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168848567d1f2ac6467a5b27b9ad9c22 | Got it. So, are you saying that we should expect unsecured bonds essentially to be a greater portion of your capital structure, and you'll expect sort of a fairly routine amount of maturities to be issued and sort of less think that more bonds with sort of a smoother maturity schedule? Is that kind of the way to think ... | Yeah. We will do whatever we have to do to optimize the cost of capital, right. As we â first-time issuers, this was a very successful bond issuance. As time goes by and we become sort of a seasoned issuer and the market starts knowing them better, we expect the cost to start going down. We expect with our performance,... | intermediate | [
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7042254ba270fefea78281cdfa6dc727 | Got it. And so given that there is sort of a gradual improvement just on the cost of debt side, just wondered also to understand how you're thinking about the dividend given that and how you're balancing buybacks versus the dividend? And that will be all for me. | So as far as dividend is concerned, this is the first thing that the board will discuss as soon as we have consummated the financial transaction, which we expect in April. So a decision about the dividend will be by the board on our next earnings call, where we would have completed our refinancing and we will have a ve... | intermediate | [
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fd494c9debdecc58f3aeae08d0903881 | Very good. A little snowed in here in Houston but doing all right. So, yeah, obviously, your turnaround has been quite remarkable here since this time last year, a lot of that being market driven, but also a lot doing to pretty prudent management decisions, smart chartering, the share repurchases, obviously, overhaulin... | Well, we have looked at both of these transactions. The transactions from the very large ships produce extremely small equity returns. We have participated also in another major liner company's tender. And in the end, the liner company decided to do it themselves because they felt even more competitive, and although we... | direct | [
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72e1a17cb17e66b527e1e06034473748 | Got it. OK. I've got a next question kind of alluding to what you were signaling there around your short-term available liquidity and other kind of assets you have now, how are you viewing the HMM notes, the ZIM notes, and the ZIM shares here, right? When will you collect cash on the notes, and what are your plans on e... | Well, as I said, first of all, as far as the bonds are concerned, I think ZIM with the massive liquidity that they have at present, they really most probably require the bench within this year. HMM, we have a bunch. If we wanted at a very small discount, we could also sell these bonds if we wanted liquidity. As far as ... | intermediate | [
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f2f42f6125d32f77130715ff04bc156b | Sure, that makes sense. All right. I guess last question, you mentioned kind of dividend timing likely following 1Q results, maybe some announcement on the 1Q call in May. Is there an amount you are targeting either in terms of dollars return or kind of percent yield at that time? How should we think about that? And wo... | Well, in general, we are going to have fixed dividend. The stock has been -- definitely is going to be the strategy above the levels, which is something that the board will need to decide. On the other hand, as you have seen, we are not in real play. We are in growth play. And we have proven that with whatever we have ... | intermediate | [
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3c6347f47b3a3712ce757d37bb8bd272 | Hi, thank you. I also echo Randy's comments. Congratulations on such a real turnaround and moving the company in the right direction. You guys bided your time quite patiently, and it's nice to see things worked out. I did want to ask, you talked about in your opening comments the refinancing that you've just recently d... | Well, Omar, as I said, today we are in the situation that liner companies have pretty strong balance sheets. They're making a hell of a lot of money. And if we want any newbuildings, they could very well go and build them themselves, or if they decide to go to tonnage providers, then exactly because we are benchmarked ... | intermediate | [
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ddeda04cfe181f5112bd1e9532fc09c3 | Yeah. Good, good. All right. And to follow up, also, just looking on your on your slides. You note the 27 vessels that have been rechartered over the past three months, there's quite a good amount of those new charters that really just get you into the fourth quarter, early 2022, which is where things are now, it looks... | We have demand of the selling vessels. In general, for us, it doesn't make any sense to sell a vessel when -- for a jump of the price, we can sell each equivalent to the PV of the charters, we can fix today plus their scrap value if we have the same position. And we have an option when the market is -- now that it's hi... | intermediate | [
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9bff222e3e4c32d867e6eb30e0520560 | Yeah. And then just final question on that. Can you give us a sense of if you were to put a vessel today on, say, a one-year charter and that same ship if there were offered the three-year charter, is there -- what would be the difference or the discount to go longer term? | I think that it depends, of course, on the ship price. If we are talking about, let's say, larger vessel, which is 85,000 TEU. I think that you could have, let's say, for a one-year charter, at least, let's say 70%, if not 40%, more than what you could get for a three-year charter. | direct | [
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e17672d4c62911475129c0cf7fecee64 | I guess first question, obviously, you talked about the supply chain challenges and other kind of frictional costs around inflation and things like that. So I guess maybe first question is, I asked you this last quarter, I'm going to ask you again, is today better or worse than yesterday from a supply chain friction? A... | I think you snuck three questions in there, Chase. Okay. So the first one is easy. It's worse than it was when you last asked the question. I think this quarter was probably significantly worse than what we've seen in previous quarters. So that's why I'm particularly proud of the job the team did in increasing our incr... | intermediate | [
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46c9bec33ff3e77abc9b2421e9dcab83 | Okay. All right. And then when you think about activity, and I think you said up 10% on rig activity between now and kind of the end of the first quarter, let's call it, roughly 50 rigs, horizontal rigs. So could you maybe kind of characterize what you're seeing of those 50 rigs? Like, are those more public, private? J... | Third quarter was mostly private. Fourth quarter, we expect to see an increasing -- an increasing participation by publics. | direct | [
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d0c1557bb673b1ef73caa92d056275a3 | So just to check, the product forecast as rigs followed up 10% and revenues of at least 5%. Did I hear that correctly? | You did. | direct | [
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5dfae680279fa917f7d87d53a14fd8b6 | Got you. And just some additional color on the revenue per rig trend, obviously taken down a little bit. Is that a mix issue with more privates in the mix and they just tend to drill a little bit slower? Is it supply chain issues starting to impact everybody. And is any fluctuation with wellhead sales driving that numb... | Yes. So this is a -- that's a very, very good question with a -- really, it's a straightforward answer, but it has many components. So let me start by saying that in general, we see fewer wells drilled per rig per month by privates than we do by publics. So that's not helpful. Number two, we monitor the well efficiency... | direct | [
