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02730f0081e0be9f4b3e633d67bc6ca3 | Well, I think that translates to my next question, which is you can tell us otherwise, but if I just apply a 25% type decremental on close to $90 million lower products revenue. And I also add in what you just mentioned on the year-over-year headwind from insurance. It looks like the rest of the business EBITDA is grow... | No. I think you always -- I always think that -- you are one of our smartest analysts. When you look at our portfolio, it looks like electricity and storage is growing very nicely. And we are comfortable that the major levels that you just described of 9%, 10% is something that we can sustain for long term. There is no... | intermediate | [
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7a93d17d75224475b675b64f27dcf0dd | I guess, one additional question. Obviously, the capex guide is very robust compared to past years and ties to your commentary around accelerating the growth. I think in the appendix, you unpack that a bit. And predominantly, that spend is envisioned for geothermal development. It looks like you disaggregated into a co... | I think, first of all, definitely, the ability to get PTC and to get start of construction in 2021 is driving some of the exploration. But also, if you look on 2019 and 2020, we didn't have a lot of geothermal coming online. So this is a process that we've pushed for a couple of years trying to accelerate the explorati... | direct | [
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04b9649c9108029953aeabf2c6813c63 | Hey. Good afternoon, guys. A couple of questions on my end. I was wondering if you could further elaborate on the $11 million charge that you mentioned. Two questions. One, I assume that's the Rabbit Hill storage project. And then also, where in the P&L and the income statement should we be modeling that for Q1? | So on the rapid healing in Texas, it relates to the Rabbit Hill project, the 10-megawatt project that we have in Texas that started to work last year. As part, we have a little discussion about merchant versus fixed price we've decided end of last year basically to hedge 80% of that facility. And we did this hedge last... | intermediate | [
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c109b5c5091051ec3fc397f03b6e555e | Got it. And then it was touched on earlier around the product visibility and the lack thereof because of COVID. But with the Turkish feed-in tariff being reinstated but changed. How should we think about your exposure in Turkey, given your facility there? And then as Turkey or assuming turkey rebounds, do you anticipat... | The facility that we have in Turkey is really a very small facility. We reduced it to the minimum required in order to keep our presence there. So today, it's not a real burden. And part of the feed, the new feed-in tariff is an increase subsidy to products manufactured in Turkey, and our facility will be an important ... | intermediate | [
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f84f5e3a4319cee2162d22a97d0296c8 | Got it. And my last question is just on the guidance itself for 2023. If I heard you right, there's no M&A, either for geothermal or for the elevated storage outlook. And so that would be upside. If that's correct, can you just talk about what the pipeline is for M&A, if that's something you intend to be active in post... | Yes. So it doesn't include any major M&As. It will include, if we buy a product that hasn't been built yet like -- that's part of this focus, where we buy land position or small developers. And on the geothermal, it doesn't include any -- which is a different kind of operation, it doesn't include any M&A. We are active... | direct | [
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6066925d082fb8d404fe4b5b1a14b524 | Have any of the market changed as the quarter progressed? Meaning, have any other components in the guidance change for the year. Since it looks like the high end of the organic was taken down a bit. Could you talk about that a little? | Yeah. I think you can -- as we said in the comments, the OEM business and the deceleration that I think the general market has seen provide a probably more headwind than we expected this year, especially as you can see in the automotive and in the semiconductor sectors of that. We have been, as I mentioned, reconfiguri... | intermediate | [
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089f42b97df8c70055fd97b7ee1e7476 | OK. Great. And then with gross margin, is there any more color that you can provide on the -- within a certain business segment? | Yeah. No, actually it's very broad-based across all segments. And as we had said in comments, it is really an enterprise plan that we've worked with all of the leaders around the company and focusing on values and several -- many different types of areas where we felt like we could improve our margins. So overall, it i... | intermediate | [
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2f8af2da04a852689d4c54c4ef1e2dc7 | OK. Great. And last for me, why is this the time to go private? Do you believe that the market was undervaluing you? Or was there a concern with the ERP change and maybe wanting to do it more out of the public eye? Or are there any other factors? | Yeah. Good question. We weren't looking to go private. We were running the company as a public company and we're prepared to do that. We've been very public about what our strategy is long-term. And we were approached by a company that we felt was a serious -- seriously interested in our company, and, of course, it's o... | intermediate | [
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e119b24f08a0847edb52342242e6c733 | Can you expand a little bit on just what that exposure is? Is it a single counterparty? And what are the prospects for recovery there as we kind of look forward through presumably what is some sort of process already ongoing, if you don't mind? | Yes, Julien. So yes, this is a single counterparty. This is a bilateral heat rate call option. And I mean, the conversations are ongoing. So as you can appreciate, I can't provide a lot of details because of the possible different outcomes that this can take or -- but I can tell you is that while we're having, I think,... | intermediate | [
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6e8651768d644165a1691095cba3b8fd | It's a single power plant or is it a financial counterpart? | Yes, it's a single power plant. | direct | [
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c27be38e730a02d9b33daf94c751424b | Can you just clarify what is the legislature looking at across the options? And I get that the session isn't over yet, and we've got a few more weeks to go. But I just want to clarify against the different ERCOT exposures that you have here. What is on the table here potentially for the legislature? I know you alluded ... | Well, I mean, I think the two areas that you should focus is the ERCOT default and the uplift charges that I already explained, I think, in great detail in the presentation. I think everybody recognizes the impact to the broader market that either was an exposure that was unhedgeable or an exposure from co-ops that the... | intermediate | [
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99a05b546532a2eec743bfd06c2ade79 | Any preview here as to the metrics that you would be anticipating to disclose here in late spring? Just kind of a sense as to what the initial blueprint might be? | I think on the Analyst Day -- yes, I think on the Analyst Day, we want to do three things. Number one is have a conversation around the strength of our core platform and the value that we see and the opportunity that we see closer to the consumer and the customers. So I think customer lifetime value will be something t... | direct | [
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c23186f0d5f1e6c1cb7034cc4d88c0ea | Can we do a cash flow walk related to Uri? So if I take the $975 million of kind of headwinds. How much of that cash has been paid out as of March 31 versus is cash that's going to be paid out over the next couple of quarters? | Yes. Michael, so the way I would characterize it is the growth impact is $975 million, that's an impact over time. As we've said, the impact in the first quarter is $967 million. And then over time, there would be $8 million of incremental cost associated with it. The way to think about it is all of the cost of goods s... | intermediate | [
