mentioned the precious metals component and silver has been in the headlines a lot here more recentl... | So, let me start with the last part first. So, on the equity offering, I think that's something we identified as strategically important when we started the sort of due diligence process with GAIN, and I think Glenn has always wanted to do that. So it's a priority. I think the benefit for us, particularly in the U.S. w... | direct | [
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01d6b0af05b2af4b3750123b1cf06fa1 | Yes, yes. Very helpful. And then maybe, Bill, I think previously, you would -- had a chart in there to talk about kind of interest rate sensitivity, and obviously, balances continue to rise and rates remain low. So is there a way to kind of think about the, I don't know, under-earning that's happening today based on th... | Yes. If you look at -- like we noted before, I mean, you've got about $12.7 million decline versus the similar period a year ago right now. We probably retain roughly 80% of that kind of, interest revenue falls to the bottom-line, 75, maybe, percent of that. And so if you look at that, we're about 150 basis points down... | direct | [
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8771392b8249fa5f82f7bf5d877edd14 | Right, right. Makes sense. I guess, just last one for me. As you mentioned several times the expanded product offering in the Securities business and that being part of the success. So could you expand upon that in terms of what those specific products are? What's actually gaining traction? And how are you segmenting t... | Yes. Well, some of this has been, sort of, in track for a while. So let me sort of try and bucket it into maybe three separate sections. So I think people who have been with us for a longer period, remember that about two years ago, we made a series of acquisitions. And as we want to do, we tend to buy cheap and somewh... | direct | [
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ba1aceac6774c099b0731a4fd3c85a2f | Ok. Good. And then I guess my one other question, the interest expense now with the refi, how should we think about the interest expense on a quarterly basis or full-year basis going forward? | If you see the gross debt of the company, right, in Q3 we were at $136 million. And that continues to be at $136 million. And the new refinancing that we have done, takes the gross debt to $185 million. Of that, we expect about $165 million to be used up, right.
And the balance will be available for us for working cap... | intermediate | [
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ffdae77bb4ae9b6536a2a0a73f5eac23 | Yeah. Hi. Good afternoon. Thanks for taking my questions and congrats on the strong end to the year.
It's really been impressive to see the business really turnaround from the trough in midyear 2020 to see where you are now. But I mean, in terms of the pace of business, I mean can you comment on kind of what you have ... | Yes. I think I will give a very high-level and Rajiv will cover a little bit more. Clearly, the pandemic was something that everybody learned and just not us, I mean, including the customers. They have also realized that there could be a new normal and therefore we attempted to do things.
There was a change in behavio... | intermediate | [
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a3d37f33d35ca26cbd12027b36672abe | Understand. That's helpful. And then turning to gross margins, I know you had a slight benefit from the government credit in this quarter. But I mean how are you thinking about gross margins on an ongoing basis as you continue to manage that balance between growth and profitability? | Yeah, Zach, I think we continue to focus on our direct and indirect costs. We continue to manage our labor very, very tightly. As we had mentioned in our prior calls, we have already given up 10% of our global capacity and we will continue to examine ways and means to rationalize further capacity that we are currently ... | direct | [
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cf58f7080f789d2bfe0c265983ca229f | Understand. And then been just a final one for me. With your investment into CSS Corp., I mean I guess this will be a two-part question. But what will determine the ultimate decision of whether you will take a majority stake or not at some point down the road? And then just in relation to CSS' business model, can you g... | Yeah. So I will take that. CSS Corp., we know them for quite a long time. They are a great company.
They primarily do tech support for technology-based companies. A lot of their customers are in Silicon Valley and these are all growth companies and high-growth companies. So their EBITDA is in high-teens in terms of pr... | intermediate | [
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492a415d286eefe490421b00b8b0e1d7 | Hi guys. How are you?
