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dbf0a5c2b0bd49ecc56ab61a6de1a8c0 | Great, thanks for taking my questions. I think this question may have been asked, but I didn't understand. Are there any issues with the supply chain that you could see impacting the gross margin or lead times, and can you remind us where you do source most of your supply? | Well, our supply chain is made of main producers and providers of components that are from semiconductors, let's say, that are commercial off-the-shelf components. The sophisticated parts are coming from the U.S., I must say, not always they are produced in the U.S., and I think the U.S. is encountering the challenge o... | direct | [
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] | A |
516cafa1ec8b7168fda2357138383c06 | Great. Then you made some comments on the APS programs and the pipeline. Has the company won any additional APS programs over the last six months or so? I know there's a bunch and they don't start for a while. I'm just curious on the business development side. | Yeah, well we are part of the Elbit [Inaudible], so we don't win the programs on our own, and this is the most mature system that we are part of. We have some incubation programs in other places of the world, but it is too early to talk about. It will take quite a while until they mature, maybe in more than three years... | direct | [
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4e4c04d4e893887ba14a26748ed87f65 | Got it. The last question I have, demand for your radars has been robust. Do you see or foresee any challenges with the new U.S. administration, given it's generally accepted that it will be a less favorable federal budget environment? | Yeah, this question has been asked many times and we are asking ourselves the same, but the answer that we give based on what we read and the evidence is that we are addressing new and emerging needs that are in demand, and actually in a growing demand base defense, counter-UAS. We also -- what happened in the war in [... | direct | [
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d426d867f7b1bdbf59b1505ec5f19298 | Hi Dubi, this is Austin. I just had a quick question on can you speak yet as to the quantities that will be manufactured yet under the Royal Netherlands Army CV-90 program for Iron Fist? I would assume that's probably -- is that revenue expected to be material more to 2022 or 2023? | The CV-90 is 90 vehicles, as Elbit has noticed, and it will be in 2023 and onwards. Twenty vehicles -- 19 vehicles times four, which is 360 radars with some spare, it can be close to 400. | direct | [
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da969c91059f974ae31001be35348866 | Ok, great. Can you comment yet on any of the opportunities surrounding C-RAM with any of your customers yet, or is that still too early to discuss? | Yes, I've mentioned that I think the Air Force and SOCOM's needs are a combination of base protection. There is a program in incubation named ABAD, Air Base Aero Defense, and also around SOCOM there is a need to combine C-RAM with air surveillance and counter drones, and we are offering multi-mission radars that can do... | direct | [
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0557b5a2e59f2739f2d4940b5534a89e | Ok, awesome. Then you guys hit 40% in gross margin in the quarter. Do you expect that to sort of be the run rate going forward here for the next several quarters, or do you expect directionally to expand further beyond 40%, and what kind of delta should we assume on that? | Forty percent was actually our target from long ago, and we have surfaced it now maybe a bit earlier than we thought even. We would like to stay at this level, maybe one or two points more, but not beyond that. We want some margin for competition and maybe if we have inefficiency issues, which we don't anticipate, but ... | direct | [
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ddd503c3eadaef9f705aca92adcb0ff4 | Hi guys. In the last conference call, you announced an investment of $3 million in RADC and retained an option to increase the investment. My question is, based on your experience with RADC so far, do you plan to invest more money in RADC, and can you give us more color about RADC? | It's too early to discuss this. | fully_evasive | [
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e84d1b0a1255989069bd5648edbead13 | Just curious if you can provide a little bit more color on the cadence of revenue growth expectations for the rest of the year here, especially 2Q? I know that some of your customers of sort of talked about losing quite a bit of production given the semiconductor shortage, just wanted to get your take on sort of how we... | Good morning, Matt. I'm going to take this one. So, yeah, as I mentioned, the overall supply chain disruptions that we faced in the first quarter impacted us in gross revenue for the first quarter and when you look at the gross margin rate, about under 120 bps here in the first quarter. So currently, we are seeing a sl... | intermediate | [
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a63d2d8351abb61b25d41c35c563eb6f | Okay, that's fair. And then just any concern that you guys are pulling forward, any revenue in this environment, obviously, with OEMs prioritizing sort of the higher profitability vehicles, higher trim level vehicles that probably improves your take rates quite a bit, I would assume. And so any concern as we sort of no... | Yeah, I would say not a huge amount. We are watching a couple of customers where the take rate seem a little bit high. But we are fortunate that the vehicles where we have the highest penetration has been the vehicles that have been the focus on maintaining production. Many of those are running as expected take rates. ... | direct | [
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09c7531457ca2e7eea664cf77bd6d1f9 | Okay, great. And then maybe just wondered if you could talk a little bit Phil about the current bookings environment. It looks like we're back to a pretty solid level with the $400 million, and just -- and you highlighted some nice wins on some pretty high volume platforms. And so just curious if you could talk a littl... | Obviously, we're pleased with the quarter, hope on the overall awards and win rates and the profile we see over the course of the year so far looks strong. So we're pretty excited about the year where we're expecting to get back up to close to the run rate we had in '19, '18 and kind of well '17. So in that ballpark co... | intermediate | [
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024c12869dc2a78374f8bcf98318da0d | Okay. And then last one, just on the inventory and gross margin front. Looks like you guys have managed through that really well. Obviously, there's going to be an impact no matter what that you're just in the environment that we're in. But could you just call out just any particular raw materials or any sort of compon... | Sure. So let me address the inventory question first and then we'll talk about inflation. So as you look at our balance sheet actually, we increased our inventory by about almost $10 million dollar since the end of the year. And the -- if you also see, for us as being, we have a very strong cash generating company, the... | direct | [
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c2e20a53a6c6479cd8f52294b781f4ec | Good. Then when do you think as we talk about the chip supply, supply chains, etc. There are fairly wide expectations out there from companies. So I guess curious what are you guys thinking, and do you expect those challenges to persist into 2022? | Yeah, and we've taken from Brazil. We have two data point. One is, of course, our semiconductors that we purchased from select suppliers, so we certainly are in the deep as we can get with those suppliers and using that intelligence to forecast as best we can, but probably even bigger will be the impact to our customer... | direct | [
