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b7b92b5ec77594dbb4b629d93473eb39 | And my last one is -- I think it's similar to what Scott was trying to get at is, are there large product lines or companies out there maybe serving Europe or the Asian markets that are potential acquisitions for you, or is this going to be more of a building up the business from the ground up? | OK. Fine. Now, I get what your question is. Yes. Look, we have demonstrated that we have been very acquisitive. We've done two significant deals in the last 14 months now between the Circle acquisition in the first quarter of 2020 and now the Avast acquisition now. We are really trying to solidify the family safety mar... | intermediate | [
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c464ab64e231fc91d1530ee18a11fdc3 | Maybe first, just in terms of the strategic process, I was wondering, if a joint venture outcome is something that's amenable and something that's actually on the table and you mentioned separating the balance sheets as well. I was wondering, if you could provide any color on that front in terms of the debt levels or i... | Yeah. I mean, we're not going to comment, Scott, on the potential forms of combinations this time. Like I said, we're not going to answer further questions on that. In terms of the debt, though that stays at, RemainCo at the parent level, that would not be going with CA. | fully_evasive | [
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3f75415edca4019619854ef78fa46841 | And just a follow up on the CA North American gross margins front, a lot better than I think people were expecting. It sounds like you've been very successful in terms of your renegotiation with your satcom providers, but could you dig in a little bit more in detail in terms of what maybe the fixed or variable componen... | Yeah, Scott. Let me take that one. The kinds of cost reductions that we have seen are clearly part of our plan and that we will see the benefit of those going forward, particularly as we converted those furloughs to reductions in force, we will see that benefit going forward. So -- and that applies across the CA North ... | intermediate | [
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c2ed70d4b72b96988d98064d973ab2f4 | And lastly, just quickly on BA, you gave a lot of color there. It sounds like from reactivations, reopening of plans that you're kind of getting back into 90% plus kind of run rate of where BA had been on the services front, but surprised to see as well you're continuing to see new aircraft coming online. I'm wondering... | Yeah. I mean order flow is way down like I said, we shipped 100 in Q2 versus an average of, I think, about 270 a quarter last year and we don't expect to get back up to that 270 levels this year, but we do think we'll have higher levels of orders in -- or shipments rather in Q3 and Q4. So, and I think that, things kind... | intermediate | [
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004a0586ab098c10988fbb737a7d0412 | I know you talked a little bit about this on the prepared remarks, but obviously a great job on cash flow in the second quarter, but to what extent do we expect the benefits there to perhaps reverse in Q3 or Q4? And then, I guess to the extent that you don't expect any reversal in the back half of the year, to what ext... | Yeah, Lance. Let me -- go ahead. Yeah. Sorry, Barry. I mean, we -- just to be clear, our plans run through -- when we talk about our short-term kind of COVID operating plan, that runs through the end of '21 and I think I gave in the call, our expectations for the recovery of air traffic by then. And so, we don't have -... | direct | [
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a20d2ff8b9eb49bf527b9996632181d3 | And in your prepared remarks, you mentioned the 6% converts to May of 2022. I suppose in a perfect role, you'd have them refinanced by May of 2021 so they wouldn't go current, but if I remember correctly, the old convertible notes went current for a period of time and the world didn't end. So, given the trajectory of t... | Well, I mean I think it's really important to point out that the value creation plan that we've described with the three tracks creates a lot of optionality to address the converts. The strategic track, successful CA sales process is one example of the ways that value creation process could contribute to this optionali... | direct | [
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d91a6300a606066b2bf950cafe3de3aa | When taking into account the splitting of the CA division with the BA division, do you have a high level sense on what the cash burn for the CA division was in 2019? | Yeah. On an unlevered basis, the cash burn for CA 2019 for the full -- all of CA was about $24 million. | direct | [
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448972cca1e1e4720b25490a4356b114 | SpaceX has been aggressively launching satellites and investing in what seems to be Ku band satellite Internet. And previously you guys touted your 2Ku antenna as having the ability to connect to both GEO and LEO satellites. And you also recently announced that you conducted a trial connecting your 2Ku terminal to OneW... | Yeah, it would be though. I mean, I think we are well-positioned for any type of non-geostationary satellites because we also have the ability to convert from 2Ku to 2Ka and that will fly under Ka LEOs just as well 2Ku will under Ku LEOs. | direct | [
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4ac215152d9e06432b3ead1b0183a1c0 | How much capex and general spend remains for the ATG 5G network? You said you spent a little bit this quarter and I think you've spent a little bit in the past as well. | As you can say, the total cost of the ATG network is about $100 million, about two-thirds of that is capex, about a third of that is opex. We are keeping the opex spend on track. So, the development process itself is very much on track. So we have three major vendors there and the Cisco core is installed, the antenna p... | direct | [
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b0e10afd4a3217aed04a963d8e2bfaaa | First question, obviously, you took the time to break out the BA from CA between the organization and putting ATG and BA last year, if there was a sale of CA, how much revenue would need to be sent from CA to BA since BA is handling all the ATG network? In other words, I don't think there's any limit corporate eliminat... | That's right. There'd be a commercial agreement between the two companies and exactly what that would be is obviously going to be a subject in negotiation between us and the potential partner. | intermediate | [
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b71d9df4632f012ff7b721fb79765081 | And is that something that you'd wait for the partnership to be in place as opposed to putting a contract in place before them? | I think it's a pretty important term for any transaction, Ric. So yeah, it would -- I think everybody would want that in place before signing a deal. And Ric, as you probably know, there is currently a transfer price mechanism in place that BA charges to CA for the ATG base megabytes that it delivers. | intermediate | [
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acd33768f8053dc30009b2e762ee973b | And on the next gen 5G ATG network, when do you have to make a decision on the spending? As you watch the recovery of -- hopefully of the different segments out there particularly BA is already recovering, is it that you need the strategic decision made first or when does ATG need to get the green light to kind of move... | That would be sort of middle of next year, probably, Ric. | direct | [
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c5a4c583ad53723202fcaed234828dba | And final one for me is on the CARES, it sounded like, based on the frequently asked questions, you might not be eligible for the loan, but you might still be on the grid. When do you expect to get further clarity on that $81 million grant item and then the employee effect would actually occur? | Well, frankly, we haven't formally been told anything on the loan program. We're just gleaning it from a fact that's been posted. We have some discussions going on right now with Treasury and we'll see where they lead. I really couldn't predict, anything Ric, around that. It's just -- it's been very unpredictable. So, ... | intermediate | [