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7a53ac6de359ecdda645c04fa58f8b2c | In other words, for the next couple of quarters, there's about $100 million of headwind related to the $975 million, that's cash. I'm not worried about earnings here, just cash. So $100 million outflow related to that. And then the $150 million part more than offsets that this year, but then you pay -- kind of pay that... | Yes. That's right. That's right. | direct | [
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fdf3e1568af65c443baebb06b33e2332 | Could you give us any pointers as to how significant you feel these different pieces might be, whether that's sort of larger or smaller? And I guess a little more specifically, I mean, does the high end assume recovering most of the heat rate call option position? Or I'm just curious if you can give us any pointers wit... | Yes, Jonathan. Well, I mean, what I would say is, we feel confident with this range, given the information that we have today. And what we try to do is break it down into its very specific components. So for example, the first bad debt, I mean we're working with our customers, either through payment plans or extending ... | intermediate | [
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ec81628b9421734d8873cd9d90d4d4ea | But is the onetime cost saving piece significant or a smaller element? | Yes. So I mean, the onetime cost savings, as you all appreciate, I mean, we have some cost savings already as part of the Direct Energy acquisition on the synergies. I mean, we're making good progress there. Remember, those cost synergies tend to be recurring. What the cost savings that I'm talking about here are going... | direct | [
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e766fd1e4a415999ff840d3f975d0cf9 | Are you the only counterparty of that asset or one of many? | I cannot answer that. I mean this was a bilateral financial deal with one counterparty that we know that they had one plant to back the this financial bilateral agreement. So I cannot tell you what else they did on -- with hedging their position. | fully_evasive | [
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6996cf801a8c061cfbd0c3eb8098bbd0 | Any sense of what the opportunities are like for perhaps adding customer books or something larger. Would you consider picking up any assets that might become distressed here within your sort of overall customer refocus? | I mean we're always going to be opportunistic about that. And we have a -- I think we have a pretty long and proven track record of buying books, distressed books at value. Our goal right now is to integrate Direct Energy. I think that was a pretty large acquisition that we made last year and all hands on deck there to... | direct | [
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f26e14845c385fa6dab962c6fe1d2ef7 | In terms of the Houston headquarters decision, can you provide some color as to why you made the decision? What the tax implications are? And from a real estate perspective, if there's any assets that you're looking to monetize? And any digital proceeds that you expect to yield from that decision? | Yes. I mean, if you recall, we've been running a dual headquarters for now for quite some time. And I think in the spirit of simplifying our business operations and also as part of the Direct Energy integration, this was already on the works for quite some time. Obviously, the winter storm Uri impacted the timing of th... | intermediate | [
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8ae3004532dcd56d2d215f7a030fac40 | In terms of trying to quantify some of the financial impacts of the decision, is there any color you could provide, realizing that some of those details haven't been fully determined around additional cost savings or benefits in terms of financial statement impact of that decision? | I mean I would say that they were part of the plan around simplifying the organization and the direct energy integration. So they're embedded to some extent on the synergy targets that we already provided to them. I mean, we're going to maintain regional offices. Because with the Direct Energy acquisition, we actually ... | intermediate | [
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d1c66883dc71b670ed516b1568a9dd14 | Hey, this is Rob on for Madhu. Thanks for taking the question. Congrats on a good quarter. We were just wondering, to what extent were the HEPLISAV-B revenue gains driven by the CDC ACIP recommendation versus deeper use among prescribers? And additionally, just one more question, like what should we look for from the 4... | Thanks, Rob. I'll answer the first one briefly, given -- the gains in HEPLISAV are primarily tied to market share. The ACIP recommendation will -- for market growth, we expect to take some more time. Donn, would you like to provide a little bit more commentary on how the ACIP recommendation has supported that increase ... | direct | [
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aa9c9911b98196859ae1a36b6633799e | Hi. Thank you for taking my questions. Congrats on the quarter. This is a follow up to Rob's question on HEPLISAV-B. Given that most of the gains are related to the market share that we should expect the adult vaccine utilization to remain flat for the rest of the year. Then how -- what would be the magnitude that you ... | Thanks, Ernesto, for the question. Obviously, at this point, we're still not comfortable providing financial guidance for the second half of the year for HEPLISAV. I think you've got the point accurately, though, that the market is still a big driver of how we expect revenue to perform. And while we're pleased with the... | fully_evasive | [
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b5be8ac59c2e73c4e9a4f66b84e5ddc4 | OK, I see. That's helpful. And I know you're not -- also not providing guidance for next year for CpG. But do you have -- like thinking about how -- what do you know about your partners and their orders and how they've been progressing in their sales or in their filing or regulatory filings, do you have any sort of lik... | Yes. I can't give you prediction. I mean, I can give you the facts that we know and that I think we all can observe from the COVID landscape. And that is, obviously, the vaccine landscape continues to evolve, including policies around vaccination and government programs supporting boosters and how the future vaccines w... | intermediate | [
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b629d714b82f7add23082ee4d26b191a | Good afternoon. Thanks for taking my question. Congrats on some great numbers in the quarter. Can you maybe just give us a sense of how much revenue in the quarter came from the DoD channel or at least if you expect a similar level of DoD activity in Q3 and then maybe that moderates in Q4 as typical seasonality? | Yes. We're not going to be able to break out revenue by channel. And then I want to make a quick comment. Donn, if you have anything to add, let me know.
And Matt, I think some of the commentary is based on our historical trends where the DoD seasonality had a big impact in our numbers because we had early success in ... | fully_evasive | [
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ffbee4ab86e504aa3c255f21c7c5fd0b | That's helpful. And then for the new biopharma CPG revenue source, is -- I guess, is the -- how much is committed for this quarter? And is really the upside potential from $550 million to $600 million, is that really coming from options from biopharma? | No, that is not specific to biopharma, Matt. I mean, obviously, they're in their projection. The reason for that range, and Kelly, please add to this if needed is that still has -- there's still execution of manufacturing and shipments. And if anything were to slip quarter-over-quarter, we just have to be careful about... | intermediate | [
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3dbdd1cc258819d45934ab6d94fff8b1 | Good afternoon. Thanks for taking my questions. Just a question on the plague study. The first patient is to be dosed this month. Perhaps you can give us your thoughts on the time line to data and the path forward to approval and any thoughts that you have on potential DoD stockpiling? | Sure, Ed. So the time line, there's a number of different readouts in this trial. The time line, I think there will be a potential interim readout toward the end of next year. There's multiple elements to this trial.
