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8816729805eaacb671d72f4aa17feb18 | Hi, good evening. Thomas, trading activity was up 160% year-on-year in the fourth quarter. Just wondering if you could help frame how much of that increase is being driven by clients that were acquired in 2020 versus clients that were already on the platform previously. Just trying to get a sense of how much of that ac... | So the new clients trade a little bit less, but not by much. That's the answer. So a new client -- the new clients probably trade around 80% to 85% as much as the old ones. | intermediate | [
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2b1668dddde11f5915f686ab1a98ebe2 | Okay, that's helpful. And you mentioned really strong growth in Europe and Asia. Any more color on which countries you're seeing, especially strong trends within that? | Well, surprisingly Canada is one of the strongest, but in Europe, it's mostly Eastern Europe and Asia, it's the same old Hong Kong, Singapore, and the surrounding countries. It has substantially diminished from China probably because of the difficulty of getting money out. | direct | [
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d2b7de0f169540d32e1accd409697c64 | Right and then also just a question on I think IBKR Notes launched in the quarter for accredited investors. Just wondering if you could just describe that program in more detail and just wondering what you are earning on client cash that's invested into that program? Is there a fee IBKR is taking on that? | Yes, sure. For us, it's opportunistic when we get opportunities to place money at higher rates, we do. The Notes program gives us some flexibility after using what is otherwise house capital. It's a relatively short-term, relatively high rate to the investor. It started at 50 basis points and then we ratcheted it up to... | direct | [
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05ef4174b05c01749b2ea18a70fba10a | Good evening everyone. Most of my questions have been asked and answered. Just wondering if maybe you give us some color of other fees and services. Saw very nice year-over-year growth, sequential growth, whether that's being driven by market data, payment order flow or other factors? | So it's mostly market data, its exposure fees that we charge to customers whose basically P&L profile can violate certain limits that we like to put on because we basically -- we're not looking to collect on the exposure fees, but our real purpose is to try to get the client to reign in the risk in their position, but ... | direct | [
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4f8fdb0f65f83e556010ce5217620306 | And any material change in terms of how many accounts and trades IBKR Lite accounted for this quarter versus the prior quarters? | It's fairly stable around those numbers although now that we are integrating with the Folio customers, some 60,000 customers that are coming over, we're putting them all into IBKR Lite so, and leave it up to them if they want to switch to Pro. So you will see the proportion of Lite customers shut off by the end of the ... | intermediate | [
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2792e96c920beb33ddaa83e6393d879a | In terms of the Fed stimulus, can you provide any color in terms of how you're thinking about impacting your 1Q and then the full year outlook? | So what I would say is that, for COVID in general, we expect it to have an overall negative impact on the business on the top line again this year, like it did in 2020. We see the COVID positive and government likely coming down versus 2020 and we see the COVID negative impact in commercial and transportation likely im... | fully_evasive | [
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63d397bf73cb7250442db59de437b6e2 | Cliff, can you update us on the demand environment and the pipeline by the business segment? | Yeah. Jared, it's -- we see a plus up in our pipeline of $2 billion to $3 billion over this time last year, and we're seeing a lot more outsourcing activity across the segments, particularly in healthcare, but really across all of them. And as you know, in the government segments, sort of the RFP activity is somewhat s... | direct | [
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6adbd71c992e5503f50262c7609b094d | What was the constant currency decline in 4Q? | It was very minor impact from currency and it goes like 0.5 point. | direct | [
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e7e2afa53da771d2a7180f6d6717b296 | I wanted to first start with the question around some of the one-timers versus the recurring trends in '21. I get the California impact and then some of the COVID impact that Brian talked about, anything else that you want to call out just so we can handicap our model better in terms of what's like recurring versus wha... | Yes. So Mayank we -- in the analysis around the segments, we give the COVID impacts. So if you adjust for those, instead of being down, transportation would have been up on a full year basis. Instead of being up, government would have been down on a full year basis, in large part because of California. And then commerc... | direct | [
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1978c8f9418ca8c6de9c312ec8f3d689 | Is there a way to maybe now predict when you can get to organic constant currency positive growth, is there a timeline maybe exiting '21, '22 timeframe. Any color on that, I think that's the question we often get from investors, just trying to get a feel for when the company can enter a positive organic growth territor... | Yeah. Mayank, it's a great question. Let me -- the answer is sort of. Let me tell you why the timing is heavily dependent on a couple of things. This new net ARR activity report metric we gave is sort of something that you can use as an indicator, it's an activity indicator of the previous 12 months. And it shows the p... | intermediate | [
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6ae15b32c866b3dfff835a8fe92c6132 | On the free cash flow conversion, you give a few numbers, but I want to get clarity on why is the conversion rate going to be that much lower in 2021 based on your guidance versus what you delivered in 2020? | It's primarily two major things I'll point out, one is, in 2020, we had about a $55 million benefit from the Cares Act being able to defer payroll taxes, half of that gets paid back at the end of this year, that's about $27 million outflow this year versus a $55 million inflow last year. And the second point is on cape... | direct | [
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4bfcea5bfcea9a9b6ac54dffde3b7d35 | Cliff you've been in this position for a while, you've lived through a pandemic and a lot of changes. Where do you think you are in terms of the overall transition that you wanted to make in the business and I'm thinking at what point can we start looking forward to the potential for acquisitions to add new capabilitie... | Yeah, yeah. I wouldn't look at it as completely cereal, Shannon. In other words, what I would say to your point on the fundamentals and the foundation, 30-40 close to half way through the heavy lifting. They'll always be refinement, they'll always be efficiencies, they'll always be operating leverage focus going forwar... | direct | [
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cd51ed95a757a5ee52d42f5ec42a7b65 | I'm looking at the net ARR statistic and I'm curious from a historical perspective, I'm sure you've run it to see sort of how it correlated to revenue. So maybe if we think about the past, I don't know, three, four quarters and where that number was or maybe even go back eight quarters, I'm just curious as to how it so... | Yeah. So Shannon this is a trailing 12 month metric. So the $60 million encompasses the activity during the last calendar year. And if you think about 2019, we had less new business signings ARR that was closer to $280 million versus $350 million in 2020. So that number was lower and our losses were much higher. So tha... | intermediate | [
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38d7cb8299c555bff32d4c35eec2aa0c | Brian, can you talk about various puts and takes that gets you to the top end versus the low end of your revenue growth guidance, it looks like you plan to start the year with minus 3% to minus 4% which is at the low end of annual growth expectations when the comps will be toughest. So what gets you to the top end from... | Yeah. So I would say at the high end, it would be more revenue coming from government through SNAP and unemployment volumes and also a federal funding. So if that were to be extended to year end for instance, and volumes were higher than kind of the baseline that's at the midpoint, that would help a faster recovery and... | direct | [