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35100fe2d6685afd45a6b7ddfff8e2c1 | So, if CA was sold, does the investment in 5G make sense at the levels that BA will be using? | Yeah, absolutely. People's expectations for the performance of inflight connectivity are going to grow as they get better performance in their home or office environments. And so, if you get there's too great a disparity between what they get in flight and what they get out where you're making yourself vulnerable to ne... | direct | [
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9776e152169fd795d9c1e305649d96df | And then thinking about a CA deal, we've got Rest of World looks, if not going to grow for the next few years. You just did a pretty substantial layoff. Are these things all in preparation of doing some kind of deal on making the asset more attractive, or could some of these things be reversed if you did a combination? | The reduction of course is really part of our COVID operating plan and, our -- what we need to do to make sure we hit the minimum liquidity requirements we have for the business to get through the pandemic, I would -- that is not really related to any kind of strategic transaction. I didn't really follow your question ... | intermediate | [
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290f8497a6ec3d28b76890672ade3b08 | And then last thing, assuming the CA was sold or spun out, is BA large enough to remain a public stand-alone company, or should that be sold or taken private, as well? | We don't have any plans around that right now. I'll say this, I've been CEO of much smaller public companies. You can be a $300 million or $400 million public company. And, obviously we would hope to grow that business also. So, no plans around that at this time. So, we'll just see what we -- what the world looks like ... | direct | [
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dcf1ad53598620008cebfab104e3e946 | Hey, just a quick clarification, Craig. I want to make sure I understood the 12% 5G number was that for the fourth quarter or was that for the year? And also to clarify on the R&D front, is there a -- do you have some more granularity as it relates to certification costs, which tend to be lumpier versus anything that's... | Yeah, that was for the year, sorry. And then regarding the capitalization of software and stuff, so we've -- for Q4, we've definitely seen a peak of our costs as it relates to the capitalization and amortization relating to software development costs, internal and external. And I think that you're going to see that tic... | intermediate | [
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4d442e7580ebf9014017fc1e0da281ae | Got you, helpful. And just digging in on the Ctrack front, I want to clarify. So the intention at this point is to retain the remaining Ctrack businesses that are not South African based, and ultimately kind of fold that into the enterprise business that you're developing. Is that correct? | Yeah, yeah. Scott, it's the -- it's sort of the rest of world assets that we're keeping, are, UK, Western Europe, Australia/New Zealand, which importantly line up with our target markets in 5G, and our expectation of our enterprise strategy will align there as well. So, those are strong markets, have great growth traje... | direct | [
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ee1ecdd83021d9ecbbf591a86ccb3f2a | Got you. And lastly, if I could, you mentioned some initial orders coming from some of the new customers that were announced during the fourth quarter, I was wondering if you could put some more color around the magnitude, the size of that. And so far, we're two months into the first quarter, what are you seeing so far... | Sure, yeah. Well, it's a continued ramp through the year. Every quarter last year was higher than the previous and we expect that to start that pattern. I'm asked all the time, when are you going to start to see another customer that has a higher business potential or profile than Verizon? And I'm pleased to report, it... | intermediate | [
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eef0a01a20fc63bd0c7b3ec22e4c98dc | Dan or Craig, I was wondering if you talk a little bit more about your expectations for the enterprise contribution here in '21? Where are we? Dan you mentioned some work that still needs to be done on the go-to-market side and some things along those lines, just how do we think of that as a contributor for '21? | Sorry. I wanted to say that our principal focus on 5G until roughly the middle of last year has been on carriers. That's where we were pursuing, putting our energy investment. Naturally, we saw the enterprise market in fact, the 5G enterprise market is about three times larger than carrier. So the way in my words, ente... | intermediate | [
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d39a31b75de2391a7be679cd69944291 | Got it. And then on the software side of the business, I guess how should we think about that growing through this year and into next? Do we expect to see more of these sort of joint sales similar to what we saw with T-Mobile, where that becomes a bigger piece of the initial agreement with the service provider? Is ther... | Yeah, well we're very bullish on our cloud subscription business. From a growth perspective, coming off of last year, Inseego Manage, the subscribed component of that software stack was triple-digits. And as we look at the growth profile of the Ctrack's assets in UK, Western Europe, Australia/New Zealand, that is stron... | intermediate | [
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494557d149e589651ddae1a34da29642 | Got it. And then maybe I can just get one last one in. Craig, you mentioned some of the initial loads of 5G products that you saw with a number of new customers in the fourth quarter. Are those largely completed now for those customers? Should we be thinking about, the 1Q quarter here as more sort of sell through relat... | Yeah, I think, thanks for the question. I think there was a lot of push by the carriers to get their stuff launched in Q4. So that meant we were shipping pretty sizable volumes to the new partners that we had. And now we're in the middle of getting kind of the run rate reports, which would translate into second orders ... | intermediate | [
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201ae6f2ba53e407243823bb84371bee | Great. Thanks for taking my question. Hope everybody's doing well on the call. I guess, yeah and congrats on all you guys accomplished in 2020 and look forward to all these new 5G products coming to customers. Just a question on modeling maybe for, Craig, just on the Ctrack South Africa business. Can you help us just w... | Sure. As you think about Ctrack, roughly for what we were modeling for the 2021 is the Ctrack South Africa is roughly half of our business in the Ctrack line. | intermediate | [
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61eb6d86f50efc155bc33f8941d881f0 | Okay, great. Thanks. And then just on Q1, I know it's an interesting quarter after you fill up the channel for 5G and you're waiting for orders for sell-through and then we had the surge demand. But anything we should think of for Q1? Is there any of these well-known component shortages that might be impacting your bus... | Yeah, I can -- hey Mike, I'll comment. It's Dan here. Thus far we have not seen an impact on the component shortage dynamic, if you will. Done a lot of work and planning ahead and ordering frankly, these long lead time components. The market is tight. There's lot of constraints, everyone knows that. But thus far, we're... | direct | [
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9d67f8b69b3dc3c69aa6e50e25662d0d | Got you. That's helpful. Thanks. And maybe a question on the product roadmap. Can you talk about just any early feedback on the private network business with customers. And the partnership with Celona that you guys put out a press release? Maybe a little color on that and do you have a kind of opportunity you see with ... | Yeah, I mean look, early days, the private network market is just beginning and there's lot of activity. There's lot of new players coming in. We've mapped out the ecosystem. And we are working, from infrastructure to end customers to system integrators, software partners, we're working with a whole slew of different t... | intermediate | [
