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eaec0e36a38ddf5cccecd3ee67a8149a | My first question, maybe just a kind of a broader question around your renewable deployment strategy in Europe. I think it was a couple of quarters ago, you talked about, you know, accelerating investment in places like Germany. Just curious what you've seen recently in terms of, you know, advancement of projects there... | Certainly. One dynamic we are seeing in Europe, and this will come as a shock to no one, is the increased importance and heightened focus on energy security. And well, right now, the delivery of gas dominates a lot of the headlines as it pertains to European power markets. Something that is happening in a very, very la... | direct | [
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5702001f8177e4cac4694943a0add2c1 | Maybe just one more for me on the Westinghouse acquisition. I'm just curious what kind of timeline and, I guess, a magnitude of opportunity you see with the micro-reactor technology. And do you have any thoughts around, you know, which jurisdictions would initially make sense for that technology? | Certainly. So, one of the reasons we love Westinghouse is no matter where nuclear grows, Westinghouse is poised to benefit. If the growth comes from upgrades or life extensions of existing power generation plants, Westinghouse is well-positioned to benefit from that. If the growth comes from new buildout of large-scale... | intermediate | [
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f7bcf23942ec9a57ddc45e94c492c3b4 | So, just my first question, you touched on this earlier, but I was hoping you could provide maybe a bit more color on the investment in the U.S. recycling business. You know, what made that an investment there attractive to Brookfield? And then, maybe you could discuss the timing of that transaction, just given the rec... | Certainly. So, maybe just to take a step back on that investment in particular, why we like it is it has many similar dynamics to development of wind and solar. Obviously, there's a clear decarbonization angle. But really, what the opportunity there is not dissimilar to when we buy a renewables developer. This business... | intermediate | [
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e61c2e9270b575a43685155b7a3364f2 | I mean, could you speak, you know, broadly to what you're seeing in terms of asset prices for traditional operating renewable energy projects? And have valuations started to come down just to reflect the higher rate environment that we're in? | We'll provide a very balanced answer on this. Evaluations have yet to come down for private market transactions. But let's be clear. We fully expect that they will at some point. You know, rates can't continue to rise, and valuations stay, you know, cemented where they've been for the last couple of years. So, we're ce... | direct | [
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1f6ff0384cacb8ffffce082d6fb7b084 | Great. Thank you. Good morning, everyone, and thanks for letting me in. I guess, Miguel, where I'd like to start is just on the transformation plan. And I guess the question is, what are the big mile markers you really need to achieve to get us from this kind of stabilization phase to back to that expansion? And, where... | Good morning, Jason. Nice to talk to you. So basically, our term plan is kind of divided in two. One is fixing our core business, and the second part was to meet the consumers where they shop in various parts of the world, which is our omnichannel strategy. And obviously,we had a three year plan, but there were a few t... | intermediate | [
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b66a6cfccf0f9b926e2a4ae0e4dc06f4 | Great. Thanks for that. That's helpful. And then I just want to spend a little bit of time on the price increases you've been taking. Obviously, come across a number of markets, pretty substantial. Can you talk about the demand elasticity you've seen in response to those price increases and whether you've seen any pull... | Hi, Jason. It's Mariella. Yes. We have not priced in more than three markets throughout the course of Q2, and it varies from 3% price increase to 56% price increase depending on the country and inflation conditions. And with that, we are analyzing the effects on volume. We see in some countries that, yes, some groups o... | intermediate | [
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105941daf257681b135f0b480c70b8f8 | Good morning, and thank you for taking the questions. So, I guess as for us on the cost side of the business. So just curious, since the end of the second quarter, have you seen any meaningful changes to your costs, specifically resin and logistics? | Anthony, hi. It's Mariella. Resins continue to be in an inflationary environment, primarily due to the situation in Europe, and in our PNL in Q2 we receive a cost increase between 9% and 13% for resin costs and in a similar fashion increase for freight and distribution cost. For the rest of the year, we are predicting ... | direct | [
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ff58b3eac6c27707d28ca8c1f7a29fbb | Got it, thanks. And then with the changes that you made to your credit agreement that you announced today, how should we think about your cash flows and your leverage ratios for the back half of the year? | Yeah. So we, we negotiated with the banks an amendment to create more flexibility and be able to invest in our turnaround plan initiative. So we will continue to restructure, restructuring parts of our direct selling business, mainly in Europe. And as far as the covenants, we have plans to continue using our debt capac... | intermediate | [
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83fde3b32a0c78ed433d35265050e8ca | You got it. Thanks. And then as you look to continue to transform Tupperware and into the new sales channels, I know you've made some strategic hires. Miguel, are you satisfied with as far as the executive team, do you think you have the right people in place or do you think you need to add more talent to make this jou... | So, I think we're good now, mostly in Americas, I feel very good in some parts of the rest of the world, probably in India, we might bring a couple more new executives. But it's not only bring in that [inaudible], but also the teams that actually execute on that, on the strategy and they operate under those circumstanc... | direct | [
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e382fc97f7c1fd8e74ceb397ccc31fde | Got it, thanks. Okay. And I guess, lastly, your tax rate has been kind of all over the place. Any sort of any thoughts about how should we think about the tax rates for the back half of the year? | Yeah, Anthony. The description all over the place. That happens when you have more than 50 different tax rates and growth patterns in different countries. So the tax rate, the adjusted tax rate for the quarter was 45% and that was slightly lower than the 52% reported in Q1, but higher than what we reported to last year... | direct | [
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be049700ab1afe4278307eced607e864 | Yes. Hi, and welcome, Mariella. Thank you. I was wondering, I think one of the things that was mentioned in the quarter that affected SG&A expense was higher technology spending. How much investment in technology do you anticipate in the remainder of the turnaround efforts for the company? Because you do have a lot of ... | Yes, Linda. Actually, that was one of the reasons why I join Tupperware, I do enjoy and modernization with technology and use and digital tools to make their job a forward that excel in workforce more full. [inaudible] that is a multi-year plan that I am working right now to be presented to the board. And these will ma... | direct | [
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ef265e7913d00267c9ce8c1291be9522 | OK. Thank you. That's helpful. And then, I think, Miguel, in your commentary, at one point you said something about you expect improvement sequentially. So I wasn't sure what you meant. Do you mean in the decline of constant currency sales, like the decline will improve sequentially? Did you mean profit, EBITDA will de... | So in one word, all of the above. Right. We would expect and one of our values in the company is that we always improve. But more specifically, we've been, obviously facing huge headwinds. And you've got to believe that sometime they're going to they're going to lower. And we are prepared and we are obviously maneuveri... | intermediate | [
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050b3170b91881428e92bf5353c6096d | OK, So, can you just talk about as you expand more the omnichannel strategy in the U.S.. There were probably some costs in the second quarter related to that. Do you think the costs or the investment in the PNL to execute on that will increase materially more in the second half? Or does the second quarter represent an ... | I think in terms of the investment is going to increase, but also revenue is going to hit. So it's going to come because we so far, we only invested, but we haven't got any revenue or meaningful revenue. But starting toward the end of Q3, and Q4, and go ongoing, we're going to have a lot more investment around obviousl... | direct | [
