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7490d54832f243b1a86daa35cefa3dc7 | Just wanted to kind of peel the onion a little bit on your expectations for the second half in terms of the phasing, as you call it. Is the kind of the 2019, kind of what we saw from a quarter-in, quarter-out basis, is that kind of what we should kind of key off of in terms of percentage of business in the various quar... | Sure, Mark, happy to answer those questions. So based on Q1 actuals and Q2 guidance and the full-year results, that would put about 42% of revenues in the first half, so leaving 58% in the second half. And we would roughly break that Q3 and Q4 with 20%, 21% of the annual revenues in Q3. We'll guide the second half in A... | direct | [
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f460141c8558400dc501a30ae9b23940 | And then when you're looking at the growth of the PC business, what are -- in terms of the marketing spend, are you guys -- is that, at retail, kind of marketing spend, get shelf placement? Is that traditional brand advertising? You know, just talk about the go-to-market on PC would be helpful. | Yeah, sure. So marketing spend covers the gamut. It's promotions with retailers. It is brand building. It's social, web, and digital marketing. It's also some of the partnerships that we've signed up, the quarterly deck covers, a bunch of those, and I just mentioned them. But all of that counts into the marketing spend... | direct | [
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4c1bef254789728b3c5850d5f722db3f | So recently, there has been some reports on activist involvement in the company. Can you maybe give us an updated view on how you think about the value of Turtle Beach? I mean, given the exciting growth opportunities ahead of you, would you seriously consider such recommendation? And at what kind of valuation would you... | Sure. So I have a very clear view on this. The board, me included, is focused on increasing shareholder value, period. That value could come from us continuing to execute on our strategy, which is working quite well, as evidenced by the over 1,000% return we've generated in the past three years, or alternatively, from ... | intermediate | [
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8eb533ba1885b04d42839171a0c74834 | You mentioned that during 1Q, there were some investments associated with ROCCAT and new products. Would you consider them one-time investments in the new product categories? Are they -- for instance, if you were to make similar acquisitions or enter into new products, would those cost items recur like what you had in ... | Well, two comments. One, the biggest driver of the opex increase is, frankly, the staff and infrastructure to support a business that's tracking to be more than 60% larger than it was in 2019, right? When we hit Q2 of last year, as an organization, you just can't respond quickly enough, and you end up understaffed, und... | intermediate | [
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b47fe99692bff68ce6b9e525066dd1df | Can you talk -- can you maybe give us more details on how much ROCCAT and other products have grown year over year in the first quarter? | Yeah. We're not going to provide a lot of detail, but the market, and we're using, as always, NPD U.S. data where we have the most detail, but I'll tell you that other large countries track similarly. So U.S. NPD, the PC gaming categories of headsets, mice, and keyboards grew over 90%. And we way outgrew that. So we sa... | intermediate | [
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befed7a0ef28fe4925325a9b5ca3c2b0 | Juergen, just kind of one question for me. Just as I look at -- clearly, you've continued to execute, beat, and raise, outperformed expectations all throughout 2021 and last year. But I want to focus a question on more of the long-term target range just to understand the consistency you expect with all these new market... | Yeah. Great question, Jack. So first of all, our ability to leverage the diversification, the expansion into PC and new product categories to deliver growth after a record 2020 is already a first good testament to the strategy of growing and expanding the TAM working because I think wouldn't have been expected. Growing... | direct | [
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a036638c7bb420d9f9724787996d8486 | With all these other businesses that you've acquired and you're grooming and scaling up, how do you see just all of these business -- I guess the three markets and maybe the fourth kind of TAM expansion opportunity, how do you see that maybe from like a mix perspective? They're various-size markets here. They're all ve... | Absolutely. So we're -- this year will likely be more than 10% revenue outside of the core console market. And the core console business for us is obviously huge given that we have nearly half of the market. And it's one of the largest â actually, the largest accessory category of gaming keyboards and mice. And don't l... | direct | [
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7740abfa8cc64cc970d20e62f42a92e9 | Hi, Juergen. I have a follow-up question on your PC accessories, especially relating to the new product announcements coming from ROCCAT in second quarter. Last year, I think PC access rates also benefited from the stay-at-home trend in the second quarter of 2020. So with new product announcements this quarter, how sho... | Sure. So we guided the $70 million of net revenue for Q2. That's a bit below last year's Q2 numbers, keeping in mind that the market -- our sales grew more than 93% in Q2 in 2020, right? So we're getting into a couple of quarters of some tougher comps. But that number is way up over 2019. That's a reflection of the lar... | intermediate | [
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9364f07341f5cd9065f10d2bd5a3d20d | In terms of your IT transformation with Birlasoft, has that been impacted by travel restrictions? And are you still expecting implementation in 2020? | Yes, I'll take one, Pete. The program remains on track. It's been really remarkable how effective that the folks working on that program have been despite changes in shelter-in-place orders. I think maybe we've even gotten a little bit of productivity without so many folks on airplanes to and fro every week. There will... | direct | [