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a1a79526d038e0db77badc03559b6929 | Great. Last question for me to whoever wants to take and I'll pass the line. Just you're investing in a lot of new products, as you highlighted 5Gs in the early innings. Do you feel like you guys have the cash on hand, the balance sheet in place to support the growth objectives over the course of 2021? | Well, I'm going to give a short answer, Mike. Yes, we do. No, we feel very good about where we're at. I mean, we did a lot of work last year, a lot of work to strengthen the balance sheet as you know, early in the year, and then subsequently, and of course, now most recently, the sale of Ctrack South Africa. So we're i... | direct | [
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717e3c1a94dbba7dc748caab636a3c0f | Hey, guys, thanks for taking my questions. Just curious if you've seen anything out of the ordinary from a pricing standpoint, within the Ctrack business outside the South African operations? | Well, I think, yeah, hey, Jaeson. One of the things with South Africa's challenging business environment, but it also had a fairly low on average, ARPU and the reason for that is legacy consumer market. Some of the insurance business, some of the government business, so that was -- that frankly was a low ARPU type of m... | intermediate | [
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a6c3f49d4673bb0b8760c49f0cea4542 | Okay, that's helpful. And then just curious, looking at the Ctrack business, how you think the North American market fits into the future plans? | Yeah, so great question. Looking at the overall remaining assets, rest of world, we're taking along look at the North American market that's a function of that and are going to be looking at some strategic planning around our growth opportunities, in addition to, as I said, Western Europe, UK, Australia. So we're asses... | intermediate | [
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31648586e271fb155ecb69bbb5be11ba | Thanks, guys. Thanks for taking the questions and congrats on the quarter. I wanted to ask you about the Inseego Manage cloud subscriptions, over 3.5 million. Just the first question is, how many did you have? How many subscriptions did you have at the end of the third quarter and how many did you have a year ago? And ... | Yeah. Hey, Lance. Well, the first part of your question, we entered 2020 with 1 million subscriptions and we exited 2020 with 3.5 million. So there's your growth profile through the year. T-Mo was a great customer. And they placed their confidence in us, and this is managing subscriptions for principally as enterprise ... | intermediate | [
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19ae43dfe1ca4af560f7467246f47ef9 | Thanks. And then and what kind of, can you talk at all about the impact that this growth is -- has had and I guess is likely to have going forward on the margin profile? | Well, yeah, highly accretive from a margin perspective, as you can probably imagine. It's a very important growth driver. And as I said before, our strategy this year is to expand the carriers with more 5G slots and/or enterprise and for our cloud subscription business. So Inseego Manage under which this subscription m... | direct | [
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ba1ae472edada99f936c27923e841843 | Hi, this is Aditya on behalf of Mike Latimore. Could you guys tell me what percentage of the sales were international in the 4Q? | So for the rest of the world revenue regarding your first question, sub 10% for total revenue for the company, not including the Ctrack components. | direct | [
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2cdc1e135cde6299a1ff338a3d13c2e0 | All right. My other question to you would be like, do you guys have a number on how many 10 percentage customers did you have in 4Q? | It really falls. It's -- we could disclose the breakout, but I believe we had two as our top -- as our 10 percenters. | direct | [
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dbe56c91a68e7301bc4fea105b0c55d0 | Maybe you can just talk a little bit more about the supply chain issues with some of the subcontractors. Just -- I guess kind of what the nature of those are, the status at this point, the expected duration. It sounds like it's still going to be a headwind in Q4. And then when you -- when you would kind of expect those... | Yeah, Jeff, it's an excellent question. And obviously, we're spending a lot of time thinking about those very things. I don't want to comment on the specific operational issues of specific companies, so I'm going to talk in generalities here, but hopefully, it'll provide some useful color. In the -- the particular proj... | intermediate | [
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b8aaf0ba45ca640bf960abc6c59c0e7f | Could you speak more about the kind of partners that you're aiming to bring on board to integrate with ClearMobility Cloud? And also if you could remind us of the commercial opportunity of that? | Yes, sure. There are a number of different types of partners. One obvious partner would be different data providers. As we've talked about in the past, we have a quite mature partnership with HERE Technologies, which provides, in particular, a lot of connected vehicle data that we -- we use extensively. There are other... | intermediate | [
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77c7e3fa1e8ea6a50394874b61976b0e | On the recurring revenue side of things, can you kind of update us on what percent of revenue was recurring in the December quarter? And then what -- what should we think about TrafficCast's contributing to the March quarter? | Yeah. So Mike, in the -- in the current quarter, the recurring revenue was about 20% because we only had one month worth of TrafficCast revenue in our quarter. Because that business is almost 60% software recurring revenue, we expect that 20% to start moving toward the mid-20s, like 24%, over the next several quarters ... | direct | [
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efb79f99e5e42813829fe84c806363c5 | And then on the recurring piece to your business, are the EBITDA margins on that similar to the overall business, or are they a little -- a little worse because you're investing, a little bit better? How should we think about this kind of EBITDA margins on your recurring revenue? | So the -- the EBITDA margin is definitely will continue to improve with TrafficCast in the portfolio. As -- as we've talked about I think in the past with investors, so our related tasks platforms today are subscale. The -- and I think as we -- as they grow, we can see more operating leverage. But yeah, we're certainly... | intermediate | [
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2846946a173c00f687ddad3e1abe3588 | Will -- will you be able to over time bundle some of your hardware sales into these maybe larger deals or -- or I guess small city deals too? And then could that become a part of recurring revenue? | Well, that's absolutely our strategy when we think about the platform, the ClearMobility platform, that -- that's -- all the products and services that -- that we offer. And we've got several initiatives under way to go to market. I'll say more as one company than maybe we had been in the past. So product revenues, by ... | direct | [
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e909f45b1c9e36d492523fc6d16cc8ef | We've kind of talked around this, but -- but can you just help us understand what the non-TrafficCast organic rate of growth for the business in aggregate was in -- in the December quarter? If you want to talk about that sequentially or year on year, it's -- it's fine. I'm just trying -- I think I can keep that number ... | Sure. So year over year in that 5% growth, a little less than half of that was TrafficCast-related revenue because we only had them for one month. So it -- it was -- was disclosed in our 10-Q. It's about $800,000. | intermediate | [
