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05ebfa30fabf8d5ddc82f2395508311e | I guess I wanted to start with the inventory level. In March, it's up more than what we've seen in prior Marches, and the days of inventory are up a little bit too. And I just wonder, are you guys lengthen component inventory on to try to mitigate some of the supply issues that one of the ways that you plan to correct ... | Hey, Rod. It's Brittany. Thank you for the question. So, most of the inventory you're seeing on our balance sheet right now is actually finished goods inventory, and not as because we are supporting significantly higher demand this Q2 than we are -- have supported in other Q2s. So, part of it is just to support the hig... | intermediate | [
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3ee44a2c20c898300e0afc41085e9f84 | The second question I had for you guys was on inflation. We've had a lot of different companies talking about insulating inputs. I know semi is inflating, but I'm wondering if you've seen that for your products. Do you see other things basic inputs to the products inflating in price, or do you anticipate that as we mov... | We've seen some on the shipping and logistics side, as we've been calling out as we go through the year. And then, yes, we are seeing it in component costs, which we will particularly be calling out for the second half of the year that increase -- the majority of that component cost increase that we're calling out in t... | direct | [
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f604538065315b7d2dfee48ccda78f07 | Patrick, is there a common threat that you saw in that 150% of forecasted demand on the Roam? I know, my kids grabbed a hold of it and took off and it's gone. I don't even have it in my office anymore. So, it's -- it seems like a younger audience is getting pulled in. Are there any other common themes you're seeing tha... | Yeah. Brent, you can always buy another one. So, I think the nice thing is we're going to see multiple Roams in some homes as well. It definitely is speaking to I think, new people in the existing homes and then as well new customers. And so, the Bluetooth speaker market is a massive one on its own, right? It's the ult... | intermediate | [
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c6e06c2e39b8b4f80e09dfb21938e80b | I might've missed this earlier, but were any patents in the German case, which is overlapping with the case in the United States? | Not directly overlapping, but relatively similar to patents at issue in the Texas case. It's a direct control patent over in Germany, and we had several direct control patents in the Texas case. | direct | [
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9c16e0ff4a21774210ba0074284a30dd | Assuming this isn't necessarily transitory, and I guess we'll see how that plays out. What opportunities that Sonos to have -- to have offset that, whether that comes from commercial opportunities or whether that comes from cost adjustments? If you could kind of talk about that, that'd be helpful. | Yeah. Thanks. I mean, what I would say is we're very committed to continuing to deliver on that long-term gross margin target. We put out there of 45% to 47%. So, we feel very comfortable in our ability to continue to hit that and deliver on that year over year. We are a premium product. We're really strong brands. So,... | intermediate | [
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4a09f060575c23f2e189da62a764ca5b | I don't know the extent to which you can comment on this. It is a little bit early, but broadly, could you give us some sense of what the impact might be for Sonos on the tax side from proposals making their way through Congress? | Well, so, we obviously watch that really closely. But we are not a cash taxpayer right now. And so, right now, what that would really do would be increasing the value of the NOLs and the R&D tax credits that we have on the books. So, we'll keep a close eye on that, but it will become much more critical to us as we move... | direct | [
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b1ce42a1a73275ebe89d54f803fa33b4 | Just another question regarding the supply constraint you're seeing. It seems like you don't really have any visibility into when that eases. I know you previously had talked about coming out of Q2 and things seem to have gotten worse. So, in any -- anything you're hearing from your manufacturing partners in terms of w... | Yeah. Absolutely. So, I'll start with the second one. So, we have been actively diversifying into Malaysia. It is part of our long-term manufacturing strategy and it very much continues to be relevant and important to us. I think that you can see from the magnitude of the tariff numbers that we have this quarter relati... | intermediate | [
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6a72310079d06f4577a9b2bbb808156c | Across all office REITs, we've seen a paucity of leasing activity. And your Waterfront office really has been no exception here. How long do you think it will take business leaders to refocus again on their real estate footprint? And if they do decide to reduce New York City office footprints, do you think your Waterfr... | I'll take that first. Thanks for the question. I'll begin by saying that we have a level of activity presently in the Harborside properties that is encouraging, and it's been relatively busy Derek, given that we don't think that there is a lot going on the other side of the river. And we think that has a little bit to ... | intermediate | [
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3652a51126e4ed7126fc960298fdae50 | Just switching to the residential, how is the current environment impacted the residential development pipeline or outlook with your land bank? And how has the Capstone, I know it's leasing up, but how is it performing versus underwriting and clearly RiverHouse 9 is basically right behind it? So is the demand there? An... | Sure. So, the first instance, you have few questions here to respond too. So certainly the lease-up that we've had to-date of the pipeline that we started construction on three years ago has gone quite well actually, the Emery leased up completely, Short Hills has leased very well, very quickly at pro forma. The Emery ... | direct | [
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28ba3b4a279cc95992ae7f232ab862c2 | I just wanted to first circle back on the suburban assets to make sure ahead. The number of straight, I think you MaryAnne or Ricardo have talked about, I could say it's 2.6 million feet in four transactions that were is a little over $600 million and in the supplemental you list about $3.3 million between the Class A ... | Sure. The $600 million or 2.6 million square feet, our transactions that we have under a hard contract. We are working through a number of other sale transactions there. We are under contract, but not quite non-refundable and others that we are close to executing final PSAs or purchase and sale agreements. | intermediate | [
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5e8e7637a2398fa7dc13b29a05552b47 | Okay, so is your expectation Ricardo, that kind of remaining chunk would close this year? Or just maybe later in the year? Or do you think that spills over into '22? | The $600 million that I mentioned in my earlier will close by the end of the second quarter, we have another, call it a $100 million to $150 million of one-off single transactions that we feel, we will be able to capture a good portion of those sales in the latter part of the year, but it would also triple some of it w... | direct | [
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9cba1903d2d43bc063dd7db09876e51f | Okay, great. Thank you. And then I guess between, Dave's comments on the leasing and Ed again, if I have my facts right, you said there is about 408,000 rolling, but only about 123 that's still kind of up in the air. So kind of implies 270 is moving out. I guess maybe, Ed, could you just comment on the remaining 123 an... | As you can imagine we're aggressively speaking to all the '21 rollover tenants in addition to that we're talking to the tenants in the near future beyond '21 that are rolling over. So we are in discussions with a number of the additional '21 rollovers, but the 110,000 square feet of lease transactions that we talked ab... | intermediate | [