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b18ed12a548263e6006a942451bbee8e | And then two on EVs. I guess I don't know if you've ever quantified it or if you can, but any idea what type of market share you have on EVs from your cell connecting battery performance solutions? And then secondly on ClimateSense, any update here on the third development project with GM and BMW? It's the same update ... | Sure. Our CCB is the cell connecting board, pretty low market share right now and that's because most CCBs have already been launched before we developed our -- what we consider very innovative competitive products. So that will have to make up with new awards going forward. Feedback is great. We have a ton of activity... | intermediate | [
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3cc418dfd7d40d4082659740c7a9b40e | Hi. Good morning. Yeah, congratulations on the quarter itself. The demand is clearly strong across the Board. I'm just wondering if you could comment a little bit about lead times and how concerned are you? Just a general of this some of the, what we're hearing about component availability and the potential for that to... | As we stated I think we managed the situation very well over this quarter. I think if you look at our materials, I think we have a ballpark figure about $2.5 million. We could have maybe add in greater sales if we received all the materials in. Its -- lead times is stretched out, you're looking at some semiconductor co... | direct | [
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0db09d53b52a61930abba864c87d4979 | Got it. In terms of the impact of COVID, it sounds like you've managed that fairly well. Is there any meaningful costs associated with COVID as you've had to secure all of your fiscal means that may be contributing to some additional costs that we don't see necessarily? | I don't think a substantial number. If you look at masks, thermostat, temperature gate, temperature measuring devices, making the place safe by putting plastic walls between spacing, no cafeteria, all those costs I think were taken out. So I think going forward, we do have -- I can't see any anything more than minimum ... | direct | [
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81f8001eecf09b065fcf811cc890eb10 | Okay. Your SG&A is running a little higher than we were anticipating. I assume that's just a function also of your volumes, but I don't know if there's any additional color you could provide on that. And then I have one other question, I'll jump back in the queue. Thanks. | Yeah, I think I can take that one down. I think -- yeah, we are seeing some incremental SG&A related to the volume, as you said, Jim, is also we have some additional expenses as we noted in our remarks here, but I think it's still in line with what our expectations were, maybe a little bit maybe on the high end, but I ... | direct | [
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abaad1cce0dc4ed43e6bec413bd1c514 | Got it. Just with respect to some of the pricing actions that you've taken, have you realized the benefits of that more fully or are some of those expected to flow in over the next quarter or so? I don't know if you can give us any kind of sense as to how those... | Yeah. I think -- and this is just ballpark to give you a rough idea, I think in this quarter we probably, maybe picked up present of the price increases we put out there. And then the balance will be I think divided pretty equally between the third and fourth quarter. But I mean I would, I would think they would all be... | direct | [
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1bcb3e13843ea047ad9cb05794b094ac | Oh. Thanks very much. Congratulations on the good quarter. Question about seasonality. Given the strong -- sort of the strong demand here and longer lead times and the two recent acquisitions, do you think Q4 seasonality will continue or do you have any thoughts about that one way or the other? If there is a potential ... | I think with COVID everything is blown out the window. So again I don't -- generally because of in North America because of the Christmas holiday, and Thanksgiving you lose anywhere from five days to ten days, where people don't need parts but I think at this situation where the backlog is so strong and people are so d... | direct | [
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0a91bc6aa7468676a0a9647ef72331ec | Yeah. And it just didn't come up in the last quarter conference call, and I'll ask again here. Are you concerned about double bookings and how are you managing that for-- second for that? | Yeah, that's a great question. And it's-- we're-- as you know we have-- as you probably know, we have Vinnie Vellucci, fromer President of Arrow, of Americas, of Arrow, and that's a question we address all the time. At this point, everything we hear, we're getting the impression that there isn't double booking out ther... | direct | [
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cd590e9f0383b41995994d427f960cfb | Dan, I would like to ask you questions about like sales trend. Let's say, in the absence of, let's say like unforeseen COVID impact and given the strong bookings, will it be reasonable to expect revenue will gradually improve every quarter throughout the end of the year? | I think, again -- I think for the next quarter, it should improve, and then again based historically, I think the fourth quarter will be substantially better than last year's fourth quarter. But then I don't know if it would be better than the third quarter because historically, the third quarter has always been a stro... | intermediate | [
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9a216ae1ad5d411de5557bb18a2964bc | I see. Yeah. And then, would you be able to share what the revenue contribution from rms and EOS in Q2, and then whether your expected revenue contributions from those two are higher, given like strong performance in Q2? | So for the second quarter, rms contributed $2.7 million. I'm sorry, we're looking at trade sales. $2.5 million of sales, and EOS contributed $3.5 million of sales. And just to give you a little more color and I would say that's a big -- again they supply the aerospace people. So historically, if you looked over the -- ... | direct | [
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220510c5a3287712b900fde5b933af60 | And then how much revenue forecast for 2021? Are you expecting higher? | I would say yes. But we don't have a -- I don't think we're ready to share figure with you, though. Sorry. | fully_evasive | [
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9cff89f107fef912c3981b99e2df9830 | Okay. Yeah. No, that's fair. And then this is like a bookkeeping question, the $0.4 million cost saving from the U.K. facility consolidation, will it go toward bottom line or will you reinvest that somewhere else? | I think it's only $400,000, is the cost savings for showing down the Maidstone facility. Yeah. So we would expect to see that drop to the bottom line, Hendi. | direct | [
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8182ce5bd1cfafc2a8c620afd2b5bd04 | Okay. And then any insight into, like, price increases? Not the details, I'm already -- whether it's like a single digit, mid-single-digit, high-single digit? | No, I think on the average, price increases are falling -- some smaller ones, some higher ones, but overall I think it's probably falling into the 5% to 12% range. | direct | [
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116bdbc559f05632b274ff1be93b9928 | First, with the new customers that were added during the pandemic, how are you seeing the purchasing behavior or particularly those customers that adopted new pets during the pandemic? How do you anticipate the spending for that cohort will trend for instance in year two and beyond? | It's growing well. As you have seen our reorder sales increased by 12%, which means that the customers that we added during the pandemic are reordering, which is a good sign. | intermediate | [
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] | B |
