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af4044bd2d1b0cf09cf71541bed2d2a2 | You will expect to increase more business in Israel and then the friendly Arab countries in the Middle East? | Look, our businesses were the semiconductor build fab. So in Israel, actually, we have today, Intel is pure front-end fab. We don't do any packaging in Israel. So we don't see any potential selling machine in Israel and as well as most of the Arab country. We don't see any packaging industry in these countries. | direct | [
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9a1d5b8a50e2a5f329b529f4235901ab | You talked about advanced packaging being the growth driver for 2021, which makes a lot of sense. And we've seen a lot of fan-out applications, particularly for the 5G marketplace. What other applications or what are the market growth areas do you see? Do you see high-performance computing and some of the new technique... | There are two additional areas, no doubt, fan-out is growing. It will grow in the rate of about 30% annually, definitely a big growth area. We see two more areas. The first one is obviously what you call the high-performance computing or the heterogeneous integration. That's definitely an area that is picking up. We se... | direct | [
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620db0ae9980f873be002504416028e3 | Just really following up on Patrick's question on advanced packaging. Definitely, you guys still seeing technology upgrades or transitions from wire bond to flip-chip, copper pillar, or fan-out HBM. I wonder in your very strong first-half guidance for the -- especially for the advanced packaging part. How do you quanti... | I think what's driving the demand are the applications. And first of all, it's the 5G products. I mean, you're talking about 500 million 5G phones. And those phones demand are using a lot more advanced packaging than the 4G phones, so that, I would say, the biggest application of it. Then, I would say, after that, as I... | intermediate | [
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94993865a328969c332225988427ac75 | We have seen one of your key competitors in the past announce tepid forecast for the coming year. Can you speak about market share dynamics? Where do you think you're taking market share in which kind of segments or customers? And to what extent do you believe that will continue this year? | Actually, there are few players. Maybe most of you are not familiar with local player, there are Japanese player, one U.S. company player. So there are more than one. And I cannot mention any specifically gaining market share from specific vendor. I assume that -- by the way, it's happened to us as well that some low-e... | intermediate | [
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a91d8a5e17a6e70f7cada513466cc2ff | So based on the volume guidance, sequentially it would suggest some continued year-on-year weakness. Can you spend some time discussing where you're seeing demand contraction, if you believe there to be any inventory issues among downstream users possibly distorting that? | Yeah. We're really not seeing a whole lot of downward other than what we mentioned semiconductor. The other markets we sell into, they're positive. Like I said before, we basically talk to our customers. We listen to what the mills are talking about. Mills are busy, our customers are busy and the downward kind of guida... | direct | [
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90a08c9605a5df8e41512b3875aeb857 | Okay. Thanks for all the detail there. And then maybe if you could just quickly touch on your expectations for working capital over the remaining quarters of the year, if you anticipate any meaningful release in the back half? | Yeah. I mean, generally, we do see cash used in operations in the first half of the year and then a release of that in the second half, which follows kind of the seasonal patterns and number of shipping days we have in each of the quarters. The fact that we had positive cash flow from operations after funding our worki... | direct | [
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88419eb11f8a7adce540d121ac703f8b | Okay. A couple of things I wanted to ask about. One, plates and then on beams, if we could. Plates are pretty sizable part of your carbon business and prices hit a peak and have been falling, but demand seems really good. And I was just wondering if you could elaborate on what you see happening in that business. And th... | Yeah. Timna, we're excited about that. That's a really nice part of our business. It's been like we said before kind of a slow burn up. Since it crashed in 2009, we're seeing the same type of activity. There could be a potential very -- kind of large increase if things really do come around with the infrastructure spen... | direct | [
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53d0ad37906dd833caddc2cfe4309855 | The question on plate, sorry, was more about what do you think is causing the prices to have fallen so sharply? Again, from record levels, I get it. But just wondering if you could talk to you what you're seeing in that market to explain the pricing move given again the strong demand you just detailed? | Well, I think, your -- I mean, here the biggest one is it fell from a very high level, right? It's probably down to a level where it should be. Our friends at the mills, I love them to death. I mean, they have more sales people on their own. They are probably going up taking some orders that in the past service centers... | direct | [
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25675c8e094c43a0bb3c595df65b5c26 | Okay. All right. And then if I could on the impact of any to your aluminum plate business from the Boeing 737 MAX 8 issues. If that's had any impact on the supply chain? | Yeah. Timna, this is Bill. How are you doing?
Good. We -- today, we've really seen no impact from the 737 issue and the rate reduction. Based on what our customers are telling us, if Boeing's fixed to the ramp -- rate ramp up, we don't think there will be any impact to our business, any noticeable impact to our busine... | direct | [
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acf22fa6cd8c23171ae345265075a81f | Okay. Great. And then, if I could a last one, I don't want to leave Karla out, but you just didn't buy any buyback shares in the first quarter. And I was just checking the share price average for the fourth quarter versus -- for what you purchased in the fourth quarter versus where average in the first quarter, it didn... | Yeah. No. I think the -- if we look at the average, it might show that. But if you remember at the end of December, there were definitely some periods and we bought our stocks back at an average price of just below $78 a share. So we were able to take advantage of the timing when the prices fell in the fourth quarter, ... | intermediate | [
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0c1928391b6a091d77f0315b0261f624 | Got it. Yeah. Well, you are, so. Jim, in the oil and gas supply chain, we've, obviously, kind of had a weird start to the year, right, where people had gotten probably overly cautious early in the year, because the oil price tanked late last year and now it's going back up again and production is still very high domest... | Not really. It has -- it's steady, right? And you hit it on the head. We're able to perform whether you're drilling or completing and there's -- the rig count is at a nice level. I said before, I don't think it's ever going to be where it was a couple of years ago. So wherever it is now, 1,122 rigs out there and there ... | direct | [
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dd05b69d5748265af4f1e233edc25bc8 | When you look at just the demand guidance for the second quarter within the realm of stable daily demand, I think you're even guiding a little down in the second quarter, which -- just try to help us there given there is supposedly a lot of pent-up demand associated with weak weather, wet weather around the country. Yo... | Well, we're guarded and kind of conservative by nature, and historically, our second quarter tweaks down a little bit. But -- and we -- and as far as the weather and all those types of things, that's all real, I mean, we get that. We've never used weather as an excuse, but there is a reason and we always look at weathe... | direct | [
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c834e2cec33c7c54606650c4a03c436f | You like making money. I don't blame you. The -- and then just one more question, if I could for Karla. How much availability do you have on your revolver right now, I think, you had given that, but I missed it? Thanks. | Yeah. $535 million available, Phil. | direct | [
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76539bceb18040033399c69e42894d57 | If you look across all the product categories that you sell, both within carbon, stainless and aluminum, where do you sense supply chain inventories are the healthiest or perhaps, the most unhealthy. And just any color around that would be appreciated? | Hey, Tyler. It's Bill. Aerospace plate would be one of the areas, where the supply side is still relatively tight and I think we'll see that continue throughout the year.