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2de7b0cfb01cceae01a26ec05e9ca6df | OK. And you touched on your your cash flow performance. And certainly we can see the operating cash flow in the first half was worse than last year. So can you explain why that is? Because you're supposed to be working on reducing excess inventory, which I would expect would release cash flow in a positive sense. So wh... | Yes, Linda. In Q2, our cash [inaudible] was better than in Q1 of the 70 or so million of cash of operations plus investing about $60 million was that you think you too. And what is driving their uses of cash a`re our margin erosion. As you know we decline our gross margin from 400 basis points year-over-year. So that t... | direct | [
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73f4c82178a4c978510ae86e19fefa04 | OK. And then when you mentioned the pricing averaging 15% increase for the year, is that reflecting what's already been taken or do you still need to take some actions to get to that 15% increase for the full year? | Yeah. So we are taking more actions. The price increases were into effect at different times of the quarter. So you don't see the full effect in Q2. You will see more of that benefit come in in Q3 and Q4. | direct | [
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bbf051360d56cc66511f57278ba17ae6 | Ok. And then on the retail initiative in the U.S., you mentioned initiatives at HomeGoods and Bed Bath and Beyond. Are you talking about online initiatives or are there actually products that we can see in the stores at this time and those in those brick and mortar stores? | So, as I mentioned in the script, those were what I call pilots and tests for us to make sure that our pipeline is working, supply chain, our systems and everything. Right. I think the product that we sold to them in, let's say in HomeGoods, I think it's already gone. I think they already sold all of it. The Bed Bath a... | direct | [
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27bb2e0148d61cbf42259195e365777b | OK. And then, just finally. I mean, I guess. I'm sort of wondering, I mean, if profitability, meaning EBITDA, will improve sequentially in the second half, why was there the necessity? I'm still not understanding. In order to get that credit agreement amendment and to raise that leverage ratio cap or whatever for the s... | Yes, Linda. EBITDA is suspected to be true, but also we are accelerating some of our restructuring initiatives. As part of our turnaround plan, primarily to take action in Europe as we have had a more decline in revenues than originally anticipated, as well as in Asia. So, you will see some cash required to restructure... | direct | [
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3dbee42d9356a8446a6beb3b0e6564c5 | OK. Thank you. That's very helpful. And then one last one, on your share repurchase. Just can you clarify what your stand is right now? So you've completed the accelerated share repurchase in terms of what you're going to do going forward. Is it your focus on debt reduction? Or could there be some further share repurch... | Yeah. Well, first we did finish the share we purchased a in May, and we repurchased 4.9 million shares. That had an effect of $0.09 to EPS. And then, uh, we have a still remaining 150 million in capacity for additional of 250 million. And but at this time, we do not anticipate additional share repurchases for the remai... | direct | [
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031cac38563eadf6fe4130fb28472f9a | I guess, the first question has to do with just trying to understand, Paul, the interest rate sensitivity you just went through. When you say the next 50 basis points that we've had rate hike one and then the second one would be $124 million. This 50 basis points, can we consider that -- this year, it looks like there'... | Right. So we haven't mapped it all the way out, but I can tell you that the incremental numbers stabilize after maybe about three rate hikes. And that's because the rates are high enough that we're now paying customers credit -- interest on their credit balances. And so, we're earning our spread. And the incremental am... | direct | [
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5025225e6c4226c4249bbc80e053bbe5 | I just wanted to get your view. People are trying to understand and grasp where the retail investor is. And it looks like if I had -- if you could sort of guide us, it looks like the more sophisticated trader, it's still pretty strong, given the size of your trades went up and a little bit more tilted toward futures. W... | So aside of the semi-sophisticated, the more sophisticated, I think, are -- just are trading away. They basically tend to focus more and more on options. And within that, they tend to do more and more vertical spreads. And what we like about vertical spreads, of course, is that it's a very strategy just as much in down... | intermediate | [
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8a0a57b8aedeebf0ee47cbe44b52e573 | So in the prepared remarks, Paul, you commented how much stronger the organic growth rate is today versus before 2020. And that's continuing here into a more challenging backdrop in 1Q. Overall, what do you attribute this to? And Thomas, I know you've had target out there, I believe, around 40% going forward. But what ... | Well, I think my target was 30%. So I certainly don't believe that we will get 40%. It's possible, but extremely unlikely. And I'll be very happy with 30% account growth. And even that is -- those new accounts as we keep going over that fact the new accounts tend to be somewhat slower -- smaller, although we do have se... | intermediate | [
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0881f147302b9db3c0bcb592fd37cf7f | And then, just turning to capital return, you have $10.5 billion of equity capital now. Is there a level where you can accelerate the return of capital to shareholders? And is one reason you have so much capital also because you're trying to win hedge fund prime business where the size of the balance sheet is critical? | You're absolutely right. We are going to keep on accumulating capital and firming up our credibility in the eyes of the investing public. | fully_evasive | [
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524e7a2218649c63adc1b904e810ccee | Just want to clarify, Paul, one thing on the rate sensitivity. So in addition to what you said for the next two hikes, but every 25-basis-point hike after what would be the first three, it will be a $50 million benefit? Is that the way to think of it? | Roughly. But, of course, that's assuming no change in balances. And if our balances grow over time, those numbers will go up. | direct | [
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d0790f78788de42be118114cfe915585 | Right. And given you haven't changed your investment philosophy, but obviously, the backdrop for rates is a lot different today than it was three months ago. How are you thinking about that potentially as the year progresses and the rate backdrop changes? Should we see a shift? Or should we anticipate a shift in invest... | No. So, look, I very strongly believe that Fed rate hike will have to go much higher to slow down inflation. That's basically -- we still have a negative 8%, right? So I think that's just going up 2% or 3%, and being a negative 6% or 5% is not going to be good enough. So I think that rates could go as high as 4% or 5%,... | direct | [
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02552b1e69ebc401eb1c9146858162bd | Just because you haven't historically had, I guess, much exposure to IBKR investors in this forum before. Just wondering if you could share a few maybe high-level thoughts on the state of the business, what opportunities you're spending the most time on operationally? And then what segments or initiatives that kind of ... | So thanks for your question. I feel like Interactive Brokers is firing on all cylinders. We have a lot of projects that we are currently working on. We are still spending quite a bit of time on increasing our scalability. Our goal is to be able to service 10 million accounts -- 10 million trades a day. We're getting cl... | direct | [
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7e9cfb81a6e32dc48f9e1dd58aafd42c | I guess, for a follow-up question maybe for Paul on the expense side. I think fixed expenses in aggregate were $179 million in the first quarter. If we compare that to the first quarter of last year and even excluding the, I think, $19 million or so of onetime Brexit expenses last year, the fixed expense growth rate wa... | So by design, we've been increasing staff to accommodate our growing business, especially in client services, but also, we've ramped up compliance over the last several years. So that's by design. And so, when you see those numbers increasing, we're expecting that. And in fact, we're hitting our targets, I think. And r... | intermediate | [
