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6ebdcbb90cd1ebb42a9aa2ad07e28b32 | So I think I just heard you say when you went to Tom's question that Jacksonville is almost full. I guess how contributory was it top line-wise to the business? | Yeah, that's a good question, Darren. I think the challenge with a same-store metric like this for an online retailer is that for us, you're always focusing on delivery speed, and so we're constantly optimizing for shipping times and transportation costs. So if you're looking at it on a same-store basis, it's kind of d... | fully_evasive | [
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117097c7335b6caac7319d3979b1ca16 | I noticed inventory ticked up, but it sort of slowed on the margin. So I guess kind of having said that, your context about generating cash, could you just kind of shed some light about container pricing, logistics, supply chain, kind of where you see things? I know there's been some consternation with COVID in Asia, b... | Yeah. I think we're definitely seeing some signs of improvement. Now whether it's short term or long term, it's hard to say. I think we've built some great capabilities in-house.
Now to the inventory question, and we've always called it out, it's always a game of parts availability and having the inventory in stock cl... | intermediate | [
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27d13c11caa4effd0b19b91523e147aa | On the Do-It-For-Me, how much -- like what is the source of marketing where you're getting [Audio gap] from? And like how much cost was there in the quarter related to that? | Yeah. So two-part question. So the number one is the source of customers right now is our existing customer base. On CarParts.com, I think we've built a fantastic destination for auto repair.
We have over 100 million visitors on our website. On top of that, we have a pretty robust email list with millions of customers... | direct | [
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3671df5151f0ec35a8a5fc5fb3fee70a | Just wondering if you could give us an update on mechanical parts business during the quarter and kind of how that's tracking and how that contribution has been looking. | Yes, I do have that number. So for mechanical, we are at -- hard parts was 27%, replacement parts was 67% and performance was 6%. So it was basically flat year over year, a hair down sequential, but I wouldn't read too much into the minor fluctuations. Over the long run, the goal is still to be at that call it, 45% to ... | direct | [
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183a88881f9f1115cdae12a4e6f082ce | Have you seen any labor challenges ramping up either the distribution centers in Grand Prairie or Jacksonville? | Yeah. I think every retailer and anyone in the industrial warehouse space is always competing for talents. I think we're always looking to, number one, have a safe environment, building a great culture, great values, diversity, inclusion, equality. So we're constantly investing in that.
We've also done a good job at s... | intermediate | [
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1494c7591d2456287df9fef4c2557186 | Pretty helpful to hear some of the positive commentary on that. What sort of feedback have you guys gotten from not only just your customers, but mechanics that you have partnered with, whether it's adding customers that they wouldn't have thought that they would have gotten? Just kind of walk us through that, the part... | Yeah. For this phase of the initiative, we really partnered with mechanics that are already pre-bought in to the fact that the customer is going to bring in the parts. So part of making the initiative of success, at least for this phase, is to have a preselection of mechanics that already know that customers are going ... | intermediate | [
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73b6bf693f47c7240f82b092adaa98ba | Curious on the gross margin. So really solid this quarter. But as you think about kind of all the cost inflation and the moving pieces between how much cargo containers cost coming from China to so on and so forth, with FIFO accounting, anything to be aware of kind of as we model gross margin going forward? Or is Q1, Q... | Sure. Yeah. Thanks, Ryan. Obviously, we kind of always say this, but when we think about gross margins, EBITDA margins, we always really take a step back and look at it over multiple quarters in the full year.
So that being said, we do feel still very good about the margin for the remainder of the year. For Q2, we wer... | intermediate | [
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24de13ddf1c9c56986a1610b0cb07b23 | You talked about profitable growth, big focus or increased focus, at least in the near term. When we look at kind of the seasonally softer back half of the year, do you think you can still stay profitable, if you're willing to comment on that? | As far as profitability, absolutely, it's a laser focus to balance that back half growth with profitability. So we do believe we will be profitable in the back half. | direct | [
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5da7b9269688c5e2e8a89dcb18b6eaf4 | I've seen some of these tech forward companies that are starting to lay off people. Some good talent out there, and I've seen you kind of go open arms embracing them if they want to come work for CarParts. I guess have you seen any success with that? And then also, you mentioned a little bit, but talk through kind of y... | Yeah. I think, listen, we've made significant investments in building culture. We're a culture that rewards discipline, excellence and high performance. I think our turnover has been significantly lower than some of our competitors.
I have been pretty public in our will to hire great talent. For me, we're trying to bu... | intermediate | [
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335998bdf90f7681be91f54ae1b9c3cc | Maybe just last question for me is as you shift into the Do-It-For-Me business, can you talk through the mechanics a little bit of that? I guess, how you see the puts takes from one marketing that? And I realize it's not as much this year, but kind of as you look to next year, marketing that product, selling that produ... | Ryan, maybe I'll take that one. So for me, I always think about DIFM in two phases. So right now, we're in the short-term phase where we're focused on the customer experience. And really, if you think about it, there's no place that customers can go that they trust to get their car repaired, a single destination.