The other products are -- we think are in good shape. Lead times are relatively standard and we can certainly manage our inventory buys to that. And... | direct | [
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659c933f37ff3d0b19ed937a14863de4 | Have you noted an improvement just in some of your oil and gas related business, I mean, I think, there was quite a bit of chatter about inventories entering the year in quite a heavy state. And certainly, I think, given the rise in crude oil prices we've seen more recently, there's been perhaps a little bit more optim... | Yeah. The price for alloy actually did go up, which is a good sign. But as far as the activity, it's at a nice level. I can -- I'm not going to tell you we've seen a dramatic increase, but it's positive and positive at a nice level also.
And remember, we're not really an OCTG and line pipe down here in the US. So, I t... | direct | [
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cd34d4403034d4ffd9d01b92e2f29138 | Sure. Makes sense. And then, Karla, just wanted to ask just on the pricing guidance. I mean, I fully appreciate the investments you've made in the downstream fabrication, product offering, and certainly, your pricing appears much more sticky. But curious when you think about just kind of movement just in the commodity ... | Yeah. So -- and Tyler, first off, also remember, so the pricing guidance for the quarter is compared to the first quarter. So we're saying kind of down slightly from the average in the first quarter. So kind of holding at current levels, again with -- we're so diverse in our product mix that there are a lot of differen... | direct | [
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3a88c4273e1dbcf26e35946517e40906 | Okay. Appreciate that. And just last one from me. Anything you would note as it relates to the current M&A environment, just kind of within the sector that you're seeing out there? | Yeah. We are -- we like the -- it's a robust pipeline of companies to look at. We just -- we have a pretty strict criteria when it comes to the companies we want to engage in and take it to the next level. We're happy with the volume. I can tell you we've come across any that were dying to buy right now, but don't come... | direct | [
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93323af330e2e42ecb3584338aa6cf49 | Yes. Good morning, and congratulations on strong income performance in the quarter. Several furniture companies have talked about price increases to offset some of the shipping and other costs. And you have alluded to that as well.
And you said that many of those price increases we will see during the third quarter. W... | Yes, Sandy, this is Jerry, and Derek can fill in the blanks behind me. They will not, and I'll tell you why, is that it's such a fluid time right now. The price increases are happening all the time. We're looking at both put in price increases and surcharges for the freight, but the price increases are coming in nonsto... | direct | [
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1253265225a005e023b5802a55e431b5 | And the $20 million of repurchases, can you comment at what average price? And with your stock price appreciation, how do you look at repurchases going forward vis-a-vis dividends or special dividends? Thank you so much. | Yes. So let me answer your second question first. Our priority for capital deployment, first and foremost, is to invest back in the business. We see attractive kind of opportunities to reinvest.
We're going to invest in inventory to support new products, product category expansion, new sales distribution, we're going ... | direct | [
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d24a0bb2acf0eff923a1a78788ddc3ad | Good morning. Thanks for taking my questions. The first one, just if you could talk a little bit more about the capacity expansion plans in Mexico, on the labor front? Because I know a number of your peers have actually announced in the last few months that they plan to start producing some case goods in Mexico. So is ... | Yes. This is Jerry. So not really. We looked at all different parts of Mexico and have really have a couple of things.
One is we're looking at other OEM suppliers. The capacity we mentioned in our statements here a little bit earlier had to do with us going -- we've now gone from one to three plants in the Juarez area... | direct | [
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fc006032a737a0815e434af73491c949 | OK. And then second question, where are your lead times now? And you've mentioned that you have shorter lead times than your competitors, which is resulting in market share gains. So how do you convert the short-term market share gains to long-term market share gains? | Yes. So in current state, our lead times for manufactured products are running kind of in that 15- to 17-week time frame, which is much longer certain than -- certainly than we desire long-term but our competitors, in some cases, are out six months or even longer. So we believe that we're still competing from a point o... | direct | [
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4c409372d9159570ae8699edb7391b27 | Hey, good morning, and congratulations on the strong quarter. The success of your restructuring plans is evident in your financial results. I just have a few questions today, and I think you've touched on aspects of all of them. But first, and I think this is a question for Derek. You discussed reinvestment in the busi... | Yes. We're still very much an acquisitive company. What I would tell you at the moment, though, is that the companies that are probably highly attractive to us that are in growing segments, e-commerce, etc., have significant price premiums. So certainly, while we're looking at acquisitions, we want to make sure that an... | direct | [
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6e3f73ef7b14917b56ae0d75fdf85dc8 | Yes, please. Thank you. You've guided to capex of $2 million to $3 million for fiscal-year 2021. I presume that you've spoken to many of the growth strategies that you have in mind. But other than your DC capacity, your supply chain capacity, particularly your Juarez addition. Can you speak to anything else that falls ... | Yes. I think most of our growth kind of investment is going to be P&L rather than capex. But there's really kind of four key areas as we start to think about investments. One is clearly around new product development.