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26049b36a5aa8663e33e3439905ccbc0 | Great. And then last question MaryAnne, I guess there was really no comments in your prepared remarks or in the press release just about the full time CEO search. So could you just maybe update us on that process? | Sure, as you recall we indicated as a Board that we would be aiming for our first quarter of 2021 announcement and I'm happy to report that an announcement on the permanent CEO is imminent. And so you can expect to be hearing from us soon about that selection. | intermediate | [
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1c36d5ef257dd2c3799096fff9b1f6f9 | Hey, good morning, everyone. I've got some questions [Indecipherable] here. Ed can you give us some update on what the New Jersey incentive program actually looks like? | Well, the new program is named Emerge, it's a tax credit program that rewards new tenants and retain tenants that's been recently rolled out by the State, number of the tenants that we're talking to are glad that there is finally been a new program put in place and are looking forward to take advantage of it. | intermediate | [
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a4608c0be8ac0323042d65eb14f5c41b | And then I think you guys mentioned doing life science at one Harborside is that based on demand you're seeing or tenants have approached you and now you're going to make the space [Indecipherable] to them or is that just, hey, life science seems to be a good sector, others are doing it, let's do this too? | Hi, Manny, thanks for the question. So it's Harborside 4A formerly known as 4A, and we've renamed it Harborside 6. And again, we are looking to diversify the offerings here. So it's everything from pre-builds to large scale single occupancy abilities at Harborside 1. And so in the quest to provide the market more optio... | intermediate | [
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804c89fd67fb6a87948ade8d29c6c4ba | Thanks. Ricardo, where does 111 River fall into the disposition plan now? | Right now, we are focused solely on selling of the suburban office assets. We will take -- we will review -- we continue to review our Waterfront assets, right now 111 River, we are not currently marketing for sale. | direct | [
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f8fc844e2c830efa0dbdc919c7dfbed3 | And then finally one for Dave, I told you, I had one for everyone. Dave, you talked about redoing or thinking about redoing the line of credit later this year, I guess. How do you think about that in totality, just given where you're going to end up on the multifamily and office perspective? Are you going to need more ... | Thanks, Manny. Yes, I hope you frame that. So, I think let's first take a look at Roseland, which is where will mostly be up the suburban office sale. So Roseland is in a joint venture, we use mortgage financing there when we developed most of the equity we have is already in the land that we own and control. So, a sma... | direct | [
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2cc44d060f94758e662205ae0c50d0f8 | Good morning, and thank you for taking the question. MaryAnne perhaps you can share your thoughts on what it would look like to spin off the multifamily business? And then just keep that as core and maybe just sell off the rest of the office in the future. I know you've mentioned potentially the ability to spin it off ... | Thanks, Elvis. I've got lots of thoughts on it, but I think the best way to answer that question is we're super-focused on the disposition strategy in the suburbs and we're continuing to explore all strategic alternatives, including an entire transaction or partial spinoff of sections of the business. And so I think th... | intermediate | [
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92d8d86bb2ca43ae40dba31a6680bb48 | Great. And then just one more on the CEO search, will the person be an internal hire or someone from the outside? | As we've indicated, my position here as an Interim CEO, it's always been my intention to pass the baton and I'm excited to be doing that and it is not an internal candidate. | direct | [
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880654961758d68791679fa2d69af521 | Hey Karen and Pete, It is Jamie from Leerink. Thanks for taking my questions. I guess the third off just on the guidance, and thank you for reinstating that and kind of giving us a target to look at. How are you guys thinking about the timing of a return to a more normalized level across the different market segments? ... | Yes. So, if you look at, and I know you guys and for everybody else on the line. Historically, if you look at our biggest segment which is extremity trauma, we see a seasonal impact and a step-up between Q1 and Q2 because of actually just increased activity of people, summer activities leading to an increase in traumat... | direct | [
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ad730cc1760a80aa0008bb98b8a6481d | Okay, that's super helpful. And then I appreciate that you guys are now introducing this new metric of core account. Can you just talk a little bit about the growth trend that you saw in core accounts over 2020 and what strategies you're focused on in 2021 to not only increase the number of core counts but also drive u... | Yes. So, go back to why we introduced the core accounts. We've always had this measure of active accounts, but active accounts are really just a place we're beginning to sell and and the threshold was so low that it wasn't really representative of what we saw -- they inform where we're seeing some real growth and repea... | intermediate | [
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b57fe787f3312b814f1d3ddd70bb142c | Hi. Thank you for taking my questions. Congratulations on maybe a good quarter and maybe just on gross margin, it's been very good for the last three quarters, granted -- the guidance I saw that. But how do we think about sort of gross margin? Maybe one for the remainder of the year, just any sort of lumpiness or shoul... | Why don't I take the gross margin question first. I mean in first, just as a reminder, everyone. It's been a while since we've given guidance and we have historically given guidance that says that our gross margins will continue to be above 80% even though we've been running sort of normalized in the 83% to 84% range, ... | intermediate | [
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d5c140eaf092e9ca4d92868ee09fa348 | Hey. Good evening guys. Pete, maybe one for you. You mentioned rep productivity and great to see guidance out there again and I'm just curious, given that the length of time, you guys have been added in some of the trends you've probably seen, do you feel like your visibility is greater today than it was say in prior y... | Yes, I think -- I appreciate the question. And yes, I think we do have better visibility or improving visibility in the sales rep productivity ramp. Remember last year was a point in time when we weren't expanding -- obviously we weren't expanding reps very much. Our reps were focused in their territories for long peri... | direct | [
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738c7aa4ce37d7c1958fc276a381d1b6 | That's great to hear. I mean, like looking at the level, it's certainly above where the Street's at so that that's great, maybe as a follow-up to 6% mix and price. Just love to get any color there, the price evenly spread out maybe across Avance and AxoGuard and I was wondering the mix guard. | No, I appreciate the question. The 4% of that 6% is price and we are -- we've been successful this year, last year, over the last several years of taking moderate price increases across the product line and we continue to do that, this year's price increase was effective April 1st, but we've got, this is the annualized... | direct | [