If y... | intermediate | [
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4857f88c6d182d9c92b849866aa098e2 | Yeah. And I guess, first of all, just thinking through this quarter, the margin was a little lower than normal, but you also got, I would say, the benefit of some of your top clients becoming a little smaller than normal. Maybe is there a correlation there where some of those larger clients generating higher margin? Or... | Sure. Dave, great question. Thanks for that. Let me frame it this way. If you take our business with our nonlegacy three, so the legacy telcos. If you look at the clients outside of that, we're growing. And those are our higher-margin clients. Now we've on-boarded new clients, and we're growing significantly with that ... | direct | [
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c8d22b68fe7657f669307e5fe489a34a | Gotcha. Yeah, that's helpful. That makes sense. And then I guess when we think of the cadence, you talked about growth resuming in Q2. I assume you mean year-over-year growth. If that's the case, that would require 8%, 9% sequential growth in Q2. And then the rest of the year, a little more sequential growth. And maybe... | Sure. So, Dave, you understand our business flow and model very well. We're excited with this growth that we will be resuming our business toward that double-digit growth. The impact of our downturn of our telco businesses is flattening off. And then in the second half of the year, we'll have really favorable compariso... | direct | [
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515bcb7323d602205d4e80302568154d | Thank you. I wanted to ask sort of a broad question, and it has to do with visibility in sort of forward trends in the business. How would you characterize your visibility now at this juncture? And if you could sort of think about it under -- or over the period of time you've been public and compare and contrast today ... | So, Tobey, great question. I think we have very, very good visibility with our clients, the lion's share of our clients out over minimally three to four quarters. A lot of that is because we have tight partnerships, and they're very open to say, here's where we see our business going and making sure that we are aligned... | intermediate | [
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87a29100f9eb1f113c00f394f68f3c53 | Thank you. Could I ask you a question about wallet share? And I'd like to ask on two ends of the spectrum. How do you feel that your sort of customer market share or wallet share is trending in the legacy customers that are sort of important and the largest of your emerging customers, how is IBEX performing from that p... | Sure. So, those are some of the most key metrics that I look at, Tobey. So, just kudos to your question. I will say with our important three clients that have been with us for over 15 years, our market share has held serve on that. And so, our downturn in there is nothing unique to IBEX. It's their enterprise volumes a... | direct | [
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0e2a5ccf9aaadc58005a7d338e9b2509 | Thanks, and good evening. I had a question around, obviously, the revenue performance this quarter. I feel like come off of last quarter, the messaging from you guys was 1Q is going to be at the low end, if not below the 7% to 9% guide. So, I mean, I think you definitely thought it was going to be the weak quarter, but... | So, Dan, that's a good question. And let me say we're disappointed with, at the end of the day, with where the top-line growth was, we are hoping to drive a few percentage points of growth. Now underlying that was a significant ramping that we've done, which is build revenue that goes to clients that as we were modelin... | intermediate | [
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6dc1fdcaba919b188df39fe1377dde5f | Yeah. Well, let me ask you a different way when we go on the forward curve. If we look at your -- let's just call them the clients that have, let's just say, have dragged down your growth, absolute dollars as we jump off into December's quarter in March and June. Have they stopped -- like are they going to be near an a... | Sure. So, yeah, fair question. In Q2, we have seen that decline flatten out. So, we're very encouraged by that. And as we've talked with them about where this is looking out now two, three quarters out, we kind of feel like we've -- that it took about three quarters for all of those things to play out. We've leveled an... | direct | [
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1977e56efdc314e7d9d6aa076b74f292 | Yeah, yeah. Let me ask one other follow-up and then I'll jump back in the queue. So, are you saying that you're going to grow sequentially, but not year over year in December? | No, no, no. No, no, no. Not at all. No, I feel strong growth for this year. No, no, no. I think we're resuming to a growth quarter, absolutely, both sequentially and year over year -- OK. Right. And if you just piece those two puzzles together, year over year in our legacy will be down. Even though it's flattened, we h... | direct | [
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9685dc5dc1ac1dbdfdd208726b9d29ba | Thank you. Good afternoon, gentlemen. I'm fairly new to the story, and I just have a modeling question. I'm trying to understand your capex guidance for fiscal '22 and that $30 million to $35 million, is that just cash capex? Or does that include the leases in there? | George, thanks for joining the call and interest in the IBEX narrative. So, Karl Gabel, why don't you take that call and walk George through kind of capex?
Thanks. Sure, Bob. Thank you for the question, George. Yes, the $30 million to $35 million is our cash capex, and that's made up of both the growth capex that Bob'... | direct | [
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019bdade722ec08c79f4c57fed3c0455 | Great. But let me just ask that question slightly differently. Your capex is actually greater than $30 million or $35 million because you're actually getting equipment also on a lease basis. Is that right? | Yeah. I think -- George, again, this is Karl. On our balance sheet, obviously, on IFRS 16, you have right-of-use assets and you have right-of-use leases, the assets get capitalized. We have broken that apart on this quarter, so you can actually see the right-of-use assets that relate to when you're opening up centers a... | direct | [
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e735e8d40dce4a106852d5e6e399a3ed | OK. My question relates to EBITDA debt. So, if we look at EBITDA, should we subtract something from some element for leases in order to get a real EBITDA to compare it to the way it was done before when capitalized leases. | Yes. Under IFRS 16, in your depreciation and your amortization, it will include the amortization that's going through for the -- also for the right-of-use assets. So, that will be part of your depreciation and amortization. In the pro forma, there was in the actual perspective, if you go back a year or so, there's actu... | direct | [
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5ed13d929289af217a61b0c58e493881 | So just wondering if you can start on hydrogen. You've had a pretty busy start to the year. I mean, clearly, this started in 2020, but in terms of what you've shared publicly in the Scania announcement, just curious what that has meant for your development pipeline. I know you've got a number of potential partners look... | Yeah, thanks for the question, Eric. I think it's a really important dynamic for us because in the marketplace, there are customers. There are OEMs out there who thought, "Let's skip it and go straight to hydrogen." And I think now seeing that actually HPDI with hydrogen is not only a good solution, but perhaps a far b... | direct | [
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da71b42500c68dfbc243624e22f6ac68 | Got it. And then, maybe just sticking with HPDI and the current offering with your current partner, well, I guess, number one, I know you don't give out units, but anything you can share? I mean, it seemed if I'm trying to back into some kind of a number. It seems like it was -- you did see sequential growth in the qua... | Yeah, I think there's a whole bunch of dynamics that play out there. They are playing out and will continue to play out. And one of them is the regulation. Another one is, I would say, normal fleet adoption cycle with respect to new technology like HPDI is for commercial trucking. What we saw, clearly, we shut down and... | fully_evasive | [