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58d09a29cdf28ad6e2b58130dd4f4e83 | As you think about 2021 priorities and need for investments in the business, is there way to estimate incremental investments you need to make in technology and whatever that number is, will that show up in the capex or opex, is there any way we can track that number? | Yeah. So a lot of our investments do show up as capex, but there are also opex investments that we're making. And -- but a good indication of the incremental investment this year versus last year is the capex number, and again some of that is to support new business and some of it is for technology investments. So that... | intermediate | [
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463fec351d53c9d325af6013cc1f292b | So, with this increased scope to 46 million gallons per year, how does that impact or affect the subsequent Net-Zero projects that you would do? Will those be of so larger size as well? And what is the plan going forward? | Well, so let me comment first to just say that one thing we just put up and published on our investor presentation on our website, all the stuff that I just set out loud, so you can see it written down, and so it makes it much easier. And then to answer your question specifically is we think about it as that we've done... | direct | [
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77cfedebc69a40ae15b0cf62871b9acc | And just one more clarification on Net-Zero. The green hydrogen that is going to be produced is part of the $720 million to $980 million capex. But then for the excess that you are planning to or may produce, is there any additional capex incremental to this $980 million? | So, on the $980 million, right now, we're at -- if you're going to far us to other projects, it'd be $720 million, it's a number to use to compare us to other people. Once it's financed and installed and you do the prepaid accounts and all the other craft that goes with project financing that I really don't like, by th... | direct | [
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f96e07650cb5e782f283ad8b84adf86c | Moving to the RNG, the 355,000 MMBtu plus capacity, is that all going to be taken by BP for the recent press release, just wanted to clarify that. | It is. We're going to send it down the pipeline to California because that's how you maximize value. And that's attractive. And we could later on take gas up to the burn, which we do, we are running it again. But we could take it up there as we expand liver and make it into a hydrocarbon plant or it's a Net-Zero 1. But... | direct | [
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563ba787008928824addf8e53f31c417 | This next question probably has been asked before, but just wanted to understand the preliminary stage project costs are being expensed as against capitalized. That is because they're not associated with a particular project, but it is just pre to the project. Is that correct? | I know that -- yeah, I was going to say, there's some that we capitalized to some that we don't, so but Carolyn can explain. Right. So, the R&D-related costs are being capitalized effective with the second quarter. That's because we've got the financing and we're able to move forward with the project. The cost related ... | direct | [
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248f8324db2455f1df19388d4b311f52 | I was hoping to -- with the project costs moving around a little bit, I was hoping to get your current estimate of what you think the equity investment from Gevo into the first SPB would be? | We're assuming 65% debt, so if it's $980 million, that's like $340 million or something like that line there. Lynn are you there. I got that right. Right, Lynn? Yes, $345 million, yup. That's up from $270 million is what we thought earlier. But it's good. It's all in the space of good and nice and doable. And you know ... | direct | [
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2e97c1f30f561396ee8c1df82be7082d | And then have you firmed up or is there any potential -- or could you give us maybe potential timing of Net-Zero 2? If you and then but take us -- and I know it's tough, Pat, but can you take a stab at when we're going to see additional capacity at Net-Zero 2 sold down? | We've already sold since earlier this year, we have announced like 10 million more gallons, so that I think we're up there's like 10 million more -- that's a lot -- 10 million more gallons, so to do another 35 million gallons. So, I think what's going to happen is we're going to be well over that. So, we're probably --... | intermediate | [
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d4c47f2c873174d7e01c1c8249d678ee | So, on the engineering work that you're doing, you've gotten the estimate down to plus or minus 30%. I think I heard you say that you need to get to plus or minus 10% to get the bond closed. When do you expect -- it sounded like you might expect that by the end of the year. Is that what I heard? | I think that what we'll see is it mostly in that range by the end of the year. But what we're going to really need to get it closed is take those numbers and have the EPC company. We will announce in the not too distant future. Who they say, here's the wrap that goes with it. That's actually what's needed to get to the... | direct | [
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c21f0e3f54b2e74d474867f22dce39a8 | And then do you have a working estimate for the wastewater and then the wind component of Net-Zero 1? | Lynn, what's the wastewater treatment plant is what, $100 million-ish. It's less than that, but it's less -- it's a little less than $100 million. But these numbers are incorporated in our models as cost of service estimating the capital cost, return on capital to a build on operate, as well as their operating costs. T... | intermediate | [
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94237e0ab9965dfdbac95b27030a8f43 | Yup. I just wanted to make -- clarify and make sure that the $720 million does not include the wastewater nor the wind at this point in time? | You'll see that in our slide deck that we just put up when you get a chance to go through it. And we try to be -- for all of you listening who go look at her, we put out an enormous quantity of data into that slide deck that we just put up. It goes on and really tries to be crystal clear about the assumptions we're mak... | fully_evasive | [
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61956f60774c8a18939ad6cb1291af63 | If we could talk about the timing of capex now that the R&D bond financing proceeds are on your balance sheet or on your financial statements, can you talk about the timing of capex on the RNG plant? | Yeah, we'll be complete. The project is on schedule and the anticipation is that we'll start up operations and begin producing very early next year. The way it works is we pay our contractors and then we submit to the trustee for reimbursements out of those bond proceeds. So, there's always a lag of a month or so from ... | direct | [
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1657fa31d60e8f30a92568385d351740 | And so that full, Lynn, that full what $70 million will be laid out and reimbursed over -- laid out over the next three quarters, is that sort of how we should cash lock that down? | No, I think it will -- we expect to be complete by year-end. So that we will have done all the work and paid all the bills, but it may drip into the first quarter on recovery of those last bill -- last contractor payments. | direct | [
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6effd3adb3ca475e26014622eeae622f | OK, great. And then on Net-Zero 1, if you could just highlight what you are going to spend in the third and fourth quarter on that project? | I will take that. The -- I think the largest uncertainty is around the long lead equipment deposits. We have budgeted $20 million for long lead deposits. The timing of that is uncertain, but we need to get that out before year-end to secure equipment to maintain schedule. We probably -- I don't really have the numbers ... | intermediate | [