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ad1dab1cbfe0cbc893cbb9513c89e550 | And I was going to ask about the 2022 trend with publics coming back and do you have a stabilization in the production presales such that, that revenue per rig trend should start to stabilize? Or do you expect it to potentially degrade a little bit more in 1Q and 2Q? | Yes, I think that fourth quarter will be challenging just because of seasonality. I mean in the best of times, people just tend to put on fewer production trees in the fourth quarter. They take a couple of days off as well, which is not helpful. So I don't expect to see great results in the fourth quarter. I'm much mor... | intermediate | [
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] | B |
328b2ba7abbcb4d0b380db77c9599166 | Got you. And then just one additional one. You and peers have been building extra inventory just given the issues on the supply chain side. Is that coming to an end? Do you have some more build to go? And how are you thinking about managing inventory levels after we get past all these supply chain loads, do you bring t... | Right now, I can tell you that the industry is stressed with shortages right now. So we've always been sort of opportunistic. And because we have so much cash, it's a great place for us to put our cash. I think the second point is we have historically high levels of in-transit inventory and by that mean inventory on th... | direct | [
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296b04da68cb1963cfc5c14fac42d881 | Okay. Good. And then as we think about next year in aggregate, I know you gave some good color on the beginning of the year. Are you seeing the same type of expectations as we have been hearing from many of the frac companies like looking at kind of a 20% plus rise in spending and probably a bit lower increase in activ... | So I have to be honest, I don't really listen to the pressure pumpers cause. I'm looking at my man, John Fitzgerald here. Is that 20%, and I assume that includes what they considered to be inflation? So what's the real activity increase they're projecting, having said? Probably close to half of that. So 10%. I would be... | direct | [
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c50bd4305ee68437d57492557133f6a2 | Great. Thank you. And just if I could slip in one final. The competitive landscape in the U.S. market, right, it obviously has changed a little bit over the last couple of years. Are you seeing any material changes in the competitive landscape in the folks that are fighting against you? | I would say there are a lot of smaller players out there fighting among each other. But I wouldn't say that we're not really seeing the impact. They're clearly -- they're clearly taking a disproportionate share of the privates that are drilling, which is what you'd expect. But in the -- I think in a market where we par... | direct | [
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fc9f8c1ed43058e637f8035d25a03a01 | The -- it is -- to follow on Steven's question, it is an emerging disconnect, I think, between expected rates of activity increase in E&P spending that there's not enough money and 20% E&P spend growth to accommodate the service and product cost inflation that's happening plus 20s activity, it just doesn't fit. So I'd ... | That's the plan. | fully_evasive | [
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18cc460129e5b551dc07724e7f6672f8 | Okay. Do you see evidence of competitors stumbling on deliverability out there today? Is that an abstract or a real opportunity? | Yes, we are seeing some of that, Ian. | direct | [
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] | A |
891a81a6c23e8f0694338fb411a1757f | Okay. This one is only for Cactus. Scotty, you're up and running. How are you thinking about scalability of that opportunity going into 2022? | I think that you're talking about just within the kingdom or beyond the kingdom? Yes. I think as I've said before, our hope and our plans are to continue the expansion in the Mid East with an ASR. We're using Saudi kind of as our test case. And the performance has been very good, very pleased with it. I think that we'l... | intermediate | [
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eebe01bf789670e139c20721ed9587c5 | My first one is on M&A, and you talked about the continued need for M&A and likely continuing to evaluate deals. And I guess my question is, in this commodity price environment, it feels like stellar expectations have probably gone up significantly. So just curious if you could frame just generally speaking, where bid-... | Well, we haven't had too many bid ask. So I can't really speak to you from experience. I mean it would be logical that sellers would want more, but it also be logical that we could afford to pay more with our currency. So honestly, I don't think that we're disadvantaged given the improving dynamics in the macro. In fac... | intermediate | [
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62241852c9615768f44ef464a5532755 | Maybe I'll sneak one in on market share, 40 to 50 rigs being added through Q1 based on the 10% metric that you provided. I suspect as the public start to come back a little bit more in the coming months that the market share probably has room to move higher. But just curious how you frame that for Cactus over the next ... | I think your conclusion was correct. | fully_evasive | [
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09b5d3b1c4aeea4a51691c9efc3dd95c | I wanted to start with the system placement expectations for '22, and I appreciate your comments about the sequential improvement. But maybe I wanted to dive a little bit deeper into what you're seeing from the pipeline and the confidence that you have, that you can grow system placements sequentially, especially with ... | Yeah. Thanks for the comments, Craig. This is Kevin. Given we are fairly far through the First quarter, we are seeing a high degree of confidence in our ability to execute on a sequential increase in capital in the First quarter to the fourth quarter. And importantly, it is that pipeline that we feel very good about wi... | direct | [
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cfe75e82c0da71923febbda61c29be72 | And then maybe following up on some of the insurance coverage comments and the five-year data. So I wanted to ask specifically, you have two big payers that are still out there, I wanted to see if there's any color on any discussions with them, if you expect them potentially to come onboard in '22. And then just to ask... | Yes. Thanks. This is Reza. Yeah. To correct, we cannot have coverage from United and Aetna. But as we mentioned in our comments for 2022 guidance, we do not assume that coverage to be in place in 2022. Like many carriers, United did not specifically indicate their policy and what they were waiting for. We believe the o... | direct | [
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b3cd67206c7e7cd2d652d4150b4ddc9b | I was hoping we could circle back to the utilization comments around hand-pieces. I appreciate that such a strong quarter. I'm hoping Kevin, maybe you can pass out the amount of dilution that's coming from these new system that are coming on versus what's going on at an underlying level for existing accounts. If you co... | It's a good question. And right now, obviously, we have a limited history of sales accounts. But if you look at our fourth quarter results, you see that the average number of hand-pieces sold per account in our fourth quarter was it was north of five and I would say that if you look at the vintage of sales for PROCEPT,... | intermediate | [
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ab1cb97143971d682157324ddb5d76f6 | OK. That's very helpful. There was -- would you say that there was some level of pre-buying that happened in [Inaudible] for accountants? It seems like even on average that the numbers should shake out to a little bit more than would and what average utilization was in the quarter. | Yeah. Our procedures track fairly closely to hand pieces sold. We wouldn't call out any large stocking orders in the fourth quarter that drove up the number of hand pieces sold. | intermediate | [
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781f345891622ac8ad5fcb30e88f8997 | OK. That's really helpful. Thanks for that. And the last one, I'm wondering if the evaluation units have been something of an impediment from a time and investment standpoint for you all in it. As we think about kind of the environment post these evaluation, so some said there might be a bit of a lift just in terms of ... | Yeah. I mean, look, the evaluation program had its time and place prior to us having Medicare coverage. And as we've said the last few quarters, we're no longer offering this program. And we do believe that by selling a system, we have the full buy-in of the physician, the reimbursement team, the hospital administratio... | direct | [