[After congratulations]
I wanted to start with your margins progress and I wanted to see if you could say, to what extent would you say that margins were impacted by workforce hire or retraining as agents that return to in-campus environments faced changes in programs or different processes beca... | I see there is no standard answer to this because each situation is different and gross margin is a function of how do you manage the efficiency of a program. And the efficiency of the program is managed based on several counts. And Rajiv can elaborate that on a little bit more. But at a high-level, as you know we move... | intermediate | [
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566479cf08beb474acc9d5a7b09cc41a | Ok. That's very helpful. And maybe a quick follow-up on that. Are you able to quantify for us the improvement achieved in terms of capacity utilization rates from pre-COVID to now after shedding the idle excess capacity of around 10% that you have mentioned? | Yeah. So great question, Omar. So as we see demand picking up, our brick-and-mortar centers, we are now making sure that they are ready, willing, and able to receive new volume that our sales team is in hot pursuit of. We do not anticipate bringing it to a stage where we won't have any saleable seats that are left.
So... | intermediate | [
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0bc4816a368408ff66cf7183134e8cff | Ok. In terms of your India market, I was wondering if you can talk about that for a minute. On the supply side, what is the status in terms of mass transit constraints and lockdowns as things have eased up a bit? And then on the demand side, I have read a couple of articles and press releases that mentioned over 2,000 ... | Sure. And once again, I think I want to be careful of what I say considering, Omar, you are following most of whatever I am getting published out there. So thank you for giving me that advance warning. But going back to some of what I have been quoted on, that was a result of us acquiring in India a few logos.
So we s... | intermediate | [
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757c271e7ef9e07f18fb7f4255c0ae68 | Very good. Ok. And then my final question. I know you guys do not offer guidance and I was wondering, you seem to be in a much better position liquidity-wise, financially wise.
You have got great revenue diversification at this point. Great cost realignment, a growth trajectory it seems, scalable operation, an investm... | We continue to not provide guidance as a matter of principle even today, largely because we are still working on several fronts and I think it is good to give a thematic approach and that's more important because at the end of the day we have articulated from the very beginning that we will be a digital-led company. An... | intermediate | [
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35c902da43c99d9e9a8fef4ff25625ab | So congratulations on the on the Resource Adequacy contract. That's, you know, again, you didn't provide much of outsized returns are concerned. But again, the fact that CAFD is being maintained, this is really big. So -- and again, as you said, there's more work to come. Is there any sense of the timing for the remain... | Ultimately, because of cadence. Angie, I think from our view, the reason we started early is to make sure we have flexibility down negotiations to really try to optimize and be disciplined on price. So I don't want to say, oh, we're going to have them all done by a spirit of time. Because I think as I've indicated on o... | intermediate | [
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efe156a31a75aa860194b9bb7c999a66 | Okay. My second question is for Chad, I'm not sure I understood the comments about performance against your unchanged CAFD guidance. So the CAFD guidance still incorporates the Texas hit, right? So even though you're still at peace with CAFD performance of all of the renewable assets for the entire year, it does incorp... | Yeah. So I think the way I would think about it is Texas, the issues in Texas we had, which bear in mind, part of why we don't think about it relative to how we normally think about our variability in the year was really because of the price excursion that happened with hitting the cap. But that being said, the way I l... | direct | [
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9afabefb44d0da10702ec8dd5be804b6 | So just to follow-up there on Angie's question around the March lending RA agreement, is there any background you can offer on how that came together? And maybe how you would characterize the counterparty associated with that? | Sure. This is the fix compensability. So this would be your question. There's probably not a lot I can talk about, but we have an ongoing origination efforts in California to manage our position in 2023.So we talked to a number of counterparties. We look at RA processes that may be coming in the future between PG&E and... | intermediate | [
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7be54b6b1fc3006e5827a1d80079b0a5 | Got it. Understood. And then some commentary on Clearway Group pipeline extending in the back half of the year, is that an expansion in aggregate, or is that moving more projects to the construction in an advanced bucket? | Sure. Yes. Both is the answer to the question. So what we reported was the state of the pipeline as of the end of the quarter. We've been busy this year. We've been busy across the country, the west, central and eastern regions. The vintages that we're developing and planning extend from the period through 2024 on whic... | direct | [