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cb3ffe0393764b050701777ecaca0643 | Got it. So it seems like this type of growth rate is fairly good to assume for the remainder of the year. Is that fair? Is it now high single digits or low double digits? Just trying to get a sense of the growth rate we should be assuming in our models. | I think that low double digits are closer to the target than high single digits. So we are continuing to expand in customer service and in the number of geographies where we are establishing subsidiaries. So I would think that the 15% increase is probably a good guess. | direct | [
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e67e4660fd55a868583ebbb2816dfd36 | I wanted to ask about the yields on margin balances, so a nice increase sequentially and year over year. I know you had some pricing changes in there. I'm just wondering if you could parse out what was driven by pricing changes and also what was driven by the recent Fed hike? | So what we used to do in quite a long time ago was that our margin rates were between half a point and one and a half points over Fed funds. We have increased the bottom of that so that we are between 75 basis points and 150 basis points over Fed funds. That's the only change we have made. | intermediate | [
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904c29d47bf7a8795993c9c7e6f8a6e7 | I mean, I'm trying to figure out with the execution and clearing costs obviously ramped higher from where it had been running. You attributed some of that to futures activity, but the OCC fee waiver, which had been in effect for the tail end of 2021, that went away. So I'm just trying to figure out the differences both... | Yes. Most of it was driven by the futures. There was an impact from the OCC fee holiday at the end of the year coming back. It didn't come back at the full rate that they started last year at. Last year, they started at a higher rate, dropped it toward the middle of the year and then put a fee holiday on for part of th... | direct | [
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e4eb81dceea5138a140a59d6876cc293 | Thomas has placed, I guess, the highest priority, the highest standard on technology driving Interactive Brokers' success. And, I guess, from your standpoint, which of the areas in the technology really differentiate your -- can you talk about your platform? How you see the platform and how it sets you apart from some ... | Hi. Thanks for that question. I think what sets us apart is the fact that I view our company as a technology company that applies its skill set to the financial industry. So we have a lot of programmers, a lot of technologists working for the company. As you may know, Interactive Brokers started as an options market-ma... | direct | [
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4a4dd5ba6934355c1007db5ebabf5e17 | So we did see some deleveraging or margin balances contracting a bit in a couple of months, I believe. And just trying to understand, we saw futures go up. We've seen the Russia-Ukraine event sort of stall, I guess. So it appears that there was a lot of trading maybe in February with derivatives, but it seems like it's... | So look, I mean, the way it works for us is half of our customers practically never trade. So something like 52% of the customers do three or less trades a year. Now, set that up against the remaining 48% where the average customer with $100,000 of assets in these account trades 230 times a year. And from there on, for... | intermediate | [
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2e8bc2b79efaff3138ebbb7e8f11957c | Thanks for taking the follow-up. I had a question on the mix of new account growth with 133 million accounts by geography. Any commentary on what it looked like on the way in? And I was particularly interested in Asia and Eastern Europe. And also, any commentary on clients closing accounts or redemptions on the other s... | So we didn't really have redemptions other than the Futu and Tiger Brokers going away, right? And there were some European introducing brokers who were extremely active in last year, and they have -- their activity has drastically diminished this year. But so tell me again, what is it that you would exactly try to find... | direct | [
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7ca01ba3b1e527babbe7f22c0be89fd1 | You talked about expense growth, I think, in the low double-digit zone. But also, how should we think about operating leverage? Should we really think about the margin really capped kind of in the high 60s and really a ceiling where we are here? | Well, we find it very difficult to go over the hurdle. We keep thinking that all these days, the growth will just exceed the continuous hunger to build new things, and the growth on the backbone that we have built up to that point is going to exceed the continuing spending on new investments. But we haven't seen that h... | intermediate | [
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92550b955af61ede9b572cdf0979509b | You spoke about how IBKR has been and always will be a technology-first firm. But the company has also been putting a lot more focus on marketing. And in the prepared remarks, you spoke about growing the marketing spend. Just wondering if you could talk a little bit more about the marketing strategy, the shift in that ... | So marketing is obviously extremely important. It doesn't matter what kind of technology we build for our clients and how low-cost provider we are if we don't tell anybody about it. So we have to explain ourselves very well and make ourselves attractive to the investors. So marketing is extremely important. We have bee... | intermediate | [
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91be2d753bedd2ef9bf3ecbb3bc19f70 | Guy, you maintained your full year revenue in ARR guide despite incremental FX headwinds, which was really great to see. I guess can you help us with how you thought about or incorporated second half macro uncertainty in your guidance? In other words, does it assume conditions kind of stay the same? Does it maybe worse... | Absolutely. So we take a very responsible approach when we look at guidance and factor in what we see in terms of the pipeline, what we saw in terms of the results in Q2. And Q2 was a good quarter for us. It was very strong in what we can control. And when we look at kind of our ability to execute well, we feel very go... | intermediate | [
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1dc5f3484d87ab625a926aef370a4bfd | Guy, I think you gave about 400 numbers, and I greatly appreciate that, but I humbly ask for a clarification or maybe just a few more. Regarding revenue and ARR headwinds, was that total year-over-year headwinds related to FX? And if so, what was the incremental headwind to ARR and revenue since the last time you gave ... | So Joe, as you mentioned, there's a lot of numbers out there. So I want to be kind of very concise and make sure that everyone understands that we don't start confusing everyone, and there's a lot of numbers out there. So when you look at the FX headwind and when you compare that to when we actually gave guidance, and ... | direct | [
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78d52cbe536a5d04a4b4103620197803 | Thanks for taking my question. Hey, Guy, just to some of your commentary around the observations in the EMEA business, climate, I think you were very clear about things you can control versus things you can't. Maybe you may be a little bit more explicit on, a, what you can control? And b, give us some examples of thing... | Absolutely. So I'll start by kind of giving some of the numbers. When you look at the reported number for EMEA, we grew 11%, but that truly doesn't reflect the underlying business performance. And when we talk about what we can't control, obviously, there's the FX headwinds. And just to remind everyone, we price in loc... | intermediate | [
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f219fb900911ed454ba5685c1e0d468e | Thanks for taking my question. Guy, would like to just ask about your -- any changes to your hiring plans going forward. Versus your initial plan, obviously, you've cut back on some expenses, I'd love to dig down a little bit deeper into where you're hiring or continuing to hire? And what the plans are throughout the r... | So we're definitely continuing our hiring and making sure that we can truly capitalize on the longer-term opportunity. I think when you look at our philosophy, and it's not just in the last couple of quarters. But if you look back for many, many years, we've been very much focused on top line growth, but at the same ti... | intermediate | [
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8f90319211553cd086995bb1f8734431 | Good afternoon, and thanks for taking my question. I was wondering if you could, building on Fatima's question, maybe address deal sizes. And on larger transactions, are you guys seeing incremental sign-offs like other vendors in the market? Or is it kind of business as usual, especially as you look at that North Ameri... | North America, it was business as usual. In Europe, we see more C-level scrutiny, but thankfully due to the forces, they are signing on orders. The other thing that historically, at least worked very well for us is when customers are doing thoughtful process around purchasing security products, we usually benefit from ... | intermediate | [