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a5c37e32dd6a44226ab42c8082261b13 | Wanted to dig into the loan growth a little bit, if we could, the comment in the outlook about non-CRE growth. I'm interested in your comments about the warehouse business that you've been growing, maybe some numbers around how big it is, how buyers you'd like it to be and kind of where new yields are coming on. | Hey. Let me respond to that. Our non-CRE loan growth is coming primarily from our corporate banking group. And our corporate banking group has three different business lines, one of which is warehouse lending business line. And at the end of 2020, the ending balance of our warehouse lending unit was a little in excess ... | direct | [
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1c5f7a5d7a2f49566f57fcbd421c7f16 | If I could ask one more, just on the balance sheet. I mentioned how you're thinking about deposit growth and 2021 obviously was pretty strong this year. Should we expect some further remixing of the earning asset base out of cash and bonds into loans, but any thoughts on the balance sheet growth would be great? | Sure. Chris, our balance sheet will continue to grow, because as we delivered our strong growth in 2020, main increase resulted from non-interest-bearing deposits as well. So we have good liquidity position. And actually we -- even we reduced excess liquidity in Q4. When we need it we have sufficient liquidity. So I do... | direct | [
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fa3b3e4ab46a4362ac58cc64899cea7a | And if I could just one more on the PPP, could you just, Alex, remind me what was in the quarter in terms of fee recognition and what's left from round one? | Sure. We have recognized in Q4 total $3.6 million we recognized that include 1% of interest income as well as net deferred loan fees. And the remaining still to be recognized is net deferred loan fee of $6.4 million. We would expect to have forgiven this PPP starting this Q1, but much more in the second half of the yea... | direct | [
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0ec3344bc31d124e3f94ef4cd5ee0a38 | Maybe just as a follow-up question on the warehouse. Can you give us a sense for the number of relationships you have there, number of brokerage -- broker relationships and what percentage of those relationships are you considered the primary line of credit? | Yes. Maybe I can add a little bit of color. So most of our warehouse line, I don't have an exact number of count here, but most of our warehouse lines are quite sizable, so anywhere from, say, on the lower end maybe $30 million, upwards of $100 million to $150 million and our largest maybe $200 million. And typically -... | direct | [
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015f8b0a22d3bb4da30d761b4cda30f1 | And then, just on the expense outlook. You obviously gave some pretty explicit guidance. But when you look at your expense to average asset ratio, I guess, when do you get -- where do you think that can bottom? When do you get to a point where you don't think it can go any lower? | That's a good question because there are so many moving parts here. But I think, if I may give you kind of an expectation for next two, three quarters, I think it will not deviate too much. We would expect to realize the benefit from the branch restructuring cost, which we expect about $2.4 million of annual savings. I... | direct | [
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04ba4d88860e6b82a5b3295e1d07bfcd | Okay, great. And then, just on reserving, is it fair to assume that we'll continue to see build reserves here maybe for the next couple of quarters before you start to release or assuming releasing begins in the second half maybe too early based on what you know today? | So, obviously in this uncertain environment, there's a lot of pandemic-related variables that are still out of our control. But we do feel that the fourth quarter, we have really embedded the appropriate reserve levels for what we're seeing in the hotel portfolio as it continues to progress through the pandemic. And so... | intermediate | [
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c208001981a91a6359e325f8a71cbb71 | Couple of questions. And really starting off with what you guys were just talking about with the hotel/motel, was there anything surprising to you in that portfolio in the fourth quarter? It seems like some of your peers -- some other banks are seeing improving trends with hotel/motel, or at least stabilization, where ... | Sure. What we experienced, I think, in the fourth quarter was really diving into the CECL modeling process where we really looked at the industry data in the hotel area and we saw a lot of things there. To answer your question about our portfolio, we had a few cases where we identified some downgrades, but our portfoli... | intermediate | [
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36c231ebda0a6ee161114ea8fff3db6f | And then, shifting gears to the mortgage warehouse business, you mentioned about how you are taking share. I guess, multi-part question, just curious who you're taking share from. Are there any big banks that are pulling back, because it seems like there is a few Western banks that are talking about taking share in the... | Well, David, we are focusing on top 100 largest mortgage originators in the country. And each one of those top originators have multiple relationships with many other banks. So, we are one of the many relationships that our customers have with multiple banks. And the 2.2% average yield that I quoted for the fourth quar... | intermediate | [
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bcf13487c437f0dc5cbab05e8e8ab9ab | And then, the last one is more of a clarification. On the loan growth outlook for 2021, the mid to high-single digit, is that including PPP or excluding PPP? | Yeah, that is ex-PPP loans. | direct | [
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3cb79e2271e97e6ed7efde63e44d58db | Hi. Thank you for the call. I've been very interested in the questions and comments about warehouse lending. I don't think I'm going to beat that horse anymore, but I think you said you might have been growing in middle-market lending as well. And I was wondering if you could expand on sort of where your growth is outs... | Yes. As I mentioned, we have three different business lines under our corporate banking group and middle-market lending is one of the three. Our growth strategies in the middle-market is really on the specific industry verticals. And as I mentioned, we have already established and up and running for the financial servi... | direct | [
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d37c529c17c910aaf9bc4a08bc158728 | So help me understand the view increased lending to, say, financial services, what does that look like? Who are those customers? And what does that look like? | Sure. Maybe I can add a little color. So, in the financial institutions, it's a pretty broad area, in a sense, there are going to be a variety of different types of customer bases there. As we look at lending to asset managers, fund managers, direct or indirect lenders, we have capital call lines. There is all sorts of... | intermediate | [
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66fd22b38d602336ea67f2e9b6f7c726 | Hey. Do you just happen to have the end-of-period PPP loan balance as well as the average for the fourth quarter? I didn't see it in the deck or the release. | Sure. The PPP balance at the end of the quarter was $459 million. And we had $473 million, so the average balance is not much different from the quarter end balance. In fact it's $10 million higher at -- $470 million was our average balance for the Q4. | direct | [
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34572e39b747f644ec6e351057b194b8 | Mine has to do with this persistent headwind your -- that you used to have with the license revenue down 53% year over year and subscription up, which is positive 40 -- 77% year over year. How long do you think this headwind will be around? And any other details you can provide us around that? | Sure. Sure, Catharine. How are you? Nice to hear from you. Yeah, we started really talking about this actually in the third quarter last year that we we were expecting for a few quarters this headwind on license to exist driven really by the shift that's taking place in our e-signature product line.