There's a bedside mix component versus co-administration that we have to get through before we move in... | intermediate | [
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22eb09fbc3edd76a84f88278ef212543 | OK. Thanks. And then a second question, if I may, just on hepatitis B sales. You recorded sales in Germany. How should we be thinking about what's next stop in Europe as far as company rollouts go or any sales expectations or the market that you can tell us about? | Sure. So obviously, Germany is the focus and our partnership with Bavarian Nordic is really getting underway now with this initial launch. We're very excited about that opportunity and their focus in Germany and with their sales team. So I think the best opportunity for us to continue to drive revenue is going to be th... | direct | [
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33fd833b1bc7034ebbe5b423fc213953 | First, just on Hubs. Can you elaborate a little bit on what you're seeing at hubs, and the improvements that you've been able to make that give you the sense that you can get that business at 25% to 30% gross margin? | Yeah. So within the Hubs business, we've added resources around price optimization. So that is looking at as we get cat files coming in, optimizing the pricing that we can get that based on how that's going to be charged to us from our manufacturing partner network. Also, it's expanding who our manufacturing partners a... | direct | [
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bf721fb76c1840993958b8bc38170319 | OK. So if I remember correctly, the manufacturing partner base totaled I think it was $240 million when you acquired it. Where is that now? And where do you expect that to go for Hubs? | Yes. The hubs network is -- it's in the hundreds of manufacturing partners. Our strategy is to actually not to necessarily have the biggest network, but rather have a very well-groomed premium network of manufacturers that -- who we -- they're highly qualified and for whom we can send material business. So that there's... | intermediate | [
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7b800ad8d67d97afce96ebbabfb51335 | Right. Yeah, I remember you mentioned that was going to be a positive this quarter. So that's good to see that played out. Can I just ask again, is that $240 million manufacturing partner base, the number that you're not going to update going forward? | I think the number will -- the number will change yes, as we continue to grow I don't think that number is the thing to focus on. I mean, we're able to grow 40% year-over-year with this -- with the manufacturing partners that we have. And we will -- and we have no trouble continuing to grow that number as the business ... | direct | [
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be69e3344741f52363a7d3f22858cb5c | OK. I'm just curious. And then just last, gross margin came in, as you pointed out, ahead of expectations. Should we -- and I think you signaled this, but I just want to be clear is gross margin expected to improve sequentially from the first quarter level as we move through 2022? Thanks. | Yeah. We do expect quarter-to-quarter to continue to improve our gross margin. Our guide has a life behind it is a slight sequential improvement in the gross margin percent. What I am going to say, Brian, is it is predicated on volume and continuing to increase our volume quarter-to-quarter.
And that's one of the assu... | direct | [
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93bf56db742965076393454b7400dc10 | Was hoping to dig in a little bit more on the segment details. CNC was pretty strong. I was wondering how much of that was maybe due to pricing. And then on the injection molding side, it seemed like that was pretty strong last quarter.
I know you mentioned some year-over-year comps related to some COVID projects, but... | Sure. So with regard to CNC, we -- you actually named it. We saw the benefit of pricing improvements, as well as from some large order increases from key customers in our CNC business. Which was really nice to see and growth both in the organic and in the Hubs business.
In terms of injection molding and sheet metal, a... | direct | [
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966811353b4398478ccfced68dfa51b3 | Got it. And then maybe keeping on track with that monthly demand trends. I appreciate the color on Q1. What have you been seeing quarter to date so far, maybe in terms of demand, and also within the inflationary environment, what you're seeing there a possible pricing actions? | Yeah. I think our guidance is our best view of what we've seen in the quarter so far, right? So our guidance is consistent, right, with what we're seeing in April and our seasonal trends. From an inflation perspective, I and what we're seeing from a macro perspective, for us, we're not seeing the shortages that we saw ... | intermediate | [
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f952a82f8327b3b331f934c85b34c748 | Got it. Maybe I'll just end on Protolabs 2.0, and kind of the overall improvements of the internal efficiencies? How is that progressing? | Well, so as Dan indicated, Greg, we're continuing to drive productivity and efficiency and assuming the volume meets our expectations. We are -- we should see that in our margins. | intermediate | [
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44c3ff7d414c1c5f5e6afaffad7f39a9 | Hi, thanks. Good morning So I know there are a lot of moving parts to our gross margins. But as we think about the sequential improvement that you're anticipating over the balance of the year. It sounds like you're certainly making progress with Hubs.
To what extent is this ongoing price optimization given the cost pr... | Jim, maybe one thing to point you in the right direction. We had slightly increasing non-GAAP margins Q4 to Q1. If we did not have the decrease within the injection molding business, that gross margin would have improved more. So part of our focus is on improving the volume within that injection molding business, and s... | direct | [
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1f95452c43d4f9ba1190df9f37b2a7f5 | And I think with respect to Europe, it doesn't sound like you're seeing any immediate impact from the geopolitical events there. But you alluded to indirect impact. And I guess what I'm wondering is, are you seeing any signs of that yet in the business or any particular areas where there's been a change in the demand p... | Well, no, nothing -- no strong signal yet. Q1, we did see macro improvement in the Eurozone, and our business is performing well in Europe with on-time delivery and high customer satisfaction, which led to a nice growth in the quarter for us. We do anticipate that landscape can change though, of course, because it's a ... | direct | [
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aa7196600a2be476bb648edf8a58c545 | And last question for me is, I'm just wondering if there's any color you could provide on anything noteworthy from an end market standpoint. You guys sell into some diverse vertical market verticals. And I'm just wondering if there's anything that you can call out that's worth noting as it relates to the quarter from a... | Yeah. Two end markets that were exceptionally strong for us with both industrial and commercial machinery, as well as aerospace had very good quarters for us from a year-over-year growth perspective. As we mentioned in the injection molding side, some of the higher COVID orders that we had last year, that did impact me... | direct | [
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d72b63448fe4f90d3f265d141ffc7c3b | Yes. Thanks very much, and good morning, gentlemen. With respect to the CNC business growing very nicely. Rob, I'm wondering if you can maybe offer some perspective on sort of the appeal of machine parts perhaps versus injection-molded parts at a high level for certain customers in certain industries, why this particul... | Yeah. So I think if you look at the industries that Dan highlighted where we had strength in the quarter. Those are highly correlated with metal parts manufacture and CNC in particular. I would also add that we continue to see demand for our flexible lead time offer, right, that provides longer lead times and a broader... | intermediate | [