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b7e48a1154c302dc3a7c9d0f9d41d9e9 | Can you talk a little bit about the growth in the energy storage pipeline, it looks like that had a pretty substantial volume here in the quarter and how that's trending relative to the existing products you have or some of the products you have in the pipeline? | Sure. Yes. The growth within storage, Colin, includes both planning for hybridization of existing operating assets that we have in the fleet, as well as new development and construction planning for new paired resources that would include both solar and storage. And we have in some instances started to plan for stand-a... | intermediate | [
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13f75fb1ee392cf69113d45ae6e0051a | That's super helpful. And then, I guess, the second thing is really around counterparties. We're seeing massive commitments being made to get to net zero, by many, many corporations. And I'm wondering if there's an evolution in terms of your ability to sign bilateral agreements with corporates rather than just with lar... | For what it's worth, the CDC team has been able to sign with corporates to-date and that you've probably seen that shift a little bit in the Lighthouse transaction that has some corporates as part of it. Now, Craig, if there's any additional color, that's further changed since -- the Biden print as post governance [Pho... | intermediate | [
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5a8048ae9217fde3fb98bff425f2052d | Hey, guys. My questions are probably chat oriented here. Just curious, the green bond lowers long term interest costs relative to the debt you took out, when you look at the capital structure, do you see significant opportunities for other refinancings that could make a material impact on long term interest expense? | Yeah, Michael, I think, one, I think the opportunity at the corporate level is somewhat limited, because when we refinanced the 25 notes, that was the shortest maturity we had in the capital stack. So I think at the corporate level side, we've -- I think we're kind of optimized. I think, at the project level side, I th... | direct | [
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87ad06c5ca5b36cbae33a1b0833ade1a | Got it. Thanks, Chad. One other item, really, for the whole team? How are you -- I mean, given the recent move over the last couple of months in all renewable related stocks or equities, including errors? How are you thinking about your cost of equity? And the how that impacts future financings of either, acquisitions ... | Yeah, I think Michael is still a very constructive level. I think we've talked about over the years and since May of 2016 when I took this role, actually it's a pretty good number for where we sit. But I think, if you take the $1.85 let's say CAFD yield for sure, divided by about 27.8. You get about, you know, a mid 6s... | direct | [
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bf94ae9dc0c1c198a10aacd295bd570e | Hi, good morning. Just one question. We saw a pretty sizable thermal business sale recently, the smaller business for the company. So how do you think about thermal strategically within Clearway? Is that core to the company? And how would you think about value there? | Sure, I mean, as you know, Keith we always kind of assess our portfolio for opportunities to drive value for shareholders. We've done dispositions previously in the past. I think there's no need to look at monetizing that asset. I think, the prices that are out there in the market are interesting to us. From our perspe... | intermediate | [
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cae2bd0cbf00d07445b54213ec85a9db | I was hoping to get your thoughts on the July SSI data, or really any of the data we follow for the last few months. You did mention that spring pause. Has there been any difference there in that data versus how you guys were expecting it to play out? Or are you seeing anything different in your own warranty registrati... | Yes. We're trying to make sense of it, too, Brad. The SSI data is more problematic than it's ever been. And the caution I'll give is that we have said, since we went public, that if you look at any one given month, it's going to be wrong. First of all, it's -- at best, it's 55%, 60% of the states that are reporting. It... | direct | [
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409c65fd9de338748979d1570ed3864f | Got it. And then if you want to elaborate on that story, that would be helpful. But my second question is just on the channel restock opportunity. I think you've given us some numbers in the past, the total units needed to restock channel. Where are we with that today? And if you're 2023 guide plays out like you expect... | I think from the standpoint of the channel inventory, we always talk in weeks on hand, and it's still double-digit weeks on hand that's low across the board, more so in the saltwater than the freshwater as we talked about. I think as the year progresses, we will continue to see a better channel inventory build, first o... | direct | [
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fc09a2f4d8732b4843a1e32cdfedaa5d | So I'm curious to hear what you guys are seeing from an economic perspective. Obviously, the demand from a shipment perspective is pretty good. But is there any cutting back anywhere? Accessories, obviously, we see the ASP numbers. Is there any weakness that can be alluded to or anything different maybe in the new boat... | Yes. Jaime, that's a good question. It's something that we're following very closely. And I'll talk about it on two different planes. From a standpoint, I'm talking a lot to dealers, anybody that I can talk to, Wells Fargo, whoever it may be. And this is a great time of the year for me because we have four dealer meeti... | direct | [