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e101b7854b527092a2c5670081d3a686 | OK, got it. Fair enough. Maybe last one for me. You have talked about the investment. And it sounds like it's both some internal, but also doing some -- or some steps within the supply chain. I mean, is that -- should we take that as securing more capacity for injectors? Is it more on the tank side? I mean, maybe just ... | Yeah, of course, we sell a complete system from the tank to the injector and some electronics along the line. We have capacity challenges in various parts of the system. Injector is a big part of it, for sure. We use VI in every engine, of course. So that is -- we're excited about this challenge to our business to say,... | intermediate | [
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adc8721c5d855c943804ca5ec184cbb1 | In China, can you just speak to the expected cadence of the ramp and what that might do to gross margins as you guys scale up from reasonably low volumes? | Yeah. They -- I think the speculating and forecasting the ramp is very challenging, but I do expect that we'll be able to witness that this year and hopefully soon. Basically, we have this opportunity with our JV to supply all the OEMs in China. We have a unique product that should be appealing to many OEMs in China. T... | intermediate | [
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b227709698fd396b4f6658ed31b7a714 | OK, thanks so much, guys. And then, can you just give us a state on how you're thinking about the medium-duty market? Certainly, there's a lot going on all across the different class of vehicles. But as you have the potential to address both natural gas and hydrogen, it seems there's probably an opportunity for you to ... | Yeah. The medium-duty market is, I'll say, two things, more fragmented, and I'll say more economically challenged in terms of -- in order for the economics to work for or any fuel-based product like ours where we're saving money every mile, you drive -- the more you drive, the more mass you carry, the quicker you get y... | direct | [
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3a9dd5cc0f1c477064e7df610acdde56 | Just following up on the European market, maybe if you could give some more color in terms of the demand drivers there? Are you seeing this any RNG activity in that market? Or is this sort of a cost savings driven market? Maybe just a sense of what the demand drivers are in that market. | Yeah. I think -- for sure. OK, so we have just to be very clear, right? It's still trucking. So the economics are the supreme ingredients, I'll say, after your confidence in the technology and the products to deliver the reliability, durability that the truck fleets expect. If you can't deliver their freight, it doesn'... | intermediate | [
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d7d4ed06ebd23bd3326cab3311ffb305 | OK, good. Thank you. And then, on the capacity additions you're thinking about, could you give us a sense of the scaling there? Is it a doubling, tripling, kind of multiple of current capacity? Or how do you sort of see that overall capacity addition playing out in the next year or so? | Yeah. It's a really important parameter to manage for any supplier is to match your capacity with your demand as closely as possible. We don't want to be running any part of our manufacturing system or our suppliers' manufactured system at 10% of capacity. And we also don't want to run into a bottleneck that we can't s... | intermediate | [
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bb3b32965ad50ea6e094d202b5b9dd7f | With respect to cadence of revenues in 2021, how should we think about the quarterly revenue that may play out given that you are seeing recovery in your segments, your HPDI is getting traction, but at the same time, there are some supply chain challenges that are also in the market right now. So any color on how to mo... | Yeah. Absolutely glad to kind of try to paint a picture a little bit of what we expect. First of all, we are still dealing with some COVID situations around the world. We're fully recognizing how wonderful the vaccines are, and we expect those to have an effect. But in the meantime, our factories in Italy, for example,... | intermediate | [
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72bd6bff4ec8dfe784cd67ee6e43c4fd | That's helpful. Thank you so much, David. And then, Richard talked about some concessions on the margin front that may have been provided in the fourth quarter. Are these behind the company? And do we see gross margins bouncing back in 2021 relative to the fourth quarter? | Yeah. The price reductions were made in the fourth quarter of 2019, and they were significant. And we saw sort of muted the sort of the growth that we had, especially in the second half. Going into the new year, there was a question with Weichai. We can't go into specific contracts, but there is, we'll call it, a littl... | intermediate | [
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ff12ededda458a762d26f924a14862a1 | OK. Just one last one, I guess, then. With respect to the China milestones for 2021, can you share any key highlights that we should be looking for? | Yeah, in China, I think we've made good progress. Of course, we had substantial delays through 2020 with COVID and other challenges with the certifications. But we expect to see the certification of the vehicle side shortly. And then, thereafter, so through this year, start the project process of launching production a... | intermediate | [
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691eca2a1072e3df3960ad4c5500c347 | Hi, thanks for taking my questions. Most have been asked, but I wanted to maybe just follow up on the question about China just because, obviously, you're going -- the certification through the Weichai was accomplished. The OEM level. How do those tests usually take on their side? Is it different for everyone who's tes... | Yes. So I think the process is not a short process, but we are aware that there are cases with specific OEMs where the testing is complete. So then it's just a matter of, let's say, getting the paperwork through the officials and having them bless it and issue the certification. And I can't comment on those time lines.... | intermediate | [
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2a79fe92bec08ec3dcc7c3630c463adc | Perfect. And then, it was nice to see, I think as Amazon had ordered around 700 vehicles through the JV with Cummins. I was just wondering if you could talk maybe how that business is secured and how you're seeing potential discussions with other customers, just, obviously, given the rise of e-commerce from the pandemi... | Yeah. I think it was a real promising report from Reuters is about that order. Because I think what it says is that the fleets -- large fleets in North America consider and according to the report, our purchasing natural gas product to green their fleet. The economics in North America, because our fuel prices are relat... | intermediate | [
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0ab82dfbbc073a0270b1537a4ba4783a | So first off, Pat, as a longtime participant in the consumer electronics category, I was hoping you could provide some historical context for the current challenging supply chain situation. For example, is this the most challenging it's been in 10 years, 20 years? How should I think about it in a historical context? | Well, historically, I don't think we've seen situations like this before. There have been in part shortages, but COVID really has impacted so many different areas, whether it's the chip production, raw material, container delays, shipment delays, port problems because of COVID. This has essentially caused us to really ... | direct | [
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02e6b5129be191b04750af2535f7a1e5 | Is it more challenging today in July than it was three months ago and six months ago, and what signs are you looking for improvement? | Well, I think we're -- from the chip shortages and things like that, we had anticipated. We started to hear about the chip shortages, so we were out purchasing and we've extended our long-lead items, in some cases, over a year. So the chip shortages have not really affected us. The price increases will affect us as tho... | intermediate | [