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5cc084debc93b28c807267f1300e7f3d | OK. And in the 3D printing area, can you speak to maybe at a high level, the mix that you're seeing from a plastic standpoint versus a metal standpoint, is there any evidence that 3D metal printing is becoming more mainstream? | Yeah. I think we're seeing -- well, we're seeing growth in both -- in all materials within 3D printing, both plastics, and metals. Today, our plastics side of our 3D printing business is still larger than the metals. We have a broader portfolio in the plastics 3D printing technologies, but we're seeing nice growth in m... | direct | [
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5198429fd78f8cd1f6f182ae806c0932 | OK. And then finally could you speak to any synergies that you're seeing between the core Proto Labs business and the Hubs business? I'm thinking specifically about orders that might come in to either business unit that might be more appropriate to the other and whether that's helping to expand the business overall? | Yeah. So we definitely do see orders that come in on one team that we transferred to the other, and are doing cross-selling right now between the sales teams and the two businesses. And as we get the integration completed and a unified customer experience online. We expect that to ramp up quite dramatically. | direct | [
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48649fb9be514bf612972c5bc96d80af | Could you just give us an idea what grade was expected and what your -- I guess if you tell us the grade that was expected we can, from the math, figure out what you're actually getting or what you're reconciling to? But I just want the actual relative, the reference point for what grade you were expecting in the East ... | We've never really, like, disclosed on a detailed basis. But what I could say, as you know, we've been performing in the point -- averaging 0.8 to 0.85 in the first half, and we're expecting a full year around the one gram. So obviously, we're expecting in the second half something along the one, 1.2 grams a tonne, and... | intermediate | [
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2c06de36e3d20498d7111e2c40d0bbcf | Could you just give us an idea of what kind of ore sources and what kind of grades we should perhaps see thinking about going into Q3? And then is it fair to say that this -- can you just give us an idea of how far behind this receipt of the permit was? I'm looking at the technical report and I think it's -- you were s... | Yes. I think it's a fair assumption. I mean like we were as disclosed -- priorly disclosed, we were hoping for the first -- for the B3 permit in the first quarter. Of course, last year, we were really hoping for early in the year, and then as you know, we were hit with the fatality. And quite frankly, I mean, our commu... | direct | [
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b147c2cf7a5dc749672042e3521bf3b1 | With lower copper grades targeted, would that also pull in some lower gold grades as well? | Yes, we'll do as well because you cannot decouple both. So by pulling in the lower, but you're still going to be -- you still -- we still expect to meet the gold low end with the combination of midpoint. Now remember as well that our equivalent golds are calculated using a $3.50 copper as well. So we're taking everythi... | direct | [
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f87c1acd7738f111ff5220d95130c2fc | OK. And then would that imply that maybe you would perhaps fill the mills higher than the run rate so far? I think that the run rate that you have is contingent upon the grades that you were seeing in your reserve envelope rather than in the resource envelope. Could we see higher tonnage going through as well? | On that one, I would be very prudent to say that as much as we want to maximize the extractions at the underground and extract the maximum value, we continue to be managing our mill in parallel to the tailings, as well, capacity and managing of the water and storage. Remember that as we transition next year to the in-p... | intermediate | [
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872fa43ed5c8d9a2cfde101ea3d66f06 | But this is more big picture, when key theme has been inflation and inflationary pressures, could you talk about your relative exposure in terms of energy at both assets, labor and other consumables? And what kind of pressures you're seeing there at this stage going into 2021? | I would pass it on to Rob. But just on the labor side, per se, no, I wouldn't say that we feel the pressure like any other mines, like we're very focused on controlling our turnover and that kind of things. But no, I wouldn't see that we feel pressure on the cost of the labor. But, Rob? Yes. I think the two other areas... | direct | [
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0cc448deb3b8cd1d4f82d137139be4d1 | OK. And then is there any difference in the capex -- the pressures that you're seeing on -- or impacts on the capex side of the equation? | There's nothing material. We've -- the majority of our, for instance, steel and the thickened and amended tailings, for instances, is past. We've received a lot of that material. So no major material impact on our capital projects. | direct | [
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fea6920bc289c19c7fb716406411e806 | I was wondering if we could start with an update on the water business. I know you touched on it in your prepared remarks. But can you give us a little bit more detail on what you're seeing with the ECO contract that's in place, the pilots and any potential growth in the back half of the year? | Yeah. Kyle, good morning. First, I'd like to say that the operations that we have operating in the U.S. right now for that -- for the major E&P that we talked about is going very well.
And we're using this as a reference for others. We've been producing the spec water for this customer now for some time and hope we ha... | direct | [
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cbc0fe4feba4218bcb80a1fa73a6b3d3 | OK. Got it. That's very helpful. And maybe next, can you give us a little bit of an update on the order rate? I realize there's some cyclicality in the business. | Yeah. And clearly, as we've said in the prepared remarks, it's one of the areas that's been somewhat the most frustrating that we felt all year because the bid pipeline in certain products have been growing. Girish mentioned that there are still opportunities for lower margin sort of spec compression that, quite honest... | intermediate | [
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f452c495115097e9a4a620e5b29ef738 | OK. That's very very helpful. And maybe one thing, just if you could clarify. I know in the press release, you had mentioned July orders were kind of improving from what you'd seen or I guess, the early part of 3Q. Can you give us any more context on that? | Yeah. I can -- we put that out there because it's important to give you a sense of how we're feeling both from a bid activity and a conversion. So we've converted in July and to date, more than 50% of what we've seen in Q2. And if you look at our Q2 order numbers, and if you look at our Q1 order number, our run rate fo... | direct | [
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306cf33db945595025861804454c3367 | With all the moving parts we've seen over the last 18 months or so, the acquisitions and divestitures, a lot of work on the margin side. Where do you think if I exclude big LNG, which can be episodic, as you know, where do you think you're kind of mid cycle earnings would shake out at this point? And I think it's about... | I would agree with your estimate there. In mid cycle, you know, from our perspective, it is looking like on a seven-year cycle type of view and from our 2020 outlook, we will -- we maintain what we put out in early May that our updated outlook inclusive of big LNG projects is $8 to $8.75 of adjusted EPS in 2020. We als... | direct | [