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3288bb67d89d83b67fd31a29a499d6cb | Got it and then thank you for that. One last one, I think you mentioned an AxoGen advanced product. You may now going to talk about it, but I'd certainly love to know when we might hear more about that or any details you could share. Thank you so much. | Yeah, we don't have any details at this point, Dave that we can share other than we're excited to continue to look to the future and see opportunities to continue to improve our flagship product. | fully_evasive | [
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a9203401cd96aee74155dd4be543fbc4 | Hi. Thank you. Just hopping between calls here. The first would be on breast neurotization, apologies we're hopping among calls. So if any of these are asked, I apologize. On breast neurotization question there, just on backlog, how substantial can that be in terms of a turnaround, once we sort of evolve into the vacci... | Yes, so on breast neurotization, we don't see that there is a sizable backlog net-net, with the air pockets that I talked about that you're going to see a big bubble here, so I wouldn't model and that there is a nice reserving that we're heading into. We think that most of the centers have been able to recover again, a... | direct | [
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10bf6346b092c5576c871d8dded586f1 | Brett, Mike, the -- obviously, the petrochemical sector has been very soft. Are you seeing in your incoming orders any improvement, any new activity that would suggest that maybe that you're seeing the light at the end of the tunnel in that particular sector? | Jon, it's Brett. The answer to your question in short is yes. We are seeing -- it has been a very soft subsector for us over the past 12 to 16 months. So absolutely spot on. And we've seen -- that part of the subsector, we saw pick up in the Q3 and kind of continuing a little into Q4. I wouldn't go so far to say the li... | direct | [
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a7620317b039c26b86f99c06b373502f | Any -- obviously, the Delta variant is in the news these days. Anything you're seeing and hearing most recently impacting projects' start activity levels and so on? Or is it too early? | Yes. Yes, a little early, but the radar's up. I'd say nothing as of today in today's call has been momentum-wise changed, but obviously, we're very anxious for any data that comes in, but nothing as of today. | direct | [
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50976b7261779f528737ab4aa0d8197e | And then secondly, in terms of your gross margins, you're feeling pressure because of the lower volumes and also the raw material cost. But when you think about your price increases that you're putting into effect that are impacting the new orders and so on, everything else being equal, what kind of recovery do you thi... | That's a good question, Jon. There are a lot of dynamics on this inflationary front on the materials side, which has stabilized a little bit in the last couple of months. The inflationary piece on the cost for labor is a constantly changing equation right now. And of course, don't forget the -- on the cost structure si... | intermediate | [
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cff5827196993eee4fb949f6d5755fe9 | Good morning everyone. Two questions. One, you mentioned increased environmental regulations that might prompt an increase in investment in your infrastructure. Can you tell us more about that in terms of regulations and what the cost of complying with that might be? | Well, the one that we always watch very closely is anything on the fuel side. The current administration just came out last week, I think, with guidance on not only some targets for some of the new EV vehicle aspirations that they have by the end of the decade. They also came out and renewed and changed what the last a... | intermediate | [
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c6341ca883aa215897a9bcce39d9a955 | Okay. So there's no budget or anything for increasing the increased investment in your infrastructure at this point? | No, not yet. This would be an increase in activity around quoting and budgeting and planning, and then it'll come down to timing when the administration lays down here and their final rule. | direct | [
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f208398761701a7f7aafba2c525aa6b0 | Okay. Fair enough. The other question is, back in December, December 9, 2020, which was your fourth quarter earnings call, there was some discussion of the Board and management working on a strategic plan to lay out the direction of the company. And I think you are going to disclose the results fairly soon. I haven't h... | Well, we continue on. We've not published an updated IR deck that clearly lays out some of the words that we've used in the past earnings call. But there are generally three areas, John, that we're very focused in -- on that I had mentioned in the prior calls. And we will have the deck updated here. I can't give you a ... | intermediate | [
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5494c98afb63e3c25af59ee31dacf3b2 | Okay, that's helpful. But you mentioned updating the deck. Is that going to happen anytime soon? | Yes. Can't give you a date as of today, but it is something that we're working on collaboratively with the Board as well with our management team. | intermediate | [
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980d22dffa4d0074082bd266a6d2f3cf | Okay. It sounds like it's a work in process. | It is a work in process, and we are wanting to get that out there as soon as we can. | direct | [
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df801ecf2c1f1e2db9d7f9939d982e07 | Hi, good morning and thank you for taking my questions. Maybe first Shabtai, I appreciate all the detail that you gave in your prepared remarks, but just, it's added notable to me that you're seeing Zoom Phone more often, that felt like something incremental or new. Can you maybe just help us understand how you get tha... | So Zoom as far as we know, right, much of what I'll tell you really comes from the market, Zoom was very and will be successful, mostly in the lower end of the market. They're working their way up to the mid-market and the large enterprise. Obviously, we have more value to offer when you come to enterprise. So if Zoom ... | intermediate | [
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35dff3e4dd3e0536c4f8fac1e557abcb | Great and then maybe just a follow-up question on the guidance, we saw the bump up in the revenue outlook but EPS was held in the same range. I'm curious, how much of that is due to the FX weakness versus the ramping of actual growth investments? Just can you help us bifurcate that end and if it hadn't been for FX, wou... | Yeah. So we had a step function in terms of the FXo all the impact of the US dollar exchange rate are going down from 0.7 to is now fully embedded. And therefore, we do not expect any further change in coming quarters. On the other end. I can tell you that we have pressure from both partners and some big customers to p... | intermediate | [
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518897f68ee9c29113ec898359e3d567 | Okay, great and then just one housekeeping question, I didn't hear if you said Teams growth specifically for the quarter, can you just tell us what Teams related growth, was please? | Yeah, yeah. We've. Yes. Yeah. I've mentioned the Teams revenue grew 90% year-over-year. 9 zero. | direct | [
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72c73938a6c2d48ed6a17299e4b2f4b7 | Good morning. Is there any potential benefit for you from Zoom's Act pushing of Five9? | Good question, Greg. So on the first glance, not sure. However, should Zoom be successful in integrating with Five9, in terms of their customer base with Five9, Zoom is the strong mid-market player. That may help may help Zoom to win those mid-market players. Now if that happens, the answer is yes. Meaning that, if Zoo... | direct | [