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93bdf72450c9377602af4b5a50550cbc | Thanks for the color guide. I think definitely you guys deserve congrats on quarterly performance and guidance in light of everything going on. I think you might have put many concerns to rest with this set of results and guidance. So I just want to make sure that I get it correctly. If we adjust for constant currency,... | Absolutely. So when -- based on today's rates, the Q3 adjusted revenue growth is 29% at the midpoint. And the full year adjusted revenue and ARR growth is 30% at the midpoint. And like you mentioned, that includes the impact from Russia. So July started strong, and we feel very confident with the second part of the yea... | direct | [
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e40f5b0aa7b8a38688606a4d4442732a | Hey, guys. Thanks for taking my question here. Guy, maybe just to mix it up a little bit. I was wondering if you could just talk a little bit about the bundled pricing a little bit, right? That really started in earnest last quarter. Maybe the question is, what's been the reception from the sales team? And just any ear... | Absolutely. We were very pleased with kind of the bundles adoption in the second quarter. The sales force adopted it really well. We see good reception from our customers. Just to remind you, though, all the bundles that we sold this quarter were already deals in motion because our sales cycles are between three to nin... | direct | [
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93e3f43fabcc2e10cbf80ec626e51899 | Hi. Thank you. I just want to go back to ARR. I think you just said that the adjusted ARR growth for FY '22 is now 30% factoring in FX and Russia, which is about five points lower than it was last year. So given all the new licenses you have now, which I think you're over 40% now. And the new bundles you launched last ... | First of all, it's on a much larger number. I think when you look at the ARR growth factoring in the headwinds and looking at the Russia numbers 30% at the midpoint is a number that we feel very comfortable with and feel very good with. I think overall, the trends of the business and the adoption and licenses and our c... | intermediate | [
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57d49d951002e38c49ea4f39a93275c1 | Great. Thanks for taking my call. So just on Microsoft's call last week, they were talking about their Microsoft Office commercial products and their server-based products, in the quarter, there was a little bit of weakness, especially SMB-related, and I guess it's all about how you define it. But I guess more importan... | We are under penetrating the overall market and even within our customer base, and the penetration is not a concern. And our main customers with Office 365 that need our detection capabilities, we are going to execute and try to help them. So overall, like market penetration and single-piece nature is not a concern. | intermediate | [
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bc8c8ff792e00fd1b7ce1dc16008000c | Got it. Then maybe a follow-up just on -- Guy, on the operating leverage on a kind of constant currency or back out nature, I mean, looked good, and it seems like the messaging is there's more to come or expect to see significant operating leverage going forward. I mean, just looking at -- and I appreciate the FX headw... | Well, I think when you look at the operating margin, just being at midpoint at just over 7% with when you think about the U.S. dollar and shekel headwind that is kind of another 200 basis points of a headwind for us, we're showing operating margin leverage, I think there's a lot of ability for us to expand but do it --... | intermediate | [
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6a44b44c20c0eba6ccfc3924200a4e25 | Hey, guys. Thanks for taking my question. Two quick clarifying questions for me. Yaki, to follow up on Rob's question earlier, did you say that you were seeing more new deals currently in Europe or no? | Yes.Europe, yes. It Started in Q2. So just during Q2, we saw more scrutiny, but thankfully, also, you see the scrutiny, but customers are buying. But definitely, there is no C-level scrutiny. | direct | [
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64ced3d494b52e8ec3be2a3dec299e8e | OK. And then, for Guy, you said the FX headwind for the -- in your full year guidance was over $10 million for 2022. When you go back to your -- the full year guide that you gave back in May, what were you assuming for FX headwind back then if you recall? | The over $10 million is versus the February guidance that we provided. And with the Russia impact, you get to approximately $15 million of headwind. So the additional FX compared to last quarter's reported number is approximately $2.5 million of additional headwinds. | intermediate | [
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3fb19b3f5c217a2c42c535e026db1040 | Yeah. Thank you very much. So we're currently in the seasonally stronger federal quarter. And I think in the past, it was like mid-single digits or insignificant. Can you give us an update on how large it is now? And what are your prospects for federal in the current quarter? | There is a very good pipeline entering this quarter and it's continuing with the existing customers, and we believe it should perform very well. | intermediate | [
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cc202554b5c4e58b643aa0dc0edc69ee | OK. And just looking at the geo segmentation, your adjusted for FX in Russia, your Europe growth decelerated from 29% Q1 to 25% in Q2, but your North America growth stayed strong at 31%. And you just made a comment that you're seeing additional deal scrutiny in Europe. I just want to be clear because some other compani... | At this point, no. | direct | [
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3f620220d530ee6a2c6328cd6c83d512 | Hey, guys. Thanks for taking my question. Just a clarification for me as well. I think you mentioned an enterprise license agreement purchased in the quarter. How does the duration of that ELA compared to your traditional licenses? | So we've actually seen sales cycles stay the same. And if you -- it's not just with the ELA, what's very good and very positive for us is that since we sold licenses under the perpetual model and you kind of look at the additional licenses that we sell under the subscription model, significantly higher number of licens... | intermediate | [
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2bac1cc28a38cba63b09c5589dc8cae3 | So, as we're thinking about the potential safety differentiation relative to what other complement approaches, can you help us contextualize the CMB rate scene in GATHER1 and potential baseline characteristics of the population involved that might have influence that somehow? And -- and, perhaps, how that could look li... | Let's just talk about the fellow CNV in eye first. The first thing I'd like to share with you is why we excluded patients with CNV in the fellow eyes. It was entirely due to concern about compliance and protection of the integrity of the data. Such a patient would have likely had to return to our clinic multiple times ... | intermediate | [
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35c14c316f6b58cb6c26fa7124d95a65 | We're wondering if there's any reason that Zimura can't be formulated in an extended-release formulation. We've been seeing a number of different extended-release technologies for wet AMD, DME. Just curious about any progress here. | No, to answer your question, no. There's no reason why we actually think that the properties of Zimura which is an aptamer chemically synthesized aptamer, lends itself quite well to those types of technologies. And of course, we are always looking at -- at those types of technologies in the background. But I'll just ad... | direct | [
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136388ead4661f396c09828cdcc314e2 | Hey, just a quick question from me. Maybe I missed it earlier but do you attribute, you know, the enrollments, you know, the positive trends in enrollment. Is it purely enrollment and patient recruitment or, you know, how is the dropout rates looking compared to your expectations? In other words, is the dropout rate be... | As we said on the call, very happy with the enrollment in the trial. It's trending ahead of schedule early days so as it relates to dropouts that's not something we would talk about but I think the important point is that we also spoke about retention and that retention was just important and keep cover the number of t... | intermediate | [
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2a4430a866617ebd7bcbcb60de9183ec | First question is regarding the lessons learned from COVID-19 regarding the game business. Many game genres have become very popular during this period, no matter it is mobile or shooting games and also casual games as well. So in terms of user acquisition, retention, game genre, development strategy, do we have some n... | Firstly, on games. During the pandemic, we have seen games becoming a sense event for family members staying together in-house so they have more time spent together as a family as a whole to get joy and excitement and some relief from game as a broad entertainment. It is also a boost to new game users during the past q... | intermediate | [