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2aacb595dd5bac40e5a824ca33d3d7a9 | And then just follow-up from me on the base business, actually the large scale LNG. Where is that -- what do you think your growth rate is now? It's not normalized growth rate post all the acquisitions, etc. | We forecast 7% to 9% organic growth on the base business pre any big LNG. That's our outlook for 2020. And there's a little bit of upside potential to that, but that's really available to us. And we have a good line of sight to achieving that into the next year. | direct | [
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4cbe96b1405138b4d5503284996dc572 | There's been some news recently about -- in some international markets about mid scale LNG liquefaction projects in conjunction with bunkering opportunities related to marine. Can you maybe talk about how you're seeing that market develop and opportunities there for you? It seems like it's a combination of two markets ... | Yes, absolutely. That is correct. That is an opportunity that's recently been developing and I think folks mix between small scale and mid scale, we tend to call these small scale and regasification terminals, but that's inclusive also of some of the marine bunkering applications. We are starting to see interest in the... | direct | [
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3904d891177aba3c07e80403082719b2 | Okay. And then on Harsco, you mentioned international markets for growth there. Could you maybe just talk about some of the potential applications that you're seeing for the equipment? | So this is an area that -- this is first time we're talking about revenue synergies from the AXC acquisition and there's a huge opportunity for us to take air coolers overseas. It's something that neither we Chart did nor Harsco AXC did previously. And that was really a function of the localized manufacturing needed in... | direct | [
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ff4073787be45a908abf88ca1bbad056 | Jill, maybe it's kind of on the manufacturing front as kind of maybe you just talked about -- maybe a softening on the manufacturing front globally. Do you see any change in your demands for your industrial gas storage business? | We've not yet seen any negative impacts on that side of the house. We are monitoring it because it's certainly something that's a macroeconomic factor that could impact us. But I think the other thing to remember is our markets, while tied to industrial gas, also are very broad and have a wide set of applications. So t... | direct | [
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9d4fd86f434dd315fcd4a6727782a58d | Great. And then, excuse me on a follow up, think about the longer term margin profile. Do you see that the gap between the gross margin on D&S West and D&S East closing over time? | We do see that gap closing over time. So D&S West was the frontrunner in our business purposely on the 80/20 actions. We have started 80/20 in D&S East, but there's also some just fundamental margin opportunities for us to get quickly out of the D&S East business. We would anticipate that D&S West that it's peak in the... | direct | [
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ff884463772ed329ad64bee505bf3246 | On the sourcing effort, you said you're running ahead of plan there. Could you just update on where you think that can go and how much more room you have there? | We've been extremely pleased with the results of the sourcing activities and a big part of that is credit to the Chart business service team inclusive of naming an individual to run the global sourcing project and all of the folks around the globe that have participated in the efforts. So, I want to make sure that I do... | direct | [
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78e2647fe7efd718053f96ce7942b73f | Okay, great. And then moving to the fueling station -- LNG fueling station opportunity, what geographies do you see the most growth? And what's the size of that market opportunity in your view at this point? | So of the 28 in the first half of the year, 10 of those were in China and the other 18 were in Europe. I think Europe by far is our most early days significant grower between the two regions. LNG fueling station for us, depending on the size and the construct ranges between $650,000 and $1.01 million per station. The o... | intermediate | [
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2e0f51d1654732d504f1deb243745002 | So maybe a bigger picture in E&C. Obviously with IPSMR and IPSMR plus, you're in a good position or very good position this current cycle, but as you think long term, just curious, do you feel like the market fully realize the benefits of that versus other process technologies? And then you've got -- you mentioned the ... | Sure. And I do want to just restate what I said on the call that there's a third, that's highly interested in working with us as well. So I think that the process is starting to get -- it starting to get better known in a wider audience. Certainly the Fortis British Columbia facility and installation of IPSMR is somewh... | intermediate | [
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0f35f62e97be1f2f900f594d1f7bdbc7 | Okay, fair enough. Maybe last for me, just on the vehicle tank side, I know you've got the two agreements in Europe and you're adding capacity there. I think in the last call or two, you've mentioned talking to more than a handful in terms of LNG interests, which I guess probably means you're talking to everyone. So, I... | We haven't seen any meaningful progression with any of the new guys that we're talking to. So it's really been maintained with the two that we have a long term agreement with. There's a third that we do sell some thanks to. What we're seeing though is the folks that we have the long term agreements with are working ver... | direct | [
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cfff5b2d8a87311eea7bb8ea3b74013a | I remember in 2013 and '14, PetroChina was a huge customer, specifically for those natural gas fueling stations. And that business essentially went away for a period of time and you're indicating that it's coming back, including in China. I'm curious kind of what the dynamic there is that led to a revival of something ... | Well, it's certainly not coming back to any level close to 2013 or 2014, so I'll be perfectly crystal clear on that. 10 stations in the first half of the year is an increase over last year and that's a good sign. But we're talking about increasing of 10% versus what we saw in 2013-2014 of 30%. So we don't forecast, nor... | intermediate | [
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ae3a78b360f1852fb4ca65a689f81446 | Okay. Can you [Indecipherable] with the equity raise from a month ago, are you essentially where you want to be in terms of your leverage metrics? | Yeah, I think, you know, post closure of the Harsco deal, you know, right out the gates were at 3.3x, which is a little north of our stated range of 2x to 3x, but we've got visibility that to delivering against that very quickly. And I think that -- would that'll continue to be the way that we think about the business.... | direct | [
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8730f3e9a308fffda063fac9e82839f4 | Look forward to seeing in two, three weeks. I'm just trying to understand the 7% and 9% organic growth before big LNG. It seems like there's a little disconnect between that and some of the stair step opportunities and small scale LNG, maritime fuel, over-the-road of opportunities, Food and Beverage. Maybe you could el... | Hey, are you calling me a sandbagger?