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d1c68c56c42be56634394ea93f3c2960 | And turning to respi, you talk about elevated demand and hard to predict the peak and when it would return to normal. But from what you're seeing now, do you think that normal could be higher than a new normal could be higher? Do you think you'll see some longer-term tailwinds from this beyond the current crisis? | Hard to say. There are two elements that I think build to what the future is going to unfold to show us. One is, there will be a crest in the emergency planning for expanded care facilities in major metropolitan areas or country responses. But effectively the vast number of people who have suffered from the Coronavirus... | direct | [
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a03616630ea3e28b470b0973a8ce30fb | And then just on mobility and seating. Generally you discussed the 90-day lag from order to chair. Do you think once clinicians are back out and serving patients, that number can be reduced? | Good question. That 90 days typically reflects the United States insurance reimbursement verification process, so different in other countries. In some countries we've seen a shortening or a more limited verification process. So there could be a swifter resumption. I think everybody in the United States, all our great ... | direct | [
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c1ddb7e33bdbfbca621e947510183f65 | Great. Thanks. And the last one from me, just in terms of the supply chain. Can you talk about what you're seeing in terms of your ability to get high-demand products to customers in a timely but cost-effective manner? It seems costs have gone up for delivery of products. And any changes you've seen over the last few w... | Yes. It's really been a crazy global supply chain. As you can imagine, it takes a 100% of particle components to make every product. And like lots of companies, our suppliers are all over the world. We buy components from places like Italy, and China, and even across the United States. And you could imagine, in all tho... | direct | [
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9d16483db5e36f2319617a4ca7c32ce0 | My first question is around the step up in profitability really across the business. And you cited some SG&A efficiencies in Asia and Europe as some of the key drivers there. I'm wondering if you could speak a little bit more on some of the actions put in place enabling that improvement, and whether we should think of ... | Yes, maybe Kathy and I can both split the answer on this one. A lot of the SG&A actions really continue to benefit us and shareholders from things we did through July of last year roughly, and then, the continuation of those benefits and a good engagement with customers. And Kathy, you want to give a closer break down ... | direct | [
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04bb60ab14b380f5b01511f942780c49 | Okay. Thanks a lot for the additional color. And then, moving on to your Q2 commentary, and this might be a little bit of a tough one, but is it possible to quantify or at least provide some order of magnitude around what the sales volume declines might look like under a base case scenario? | Yes, we haven't quantified that so far, mostly because it's quite fluid. There is a chart in the deck, page four, I think, where we've kind of tried to show the two elements at play. There is quite significant extraordinary demand for beds and respiratory, that's going up. And that started at the very, very end of firs... | intermediate | [
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d2ca852f9621ff6ac3eb6df0cd393d41 | Okay. Thanks a lot. And then last one from me. Hopefully as we're passing the worst part of the crisis, to this point you guys have been pretty active in drawing on credit facilities and taking other proactive precautions to preserve cash and just given the reference today to accessing certain government-based loans an... | Sure, Ben. I'll start, and then probably hear from Kathy too. I think probably most of our listeners today are in the United States who have one perception of what government programs are, but more than 50% of sales for us are outside the United States. And governments all over the world are helping local economies and... | intermediate | [
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13e9e8158d7f90894bc9c3ce9de08ee0 | So I guess it sounds like you're expecting at this point a decline, a sales decline in the second quarter. I'm just curious, is that I would assume that that's based on what you're seeing in April and early May with these combined positives and negatives with the two areas that are being impacted by COVID-19? Is that a... | Hi, Mike. Good morning. Yes, thanks for your question. I think what we started seeing not surprising in March, and it depends of course by country around the world where we serve customers and clients, the shelter-in-place order has really restricted the ability to interact with end-users who have to be fitted, especia... | direct | [
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06ccf43542d1187652a83a644e919e38 | Okay, thanks. And then, what do you think happens to all the extra bed surfaces and oxygen concentrators that are being sold in the pandemic? And is there any risk here that these things sort of get resold in the secondhand market and reduce future demand for your products? Or do you think that they'll end up being sor... | Yes, good question, Mike. We're not expecting a sales desert after this peak, I think. And I would look at beds and respiratory devices differently. Beds, it's going to be a long time before the number of people who need to be cared for and the bed goes down to normal levels. And we believe that those beds will find a ... | intermediate | [
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4947335b6e7a0c188d8d35fedf8d88c2 | Okay, thanks. Then the Dynamic Controls sale was is there any revenue headwind from that? Or was that really just kind of a captive supplier to you guys that you've now sold and sort of getting outsourced effectively? | I think we did have some amount of external sales. Kathy, do you want to frame that for Mike?