And I think you'll find here in the coming year, two years, we're going to have a very healthy and at... | direct | [
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8ba280a246d0f42896e6a8436b33b16e | Great. That helps a lot. Final question is, can you characterize your inventory right now? How much of that is available to be sold in the short-term versus tied up in transit versus stuck in a warehouse in Asia if any? | Yes. So if you look at the balance sheet, it looks like quarter over quarter, our inventory is up $16 million from the beginning of the year, it's up $22 million. The reality is almost all of that increase in inventory is either on the water, on a boat coming from Asia or it's in transit. It's either sitting on a boat ... | direct | [
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c25091431abb981cee2257e030fb21c4 | I just wanted to dig into the supply chain briefly. You mentioned it clearly as, you know, something that you're working to mitigate and maybe there's a small gross margin impact for you guys. But just wanted to get a sense of is there any end customer demand that's impacted by their ability to kind of get chips that w... | Sure. Yeah, this is Karen. Let me maybe start and see if Eric wants to add more to this. The near-term headwinds that we're seeing in supply chain are primarily driven by component costs. We saw that through the end of 2021 and really through the first half of 2022 as a short-term headwind. We're hoping that type of in... | direct | [
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3c06a18c6cee82bf8919ccea73a5075f | Got it. Just circling back on the supply chain question. It was less of a question of whether you were having problems getting equipment to customers. Or it was more are your customers has their demand of your product has been impacted at all by their ability to kind of get chips within their products? | Yeah. Let me make just one comment on that. I mean as we've said, overall, the demand environment remains really robust, very strong last year. We believe it will continue to be strong. In general, across our business, most of our segments are more correlated to the R&D budgets of our customers. Of course, we serve bot... | direct | [
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58971be0d158b1f656799775a2338dc8 | First on orders, I was hoping you could be a little bit more specific. I know you mentioned it was a record level and broad-based end-market strength. I didn't catch the absolute number. I think last quarter, it was just over $400 million. So perhaps you could clarify where orders overall came in on an absolute basis? ... | Sure. Mark, this is Karen. Yes, we ended Q4 just over $470 million in orders, which puts us for the year at something over $1,630 million, right around that level. So that was the 14% growth, both for in revenue that we saw is what fell through as a result of that. For the forward look, we expect book-to-bill to still ... | direct | [
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430dd7ded8e03840405e340b467a2c49 | My follow-up on that topic a little bit more broadly, but orders are strong, you talked about supply constraints continuing. So maybe you could kind of square that with lead times. I think came in a little bit. I think it was six weeks and now five weeks. So maybe just talk through what is aligned for the slight shorte... | Sure, yeah. We're currently -- it's got around but five, five and a half weeks lead time coming out of Q4, I expect that to actually hold through 2022. It's our intent to be very strategic about our lead times going forward and really drive expectations with our customers that they can rely on the lead times that we qu... | intermediate | [
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572221bb4dbcee18c691d21267c88650 | Help me understand how supply chain disruption is impacting you? What if you're willing to pay the premium it takes to procure all the components or what would be the revenue for March if supply chain disruption wasn't there? How much of a revenue has been impacted because of supply chain disruption? | OK. Well, Karen, and I can tag team on this. So yes, I think some of the comments that Karen just made kind of give you an idea of it. It's still there. It's stabilized quite a bit. It's a few key components that are the majority of the challenge that we still have, given our expectation that Karen just shared maybe bo... | intermediate | [
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d6353f8419650507252ef628f13ca08e | And you highlighted your leverage to R&D budgets. And in that context, what are the near-term opportunities? We had the infrastructure build, maybe there will be some impact to infrastructure for ADAS. You're well leveraged there. There's also Release 17 that is going to be finalized soon on the 5G wireless communicati... | Yeah, both of those. Yes. So certainly, 5G, we said still -- 5G and wireless overall continues to be a growth driver, primarily in our semi electronics business. That has been for a couple of years. I mentioned that's about 50% of the business. And it's fairly evenly split between labs and production. So we view that a... | direct | [
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af1f76627ab6664c9a28767ca3f780b0 | Eric, you had mentioned earlier that you expected all of these -- your four main end markets to grow double digits. And you touched on this briefly, I guess, around semiconductor. But how are you thinking about how the growth would be distributed across these end markets in the context of say, a 12% to 14% organic grow... | Yes. Yeah, I'll give some color on that. So I sort of mentioned semi already, you know, maybe moderating the growth a bit, but it's been a very strong multiyear growth trajectory, and we still see good growth drivers in that area and expect to double digit. Then you have ADG, which as I mentioned, that's been sort of a... | intermediate | [
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1f1899ffd28f3ebcd379b0321c694228 | And just as a follow-up, Karen, you had mentioned the variable pay component for 2021 and that impact. How does that affect 2022 as a swing factor for [Inaudible] | Yes. That's -- we've absorbed most of that in 2021, Rob. So when I go into 2022, the increases or the various -- the things that flex there are going to be more about wage inflation types of issues as you're seeing, you know, the attrition that's happening globally and trying to stay ahead of that and make sure we reta... | direct | [
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4e2d04bc75b871b872ab7d6c27992f72 | Hey, guys. So Sean, I think you gave the October box office. Is there a way you can give us the idea of how that breaks down in the U.S. versus international? And I think you said that based on a $2 billion box office in the fourth quarter, that you'll be adjusted EBITDA positive. Is that total consolidated company? Is... | Yeah, Meghan. A couple of questions there. Let me try to address them. Firstly, on the expectation for Q4, what I said in the prepared remarks was assuming a $2 billion domestic box office. And the expectation that is both positive from an EBITDA point of view, adjusted EBITDA point of view that we disclosed, and also ... | direct | [
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75280d786650d4dc6143dfa7c3943859 | Hey Daniel, just curious if you were able to recapture all of the business that might have been delayed because of some of the issues in Texas in the current quarter. Do you think some of that falls into the second quarter? | I think some of it's going to fall into the second quarter and continue really through the end of the year. There's quite a few large jobs that were delayed. And some of them were already delayed from COVID, lack of labor, lack of materials, whatever it might be. But I definitely think it pushes out into the second hal... | direct | [
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02adb4df94368c6ec7c1354112d7a328 | Okay. And maybe you could just walk us through some of the end markets you're seeing the most strength in today, I guess, particularly after that event? And what you might be seeing around the country that's really driving the business right now? | Yes. The residential piece has been very strong, with Texas leading the way. And then also, we're seeing, or saw, some upticks in the commercial and industrial that come in and support right behind the residential growth. And then more specifically to the nonresidential, warehouses, schools, universities, started to pi... | direct | [
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319345b1203c35d351ddd5ff78a400f5 | Okay. And beyond, sort of, tightness in the copper market, I mean, are you seeing any other supply disruptions in other areas of the business? Or things that are challenging you got to work through? | Yes, Brent. I mean, everything that we bought is more expensive. And everything that we bought, raw materials, pallets, wooden reels, whatever it might be, plastic spools, everything that we're buying today is more expensive and a little harder to get. And that was true also, obviously, in the first quarter.