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a7315f18aefc14dc64294f24f7bffd5d | Excellent. And then just as a follow-up. I guess given the cadence of acquisitions you've had, historically, I'm curious where you guys are seeing valuations in the boat space, whether there could be opportunities or if it seems like maybe interest is too high across the board where valuations are running a little bit ... | Yes. Since the first of the year, there's not been a lot of assets come to market. It's been a pretty slow time. I do believe as the economy potentially wanes, that's going to pick up some. I will say that what we have seen has not been necessarily assets that we would want to pursue, and they have been at higher multi... | direct | [
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67343ab5bd6838aff1cd1a5db7312102 | I have two questions, please. First, in the past, you've given us the percent of production as dealers sold and retail presold. Wayne, maybe if you could give us those numbers. | I actually don't have those specific numbers. The amount of presales that are occurring in the saltwater segment is higher at this time. Jack, you may have some more specifics and have been the source of that in the past. No, not in terms of presales. I would say it's still, in the saltwater, remains in that 80% to 90%... | intermediate | [
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0c3285331b67330d807bf88f6396080a | OK. Great. And perhaps you could give us a retail demand expectation for your fiscal year. | Yes. So we haven't necessarily given forecast of the specific number. We obviously, Gerrick, are modeling that out and looking at different scenarios, especially in the environment that we're in today where there's a channel inventory opportunity. What I would tell you is that that the primary model or scenario we used... | direct | [
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f82b3c10cbe2f44beb0536103fd58997 | First question, just a couple of questions on the guidance. First, EBITDA margin you expect to be down this year, it's definitely up in the first quarter. Help us understand some of the puts and takes there and maybe why that would get worse over time. | Yes. So look, the EBITDA margin down -- I'll talk specifically about just the down slightly guide. The reality is our plan calls for increased mix in in saltwater and businesses that are a little less mature than Malibu. And so on a mix adjusted basis or a mix neutral basis, we're actually seeing margin expansion, and ... | direct | [
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] | A |
d1b60ca0f831701fedf75ae6787c1540 | OK. That's helpful. And just as a follow-up, you got mid to high singles. Can you just break that down between units and pricing? And I ask that only because if I look at your website, it says no price increase on model year '23. So maybe if you could break that number down for us and maybe you're thinking on why no pr... | Yes. We haven't been giving a big breakout in terms of the volume versus ASP. You're going to see a number that -- it's going to be split pretty evenly between volume and ASP. Well -- so keep in mind, Joe, that what you're comparing something that's, hey, this is what's happening with prices between a date certain and ... | intermediate | [
"direct",
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] | B |
e216305612ac5398cb3e0a686465e3eb | Yes, just a follow-up. Is there any way -- I think, Jack, you mentioned this earlier, to frame up how much price your competitors have taken since, I guess, COVID and how much you've taken? I'm just trying to frame up what you think that gap is right now going into model year '23. | It's a little bit more unclear when you get to companies that are not public. But generally, we believe that we are at the -- I'll put it in a framework that we're at the lower end of the spectrum, regardless of whether it's public or private. We are aware of some public companies, as an example, that 12.9% price incre... | intermediate | [
"direct",
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] | B |
66999cee6997833fd888f0025ae1ef60 | So if we can talk about pricing, obviously commentary around pricing has been pretty positive, at least on the product side. I mean, obviously, rental is not so much. But when we think about pricing and how much you've been able to push price? I know you're not going to give me that number on how much you've been able ... | Yes. The pricing is wellheads and trees. I'm going to just guess that about half in the second quarter, about half of the impact, and the full impact in the third quarter. | direct | [
"direct",
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] | A |
425d652e36eaa021c7a5d343b0f4ea48 | Okay. All right. That's helpful. And I would assume that if the market continues to improve, then you'd be able to continue to push price. That's the intent, right? | That's the expectation, yes, Chase. | direct | [
"direct",
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] | A |
44c97d1178c95b2f783ab6f3a9716474 | Yes. Okay. One more, and if we think about the market share gains that you've had, I guess, maybe could you talk about pad sizes? And if you see pad sizes growing, have you seen that kind of happen over the past few quarters? And then maybe if you talk about -- kind of isolate that conversation around privates. Because... | Yes. I think in general, it's fair to say that we're seeing pad sizes decrease. I don't know that I can really address whether or not privates have begun to increase pad sizes. Steven, have you seen any indication of that?