7622d22c48ac6444702fb2f37b3ec00a | The loyalty program, can you speak to some numbers around that in terms of traction or adoption there on and, how that progressing relative to your expectations? | Approximately 20% of the orders had loyalty credits and also [Phonetic] it's being used to fairly well. | intermediate | [
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] | B |
5ff9931091e525932c4387d715989986 | Have you thought or contemplated around services beyond pharmacy, like, Telehealth platforms or other services that you could kind of link or co-market across your platform? | Yes. We are exploring them. We will be focused on the next fiscal year and we will give you more information and the later part of the year. | intermediate | [
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] | B |
901b9662435fc5d38c5421a3fccd0bf5 | So first, obviously, a very solid reorder sales growth, but new order sales were down. For Mendo, what would you point to us to the primary reasons, why new order sales were down in the quarter? | The market was more promotional during the holidays that negatively impacted the new order sales, but it's also our off-peak season. So it will be more aggressive with advertising during the peak season when demand is strong. | direct | [
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e5446a64bdfae68b7912cc987129acc7 | Yeah, so typically in the off-season, there is a sequential improvement in gross margins between 2Q and 3Q. Here, there was a little bit of a step down versus the second quarter, obviously up year-over-year. So just wondering was there a notable change between the shift of the -- business between Rx and OTC or maybe wa... | Sure. Product mix was a little different. And as I said that the market was more promotional during the holidays compared to the September quarter, which to be competitive we attempted to match the market. | intermediate | [
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] | B |
12b5a83b8a39b9a77d54a7cb349c452b | And as far as the loyalty credits, did they have any -- to just wondering about the impact of that on the gross margin? | Yeah. There were more -- this promotional discounts in the quarter compared to the same quarter last year. | intermediate | [
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] | B |
5265deabbc2674ea399d709c855ce554 | So lastly, as far as your outlook advertising expenses, as far as new customer acquisition cost, how should we think about that? | We'll be more aggressive during peak season, when demand is strong, I would anticipate a double-digit growth on advertising expenses. | intermediate | [
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b4111104ff93562081ef39d60c81a377 | To begin with Mendo, in terms of the rollout of the website enhancements, is that relatively complete at this stage and what is your assessment of the improvement? | It is not complete yet. We anticipate it will be completed by June, but it will be substantially probably completed by end of March, but I would say full completion by June. We did some AB testing, ABCD testing, I should say, comparing the new design with the old design. And we are predicting some sales lift approximat... | direct | [
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c09794b3819e5623e0818f9a0e4bba15 | There has been much discussion about the impact of the aging pet population, particularly with pet adoptions being up over the last number of months during COVID. Are you seeing any shift in your product mix that would suggest that's occurring? | Product mix is shifting to prescriptions, but that's driven by the veterinarians. So the OTC is coming down and prescription is growing. There is some growth in medications beyond maintenance, I should say. Chronic illness medications are growing. | intermediate | [
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a742a4c96dca84d1d3ac8b58d88d7140 | You have a couple of customer benefits on your website, that I don't think are -- at least in my opinion that well understood, but one is the ability to offer compound medications. I know you've been doing this for quite a while. Do you have a formal outreach plan in place to reach the vets, the veterinarian community ... | We are not offering to the veterinarians. We are offering it to our customers. It's drilled [Phonetic] by a third-party compound pharmacy. | direct | [
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b1822406750fd2303fee08d0c754aa43 | Has it been increasing in popularity over the last several quarters or? | Yes, it is. | direct | [
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5790ff32770ab16250dc7edced7b57d7 | And the ask-the-vet feature that you have on your website, have you noticed an increase in the number of customer inquiries in terms of customers wanting to speak directly to a vet about their pet conditions? | Right. On our new website redesign the ask-the-vet is going to be more prominent. So it says, in the old design, it was on prominent. So we anticipate that we'll see more activity going forward. | intermediate | [
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] | B |
47a1960a44e48b0d5b0172035ae17cf6 | PetMed's does have a very well established brand, as I understand it as a function of its Net Promoter Score or the Net Promoter Score reflecting that. Have you given any thought to developing branded merchandise for PetMed's that is to say, non-medication pet oriented merchandise with the PetMed brand? | Yeah. We do have OTC medications under our brand. We did not think about or beyond medications at this time. | direct | [
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7fab11ea116be7c4fb2be070371c3ad7 | One is, what we see a pickup in TV advertising? And then secondly, will there be kind of a renewed emphasis on the brand, either by way of a new brand campaign? | Yeah. You will see some more activity until [Indecipherable] advertising will likely double our budget from last year on television. | intermediate | [
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2a98ae95b26e010d0be58ce9526ff796 | Yeah, maybe we could -- (multiple speakers) Just start with Framing. Obviously, EFCO is still struggling. Can you kind of talk a little bit about the core framing business versus EFCO in terms of kind of the margin performance on the core framing? | Sure, Chris. This is Jim. I'll cover that. I mean our kind of core businesses, when we look at that legacy businesses that have been in our portfolio for another -- for a long time, we continue to see nice growth and margin expansion across those businesses in fiscal '19 and see that going forward as well. | intermediate | [
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44127cccf93396108626f163ec057ece | The -- it sounds like by Q3 of this year most of the troubles -- troubled EFCO contracts will be completed. So, reasonable to assume that, I don't know, from your remarks, last quarter and then forward in terms of improved EFCO margin -- improved Framing margins is reasonable. | Yes. Chris, this is Joe. I also want to comment. EFCO is -- the core business of EFCO is performing better. We are starting to see productivity. I mentioned orders were very strong. I put a new sales leader in place in the second half of last year. He was our -- one of our top guys here at Apogee. He had -- has had exp... | direct | [
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68640a96e222f6389546024a75a6baaf | Jim you had mentioned anticipated increased corporate costs from higher legal and advisory, can you maybe just talk to that a little bit? | Yeah, I mean, I think really the bottom line is on our corporate line we're probably estimating at this point about $2 million of increased costs in the corporate line, and it's a variety of legal expenses associated with various activities kind of outside the core business as well as legal activities related to the le... | direct | [