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f3f313b9ddfabfae831d9a2550dd9fc2 | And then looking into the March quarter, is there a decent amount of linearity so we can just roughly take that December TrafficCast number and sort of multiply it by three to get a sense as to how that's impacting the March quarter? | Now, we -- I mean we think it's going to do a little better. I mean the good thing about the business is about half of it is software and SaaS revenue, so it's really pretty much straight line. But the hardware, the IoT devices, just like our hardware business can be a little bit lumpy with big orders swaying any given... | intermediate | [
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340fcf3d520366e331ce437eea80e128 | And then just to help us understand a little bit at -- at the -- at the operating level. How should we be thinking -- yeah, you're -- you're -- you're SG&A and -- and R&D, 10.1 and 1.4 in the December quarter. I mean is that -- to -- to what extent is that a reasonable bogey for a run rate going forward for those line ... | Well -- well, I -- I -- I think it is. I mean that's why within our comments said it was flat year over year, and that's really been our objective. So I think -- I would expect R&D to probably reach about 5% of revenues on an annualized basis, but we should be able to keep SG&A close to what it has been running. | direct | [
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0c5d72d192dd03ab3dd1e702ceb8d7d1 | You talked about HERE and -- and other -- other platforms there. There's an enormous proliferation of these data aggregation platforms out there at -- at this point. You've got not just the -- HERE and -- and INRIX, but some of the Orbital folks, the [Inaudible], you've got Spirion, and Planet, and Orbital Insights, al... | Ye -- yes, we -- we have. Now, that's not to say that we are stepping back from our relationship with HERE. I mean HERE is a fantastic partner. We utilize both their mapping technology, and -- and they also provide in -- incredibly valuable data to us, and we expect to continue to collaborate closely. But to your point... | direct | [
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9b54508d528ebcaa347190e7e725a379 | I kind of wanted to start by asking about the kind of medium long-term outlook here given what happened in this quarter and what may happen in the -- in the fiscal fourth quarter. I mean i -- is there any sense as to whether the -- the longer-term outlook for let's say the next fiscal year? You've been saying you can g... | Yes. So, Mike, that's -- it's a tough question to answer, and we've been very intentionally just talking one quarter at a time -- about one quarter at a time because -- I mean nobody has a -- a crystal ball and we continue to be amazed at the pace of change in that -- that extremes of the gyrations that we seem to be g... | intermediate | [
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1c64b73c91aab645fa08d1d14287ccec | I also want to get a little more -- more information about what you called -- I think there were called awards that aren't actually being called bookings or backlog right now. I think you have two or three contracts that you mentioned in your prepared comments. I guess I just wanted us just to kind of like figure out. ... | Yeah. So yeah, we don't get a ton of these contracts. We do -- you -- you -- you might recall that, in the past, we've talked about our Federal Highway Administration contracts where we maintain that Connected Vehicle Reference Architecture for -- for the United States. We will get awarded large indefinite delivery ind... | direct | [
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4687f0270770409e4b829ae388f57087 | Just one follow-up for me here is so based on the -- the segment guidance you gave, kind of mid-teens growth percenters, mid single-digit si -- systems. Does that include the TrafficCast acquisition? | Yes, it does. | direct | [
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844168e8a61580dc180dc7ea417383e6 | So if I assume kind of the $14 million, break that down by quarter, it implies negative low single-digit organic growth in Q4, is that correct? | On the -- on the base business, we're expecting it to be about flat and maybe possibly down just depending on timing on a couple of big orders that we're working on. | intermediate | [
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28521331f2f943d228f3ccf76af6d2cf | I know you guys don't give formal guidance, but I was just wondering if you could give broad strokes in terms of how we should be thinking about acquisition volumes, deal flow US versus Europe, industrial versus office. And then your kind of expectation for pricing and releasing spreads? | Great question. A lot of different answers embedded in that question. First of all, let me say that we have a very robust pipeline. And as you can see how we ended last year in the fourth quarter, we can definitely say that we expect this year to be a very good year as far as acquisitions.
Sure. Right. So, as Jim said... | intermediate | [
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76b0004ab1d02801a5171adb6c49abd1 | So, I guess -- all that's helpful. So long-term kind of the industrial percent of the overall portfolio, should we expect it to be kind of 60-40 plus longer-term? | I think that's a fairly decent target. As you can see, by -- at the end of 2020, we have gone from being a little bit higher percentage in office to a higher percentage in office and industrial -- I'm sorry, in industrial and distribution. So, we're definitely moving that direction very, very nicely with our acquisitio... | direct | [
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05cd91b78b383e491f7d2b5cebf8d352 | Okay. Can you -- maybe just a last question, can you kind of just talk about your office portfolio? Obviously, with COVID there's some structural questions surrounding maybe more so CBD office, but can you just kind of remind us why you think your portfolio is in well? And kind of what the competition is like right now... | Well, I'll answer the second part first. There is always competition when it comes to buying good properties. We focus on very high-quality and truly, truly mission-critical properties. And I think the performance of our investment-grade tenants and all of our tenants proves that these properties are extremely importan... | intermediate | [
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d3f40296b29bc356ecd579cc29686a4e | Hi. I was wondering if you could talk a little bit more. I understand there's always competition for the high-quality properties, but I just wonder if you saw a low in the competition last year during some of the volatility and to the extent that some of that is coming back. And maybe how that's influencing how you thi... | Well, I think -- personally, I think we saw a number of our -- of the REITs in our sector basically sitting on their hands waiting to see what would happen. We continue to be very, very selective in what we bought. We have very stringent underwriting metrics that we follow. And we found great properties, and we finishe... | direct | [
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e32840942078fd2a84ecafdea8dca1d0 | That's helpful. Thanks. And then, Jim, I noticed your comment about truly mission-critical and I thought that's interesting because it is a term that gets thrown around a lot. And I do wonder as you kind of saw what happened in 2020, have you changed your definition of what meets that criteria. | Not really. I mean, as you can see, it's worked well for us in the properties that we own. And as we continue to add to the portfolio, following our same acquisition metrics, we should be able to continue to have those same types of mission-critical properties joining our portfolio as we move forward. And we do have, a... | direct | [
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83989476b3a5982aac33d019f5a87693 | Okay. Thanks. And then just one follow-up from me, and I apologize if I missed it, but any color you can provide on the three leases that are set for exploration this year? | Sure. I mean, all I can say is that, we are actively working on those leases that are set to expire in terms of working on extensions. In addition to many other leases in both the US and Europe that have even longer-dated timeframe. So, we are being very proactive in terms of getting ahead of these lease expirations.