Sure. They did have external sales. They sold scooters and power wheelchair control systems into the European, and Asia, as well as the U.S. market. So there will be some headwind. If you take a look at the Q1 results, the im... | direct | [
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015960dab1dbd742d6aefb7a71d19a39 | Yes, so you said I just want to be clear, it was a little the number was a little unclear. Could you can you just confirm, did you say $1.4 million in the first quarter? | Yes, $1.3 million was the impact in the first quarter. | direct | [
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18cb704eae57239816fbd9aece054a85 | And when did the deal close? | March 7. So it's basically a one month impact, yes. | direct | [
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6bddc717399e5fe02b01454b28b0bdc2 | So obviously, a very good start to the year. The -- when we think about and you commented on this a little bit on the Completion Fluids front, I mean suggesting maybe flattish revenue sequentially, with some puts and takes, what's the relative margin impact of the European chemicals business versus sort of that 25%, 26... | We made comparable margins, Stephen in the mid-20%s for our European calcium chloride as we do with the traditional offshore. | direct | [
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d01eadd37d4528d2a0407757e9d27e3c | OK. Great. Thank you. And then on the Completion Fluid side, I'm curious, what you're seeing on the raw material front, I know you have some control that versus your peers, and how the pricing dynamics are in the Completion Fluids business, and what that could mean for maybe some margin expansion in the back half of th... | Yes. So there are some dynamics in that space, as you can imagine. Our own internal supply chain vertically integrated operations helps us quite a bit on that. Bromine is certainly tightening. So we think bromine-based fluids pricing, still some opportunity as we go forward on that. However, there are some inflationary... | direct | [
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1a74059a2927097b20e9c6ab26e5b089 | Great. Thank you. And then just one follow-up for me and I'll refrain from asking you what you think about the full-year consensus of EBITDA after for the strong first quarter, but I will ask you when you look at the normal seasonal patterns in the business, and obviously, you mentioned how sort of second quarter has s... | Yes. Based on what we see so far, I think we can -- we believe that we will continue to see growth and margin expansion, certainly on our water and flowback business. We continue to win new projects, new awards. We'll have Argentina coming online in the second half of the year, in addition to the growth we're seeing he... | direct | [
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ac4327409b1bd29598e7bcdddd8f1c2f | Hey. Good morning, guys, or good afternoon. Congrats on the great quarter. I have to apologize, I dialed in a little late, so I might have missed a chunk of the prepared remarks. But I was just wondering if you could speak to some of the tightness we're seeing on the rig side, particularly for North Sea for delays in p... | So on offshore side, Samantha, if it's a potential Neptune project, we are involved, I would say years ahead of time because the operators really have to plan you know the metallurgy of their wells, the elastomers, they flow back into their facilities. So we're very involved -- very early days if it's a CS Neptune, or ... | direct | [
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c16811ec42ad2360d3c5a9387b876557 | OK. That's great. Is pricing then fully dynamic, is it -- you said with changes in your cost structure and material costs? | Yes. Well, we have been successful, passing on some levels of price increases, Samantha, based on the cost of zinc and other types of materials that we have to include in our manufacturing processes. So yes, we've had some success to date, a little bit unpredictable as to how much inflation will continue to grow. It's ... | direct | [
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e7a50e63beae1027b638883fc9fb5f7d | All right. For the use and contribution for energy storage, was there any material contribution to 1Q result or is that ramp still to come? | I would suggest that that ramp is still to come. The most important thing is that we're now shipping on a monthly basis to keep up with our production levels. And based on information that they have provided to us and we have seen on our visits with them, we're preparing for significant ramp-ups and those volumes. | direct | [
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8fbd9cbe129d8e819f37aa5eacdcd7ba | OK. Great. We'll be shifting to the Water segment. You've highlighted that you're sold out of Sandstorm, and pricing near pre-pandemic level. Do you have incremental capacity coming over the next couple quarters? And I'm assuming pricing is going to be moving up from here. So -- | Yes. We have added some additional capital for Sandstorms reallocated some of our capital we have planned for additional Sandstorms, Samantha. Unfortunately, we within 60 days, I have a pretty reasonable lead-time with our key supplier on those. So as we continue to put more Sandstorms into the market, we'll keep a ver... | intermediate | [