Yeah. So hopefully all of you have been around us for a period of time now. Understand that we like to guide to something that we have a high level of confidence in. And that's what we've done again in this 2020 outlook. So to your point, Craig, there is upside to that certainly i... | intermediate | [
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d5dad130d5585f3e62f2c1e35466389b | And one last question here. Kind of following up on [Indecipherable] balance sheet query. Given your low capex or ramping free cash flow, you're looking at material organic deleveraging as time goes on here. Assuming there's no more real big ticket M&A at some point, probably you're going to be in the fortuitous positi... | Yeah, I would say, we've articulated our priorities for free cash flow. It's continue to invest in growth and productivity in the business and from a capex perspective, we sort of given you that, that guidance and certainly in the near term we're going to focus on deleveraging the business, but to your point we should ... | intermediate | [
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7e0f53d1c0f41b9a0b41e1bc8ec2bad8 | Impressive margin improvement for the quarter. So congrats on that. I have two questions. They're mostly top down policy. One is recent regulation reductions in the US. Does that have any impact on margin improvement or is that mostly internally generated? And the second one is has to do with US tariff policy to reduce... | So the margin expansion is nearly whole from internal activities, to the first half of your question. To the second half of your question, we are uniquely positioned and very pleased with the position of having the options to decide where we make what. We have a lot of flexibility in our lines in terms of being able to... | intermediate | [
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01b2fa95cc7dcba148547e67599f441e | Yeah, hi, thank you. Good morning. Dave, maybe first, just wanted to get your thoughts on the near-term environment. It sounds like you've had a good start to the first quarter. And you're about to cycle, if not already the past few days, pretty significant disruption last year. So how are you thinking kind of the curr... | Yeah, sure, Jon. Yes, we are in the middle of a period that's, compared to prior year, gonna be significant shifts, right? It was a year ago that we did start to have to close our stores. But our -- so going against those comparables is gonna look different than we have as of recently, but the trends overall in the bus... | direct | [
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e05d4d8eb87e45aa356db03cb65ff4ed | OK, great. And maybe on margin, the full-year gross margin expansion as well, it looks like a little bit of implied G&A leverage for the year. Could you maybe just differentiate some of the drivers for both of those pieces, to the extent you're willing? | Yeah, certainly. We do expect that gross margin, we'll see some improvement. Last year, we had a significant hit to our gross margin. So we'll see some improvement in the first quarter, likely a little over 100 basis points, and for the full year, 50- to 100-basis-points improvement in gross margin when we -- based on ... | direct | [
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1521de83886644124caf62bfc5cc46df | OK, excellent. And just last one on the new pilot selling and Tractor Supply, the handful of stores so far, just any broader thoughts how to shape the strategy, how it's evolving around where you may be willing to sell Duluth product? And I know it's very early, but just given the current margin profile of the business... | Yeah, it is very early. And the product that we picked for that test is our most tried and true, well-known product, and it has -- it carries some of our best margins. So we expect that net, we'll see some accretion in margin overall from this activity if it really takes off the way we hope it will. We don't necessaril... | direct | [
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8658642b9a749fbe14353ffc4569fd5a | Thank you. So guys, a good year all in all, very good progress on the inventory. After growth in both the second quarter and the third quarter, the inflection of revenue declined, however, in the fourth quarter came as a bit of a surprise. Given the new customers acquired, technology advancements, new products offering... | Well, let me start there, Jim, in terms of our outlook. For the full year, we're not expecting that direct is -- needs to generate much growth at all compared to the prior year. We -- as you saw, from April through November, direct was on a very high growth rate. The deceleration in the fourth quarter truly came in the... | intermediate | [
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5aa8e486caf5787aa5ca33a8ad1d2b78 | OK. With respect to the direct business, you've greatly tightened up the inventories. It's your intent to be less promotional. There's some inherent tension there between promotion and supporting that direct business. Are you confident that you can stabilize the direct business while being less promotional? Or do you v... | No, we demonstrate growth in direct during periods where we're not as promotional. You started with the comment of the file -- the customer file base is much larger. And that's right, it is. So I think in the periods where we are introducing new products that are seasonally right in hitting that sweet spot, then we are... | direct | [
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905b9e163461b1a576db8bdfd786eec6 | OK. And last one for me, and I'll let someone else jump in. Just point of clarification on the guidance, Dave, is the Tractor Supply rollout reflected in your commentary about mid-teens growth quarter to date? Are you embedding any assumptions about a wholesale revenue contribution in your 2021 outlook? | No, it's not contemplated in the outlook. And the tests that we're in right now involves 13 stores of Tractor Supply. It's just our Buck Naked SKU across a few colors and sizes. So it's fairly small and not material at this point. But if things progress well and we expand it to other stores, then we'll, obviously, refr... | direct | [
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1baa41dc045cb508c4666fcab96d887b | Thank you very much. Just curious, you had mentioned kind of the outperformance of hardgear, and it sounds like Best Made Co. is off to a good start. Could you kind of just break down the contribution at this point between kind of plus hardgear, some of these newer categories and brands, as they stand now or maybe as y... | Yeah. Alaskan Hardgear is certainly much larger than Best Made and 40 Grit. It's about 5% of our business, but growing at a faster pace. So that's probably more of a meaningful sub-brand that's gonna move the needle when it does well. Best Made and 40 Grit today are less than 2% in what they're planned, but we are gonn... | direct | [
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b48d6e6910d20a1418e3f4efe0044e20 | Great. And then, kind of when you talk about sort of this next phase of growth, maybe talking about sort of why capex hasn't stepped down a little bit more this year with only one store coming online and kind of what you're putting capital toward now that stores aren't kind of the primary growth engine, is debt paydown... | OK, yeah, certainly, capex is a function of the stores. And with one store, then we'll see less spend there. But the other areas that we've got teed up and that we're working on right now include a software implementation, our merchandise lifecycle management tool, that will provide us with tools to allow for assortmen... | intermediate | [
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23f02ecba465431f4bec1cd99c3d9ae1 | That's great. Thank you very much for that. And then, the final one I have is just I'm kind of trying to understand guidance here. You're off to kind of a mid-teens pace. Total top line, it sounds like that should theoretically get a little bit better as you lap closures. But it sounds like you're expecting of the 6% t... | Yeah, certainly, first half, we're gonna see direct going against some significant volumes in the end of the first quarter and in the second quarter. And we're not anticipating that for a channel growth that we'll see any growth. It will likely be down to prior year in the mid-single digit, but that's gonna be offset w... | direct | [
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18f460b2e9955fd645e395fe86dcfb87 | Hi. This is Eason Lee on for Ami. Thanks for taking our question. Maybe two if I may, just first, in terms of the first $30 million BARDA procurement, I'm just curious what dialogue have you had recently maybe on the status of the pre-EUA, which, I assume, is sort of the remaining step to getting this award? | Sure. So this is Randy, I'll take that. Based on our recent communications we believe that the scientific review of the mouse PK data, which was the most recent data submitted to the pre-EUA has been completed by FDA. And then based on very recent discussion with BARDA, we're aligned and expecting that the first procur... | direct | [
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8611587290238a4254ce6c780bb16c7f | Great. Thank you. OK. Maybe my second question then is, I guess, just on the $62 million to $68 million guidance for the core commercial business. I guess it seemed like consensus was estimating maybe a number slightly above this. I guess maybe just relative to the strong performance you did in 2020, how do you sort of... | Look one of the things first and foremost that we have to be cognizant of is it's very difficult to predict how COVID-19 is going to continue to impact our business. But as we mentioned earlier on, we definitely had a feeling that we're going to see a modest impact in the early part of this year mainly because COVID pa... | intermediate | [