... | intermediate | [
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2bc7a974b5731dc8cbbdbda220a15d9c | You talked about the size of the pipeline, but if we kind of compare that obviously to what is under LOI in purchase and sale agreements? Should we kind of expect the acquisition cadence this year to be kind of concentrated in 4Q or is there stuff that's may be kind of just out of site, not under LOI, not under PSA, bu... | That's a loaded question, John. I don't think -- I think it's too early to say the year is going to be back-end loaded for sure. We have a lot of things that we're working on, where a lot of things that we're looking at. We don't give guidance. But all I can say is, we expect this to be a very good year for acquisition... | intermediate | [
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c899fd174dc06b0c77ceb155c7944a67 | Okay. And then there has been a lot of movements around kind of inflation expectations in the United States maybe versus Europe. I mean, how has that potentially impacted where you see transaction volume turning out this year geographically? | Again, I think it may be a little early to tell because inflation fears are just starting to edge into the economy, people are talking about it more than they have in a very long time. But I don't think our market has reacted dramatically to that at all.
In Europe, again, we look to buy very, very high-quality assets.... | intermediate | [
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3ab218243712f2398189c1f96d3c041c | Great. Thanks, guys. Quick question. When I was looking at your acquisitions here in the fourth quarter, you mentioned the cap rate of 6.5% going in and then I think 7.2%. How quickly does that become a 7.2% cap rate, because 6.5% is a little on the low side for you guys? | Sure. Well, what I would say there in terms of the acquisitions that we had during the fourth quarter, the escalators built in a roughly about 2% a year, on average for these acquisitions. I don't have the exact time when we'll get to the 7.2%. But that's the escalator that would be working with here. | intermediate | [
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4fbf8b68842ecb3a2245feac45628a56 | Is that 7.2% kind of an average over the lease period? | Correct. That would be the average over the lease period. | direct | [
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51af79b8a9808148e47a11856299c607 | Good morning. Just most of my questions have already been answered, but we noticed the operating -- property operating and G&A expenses were a bit higher than our expectations for the quarter. And maybe this is the best for Chris, is there anything going on with those numbers that we should think about? And are the fou... | Sure. So, I guess, I'll start first with the property operating expenses. Obviously, these fluctuate quarterly based on acquisitions and activity. But I think the key to point out here when you're looking at third quarter versus fourth quarter, the increase is roughly about $2 million. But the actual expense reimbursem... | direct | [
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b421dac202fda61fde470468fbab213b | Great. And then just one question for me on the acquisition and you guys have been pretty thorough with your answers so far. But has there been any meaningful change in your deal sourcing or where you're seeing opportunities from? And are you seeing any stress levels on the part of potential sellers, mainly as I'm talk... | I don't think that there's anything going on that would really skew us to buy in one market versus the other. And I think if you're looking at the high-quality type of mission-critical properties that we buy, I think there is still value there. So, I don't see that part of the office market becoming depressed. But, aga... | intermediate | [
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5b77d8ecfc8973809d8400c00f9b5743 | On industrial, you mentioned a little bit growth in large projects and weakness in OEM. Maybe elaborate more on the geographic dynamics that you're seeing today. You have mentioned weakness in Europe in the past, and Asia is now expected to be soft. Is that only a function of coronavirus? Or is there any other driver t... | So yes, I'll take that. So the weakness that we're seeing in capital projects -- that we saw in capital projects in Q4 was global. So it was North America, across Europe, as well as Asia Pacific. The difference between what we expected was we did expect more strength in four market in the Americas, so it came in weaker... | direct | [
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784ac821cf0cbedf2bbac5cadc403437 | Given the current environment you're seeing, any color you want to provide there? | So you're right. We we expected roughly flat sales for our industrial business in 2020 versus 2019. We are planning around a scenario where they're actually down year over year. And we expect to continue to deliver our 2020 commitments, even if they are down year over year.
Now, obviously, the magnitude matters a lot,... | direct | [
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bf4cee84823d8f5d1e7eb039e35794d8 | All right. And lastly, free cash flow continues to remain weak. Any color on how we should think about free cash flow for 2020? Any particular drivers that you want to highlight that you think that can support cash going forward? | Sure. Piyush, this is Chadi. So the primary driver of our weak cash flow in 2019 is the contribution of our discontinued operation, one of it was sold in July, the engineered valves, and the other one, DV, continued to be a slight drag on our cash. In totality, for 2019, these two businesses had a negative cash flow of... | direct | [
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f57e01a9750af7774946694c3895f65c | Maybe we could good start with some of the puts and takes in getting to the $139 million. It looks to me like a little bit worse in the industrial businesses, maybe a little bit worse in the energy businesses, and then that's being offset by better activity and better margins, quite frankly, than, I think, we were expe... | So let me comment on that. I think the industrial being worse than expected is, yes, we agree, industrial will be weaker on the top line than what we thought. Aerospace and defense will be significantly stronger than we thought on the top line and the bottom line. So I agree with that as well.