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009a28b955642d7f922ef80c3802aeee | My question is on your gaming business. As many other companies are seeing the normalizing trend of the gamers' traffic and activity post the lockdown lift off, how does that trend looking for NetEase games? And how should we think about the offsetting factor with your deferred revenue for the second quarter and also t... | So he commented Alicia, I think your observation is right. However, that is a short-term volatility. I think across the board, as you mentioned, other game companies and us might be seeing. However, William emphasized that the growth engine of NetEase games is our ability to continuously produce in-house and launch new... | intermediate | [
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1287c010978b03e87e50cd0b11dc48bd | So I have two questions. First one is regarding the PC game. So your PC game outperformed the industry despite a hold-off operation of the [Indecipherable], which is quite encouraging. It would be great if management can share with us some thoughts of the future outlook for that segment. And second one is regarding Har... | So firstly, what we observed is that during the global pandemic, PC and console games, in general have seen an increasing trend as more people are spending time at home. And it is not so much correlated to the Internet cafe's operation as you can see from our game results because our PC games are legacy titles running ... | intermediate | [
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29960838e7a37e6a323de68c6a8e8575 | I have two questions. First question is about NetEase online gaming business. Just wondering how much of NetEase online gaming revenue was contributed by overseas market in 1Q? My second question is about NetEase music business, according to various media reports, it seems to me NetEase music has accelerated the purcha... | Jialong, first question. Overseas, first quarter our overseas revenue accounts for slightly more than 10% of our total game revenue, consistent with our level of last year, but we are very confident to continue to grow and even very strongly to grow this revenue contribution from the overseas game market in the next th... | intermediate | [
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7d2c453360cb64858b2db4380f402746 | So my question is about the new game launch. Historically, when we have a big year of a lot of new games to be launched, typically the marketing spending ratio would go up. So just wondering what could be the pattern this year? And whether there would be different ways to promote new games? | Okay. Yes. Eddie, your question is on our outlook of marketing expenses. I want to reemphasize one point. NetEase games focuses a lot on self-developed in-house developed games. As such, we are always excited about our lineups of new games. Whenever we consider promoting a new game, it is always a return driven exercis... | intermediate | [
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88f2cd061d836bd6607657444855c341 | My first question is on the cash allocation. We have very good cash flow on our core business and also a very solid cash balance. Just wondering, should we think about the enlarged stock repurchase program and perhaps further stock repurchase program as a more occurring practice down the road? And the second question i... | Okay. Alex, for your first question, our treasury policy is always very prudent. We are one of the very, very few tech companies globally that pays a regular dividend. In fact, we've been paying a regular dividend since 2013 and we will continue to do so, returning value to our shareholders, especially long-term shareh... | intermediate | [
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dc5f7528476e5bb7a4be105d4a9dcbac | Post the COVID-19, do you think that it actually changes in terms of how we view our overseas games expansion trend? What are the new opportunities that we also see? And how do we see our target in the next three years to five years? How does that change or that remain the same? And then in terms of your upcoming game ... | So firstly, how the pandemic situation globally would affect our thinking of game promotions, particularly in the overseas market. William's commented that generally speaking, the pandemic situation requires people to spend more time in house. So it is a structural tailwind for overall activities that happen at home, p... | intermediate | [
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0e4f9af0a4f7e4395f91612e45a2bd48 | I have a question, back to the music business. Given the fact that we have been also monetizing for the live streaming business models, can you comment about how we should think about the competition in the live streaming space as well as the competition with short form video? | So broadcasting is just one way of us thinking how we can monetize on our NetEase Cloud Music platform. It is not the only way and we will continue to explore different and innovative and diversified ways of monetization in a sensible and user appealing way. And -- but the essence of us, the biggest ambition and the mi... | fully_evasive | [
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cdd5cb33a1285b8a8c7773f02e88621e | I wanted to ask you guys about the shortages of cans you're experiencing. Could you give us a sense of how big of a driver that was of your gross margin contraction in the quarter? I mean was it the bulk of that, for instance? And I'm curious to hear if the situation has deteriorated further in April and May? And then ... | Okay. So maybe I can get that, Bonnie. So what happened when we set our can requirements with our can companies about a year ago, we estimated that our sales would be 10% to 12% or up this year. In fact, as you can see, they are substantially above that. So whatever we contracted for, we've got. What happened with our ... | intermediate | [
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29d36eba4e1b50d092b47d38702e1836 | Yes, good evening everyone. And actually, I want to dig a bit more in what you're just saying in terms of gross margin. So you mentioned freight, so I understand that's the number one. The aluminum cans, you mentioned also, I mean, promotional activity. So if we were to put some numbers, I mean if freight, 50% of the i... | So Laurent, we spoke about the first quarter. In the first quarter, the impact of the aluminum can costs were not a major factor. And as you know, and everyone else on the call probably knows as well that we have suffered significant and will suffer significant increases in aluminum costs going forward. So for example,... | fully_evasive | [
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e1c773a67afb7822717940bac4039e2e | Hi everyone. So obviously, a big number quarter-to-date. And I guess the question is, with the aluminum supply shortages that you have, are you going to run into some issues with the ability to fill that demand? And could that prevent you from doing some things that might help with your gross margin, which sounds like ... | So that's obviously something that we're very aware about on pricing. I know what some of our competitors, some of the big beverage companies have spoken about with regard to pricing. But I'm not sure that we would take -- move ourselves. Last time we went ahead and did it irrespective of Red Bull's strategy with regar... | intermediate | [
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01ec8489b349fc4aaa7c79ddcd624e64 | Thank you and good afternoon. On the True North Organic Energy launch, should we assume that the impact will be mostly concentrated in the second half, and particularly in 2022? And does that mean you have decided to remain in the alcohol segment and you're not launching a hard seltzer for now? And then, Hilton, on the... | Perhaps I'll take the part of it, and Hilton can take part of it. On True North, we are, as I indicated, we are going to have limited sales just going into and seeding the market this year. The full launch and rollout will take place early in -- from the beginning or early in 2022. So it will -- we think it will have a... | intermediate | [
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0cc9a6d437b106370bcd2d934ecf7dd4 | Yes, hey. Thanks and afternoon everyone. I guess, don't kill me, I'm going to ask a bunch of follow-up questions here. So hoping to restrain yourself for a second. I guess on -- are can shortages impacting your U.S. market share, if not, or if they are, could you maybe just talk about kind of what you're seeing in the ... | Okay. So where do you want me to start? So I think it is fair to say that other stocks have impacted share. I don't know how big that impact is. And I'm not going to -- because honestly, we don't know. But what we do know is that Red Bulls on-premise has moved into the measured channels. There's no question about that.... | intermediate | [
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efdba5aa6a4c5afb01aa6d14819050fc | So just one quick clarity question and then one broader question. Just -- it does sound like there's a little bit of demand impact from the lack of full supply on the aluminum side. Are you expecting that to be a significant issue in Q2 before it gets better and you get some of this incremental supply in?