So with t... | direct | [
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994306a72df4f33f130a3b5b6aa61f19 | Could you give us a little more flavor on the drivers of the copper spread quarter-over-quarter? Certainly, copper surge demand is strong as well. Are there any other unique factors at play within the quarter? I know you mentioned lack of labor, lack of materials. Are there any key drivers of the spread sequentially he... | Yes. Without getting too deep into the weeds, I'll try to kind of skim across the top, Julio. What it really came down to was a pricing discipline. We had uncertainty on the supply side, from a raw material standpoint and from a labor standpoint. And so protecting what we had and making certain that we could meet the c... | direct | [
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4b3c312e3e3970c2d17eef57321e9b9d | Got it. That's helpful. So I guess if it's really just price discipline, shorter lead times relative to your competitors and tight raw materials, those things sound like they're not going away, right? So I assume the spread you captured this quarter persists or even expands going forward? I mean, what are your thoughts... | Specifically, to the first quarter, there's a lot of things that reset the behaviors and the disciplines in the hierarchy in the market. There was some upgrading. It also should not go unsaid that we're getting paid on time, which is a fantastic testament to the value that our customers and the quality of our customers... | intermediate | [
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4edce30d23da98f656141fb8cb371bcc | Okay. And I guess, are there any product lines that are seeing increased strength above market? And did that play a role in the product expansion sequentially? | There's a lot of detail to go into with that. But in general, again, the residential piece was up the most. And as the residential goes, the commercial/industrial typically follows. That's been the pattern over the years. Once you get into the commercial, you start to look at the circuit size, the intermediate size and... | intermediate | [
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ef1214c458aa37eeb40bceb15db43bf9 | Okay. And I guess just last one for me would just be on your current inventory levels. You have $90 million in inventory, which is about the same you had last year in the first quarter on a dollar basis. But just given where copper is, I would assume it would be less on a unit basis. So if you could speak to maybe your... | It feels like it's the right amount. We are shipping -- the turnover for the finished goods is a little quicker than I like. I prefer to be around 12. We're probably running 14 or 15 right now. So we'll -- wherever there's some holes, we'll try to fill in and continue to offer the service that we do.
So I wouldn't see... | direct | [
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629dd017c4d775a2947ac62628865c15 | Can you offer a little color on what it looks like as far as the status of your large capital spending programs here in this year, as far as the -- are your vendors on time, you think, with what they're telling you they're going to deliver as far as getting the equipment into your shop based on the schedules that you l... | Hey, Bill, it's Bret. Yes, they really -- everything really remains right on schedule, with the service center opening up mid- this quarter. Final prep is being done in that process. And the general contractor, along with the equipment manufacturers, continue to largely stay on schedule.
With regards to the repurposin... | direct | [
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763cfd4fc4efb4e053d0a74e7e60a8e8 | What's the current thinking on the timing then of when you think the repurposing the facility should be able to start getting ramped up, getting the equipment in place and to start producing? | Yes. So what we're seeing, Bill, is early 2022. We expect that facility be pretty close to fully up and running. As we get machines in later this year, we're not going to let them sit outside in the rain. We're going to get them installed and look to get them online as quickly as we can. | direct | [
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ce61e65056f5b9e0048f65fbe2499b17 | Number one, Chip and Huntley, what do you see as the biggest risks to your budget and earnings expectations in '21 right now? | The biggest risk to our internal budget that you haven't seen. I mean, I would start and say prepayment speeds have been really favorable. And if we see a big spike in that in the back half of the year, that will move some of the fair value numbers around. And that's -- again, the budget numbers, that also could reduce... | direct | [
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5842ba2b38ca93db5479ff977dfb68a0 | Can you give us an update on where the lawsuit stand that you referenced in the press release? | Yeah, Jennifer, it's Huntley. We've put out the disclosure that we've got and that's sort of all the update we got right now. | fully_evasive | [
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ba55ec577be391b5f54b315f48803a63 | In terms of legal fees, do you have any thoughts on what your legal fees might be for the rest of the year? | We'd always like to have lots of them. | fully_evasive | [
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a378e0c320decbdd0c75c720014f2c2f | The deposits continue to reprice down. How do you think about positioning the funding base for a different rate environment where Fed funds are higher and the current funding mix is not as favorable for Live Oak? | Yeah. Look, that is why we're so laser-focused on building out a checking account and operating accounts, because we know that they have real advantages in a rising and higher rate environment. So we love what we're funding with now. And our goal is to be building out those checking accounts and operating accounts so t... | direct | [
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4c3cba886c87c4ae285ff40f0d876474 | Do you have any specific targets, like, you want to get to X amount by the end of next year or something like that to share with us or can you give us any detail there? | I think that's too early right now to do any of that. We've said that we don't think it's going to have a lot of financial impact this year, and we still stand by that. But if we get that right, if we start to look into next year, well, I think we can give some targets. As we look at our plan for next year, we still do... | fully_evasive | [
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7b090277e75dd8da27aa8557d0003acd | Chip, like you, I'm a bit more of a plain English guy, so I was wondering if I could maybe just hash through a couple of these items to make sure I'm thinking about them the right way. And I wanted to start -- so I mean, is it correct to assume that given the change on the fair value, I mean, on the incremental gain on... | I'm so excited that for the first time in over a year that Brett Caines is standing next to me to answer that question. Six feet away. Hey, Mike. Yeah, I think as we look going forward, it's going to look more similar to Q1. So if you take what you saw in 2020, probably in Q3 and Q4 of 2020, and as Chip mentioned, abou... | direct | [
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a6d2e20fa584abfbf82acbf9085fd755 | I was wondering, first, if you maybe could just talk a little bit about the pipeline for additional kind of renewable energy investments. And then maybe just spend a second to talk about kind of some of the risk factors we should be thinking about as you guys, I imagine, consider to do more of these? Is it any noticeab... | Yeah. So our -- when we think about it, we want to -- given the geography of the income statement, we'll be mindful of sort of capacity to do these relative to taxable income. That also drives the timing with which that you can recognize and that drives the IRR. So we'll do -- maybe we can give you a bit more color abo... | direct | [