Energy is playing out ab... | direct | [
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ef24f973e30a4f5b4eebab83b2d38b8d | Then maybe we could talk a little bit more about the margins here in aerospace and defense. You've been at or above 20% here in the last couple of quarters. You clearly had some strong shipments here in the fourth quarter. Is margins at kind of that 20% level something that can be maintained in 2020? And are we kind of... | So believe we've been saying that our medium- to long-term target is high teens, low 20s, and so we're there, obviously. You should expect that you'll continue to see growth through 2020, and you'll continue to see margin expansion year over year each quarter in 2020. So what you're seeing is sustainable. As you know, ... | direct | [
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21a3340eb9c11dc1e1984697798707c2 | I just wanted to slip one more in here on the leverage level and plans for that. 3.6 times pro forma at the end of the year. I think your slide says three times by the end of 2020. What kind of number does that need to get down to before you would start looking at capital deployment other than just paying down debt? | So our long-term comfort level is between the two and two and a half times range, so we're still very focused through 2020 on the deleveraging process. | direct | [
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50a8db7a57d46dcdbbc7da7cc26774c4 | Hi, guys, and congratulations on the quarter and weathering a COVID quarter. If I can on the dividend income, obviously, it was down year over year, but frankly, a lot less than I thought it would be -- I mean, I remember the commentary about portfolio companies retaining cash from the last recession back in the 2008, ... | Sure, Robert. So what I would say is, as you've heard us say in the past you know even kind of in a non-COVID-type environment dividend income is always the hardest part of our income stream to predict. So it's one that as we look at kind of four periods always has the most uncertainty associated with it. What I would ... | intermediate | [
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d0c8fab18af890ff5948e94ed3cd9a3f | Got it. I appreciate that color. And once more if I can on HMS and I realize that might be limited as you can say. Is there any, I mean, obviously, that advisory agreement If it all goes that will be one of the largest single sources of income to Main, so can you and Main shareholders and dividend coverage. Can you giv... | Yeah, Robert. What I would say there is, as we sit here today, we do not expect any changes to the strategy on the HMS Income side, obviously, that's not something that is our own decision. That's something that we'll have to work with the HMS board on you know long term going forward. But as we sit here today and look... | direct | [
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2ccae3c698d84b14a9145d6c73cee89d | Thanks. Thanks, good morning to everyone. Robert asked my dividend question. I wanted to ask you all about the proposed rule here for the acquired fund fees and expenses. I know that you all are very much involved in that regulatory process. So wanted to get your view of that proposal and what may happen from a regulat... | Sure. Thanks, Bryce. As you know, Vince, our executive chairman as always been very involved from an industry standpoint and kind of the regulatory activities. He typically would give our response there but this morning he was invited to testify at the congressional oversight committee's hearing regarding the Main Stre... | intermediate | [
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fbdf84ddfbd154ba36b3b42f349e6e0a | Yeah, totally. Totally agree. And was curious, I don't know Dwayne or Jason in terms of communication with Russell or even S&P now that this proposal is out there, I mean, what our next steps with those organizations for them to proposed that the BDCs get reincluded in the index, which, obviously, is a step above and b... | Yeah, I would say that, Bryce. The activities are, obviously, very recent. We have not heard of any new activity with any of those entities, obviously, that would be a next big step, once you get the new rule passed or approved, but we are not aware of any significant activities there unless Jason knows of something el... | direct | [
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ffbcaba754f5f9e564c1c9e59823c448 | OK. I wanted to follow up on the HMS question. And just curious you know with that relationship kind of potentially fully coming within Main in terms of the whole advisory relationship. Will there be a change in how, that gets accounted for within your income statement? Obviously, now you're recognizing some level of d... | Yeah, Bryce, what I would say we don't expect the change in the accounting or the financial reporting. What we do expect is that the fee income into our subsidiary, you will, obviously, go up as we pick up the full advisory fee as opposed to historically picking up 50% of that advisory fee. We will likely have some add... | direct | [
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6df414d128db0699c656fb0ee8dff9f4 | OK, OK. And then, one more, if I could. Dwayne, you talked in your prepared remarks about good activity within the lower middle market, even in the second quarter, but within the pipeline. Just curious what pricing is look like now that we've kind of moved beyond this COVID environment, are you seeing better pricing or... | Yeah, Bryce, I'll give some initial comments, and I'll let David add to it, but I would say, not just in the lower middle market, but across each of our investment strategies. In this environment, we are seeing some better pricing, whether you're looking at the debt opportunity or the equity opportunity, but I would sa... | direct | [
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408f71931417248d7a9449f2bbf6c2d6 | Hi, thanks for taking my question. Wondering if you could just talk about any kind of amendment activity that you saw within the quarter within your portfolio? Thanks. | Sure. What I would say in -- these numbers aren't perfect because you never really know what precisely the driver of every amendment is but across the portfolio we had about 30 of our companies go through some type of an amendment in the second quarter. Those amendments had varying degrees of changes could have been ei... | direct | [
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94be579e2b6363cca0b781006b306c96 | Great, very helpful. And just one follow-up if I may. I'm wondering if you could just share with us any updated estimate of the undistributed taxable income? Thanks. | Sure. Our spillover at the end of the second quarter was approximately $35 million or $0.54 per share. | intermediate | [
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9c131e914fe96702ed94a0ff8c983733 | I appreciate the color on the four key priorities. I wanted to dig a little more into the build and provide the most helpful products and services. Maybe if you can sort of talk to us about Search, how do you think about the key investment priorities and innovation areas to continue to make Search more and more helpful... | On Search, great question, I still think we are in a very early stages. Recent example, which I was proud of, was when the ship was stuck in the Suez Canal and then it got out, if you ask the question to Google, I think very soon after that we had the right answer. It seems obvious to do except we need to provide right... | direct | [
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655c282c5291e14e439be60e5219eac7 | Where do you see the largest incremental opportunities for further innovation at YouTube to deliver more outsized value for your advertisers? | On the YouTube side, let me start with our Direct Response business, growth was truly exceptional this quarter. DR was practically non-existent on YouTube a few years ago, and it's now a large and fast growing business, and we're just getting started in my view. People already, as you know, go to YouTube to decide what... | direct | [
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3ed83fa626a57abd1bc69b8d174743f9 | Ruth, just want to ask you about Cloud. You saw some significant benefits just from the change in useful life, but I think in the past, you talked about 1Q perhaps being the biggest loss of the year. I was just curious if that's still the case in your view going forward? | Thanks for the question. So, in terms of Cloud and overall performance, I think, the main point I would say is I wouldn't extrapolate generally from quarter-to-quarter given we're still in the early stages of building the business. We do intend to continue to invest meaningfully in Cloud given the opportunity. And so a... | intermediate | [