Just trying ... | So maybe I'll just take the first one, and then we'll get Rodney to take the second one. So Dara, if you look at April sales, for example, and you take out -- you strip out what happened in 2020. And you can see that there was a very big impact in sales in the second quarter and a very positive impact.
So it is presen... | intermediate | [
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9e2f14ec4317091e0837b6c69f8e0522 | Just ask kind of a two-parter on optical comms. It sounds like a lot of positives in the industry there. Could you just talk a little bit about how you see kind of the cadence of growth for that vertical as you see these positives emerge in both the service provider and the hyperscale markets? And Tony if you could jus... | So first on the cadence for growth. At this time, we're in a place where what is -- that if we could make more, we could sell more, and that's where our attention is. So our cadence is going to relate more to that than normal seasonality that you'd see in optical communications. And so we expect that cadence to continu... | intermediate | [
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cd63bb55a5ea1802381545c5f0727701 | Yes, thank you so much. Thanks for all the details on the display side of the business affecting TV unit growth and screen size growth here and in this year and potentially next. Now you had very strong pricing performance as well in glass in 2021. So how sustainable do you view the current pricing environment? Do you ... | Thanks for the question, Wamsi. I think it's a little early for us to be able to give you some guidance on how we feel about pricing next year. Without doubt, our very long-term strategy that we have been pursuing here continues to bear fruit and we're seeing pricing stabilization continue to improve throughout that ti... | intermediate | [
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0fbd92eb375f3d3bf2f488079014fc7b | Great. Thank you. Some of the investors have cited caution as it relates to end device demand. I know Tony talked a lot about TVs, but maybe if you can talk about notebooks and smartphones and how you think about your components as they go into those two end markets and if there's any risk of excess inventory in the ch... | Thanks, Asiya. So let's start with the first part. So in general, remember our outperformance in the market is driven by our More Corning strategy. I know there's a number of great examples but one, of course, is smartphone demand where over the last number of years smartphone demand has been pretty constant, right. It... | intermediate | [
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85ab81e1716d06f80586528ac5ecd955 | Great. And then on the auto glass opportunity, I know at one point I think you guys had talked about being able to provide more color on that to a point where it reaches a certain run rate where you can then call out auto glass. Is that something still in the works for 2021 or just given all the bottlenecks in automoti... | Great question. So things are going great for us right now in auto glass and we should get around to figuring out the right way to update you guys on that progress. So everything is going fine with the innovation, everything is going fine with the industry. We just have to get our act together to decide how do we best ... | intermediate | [
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44591b7b595629e7b135a8eee56fe14e | Thank you. Nice quarter. When do you think gross margins will be back to pre-pandemic levels? | So right now, we're clearly facing a lot of supply chain disruptions and inflationary pressure. And what we saw in the first quarter was of course a lot of that you know relative to freight and logistics. We had plans to mitigate that. We actually did those mitigations but then there were other things that occurred, pa... | intermediate | [
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0a25098652f10d4bdbb17241d1b34020 | Thanks. Good morning. Just one more on margins the investment spending on your specialty materials that you called out, can you give us a sense for how big that was in terms of a drag on the operating margins and how it subsides? And then just a clarification on what you just said, Tony, so going forward on the inflati... | Yeah, that's how we should think about it. I mean, as I said, we do have some plans to mitigate some of that. We've actually implemented those plans. We just thought as we were thinking about the guidance, what happened to us in Q2 could happen to us again in Q3, where we have new areas where we have inflationary press... | intermediate | [
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19077e9bd588ce891888093c84028d5a | Yes, thanks for taking my question. Tony, I want to go back to your comment about the TV in the last part, and thanks for the detail. Well, I want to ask you is whether your key assumption for the panels that are in the channel. And I'm asking that because I'm under impression that this year we have had to refill the c... | Yes, Mehdi, the way we always think about this is what really matters over time is what happens in the end consumer demand and where the channels go in any given quarter will, of course, make a difference in any quarterly number but we're really focused on is the longer-term trend there. And as I pointed out this is th... | intermediate | [
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4cec4770736c50261c563035607ffc7e | Yeah, hi. Thanks for fitting me in. I just wanted to come back to the input inflation question. I guess, Tony, you called out the resin. I'm curious whether you guys are seeing other commodity inputs inflate and whether or how temporarily you think that stays. Do you think it's short term or do you think that that is a... | So we are seeing it in other raw material areas but the biggest one that we saw in the first -- in the second quarter was really in the resins and shipping freight, areas like that. We do think in the shipping and freight area, we saw some improvement in the second quarter and we'd expect that to continue. So I think t... | direct | [
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610a7e67e13e9784c2b69421dfb2ae52 | Hey, good morning. Thanks for taking my question. I guess I had one more on TV and kind of display segment. Tony, thanks for the color about the kind of what are you seeing in retail data. I know you got previously about China retail probably recovering and self-correcting to some extent. Just wanted to get kind of wha... | So I think from a display margin standpoint, I mean clearly what has happened is we've been doing a lot of build investments. And as we've talked about before and as Wendell talked about, when those build investments come on line, we have outstanding operating performance. And that's what you're really seeing in displa... | direct | [
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eb42f9287271214d8eb9a4758fa7c9f5 | Thank you for taking my question. Good morning, everyone. The Gorilla Glass for camera -- smartphone camera cover seems to be a pretty big opportunity and the market seems to be able to adopt that solution quickly. Can you maybe give us more context around the supply chain whether or not your solution can fit well into... | Thanks, Martin. We're quite excited about this opportunity as well. So thanks for calling it out. The way the supply chain works is we will literally provide that part -- that cover part. So both the underlying structure of the glass structures as well as the material we use to drive that composite had to be able to im... | intermediate | [
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d8cf7f083e2f16e8758fd72328ecf560 | Thank you very much. I have a big-picture question. During the script you noted build projects you've undertaken from 2016 to 2019 have an ROIC of over 20% and your kind of this is my work but in a harvesting mode on some of those. How should we think about the cases of the investments you've made over the last few yea... | So yeah, sure, Shannon. That's a great question. I mean the first thing I would say is as our focus right now is on what we call our extended capital, and that extend capital is you know how we continue to grow in our businesses. And a lot of the growth that we're experiencing right now really comes from the investment... | intermediate | [