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e2dd3aa995d71f845e36e721e84b1148 | On your loan originations ex-PPP of $670 million per quarter, this was a drop from the prior two quarters from around the $900 million range. Do you have some color on what drove the lower originations or was it more of a timing thing? | It's more seasonal, Alex. That's what we tried to show in that slide. I can't remember the percentage we were up over last Q1. Q1s are a slow quarter. And we've made a little bit of a comeback and closed a really large loan in April. But I think we're standing by what we said last quarter, $3 billion to $3.1 billion st... | direct | [
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e8192c0b72b82ca142aa4123fb6e764a | Can you give some color on the uptick in non-performers in the quarter? | Yeah. This is Steve. Several loans for which we've impaired over the quarter, but not anything significant. I mean, it was actually relatively small number of relationships. Most of them are tied into challenges that existed pre-COVID, where COVID just simply was not -- didn't do them a favor. So I put it in the catego... | direct | [
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35efe0d5c85925bb9ae82608c2d81144 | Can you talk about how you're marketing the checking accounts? And do you have a target or a sense of the growth potential for the year? | Yeah. So our focus now is to build the pilot out and get the system stable and ready to go. So we don't have any definitive plans yet or definitive budget to market it, but we feel word-of-mouth will be really good and existing customers will definitely want to purchase. Yeah. We'll start there and then our ultimate go... | intermediate | [
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d37aab000eef3c441c0b06fd348a064e | Chip, I wanted to review a bit of your -- the dialogue you had with Steve on Slide 5 and the site visits. I liked what I heard about guardedly optimistic, but also recognize still not out of the woods. Can you just give us a little color on how you think the world might look as some of the beneficial impacts from PPP a... | So I'll start, because Steve has to stay back and plant himself at the door of the ball, and I get to fly around and meet with customers, particularly ones that are challenged. So I think the programs, Chris, have worked. And I think that our lending officers did a great job of picking folks that had the eye of the tig... | direct | [
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21a3a46510e4dfc2234af97116b63904 | Just the pace of PPP round two originations, it felt like you guys started a little slower than others. And looks -- just wondering what you -- how you're thinking about second quarter or at least through May 31 for PPP originations? | Yeah. I think we've really focused, given everything else we have going on, on our existing customers in helping them through and sort of got through that and are effectively done. I mean, there may be a few other little pieces that come, but effectively I think we served our customers that we could and feel good about... | direct | [
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ce2490926ca9f1143d0de4b7a22cbed5 | So I guess, first, just from a high level, hoping to get an understanding of what you've been seeing in the first quarter of 2021 in terms of the broader spending environment and how that has compared to the back half of 2020, if there has been any meaningful changes or improvements there. | We see a continued growth, healthy spending environment. We are pleased with the change in our pipeline over the last 90 days. And it is continuous with the changes we saw, the positive changes we saw last year. It's at least as strong as those changes. | direct | [
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ebe00e47698c8e98c993a86683940438 | And then, so just double-clicking on some of your last comments there about the expectation for services to be going more toward partners. Is it fair to assume then, with your total revenue guide staying the same, but cloud moving up, that that delta of the remaining revenue lines is your expectation for services now t... | Melissa, that's exactly right. That is exactly right. Yeah, we're -- we got a very strong guide there on the most important metric. And on the services, we are preferring to remain cautious. Our services are pivoting. Our role in the Appian deployment world is changing. Our role goal now is going to be extra -- expert ... | direct | [
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65a840c645e0f18f35931b07c45855c2 | But it sounds like you had pretty strong first quarter on the cloud subscription line, and the guidance for the second quarter, looks like it's going for some acceleration. Can you maybe just talk about the full-year guidance? I think it implies maybe a little bit of a growth drop-off in the second half of the year. So... | Yeah, I mean, if you look at the way we -- the beat raise is flowing through the cloud subscription revenue, pretty cleanly. The second half, you got tougher comps, right, for cloud. I think we hit 40% both in Q3 and Q4. But from a business -- and as you guys know, we've been doing this for -- this is our 16th earnings... | direct | [
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fc3a3411457cdaca575faf334614fd8a | Can you maybe just comment? Is that partners that are driving that? Are you -- have you made any changes to your marketing or your top of funnel? And then, is there anything that we should think about in terms of how the deal sizes for your new customers have evolved over the past year or so? | Yeah. Well, we are pleased with that new logo growth, of course. And I'm also pleased with the size of some of these new deals that we're bringing in. We're getting larger deals. And I think Appian can convey value at a larger scale. So to see those larger deals come in feels to me like a validation of my belief about ... | direct | [
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5ba780ee1eac7044cd657c4ac8fca6d6 | Last year was relatively strong in terms of new customer adds. Is there any color you can provide on how the newer cohort of customers are doing from an expansion perspective relative to the more mature customers? | Well, you mean other than the net revenue retention rate that we quote? That would be the best statistic that I would use, and it remains at the high end of our range. We're pleased with where it is. And it shows that our customers have a healthy appetite for growing their Appian instance once they joined the family. | intermediate | [
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0110d47a6dd31d359ed9eb60f1fd3ec8 | And then, maybe on the EBITDA guide for full year, I think you kept up the same despite maybe a better mix of subscription revenue for the year. Should we take that to mean kind of ongoing investments in go to market and product? How should we think about hiring for the remainder of the year? | Yeah, we're aggressively hiring. Like we said last quarter, we are aggressively hiring sales reps, marketing folks. We have a new CMO and software engineers, so we're going to continue to aggressively hire. So we decided to keep the guide the same based on some additional investments that may come in through the second... | direct | [