And we reminded ab... | direct | [
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a1d6bccc77d12e991c19ad5722b0450c | And then the other question is, you have several new products that you're launching. So how long do you think it will take you to generate from marketing to sales to generate revenue for some of the new launches? Is that a six-month, nine-month type of process, 12 months? | Yeah. As you know I think in large institutions, the buying cycles and the implementation cycles can be quite long. These solutions are being delivered over a period of time. We really first launched the adaptive authentication solution in the third quarter of last year.
We do actually already have some customers and ... | intermediate | [
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d487f4419c0233fc5e622f97daa8d86f | So just wanted to follow up with a -- Christina's question about the software headwinds. Just to confirm that those are sort of left behind now in the first quarter and we shouldn't see much more of that going forward. | Yeah, I think that's right. We had -- if we go back and we look at the first quarter of '18, it was extremely strong as I mentioned for OneSpan sign. It was also actually a very, very strong quarter for the mobile security suite. It was easily the highest quarter of 2018 in terms of mobile security suite revenue.
So w... | direct | [
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debb944938c169868b85ae0ae6f93d5b | And then, as we talk about the hardware products that came in a little bit higher I guess. Was that a surprise to you or had you anticipated this with this new regulations coming or -- and it feels like it's going to be a little bit elevated continuing as you were expecting a modest growth in for the full year rather t... | Yes. So I think first of all, let me just say that the the long-term view that we have of the hardware business declining modestly over time, is still the case. That is still our planning assumption. I think we did expect to see significant opportunity PSD2 driven hardware opportunity this year.
I think the amount of ... | direct | [
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7228af87d7a3e1ba68694a9116f2010f | So you think those reorders are going to happen this year then and not the next year? | No, I think the reorders for for the devices from a few years ago, those really won't start in earnest until next year and in 2021. So I don't think the... | direct | [
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c9fadb8a15cdfda6f3bc4d6c47c0f996 | But you still think hardware is going to be down next year even though you see this reorders may be coming in? | That's our best guess right now, because those will -- there's no deadline, specific deadline for that kind of replacement like there is for PSD2. So we would expect that to [Inaudible] slowly over time. | direct | [
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9cad38abb389de98eda494270a47e939 | Maybe the first being just -- I guess a follow-up to that conversation around the reorders. It was pretty interesting 2015. Was there anything in kind of the prior deployment cycle that accelerated the refresh or is there something different about what -- how you're thinking about 2020, 2021 that would cause a differen... | Well, I wasn't around back then, so I'll do my best. OK? I don't know exactly what the pattern was back in 2013 and '14, but these devices, of course, are not all going to run a battery fail at the same time, right. They will they will happen over time. Some customers will make a decision that they want to just do a --... | intermediate | [
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a1eb03abf1fe94fdbf34f9c65366efb0 | And then maybe just an accounting question on the license decline in the mobile security business, if that -- if you had recognized the quarter under 605, can you say or do you have a sense of whether that would have been a higher number on the license line than what was reported under 606? | Yeah, this is Mark. Thank you for dusting off 605. I thought we buried it in Q4 of last year. But you're asking if the MSS license revenue that we saw in Q1, what would that have been -- what would that look like under 605 versus 606?
Yeah. So we're on an apples-to-apples basis under 606 or 606. So as we compare these... | intermediate | [
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03a1da5730509cf7ba0dc8854aa989e8 | Yes, hi. I just had a question regarding your guidance, since you're maintaining it for the full year even though it came in a little bit softer for -- in terms of margins for this quarter and the revenue was sort of I guess, in line. How should we think about the rest of the year in terms of the guidance and margins a... | Yeah. I'll take a crack at it, and maybe Mark will have some additional comments. I would think about it this way. When when we constructed the plan, we constructed the plan, and that plan I think had a revenue number for the first quarter almost exactly equal to the one that we delivered.