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524c1416a9e433db1d63a47ed141fdcb | Great. Thanks. Just maybe following up on the last question. Wendell, you guys mentioned kind of supply constraints on the optical side. You've also mentioned kind of increase ROIC. You've been pretty reserved on kind of capex rightfully so kind of during a lower cash flow generation period. But as that picks up, just ... | Yeah, I think our underlying view on what capital spending is going to be this year is roughly the same as it's been since the beginning of the year. We knew we were going to have a good year, a strong year with growth, a little bit you know growing faster than maybe what we originally projected. So maybe capital will ... | direct | [
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4c8523ad199339d3ba803403f454d782 | So, cost and revenue outperformance, so, should we expect that they're on track for beating that $42 million that you're expecting this year? I believe that was a number on revenue and can you give us just any sense of contribution in the quarter? | So, as you know, we are not, Steve, breaking out specific revenue contribution. But yes, they are ahead of the $42 million plan that you said for the year. | intermediate | [
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9544803ab5f1a28b1e650a324801f9fe | And then, on the -- so, on the free cash flow guide, I'm wondering, given the reduced investment in Kinvey and then the Ipswitch outperformance and OpenEdge did will in Q3, too, maybe just some color on the potential for free cash flow upside, maybe why could the guidance -- why can't it be better, I guess, is the ques... | So, let me start with the second one first, and then, I think Paul can discuss the cash flow briefly, Steve. So, you know, we actually see our margin expectations going up, as you said, thank you, in part, due to, of course, our reduced investment in our Kinvey platform and in part due to our ongoing focus on running o... | intermediate | [
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189b450e9ad6b2d45285d812ab93f929 | Do you think just given the pivot out toward M&A and away from the organic growth strategy, is it sort of Ipswitch size the kind of the number we should be thinking about? Or do you have the infrastructure in place to do a little bit more than that? And just kind of curious how you think about your capabilities now? | Yeah. So Matt, first of all, we think that we have a very strong team in place, and we have the right infrastructure in place to be able to do these acquisitions on a regular basis and in a repeatable model. In terms of the size of the acquisition, the sweet spot, the sweet spot for us is 10% to 20% of our revenue. Tha... | direct | [
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f84c846e3055c0e627dd0d33e383514a | Now that you've operated it for a little while, I'm curious if you're willing to go into a little bit more detail on sort of which of its products are outperforming. I assume it's not necessarily the legacy stuff and maybe it's sort of the newer stuff. But just kind of curious what you're seeing and what you're learnin... | Yeah. Sure, Matt. So as you know, there are two main product lines at Ipswitch and two specific market segments they're in. One is in the area of data movement, and the other is in the area of network management. Wonderfully for us, both those businesses are doing well, so we're really excited about that. Our go-to-mar... | intermediate | [
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05b89c3384ef4fa5da8ba05089024e89 | Yogesh, with respect to your prepared remarks around the Kinvey business, I was wondering if you could just go into some further detail of why you're scaling that business back so meaningfully. I mean obviously, you're seeing some deterioration in your pipeline or just it materially isn't materializing the way you thou... | Yeah. So, of course. So, as you know, as we ramped up our investment in this area beginning late last year, we did see increased lead flow and pipeline building. And so, we had an expectation that bookings will begin to accelerate in the six to nine months later, Q2 time frame, of this year. However, we have not seen t... | intermediate | [
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04bf6efb7df4cc41aa14cb342628e39c | Given the good quarter and the increased guidance for our fiscal year here, I was surprised to see that free cash flow guidance was not being raised, any thoughts there? | Yeah. I think, you know, as I mentioned to Steve, right, so year-to-date, we're at $92 million and we guided $125 million to $130 million, and we're comfortable with that there. I think some of the savings that are coming about as the reduction in our investments in Kinvey, right, are not really going to be fully seen ... | direct | [
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2467b895a1905a7684378523b26cdf2f | I noticed for the CC business, this quarter, the growth has been quite strong. Could you share about the breakdown for long CC and 7moor? And also, if we exclude the EliteCRM contribution, what could be the organic core growth? And also could you share about like the new clients that you get in Q2 of the industry? | For the revenue increase, between 7moor and UCC, like we mentioned before, UCC is increasing much faster compared to 7moor. I think for this quarter, the long CC base is increasing much bigger than 100% for the second quarter. And as for 7moor, I think the increase for 7moor is roughly around 40% to 50% for this quarte... | direct | [
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9c78016badd1b4f711fd265f0651296b | The first one is regarding CC business. We see a strong growth of CC business in the second quarter. So could you update more information about the progress of CRM and SCRM business? And my second question is regarding the online education sector, which has experienced some fluctuations recently. So what is the impact ... | The integration of EliteCRM with industrial digital division is very smooth currently. The strong complementarity between products and customers have begun to emerge and -- last year contributed over 13 million revenue in the second quarter. We believe that later on, the synergy in this business will become more appare... | intermediate | [
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0a562fd580c70cd3eaa715eb82b0c540 | Hi, and management team, thanks for taking my questions. I have two questions. The first one is about the competitive landscape. How do we see the [Indecipherable] changes of the competitive landscape following are there peers or you go to [Phonetic] companies going public [Indecipherable] back. And in the meanwhile, i... | Okay. Thank you, Tim. This is Edward. I'll take your question. So first of all about these emerging players on the market both domestically and overseas, we think that this is not surprise. This is within our expectation. It definitely shows that more and more companies and institutions see the UAM market as a very att... | direct | [
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e0a87e133f474b944f3fc2efbcf04036 | Hello, Richard and Edward, thanks for taking the questions and I have two questions as well. First, I read in Q3 earnings that you have established seven operation spots and conducted about 2,800 operational trial flights at these operational spot on the [Phonetic] relevant compliance framework. Could you shed more lig... | Thank you. The -- this is Richard. I will take your first question. So basically there are two main aspects forming the compliance framework for this operational trial flights in China. First on the product and operation front, as we mentioned in the -- in this earnings release, we and the CAAC have reached a consensus... | intermediate | [
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7860c2470d514bf780dbc9897a841d9b | So, I want to start off just on the marketing expense. I know you mentioned some more competition, particularly in the digital acquisition channel. Perhaps, you could talk about that a little bit more and your sort of -- your ability to offset that with being more agile with creative customer acquisition. And then just... | Yeah. Thanks, and good to chat with you. So, in terms of CAC, we have seen some CAC pressure. I'd say it's consistent with the broader industry. And despite that, our unit economics remain highly attractive. We really focus on payback and LTV to CAC in and of itself isn't meaningful. And historically, we have had the s... | direct | [