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232c1a3c4294b5332f32293f902d428c | Following our initiation of your stock, we've had a lot of questions from investors on your automotive efforts and how you're able to land Amazon as a customer, and the significance of what you're doing with Amazon as part of your product portfolio. Can you provide some additional details on that? | Well, obviously, when Amazon looked to enter into the automotive space, they looked around and they wanted to get their Fire TV into vehicles. And they looked around the companies that have the expertise in the field. And seeing as it had been a niche business and we were, by far, the No. 1 supplier of rear-seat entert... | direct | [
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0272217be6cf1042873c2f37dcf97d80 | So the new Stellantis program looks really interesting to us. Can you talk about at high level what it could mean for VOXX International? | Yes. Stellantis is -- it's primarily starting with pretty much all the Jeeps and the Pacifica. OK? In the end of this month, they will be delivering the -- their new Grand Wagoneer, which is their flagship vehicle, and that will contain our products with rear seats and Fire TV. Again, we've had relationships with these... | direct | [
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419ea70940e3872f3504fb9049cef842 | Can you just, kind of, outline expectations for news flow out of the Trenton Canyon discovery and kind of milestones, we should be looking out for beyond the ongoing drilling. | We tend to accumulate results and put exploration release out every quarter or every two quarters and I would imagine, we'd continue to do that. We drive everything around our resource and reserve updates, which come out in February of each year. And so that will be the first time when we actually release some sort of ... | intermediate | [
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a4ee7fa7f637b1fed79ec8f67f1fae09 | In terms of the incremental COVID cost you expect going forward, can you just, kind of, give us a breakdown on the transportation and some of the camp stuff that you mentioned? Can you just quantify the expected cost there? | The main impacts, as we said really, is bus transportation at Puna and Marigold and then some flight in camp costs at both Puna and Seabee. So we're talking in the hundreds of thousands and up to a $1 million. We're not talking about costs that are material at this point. Again it's dynamic, but with Seabee ramping bac... | intermediate | [
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d66b3ffb89a11ccfe1b97006861d9919 | At Seabee, kind of, what type of mining rates do you think you'll be able to get out while maintaining all the social distancing and other COVID protocols? Do you think you'll be able to ramp up to your prior levels without really a change in those protocols? Or, is it -- should we assume something like 90% the prior r... | We expect to reach, in fact, we're reaching them now. All of the people working underground at Seabee were already wearing respirators for other reasons. And any of the line outs or crew starts or what have you, have the correct physical distancing and there is a use of masks for any transport to give those people in g... | direct | [
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a4a9e432711c979130efba6c8bf5ca77 | I wonder if you could just expand just a little bit about what excites you when you look at sort of potential analogy looking at Trenton Canyon, with other sort of deep, deep level sort of Colin type systems? | There is a broad footprint there and not a lot of holes down beyond about 200 meters and the 30 or 40 years it's been mining of these types of deposits in Nevada, they've in certain areas been able to go deeper and into higher grade sulphide type ores and that is -- it's tied up with certain structural stratigraphic co... | direct | [
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ac8453616906de1f5d254c4272ddb863 | In terms of the diamond drill holes that you mentioned, that program at Trenton Canyon. When do you expect to start the first hole? | We started diamond work back in January on Trenton Canyon. First hole was more of a stratigraphic hole. In this press release here, we've got results from the -- I believe it's the third one. No, it's the second one, rather. And that's what's referenced there. So we now are on our fifth and we are going to be doing up ... | direct | [
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8b5a2f5d47a1d8543772445efbb5ff3d | Would you need any additional exploration permits to do anything there or are you pretty much got a good blanket in terms of where you are? | We are in good shape for exploration permits. We made a point in Q1, the initial hole we put in was located where there was already disturbed ground because we didn't yet have that permit to go and drill where we wanted to. We have received that. So now, yes, it's open territory for us. | direct | [
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8c7e0d7e592bf58f6495d409a1ae03c4 | I know it's obviously early days with the oxides there, but what would be the general kind of thoughts in terms of first production? Would you be putting a pad locally around or hauling all the way back to Marigold? | We don't know that yet. And we put together a project team with the -- that's multi-disciplinary. So that's obviously geologists working on that part of it, but it's engineering, it's permitting, it's metallurgical, but there are different scenarios. You could have a satellite pad and then bring some product back to Ma... | intermediate | [
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93b6e68efd24b26f32ec10e043d9625c | Thanks for taking the questions. I just wanted to get an update on your thoughts on SOVEST reaching break-even in 2020. | Hi Cris, this is Sergey. On SOVEST, we're planning to be break-even in the next year. So everything goes there. I don't know if Varvara wants to add anything.
Yeah. We are -- the project is developing in accordance with the current budget and we believe we will reach break-even in the second half of 2020. | direct | [
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273680bb0011a578e1330471b41e3f48 | Thank you. Can you just give a little bit more details on kind of the roadmap to reaching that break-even point? | Right now, the project reaches, at this point, with its current settlement and organic current growth, so nothing specific in that.
So this year, we basically improved consumer monetization and we see good results of the project developments that we have done, and adding some value-added options for the customers -- s... | intermediate | [
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cbacbf933248d14d8c1c025686e8d243 | Okay, great. And then just any updated thoughts on your kind of 2021 targets, I think of like 45% net profit margins? Thanks a lot. | So currently we still confirm -- we did -- we reiterate our mid-term guidance which is provided in 2018. We don't see at the moment any significant changes to other plans and forecasts that we have provided. And if we have anything that we are on to change to the mid-term guidance, we will update the market accordingly... | intermediate | [
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4d7fe27fa7564ab7f017a93e2ae49f5a | Hello. Congratulations on good numbers and thank you for taking my question. My first question will be on the guidance. If we take the revenue growth guidance and the lower bound of this -- this, if my calculations are correct, this implies that your growth -- revenue growth in the fourth quarter could be somewhere clo... | So yes. Vladimir, thank you for your questions. For the guidance for the year and for the fourth quarter, as you know, the accounting for Tochka has changed and the largest effect from the Tochka shift from QIWI to JV [Phonetic] will be in the fourth quarter because naturally the largest revenues generated by Tochka we... | direct | [
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db13145c0db1ab287ad46162aac4d50b | Okay, thank you very much. And my second question is to Sergey, you mentioned in your recent interview that you are trying to get a loan for your personal project and then alternative for this is a sale of a small stake. So maybe you could update, how this is proceeding. Have you been capable of getting a loan or what ... | Hi, Vladimir. Thank you for your question. I'm currently considering different options, either a loan or a small sale of the stake for this project. And, but it's still -- is still not decided. | intermediate | [