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a4c2dfda5d4f9dce609138d518f202a8 | Hello, everyone. This is Thomas Yip asking a couple of questions for Ed. Congratulations on a very strong quarter for NUZYRA. So perhaps first question related to that for the sNDA, for all oral only formulation is there any remaining work that needs to be completed? Or are there any updates from the FDA so far? | So as far as remaining work the answer is no. I mean, the study was submitted within the sNDA filing in July of last year. So our PDUFA data is upcoming in May of this year and as of right now no further updates to report on with regard to how the review progressing. | direct | [
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3b0fdb75e6e8fa9c5bc49ba468d79f65 | OK. Thanks for the update. And then you guys clarified -- I believe Randy was the one who said the two BARDA procurements in 2021, one is near term, and one should be expected in the second half. Just curious, is there any -- going forward, should we expect any spacing and timing for different tranches in procurements? | Yeah. Sure. So thank you for the question. This is Randy again. I mean, in general, the way the BARDA contract was structured is the four 2,500 treatment courses were originally spaced about one annually over the first four years of the contract because of the initial delays and the reviews of the pre-EUA from FDA due ... | direct | [
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007df6fe09ab666c85746dcb315f923d | OK. That sounds good. Thanks for clarification. And then switching gears to the new NTM study. You gave some details on the Phase 2b. What are some preliminary thoughts regarding study sites? Any specific geographical areas that you guys tend to focus on? And are there any chances to expand to outside of the United Sta... | Yeah. So at the current time, the current plan is to conduct a study entirely in the US. As far as specific study sites go. In general, I think people generally know where the NTM Centers of Excellence are and where people ultimately get referred to, to have the final diagnosis of NTM, all species of NTM but specifical... | direct | [
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1752516ce713c2a275c120a2d2e1eb8d | Hi. Thanks for taking the questions. I want to follow up on NTM. Randy, you went through some of the details of that study. So I may have missed one or two of them trying to keep track. But I thought you had said that patients in the study will basically be not on any therapy. So they won't be on any sort of background... | Yeah. So thanks for the question. These patients will generally be I'll call them newer diagnosed NTM patients. So they will come into the study most likely not on other therapies or had been on previous therapies and stopped for some period of time. And you're right that this is a monotherapy placebo-controlled study ... | direct | [
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e29c632f195bfdc9acb4c4fae9b9855d | Great. And as part of the endpoints, have you guys termed out what primary endpoint would be -- is it going to be some patient symptom score? Is there going to be diagnostic tool and for the -- sorry, I'll stop with that and follow up from there. | So I think we've shared before. We've had a couple of meetings with FDA over the last 12 months or so that talk about generally about clinical trial endpoints for NTM and NTM Mycobacterium abscessus and as you may know, the FDA is really pushing for more of a symptom relief endpoint rather than the microbiological endp... | direct | [
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cbd3783f26f698d8be39e22ac73de28c | Great. And I'll get to two last ones to this. Just one, any powering assumptions on the sort of efficacy you would expect to see in symptom reduction? And then do you feel that this would be data if you generate and you're able to hit those primary endpoints and possibly show something on the secondaries? Would this be... | Yeah. So I think we'll hold off giving too much around the statistics and the power assumptions at this time as Evan mentioned, we're planning to have a more detailed review of the NTM study design in an upcoming meeting that we'll schedule soon and we're still working through some of the specifics around that. So if y... | intermediate | [
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7c9d3d2e1cb6b02e0b7988bfb6c844f1 | Thanks. Thanks for taking the question. Congratulations on the progress folks. Just first and -- for specific comeback to the BARDA reimbursement or the BARDA purchases, excuse me. So just to probe a little bit more, given some of the issues with the first payment, what gives you the confidence that the second payment ... | Bert, we've had ongoing discussions with BARDA not only through the joint development team that we have with them, but we are in contact on a regular basis with senior leadership at BARDA. Very recent phone calls have allowed us to continue to align and feel very comfortable and very confident in our current guidance. | intermediate | [
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84c385ad6a6f54de0500efe35675ee8f | OK. Thank you. And then just coming to the reimbursement question and kind of coverage, Adam mentioned during his comments that there were some wood left to chop in terms of Medicare. Adam, could you put a little bit more on that subject in terms of things you'd like to accomplish in the not-too-distant future with reg... | Yeah, happy to. Look, remember, first we've got about 300 million lives covered, which is a huge number. And we have a very small amount left in Medicare that's still a little bit of work to do. Right now, our focus actually has always been on the Medicaid and the commercial, because from a skin perspective that's the ... | intermediate | [
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a1d09b1cedde1469f10d4778b8660c5a | That's great. And then just -- I actually did have one question with regard to sales force structure. You mentioned I think 45 in the hospital, 40 in primary care, as you look to the traction that you hopefully get in primary care, at what point do you start to assess whether that 40-patient sales force is rightsized? ... | Well, first, nothing will be determined based upon the additional add-on indication, because far and away the largest indication is actually the skin one actually in the community, 2.2 billion versus 1.5 billion. But it'll be an ongoing assessment, somewhat similar to what we did with the hospitals. We know that the pr... | intermediate | [
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ee5c5f64b1bdf2e76a4d39edad10379e | Steve, I'll pick up right where you left off on financing the Hargray deal. In the past, you typically said you would be comfortable going up to about 3.5 times leverage. Is that sort of range still an area where you'd be comfortable going or would you consider even going higher considering the credit markets?
And sec... | Sure. So on the first question on the financing, I think, we definitely -- we've always said that we're comfortable living in the 3.5 times range, comfortable going higher if we thought we could delever quickly. Clearly, I think we have the ability to delever quickly on this, both from our own growth and the growth of ... | intermediate | [
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3ee02c3b877629f9f72f3a4f9ca3c9bd | Steve and Julie, two questions, if I could. First, you're obviously always looking at acquisitions, I guess. The headline price and even the post synergy price for Hargray is an awfully high price relative to public cable multiples. I'm wondering if you could just talk about what you're seeing from potential acquisitio... | Sure. So on the deal multiple side of it, I mean, clearly, we have seen multiples move up, and we've also seen our own multiple move up. And we think justifiably so, we think businesses that are HSD focused that are HSD-led that have a competitive environment like we do that have a growth profile like we do. We think t... | intermediate | [
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6b9b157a1ced1573b2c2df7056b5ee52 | Maybe are both for Steven. But Steven, EBITDA margins are clearly pretty strong for this business over 50% for the year. When you look at sort of the acquired cable systems versus legacy Cable One's footprint, could you sort of frame for us the spread between the more mature systems and the newer assets for you in term... | So, Brandon, on the -- first question on the EBITDA margins. So I think a couple of things on that. First, I would say, there's obviously a lot of conversation around what's a pull forward and what's not a pull forward. What I would say, we've seen because we've continued to see accelerated growth, as Julie mentioned, ... | intermediate | [
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4bdb9978b8b7d82b103d9a2e6ba9b7f3 | Hey, guys. This is Rob on for Frank. Thanks for taking my question. So can you talk about the outlook for you guys under a potential Title 2 net neutrality scenario and how much do you think you'd have to raise pricing if data caps weren't allowed hypothetically? | Thanks, Rob. It's Julie, I'll start, Steven, feel free to jump in. First, we're strong believers in net neutrality. We don't throttle. We don't have fast lanes. We believe in an open Internet. We don't believe that it needs to be legislated, however. When you talk about possible regulation and raising prices, a couple ... | intermediate | [
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3cf6efa9db2dd7c9a53fd3eefda34356 | You know, I wanted to ask about the big sort of reward droving opportunity ahead as people start to return to their workplaces. It sounds like your product assortment certainly resonated as people were working from home with comfortable clothes and, you know, similarly, sounds like a big opportunity, you know, to kind ... | Hey, Alex, it's Jerome. Thanks a lot. We think that going forward, what you're seeing is almost a resurgence in the apparel industry. Over the last year, you've seen fewer people shopping in stores, more people shopping online.