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] | A |
a4dfeeecbc4bf9e507920d8489197008 | And then just a higher-level question, just on the economic environment, obviously, a lot of secular growth here and ability to continue to drive growth for the foreseeable future. But if you don't mind maybe talking about what you're seeing just from an employment or macro perspective. And then just remind us just the... | Thanks, Andrew. Yeah. Happy to take that one, and good to see you. You know, I think, historically, if you look at the remittance market, it has been resilient during economic hardships or downturns. And when you think about why that's the case, it's because, you know, our customers are sending money home to their fami... | intermediate | [
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"fully_evasive"
] | B |
3194c053e7bb16acb29b68d554b04227 | I wanted to ask about the take rate. I think we had thought that, perhaps, as you continue to expand in to new geographies and diluted the big three quarters that you might see some, you know, yield uplifts just by the nature of those being less competitive. It sounds like the expectation is perhaps for that to be a li... | Yeah. We have seen that be quite stable over time, which we see good as a, you know, a proof point around pricing in the industry in general. You know, there's probably some mix component to that, but I wouldn't say that it's a predominant factor. So, we feel good that it's been quite stable over the last eight quarter... | direct | [
"direct",
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] | A |
1ae598d747cde4b25c068c13ab6fa8b9 | OK. Very helpful. And then kind of another little modeling question, just on your transaction expense. I know you indicated that for the whole year, it should be, you know, continuing to prove, but perhaps not at the same magnitude as what we saw in Q1. Is there -- are there any like seasonal impacts to think of? Like ... | Yeah. No, we were really excited to see the increase in transaction expense -- or transaction margin in Q1 expense as a percent of revenue kind of coming -- improving by about 400 basis points. In terms of kind of go forward, we would expect to see some modest improvements over time. That's due to, you know, three fact... | direct | [
"direct",
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] | A |
1a48f67ed7e9800059e9c0911c830f77 | Thank you so much. Good afternoon to you, guys. Just -- so, I'm thinking about the quarter and how it shook out, it was pretty close to what you had predicted, right? That it would be in line with the fourth quarter. It looks like it ended up being at about a million higher as you mentioned. You're taking up the guide ... | Yeah. Thanks, Tien-Tsin. I'd say that is the primary driver. We saw really good customer acquisition in Q1 and in April as well. We're also seeing that our, you know, customer base continues to be very high quality and we have really high retention in that base as well. So, I would say that we have high confidence in t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4186a91a617a7d5b0da309506f9da613 | Got you. Very good. So a quick follow-up and then I'll jump off. Just on the on the macro. I know you've addressed that well, just with a lot of FX volatility going on. We've been hearing it throughout this earnings season. Does that mean anything either from a behavior or potential sort of pricing dynamic there? I kno... | Hey, Tien-Tsin. Yeah. It's great to see you, and appreciate that question. I think that, yeah, from a broader economic standpoint, yeah, I would reiterate the resilience of our customers and the resilience of remittances broadly. I think when it comes to foreign exchange, when the -- the origination currency, meaning e... | direct | [
"direct",
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] | A |
433dbe8e619ff59d4a716bc7b0959808 | Hey, Team. Good to speak with you today. Just one question as it relates to headcount expectations for '22. Just curious if you're seeing any changes to, you know, competition for talent as we've seen some reduction in force and in hiring freezes across tech. Really just looking for any read on that or any changes to y... | Yeah. Thanks, Alex. Great question, and good to see you. I think that, certainly, if you look at our engagement and retention, we're pleased with some of those metrics. And I think that's rooted in the fact that we care very, very deeply about culture. We care very, very deeply about our team. And I think if you were t... | intermediate | [
"direct",
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"fully_evasive"
] | B |
afc02d182fedd4e3fddefb76b049fe09 | Super. Thanks, Matt. Maybe just one final point on the macro discussion. Just to clarify, as it relates to your expectations for the year, you are not assuming any sort of deterioration in the health of the customer base. Is that a fair assumption as we look at the '22 guidance sort of expectations through the year? | Yeah, I think that's a fair assumption. We've seen very consistent, you know, customer behavior trends, which has been really nice to see. And you'll see like average send proactive customer increase, you know, very, very modestly but has been stable in the quarter. We're still seeing very strong retention. And so, so ... | direct | [
"direct",
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] | A |
05445bde454414d2ee1a36c8a630d108 | As I think through guidance, you've passed through the revenue upside from the March quarter end and some incremental upside that you're assuming from -- it sounds like the Roam, but the EBITDA outlook for the next two quarters is lower than three months ago. So, can you just walk through some of the pressures in more ... | Hey, Katy. Yeah. Happy too. So, as a reminder, we don't give quarterly guidance, but we give annual guidance. And so, we are increasing our annual outlook. We're really excited with the increase we're able to provide on both revenue and EBITDA. But we are not increasing our gross margin outlook, even though we had pret... | intermediate | [
"direct",
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] | B |
a7c624afefaa109c5a024cd01a446e5c | Just on the back of the ruling in Germany today and expected ruling in August in the U.S., one of the questions that I hear from investors is what happens after these rulings? What's the typical timeline, or the construct in which a financial payment or stream of payments would be decided once these rulings come in? | Katy, thanks for the question. I wish I had a definitive answer for you. It's going to depend, I think, in large part on what the ITC rules and exactly what the details of that are. We feel very good about our position at the ITC. But what's involved with the ITC is not a damages case, but an importation ban, and what ... | intermediate | [
"direct",
"intermediate",
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] | B |
edb430a76f25c8970f71d7e048f0e1ef | I know it's early as far as the product was just released, but how are you thinking about the ability to Roam to bring new customers to Sonos, and then the opportunity to get them to buy additional Sonos products over time? | Hey, Tom. It's Patrick. We are feeling very good in terms of Roam's ability. As you said, it's early, but we think this is one that could not have been a better time as the world reopens. You've probably seen the -- just tidal wave of positive reviews that have been out around the products. The momentum, as I mentioned... | intermediate | [
"direct",
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] | B |
54d03776039fa6e7733615b5f879dba8 | One of the things, and you did many calendars last year during the pandemic was to advance your direct-to-consumer efforts. How should we think at a high level about your direct-to-consumer efforts, as physical stores are reopening and pandemic restrictions are easing and customers may be returning to the stores more t... | Yeah. It's definitely a different year when it comes to the kind of approaching that. But I think what we've seen -- we've set out DTC continues to be important in terms of telling our story and putting a good foot forward in terms of what we're doing. But if Q2 has taught us anything, it's that right across the board ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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