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6de03024289d24bd606ab5fcd99b3908 | Maybe just sticking with EFCO, I mean, and this maybe a tough question, but any, I mean, any thoughts on your confidence level regarding the ability whether it's insurance or legal to recover some of this. I mean, obviously you've got -- would seem to have a pretty good leg to stand on. And I know it's part of a proces... | Yes. So, Eric I -- let me be clear and I kind of fumbled -- my tongue was fumbling in the call. Any recoveries are not included in the charges. They are not included in the $3.00 to $3.20 guidance that Jim highlighted today. So, obviously they are upside. I don't want to comment on anything and then lower our odds of s... | intermediate | [
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b17cdc9c796a72dae78353a6c845a2c1 | Got it. Well, in this question, maybe in that same category, but just in terms of the investment in Glass and it was, thank you for quantifying that amount, and I know you're not sharing a whole lot, but just from a high level, I mean, is that -- should we think of that as new geography or just a new part of the market... | Yes. No, I appreciate the question, and I would have preferred to say nothing today, Eric. I don't want to gift wrap package to competitors. And I know you understand that and the shareholders would be upset, and I would be distraught. But we had to say something because of the overhang. Glass is improving more than 15... | intermediate | [
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91496a9f9de6675946ff379cf97b2c56 | Yes. That's helpful. Okay, maybe last one for me. I'm interested, Joe, in your commentary you talked about a large slate of jobs set to enter backlog in the services business. And I know that you have that from time-to-time. But, maybe, if you could just talk about on top of the growth that you saw this quarter, how th... | Yes. Our installation business has done an amazing job of project selection over the last several years. Actually their efforts in project selection began about seven years ago and it's been paying dividends. They field execution at the sites. I used the singular word earlier when I said site, I didn't mean to say that... | intermediate | [
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e09f642c8de44fee53ccc60e7274271a | Joe or Jim on Glass, any sense how much the weather-related disruptions impacted margins. I know it was a challenging quarter from that perspective and then should we -- understanding some of the headwinds through the year, should we see some sequential progress into the first quarter? | Yes, let me give you -- Jim will give you the detailed answer, Brent. Let me just tell you that it was unprecedented what happened in February the amount of, I mean, there were a mandatory closure of the highways. It was bizarre. We here in Minneapolis had easy weather or relatively easy. Southern Minnesota, one hour a... | direct | [
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99fc8b1274bb0712b0b8da2a15033da9 | Yes. Okay, and then you guys are projecting 7% margins in that segment this year. Understand some of these investments are going to weigh on margins a little bit as you go through the year. Is it your expectation to get back to double-digits in this business as those costs kind of go away? | Absolutely. We --- as we continue to improve our productivity, get this project launched that will give us some tailwinds on revenue growth and margin expansion. Without question this business has to get back to double digits.
And as we have been saying -- our expectation is -- as we get to the end of the second quart... | direct | [
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3e785b73cd76a74c95b66fc037e637ee | Got it. The installation business is great, I mean, it was really a great year. Joe, I want to get your thoughts, I know, you want to manage kind of how large that business gets a piece of the whole pie. But does this year's performance change at all kind of your threshold for how large you want the business to get? | Yes. We don't want this to be a $500 million part of our portfolio. As a public company, it is obviously a bit of a challenge. From my 7.5, almost 8 years I've been here, we've never operated differently just because we're a public company, but it's a headache clearly.
The business has continued on an upward trajector... | direct | [
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4faf99a37dbb4bd7217bb2e0a342aaaa | Got it. Last one, if I could, just sticking with that segment. Joe, I understand the long lead times kind of associated with it and obviously factored that into the outlook. It does seem like a really strong market right now. I mean, would you agree there's still opportunities to kind of fill in some holes through the ... | Well, they can still win projects that will have beginning revenue flows in F '20. As we get to this point in the calendar, it's most projects that they get awarded will have very little revenue flow. Some design engineering. So they can fill on a few holes, but it's -- everything we're booking now will be for F '21 an... | direct | [
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4419cbf2d4abc216790304d5813f9532 | I wanted to ask about the retrofit initiative. Nice job growing that about $50 million for the year. Can you just give us a refresher on what the margins look like for that work, and what would be a fair expectation for retrofit revenues for the upcoming year? | Yes, the margins are generally reflective of our existing businesses. All the revenues do go through our current segments. But this is business we would not have had without this initiative. It is what we call a make market. You're convincing customers, you're working with customers, kind of on a project basis. There's... | intermediate | [
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9a67172cf868680781258e5d85bfaca5 | Okay. Very good. And just on the CapEx, $60 million to $65 million. How much of that would be maintenance versus growth? | About $25 million kind of roughly $25 million is maintenance capital. | direct | [
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24ee1b3a040a340a8ec5879d2f6327dc | Firstly, in the Upstream, you had a $1.1 billion impairment charge. You said this is partly from the oil price impact on your North Sea assets. As we look to the second quarter with oil at $18, how should we think about the risk of impairing assets in other areas of your operations, please? And if you can remind us of ... | In the Upstream, as you said, we have that degree of impairments. It came from a variety of assets around the world, including 400 [Phonetic] impairment on the Alaska transaction as well. The testing price inside the quarter, we used $30 this year in 2020 and then a gradual return to our long-term pricing in the out ye... | intermediate | [
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5d2077c1053fd64c553916dccc37e661 | My second question on net debt, which is up $6 billion since year-end. Your actions will lower the cash breakeven to less than $35, again Brent is $18. Can you talk, perhaps, about the ceiling for net debt either in absolute terms or as a gearing ratio, the maximum that you think BP's balance sheet can tolerate before ... | On net debt, as you can imagine, we're in action on net debt. We feel that we're in good shape with our interventions on cost, the $2.5 billion that we see coming out by the end of 2021. On the intervention on capex, we're driving it down to $12 billion with further flexibility to have another $1 or $2 billion, as I pr... | intermediate | [
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c702f243260177de1dc8e2f63655e749 | What you think has been your most surprising day? And what has been your most rewarding day in these first 10 weeks so far? | Surprising and rewarding, I think the most rewarding thing, really genuinely, has been just watching our people in action on so many levels. We like other companies, we do extraordinary things around the world. We've got -- we had 12,000 people in the jungle in Papua building an LNG facility, we have people who go offs... | direct | [