It did assume a lower mix of... | direct | [
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51de06f417b4b7bbc481b0ff03232500 | Thank you. Good afternoon. Hello everyone.Jeff, thanks for the color on how you're thinking about 2021. That's helpful. I wanted to go back to gross margins because I'm looking at the Q4 gross margins, looking at the revenue levels that you were at and being able to demonstrate those kind of gross margins. You highligh... | So Jim, this is Roop. Appreciate the question. We didn't break out the gross margin effect. But in effect, it's about 30 basis points of COVID costs in that gross margin, roughly, although not all of that -- I guess a little bit less that because there's a little bit in SG&A as well. But to get to the heart of your que... | direct | [
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25d15c50b915e155ad25baf174d49e0f | Okay. And it sounds like in a couple of instances, a couple of other verticals, you're anticipating a pretty healthy second half ramp and I think medical being one that you called out. Is -- do you guys have a pretty good line of sight on some of these new programs in terms of -- because there is always the risk that s... | Yes. I probably have higher confidence than in the past a little bit because for some of these programs, we're in the thick of it, right, and even saw some of those programs get qualified in fourth quarter. And so we're off running on a number of new things. It does take time. It does take sometimes multiple quarters t... | direct | [
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4c29bf0b82e24767b86fd1df320a6112 | Hi, thank you for taking my question. Good evening. So I first want to ask about the industrial. You see some challenge in there in the infrastructure and transportation and oil and gas. Can you just remind us how big the oil and gas is of the pie? | Yes. Around 20% of that segment. Obviously, with some of the decline, it's a smaller piece kind of going forward that we see there. But some of the strength, just to kind of pick up on where test and measurement still is a pretty big category for us. And we some test and measurement in oil and gas. But beyond that, rig... | direct | [
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ed0bbdbae11f745daf9befab0b18b3a0 | Okay. Yes. My follow-up were for pockets of strength. So those pockets of strengths seems to be pretty good areas to be in. So oil and gas and the infrastructure and the transportation costs, that would be pretty powerful then? | So Anja, you broke up a little bit there. But obviously, with that strength and once oil and gas does recover, I think it's an open question as to the timing of what that recovery looks like or how the vaccine rollout affects infrastructure projects and these sort of things. So yes, you're right, there could be some fu... | direct | [
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5c8c8806e61707b714f71f475a3597dd | Okay. Thank you. And then I think you participated in some testing in the U.K. Is that something you see any growth potential in as to maybe expand testing as it is to open up their economy significantly? | Oh, yes. We have a customer in Europe that is building -- we're building for them a rapid COVID test device, which pretty exciting technology. It's really just amazing that you can get a result point of care in less than an hour. Basically, you swipe this and you're able to quickly get a result. And there's quite a bit... | intermediate | [
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e729d29c0bafc2448056a4066941637e | Exciting news obviously today, and I just wanted to congratulate you guys on getting to this point. And obviously, with the 25-day go-shop, it will be interesting to see how that plays out, but I was wondering if you could talk a little bit about the pros, kind of when it began how you came about to meet with Atlas. Wa... | Yeah. Charlie, I'll go ahead and take it, and Dan can jump in and fill in some gaps as well. But our board has taken a strategic review and strategic look at our assets and our strategic options for -- it's been several years in relation to spin. They've always taken that part of their responsibility very seriously and... | intermediate | [
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5f74b6382ea9350961f629540d5cd74a | Thanks, Dan. And basically, if you look at the -- you've got a 25-day go-shop period, is there a breakup fee should bid be accept this? | Yes. There is a breakup fee payable by RRD in certain circumstances, including for termination for RRD to enter into an alternative agreement for a superior proposal. | direct | [
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c9319cc26351101e6bfd544cc6e77d7d | Gotcha. And can you quantify that at this point? | The terms of the breakup fee and triggers are set forth in the merger agreement, which is being filed --
Yeah, that we filed later today. | fully_evasive | [
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2a90c61bd1732028e5f3046d13c514a3 | Got it. Great. And then just one housekeeping question on the results. Terry, if you could, would you be able to supply products and services the EBITDA margin for each product line? | We do not publish EBITDA margins by the individual product categories. So I don't have that, and that's not something that we have produced in the past. | direct | [
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1db9db488127a45fb5e7435f7972b8a4 | Got it. And any commentary just in terms of how the various product lines have performed in terms of profitability [Inaudible] | Yeah. I mean I'll tell you that we -- when we have approached our opportunities for cost reductions and improving our cost structure, we have not focused in any one or two single areas. We've really kind of taken a very, very broad approach, and we went across all of our different business lines as well as the SG&A fun... | intermediate | [
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7f25e0f55d4026ce3e0b9fcd53c391df | That's good. Thank you very much for that. And then just lastly, Dan, any foreseen potential hard spot issues that you could delay a combination with Atlas? | Yeah. Not going to speculate on any of those types of issues, Charlie. | fully_evasive | [
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f8de58c87c2545295467492faea77600 | A couple of fixed income questions for you, beginning with the Atlas proposal. Is there any type of detail that you can share on the capital structure with the proposed acquisitions just in terms of the amount of debt as well as maybe the contribution by the Atlas funds? | Yeah. Certainly, there were equity commitments from affiliates within Atlas. And then they have a backstop facility that is led by JPMorgan, and also participating and named in the press release was Macquarie. So those are in place.
We do have firm commitments on all of those items, but details of what that capital st... | intermediate | [
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b75cf974195248dd19b879020ef0ada9 | I guess then maybe, Terry, more broadly, and it's been well-publicized that Chatham has proposed subordinating or equitizing at $654 million high-yield holdings. Does the Atlas proposal provide a superior value proposition for holders of your high-yield bonds at this point? | I'm going to have to kind of defer you to the information that we'll be publishing in our proxy statement that will be out over the next -- in advance of a shareholder meeting. So I can't really comment too specifically on what that's going to look like. But certainly, as the Board evaluated the proposal, they certainl... | fully_evasive | [
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92f12f51762e83b26cb2171adc14a0db | OK. And I guess maybe closely related to that and understanding that there may be additional proposals that might come up, how far are you willing to stretch leverage in any type of acquisition? What's your comfort level would be another way of stating it? | That's something that I'm really not able to comment on because that would be really a decision that would be made by a buyer.