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d6cf18c6b208c1ae7d28a2117b23129e | I was wondering if you could give an update on how many reps you exited the year with across the robotic and Aquablation groups in the U.S. and where you'd like to be at the end of this year. | Yes. So Chris, we've said I think preliminary in our [Inaudible], we had 10 robotic reps and 10 Aquablation reps. And Reza's comment indicated a doubling of that sales force, so that'd be the appropriate number to use for where we're entering fiscal 2022. But the other thing I would point out is our opex guide of a $10... | intermediate | [
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466436fac4dcf7b270a37ad92e29aec8 | OK. And you mentioned that physicians are getting more comfortable over time using the system on a broader range of prostates. Give me visibility today into what's your average prostate size is in the case that you guys are involved in, or maybe another way just to say it would be the percentage of cases where physicia... | Thanks. So this is -- I want to mention that to you about accounts have converted most of their resective procedures to Aquablation, and as they use the product, they become more comfortable when they start to use it in -- start with maybe above 70 milliliter or above. But as they become comfortable with the procedure ... | intermediate | [
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949f9ba1d5efe827e643f0f6f45303d9 | Hey. This is Anne on for Danielle. Thank you so much for taking our question. I was hoping that you could maybe talk about the IDN agreement in Atlanta. Is this something -- I think you guys mentioned that you're going to continue to focus on that. So I was just wondering if you guys could talk about how you've seen th... | Yeah. This is Kevin. I'll take that. Northside Atlanta has been a great customer for us. They placed their first system over a year ago, and now have installed for additional robots across their state-of-the-art facilities, as Reza mentioned. And it's a good account. I would suggest that their utilization is anything d... | intermediate | [
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cd86f6663477aabec93f5cd0ba6657ad | OK. Great. And then I guess just to follow up on that a little bit. Have you guys noticed any trends and with the COVID surges and staffing shortages, have you guys seen any impact in capital sales? I mean, obviously you guys had a strong quarter but wanted to see if you guys had noticed any issues with access or anyth... | Thanks. So definitely, we've recognized the macro impact of COVID and start shortage on elective procedures. But that impact in our case was negligible and we were able to exceed our plan. What we have seen the COVID did not have impact on our capital sales. Ending the year around December we saw some headwind from COV... | direct | [
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e7b54ae1559bcf8c1d35e4d9d90b0744 | I guess the first one is the statement in the release and the prepared remarks where you said that you expect to resolve the clinical hold, as well as begin enrollment of patients in the first half of the year, I guess, another three months last year. So that sounds pretty promising. I guess, could you say anything abo... | So first, as far as the clinical hold goes, since we were notified by the FDA of their questions, we've been working really hard at addressing those specific issues. And they're really related to methods of use testing, not assays or anything that would be used as part of the clinical trial. Fortunately, there were no ... | intermediate | [
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e0956f23ee0b88a95da3f3eb4f865fc9 | I was hoping you could provide a little bit more commentary on how the delay for the 201 trial affects the overall R&D approach? Is this something that's going to impact other programs down the line? And is this something that you can see is getting out of the way or is this unique to 201, any sort of insight would be ... | I don't see this -- the issues that were raised on review as having any impact on the rest of our portfolio or program. This was really focused on the fact that this is a very potent immune agonist that is going into people for the first time and just having a level of precision that might be greater than what you woul... | direct | [
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f213f92c99edf26b74bb9e0f51a58083 | So in terms of maybe validating the platform at all with the precision of the molecule, do you think that has any impact at all? | Not in terms of the assay that we're working on. That was really about how we wanted to measure very small quantities of protein. So I think that from the precision standpoint, that has to do with the mechanism of action and how the protein is designed. And that's not anything that's in question. | direct | [
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a8068d767cc48ac82aa6de9feef183e2 | Can you maybe talk about how you expect to develop the local administration versus the IV administration? Are you planning to go into similar indications or not? And how do you think about that? And then secondly, on your COVID competitors. I'm wondering -- I think in the science article, you talked about how this migh... | With local administration, various cytokines have been used locally for years. And one of the rationale to look at that is that it enables you to get much higher local concentrations without getting the high systemic concentrations. There's a lot of different ways that you can administer an immune activator locally. It... | intermediate | [
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ebbc8b1e73ee7ae353e7ad781e7ea41f | Just with respect to Chinese relaxation of the ferrous import ban. I mean, we've been hearing of some cautious behavior on behalf of both buyers and sellers in the near term, I mean, perhaps the absence of some arbitrage, given current price levels and maybe some uncertainty around regulations and quality specification... | Well, thanks, Tyler, for that question. And it's a very good one right now, because this is a big move to have China reemerge as a buyer of ferrous scrap in the global market. In the last 10 years or so, or let's say 2010. Yeah, last 10 years or so, until they banned ferrous imports in 2018, they were importing probabl... | intermediate | [
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b49b7c13bd088a488ab040ddd41ccf2b | Thanks for that. And yeah, to your point, I mean, as China marches ahead with these longer-term plans to increase EAF steel production within their borders, I mean, do you have any expectations or any thoughts around any potential additional forthcoming shifts and economic policies to address kind of the constraints th... | Well, I think it's driven very much as it's driven and in the rest of the world by where your mills are processing and where your scrap is being generated because no matter who you are, scrap doesn't travel long distances efficiently overland and so I think that their scrap collection process is going to be a function ... | intermediate | [
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6f7da79ad226333263cd46df6575c4e6 | Got it, OK. And then just a question just on kind of the scrap flows. I think, Richard, you may have made mention to this just in your comments, but, yeah, I mean, curious if you could comment exactly where flows are now [Indecipherable] versus pre-pandemic levels and if there's kind of a -- a significant variance fall... | Yeah, hi, Tyler. It's Richard. The supply volumes are still running below our fiscal '18 average quarterly run rate by something around 10% in terms of the flows. So as the economy continues to recover, we should see volumes increasing. As you know, we get an operating leverage benefit as our volumes go up. I think we'... | direct | [