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6b5d49be0bc1c3d55b0a9e336f053c2a | Hi. Congratulations from me too. So I have several questions again related to the guidance. If you look at the components, first of Rocketbank, you guided that for the second half you're going to book around RUB2 billion net loss. So it seems like you are going far below than that. So the first question is, what kind o... | Maria, hi. Thank you for your questions. First of all, as for Rocketbank, we're currently going better than the budget and the investments associated with Rocketbank in Q3 were slightly below what we have initially planned. So for the second half of the year, we are likely to be again slightly below the RUB2 billion we... | direct | [
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b36ad842b3ebfcbba0217a7deb1ab206 | Thank you for taking my follow-up question. So I have two actually. One question is on your dividend policy. Probably you haven't approved it yet for the next year, but in your internal thinking, what do you expect in this respect in 2020? And I have also a question on SOVEST. Where do you stand now in terms of develop... | Hi, Vladimir. On the second question, we are currently in the process with SOVEST on both projects. So first, we are doing a project with some other bank on the multibank so and if we succeed on the integration side and everything, so next year, we will be in the process of selling down the credit portfolio and staying... | intermediate | [
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5ed9e93018d725f6cc7372817978a050 | Good afternoon, and congratulations with very good results. My question would be about betting and on performance of E-commerce and Money Remittance business lines. So if we compare -- if you compare second quarter versus third quarter performance, you saw some acceleration of E-commerce line, and we understand that be... | Hi, Svetlana. Thank you for your question. On the betting revenues, we are not growing at the same pace of course as the previous year. So now betting revenues are more or less in line with the budget, but not growing as fast anymore as it was previous year. That's what I can say. And the part of the question was on th... | intermediate | [
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a30a03bdda1edbbb7aab4f06af05f958 | And then how are you guys thinking about credit at this point, obviously, we're not -- kind of through the pandemic at this point, but obviously, there's some inflationary pressures and wage pressures, what's the biggest risk economically as you're thinking about as you're deploying capital? | Well, I mean, right now, the performance has been great, right? And so that's terrific, sort of shows in that -- sort of corporate debt portfolio, but it also means, right, there's nowhere to go, but down from there, right? And so if you think like through cycles, and part of that, like you, you mentioned, a few of the... | intermediate | [
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469bea1f0e03139b44892fbf2cf5e603 | Got, it was very helpful. Appreciate it. One follow-up for me. Repayments have been, I don't know, for lack of a better term, lower than feared I say, for not just you guys, but -- what --what's your -- what are your thoughts? You talked about how active the debt markets have been in-- are I know it's hard to predict b... | So drive new business and payoffs. I think obviously that's changed some and sort of changes some people's focus by the end of the year still always drives a bunch of activity. So that's both on the repayment side in the new deal side. So I think it will, I think it will pick back up to normalized levels in the fourth ... | direct | [
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2a93f1188a1d3add45c0e238d3398714 | I'm curious how or whether really, there's been any conversation among the board and management team about any fee waivers in the context of NII not covering the dividends. | I mean, what we've been focused on with the board is the same thing we've focused on these calls is effectively establishing with like a very sort of, hopefully, like a tight band of certainty or long-term earnings power. So we tried to go through that and set that up. And then once that's set up, I think, sort of, obv... | intermediate | [
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040fd18a7099527ce9ede9c36c737d93 | Okay. One follow-up sort of on that point, you've talked about a few areas where you believe we can rotate some assets and sort of boost the baseline earning power of the portfolio. One of the things they recognize is that the timing of that portfolio rotation can be uncertain and it's not always entirely within the ma... | Yes. We're approaching it very aggressively. Right now. We have talked a long time about sort of working that portfolio down. And we did from a very high number, but it's been sort of dribs and drabs over the past whatever year or 18 months. And now we're very focused both because the market is welcoming, there's some ... | intermediate | [
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f9d7fcd064fc255bf11f57799e95b1d6 | On Merx, if I can. I mean, obviously, this could be cash reallocated, move some of the equity to debt at the margin, would it be your preference to do that kind of going forward to rotate more of the remaining equity into debt and get up the ROIC over the total committed capital that way, or I mean, obviously, you coul... | Yes, thanks. Thanks, Robert. Thanks for the question. And appreciate there's some complexity here. As a reminder, this is our investment in the business. And on the margin, as you asked the question, Robert, our preference would be to characterize it as debt, it creates more predictability, it takes away what is as I a... | direct | [
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5c59fabb7750f40537c188db94554432 | On the corporate lending platform, obviously, Apollo's now got the debt solutions product that's about to launch, which could have a large pool of capital behind it. I mean, I presume, obviously, the plan would be to co-invest. Do you think the launch of that product or where that product is, say, a year from now do yo... | No. Good question. But no, I say two things. First of all, the core strategy of that -- of that vehicle is to do sort of like the, you know, the large market origination, which you've seen some deals, you know, Apollo in $1.5 billion, $2 billion sort of proprietary origination, where they take a portion of those deals,... | direct | [
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abf2c36a421a1647118bbd8221acd569 | No questions were asked in the provided transcript excerpt. | No answers were given in the provided transcript excerpt. | direct | [
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88a95b48242c952e1164121f1c84ee9d | Could you walk us through any further detail or any quantification of each of the headwinds that you're facing? All things being equal, if material costs and steel prices stay where they're at today, how much would that cost you in incremental dollars? How is this weakening dollar going to impact you quantitatively and... | The real complex part here is we're dealing with several variables and trying to project where they go in the future when they've moved so much in the last four weeks. And we're not in a good position to really quantify it. In terms of the steel pricing situation, right now, obviously, there's some dislocation as deman... | intermediate | [
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dcb3c2bc49537aa75f2bbc621f8cb260 | Can you explain your thinking on the scale-up of your China tower crane business? And how do you determine whether that's a good return on invested capital? | The tower crane market in China is the largest tower crane market in the world. They make 30,000 or 40,000 tower cranes a year. So huge market opportunity. But also, that's a platform how we really compete in places like the Middle East, Asia Pac, South America. So it's well beyond just China. In terms of return on inv... | intermediate | [
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25797082bb668936561417fe7ca334a7 | Can you give us any more detail on these crawler crane orders? It sounds like they were meaningful, but maybe you're not expecting that to really be a harbinger of anything more to come. | The crawler crane business in the United States is as low as it's been in 10 years. So when we get a couple of these orders and are big-ticket items, numbers hit big ways. In terms of the margin, basically, over the last 10 years, especially as the dollar has remained strong for most of that period, pricing has been re... | direct | [