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4b48e93636718bbd01df7d686856c438 | Have you discussed the customer adoption you're seeing for the full hyper-automation portfolio? And particularly, if you could highlight outside the low code and BPM capabilities? | So we are currently -- OK, first of all, yes, we have the automation experience. We're deploying it. We got happy customers. I mentioned one of the automation case studies in my prepared comments today. We are -- we are pushing out more case studies soon, so that we can get public, credible, large company testimonials ... | intermediate | [
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b8846a3601e0e1fcb72c891b3349dd7b | It looks like you took down the '21 EPS guide last EBITDA guide. Could you just help me understand what's the delta? | Yes. So the adjusted EBITDA is the same from a guidance perspective, $38 million to $36 million. And it's probably the reconciling items between the non -- between the EPS calculation and the adjusted EBITDA, and it could be a share change as well. And I can work -- I can help you with the model off-line, but that's it... | intermediate | [
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e3009e75b800c8056ccfdc6cf8994405 | Mark, international revenue looks like it slowed a little bit. Was there an impact on PS there? And any color on what the cloud subscription growth was? | Basically, you're going to have some variability because of the professional services, and that's predominantly what it is. The growth rates are -- internationally, they're doing really well. So the growth rates from a cloud subscription revenue growth rate is similar to the U.S., and it's strong. So I would say that t... | direct | [
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f5e92918939d456f162e8cfc1acf3bb9 | And then, since Denise joined in February, any new initiatives she's driving to help that new logo growth? And anything else you're excited about on the marketing front would be great to hear. | We're actually very excited on the marketing front. And the new initiatives Denise has going, I think it would take too long for me to list them, but she's a dynamo. And we have some efforts under way that I think we've been excited about doing for a long time. And we're able to do them now and well. Perhaps my favorit... | direct | [
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5d85411bbf780f991addb392a58fa930 | Firstly, it looks like the federal business is continuing to expand as a percentage of overall revenue. It looks like it's at about 21% now and growing about 58% year over year. So I'd love to understand what have you seen in terms of the cadence of that federal business. And with it growing ahead of the overall busine... | Yeah. Fred, there have been a few positive developments for us lately on the federal side. We had a really solid third quarter. We've been productive since then. And our federal solution is showing a lot of promise. In fact, maybe the most promise of all the solutions. The pipeline looks good. I think that we've just h... | intermediate | [
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36907b9a0ba63df46f9b2fd72b47f6c5 | And as a follow-up question, so I'm interested in a number of different topics here. But in particular, the three-point quarter-over-quarter decline in sales and marketing expense here, you've been talking about different aspects of your business where you're hiring, you're expanding and you're going to market more agg... | I think part of it is the on-prem seasonality, the on-prem number. So it kind of distorts the percent of revenue cost for sales and marketing. And then, it's the travel. Yeah. But like -- so for example, sales and marketing sequentially up costs quarter over quarter is $33.7 million in Q4, and then Q1, it's $34.9 milli... | intermediate | [
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36fc636ccca321f3b84670076d2e0ccd | Just -- so overall, how do you take a look at the competitive landscape and just rank where you believe you stand in the competitive landscape at this time? Because we've certainly heard from a number of enterprise software platforms out there about their low-code capabilities. Some of them showing some momentum there.... | That's right. You're right. A lot of organizations are talking about low code. I love it when they do that, actually, because low code means workflow. And workflow is something you can be really good at or just OK at. And we've spent a long time building our capability in workflow. Low code is about workflow, and also,... | intermediate | [
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b1f12b4c7b20d60af199291666f33788 | Can you just discuss a little bit how are you going to fund the CapEx for the next three years? What combination of debt and/or equity are we looking at? | So generally the Company's policy has been to maintain a capital structure that is closely aligned with what's been authorized by the California Commission, that's about 53% equity. And so if you'll recall, we did a debt deal last August-September time frame, were we put out $300 million of 2-year debts. We expect that... | direct | [
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902e3c8a109eaf010b598d9a3c6fd9bf | Just, Marty, wanted to get your thoughts on the M&A to the extent you can comment on this. Obviously like in the past you have tried to merge with San Jose Water. Given what's happening in Connecticut? What's -- could a potential merger be on the table in the future, how are you thinking about that? | You know, well obviously we pulled our offer for San Jose, and there is no offer on the table nor we had discussions with them about merging. We believe the industrial logic is sound. Typically when we evaluate targets in our service area, and this is one of the things Paul is keenly focused on, we try to focus on what... | direct | [
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37c8ee2367a4861ab82e2a5b5fdee04a | Just a little clarity on the earning the ROE in 2019. You calculate your regulatory ROE, does that include or exclude the items that fall under other income? | Jonathan, that is a good question. I am looking to Dave, so it includes. So Dave is telling me... you can talk Dave. You're (multiple speakers). Yes it in does include those items. | direct | [
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ebc6e33746ed3d0c2a37162234b3c8d3 | Okay. And then I guess if I take the $1.4 billion 2019 average rate base apply the CPUC approved, cost of capital metrics, you get something little north of $1.40 in 2019, and I guess strip out the fact that some of the device letter products won't ramp up until late in the year. So maybe it's a $1.40 or little less is... | Yeah. We've always suggested that you do that kind of a calculation. And the company is nearly a 100% regulated -- the regulated model is rate base times rate of return times equity capital structure. So I think you're on the right track there with the type of calculation you're making. | direct | [
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a4adec1e538cd02eb1823b06686653a7 | Okay. And then any -- I guess comments you can offer on your initial reaction to the intermediate testimony in the GRC and the prospect of being able to reach a settle agreement based on it? | Yes, hi. So the testimony that we have seen -- first of all, we have only had it for about three business days. So we're still in the process of really understanding it all. We -- the only testimony we've seen so far is from the Consumer Advocate. We've not seen any of the other testimony if any other gets filed. And t... | intermediate | [
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d3f45a15b93f8b3680e2b53adc72b345 | What are the dates on those evidentiary hearings? | You know, Jonathan, we could probably point you to the website at the commission were those are listed, those often change as the parties attempt to negotiate settlement. So that's at the CPUC's website. There's a scoping memo for the proceeding and it has those dates on there.