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eb53b9ae7c3fc82688a1fc09fa401ad3 | Thank you. And just one last one and I'll turn it over. Did you enhance the per-ton target from your new advanced metal recovery technology investments or maybe you mentioned $8 a ton of EBIT previously, $10 a ton of EBITDA. Is that right [Indecipherable] | You're absolutely -- you're correct. They are, Tyler. At least $8 per ton of EBIT per ferrous ton is equivalent to $10 per ton of EBITDA. So you've mentioned them both. We did not enhance the target, but we gave today both an EBIT measure and an operating income measure, but they are equivalent in nature, $10 and $8. | direct | [
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feabcc888e09348f94c47eede81a5100 | So first on the steel side. I'm just wondering if you're seeing better pricing power now that one of your competitors recently left the California market. | I think that the pricing activity, the level of demand is really driven broadly by the market and so I -- we haven't seen any significant difference on the pricing levels. | direct | [
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791c58e326f4ef1c3b41cbc17a24fe42 | Okay. And then within CSS, they benefited from strong West Coast construction markets in FY20. I'm just -- I'm wondering if you could provide some more detail on kind of what you're seeing there within construction. We've seen some of the construction spending data points decelerate a bit, but just wondering if there i... | I think that the West Coast market construction demand is being driven by both public demand that is still more wait and see, but it's definitely needed, and in the current environment, the new administration may well be unleashed with more power, with more acceleration. And then on the private side, the non-residentia... | intermediate | [
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d5b1113d643d0851503e4f6b55db3ccd | Great. And then how much would you bake-in for net working capital headwinds this year? | Hi, Michael. It's Richard. Well, we're not giving a projection on net working capital headwinds, but you're correct to point out that in a rising -- I think you're -- what underlies your question is in the rising price environment, you have -- you generally have a build of working capital. So we aim to have our profita... | fully_evasive | [
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d1648082a94f6cc3ebe5add604d5a43b | Okay. So, maybe more specifically if -- on your internal inventory directionally, if I could ask, what your plans are over the next couple of quarters? | Well, we don't speculate on inventory. We continue to turn our inventory regularly. So it's a question of by process and sale there. And Michael, our inventories are -- they're within historical norms but they're at relatively low levels because of the tight supply market as you would expect. So we will look to see eco... | intermediate | [
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05969bf0654b3aaef0821943b52ab899 | Could you just maybe walk me through the timing perhaps between the bal BLA filing and when you actually anticipate submitting the combo and perhaps when ultimate approval is perhaps expected there? And then second, just if you could talk through perhaps some of your go-to-market efforts to this point and any goals for... | Let me start out addressing the bal/zal question. As you know, and as we sort of alluded to [Technical Issues] the data matures, looking at our past performance with data disclosures, we're delighted to see that the data is getting better. And I think given the size of our [Technical Issues] regulatory undertakings, we... | intermediate | [
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74cf40605ef9dd01742fe9088a3f264e | It seems like the AACR presentation will be fairly preclinical in nature. Just wanted to know if we can anticipate perhaps a robust clinical update on that perhaps later this year and if we'll maybe get a look at that Phase II data in colorectal. | Hi, Jeet. Thanks for the question. Actually AACR certainly will include some pre-clinical information, but of course we will also provide a clinical update on where we are with the programs. So stay tuned for more on that. | intermediate | [
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df17fe6ad0b9fbf67e7a34d81b9645b5 | Maybe just piggybacking on the previous question on the upcoming 1181 clinical data at AACR, would you also have more updated cutoff relative to February 9? Could you just clarify that? And maybe Dr. O'Day, if you could comment on why MSS colorectal indication kind of makes the first to pursue as you think about first ... | So, before I turn it over to Dr. O'Day -- Mayank, thanks for your question. At AACR, yes, we will have a more mature data than what we've previously disclosed, and this will include more information on duration as well as potential new responses in the program too. Now I will turn it over to Dr. O'Day to give you his t... | intermediate | [
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be6f4f872ca40d911a4b510098898e49 | What would be the path for QS-21 just from a clinical development standpoint? And also on the TIGIT bispecific, when do you expect disclosing the other target you're working on? | So, Mayank, so let me start with TIGIT disclosing. As you can imagine, this is an incredibly competitive space. We have a bispecific that is a first of its kind, we believe, and it's designed really to address an entirely new area. So we will not be disclosing that anytime soon, but we'll certainly keep you informed as... | intermediate | [
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a248f42f3f47953cb4cb7e8c1e4207a0 | As you think about these cash-accretive transactions, can you just high-level talk to the framework that you guys are kind of evaluating internally when you think about executing these opportunities across the board, more [Technical Issues] stage versus earlier stage programs? Kind of, how do you think about a lot of p... | Right. So, all I can tell you right now is, stay tuned, as I said in the -- in the second quarter. Starting in the second quarter, we will see cash-accretive transactions, including corporate transactions. So unfortunately I cannot disclose anything more than that right now. | fully_evasive | [
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e8c0c06eb37b0e307a94016b44267bee | So this morning, Sanofi and Regeneron announced positive Phase II results for Libtayo in cervical cancer. I know you guys had previously kind of hinted at meeting to get that accelerated approval BLA before a full approval was there. I assume given you guys are close to finishing the bal BLA that the Phase III positive... | Hi, Matt. Thanks for the question. Yeah, I agree with you. So the accelerated approval pathway remains open until full approval is granted in the same indication. Based on where we are with our filing, we don't believe this will impact our plans. | direct | [
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9c07f676de60b6158581be037c0e1704 | And similarly, obviously since the bal/zal, the combo, that accelerated pathway should still be there as well? | For bal/zal combo, absolutely, yeah. There is actually -- we're the front-runner there. | direct | [
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e25308816d6f81bbbe7080490a1a52d7 | Just hoping you could give a little background on what you see happening in the performance energy category, whether you were doing the BOGOs in the second quarter and if those pull back. Just what the impact of Reign had on your business and whether you see any slowdown in BOGOs progress? Just anything you can talk ab... | Well, obviously the performance category has had an impact on the overall energy category. And Reign has continued to perform up to our expectations. We are comfortable with the performance. It's a new product. It just got out and it's obviously going to find its feet in different markets and in different channels. The... | direct | [
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7cf8af090638dc9876a8926feddf9ca2 | Just to clarify, the July figure includes the selling to Walmart for Reign and can you help us quantify the benefits of Reign in the acquiring both sales and the negative impact of the margin for the BOGO promotion? | So please remember that we don't sell to Walmart direct. It goes to the distributors. So it's hard for us to extrapolate those numbers at this time for July. Those are regular July numbers that the distributors would order from us.