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42e7da94fa26903a5de4277e7f80e40b | Given the management transition that we've seen at Waymo, should we expect any change in terms of how things are operated there going forward? | And, Doug, on Waymo, John is stepping down, our CEO. And it's been -- he's been planning for this transition, and Dmitri and Tekedra have been working closely with him. And so, we'll continue our investments there. Pretty excited that the fully autonomous experience of Waymo One is available in Phoenix. And we are also... | intermediate | [
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777056a3171693b30061460f1d69fc89 | As it relates to some of the harder hit industries, I'm curious if you could just characterize the shape of the recovery what you're seeing across travel and in some of the other sectors? And have there been any verticals that you have yet to see recover that may pull out in the second half of the year? | So, overall what we indicated is the strong results reflect, in part, lapping the impact that we saw starting late in Q1 of last year, and then a pickup in a number of areas. I think the main thing we'd want to leave you with is that we are seeing, in part, an acceleration in the shift to digital, but it is too early t... | fully_evasive | [
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4e66f211c0eb9fe920f3d8dc25a8c998 | Maybe you can help us understand what the key drivers of Search are that you're thinking about over the next couple of years? Is it queries, product improvements, certain changes in verticals like shopping, how are you thinking about driving Search growth? | Yeah. Thank you. Thank you so much for the question. I usually look at the different components of Search as basically four key drivers. The first one obviously being the queries. So, are we really the place -- best place for users to turn to when they need information. The second one is, I would call it, as coverage. ... | direct | [
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e5e4a05869160f544bc3286f7f744f1b | Anything you're learning or experiences during the pandemic that we can think about post pandemic on cost efficiencies or things like that? | And in terms of your question on efficiency, appreciate the question. I think, at the highest level, the approach is unchanged. Our approach on investing capital allocation is first and foremost to support long-term growth with financially sustainable businesses. It's about being sharper within product areas and then m... | intermediate | [
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c614eeefd29ae5434b799629eef871eb | Sundar, first, you've highlighted for years that machine learning is clearly a strength and differentiation of the overall platform, including in cloud services where we're also seeing competitors focus more on their capabilities here. So, I'm wondering if you could talk about the pace of change around data science and... | Colin, on -- thanks. Obviously, yes, we are thinking about AI. It all starts with foundational R&D we do. I think we are one of the largest R&D investors in AI in the world. And so thinking ahead and doing that and we're doing it across all the foundational areas, and we are taking many diverse approaches. So, as we ma... | intermediate | [
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31b91b042b8e2dfa01c0235ce213d192 | I wanted to follow up on the momentum in Search that you attribute to Google Shopping. Is it fair to say that the shift to free product listings has led to the desired increase in retail advertising across the platform, or are there other reasons beyond the pandemic that you attribute for that success? | Yes. And on the shopping side, look, it's been a year since we brought Bill onboard, Bill Ready. And we pivoted our shopping strategy to better support retailers and consumers, trying to really build an open retail ecosystem. And we're pleased with the progress we're making. As you said, free listings and zero commissi... | intermediate | [
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5bc6f4058a8e0fb12a1a0cb67d9ab4f3 | I wanted to ask about your attempts to retain advertisers. And I ask it this way, I think we've had record numbers of new business formations in the country and around the world on the unfortunate impact of COVID, but I think that's my guess is, it's been a huge tailwind for your business at the same time we've had thi... | So, I can take this. I mean a lot of the new advertisers that you're referring to are obviously SMBs, and there is no doubt that this has been a challenging year for SMBs. The pandemic has disrupted how many of them connect with their customers. But frankly, the pandemic has also been a catalyst for key consumer trends... | intermediate | [
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c8688a037c32b428a65a2ee4750fed96 | I wonder if we step back, which categories, which geographies, do you think you're still under-represented as a percentage of marketing spending where we could see potentially even more lift to come? | Yes. And on your first part of your question, look, we're looking at our business from a very global perspective and are excited about it. Keep in mind, we're not just addressing above the line marketing budgets from an addressable market perspective. So, not just traditional advertising, TV advertising and so on. Belo... | intermediate | [
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1159d310f895ee530d0e19ffc5e53d9f | I wonder has this pandemic change maybe your approach to the office space that you bought and thinking about how the Company is going to deploy capital in terms of space going forward and how we think about the future of capex next couple of years based on post pandemic? | So, in terms of capex, I think I'll address two parts. You asked about office facilities, but I do think it's important to note, we are continuing to invest in our technical infrastructure, and that's what you saw again here this quarter, and we'll continue to do so to support growth that we're seeing in Cloud, in Sear... | direct | [
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dbae19b0a68de8ffa4229064e0e69a5f | Wondering if you might be able to comment on how the demand side products are doing? And maybe in a similar vein, some of the changes you've made in that technology over the last few years, may have had the effect of drawing some of your advertiser customers more deeply into your tech stack. Wondering if this is also c... | So, in terms of overall on Network revenues, as I -- I think I noted briefly in opening comments, what we're really seeing is the ongoing strength in advertiser spend, both Philipp and I talked about that, particularly what we saw was AdMob and Ad Manager and particular strength in app campaigns and all of this just un... | intermediate | [
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92e7ec23687b5fc13b465250d8aecee5 | Yeah. Thanks for taking my question, and good to see everything with T-Mobile get launched here. I know that's been a long time in making and the team put a lot of effort into that. Could you dive into a little bit about where T-Mobile is in terms of the marketing and training initiatives? Has that begun to be rolled o... | Yes, Josh. I guess the way to kind of look at it, first off, that's a question you're really going to have to ask T-Mobile. We can't really directly answer that. It's really something that's confidential to them. So we're working hard with them. We are focused with them. They are focused. So everything is positive, but... | fully_evasive | [
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08c8f3512f0eba4a6eb552179a477fae | Fair enough. And then just looking at the trajectory here, you mentioned that you're expecting to see a ramp in revenue in the second half, which you kind of mentioned before and with revenue kind of flattish for 2Q. Just curious like how much of the revenue left in CommSuite is related to like the legacy Sprint stuff ... | We would anticipate like roughly in the second quarter, maybe a third of the revenue would be related to the Sprint T-Mobile portion. | direct | [
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03ba9ced2e5f0680b9326463df6589e4 | And then if I'm just looking for AT&T and Verizon, you mentioned before and reaffirming that you expect to migrate both those customers over to SafePath platform by the end of this year. Fair to assume that, that would require a new contract signing, given that the economics of the old agreement are probably not reflec... | When we have a contract done and we have approval from our customer, we'll come to the Street and talk about it. But at this time, we can't. | fully_evasive | [