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c62be484b6af8495367d3b7246c75449 | Okay and then just getting back to the OpEx and the increased investments you're making, I didn't quite catch it, did you raise your target for OpEx that cap from 47, above 47, how should we think about that going forward? | Yeah, good question. Okay. Good question. Originally when we have established a range for OpEx to be capped at 47% that was made end of the last year. We have not anticipated that US dollars will depreciate against the new Israeli shekel that much. I'll tell you that the guiding line for us is really increasing investm... | direct | [
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01d7e6071adf21404530e3e84346a5a6 | Okay and then in terms of the decline you are seeing in the service provider, the CP area, it's pretty, I guess significant decline this quarter. What's the outlook for that, the term of the year. And do you expect to stabilize or to continue on the same downward trajectory? | Second quarter, represented bottom[Phonetic] into the stats, we have received some signs of a better market in 3rd quarter already, some of the customers, some of the service provider really did not place with us purchase order for a long time. We started to see toward the end of the quarter, some new PO's, however wit... | intermediate | [
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761fb19134c7c6f28de0a9cae1a31ef4 | Yes. I wanted to ask about the interest expense, why would you have an interest expense when you have so much cash and no debt? | You know, first, we are investing in market versus securities are mostly at the yield of 1% because we don't want to take any risk about our cash investments and there were some exchange rate differences, it come close to zero for this quarter and previous quarter. Of course, if the interest rate, at the marketable sec... | fully_evasive | [
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bc015fc79175c962f2ebbe556b03c11c | But the negative, do you have IFRS 16, are you impacted by that or you're not subject to, is GAAP subject to IFRS 16? | No, we are subject to US GAAP, not to IFRS. | direct | [
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2eaa30e259aeac773b4e9dd5b0e7d100 | Okay. So this is nothing to do with leasing or something like that? | No leasing and we don't GAAP, we take it out as a reconciliation. You can look at the reconciliation between the GAAP and the non-GAAP. So no impact from the leasing. | direct | [
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2cf639a9bd747f89af4294abba284f99 | So I want to delve a bit more into the Harrison idling. I guess, for starters, the 8-K talked about $15 million to $20 million of cash savings. Is that all flowing through the income statement or is some of that in reduced capex? And then just to clarify your comment from a few minutes ago. So half of those $15 million... | Yes, correct, Justin. On the first part of the question, those are cash savings. There's no capex element of those, and it's primarily savings from lower salaries and benefits over time. And then from a timing perspective, you again have that right as well. 2020, we realized approximately half of those savings because ... | direct | [
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18e111c69a8595e61e833e68c3ab6011 | Got it. That's helpful. Maybe just two more clarifiers there. So the lack of incremental benefit in 2021, is that because some of the demand-related savings are being unwound or is it just because 2021 is a transition year? And then I guess, secondly, how should we think about, sort of, normalized maintenance capex goi... | Yes. So on the first part, we're retaining the savings from 2020. It's just they're not incremental to 2021. So the -- when associates are on layoff, those will continue to be savings in the company in 2021, but it's not going to add additional dollars there. In terms of the maintenance, we do expect to spend more at F... | direct | [
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018f54c8f838c0e917c1cab390fdd748 | Okay. Understood. But is $20 million, sort of, representative maintenance capex? Or is it below what you think would be normalized maintenance capex in, sort of, the new plant paradigm? | That's a normal level. What we're incurring this year, last year, lower than prior years, but that's because we do also spend normal expense dollars on maintenance, making sure things are maintained at the highest level. But that's a level that you can expect for the foreseeable future, absent any growth investment. | direct | [
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1a01ff5058e4b8b368758d3d42658e02 | And then my other big question related to sort of the drivers of the strong fourth quarter EBITDA -- adjusted EBITDA. You talked, I think, about a $15 million sequential benefit from cost savings and related efforts. I don't know if that was sort of a gross or a net number? And then the second, I guess, part of the que... | So the first part of the question, the $15 million I referenced was specifically in the cost of goods sold area for manufacturing. About 1/3 of that was related to not doing our annual shutdown in the fourth quarter. We did that in the third quarter. So that's a sequential improvement in savings and cost. And then ther... | intermediate | [
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051c1fa91a9ebead13a3be8c14a4c9c2 | Question on the fourth quarter. Obviously, very nice cost performance, I think, as Justin was alluding to. Is everything in the quarter effectively sustainable and persistent in terms of your underlying cost performance? In other words, can you take this cost momentum and operating leverage into next year versus that l... | Yes, I absolutely believe so, Phil. There's nothing overly unique in the fourth quarter. We expect that to continue and optimistic that it can improve as well. | direct | [
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d80d033fbb8a38778355536eedcf1114 | Okay. Perfect. And then you had mentioned in the automotive supply chain, there could be potential for disruption, but you're not seeing it. I think you said your order book is pretty visibly solid. And then I think you also mentioned service centers are starting to come back into the market. So it didn't appear to be ... | Yes. As we see it, the automotive recovery is almost back to pre-COVID levels. And even though the disruption to the semiconductor issue, we're not seeing any major effect to the vehicle platforms that we're on. So we're feeling pretty good about things right now. | intermediate | [
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4817ee3d89580f6eef2205ea90b4cd79 | So where -- speaking of auto, where do you all stand on the new business awards? I know Terry last year was talking a lot about some of these new programs that you were getting in the downstream business. And any visibility you all can provide on that in terms of what -- where you're at in the process? Or how much more... | Phil, this is Tom Moline. We started launch and ramp-up of those new programs last year. And it -- we realized about a little greater than $20 million in revenue in 2020 as a result of those new programs. They are still in ramp mode, but they are going quite well. We won't experience a fully annualized rate even yet th... | direct | [
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dd4375be7f7cc6cff62b16fa5704e6aa | So you're thinking on that downstream auto business, you pick up another $50 million and change this year? Is that what you're saying, Tom? | That's correct. | direct | [
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91735c3eba637594f52234a90841df7d | Okay. And can you just remind us, guys, what some of this goes into or what you've been working on? Because I think it's not the vanilla SBQ business. It's a little bit more downstream. So maybe just some help in terms of understanding where this goes. I realize it might be a little sensitive, but whatever you could sh... | Okay. These are value-added components that go into the automotive industry. We create or manufacture a seamless mechanical tube that we then send into a network of machining sources. And we have, for a very long time, been very well positioned, supporting eight and nine speed transmission programs at several OEMs for ... | direct | [