Yes. They anticipated the distribution for Walmart, but they knew it was going to happe... | fully_evasive | [
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4993c5f059653e227ce266403864d32f | I was hoping to get your thoughts on what's happening with the, with the core Monster brand and whether you've done any diagnosis around some of the pressure there. Is it primarily from Bang? Is it more from Reign and if it's the ladder, how is cannibalization tracking relative to your expectations? | The emergence of the performance energy sort of subcategory or subset within the energy category clearly has had an effect on sales of Monster generally, which is -- as well as on the sales of other energy drinks that have really been in the market is historically, which is the Red Bull and Rockstar and others, even ou... | intermediate | [
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9875d5d269e29e69f29394f2d390f566 | Lots of questions, I guess just starting on the U.S., so I'm curious just the cadence of the quarter. We obviously see what month of April that it implies May, June we're up like 4% on an all-in basis. U.S. sales 6%, I guess sort of in line with scanner data, but if you exclude your commentary about Reign selling basic... | So maybe I can start with the second question about gross margins internationally. So there were a number of reasons for the decline in international margins and many of these reasons we've actually spoken about on previous calls. So we said that our Monster energy drinks have a lower gross profit percentage. They're n... | intermediate | [
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6c56d700b0a8f1fd4c8befc71edc1e82 | I know you spoke a multiple times about that some of your work for your billable associates has been able to be delivered remotely. So my question is, what percentage of your billables have been able to continue their work remotely meaning the work is getting done and they continue to bill. That's my first question. An... | Okay. Andrew, I'll take the first part of the question, and then I'll turn it over, probably to Tim. I would say almost a 100% of our consultants who are billable are delivering remotely. So we've pivoted and been able to do that fairly seamlessly. And they continue to bill, they continue to issue their weekly status r... | intermediate | [
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dc0489f8cce5d89ded80edd4e759dc68 | Just wondering with regards to the office reductions that you've got in place, what percentage of your revenue is associated with the practices that you're terminating? | Tim, do you want to take that. Do you have net of the eight offices?
I do. Mark, nice to hear you, hope you're staying safe as well. The eight office that we're closing, it's a very small percentage, itâs actually less than 1%. And what we are trying to do is make sure that we didn't have either direct market personne... | direct | [
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d97248d4ed6a7145c4e224f59bc4afd3 | Can you talk a little bit about the top of the pipeline, what you're seeing in terms of orders ability to generate new engagements. How is that being impacted? And the question is both -- both broadly and then specifically in the Tri-State area? | Sure. Mark, I will tell you that -- I'll give you both, right. With respect to velocity, as we mentioned, our velocity is still strong. What I will tell you is that, as we started to look at pipeline, our pipeline when you considered it year-over-year going into the third quarter has been very strong. Over the last cou... | direct | [
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b240fbef57b94b3acef94b40e795173b | Okay and how big is New York in the Tri-State area now? | It's -- I don't know if we are, I mean, I'll ask Jenn if we actually disclose that information, but...
No we don't.
But just anecdotally, what I would tell you is that in terms of North America, it's our second largest regional practice. So it's a significant piece of our business. | fully_evasive | [
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9352cd514b98a55f67a5c7481e2b434a | Can you talk a little bit about what you're seeing in China just in terms of the pace of things getting a little bit better and how you would extrapolate that? | Yes. Andrew in talking to the team, I had one of our client service directors say he feels like...
Oh, I'm sorry, I'm sorry, Mark. I'm managing a lot of streams here, I apologize.
I apologize. So as one of our Directors of client service said in Shanghai it feels like the business is about 80% back in terms of how cl... | direct | [
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b290d7548d9ed6cf7315d093775588b8 | Can you help us think about what your spread income would be on the Agency portfolio rotated into in July? And how that would compare to the credit assets that you rotated at? | Yes, Doug. This is Brian. I can start answering that and if the credit guys want to jump in. On agencies, our NIM is approximately 100 to 125 basis points. So on specified pools, that equates to roughly 10% to maybe 12% hedged ROE. And the credit investments, the ones that we're holding unlevered, have book yields that... | direct | [
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4e8f474e6b383ccdb194417e17c0af42 | Great. And then I guess, just help us think about within the Agency side, given the appreciation in value within spec pools and the specialness of TBA is kind of what part you're finding most attractive today and where that incremental capital might go? | Yes. We've been finding most value in lower coupons. So 30-year 2s, 2.5 and a little bit in 3s as well. Significant size in whole pools is more difficult in higher coupons. Like I said, spec pools in those lower coupons are still providing kind of very low double-digit ROEs. On the TBA front, that's not something that ... | direct | [
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b88fdc0db3b5d4b3b8d5c7bf8584af8c | Hi, thanks and hope you guys are doing well, I'm curious what led to the decision not to raise capital back in June and early July since the market was more or less giving you that opportunity? Secondarily, have there been any options you've explored to rebalance the capital structure, including things like tendering f... | Yes. Eric, it's John. We look at we're always looking at the capital structure, and we're continuing to kind of evaluate our options for kind of getting the preferred common ratio kind of more to our historical levels. So we are continuing to look at that. In terms of raising capital in the quarter, doing a capital rai... | intermediate | [
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f8a0fb40915e007bdf7d50ba173c1618 | Okay. Got it. And then what's the plan surrounding the funding for the CMBS portfolio once your line with the FHLB gets wound down by year-end? Do you have any securities that are currently being funded through TALF? And finally, what's the funding rate on your Agency repo right now? | Yes. Eric, this is Brian. I hope you're doing well as well. So I guess, I'll answer last to first here. Financing on agencies are pretty attractive. Their LIBOR plus eight or nine basis points. So talking maybe 24 basis points all-in for one month repo. And then, we did not finance anything through TALF because that re... | direct | [
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edd8afd023b3060b9474a3dd7fa608b1 | Okay, thanks. When you guys talk about continuing to hold on to the CMBS book in order to capture continuing expected price appreciation, can you talk about kind of how much you think is left? And if you sort of is your view that spreads could get all the way back to pre-COVID levels? And maybe just provide some color ... | Yes. Trevor, this is Kevin. Thanks for your questions. I guess I would say that we do think the potential for additional tightening certainly exists. We've been encouraged by the fact that investor demand has continued to increase for credit risk. The U.S. economy has, obviously, slowly reopened. And we've seen some im... | intermediate | [