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93867735169218dae748920a0775627e | Yeah. Thank you. Good afternoon. You talked about increased cost for contractors for the migration. I was hoping you could size how big that's going to get in dollars? And then secondly, do those costs go away when the migration is done? Or do the costs just get redeployed into something else that is -- are these contr... | So the contractor costs are not permanent. A lot of the thought behind bringing on these contractors is the fact that we're very focused on getting the two carriers migrated this year. And we felt the most effective way to do that would be to bring in contractors in that way at the -- and as we get to the migrations, w... | intermediate | [
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976a8e1bee5fef85a9e7dd117e653c4a | OK. That's helpful. And then as far as Q2 goes, it sounds like it sounds like ViewSpot is flat to up, CommSuite down and SafePath is flat to flat. Is that directionally where we are? | That's pretty much it. I think the good part is that much of the CommSuite revenue by the end of the year, almost all will be coming from ongoing business with DISH Wireless and their prepaid brand Boost. And so I think that will end that drama and we would look to continue to regrow our CommSuite revenue going forward... | direct | [
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44fc78ee461ed8b47d24630fabb4e111 | Got it. And the risks to the SafePath growth, I mean how would you rank that? Is that mostly the customers staying on track? Is that a migration issue that is in your control? How do you rank the risks to achieving your SafePath goals for the year? | That's a great question. I would view it in two different ways. First off, if you look at it from a migration standpoint, clearly, we have to perform and deliver the final software. But once that's done, a lot of the risk then goes over to our customers' hands because they have to deploy it and get it up and running. S... | intermediate | [
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c7b81d59648421c0d825cea4a9a50b87 | Jim and Bill, congratulations on all your progress, and thank you for taking my questions. When do you expect material revenue from the T-Mobile account? | Well, there's material revenue now. So the first step was to get SafePath 7 in the marketplace. As I said in the prepared comments, we're now going through a period of continued assessment to make sure that everything in the new product is functioning properly. And when the customer is happy with those results, then th... | intermediate | [
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fa65eea542378c11775a80b3e49467f7 | OK. And I think you probably answered this earlier, but are you seeing signs of activity in retail T-Mobile stores? It sounded like you said earlier, you didn't have visibility to that. | Well, again, we are not at a point where we can talk about that. So I really can't answer that question. | fully_evasive | [
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4c9dee108a3cba10c9469f001c578d29 | OK. And then lastly, how has the integration synergies tracking since the AFS acquisition? | It's really -- the real synergies that we'll be able to obtain will occur once we're able to transition to the SafePath platform on for all the carriers. We really are trying to push toward the -- by the end of the year to have all those migrations complete, and that will allow us to realize all those synergies in the ... | intermediate | [
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] | B |
7aea3976245db3d158e3180c6ccc64ef | Chris Howe sitting in for Alex. Good quarter guys. I have a few questions here in regard to the career readiness. As far as its future growth and your expectations for its growth. If we were to characterize short-term versus long-term potential across the five areas that I have noted here, course versus pathways, blend... | I think the majority of the growth will come from -- in the short-term, will come from greater penetration in the schools that Shaun already talked about. So in the 17 schools, maybe 20 by the end of -- by the time we open up the school year next year, I think we're going to see greater penetration in those. Over the i... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ce056e88754cd10b421188ffe622676f | That does. That does. And one follow-up just in regard to that on the last conference call, you had referenced the market potential or the access that you would have being around 30% and the potential for that to rise to 50%. I guess of the percentage of high school and or middle school students in the future that have... | Repeating some of the steps that Shaun highlighted, I think when you hear people say 10% to 20% of them are open to the idea, I expect just to get a couple of the percentage points of those. So when you start looking at 50% of the students in high school are available, the math would say something like 2% to 4% of thos... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c61bcbdadce24fec4a3068b38254b0dd | Hey, good afternoon. A few questions. First, your prepared remarks at the beginning, Nate, were very sort of balanced and sounds like you're wanting to make sure people don't get ahead of themselves, but I just wanted to make sure, is there anything specific happening that you'd highlight that is resulting and you're e... | No, there's nothing specific. Whenever I talk to lawyers, they make to put these risk factors in. So I make sure some of it in there, but it's not. There's nothing specific. I just wanted to contrast that versus the career readiness space, which I don't think has the ebbs and flows. I think it has more of an upside and... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
47aff2725fa182afe60972e392f95500 | Okay, and so a couple of questions on that latter point. As the lens that you're looking at this through at least the way you're talking about it, it's sounding potentially more and more expansive. And by the way, I'd like to talk to you Shaun. Do -- is there anything we should be thinking about in terms of upfront inv... | No, I think that we've been able to shift a lot of our investment into this space. So I think you're going to see in the same range. We could be plus or minus a couple million dollars, but you're not going to see a dramatic increase in CapEx. Now, what you could see is, some of the cash we're sitting on getting deploye... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d46ea8ea4c56bc38612562388818b214 | Yeah. So within that, in terms of marketing you don't expect you just sort of increase, you would reshuffle spend, you wouldn't increase spend, because I got more program to market? | Not in a dramatic way. I mean we -- you could see small changes here and there, small increases, but nothing is going to change the direction of the business. So I could spend a few hundred thousands more, but you won't see that in any change in percentages. The long term projections we've given are, are still going to... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
786886f13b130795eaf077205b9689b8 | And given the -- at least to my mind more expense way, you're talking about the opportunity there, can you just tell us how you're thinking about the competitive set in (inaudible) names, but some of the things you're saying sound more potentially competitive at community colleges that you could partner, some of it act... | In the high school and Sean, you can jump in on this in a second, but in the high school and middle school areas, I really think the competition is the brick and mortar schools. Others are providing content, others are providing schools, but at the end of the day, we're all small relative to brick and mortar schools. S... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4cd7fc44d689d07feb339210be754e0c | Hey guys. It's Henry. I wanted to ask about the career readiness program, just to tack on another question. For the kids, who are taking career readiness in terms of the value that they get, are they typically going straight to the workforce and getting jobs or is this like an additional preparation to go to college? | It's additional preparation, Henry. I mean if you think about it, this whole career readiness effort is to expand their opportunities. And so, it's college and career readiness. If they decide to go on to work, we want them to be better prepared to do that. If they decide to go on to college and work, while they're in ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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