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da5cd3591ee35f417fe4970a0a774bbf | Thanks for the follow-up. I just wanted a refresher in terms of how much of your industrial tonnage typically is not contracted and effectively is priced on a spot-like base? | If you look at our overall contract versus spot business, it's approximately 20% for the total company. And that shifted a little bit here in recent months. If you look at pricing agreements, it is, as Kris said, about 80% of our portfolio right now. The other 20% being more in a spot-type arena. And that has shifted m... | intermediate | [
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22f012008881c42a904dc632f7897dff | I guess you made a comment at the start of the call, Michael, about the sort of contract pricing season. And I guess what I was trying to gauge is, did the season sort of play out in line with your expectations, slightly better or slightly worse in terms of contract pricing? | I would say slightly better than what we were expecting going in. It was a very competitive situation that we were facing. And I would say that we came out better than what we thought we were going to. | direct | [
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3c1375bee4caded09aec865d342caacf | Okay. That's good. And then lastly, Michael, I know it's early days for you, but you're a veteran of the steel industry and it goes without saying that getting tonnage up at TimkenSteel and getting melt utilization up is a key driver for the future performance of the company. Are there any sort of commercial opportunit... | Of course. I see quite a few opportunities in the commercial area. Most of it's focused in effectiveness and, I guess, market participation segmentation are the -- probably the primary areas. However, I also see quite a bit of opportunities in enhancing the manufacturing efficiencies as well. | intermediate | [
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298158d08c187d2c1d8f418133511edc | My first question is just on inflation, Patrick. I know it's hitting a lot of companies right now. I know you have pricing power, you can pass things through. But as you look at it heading to the second quarter, do you see gross margins expanding? Or staying the same? Or even contracting? Just given the level of price ... | Yes, Jon. It depends on -- some of the customers are contract customers and so you won't see -- you typically get that three to six month lag, which is very typical in the chemical industry. So, the hope is that on those contract, customers will at least sustain within the margin range that we always discuss. There are... | direct | [
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d800d8d13b8b119472fc91654a6c142a | Okay, got it. But should we expect to be kind of at the lower end of the ranges for the next quarter or so? | I would probably put it in the lower to mid-range, John. It won't be on the high end. | direct | [
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d5b2d18fd1b8b37e329a8e35868b5099 | Got you. Okay, that makes sense. And then just on the fuels business, two questions. One, I believe you pushed out some [indecipherable] from last year. Number one, did you actually see that happen, and to what extent? And number two, you mentioned that you were down 9% year-over-year. Avgas is probably a big portion o... | Yes, we see consumption levels come back quite considerably in the first quarter and we saw that in the fourth quarter as well. Aviation is starting to crawl back. I think that you'll see a normalized avgas quarter in Q2. So, you will see consumption brought up and go into Q2. If you look at the rest of the industry, I... | intermediate | [
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334adb96f03036e989ba3a34513dc586 | Got you. Okay, great. Thank you. And then just, Ian, how should we think of the OpEx SAR growth this year just given the demand you're seeing and how it returns? | Yes. I think what we'll probably see, Jon, is we'll maintain the levels in Fuel Specialties and Performance Chemicals. We don't expect to see much further growth there in SAR [Phonetic] cost. Oilfield to be slightly different. As the activity levels ramp up, you will see some higher levels of SAR in that business, who ... | direct | [
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bf92afbba3a19e9d3820cb84e50d51f3 | Okay, great. And then just one more of it to clarify the -- you said mid-single digit growth in Performance Chemicals. You did well above that this quarter. Did you mean that for the whole year or just going forward, just clarify what you meant by the mid-single? | We mean the rest of the year, Jon. It goes forward. | direct | [
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879fc2280e14063550dcbdfbbf92d216 | I was hoping to just dig in a little bit more to the record performance by your Performance Chemicals segment and double-digit revenue growth and 17 or higher than that on the operating income line. I was wondering if you could maybe -- if it's possible for you to parse the growth into maybe at least two buckets, but o... | Yes, David. Typically in this industry, you don't see this type of organic growth for two to three years after you put the strategy in place. And going more natural, sustainable, was a strategy that we've worked on for the past five years. And fortunately for us, we are right in that alley and we have done a really goo... | intermediate | [
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a613d060a54d83f5f0e2f4b7cd89f30f | Okay. Thank you for that. And maybe if I could just build on that. You discussed the groundbreaking for your global research and technology center in North Carolina, and Patrick, I think this is part of your vision. So, maybe if you could just share how you expect that asset to be utilized? And just on a couple of kind... | Yes, David. We have a R&D technology center in the UK. We have a lot of labs based out throughout the world to support our customer base. The new R&D facility in the U.S. will be specific to home care, agriculture, personal care and then we have a disruptive technology group that looks at technologies that are five yea... | direct | [
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c1e28d82dbed9d533d7ef3f237fa56fb | Okay, great. And if I could just ask one more. It would be focused maybe on the DRA business, but you did indicate that the third capacity expansion for that product was completed. And I just want to clarify if that means that prior to breaking ground on that expansion, you had a full order book. In other words, the vo... | Yes, good question. Typically, we don't put manufacturing expansion into any of our plants unless we have committed volume. So, the DRA expansion is already fully committed volume. We've been very responsible in bringing this volume to market. We think we have an exceptional technology and therefore we've had to put th... | direct | [
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3a983878cf009d58827efaeea9bfbfb8 | Hi, yes. Thanks for the follow-up. Just a follow-up on the DRA expansion. What was your capacity, maybe in dollar terms before the third expansion and what will it be after it's finished? | Yes, Jon. We don't actually break out the dollar as you know when we put this on together, we do it in modular way. So, we probably now got probably in the region over about 120,000 to 150,000 gallon capacity and we'll probably put about another 50,000 to 60,000 gallon capacity on top of that. But we don't break out th... | intermediate | [
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77711c3d04c75a1b6ee6c14fef16b683 | Okay, great. Just trying to think of the ultimate market size for you guys and kind of the share you expect to have over the long-medium term. | Yes, it's still fairly small, but I think this year, you'll probably see it double over last year. | intermediate | [