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215b7a281250683c639d769b0882a46e | What do you think has been your most challenging time while at BP and also your most proudest achievement? | Thanks, Bernard. And, yeah, most challenging time was -- I mean there has been so many in the nature of the business that we operate. It means that we tend to operate in some of the more difficult part of the world. I've probably did a 60 days between May 1st and June 30th of 2015 when we were trying to resolve all of ... | direct | [
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8bd9483dafefe3841edec667f735ebe9 | I wanted to get you to characterize how today's twin shocks, double shock kind of feels to you compared to back then? And really how well positioned BP are to go through this? It sounds like you think you are at least, but you've also or maybe Brian was using the word exceptional quite a few times in terms of those ope... | Os, to your question on how we think about it today, I mean the -- as Brian said, the Deepwater Horizon accident was a real tragedy and we just passed the 10-year anniversary and we've been communicating inside the organization that we must never forget what happened and 11 people lost their lives and the environment w... | direct | [
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4531e3e54d8962b9b5314cc3a8305a64 | On the major projects, 700,000 barrels a day up online running is supposed to have higher cash margins, lower breakevens, no better way to test the profitability of that pipeline, but could you talk about how much of that is above water in this current commodity price environment? Then you made some comments around ine... | Yup, 700 MBD of projects online now, 900 is the eventual target. As you'll have seen just from an operational update perspective, Tangguh, we have had to down man in jungles from down from 13,000 to around 6,000 people. So the pace of that might be a little bit slower than we were anticipating at the beginning. And I e... | intermediate | [
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5396fbd5aa4e53051fba2b037afaf288 | Will current conditions delay the implementation of the new organizational structure due by the middle of this year? | Colin, thanks for the question. And the simple answer is no. We remain on track. We are as well as doing the things that we've laid out today, and we're also in the midst of selecting the next level in the organization, what we call Tier 2. Those decisions have been broadly made, and we expect to announce the next leve... | direct | [
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7137173c31b2ca81a1c6b7b11daf0177 | So you guys are present in a number of countries that were part of the OPEC+ agreement from a couple of weeks ago. Do you guys having -- anticipate having to reduce volumes in any of those countries? | Muhammed, thank you for your question. And the answer to that is yes. We're in conversations today in Angola, in Azerbaijan, in Russia and in the Middle East. And Murray talked earlier about some of what those numbers could look like. But yes is the answer to your question. We do expect to see volumes reduce in the sec... | direct | [
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0c23de978cc995dcf0f27a6686e73972 | You guys started drilling a prospect at the Shafag-Asiman Block in Azerbaijan in January. Any update you guys can provide on that well? | Yes. So this is Shafag-Asiman well. We've been talking about it for a lot of years, maybe eight or something like that. It commenced drilling back in January, as you stated. Recently, we've taken the decision to pause drilling, COVID-related. And once the situation clears, we'll get back on it. Originally, the well was... | direct | [
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963048010da0023662d6a25e99f29764 | Just a quick clarification on the 2021 cash neutrality target, and sorry if I've missed this, but can you just confirm what level of capex that assumes? Is it the $12 billion or $1 billion to $2 billion below that level, reflecting the extra flexibility you talked about today? | You're making me do a heavy load, boss. So capex for 2021, we've assumed that we're in a low price environment when we make that forecast. So we've flexed the capex down to $11 billion. Now that's still a decision to be made. We have not made that decision yet. That will happen in the coming months, but it helps to get... | direct | [
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622e0d954f3b57653ffce2775e6717e3 | And then just secondly, on the disposal program outside of Alaska, which I appreciate isn't finalized yet, can you give us any guidance on the actual cash proceeds expected to be received this year? | Yes. So we've -- now just to go back to that route of questions. We've announced $10 billion of the $15 billion already. We'd expect the next $5 billion come by the middle of 2021. On proceeds, we have received through the first quarter $3.5 billion. Proceeds is tricky to predict right now, if I'm honest, given the sta... | direct | [
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018a1774d428217ad2082cbce40f7f13 | Have your underwriting models learned anything over the last year that tells you anything about when we emerge on the other side of this pandemic if perhaps your target market is larger or these are people that maybe could borrow more in a more normalized environment? Or in contrast, is the last 12 months just so unusu... | Yeah. So I -- I mean, there's a bunch of questions embedded in there. But let me start kind of at the higher level and get to the lowest level. I think first of all there's absolutely nothing we've seen and I don't think there's any reason to believe that COVID has in anyways fundamentally changed the market. So if you... | direct | [
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8139174624c81f3602dda6339dca7ea4 | Based on the small business originations, it looked like kind of the exhibits, it was about $290 million close to $300 million in the quarter. I know that OnDeck pre-pandemic is sort of been in the $550 million to $650 million per quarter range. Would you be willing to speculate on how long it would take to get back to... | I mean, I think there's just way too much uncertainty to be able to answer that. But I mean, does the vaccine work great and the economy opens up soon or is there a new strain of the COVID virus that requires lockdowns during the summer? I mean, there's no way to know. But I think there's a couple trends that are super... | fully_evasive | [
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1913428558a998eb9dd81bae9e06733d | You guys talked about regrowing the kind of mix of new customers this quarter. I guess the question would be, I assume -- well, I guess is there any difference in characteristic in how you're underwriting the new customers now relative to your pre-pandemic environment? And is the opportunity to get new customers now a ... | Yeah. Great questions. I'd say, in terms of how to think about the credit models generally? I think they're kind of opened up to levels that we saw pre-pandemic, because this credit -- customer credit performance has been so good that a lot of the restrictions we put on the models as the pandemic was unfolding in sprin... | direct | [
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a442f32111f80405c81b1740cd75ef53 | And are you seeing that at both the consumer and small business category? I mean, just from Amex buying Kabbage, you guys consolidating OnDeck, is that -- is there more opportunity in either one of those or is it fairly balanced over both? | Yes. I mean, I definitely think it's easier to see on the small business side. But we do think it's there in the consumer side as well. Obviously, the mom-and-pops, the brick and mortars on the consumer side not doing well at all. And so we do think long-term we have a structural advantage there, that's what led us to ... | direct | [