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5eb597ce99f9bc4ef489daf9ab08a527 | What do you hear from the large rental guys in the U.S. specifically? What are you hearing relative to things like utilization and fleet age? | The smaller rental houses are more active in the current environment. The large rental houses, it's really spotty when you talk about utilization. I've talked to a few large rental houses where the utilization rates have been a big challenge for them in the short term. If you look down in oil patch, there's a lot of cr... | direct | [
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cd3c2f687a2df35a0cc7e05ac503f52b | Is there any way you could help us understand what the orders would have looked like sort of ex that and ex the crawler help, so on a normalized basis? And how you're thinking about the order trend in the remaining quarters? | For the crawlers piece, just to give you a feel, we took a $15 million order with just a couple of days left in the year. I mean, they're just extremely lumpy. That's only a couple of cranes. So those could have easily shifted into the first quarter. If I look at our January orders, they're sort of in line with where w... | intermediate | [
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93d439b10c0bb44bc1384dbf48c232af | Can you talk about the pricing on a spot basis today? I would imagine it's a pretty transparent market. So the cost headwind that we're talking about I would presume you're pricing for those on new bids. | It looks almost identical to what we saw in 2017. We've got the charts that we track, whether it be long or coil and they're up, call it, 25-ish percent in the last couple of weeks. That's all public data out there to find. I think what's tricky for us also to nail down on how this all plays out is this game of what we... | direct | [
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749fc256801fdbde27ee1b97bf5ce8e5 | Can you maybe go back to one of your earlier answers and perhaps slice and dice some of the conditions based on end market? Can you tell us how things are going and maybe how are utilities versus infrastructure versus oil and gas? Are there any big standouts on a positive or negative side here? | The standout is the wind business. That's really where we're seeing the strength in the crawler cranes. Oil and gas, even though oil prices continue to inch up, we really haven't seen any drastic change. And that will take some time because it's -- we got to get the rental houses, get their utilization up before you re... | direct | [
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21fc8eb9a216248976bb069a7451ee65 | Can you maybe just tell us, is there a capex outlook that we should be looking at? And then secondly, are there any important goals you've got for 2021 for inventories or for broader working capital? | We're not providing guidance. However, I will say that we are targeting positive cash flow from operating activities at this point in time. And I think depending on where we end up, we can flex up our capex or flex down our capex. But right now, I can't give you hard dollars just because of the uncertainty it exists. B... | intermediate | [
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89fb4c412d4e3c57c13f4356aa918caf | Going back to thinking through this field cost dynamics, my recollection is that field was -- accounts for better than 20% of your COGS. I think that said, I got it from very -- couple of years back. So correct me if I'm wrong on that. But then just structurally, as we're thinking about margins for '21, it's probably f... | I think that's a fair statement with respect to the first quarter. But I mean, we always have -- I mean, we have our own little seasonality the way our margins move. When we look at it, we've always kind of articulated and we did better this year that -- on the downside, we looked at 25% to 30% decrementals and on the ... | direct | [
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f7b4cb21051330dfce2ecf86b71e1a12 | You talked about some timing issues around accounts receivable collection. I'd like maybe a little more detail on that. And given the way you're thinking about the business, the top line really for '21, should we expect you to continue to build inventory, either raw material or components ahead of some of these price i... | With regard to receivables, I'd say if we went back to year-end 2019, we had a perfect storm on collections. Everything kind of fell into place. I would say, better than normal. And I think that in 2020, at the end of the year, we were just pretty much average when it came to our collections. So it's just a matter of -... | intermediate | [
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442b9b4ed87195fe72064f4be07a84a8 | When you think about the lessons learned at Wilhelmshaven, how will you translate them to your other plants? They're not necessarily doing the same processes, but the thinking is important. How will you spread that gospel? | Obviously, we try to do as much as we can on Teams, and we have regular reviews. So for instance, we have a person who runs the Manitowoc Way program. He holds regular calls and reviews with respect to all of the lessons learned leaders at each individual plant. So they're required to share lessons learned on a monthly... | direct | [
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d376c60b1ecf86e2a583ab35ac2725e1 | When you talk about the collections experience, contrasting 2019 and 2020, how much of that was happened stance? And how much of that was applying LEAN thinking to back-office carpet land, transactional world? | When you look at how we've changed over the last number of years, our processes that we've implemented within the organization from a back-office standpoint have become more streamlined. And what we've seen in '19 was a big benefit associated with that. I'd say that in 2020, it was more of a factor of when the shipment... | intermediate | [
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61bfd17b2352fd834fde42ff97eb8b7a | So looking at the top-line, can you give us a sense as to the volume versus ASP? If you could just start with that, please? | Yeah, Anthony, hi. It's actually more unit volume related than ASP for the quarter, at least. We're seeing kind of a broad-based increase in volume, both lower-priced, mid-priced, high-priced products. So, at least for the quarter, it hasn't been a ton of ASP enhancement. | direct | [
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6b04c6302ff7f7631d4044f8b3238d75 | So, also, do you guys have a sense as to the growth in the participation rate from consumers that you're looking to engage in outdoor recreation? Just wondering about like how many new customers entered the market and your sense for the upcoming season. | Well, as far as participation rate, we don't have a specific way of getting at that data and it's very different by business. So we can't give you that answer. It's our assumption that there are new consumers coming in, as well as more active participation by existing consumers, and I think we could say that across all... | fully_evasive | [
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15a18364ae947093e2cbb29d75d25d76 | So -- and as far as the new product innovation, yeah, you mentioned some examples as far as the fish finders and some others. So when you look at the upcoming season, I mean, would you say that you're going to be introducing more new products than usual or is this kind of the typical kind of pipeline of new products an... | Well, I think, we've got new products for every business and in Fishing, this is a solid year and we talked about a few of those. So I don't think it's any different than the past. It's just part of us doing business and we try to innovate and have something new every year depending on the category. | intermediate | [
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1ac2dce1714538434bd3a942fc42ac87 | And then as far as the supply chain constraints, can you just share [Phonetic] little bit more details as to what your -- obviously, it didn't look like it impacted your first fiscal quarter, but can you give us -- can you give us some more details about what you're seeing [Phonetic]? | Yeah, I mean, like a lot of other companies, we're seeing a lot of longer lead times and difficulty getting some product out of Asia for electronic components, in particular, and then logistics constraints as everyone's heard about, the port and getting shipping containers here on time. So, right now, I think we seem t... | direct | [
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5c97eeedb475af079390de8e4651f016 | Let's see, I think you had talked about utilization being up about 1 percentage point sequentially. Where is that number now? And what do you guys consider a typical utilization rate? | Hang on here Scott. I think John's triangulating that.