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8ca318657647c064a0c81668c8a1a974 | Okay. And then last question for me, the Travis Air Force Base, can you remind us about the CapEx rate base growth opportunity there, if I recall correctly start with the rebate value of zero and then start building it up as you invest the capital. | That's right. We have about $12 million of initial capital investment that we're going to be making over the first couple of years of the program there. And I believe the total is about $50 million when we announced the deal and obviously inflation happens and other things might come up, but the total CapEx that we had... | direct | [
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7cb0e667f213d6a4cde62b68db8f76cc | Can you walk us through the process of bringing your ship back online. Would you expect if you were to have your entire fleet back up and running. At some point would there be incremental costs relative to that $10 million to $15 million burns that you would need to incur, to be able to get your ships back into operati... | Sure. So aside from the normal operating costs, once they're back in operations, in order to get them back to where they can operate, the costs, frankly are not that significant. The two biggest cost that you're going to have to incur. The first is, you're going to have to get all the crew back on the ship. So there ar... | direct | [
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c57ad9241e85b48b0cab0a9741da7318 | Can you walk us through a little bit on the next few major regions that you would normally be failing to over the next three, six, nine months. I imagined Alaska is a really important geography to you. It seems like it's based on when you normally run your trip does that season, the Alaska season would normally be over... | Yes. So the next really major geography for us is Antarctica, starting in November. So that's November, December, January, February. And so that's the single most important geography aside from the Galapagos Islands where we have two ships permanently, so that's another key geography. Alaska of course is done for this ... | direct | [
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57d32c7234e2a104b4c6ab7948fda4bb | Lastly, if I could just ask you in terms of the new bookings coming in the $30 million, or so of new bookings, as well as the rebooked voyages for passengers who have their voyages canceled. Anything noteworthy about what those passengers are booking, or are the passengers who are receiving an incremental credit for ca... | Sure. So, right now what you're seeing, I wouldn't say there is one specific geography or one specific swath of type of guest that's doing a certain action. I think what we're seeing is, folks that are using their future travel credit have had a voyage canceled. In most cases are going back to that same voyage in the f... | direct | [
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7762740d9b85f7d77dd8084fab93930e | First off, in terms of quarterly opex in March and the balance of 2021, taking into account the disposition of Kandy, any insight you could offer about what you're planning for expenditure levels? | Yes. Paul, I think for first quarter, we're in the 95% to 98% range, some sort of ballpark like that with a little bit of variability. And then as the year progresses, we think we'll be under $100 million a quarter or right in that range, give or take a few million dollars. | direct | [
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54108878a8f71de86ea1c20b40ac0471 | Secondly, on your IP optical business, I think I heard you referenced 20 wins. How many total customers does that business have at present? What are the nature of the wins, the use cases? Do they run the gamut or are they focused on plain, old transport? And what's the mix among Tier 1 service providers, other service ... | Yeah. So a bunch of questions there. I don't have the exact number of active customers. It's in the hundreds. Maybe Mick could do some research. We need to get back to you or look it up on the call here, but it's a long list of customers. It is fairly evenly balanced between what we think of as enterprise, critical inf... | intermediate | [
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349a259d894494ec409364dd719cc18e | OK. And how -- I think I heard you say that India was solid. It was flattish. I don't want to put words in your mouth. But as we look forward for that business, it sounds like you're confident/optimistic. How much of your growth expectations is tied to rebound in India and Russia, and other such, for a lack of a better... | Yeah. Well, so I think you heard it right. India was very consistent in Q4 to Q3. We did see purchasing from a different mix of customers, which I think was really good, and we're not projecting a snapback, certainly, in this quarter. As I mentioned, the start of the fiscal year starts April 1 there. So as they kind of... | intermediate | [
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aafa6afe960a2c55822ac8e23d6f8f3f | Bruce, I know you're on a relatively small size, better than optical. But thinking about in demand, putting aside competitive dynamics, would you characterize the demand environment went large? Again putting aside individual regions, would you characterize it as healthy, meaningfully improving, status quo? How would --... | Yeah. Good question. As we got into the last month or two of 2020, we were really almost maxed out in the number of trials and activities and proof-of-concept work that was going on. Ultimately, that's going to translate into business for us or for someone else, but the demand environment looked really healthy as we en... | intermediate | [
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7dbf6484e6ded5cbc7a5ca11a94aaca6 | All right. And one last question. I apologize to you and others on the call, but real quick. With respect to Huawei. I heard -- I think I heard you referenced that you had two wins that were directly related to Huawei cutbacks. How many active opportunities are out there? And are these both in optical and in your cloud... | Yeah. So the two that I mentioned in Latin America were in our cloud and edge business. These were replacements of existing call -- voice over IP call control systems basically. But -- so we're seeing -- obviously, we're seeing an opportunity in cloud and edge in certain markets more broadly. Certainly, there's going t... | intermediate | [
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7a20f30bb1f791086a9a68c23e0a4059 | First question is on the -- you provided North America optical sales increased 105% sequentially. Can you provide similar numbers for Europe and Asia? | Dave, yes. So in Europe -- Mick, you probably have the numbers handy from Q3 into Q4. Again, Europe was up pretty strongly overall for us in Q4. Do you have that handy, Mick? Yeah. So we have, for the three months ended in September, Europe -- Russia was up by about $1 million. Most of Europe was up by almost $9 millio... | intermediate | [
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6bac66cd9028eb5f8d13c38493c88cf4 | And then just regarding for both March quarter, as well as for the whole 2021, can you share what your assumptions are regarding C&E versus optical? I'm just curious because you're guiding gross margin to be down about 3 percentage points this year. What's driving that? Is it -- are you expecting optical to be stronger... | Yeah. Thanks, Dave. For the first quarter, again, we've kind of almost always see the first quarter being the weakest quarter of the year. So we expect both segments to be down versus the fourth quarter in the first quarter. And given the -- particularly the margin richness around cloud and edge, that definitely has an... | direct | [
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228baa5b7ee55d9d92b0c1b98db3b2a4 | OK. My -- actually, my last question is on QualiTech. Has that been factored out in the first quarter as well as this year's revenue outlook? Or should we take it out after the transaction is closed? | Yeah. So we wouldn't take it out until we're closed. It's a relatively small business. It's sub $5 million in revenue and $1 million or less in earnings, so not a big needle mover on the numbers. But it is -- it's a good size, a good indication of how we're really making sure we focus on the core strategy for the compa... | direct | [
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b6085701ed5b721897b12dc50445c004 | In terms of the cloud and edge business, I guess generally speaking, do you view that business as being stable, growing a little bit, declining a little bit this year? And then what about the dynamic of software? Do you think software grows faster than the overall cloud and edge business this year? | Yeah. So obviously, we grew year over year at 4% in 2020. And if you account for taking kind of Kandy out of the mix, we're still targeting a bit of growth this year. In particular, we think enterprise should grow. And as we kind of get back into a more back-in-the-office mode, the enterprise edge portion of our busine... | intermediate | [