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a60902f4ba5ae14a7653f3342df95467 | Okay. Got you. Thanks for that color. And then as you guys are redeploying into the agency market, can you talk about the leverage levels that you're sort of comfortable using on that trade right now? | Yes. Trevor, it's Brian. So leverage is ranging in the seven to eight times. Overall leverage right now is around two. But obviously, as we continue to transition, that will continue to climb up to that kind seven times debt-to-equity range. | direct | [
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e1e6534abee3ed0534e6fb1cb8083f7d | Okay. Got it. And then just one more question on the capital structure. I was wondering if you could comment on specifically if something like the swap of common share for preferred is sort of one of the angles you guys have looked at? And if that is something that is feasible or if it or if you think it isn't for some... | Trevor, it's John. Yes, I mean, that is one of the things we've we're evaluating about whether it makes sense to do a swap like that. So that's one of several things we've been looking at. We're trying to figure out what makes sense for shareholders in terms of depending on where we're trading in terms of common to boo... | direct | [
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7957cf8caf23d5075a9f3e895fda1852 | Hey, good morning. Just curious if you could give us some thought on why you avoided the TBA trade in Agency, just your thought process there? | Jason, its Brian. I wouldn't say that we're avoiding the TBA trade. It's certainly something that we're interested in putting on here in the near term, but we had some things that we wanted to get on the books first in July, and that included hopeful specified pools. So we had to first thing was we had to get back in l... | direct | [
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2ca82e48bc7f04b05de70124672ef7e2 | Okay. Understood. And then on the additional credit assets that don't rely on short-term mark-to-market financing where you could put capital to work, can you give us some color on what you're thinking there? | Yes. So we own roughly $500 million on an unlevered basis away from the FHLB. And those are the bonds that we believe have the most significant upside potential. So we're likely to hold on to those as we realize that potential. Away from that, we're continuing to explore our options in the credit space. It's certainly ... | direct | [
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6c32e14e849dd0c57de7b75e65b890d7 | The -- I guess, the question I wanted to get at that, August, you touched on is around the second half implied margin. Could you perhaps give us a few different perspectives on that? One, the drop that we saw in 1Q to 2Q on pass-through costs. Is that reflective of what we should expect in the second half? And then may... | Yes. I'm sorry, pass-through should accelerate in the second half also. So that would have a little bit of a negative effect on our margin. In that -- without pass-throughs obviously margin is much higher, close to kind of a 605 basis reporting. So that should be a little bit of a drag on margin itself, but push on rev... | intermediate | [
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9754d6f819f29e7ca8e2df0f1bc9747b | OK. Maybe to triangulate on this and put a finer point. If I were to think about roughly, taking -- since you do report reimbursed out of pockets, if I were to think about using that to kind of back into a rough 605 number, are we talking about kind of a 30-ish-percent EBITDA margin in the second half? If I think about... | Yeah. I can't think of it on a 605. I was just saying that you pull out -- you strip out all the pass-throughs. In the end, you get close to there, although there are a lot of effects that are kind of unanticipated. It's not so easy. I don't know, Jesse, if you could comment on that. What kind of margin is stripping th... | intermediate | [
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e1056f997819781f1ec6e59fafa99eef | August, you mentioned demand trends were better than what your new business trends would imply. Could you just give us a little bit more about that? What sort of proposal volumes were you seeing either on a unit or a dollar basis in the quarter? | Again, I don't go off of just a dollar number for RFP flow, it was relatively consistent, but I think the more important thing is things that sponsors have lined up and committed to go forward. That's not a number we report. I did report the discrepancy between kind of new awards from COVID studies being twice what act... | intermediate | [
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b574f0fd5ee61cd02222b5a1e0c8f0d7 | If you just think about some of the operational constraints that you're having to get these studies up and running. Can you just expand on that? And from your view, are you thinking about sort of a gradual return toward normalcy in the third quarter or are you thinking that the sort of on hold mode is going to persist ... | Yeah. So operational issues is largely not a major factor right now. I mean, certainly, there could be specific centers, etc., that are impacted. But by and large, that's not the issue. It's one of how rapidly recruitment is going to happen and the risks of that being impacted that clients are kind of a little on edge ... | direct | [
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418c4ee311946c044c6e600c9142007b | OK, thank you. And then one last one. In terms of your hiring plans, I think you were up about 5% in the end of the second quarter. Should we assume more of a flattish number in terms of staff in the second half? | No. We do anticipate expanding staff in the second half. As I said, it will sort of accelerate into third quarter -- into fourth quarter and then into next year. So we're hiring, we're even hiring now, and we're just not as rapidly as we intend to later. | direct | [
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c78c4837e84401623b0259b3674bf877 | Maybe first, just a couple of quick housekeeping ones. Jesse, I think you mentioned or maybe, August, you mentioned there was severance in the quarter. Can you just break out how much the severance charge was? | Yeah. Thanks Sandy. That was $2.3 million in Q2. | direct | [
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7da8e7e3977a3d2c5db710eef8798a1e | OK. Great. And then just as I look at the expenses, just -- especially if I factor in that $2.3 million plus, I believe -- I think you brought on the expenses in the facility, the new headquarters or does that start next quarter, I'm just trying to think of what sort of a normalized -- you gave us some color, but I'm j... | Yeah Sandy. The building, we did incur some additional rent cost on the new building in the second quarter, it will be about a $2 million quarterly clip in each of Q3 and Q4. But in Q2, it was like $1.3 million because we were coming in mid-quarter. | intermediate | [
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444a84e5fd245041cda05cf0ab6cb855 | And then maybe the last question for August. I know in general, you guys talk about that you operate a different part of the market than a lot of the other publicly traded CROS. But I'm just curious in this environment where there's a lot of business, but a lot of concerns. Are you finding customers reacting more posit... | Yes. I don't think this environment has led to any differences in the dynamic. We do think we have a strong position in the market, but I don't think that is change relative to this environment. | direct | [
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c069d7de577fc9e95636deaf165b1554 | You mentioned, August, the comments around hiring and that you wouldn't expect those to then have an impact on margin next year. How do you think -- I guess I'm thinking about kind of the totality of your public experience, your margins have been perhaps one of the less predictable lines for us. How do you think about ... | Yeah. Look, it's sustainably EBITDA margin is going to depend upon how rapidly we're growing. I mean, look, you have other peers talk about holding staff and hiring aggressively in advance of all this business development they've signed grown at 6% a year organically and saying that it's significantly affecting the mar... | intermediate | [