I just really can't comment on that. | fully_evasive | [
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163c961d463e2ab43204cb5d05f5d426 | I'm going to keep it brief with two quick questions. And want us to just get an idea of the source of the break out in growth and [Technical Issues] awareness, sort of quantify what is catch-up in these numbers versus sustainable growth drivers? Or just underlying demand starting to really kick in the gear here? | Thanks very much, Anthony. We appreciate you joining us. And in terms of your first question, no, we don't see this as a catch-up, we see this as a continuation of the great momentum pre-COVID, that began at the end of 2019 into the first couple of months of 2020. And if you remember, last year, Europe and the US, Nort... | direct | [
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0788ac0251d65722383ba868c4492e8e | And then, the follow-up would be, specifically, on the US and EU implant numbers. Obviously, much higher than what we expected. Are you seeing any buy-in of legacy products ahead of a full-scale Viva launch in Europe, for instance, and the potential launch of EVO Visian in the US? | With regard to the wonderful uptake that we were seeing in Europe, for example, we believe that a lot of the work that we've done with regards to getting the word out on EVO, over the last few years, is paying off handsomely. And so, when we look at the number of referrals to doctors, many of them come from the patient... | intermediate | [
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5b57cccbce90056adde0b76b5ea3f39a | Yeah, good morning. Thank you very much for taking our questions and congrats on the strong quarter here. I just wanted to dig into the commentary about 2022, maybe reading maybe too much in between the lines here, but kind of what you're saying about the second half of 2021. I'm calculating kind of high single digits ... | Sure, Mark. I'll start that. As we think about 2021 and our guide for the full year and again, I would point everybody to the fact that we -- we talk about full year growth targets because of how shifts in seasonality of our business can materially impact quarterly growth rates. So we are looking at 2021 as being a ver... | direct | [
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64d55848609db7738f7e95b96a361ffa | Okay, that's helpful. Thank you. And then just looking at the gross margins for 2021 guidance a bit better than what I was expecting, you've quantified the impact from tariffs, Julie. The delta is roughly 100 basis points, 125 basis points, something like that. Can you kind of dissect that -- the remainder of the year-... | Yeah, sure. And you're right, tariffs are material part of our move of gross margin from '20 to '21. There are a number of other factors that play both positively and negatively to a lesser extent. So that on the -- on the negative side, there is the scaling of Malaysia as we go through the year, as well as expected or... | direct | [
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a344eb8bb17bc6eaded73b5bdf4de498 | Yes, good morning everybody. A question first for Julie, you had alluded to, excuse me, some of the potential supply chain constraints that are out there. Could you maybe give us -- could you perhaps elaborate a bit on what you're seeing in terms of the health of your supply chain and your confidence in their ability t... | Sure. So we are incredibly proud of our supply chain and the work that they've been able to do throughout 2020 to manage through a very changing situation. As we look forward, there are a number of factors, whether we're talking about rising freight costs, I think, globally, there are things like a chip shortage, as we... | intermediate | [
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23e2bcff25b3e8a7a9522e364cb059a6 | Okay. And a question for, Colin. If you could share with us your vision longer term for the -- for the Roomba specifically as you look out over the next couple of years. Do you think the primary focus will continue to be on home cleaning exclusively or perhaps could we see some additional functionalities built into the... | Certainly, the Company's ambition expand -- extends beyond Floorcare and the role that the Roomba plays today in the home while limited to right now vacuuming and then mopping with the Braava is also serving as a platform for us to gain the type of home understanding necessary to increase the sophistication of what we'... | intermediate | [
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25b8712cf08b420ac5fa9290aa1f89e3 | Great, thank you very much and very, very strong results and congratulations to the team for weathering all the challenges that came with the supply chain. Colin, just on this last comment that you talked about if you can just peel it back a little bit more and talk a little bit about unit versus ASPs. And maybe Colin ... | Sure. So Asiya maybe I'll start with your question and then I'll let Colin jump in on units versus ASPs. I think that we are excited about the early results that we're seeing in some of our services pilots. I think it's important to also remember that while we are looking optimistically to commercializing those during ... | intermediate | [
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c981441797805b58f9d9cd0bfbdd1e20 | Okay. So as I look into '22, you guys are assuming reramped these margins back up from '21 levels. The opex run rate as a percentage of revenue will drop quite meaningfully to get to 10% in higher opex -- op margin. Is that the right way and that's what I was trying to kind of peel a little bit like where are we seeing... | Right now, so as we've talked, we're thinking about and we tried to provide color on the -- on the entire P&L. We look at our gross margin and believe some of the headwinds that we're facing today in 2020 turn into tailwind as we -- I'm sorry as we are facing today in '21 turn into tailwinds as we move into 2022. That ... | intermediate | [
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1be087352dbe69cca32e7ed2a6a8086d | Good morning, and thanks for taking my questions. Just quickly tagging along on some of these modeling questions. I was wondering if you could just talk about what you're assuming for unit selling growth versus unit sell through growth in the 2021 guide? | So, John, as you know we work to balance sell-in and sell-through. It's never a perfect science based on the needs of our retail partners. But we are -- we are looking for continued good unit growth that would equate to good sell-in as well as sell-through momentum. | intermediate | [
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ab2738a3f7a452d1fa8cbdb85f44e58c | Okay, thanks. And then next question, you talked a little bit about the robot-as-a-service program. Could you share more about how the testing has gone so far with that and what's working well with the challenges are still have to be worked out? | Yeah this is a constant optimization challenge for us. I think that we've had very encouraging results, and have already been able to optimize the experience. But there is more work to do. You definitely, as I said, will see this move from a test to a commercial program this year and we'll begin to scale up. So somethi... | intermediate | [
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6f83bc29ff0f59d19d2cb0243678953a | Okay, thanks. And then also on the two new products you are launching, I was wondering how you might have us think about that next generation of products and how do you -- how these will fit in with the rest of your portfolio? | I think that we're really focused on the intelligence of the robot. We're focused on how we can extend that partnership between the customer and the robot to make sure that the iRobot customer feels in control of what the robot is doing and feel like they have an enlightened and trusted partnership between the company ... | intermediate | [
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6d5ae2eaccf8837a0cb9528aea500e86 | Okay and then just last question before I turn it over. Could you just provide us a sense of the timeline for the patent infringement actions iRobot is pursuing at the US International Trade Commission. And then also any color you can provide on how to supplement the prior litigation would be helpful. | So the recent action. I mean, I can only say a very limited side of things is through the ITC, which is a very aggressive and fast-moving from the legal perspective organization. We expect to be at trial by the end of this year. | intermediate | [
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a7e360fefc347a7abab89f054ee656ae | Yeah, good morning everyone, and thanks for taking my questions. I wanted to start with direct sales. Can you elaborate on some of the reasoning behind the success there? What's driving the growth in your confidence longer term and I guess longer term, I'm curious how much of that 20% direct sales goal in 2023 can be s... | Sure, we can answer some of that. I think that the Roomba is a considered purchase, the Roomba customer tends to do research on what model, why should I believe this robot works and just that there is a very real curiosity, which all drive customers to be -- to be willing to go to a website to learn about the product.