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d45a2254509cffb34b25643121239696 | Okay, and then David fully appreciates your commentary that the near term is a little bit cloudy. But over, you think things will get back to normal over the longer-term deal and not have changed much. Is there -- if we get there, when we get there. What do you -- is there -- do you guys have an anticipation for the mi... | I think not only we determine it, it's based on what the returns are. But I think sometimes the markets will determine it. I think there'll be periods where small businesses for various reasons stronger and sometimes where consumer is smaller -- stronger, rather. Their seasonality is different so obviously it will chan... | direct | [
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bee61d2b387f4f3705e0a92fb5acfef7 | Steve, can you maybe give us an idea? I know you said 1Q, the gross profit margin could be as high as 70%. Just give us maybe an idea of how fast, I mean, we work down to that mid-50 range. I know you left it kind open, but it makes a very big difference in the number whether or not we get there. If we were looking at ... | Thanks for the question, John. So I think beyond sort of Q1 it really will depend on, as we said, how quickly the economy recovers and demand and originations sort of get back to that pre-COVID level. So just trying to give you some sense that when you start to see that growth return, it's not going to happen overnight... | intermediate | [
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933f6e2f83a41c947d798aca2b6fc755 | And then the cost synergies that you're referring. Are we going to see most of that coming out of the G&A line because it sounds like the other lines were going to stay kind of at the 4Q run rate? | Yeah. Well, most of our...
Yeah, yeah. Most of our fixed cost John in G&A. If you remember operations of technology roughly 70% of that is variable, so the answer is, yes, you should see most of that come out of the G&A and some of the smaller component of O&T. | direct | [
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92ff8fc35f6e9d15e26a3a28cbcfa0b2 | Thanks. Good morning. First, I just wanted to say thanks. I'm not sure if this is the last call for you guys before the transition, but I just really want to thank you. It was great working with you and wishing you the best of luck in future endeavors. My question is always kind of, Keith, to start is this kind of the ... | Yeah, sure. Thanks. Thanks for the question, Dan, and thanks for the kind words. Yeah, this is my last earnings conference call. So, just pivoting to the fund. Yeah, I think -- and you'll see in the 10-Q when it's released later today, and Sung referenced some of the exposure changes, but we did -- you know, we ended t... | direct | [
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fdb66d1fb13adea12b390994686ff88d | Makes sense, appreciate that color. And then just on the auto segment, just curious about how the pandemic has potentially shifted that transition or change some of the factors in terms of how you're thinking about that business is going to look at the end of that multiyear transition? | Yeah. Sure. I don't know, like from the pandemic point of view, you know, it'd probably help, I would say we accelerated the timeline of closing unprofitable parts stores on the part side of the business. But from the -- I think the, although short ahead enough where the pandemic had an effect on the service side of th... | direct | [
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8e11dbffbecc40202fec522b14d434a4 | Great. Thank you. And then I think you mentioned Aris is on the call. So I guess we'd like to hear a bit about maybe how were you thinking about the combined entity and the enterprise going forward, and maybe how he thinks he can put his footprint, you know, kind of handprints around this business, or what we should th... | Yeah, sure. Aris is on. So, I think it'd be best for â Aris, why don't you give Dan and the listeners a little bit of color on your background and a flavor for experience?
Well, look, hi, everybody. It's nice to be on the call. I spent a better part of three decades at GE. Most recently as the chief investment officer... | intermediate | [
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b976789f2da54e147c715f50c05ff770 | And that's all in 2Q? | And that's all in Q2. | direct | [
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7b7f2a4fe8d924ad18ebf4f2dd63625b | Okay, great. Thank you. And then maybe, maybe for -- one for Dave or John, just thinking about bases here going forward, I think the bases for the quarter was a little weaker than our expectations. We don't know if that's firm sales running through there or if that's just the addition of the Atlantic Sunrise capacity? ... | Yeah. I mean it was certainly stronger than we expected during the early winter months but it has fallen back and I think it's just that production is so high in Pennsylvania these days. And with a bearish storage report, I just think we've seen a bit of a fall off related to bases in that area. It's hard for me to rea... | intermediate | [
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21a2f0b1ca88ef21816604b8c63e9bc8 | Following from Holly's questions and maybe just to start on firm sales, it looks like, we added a bunch in the period, at least since December deck or the back half of this year and early fiscal '19. So John, I'm just curious, is that something that you had stated as an ambition to fill that wedge over time? And we're ... | I think it was consistent. Definitely the increase in prices, as we moved into November helped a little bit. But as they did run up in mid-November, we added a portfolio firm sales, both a combination of fixed bases and also fixed price. And really our focus was at the back half of fiscal '19 going into 2020, Our '19 i... | direct | [
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131c938e2446a457decab196c827431e | Yeah, that looks like the delta from -- at least from the presentation slide so, OK, that's helpful. And then I guess switching gears a little bit. Dave, appreciate the color on the Empire settlement. Realize it's not sort of fully signed and sealed by the FERC yet. But you had mentioned that in line, just to confirm t... | The Empire North project? Yes. Yes, that's a negotiated rate deal. | direct | [
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8b9cde62a7c49076231688ec487e1438 | Okay. And then Dave, I saw in the -- this is just a point of clarification or curiosity from my perspective, I saw about $8 million in what you say as net share repurchase in the quarter. Is that just to satisfy sort of year-end equity grants? | I believe so. Yeah, I believe that's the case. So we'll double-check that and if it's not, Ken will get back to you. | direct | [
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705842e44a6893401fbbb078059c0b98 | Okay. It just was something that stood out to me. I haven't seen that number in a little bit. So just figured I would ask about it. And then, maybe the final question from me is, Ron you made some statements in your opening remarks about clearly what we've experienced down here, the issues from Con Ed in Westchester Co... | No. No, I think the -- and I think that's the struggle Chris, is there is all these pronouncements, but when it comes time to actually getting renewable plant on the ground, frankly those developers are having as much trouble citing their new either wind turbines or solar farms as much as we are getting pipelines on th... | intermediate | [