Steven Bender -- Vice President of Operations
No, I don't -- I mean, nothing tangible.
Chase M... | direct | [
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] | A |
95cf96afb2be5ee2677ab6de40e7dc6f | So there's a bit of debate this earnings season as to the vigor with which privates add rigs from here. Some suggest that trend will lose steam. Others are saying it will continue. What's your view on the appetite of privates to continue to add rigs? And any color on the other two cohorts, the majors and the publics, a... | Yes. I think that our view is that for the rest of the year, the large E&Ps, publicly traded E&Ps, will increase disproportionately in comparison to the privates, so kind of a reverse of what we saw earlier this year. And I don't see the majors picking up significantly until 2022. So I think the benefit from that segme... | direct | [
"direct",
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] | A |
2873c379fda25d4103347449fc8db382 | Got you. And then a second question on the electric frac rental equipment. What's the outlook for additional deployments? And does deployments require basically a joint deployment with an electric frac fleet to source power? Do you source power independently? Can you deploy it in a conventional fleet? Just some color t... | Yes, absolutely. It was designed to be deployed with conventional fleets. So it's self-contained. It produces its own power. It can be deployed with electric fleets. We can use power off of that source. But that was not why and how it was designed. So we expect -- this is really a retrofit of our existing assets. That'... | direct | [
"direct",
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] | A |
bee6b484e5cb3ebced793f8dc33cb29b | I wanted to start on cost inflation, which is something that was discussed at least as early as a quarter ago. It sounds like, particularly on the product side, that market is improving and you're able to take at least enough price to continue to improve margins there. But what anecdotes can you share with us on the co... | I'm going to let Joel address the anecdotes because -- of course, now keep in mind, Joel is going to tell you the very worst of the stories. He's not going to pat himself on the back and tell you about what he's done to mitigate the impact. But go ahead, Joel.
Joel Bender -- Senior Vice President and Chief Operating O... | direct | [
"direct",
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] | A |
bf6bc959540067d1bfa63d8dd4808f45 | That's all very helpful. If I could shift back to M&A, Scott, you referenced it in your comments, we've heard it from you before. At the same time, I'm curious if it appears more or less likely than, say, 90 days ago, just given that the commodity or WTI is still in the mid-60s in the industry, generally is moving up i... | I'd say that the best time to have done this would have been toward the end of last year, when I first began to harp on it. I guess, I first mentioned it in the second quarter earnings call. And that's what it takes to sometimes get people over the edge. So the opportunity still exists. The prices will be higher. But T... | direct | [
"direct",
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] | A |
9059a60fb7e4dd24ce924d1ef8552319 | Just a question on incremental margins moving forward. You outlined everything really well for the second quarter. But just kind of a crystal ball question, it's not too far out, it seems like there's potential for higher incremental margins, given the fact the pattern you laid out, prices increasing, you have some cos... | I'll answer to save him the 10 words. But yes, for Q2, obviously, they're not quite as great as we'd like in terms of our projections just because of wage reinstatements and rental margins and the pressure in that market. But like you said, we expect them to kind of return to a better level Q3 forward. And in general, ... | direct | [
"direct",
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] | A |
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