Yes. Hi, Scott. It's John. So we've got -- it kind of hit, call it a 37%, 38% at its low. It's been bobbing around 38%, 39% with -- last quarter, it ended like 37%. It's at like 38% now. It got to a high pre-pandemic of like 47.5%. And the pandemic really led to s... | direct | [
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2020c22a1a68e8f995a90e5261780127 | And then you mentioned in your prepared remarks that a lot of the loan growth you're seeing is coming from commercial real estate. And are these projects that were delayed during the pandemic or is this new growth, just trying to get a feel for sort of the underlying trends there? | Well, a couple of things. It's Mike Stewart here. On Page 7, I would attribute a lot of the commercial growth and outstanding coming from the C&I portfolio and some of the public finance that we're doing. The real estate also grew as well, but the biggest growth came from those two. The construction portfolio, it's sea... | intermediate | [
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9995c62ceebca6e4687bb8cdc1a272de | Then final one maybe just sort of ticky-tacky question. I think you guys said about $13.6 million [Technical Issues] correctly? | That's correct. | direct | [
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74ae500602d630e51a8c11a333353cac | I just wanted to see if I could get your updated expectations for where that core NIM that sits right at 3% now would have moved going forward? | Hi, Daniel. We do expect core NIM to be under some modest pressure due to excess liquidity and the growth we've had in our securities portfolio. But we feel good about our loan and deposit pricing. And we also expect net interest income to continue to grow next quarter. | intermediate | [
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81da7f735a609c84be933d10b2f9b2a2 | All right, terrific. And what are your assumptions within that for any deployment of excess liquidity that you have right now? What are those levels if you can give those as well? | Well, we're expecting the buy yield to stay around 2%. And in terms of the amount that we would expect to invest in the bond portfolio will really just be dependent on what we see in deposit growth. As Mike Stewart said, we are seeing inflows of stimulus money into public entities. So that will probably be the biggest ... | intermediate | [
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4a7e4475d698ef8618002c4a4c41050f | So my first question, just wanted to touch on expenses to start off. Michele, I was hoping you can give a little color on your outlook? And I noticed that salaries and employee benefits were up this quarter. Is that a reasonable level to continue at or there's maybe some one-time items this quarter? | I do think that's a reasonable level. So we're sticking with the expense guidance of $68 million to $70 million each quarter. | direct | [
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54cd394a0588da105f56c8db240e6051 | Okay. All right, great. And then with respect to the provision outlook and just given the strong underlying credit trends, this is the second quarter in a row where there was no provision. And is it reasonable to assume that we could see that trend continue through the back half of the year? | We have a bias not to take negative provision. We prefer to allow our coverage ratio to come down with our normal levels of loan growth and normal levels of charge-offs. That being said, we'll have to keep an eye on the unemployment rate and see what our forecast comes out. But that does kind of give you our bias. | intermediate | [
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0ab4c9db1d63ed2ec4f9818b86eeb09a | So the new loan yields coming down in the quarter definitely caught my eye. And I think I forget who mentioned that it was kind of a reflection of a mix shift. As I look at the top of Page 18 where loans were growing, I hope you could just maybe expand on what the mix shift -- how the mix shift impacted the new loan yi... | Let me get there. Yes, the mix. So when you think about the sponsor, that's a traditionally wider spread book of business. The public finance is not a widespread. That's a lower spread business. When you think about the investment in people I've been talking about across our markets, that's been inside what I would cha... | direct | [
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e5304843654db98619095263b6728012 | And then as a follow up, the strong growth in the commercial group, specifically C&I, I was wondering does a specific industry standout? Any specific region that was behind that group? Maybe expand if you could on the strong C&I growth? | It's pretty balanced. I will say that the investment in those bankers that we've been talking about continuing across all of our markets is paying dividends, right. So we put two new people -- well, three new people in our greater Ohio marketplace. So we're seeing some nice growth coming out there. And then Indiana, In... | intermediate | [
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52f1713a8a9be90b8a18a95d6d7e7462 | Just one or two from me. Just back to the utilization rates for just a minute, I guess is your -- some of your competitors or just other banks that maybe that's not picking up as much as maybe you guys are seeing a little bit of a pickup here? I guess do you expect that to continue to trend up or does it kind of feel l... | Yes. Brian, this is John. I would say that it's probably going to be a slow grind up. They've got to burn through the liquidity that they have on their balance sheet in order to begin to fully utilize the lines. But the request for line availability even through the pandemic continued to be -- continued its trend upwar... | direct | [
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fe962dc8fa99e77949f19478dc2b5157 | And then just the last too was just on the forgiveness, just your thoughts on the trend there. I guess do you expect most of that forgiveness to occur? I don't know if you stopped forgiveness of round two this quarter, but just most of that occurs by the end of the year. Is that kind of your thinking today based on the... | Brian, and to give you a couple of numbers, we're about 86% of the count from the first round or 88% of the dollars. You think about that. And then you think about round two, we've got 13% of the count and 5% of the dollars. So if you think about what happened last year versus kind of the same point, maybe even more so... | intermediate | [
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0396de6c367adc5f133538b323cf3393 | Got you. Okay. That's helpful with the numbers. And then maybe just, I don't know, one for whomever, just on kind of the outlook of capital deployment today. Given the strong earnings this quarter and just kind of the outlook being positive, just kind of wondering how you're thinking about the deployment outside of kin... | Yes, I'll tackle that real quickly. Our strategy is still the same. We think of our capital in thirds. We're kind of at our payout ratio level that we like. When you think about the share repurchase program, what Michele I think we've repurchased this quarter, $9 million and we have $100 million share repurchase plan o... | direct | [
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e5e1991ea85ca5d7fa671f5292b071b0 | Steve, I guess, first question for you, just with the long-term strategic roadmap to establish PowerFleet, the mission critical software provider for the IoT market, can you discuss what this means in terms of changes for your go-to-market strategy? You have the right people in place for this? Or are you going to have ... | Great question, thank you. So I think, as you've seen already with the appointment of Patrick and Jim, we're adding some expertise to broaden out our go-to-market scope and our ability to deliver world-class software platforms. So I think it's an evolution, not a revolution. In terms of our industrial market and logist... | direct | [
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a317eab689f0427cb8bdb2874dc5ccec | Thanks, and just building on that question. Will you continue to design your own hardware or just become less important? Maybe outsource hardware and focus more on the software roadmap? | We believe that our core unit types should always be part of our fleet and we will always look to develop those ourselves. We have some great IP in that space. I think people trust us as a provider. I think we're able to obtain premiums because of the quality that we deliver as part of that, and that will always be par... | direct | [
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c3c39580e8edcd5708bd0773a4a40578 | Thanks. And then, last question for me, and I'll pass the line. Just on the hardware, obviously supply chain , expedited shipping, etc. But how should we think about the slope of the recovery for hardware gross margins and now that we're kind of 2/3 through the March quarter, how are seasonal trends for the March quart... | Yeah. So thanks, Mike. We did a lot of work to make sure we're able to meet the demand as we saw that in the fourth quarter and we expect that to continue and in the first quarter and beyond. When you specifically look at the product gross margins, I think in the in the early part of the year, especially the first quar... | direct | [
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02a05792e8e2903ae48107ca9cfba0ef | Scott Searle with ROTH Capital. Hey, morning, guys, thanks for taking the questions. To build on some Mike's questions on the gross margin front, Ned, I'm wondering if you could address a little bit where some of the pressure points are. Are they specific to a couple of components? Is it all freight related? And then, ... | Yeah. I think the pressure points, obviously are all related to the supply chain issue, so you have the situation where you have to buy components at a much higher price. There's also PPB associated with certain components, and freight costs are a lot higher. As well as we look, this gradual improvement is going to sta... | direct | [
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581f2ae1f03048019573a540de282ec9 | OK. Very helpful. And also to just follow up and clarify, I think you said opex expected to be flattish over the course of this year. We're talking about reappropriating resources particularly on the R&D front more from hardware centric to software centric initiatives.