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fa5e87ce7145af86af56c3f9158f9a09 | Hey, thanks guys, I was going to get back in the queue, but I'm the only one there. The -- Dave, one question, follow-up question I did have, you were discussing impact the tiers. I'm less verse -- well versed in sort of where those different tier points hit you? Can you just describe that in a little bit or revisit in... | Yeah, I'm pretty sure Chris that it's the $3 is a line in the sand. For us it was -- this past year, it was $3 was the tier. John I'm -- honestly, I don't remember the -- how the tiers move from that. John, do you know? Yeah, actually I do. Actually, the range is above $3 it's -- if in year one it's about $50,000 below... | direct | [
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5a0d7983924ea1864d0cf9d7e7c4fa00 | Okay. Yeah, sure, and so that's the realized price, on average, in the first year, is that the point? | Yes, it's the annual average -- not the realized price, it's the average Henry Hub NYMEX across that calendar year. | direct | [
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92e9d6ceca23195972ee2929c46dc92d | Zach, first for you, any real-time update on company liquidity at the end of April? Some companies have given the circumstances, gone out of their way to give a little color on that. I just want to give you a shot at that, and I got a follow-up. | Yeah. It's a fair question. I don't have any additional color to provide. So $8.1 billion in cash and cash equivalents at the end of Q1, we're managing it very closely. As I mentioned in my opening remarks, we do have an increase in inventory of vehicles that we were unable to deliver at the end of Q1. So we're making ... | intermediate | [
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6143e5592d8092d3bf3f108bd02c2664 | Elon, on that point, you mentioned people that gave their lives to build the country, my thoughts for you on this. There have been a lot of comparisons drawn to the state of the US economy in the early 1930s when Roosevelt began a series of new deals and infrastructure projects, or post-World War II when Eisenhower lau... | I think, it's high time we invested in infrastructure in this country. We have a lot of a crumbling highways and bridges. And frankly, when I visit China, I see their infrastructure as being much better than ours. It's great. Europe has better infrastructure. It's really quite sad that US infrastructure, especially sor... | intermediate | [
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d97899174d7821e8f3b3132982b6031e | A question on Model Y. I was hoping you can elaborate a little bit more on the drivers of how the gross margin is already positive at such low volume. How much of it is a function of the commonality with the Model 3? What other factors should we think about? And what does that mean for the ampler for the eventual gross... | Sure. A couple of thoughts there for Y. The first is, it does carry a higher ASP. So on the revenue side, it carries a higher ASP than Model 3. And the deliveries that we started with were of the higher ASP versions of the cars. So we started with deliveries of performance initially. And so, that helps create some of t... | direct | [
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6641f43443ca82040c91b332edb706db | Just wondering about the cell strategy. In Reno, you have, obviously, integrated there. But you're buying cells I think, in Shanghai and what we think in Germany. And so, how are you looking at that going forward? And then, can you just talk about Mr. Mizuno and that Board addition and kind of the process with adding h... | Sure. From a sales perspective, with all the partners we've had historically in the future, we're just looking for competitive technology and competitive pricing. I think we'll talk a little bit more about this at Battery Investor Day like how we're approaching all of it. But yeah, I mean, we don't have like one model ... | intermediate | [
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dd5582413950e31ae33a3a45a71624c9 | I guess, linking into the Panasonic relationship, maybe just how is that relationship going? And is there any read-through on bringing him on to the Board? | No. I think this has got nothing to do with the Panasonic relationship. I mean, I have a great relationship with Panasonic's CEO. We meet regularly one on one and talk at all the time. And so, that relationship is strong. Just -- he'd bring more -- a broader and a global strategic view to the Board. | direct | [
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abe80afee8e1d072cd0050de0d482e18 | Congratulations on the progress. And Elon, you talked about full autonomy by the end of the year. I would love for you to walk through the rollout strategy of the Tesla Network app and how that's going to look prior to the robotaxi stage? Are you going to gradually take over human routes with autonomous capable routes ... | Well, it's pretty much going to play out as it has played out, which is, we'll release more and more functionality. Before we reach -- release any functionality, it goes through extensive testing. First, we run it -- we have a simulations team that has, I think, a very good simulation of the real world. So, we run any ... | intermediate | [
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426242e00e7e183e8f9b871e1e1e13f6 | So, to summarize, we want -- we're going to give owners full autonomy, some level of that by the end of the year. Then a human is in the loop, Tesla Network app sometime, is it first half of next year? Would that be the hope? | If described as a hope, I would say that, that's probably a fair description. | direct | [
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dff46bef63eced2aa6220c9d63552aa4 | Okay. And then kind of take it to its end stage, the robotaxi stage. Any high-level thoughts to understand the regulatory is a massive unknown? But if you're going to put a guess on it, where would we -- when will we start seeing robotaxis? | So, I think it's quite likely, in my view -- again, I could be wrong. As you see, because we are ahead in some areas, and we're behind in others, because -- when I give a guess, I give the guess that I think is the likely midpoint, not the point with lots of margin. If this is normal distribution, I'd give you the 50th... | direct | [
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be316aeb02720b28f1d9d93c5a0a6f25 | One on gross margin, first. I know your impressive performance in Q1. So there are three moving parts, the tailwind from credits, of course; the Model Y is ramping, even if it broke even, it probably took average gross margin down. And, of course, you had like Fremont being closed, shut down the last week of the quarte... | Sequential market improvement -- margin improvement. Yeah. So the three things that you mentioned, I had a little bit of a hard time hearing the full question here because we're having a bit of network difficulty in the room. I'll do my best here. So when we look at margin, we do exclude credit, as you have, so I agree... | intermediate | [
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87dd2446396047ac002f6f113ad69d94 | Thanks. And I had a quick follow-up on energy storage, if you can hear me well. I think like -- I can't remember -- I think from the very first days I heard you on the call, you've always mentioned that demand for energy storage is always outstripping supply, and you have more orders than you can make. And so, I'm kind... | Yeah. In terms of timeline, I think what we've been doing with both our partners and internally is looking at how to reduce the -- fundamentally the cost of investments in new cell capacity because when you look at a car -- a vehicle product, there's a lot of things in the vehicle besides the cells. When you look at an... | intermediate | [
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04c82631b247acba98956dbd1802186f | My question is about the 2022 outlook. OK, management share about the overall strategic direction as well as the trend for user and revenue? | Thank you for that question. This is from Mr. Dong, CEO of the company. We always believe that users are the core of our business growth, and we will continue to have user-driven growth for our long-term development strategy.