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34ff4923a9c0209f2fe3a10b76d28e84 | Okay, great. On the M&A front and use of cash, seeing Elementis go was disappointing, but at the same time, I think people appreciate that you guys are staying disciplined. It seems to be an overheating M&A market. I'm wondering, is there anything else out there that you're looking at now that's as interesting or even ... | You made a good point. I think it is an overheated M&A market. You've got low interest rates, you've got a lot of money parked on the sideline. A lot of people have run from different industries jumping back into the petrochemical and big chemical industry. So, we're being very cautious as we always have. We've looked ... | intermediate | [
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68cc3a5bec586d203db3521f89d9d9c2 | Okay, great. Any thoughts on buying back to you on shares that's relative to the valuations that your peers are getting? | Yes, we have a buyback in place. We just increased the dividend 10%. We expect to see further increases on the dividend. We think that's good value to our shareholders and we continue to look at buybacks. And I think that we'd like to have some dry powder for M&A. We'd obviously like to have dry powder for organic grow... | intermediate | [
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d205c3c97004a0bb3589428bfedca78e | Okay, thank you. I guess I was wondering if you might, if it -- sorry. Let me start over. Is it too early to get kind of an early read on the progress in your businesses in the month of April? In other words, has the progress that we've made during the first quarter, has that been extended into the quarter-to-date? And... | Sure. In general, we're still seeing a strong growth trend in all three businesses. Fuel Specialties is coming back, just due to consumption levels coming back. Oilfield Services is coming back due to diversifying not only the portfolio, but also you're seeing more E&P activity coming back. So, we're definitely seeing ... | direct | [
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c91f833098b4106bb26ff26a5a4f1b9f | Thanks for all the color. And then just last one, but could you just give us an update on the progress in the marine fuel additives for the products designed to meet the IMO 2020 mandates? Just an update on the progress there. Thank you. | Due to the pandemic, it has slowed down quite significantly and we learned that the last three quarters we've talked about it. We're starting to see a lot more activity with IMO, with our IMO 2020 products as well as GDI. So, there's a lot more activity as we expected, as we start coming out of the pandemic and as you ... | intermediate | [
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46792ec6f2786f93df2ee10db219fda0 | Eric, I wanted to follow up on how you guys are successfully offsetting this customer loss. I guess first, you noted in the release and you talked about some of your existing customers, have helped take that share. In the past, you talked about how you've been able to help that during the technician teaching, can you j... | Sure, Daniel and that's a great question and we've always had programs with our customers to go arm-and-arm to do those installers to try to build that loyalty back upstream through our brands. This year, we doubled down on some of those initiatives. I'm not going to go into the specific tactics that we used, but reall... | intermediate | [
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8bd3efb190e0e1277276b8266c53e73e | And then on the inflationary topic, Nathan, you mentioned, it's going to be a headwind to margins just on the cost side, but how are conversations going with your customers? I think, typically you guys know to pass through broad-based cost pressures, do you think that will be the same this year, I mean you can pass tha... | To summarize your question you're asking about our ability to price for inflation and if I'm understanding what you're saying, and this is Eric. We're in a competitive space, always have been, but we do believe that we are in an inflationary period right now and not just for our product types, but just in general, the ... | intermediate | [
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2477336d9f3a1541356e3ac357ebf7c6 | Just on a topical issue, with the proposals coming out of Washington around green energy and public transportation, do you guys see opportunities to leverage your JVs over in China? Thinking specifically, you guys have that EV bus joint venture over there. So, curious if there is any opportunity to maybe leverage that ... | Well, there're certainly opportunities. Right now, our joint ventures in China and specifically the one you're referring to, we're doing electric vehicle compressors, our joint venture with a company called CYJ, the majority of what we're working on is to stay within the country for both pass car and heavy-duty but the... | intermediate | [
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f6a6a2331d1cc04f1028c2e6af277d67 | I was wondering if you could talk to the large customer that was lost in the quarter, are you able to put a number to how much that impacted revenue in the first quarter? And how we should think about it going forward through the rest of the year? | Sure, Matt. This is Eric. As previously announced, this account and this was only in the Engine Management segment, represented approximately $140 million in annualized revenue and as again previously stated, we only saw a partial first quarter as they transitioned the business. So, it was roughly 50% reduction of what... | direct | [
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05cf3965acab46a5d884cb672187bafa | And then do you have any direct recourse with this customer pulling this business from you? I know you talked about right, you're going out, you're being proactive, you're getting new customers, but is there any recourse with this customer in terms of getting something back for what they pulled? | I'm not exactly sure I understand what you're referring to as recourse. This is still a customer bars within our Temperature Control Segment, and they chose to make a decision, we honor that decision, and we move forward, but maybe if you clarify what you mean by recourse, I can give a clearer answer. | fully_evasive | [
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3aefc32ce599de6ff20357b7c32491b6 | No, I mean if there was investment around equipment to source products for this particular customer, is there any way to recoup portion of it in that investment? | I see, what you say. No, there was nothing dedicated to this account. It was just additional volume for the same or similar products that we sell to others in the channel. So, there was no obsolescence associated with it or anything like that if that's addressing about Matt. | direct | [
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d32f786a730b3c7f955163b811179965 | Can you talk about the cadence of sales in the quarter? And also it doesn't sound like you got hit nearly as bad as some of your competitors from a supply chain standpoint. Do your customers you believe have an adequate amount of inventory as we are in the early stages of Q2? | Sure. Well, in terms of the cadence of sales through the quarter, it was pretty strong throughout and as we look at their POS, for the most part within really all three areas Engine, Temp, and Wire, the first couple of months, January and February were in the low double digits and then March really accelerated, and I t... | direct | [
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eb2a1fd76fc922de2daea4f17b5896e3 | Maybe Jim just give us an update there? It sounds like it's not as bad as some competitors are talking about, given your footprint. | Yes and Scott, I think we may have benefited a little bit there with the inventory levels that we may have had in place and safety stocks and again part of this goes back to our efforts from over a year ago where right before COVID hit to bring product in before Chinese New Year. So, we had healthy inventory levels and... | direct | [