... | intermediate | [
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b2b2ff4688da516f9dac5ee7997bccb6 | Got it. Yes, it's helpful to think about it like that. And as my follow-up, I'm wondering what level of direct sales can be supported by some of the investments you're making, will be adequate to support that 2023 goal of 20% directs sales? | We are implementing best in class tools, which can scale well beyond even our 2023 goal. So that we're definitely making a real bet that this is going to be a long-term important dimension of our business. So that is not a concern that we are somehow undershooting what we're investing in. | intermediate | [
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a8c5388447dba690b7dc17218da86925 | My one question is and maybe on the sports side, can you talk a bit about how you can -- how you will -- your ability to sort of leverage more your incredible brand you have in sports and all the rights that you have in sports longer-term? Is there consideration of a greater sort of digital strategy beyond what you're ... | Thanks, Alexia. Hi. Look, I think it's a -- it's two-fold for us, and what we're currently focused on is obviously leveraging our sports brand and sports content through FOX Bet, first through our FOX Bet Super 6 and then obviously as we drop sports wagers down into -- into the wager insights at FOX Bet. So we continue... | intermediate | [
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187c11d87ab2dd6b288c697d2b2284b2 | So, I mean this is a news question. So the 65% share last night is pretty astounding, but even before that the -- there's been a record amount of money raised from both parties before the election, and after yesterday, there's probably a lot more to come. So I guess the question is, can you talk about monetization acro... | Thanks, Jessica. So let me start with news monetization, and I think you connected us with some of the political revenues that, that are -- that we've seen over this past 12 months and what we're continuing to see and we believe the mid-term elections and contests next year both to be truly staggering. So news monetiza... | intermediate | [
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8f0ca822d49fd831b8dbb9557c9d7c75 | There's been obviously a lot of focus on sort of the ad market and the potential supply chain issues for some verticals, you guys didn't mention any of that, so I'm just wondering if you're seeing any softness in the Television market sitting here as we head into the holidays? And I was just curious on Tubi, if you had... | Thanks, Ben. I hope you're well. So in terms of categories, we've seen softness in auto [Indecipherable] you specifically spoke about sort of supply chain issues, I think if you look across a couple of categories, it's both supply chain and I think in some, it's shortage of staffing and employment. But where -- auto be... | intermediate | [
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686035454f66d4e37c7a8f9030775ece | If I could follow up on sports with your UEFA deal, can you discuss how you see the ROI for incremental sports rights and whether you plan to monetize UEFA on Tubi? And if not, how does your focus on keeping the rights exclusive to the pay-TV ecosystem help with these negotiations or future negotiations? | Thanks, Robert. So with all -- as with all our sports rights, we started in very carefully to make sure we have a positive return on them and return on our capital with UEFA, as 1,500 matches that we have available to us, the -- practically all of them will be on FOX Sports 1 and will be the backbone of FOX Sports 1 th... | intermediate | [
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d5c244ff5aa80d448c08155f236ad01d | So I guess my question and my follow-ups, I'll just ask right away. Lachlan, most of the funnel doing for Tubi versus that 30% growth in usage, I know you always highlight that it's growth in usage that really matters, but the measure of the health, we still need to understand whether you're attracting new users at Tub... | I got the easy one. Look, Tubi is growing both in users and in engagement in TVT. One of the things that you do, you juggle or balance, probably a better word than juggle, but then you balance is when you market -- you -- for new users, right, you can through digital acquisition tools, very quickly gain new users. And ... | intermediate | [
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52576b4a2985900e38cc2c826ceabfe1 | I just wanted to ask about FOX Bet and Super 6. Thanks for that data point on Super 6 with the five million. I was wondering if you could give us any metrics around FOX Bet, and are you seeing Super 6 act as a strong funnel for conversion from free-to-pay? And I know you are a passive, I guess, sort of participant in F... | Thank you, Steven. So -- sure, I appreciate the question. I was surprised that it took five, six questions to get to FOX Bet and Super 6, it's obviously a business that is very meaningful for us. So first of all, I'm not sure how much data I can give on FOX Bet itself. I understand that Flutter reported to -- last nigh... | intermediate | [
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c0675303f87f5e3534f3c331515d3d1b | My question is, excluding acquisitions -- what do you think the long-term secular growth rate is of your top line, excluding acquisitions? | Laura, thanks for the question. Yes, I will take it. So I think that it really depends on when the macroeconomics and the environment will go. We've proven in the past that we know how to grow our business very fast. And in large scale, while macroeconomic parameters are in place. Having said that, I should say not ant... | direct | [
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28fe6edc4eb84c9aa1f0c28fed17b916 | The other thing is, one of the things that you said is that you added a lot of sell-side capacity in this particular period. And so, -- and I'm just curious as to if demand is soft right now, how is adding sell-side capacity, doesn't that just hurt the price in the auction if we're adding a lot of sell-side capacity, b... | No. No, because I will explain. First of all, what we are usually doing, we're enhancing and growing our media side all the time in order to -- because people are -- the advertisers, our partners are looking every time for different audiences, that's the capability that we can offer them through the data and the usage ... | direct | [
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cfde84e28c68e067619cb412c4b71fe0 | You noted all the headwinds that we see pretty much in the news on a daily basis. We also have the company-specific tailwinds in the second half with VIDAA and Spearad, World Cup, political. Could you just give us a little more color on maybe how you're thinking about balancing the tailwinds and headwinds? And then whe... | Of course. Thank you for repeating the question. We worked very hard in the past -- even close to year now on all these initiatives, like the Vida, which is the ACR data that's supposed to be effective in the second half of the year. And we took it even further and we enhanced the capabilities that we are offering to t... | intermediate | [
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2e3b642b9cb34356a9a54fadd89f80b7 | And then, flipping to maybe a more positive macro. And Ofer, you mentioned all the companies that are switching to AVOD right now. And maybe thinking about what your expectations are in the next year or two as this kind of flood of premium content comes to CTV? And what you think the impact is on the market, advertiser... | OK. I think that it just shows that the CTV is here to stay and is growing and it's becoming like a main channel for online advertisers and forever as in response to which your audience no matter -- on each platform right now. But I think that it just shows that the center that this CTV is taking in the market. And we ... | intermediate | [
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558f76a3685fca0957f2ab8799d962d5 | I want to ask you about the '23 guide that you put out there, should we assume that Amobee revenue is roughly $150 million? I know you -- in the past had said that that was flattish year over year. Is that the right way to think about it for '23? And if so, that would imply the core Tremor business, excluding Amobee, w... | I will take this question. So first of all, when we are acquiring a company, we are moving very in order to integrate the company to our business. We are not keeping silos, and we are keeping these different business units. We are creating one company. And I think that we also -- this is part of our promise and the way... | intermediate | [