Is that correct? | Yes, that's correct. So the goal is to keep opex flat, especially in the first quarter. We are going to start to see some improvement in opex starting in the second quarter and beyond, because we are going to put a significant cost saving initiative. So we're going to start seeing some of those benefits.
And we are go... | direct | [
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] | A |
ad07e40512a19a232b2baf1c43a2d6e4 | Very good. And Steve, I know you're a whole 60 days in at this point in time. But, it sounds like you're relatively happy with the existing portfolio and assets that you have. Just wondering if you could expand a little bit in terms of the internal data sciences capability.
It sounds like you've laid out a couple of th... | Yeah. I think, obviously with 60 days in, we're just laying down our plans in terms of when we're able to execute future capability. In terms of our overall product strategy, we expect this will take 18 months in totality to be exactly where we want it to be. But we've come into the team internally to bring some advant... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fdc41e5372a6931a4b10721b62714ea5 | OK. Great. And lastly, if I could then I'll hop back in line. But, there have been a lot of initiatives and opportunities and percolating in the pipeline.
You made some reference to the auto rental market and other initiatives on that front, but I'm wonder if you could give us a quick update in terms of how demand is l... | Yes. So we're cautiously encouraged on all fronts. I think if you look at the top line growth that we got in Q4, I think that was that was a good performance. And I would say that we're -- we are encouraged by what we're seeing so far in Q1 and that's across all the verticals, whether that be the warehouse, industrial ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
10f2d8370390b8e2357acf492dafa275 | Thanks for taking my questions. Jaeson with Lake Street. Just following up on some of the previous questions on this new software and SaaS initiative or refocus on that. So given your comments on the modular approach, is it fair to assume that this really wasn't a product issue and that you think maybe more of a pricin... | I would categorize it as probably, an evolution in terms of the way that we sell to our customers. So I think we've done well at being positions within the transport end of the vertical. But I think we have a lot of data and a lot of business insight that we can sell to across the C-suite. So the way that we're moving ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3acb211526cfd765460ce3f5a8ae9649 | OK. That's helpful. And then just looking at the opportunity with the post office. Just curious if that timeline has shifted at all, just given all the background noise in the macro. | Hey, Jaeson. Yeah, we continue to work with the postal service. We implement a site and we'll continue to work with them. So obviously, it's an agency that it takes a little bit longer but we're still working with them and we don't see -- we see them contributed to revenue in 2022. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5730006268b5c4486c92aaa6939d4271 | Barrington Research. Good morning, everyone. Couple of questions, just on the opex, Ned. When you say it's going to be flat with Q4, would that mean backing out the $1 million, a one-time fee, so you get about $17.9 million, $18 million? Is that the way to look at it? | That's correct. Yes. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2c11600c14207a0df55520a05969c417 | OK. And then just the bigger picture question here, because in the last couple of months here, things have changed somewhat dramatically strategically with the company. Steve, as you look at the company and you want to get more into the software realm as I'm understanding what you're saying. First of all, will most of ... | Thanks. So last year, we actually globalize our software teams. So we have colleagues in multiple geographies; Israel, US and other supporting territories. So we expect that global model to continue.
We will be developing in-house for sure, but we will be adding as we said and repurposing some resources to beef up that... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bad5a3bc7a3152782fa9af079861f5ff | OK. So in terms of what you're talking about with software and you mentioned data and all that data capture -- the majority of the thrust is going to be software with AI, with data analytics that you can monetize and sell to the end user through a SaaS platform? Is that the key? I mean, are we looking at possibly addin... | Yes. The three core elements to the different go-to-market opportunities we have; One is modular enterprise applications, so solving business issues and selling that directly to the enterprise and mid-market that we sell to today. Secondly, we are working with a number of strategic partners on integrations of the suppl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b65d102b0106498a63d5c40aa6532c66 | Juergen, I don't want to doubt your projections because you're -- it's one of your core competencies. But if 2021, on a full-year basis, is a year of, call it, elevated demand for gaming accessories, is there a possibility that promotional activity may not return to, for example, a 2019 level, so on that basis, there c... | Thanks very much, Tom. That's a great question. We are -- as I mentioned, our guidance is projecting promotional levels to return to normal in Q2, and we're already seeing some signs of that. So we think that's the right way to do our projections. Of course, it's possible that it may not go fully back to normal. And I ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1b6f81d889f80c368c006a665013c4ff | I wanted to ask you, as a longtime industry participant, what your view was on the Epic games versus Apple situation. | Well, we're obviously following that closely, Tom, and I respect Epic's desire to challenge the model, but we'll let those guys fight it out and see what happens. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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