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73fce2f8f8305666067b4a73ff7d8f8e | And then just last question on Temperature Control. You mentioned, Eric, that that I guess pull through at retail has been pretty strong. Obviously, the weather hasn't turned that warm. Is there anything going on that you're aware of from a trend perspective throughout the country that would drive that? | It's a very interesting question. You're right, it's not that there have been heat waves or anything. So, how much of it is potentially pent-up demand for cars getting back on the road, I'm guessing that that is somewhat of an influence. And so, it's positive, but it's hard to put your finger on what's driving it. It c... | direct | [
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e5c767068cee16a658272d8f04a81007 | I mean I guess you're on the heavy-duty side, you were talking about in the prepared remarks, when you think about that business, is the visibility attached to the OE side greater than what you might see in the aftermarket? And how do you think about the growth rate in that segment going forward now that you sort of se... | It's a very interesting question. In terms of more visibility as we have because as opposed to just receiving replenishment orders and shipping and we're able to work with longer horizons with them and it is encouraging what we are seeing, I think that those sectors are also roughly in the long run that is similar, low... | direct | [
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9fd20ddf361fcac7aac19d868ad05789 | And then I guess on the inflation side, do you have a feeling I guess sort of back of the envelope? Do you think the inflation rate might be this year when you sort of compound the materials and labor, and freight, and everything what you might see sort of a percentage increase in your catalog? | Well, hi, Brett. This is Nathan. I think maybe what Jim alluded to earlier, we're seeing some of the same impacts that other companies in the market are seeing and so when you see headlines out there, inflation in the low single digit range and that's again the headlines 1% to 3%. I think we're seeing the same thing in... | intermediate | [
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effd5ed17a3b69c1a387db86caf9ad8f | I wanted to start just with a question on some of the more recent occupancy trends that you've been seeing. And in particular, since the Delta impact started to peak out really in sort of early to mid-September. In our own SNF tracker that we have, we did see Ensign's occupancy starting to -- the growth started to reac... | Yes, that's right. I mean, I think at the height of the Delta peak, we -- certainly, we saw occupancy slow a bit early in the quarter. But our experience is consistent with what you're tracking, Scott. And frankly, if it weren't for some staffing challenges that we're facing, our pace would be even quicker right now be... | intermediate | [
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8f21e140ca989323404c88a1a3ee86e0 | Interested if you can maybe give us an update just on what you've been experiencing in some of your markets just as the vaccine mandates have been going into effect. Some of your large states already did implement the vaccine mandate. So, I think you've got some probably good sort of real-time information on that. And ... | Yes, we have three states, Scott, that have implemented vaccine mandates so far, California, Colorado, and Washington, ahead of this federal mandate that's still not quite finalized. And we're really excited to report that we've seen about -- only about 0.5% of our employees that we've had to part ways with which is a ... | direct | [
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08b450e444e57f985f708be27b015009 | Just wanted to ask about the FMAP funding that you've been able to recognize year-to-date in 2021 and how you're thinking about those funding streams continuing into FY 2022, just given, obviously, the PHCs have been getting extended. But interested also in just any conversations that you or your trade group may -- you... | Yes. That's a great question. We -- I'll tackle the second part of that question first, and I'll let Suzanne comment on the first part. We are working very closely with our healthcare association in Washington, DC and their team of lobbyists and feel like we're making really good progress in helping both the folks at C... | direct | [
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134853391c506931174bdf894ae8aae0 | Chad and Barry, I think you have talked about some of the additional growth opportunities that captive REIT may bring. Right now, as we look at the business, it's growing in the mid to high single digit in terms of revenue and FFO. Now with the structure finalized, could you give us an idea of how fast you could see th... | Yes, Tao, I'll take a shot at answering. So first of all, we are very opportunistic in our approach to acquisitions. I think we've talked about that before. But a lot of it depends on what happens in the marketplace in terms of pricing and valuations. We're going to remain disciplined. And as I talked about, making sur... | intermediate | [
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f135a8b4a275e099f7c1699be8371e23 | Maybe if you could talk about your real estate relationship with some of the healthcare REITs. Obviously, CareTrust and National Health Care Investors in Sabra with that you just took over, is it the intention to kind of use mostly your own internal REIT for real estate acquisitions going forward? And also maybe talk a... | Yes. So as I said in the script portion, we value those relationships highly. And the Sabra one, as you mentioned, is a brand new one. We've actually never done a lease with them before and hope that, that deal will be the beginning of many more to come. CareTrust, obviously, we've got a long history with them. And two... | intermediate | [
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f9f9307a9a72631e751fdb4a63f74eb5 | So on the balance sheet, I think that your long-term borrowing increased by $29 million this quarter. I noticed that cash flow was quite strong this quarter, and you had good availability on your revolver and the cash balance is high. Where do you see that additional capital being deployed? Is that going to be acquisit... | Yes. I mean, it's a great, great comment, and thanks for asking it. Obviously, our cash is really high, and we did close that HUD debt that we've been talking about for some time. As Chad mentioned, we have some really good opportunity for some acquisitions that we see on the immediate horizon as well as in coming quar... | direct | [
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09b49f8c92821ca08cd25f0e21502e09 | A couple of questions here. I guess, first on the growth in the managed care business that you're seeing. I just wanted to get clarification. I'm assuming that's mostly Medicare Advantage. And is that mostly COVID-related business and therefore, part of a shorter-term strategy? Or is this something part of a longer-ter... | No. Yes, certainly not COVID related. In fact, usually, when we see spikes in COVID, we wouldn't normally expect managed care growth to slow a little bit. But that -- I think it speaks to kind of our long-term relationships that are continuing to flourish. And just on programs we put in place with them and strengthenin... | direct | [
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7282fc0cd09d0f6d9769303e3e07fdc7 | And then I think you mentioned in some of the prepared remarks or maybe in some of the earlier Q&A that you were limited to some degree, occupancies were limited just by availability of staff. I'm just curious, is there any way you could quantify that, like the number of your facilities where occupancy growth was cappe... | It's a really hard thing to do, Frank. So to answer your question, no, we don't have a number. I mean -- but we just -- you hear enough anecdotal kind of comments out there in the field about, hey, we -- gosh, we could have grown by more if we -- as we're trying to develop and find more staff, we're hoping to make sure... | fully_evasive | [