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f43559b6740d7b662d84e49c1059cb17 | OK. And then, structurally, should that the Amobee business also grow in line with that, call it, low teens -- low to mid-teens that you suggested for the core Tremor business? | We are not talking about different units. And again, what we are going to do after closing is to connect the businesses. So basically, we will create like business units that are part of the full company, but they are connected. So we will not be able to measure it. We did it in the past with Unruly, we did it with [In... | intermediate | [
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3776942b47d4967d0ce8fa9dd18f8d46 | OK. Makes sense. And then, maybe just one quick one on where you're seeing the softness. You did a nice job talking about the macro stuff. But, I guess, in terms of your products, in particular, like are you seeing more softness on the supply side versus the demand side? I guess when people are using your tech, is any ... | So of course, everything starts with the demand. So I think that in general, the demand, if you're looking at sale and buy -- we're looking at the demand side that is weakened and it's weakening the ecosystem, but it's across the system, meaning that when the demand is low, of course, it's affecting the all the revenue... | intermediate | [
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fa68867c043c2c9cca09036e48212f27 | I wanted to drill down a little bit more quantitatively on that second half guidance and try to get a sense on the scale of your assumptions for contributions from the inorganic events like the World Cup and political advertising in the back half of the year, and then I have a follow-up after. | So I'm not sure. We will do exactly what will be the FIFA -- or the World Cup revenue generating because we are not measuring it is that, and you are calling it like nonorganic, but it will become organic. For every -- almost every year, there's a major tournament. And Hisense and VIDAA are very heavily invested in exc... | intermediate | [
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051adecd8c5fdd42bc748038b816b51c | OK. And then, in the second quarter, can you point to anything specific as to why EBITDA margins were higher than kind of trend, higher than expected? Was there anything in any of the specific expense lines that was worth calling out? | Yeah. I think it's a combination of different initiatives that we took during -- at the end of Q1 already when we saw the headwinds and the macroeconomic situation. So of course, we closed some open position, some indirect port that are revenue related, of course, went down. We went and make extra efficiency on our dat... | direct | [
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324585730488248a46c6c9bb57277002 | Can we start with just helping to better understand 3Q? Is there a way that you can help us understand kind of the first half of what you've seen, so July and August to date, as we think about kind of this quarter? | When we are giving like -- we are assessing and we are providing like numbers that are below consensus. Of course, it's not according to our plans. If it was according to our plans, we didn't give this assessment and we didn't get these numbers. So we feel the weakness in the market that is coming from across the board... | intermediate | [
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"fully_evasive"
] | B |
3ab05ec8cdc535551bf692da96c27eed | OK. And then, kind of playing off of the last question you just got asked. Can you talk about the impact of FX on the model? Were there any top line kind of headwinds that you guys can call out there? Understood, it's mostly a U.S. business. But then additionally, on the cost side, is there also a benefit from FX you g... | Yeah. The vast majority of our revenues are coming from the U.S., so we don't see any FX effect over there, no benefit and no loss. On the cost side, yeah, as the dollar went up and strengthened through the last month worldwide, we see some cost savings due to FX. It's not like material or changing the needle, but we d... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
31ba2f482205d80f860e7c036336a743 | OK. And then, just my last question is one of the key differentiation pieces in our view is certainly the creative side of the business with Truly. Can you just talk about the drivers of increased use of Truly for video ads? And then just help us understand what that brings to the rest of the model, right? I understood... | Thank you. I will take it, Sagi. So I think that -- when we are talking about creative, we have to understand that there is a few elements to the importance of the creative. First of all, as we indicated to increase the engagement. But apart from that is to increase the efficiency when you are connecting between creati... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
df6662f311f537500d5245dab022f04a | Just the first question on the development pipeline. You've been quite successful year to date on, you know, expanding that pipeline. However, with 10,000 megawatts potentially entering service here in the next couple of years, you know, that could meaningfully drive down that pipeline. You know, it does seem like ther... | Thanks, Rob. Maybe a couple of comments there. First and foremost, it's absolutely true that over the past 12 months, we've made a number of acquisitions of businesses that come with large in-place development pipelines. And that has dramatically increased our businesses' total development capacity to approximately 100... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1358c4b0fc4938725baa49d9048ff1f9 | And then, maybe the second question is just on your other growth initiatives. So, it does feel like the net is being cast a little bit wider into the transition, you know, arena, that being said, on a, looks like, a disciplined manner. When you're evaluating these new opportunities, Westinghouse look like, you know, wi... | Rob, great question. And you're absolutely right. Part of the reason why we love Westinghouse is it's a large-scale operating business directly tied to the clean energy transition that, if you look at the underlying cash flows, they actually have a lot of parallels to the wind and solar and hydro businesses that we've ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6a5928e97416a36efd6d8c4bf00631c1 | I want to follow up on the accelerating capital recycling initiatives of mature assets to bolster the liquidity position and crystallize return. Can you give us additional comments on any focus with respect to technology or region, what you're concentrating on, where you see the better relative opportunities right now? | Certainly. Perhaps, the simplest answer is we see the greatest opportunity largely in the sale of wind and solar assets. We certainly have a very rapidly growing platform. And whether it's through M&A or through organic development, we're constantly adding more of those assets to our platform, which provides us tremend... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
deddd7af6b46ab2eb40e39c8cde7562f | And on the M&A opportunity set, you focused more recently on private opportunities. Can you give any updated broader thoughts on valuation trends for private opportunities versus public opportunities, given the extent of volatility in the latter group? Any particular focus that you're concentrating on? | Definitely. Great question. So, no doubt, there -- the opportunity set in the public market space for us around potential M&A is higher today than it was six months ago, or it was 12 months ago. So, we're actively monitoring that space. But the point you've highlighted also illustrates another dynamic that we're seeing... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0e22c4ec0e07ea3b07451b57dbfbfc35 | On the development activity, you're looking to build out 10 gigawatts over the next three years. Can you comment on how the supply chain interconnection queues and offtakes are evolving to support those growth targets? | Certainly. So, great question, Rupert. And this is something that's been topical for a number of quarters now. And we will remain consistent. Managing through supply chain disruptions, we are not immune to that. It is something that has impacted the entire industry. But the way we would classify it for our business is ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
880709901eddf1e778d8893e215b8af3 | And with the competitive environment, do you see adequate access to interconnection and a fair price and optics as well? | It's a great question and we're glad you asked it. Interconnection is something that we feel -- an interconnection queue position is something that we feel has been dramatically undervalued within our sector for years. And when we make investments, particularly on the development side, we always take into account where... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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