In fact, the big increases in online shopping have come from Gen X and baby boomers. So what... | intermediate | [
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] | B |
cd514a60ef280d1cc7fa364705bb30b6 | We'd love to talk more about the gross margin. You mentioned that rising freight cost and the supply chain constraints, in general, are likely to continue throughout the year and yet gross margin has been up really nicely because of your merchandise margins.
Where is that coming from? With commodity costs rising, is it... | Yeah, I think it's really coming from probably two places mainly, Alex. So the first is our sourcing team has been doing a great job with sourcing our products, which we've been seeing some nice reductions in our average unit cost. And then the second is what we're doing from our promotional perspective, and we've talk... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
476b54bed5522d9a312e9fed9a5fa7d6 | And then lastly, if I could just ask about the uniform business, you know, it sounds like you're starting to see a nice recovery there. What's the expectation out of how that's likely to play out over the next couple of quarters? You know, it sounds like back to school off to a strong start.
You know, when did that bus... | Yeah, I think we still expect it to recover different places from the different industries or the different businesses. The school business, as you mentioned, very early stages there. So that's all anecdotal. What we're hearing in the markets is most of the schools are hoping to be back in-person living as -- learning.... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d12ac08b59112fc23b9fe812404ef105 | Just appealing, can you back one more layer on the back-to-school season and overlay that with potential shipping delays? Are there any issues from your in stocks regarding back to school, which would it be expected to start to occur, I assume, in about six weeks or so? | I would say we're certainly seeing challenges like everybody else in the industry. We're doing what we can to expedite it. There are instances where we're doing things from some system shipping by air. We're doing things where we're expediting the ocean freight.
That's certainly adding a little bit of cost in but we're... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7464cbc7abe08e62c7dee06fa330faad | And did the results in the first quarter alter your longer-term outlook? I believe that was sales of 1.92 billion and high single-digit EBITDA margins. | We haven't updated that yet. You know, I think there's a potential of certainly that these trends continue but at this point, we're going to stick with the 1.92 one. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7b467f08e44b6e6945eb14c32063fdf4 | And something on a more granular level, can you give an example of how your data analytics recognized something that you could alter your product assortment that you wouldn't have otherwise known just from a normal trajectory of sales returns if you will? And by sales returns, I mean, growth in the particular category. | Sure. One of the things that we look at is, you know, how much development time we put in, how many styles we develop. What's the exact right amount of styles and colorways to put into the assortment. And if you look at the last several years since Jim and I have been here, we've cut the number of styles that we produc... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a5cbf4553d2788da3f3ee88d21c42396 | Just first question was on compensation -- base compensation expense as well as on the G&A expense. How are you thinking with the new transaction kind of pro format, what the run rate looks like? And then also, extrapoling that in terms of how you think that may evolve in terms of growth in 2022? | OK. Gotcha. OK. So on the SG&A front, one of the good things about our business is it is, at least from an infrastructure perspective, people, processes, technology around our AUM, I would say the business is very scalable at our current level. So to me, the SG&A is -- I think you'd be safe if you had a number in and a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
871568d1d4d3205e4a477bf75b37c4b0 | Can you talk about what the mix was in the early days of your private strategies and how it's different in terms of what you're seeing today? And by mix, I mean, stuff like geographic breakout types of investors that you're bringing into these strategies. | OK. I can maybe handle that. The mix hasn't changed that much. These are mostly large endowments, pensions, mostly from the U.S. It is getting a bit more global in terms of the interest base. And also, we have put in place a couple of feeder funds, which allow high net worth individuals or credit [Technical difficulty]... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
27e79a4b86489fdee3bc0d5bf9ccf42b | I just want to go back to the URNM transaction. Can you provide a bit more color in terms of the deal metric, whether there's any earnouts? And also maybe talk about the fee arrangement side. | Yes. Hey, Gary. It's John here. Yes, at this point, we're not providing all the metrics on that. We're still in the process of working through not only our own ETF trust board, but also the ETC trust board where the existing ETF is housed. Until we move further along that process, we're not going to disclose the terms.... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
e36183b59687588182043260089c504b | Any thoughts on -- I guess I can check that what the management fees they're charging today, but any thoughts on potentially changing those fees? Are you planning to keep that unchanged? | Yes. So the ETF has a unitary fee, where it's kind of an all-in fee. Everything is embedded in a flat fee of 85 basis points. At this point, we're not planning any changes with that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b9f75d616433f62e883b3215e43c366a | Just within the exchange-listed segment, there's a new commission line in there. Just wondering what that is related to and what are the drivers behind those commissions. I'm going to -- I'll model this out looking out. | Sure. So the trust document discloses all the details. If you want us to send it to you, we're happy to do that after the call. Essentially, when we raise new capital and acquire more uranium, the trust is able to charge a 1% commission. And so what you're seeing there as we've been buying material, we've been applying... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
101290b5c8146d23f1c6b459be4fc90a | On the lending segment. When I look at the AUM increase, it was 44% sequentially from June to September. The management fees went up about 2.7 times. Can you help me bridge the two, are there other commitment fees? | Yes. Great catch there, Gary. So all that's happening there is in those specific closed-end products, the way it works is when an institution comes in, a sizable one at that, like what we benefited from, they're actually expected to make a catch-up payment on the management fees that would have otherwise been charged t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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