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2a463546abca53083bfa4c70540a8f53 | Got it. And then in terms of backlog policy, we talked about that a fair amount. I know that yours is very conservative. You alluded to the COVID trial difference. And if our understanding is correct, that the industry has had a number of trials, and maybe these are bigger pharma companies that did this more often. And... | No. Once it's in backlog, we do not generally take it out unless there's a true cancellation. If there's a pause in the study, it might slow the burndown. And it might even may push out some of the duration that's beyond our normal backlog gating factors, but we would not generally pull that out of backlog just because... | direct | [
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a6133da9def66bab0fcc15493a7cf931 | And then last question for me is, at our conference about six or seven weeks ago, you talked about having seen COVID related cancellations in the first quarter and more since, and I think you said in a couple since the first quarter. Wouldn't -- I mean, you report net bookings. So it's -- I'm not able to really see the... | Yeah. So cancellations were up some. We did have some COVID-related cancellations. I did call out that we're into this quarter -- in this past quarter, second quarter. In the last month or so, there hasn't been any additional ones I think related to COVID. So I think that's kind of done. The tapered off, but we did -- ... | intermediate | [
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dac70e28cc4151a9b47e00eaa53e3fed | I had a couple of questions on the turboprop project. And the first one is if you could just update us on the financial -- on its financial impact for this year. And if I'm not mistaken, you had talked about a potential $50 million effect this year that would be expense recognized in the PNL for the year as a whole. So... | Hello, Josh. Antonio speaking. Thanks for the request. I just want to answer part of it. Firstly, what we are seeing regards to impact on our financial performance this year for the [Inaudible] is around $25 million. We are working hard in order to minimize because we are still not capitalizing those R&D costs. But for... | intermediate | [
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eb0df3dc4a8b4474838398285c80be38 | OK. So it sounds like everything's progressing as planned, and that there are very good prospects for the project maybe moving forward as of next year. Could you touch, Francisco, a little bit on the financing aspect of it? | Yes. We are working also in parallel with the engineering activities. We are working internally in alternatives to fund the project. So at the time, we expect to approve the business case next year. We will have the funding solution to finance.
Josh, yes, this not to compromise their views on the financial metrics of ... | intermediate | [
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99d0af2520c6c0dc315bbfde2d38d967 | Hi. thank you very much. It's a question regarding the deliveries. During the presentation, Embraer commented that around four aircraft in the commercial aviation were not delivered due to supply chain issues. So just want to know if the company could provide additional color regarding if it was like part, the engine, ... | Marcelo, thanks for your question. It's highly appropriate. And I wouldn't use the opportunity to say more than you ask me and you ask us here. For sure, the -- what the [Inaudible] said most is normal is changing avionics in order, small parts. They are concentrating four or five suppliers. And that was the beginning ... | intermediate | [
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d2a092ed18fde60522e86d501f29694f | Good morning, and thank you very much for taking my question. I'm curious, when we think about supply chain issues, do you see any scope for Embraer to maybe undertake some small acquisitions if you need it to secure critical supply? I did ask the same question of your Canadian competitor earlier this morning. | OK. Francisco speaking. At this moment -- Hello. At this moment that we are working very close to our supply chain. Very close. We have a small army of people. I mean, the insides of the operations of our suppliers, of our service suppliers, of our sub suppliers. But we don't have any plans to acquire any supply as a s... | direct | [
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6e6df788b2c0681798f9c8f183ee3613 | OK. Great. And I apologize for all the background noise. Just one very quick follow up, if I may. Can you remind me whether you have any supply at this juncture coming from the Russian Federation? | So I'm trying to speak to here. We only have one supplier from Russia is titanium that we are partially already replacing by US and European suppliers. Or some months ago we were at 85% buying demand in Russia for titanium. Now we are already below 60 and our plan is really to try to eliminate the source of the raw mat... | direct | [
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4c9b258ccf0c9a725833b949b6bc192c | I have a question on the revenue break down or it's really positive that you guys grew SMS, non-SMS revenues to 35% during the full year. We're trying to assess a shorter dynamics of it. How is the break you could give more specifics on the breakdown 4Q 2021? And what do we expect for the upcoming quarters? | Specifically, in Q4, revenues from -- beyond the SMS were 41% as you can see in our presentation. I'll let Cassio discuss the trends. [Inaudible], we're seeing this continuous growth for solutions that were being launching and also the ones that come from acquisitions. So as this layer of solutions that drive different... | direct | [
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c230730ed9a6e5a6a129c7e0d16192dd | Two quick questions here. One -- also again on the share here of the beyond SMS termination in the revenue mix. We know that, of course, you have been increasing these numbers as you mentioned, 41% in the Q4. So it has been growing consistently. Also, of course, you have the acquisitions. But we know that in the 4Q, yo... | Yeah. We can assume -- we have 20% higher than the average for SMS. I would assume that the beyond SMS revenue grew for five percentage points, around 45%, I would say. Yes, definitely. Enrico, we probably don't disclose the numbers for cross-selling, but it's fair to say that we've been structuring different approache... | intermediate | [
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ad6e61de2e2de8def553701a045593fb | I guess my question is just like a follow-up on this -- on the revenue mix. I mean, please correct me if I'm wrong, but if we would assume this 41% SMS revenue in the fourth quarter and according to what we can see for the full year 2021, an we are getting here into a negative margin on the SMS business. So is this rig... | Thank you, [Inaudible]. Do you want to share -- I can tell you the -- some numbers, but yes, I can tell you this, it's not negative. Definitely, Q4 has a lower margin on the SMS business. And the reason being that because the seasonality is -- because of the client mix that impact the seasonality the profitability is s... | direct | [
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33384e1bf2bde91a91e552c5ac448168 | I have a question on margins. We've seen some -- I just wanted the dynamics of R&D and commercial expenses here as we've seen during the fourth quarter. In terms of percentage of revenue, which level does the company understand that it should be the normalized level of R&D and commercial expenses going forward. | Yeah. We understand that we have plenty of room for growth, especially in R&D because we came from a few years back of less than 5%. And we are aiming for the next few years to reach a level between 13% to 15% of the net revenue. And for sales and marketing, we already see that we for now in 2021 and the beginning of 2... | direct | [