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8c2719639c5951916bfb5737e9e1c2ec | When you look at your sort of major three buckets of labor, RNs, LPNs and CNAs, is it more skewed toward any particular group there? And is it -- is that a -- wherever you're seeing the most pressure, is that the hard -- I mean, do you think of RNs and LPNs that's more structural. But just any thoughts on about how fix... | It's all 3, for sure. But obviously, the bulk of our employees are CNAs, right? And those are the ones that are probably the easiest to fix because we can partner with or create our own CNA certification programs depending on the states that we're in. And we're doing that. And those efforts are bearing fruit. We're spr... | direct | [
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ea655b83447b0c8c2460da4c300ebc1f | Can you give us some color on the inventory dynamics that you're seeing in your distribution channel? And then I had a follow-up. | Sure, Ross. This is Bernard. In terms of the inventory in the channel, we've seen it come down nicely. It's now below 11 weeks, which is within our target model of 11 to 13 weeks. We're pleased with the progress we've made in reducing channel inventories, and we expect it to remain at these healthy levels going forward... | direct | [
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3b63156dfbccf3f80575710d494f5ceb | Great, thanks for that Bernard. And then as my follow-up, Keith, could you maybe discuss the trends you're seeing in the automotive market, particularly in China? | Certainly, Ross. The automotive market in China has been showing signs of recovery in recent months. We've seen an uptick in demand for our automotive products, particularly in areas like electrification and advanced driver assistance systems. While there's still some uncertainty due to the global economic situation, w... | direct | [
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388554be6e17661ad2880cd2ca03108e | Thanks for taking my question. Can you provide some more detail on the gross margin improvement you've seen this quarter? | Certainly, Chris. Our gross margin improved by 150 basis points sequentially this quarter, reaching 37.3%. This improvement was driven by a few key factors. First, we saw better factory utilization as demand improved across several of our end markets. Second, our ongoing cost reduction initiatives and operational effic... | direct | [
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1c53905961e77f2de3159ff2e2c79bfc | Great, thanks. And as a follow-up, how do you see your capex trending for the rest of the year? | For capex, we're maintaining our guidance of approximately $425 million for the full year. We've been strategic in our capital expenditures, focusing on areas that support our long-term growth initiatives, particularly in our 300mm manufacturing capabilities and in expanding our silicon carbide capacity. We believe the... | direct | [
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fdd3920d2009484410d2f29bf09a9b81 | I wondered if you could talk a little bit about the timelines that you're seeing for customers in terms of move in. Is that roughly the same or accelerating or taking longer, is there a general trend that you could comment on? And then, if you could also talk a little bit about your revenue, what's your current revenue... | Last year the total, we call it, net additional area utilized or move in was around 46,000 square meters. And I think you will have calculated yourself that our revenue guidance for 2019 implies a move-in over the year, which is significantly higher than that. In the first quarter, it was around 10,000 square meters. F... | direct | [
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"fully_evasive"
] | A |
fbda4d898109f85499335117e14c2424 | So, given the new business booked in the quarter and the timing of deliveries, is there any change in the expectation of the MSR for the year, which I think the guidance was for a down 5%? And secondly, with the new strategic customer, was it one of those two clouds or was it another entity? | I think the MSR trend is exactly as we expected. We know what capacity is due for delivery this year, we know what the selling price is in those contracts. Sometimes as customers move in, the racks may be empty, they may not be significant or they may not be significant power usage that can affect the the MSR, but the ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5553426aebc59f2a60a7ff799e94b351 | I wanted to talk a little bit about the guidance and if there was anything sort of onetime helping the EBITDA in the quarter (ph) to kind of do the math that sort of implies that you're going to be above the range if you stay in the sort of -- in this range of margins for the year, maybe tell us why you didn't raise th... | Frank, it's a good observation. All I can say is we thought about it. Just I think we gave guidance two months ago, so it seems a little bit premature, I'd rather wait to see where we are in the middle of the year. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
08e57593259c7df01e80d267ad8f7e40 | First, how would you compare the visibility you have into your leasing pipeline now versus the same time a year ago? And then second, based on what you're seeing in the market, how should we think about MSR trends in 2020 and beyond? | So, I'll answer the first question. The pipeline, we still think, is consistently like what we see in the beginning of the year. Nothing changed and we're still very confident our new booking will be on track. The second question is -- Yeah, Michael if we're talking about what we call our city data centers, so here we'... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eb3344bb079936d4397e50f11469cf06 | Just a quick one on the margin issue, it's obviously very strong in the first quarter. I think, Dan you mentioned sort of 1% point more throughout the year. Were you referring to on top of the 1Q19 margin, or were you -- was that comment more kind of a year-on-year kind of comment in terms of starting point for the mar... | Yeah. Colin, on margin, first of all, the first quarter margin is not a flash in the pan, it's a data point on the trend line. What I was indicating is that, at the NOI level, we can see that it will continue to improve, I'm not saying every quarter in a consistent way but in terms of a trend by one to two percentage p... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2015c75a0dc2eb4443d90f936b9e72d5 | I have three questions. The first one is, can the management comment on the valuation multiple in private markets when you do the M&A project particularly given the credit environment in China kind of improved, I'm not sure if the pricing of the M&A deal also got increased? The second question, could you please elabora... | Thanks, Yang Liu. I'll take the first question on valuation multiples. I'm sure you calculated that what I said the implied multiple for the, what we call the Guangzhou 6 acquisition is probably seven times or less than seven times. We evaluate projects from multiple respects but fundamentally our financial approach is... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b87dd4f1a095468864c494b49aea90c5 | So first, I wanted to touch on the volume outlook, specifically with ferrous export volumes, we saw the sequential decline there. What was the primary driver of that decline and how should we think about those volumes going forward, at least directionally. And then secondly, if you could talk to what you've seen thus f... | So on the ferrous volumes, as Richard mentioned, we had three ships that were delayed due to severe weather in February that moved over into Q3 and that was really the driver of the declines in the Q2 volumes. And in Q3 as you can see, even putting aside the volume, the extra volumes that are coming over from Q2, the t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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