For the year 2021, our user increased by 6.4% with Q4 MAU reached 85.4 million. Further, ceme... | intermediate | [
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963c4b92b9e077752b023c6b756c77de | My question is mainly regarding your contact strategy, particularly on e-sports tournament set. Consider your competitors adjustments in e-sports tournament recently. And then, of course, you're all [Inaudible] here. | Thank you for a question. This is from CEO, Mr. Dong. In order to enhance our competitiveness and to continue to provide attractive content to our users, we'll continue to purchase and establish high quality content, including IP tournaments, self-produced events, as well as PGC programs and streaming content.
To be m... | intermediate | [
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00aa5877e05a6d862037710cdb328c98 | I have a question on margin and cost. Can management share your view on content cost and streamer cost outlook in 2022? And how about the margin trend outlook going forward? | Thank you for that question. Ashley Wu, VP for finance. In order to increase our attraction to streamers since Q3 last year while maintaining the split policy stable, we had tried to provide more incentives for streamers according to the market dynamic. And due to the year-end event in Q4 last year, the split ratio was... | direct | [
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b4147e4ffad125b8d291c576fe61a385 | So I have a quick question [Inaudible]. Can management show today's update [Inaudible] and our target for 2022. | [Foreign language] In Q4 2021, our overseas business achieved a very nice positive progress with a MAU over 30 million with a new record high. And our revenue also registered in year-on-year 110 percentage growth. The overseas business gave us about 4% of the revenue for our -- for a company in the year 2021. [Foreign ... | intermediate | [
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50a71507e0ae48c63f26ccd2205b1bf9 | So it looks like you're pretty well on track to hit your target production chemicals to recover margins and as you're saying, you're now the pricings start has taken over the -- on the raw material side. I'd like to talk about what happens to this segment after that, in terms of kind of how the drivers of this business... | Yeah, Dave. Thank you. Let me first say that I'm fighting a little bit of a scratchy throat. So I apologize if my answers interwoven with a little bit of scratchy throat here. So going back to the question about, beyond 2022, I think, as you have seen, I think our teams are particularly in Production Chemicals, our tea... | intermediate | [
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409343ad4ab72a8ca7a1c012b89b33a2 | Are the margins -- I mean I'm presumably the margins are much higher in deep water as well. | That's correct. Directionally, as we have said before, deep water offshore margins tend to be better than what you typically see on a conventional. | direct | [
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32b40b71e849545c0221207e72de98c4 | Going back to the moat, that makes sense. On my second -- my follow question, I kind have a two-parter there on the artificial lift side. I was wondering if you could talk about in the US onshore business kind of year-to-date, what you've seen on ESP versus the rod-lift side. And then secondarily, kind of similar quest... | Yeah, Dave. Absolutely. As you've seen, our artificial lift and PAT, continue to post very strong sequential growth. You saw, we grow 10% sequentially in Q2 and we expect to grow nicely again in Q3 and international has been a really strong growth both in Q2 and we expect another strong growth in Q3. Going back to spec... | intermediate | [
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"fully_evasive"
] | B |
f6b6352126a643cb7c5ea31e384a43b3 | So I guess first thing on just your guidance, 3Q you kind of gave us obviously revenue and EBITDA, but I wanted to unpack the revenue a little bit. The guidance, it seems tough to kind of get to even the high end of the revenue guidance. So just walk us through each of the three segments and how we're thinking of -- ho... | Yeah, Chase. I think, you're thinking about that right in the sense that we expect our PCT, PAT and drilling technologies all to have sequential growth in Q3. And that is being offset by the exiting of certain product lines in our RCT business as part of our restructuring. So and then the decline in the cross lab Ecola... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
285427d3856849a4ff9e9e16d9aaa0bf | OK. And would you hazard to guess which one of those three segments whether it's PAT drilling technologies or Production Chemicals will grow the most in 3Q? | Yeah. PAT will probably grow the most, followed by DT and PCT. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
880366782b102523b01e17f921003d45 | OK. Right. Perfect. I guess follow-up question is just really on the capital allocation framework and appreciate the slide and the details here. But, you've obviously hit your leverage ratio target and you bought back a small slither of stock in 2Q but can you talk about how you're thinking about, capital allocation as... | Yeah. OK. As said in the prepared marks, we stay committed to that capital allocation framework. As your pointed out, having gotten to our target leverage and we continue to invest in the organic investments like we talked about and we feel good about where our portfolio is. So any type of investments in technology add... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
091a4e31ffc368a3a3ab2f303e5e5b3c | Two things for me, if you don't mind. What I would start with, I guess, is on the production chemical side. You had a step up in margin in the second quarter and you gave some targets for the end of this year. When you think about the progression and sort of the overall margin target of 20%, is that a goal we should ex... | OK. So we are not providing guidance to the 2023 right now. But what I would say is that, given the margin progression we are seeing, and our increasing confidence in the exit rate of 18%, we feel that the 20% is there in the intermediate term, a very achievable number. That's what I would say. I'm not specifically men... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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