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5ad937d8bedb7d253f632f3c68d930a8 | Got it. And then on the enterprise side of, I guess, cloud and edge, how influential is Microsoft Teams to that business? Is it over 50% of demand or under? Just trying to get a sense because that seems to be a pretty high grower. | Yeah. I think it's still less than 50% of our SBC business. Again, as I've kind of described a few times in the past, sometimes it's hard to tell when our SBCs are being used for enterprise or for carrier applications. And so sometimes, it's hard to put a complete -- a fine point on it. But I think the Microsoft piece ... | direct | [
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3b5a369ca35242fe856c9f04001d4d5b | OK, OK. And then maybe any just general guidance on capex or really kind of what free cash flow is implied in the guidance for the year? | This year, we had capex, we stated, of $27 million, of which $13 million was real estate. Then we got reimbursed for about $10 million of that. So our number, if you normalize that, it's about $16 million. As we stated before, it's $4 million to $5 million a quarter. So we would expect that going forward into next year... | intermediate | [
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55024fde17f87e991c4ef5556ab01575 | Got it. Yeah. That makes sense. And then just last on product development. What should we think about in terms of key product enhancements on cloud and edge and IP optical this year? | Yes. So in cloud and edge, there are several important programs, kind of the final virtualization of some of the call processing platforms. I mentioned this virtual C20, so there's still some work going on that. And then there's investment around as-a-service models for SBC as a service we call Ribbon Connect, as well ... | direct | [
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7edc0e96a1b1327cd8d876b902952b7e | On the domain outlook for the year, it's a bit of a wide range and just wanted to maybe get your thought process on that. I guess probably understandable given a lot of macro economic puts and takes, but just wanted to get your sense and I think you said 2.5% to 4.5%. | Yeah, this is George. Maybe I can jump in here a little bit. So, I would say, in general, the trends that we're seeing in the domain name base are similar to the trends we've been seeing in the last few quarters. In that registrars from both North America and EMEA are performing very well and that growth has been sligh... | direct | [
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548fdaf3fc75ebdd4a03b0dc03c34f47 | The down 20 bps year-over-year, anything that you saw in particular this year, whether it would be -- I noticed that over the last month, there was a couple of days, one where I think the domain base was down 93,000, another one that was down like 102,000. Sometimes I usually equate that to some of the registrars going... | Sterling, as you pointed out, the renewal rate was relatively flat year-over-year, I think 73.5% in the fourth quarter versus 73.8% in the fourth quarter 2019, so relatively similar. We did have a very strong 2019 performance from China-based registrars. And as we've talked before, as a group, we tend to see their firs... | intermediate | [
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"fully_evasive"
] | B |
02a7dcffad07a0d9128fb916e8bceaed | You made the comment that.web, neither the revenue or expenses are factored into the guidance. If we just say hypothetically that you get the approval and you can move forward to getting it up and running, what should be some of the cost levels that investors should expect to get it launched? And perhaps some of your t... | Sterling, I think, I guess, with all of the process, part of the IRP complete renewal rating, I think I can say, repeat what I said earlier, which is that, where we hope that we're weeks away from something from the panel. We're certainly closer as time moves on, but I think it's just too early to give any indication o... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
e2fff6ca494d9d9dd45bd55c7f28fa74 | In the US, if you look at the new business applications, they spike late summer early fall, so I think August/September timeframe. But they're still elevated in the fourth quarter, especially on a year-over-year basis. If I think about that relative to your new domain registrations, the 10.5, new registrations have bee... | So, Sterling, we've seen that same data. And as you know, we are a FIN registry. So we do get some insights from our registrar partners and from what we hear from them. Yes, new business starts and companies finding that they can better serve their customers by having a website and ergo [Phonetic] domain name helps to ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b497b731fd50762fa89f7eff452f1089 | On mix of domains, the new TLDs, I think, have given back some of the share that we saw them -- saw that category gain in years past. Are you seeing that mix having any impact on your business? Also to be more specific, you're a FIN registry, but you work with hundreds of registrars on a global basis. Are registrars co... | I guess, I would just -- I think the best answer I can give you that question is; one, that I think is just a simple fact which is the.com is a recognizable brand that helps people get found online, it's a popular well established brand. I don't know, I'm not aware of any specific deliberate effort that we've been info... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cea5e40e24f07f8ddbafbc75003d3128 | Just on the quarter, if you could give us an update on gross margin. Was China accretive to gross margin in the second quarter? And give us an idea of how far Model Y gross margin was versus Fremont Model 3? And then just more broadly on strategy, it seems like your approach to insourcing is varying by region. You're i... | Yes. Just to start with the gross margin questions. We did see progress on gross margins in China, and that was despite pricing action that was taken. The factory is still not running at full capacity yet as it continues to ramp. So we think there's a continued opportunity to optimize the cost structure there. Model Y,... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
555008f11940c26d9bc459a61da59c92 | You mentioned in the slide deck a couple of times that you were pleased with gross margin with PTI margin progress, and you expect it to achieve industry-leading operating margins over time. Maybe you could shed a little light on that? Industry-leading for luxury vendors is 8% to 10% PTI. For Porsche, it's smaller, at ... | Sure. I've mentioned this before in terms of regulatory credit. We manage the business -- said differently, we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2e0990b88e0622caed2861b3bbab96f9 | Could you please characterize the current near-term demand environment for your vehicles? These are obviously unusual times. I think back in Q1, you had indicated record backlog, I guess, at the beginning of this past quarter. I haven't seen any specific comments about new orders or backlog in the release today. So can... | Demand is not a problem, definitely not. We do have some production supply chain challenges we're trying to slow right now. For example, the Model Y, we're body casting, obviously, because it's new technology. It's been tricky to maintain rates and keep growing the rate for Model Y casting, which is -- it's a two-piece... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
206930fdfaf1983fa40ca5ae77d181f4 | You mentioned a few times the constraint to growth is battery capacity still, and I was hoping you could clarify the scope of the Berlin plans for building right now. Will there be the battery capacity consistence with the amount of assembly volume you expect to come out of the -- And if not, would you be able to sourc... | OK. We can't say too much about this, except that where there will be local cell production and -- that will serve the needs of the Berlin factory. Drew, is there anything -- Berlin factory. Drew, is there anything -- yes?
I mean, no. That's straightforward enough. I think just adding to what you said earlier about ta... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
d8a1acf0aabab33a7b798cd54131dc14 | Just wanted to start with the beat versus guide, so obviously, a strong beat versus The Street, but your guidance does not really flow through the entire beat. So just to ask, is this general conservatism given the uncertainty facing the industry? Or have you internally lowered your expectations over the balance of 201... | I would call it generally general conservatism as usual. Yeah, Ben, I think when you look at how we performed in the first quarter, there were some items that we would recognize as timing versus what we had originally expected, particularly, on some of our engineering expense and marketing expenses. And we also got up ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1fb81377dbfbd29648188b458e8a6dc5 | Can you guys kind of give us an idea of how you see a recovery playing out? If we think about the prism or the spectrum, excuse me of quick snapback versus a longer-than-expected normalization trade flows? Can you kind of give us how you would see it playing out? | I think there will be most probably not a quick snapshot, as you call it, but also not a very long recovery. So I think, what happens here, the damage, which our administration has created to the relationship between American farmers and Chinese consumers is severe, and we need to see how fast they basically come back,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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