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236a5a086a2f6482f0ec7226b81ff9e9 | Cassio, can you comment on the integrations of the companies that you acquired, how those are going? | Yes, definitely, Shay. Talking about the most recent acquisitions. We finished integration process during the last quarter. And the company that we acquired middle last year, we've been now into a full mode integration. We expect to finish the process during the next couple of months. It's quite interesting, the way of... | direct | [
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60de7fcf368bb3eaae45046805380d18 | Look, given where the stock is trading and the price, I mean, would you consider doing like a share buyback program or something like this -- we've been getting a lot of questions from investors. So I was wondering if you can just share your, let's say, perspective given current market environment? | Thanks, [Inaudible]. What we can tell you is when we consider our capital allocation, especially in light of other questions that we get in terms of additional M&A. What we can tell you is all the M&As that were must-have we did. There could be not the one or two small that they are nice to have, not urgent to be done.... | intermediate | [
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f7bf2eccd079d7d35e6b9a277c09dbb2 | Hey, guys. No. Another question here regarding competition. I would like to understand from you guys how is the competitive environment we have been seeing different players here looking at communication and also experience platforms. So we have been seeing a lot of different willing to become an ecosystem in this crea... | Yeah. Yeah. Very good question. Talking about the comp dynamics, we have basically two parts of the business. The first is the CPaaS, where we started. The CPaaS market is being always a competitive market. And we are very used on these dynamics, especially on big customers. So I would say that hasn't changed since the... | intermediate | [
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8f61b141785e671722a574e48870c8c2 | Given the rise in system orders over the next two quarters and given some constraints in the industry overall, how do you see your parts procurement and your ability to procure parts given the tight supply environment that we're seeing today? | From a part procurement and overall, our supply chain, we are very well-organized. And we have the inventory on hand I believe for the next quarter and June. We have not experienced any issues related to procurement. Furthermore, we've increased the number of subcontractors. So we don't see any issues with that respect... | direct | [
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21e7f33d55c361f2b2bf3c8786233e9d | In terms of gross margins, really strong gross margins to end the year, and it continues to rise as we go into the first half of '21. What are the biggest influences? Is it simply volume? Or are your new products also going to contribute to the gross margin uptick that we're going to see in the first half of '21? | I would say that both volume, as well as new products and some new orders that came in with a high gross margin, will be contributing to the improved margin in the first half of 2021. Definitely, the new products that we are rolling out will have a meaningful impact on the profitability. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7d788afa255c0fa905f6712ca1e86593 | I noticed that your guidance for the first half, the revenue run rate is already above your $200 million target model that you think you're going to achieve about the two years. I wonder whether the strong demand in the near term really change your view about the timing of your $200 million target model there. | Well, first of all, yes, indeed, in the first half of 2021, we are already in a run rate of our target model of around $200 million. It's still early for us to provide specific outlook. For the second part of the year, although, as Rafi mentioned, Q3 is also looking good at this point, but we don't have a specific guid... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
768f793f8872bff0130c51ca265d4a31 | May I ask that whether the other two factors I'm thinking are also contributing? First is, do you see a mix changing back to a little bit more 3D for your overall shipment in the first-half '21, which essentially carries higher margin if I understand correctly. And the second, whether the currency -- the depreciating U... | We definitely see in the mix of the products that we are going to ship in the first half of '21 and definitely throughout '21, with sales mix with a lot more metrology equipment. This is definitely going to contribute positively to our gross margins and overall profitability. With respect to the devaluation of the U.S.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
486448a187fc0a482c7e79f56f828d5a | I wonder, on a dollar term, are you seeing a growth year for CMOS Image Sensor revenue? Or do you see like a more relatively flat? Any color would be great. | First of all, the CMOS Image Sensor, and I think as Rafi indicated, it was very strong this year. It was mainly from two reasons. First of all, very strong demand across from most of our customers. And I think specifically, we also we can say that we gain market share at least two major accounts. So this accounted, I w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3c521c1368b11fb84ced3811f9121e27 | Just wondering the role of memory within your first-half forecast, I assume that that is not including any memory and if not, can you speak a little bit about your visibility into the memory in H2? | In general, we see a lot of activities in the memory space. We expect this business become -- we expect to see orders in the second half of this year or beginning of the following year. There is no contribution to the business in the first half and the forecast that we talked about of over $110 million in the first hal... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d1490dcacc51cfc9b921a85a22004c43 | Can you just speak about your IDM win? Is that mainly impacting H1? Or do you see this more prolonged impact on your business? | This is definitely very significant in the long term. However, and I think we mentioned it that we already have received, I would say, multiple orders for several global sites that have all those machines partly have been installed and others will be installed in the first quarter. So definitely, it's a meaningful busi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4d280c9a8c6b449dc9bf0f1c5665450d | In 2017, 2018, and 2019, you provided dividends to your investors. Is there any reason why there were no dividends given to investors in 2020? | We haven't decided yet. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
27cf725f5f17160a1d99dcfdd39add6d | Do you expect to increase your business in China and Taiwan in view of the world situation there? | If you look at the overall Asia, I would say, Southeast Asia, Taiwan, Korea, Japan, they are out of this conflict. So in general, I think that it's not under one package. It's a totally different situation. We don't see any limitation in Taiwan. And probably there are some different environment in China because of the ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a10ef85f57b5f56855133ae9836f2e59 | And as well as those two countries, do you also expect to increase your business in Europe and the United States? | Look, in general, I think if you look on the last few years, we can see that most of our system are toward to Asia, about almost 90%. In the fourth quarter, we see more from U.S. and Europe. But if we talk about yearly overview, I would say that the trend of over 90% goes to Asia is more reasonable. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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