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179af75d14dba70e767f9445175a1f2f | OK. And then maybe one last one, water recycling, you guys had that you have your first contract or a word with a midstream company? Can you maybe talk about just what that means for the company in terms of expanding your customer base there? Is that just -- is this sort of like a first entry type prove the opportunity... | Yes. So traditionally, our recycling, Samantha, has been directly with the operators where we provide all of the water transfer, the chemistry, the recycling, and then the water transfer back to their frac operations. So we know that model and have executed that model very well. The midstream environment is, is quite d... | direct | [
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516179966a6598b43c18914012f84231 | Thanks. Sorry for the late polling there and thanks for taking the question over here. The -- you had talked about some additional potential customers for that PureFlow product. Has there been any updates or traction that you could share with us around that? | We continue to work with a few other companies in that space, Stephen. We're not prepared to really announce anything at this point. But we're optimistic we will be doing so in the coming quarter or so. | intermediate | [
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5f78e7bdd08ad1c3c4e181678fc8f61d | OK. Thanks. And then is there -- are there any updates on the calcium chloride product with CarbonFree? | Yes. So as I mentioned on my talking points, we have completed our pilot plant for what essentially is a new chemical process to make calcium chloride. Traditional calcium chloride production really has a pretty heavy CO2 footprint and so it defeats the purpose a little bit of working with CarbonFree to supply calcium ... | direct | [
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1565fe93632d83d00629c7d87b16348e | I wanted to start with loan growth. As we look to 2020, how are we thinking about loan growth? It looks like in 2019, outside of a little noise, you grew loans and kind of that mid- to high single-digit level, does that feel like the right outlook for 2020 as well? | That's probably safe. The -- for '19, we probably -- the elevated paydowns were probably maybe about $150 million more over the entire year than what we expected. And we did see a little bit of relief in the fourth quarter on paydowns, but it was still elevated compared to what we expected, but I think that's fair.
Ye... | direct | [
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5bedf1150e49376f5332fea485e7c1a9 | All right. And then, how should we think about growth in the expense base in 2020 relative to 2019? | I'll take that. So seasonally in the first quarter, we tend to have a little bit higher growth -- higher expense levels, if you look back from the past four, five quarters, you'll see our March quarter tend to have a little seasonal adjustment. That's when we do salary adjustments on an annual basis, as well as, there'... | intermediate | [
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87b630656d01934eba84fb33aafe733b | Right. That's helpful. And then any color on CECL and the impact that will have next quarter, Paul? | Definitely. So, when you think about our loan loss reserve as the existing loss reserve on the prior standard plus the double-counting of the discount on acquired loans, you'll get to about where CECL is going to be. Granted, there's some volatility there as it relates to the -- we expect some quarterly provision volat... | direct | [
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67b2b8fd54905ef8ed6611aa864134fa | I want to start with a core or call it, the adjusted margin. We saw some good stability in the fourth quarter. What's the outlook for the margin from -- in 2020 from the fourth-quarter levels? And specifically, how much more opportunity do you see to move down deposit costs from here? Thanks. | Certainly. We're expecting stability, but working hard to create expansion. It's just in this market, where we're really fighting -- the good fight competitively on both the asset and liability side. It's hard to pencil in anything other than stability.
But as we execute, we do think that there is potential, just as m... | intermediate | [
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2a5609bf988e1544ca9393012f8f99c1 | OK, great. Thank you, Paul. And then on the credit front, I believe in the prepared remarks, you mentioned there was an upgrade of a credit to help drive lower nonaccruals. I think the upgrade you said was over a $7 million credit.
Any more color on that upgrade? And then on the other side, charge-offs were a little b... | Well, Matt, on the upgrade, I mean, that was just the case of a pre-identified credit that we've been watching closely and performance of the credit over a significant period of time warranted the upgrade, as well as, the collateral position. On the charge-offs, the -- it was elevated compared to prior quarters, but it... | intermediate | [
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2677ad71678183bbe86973767f938c8a | So, we've historically talked about that kind of $1.5 billion origination level, and we're trending a little bit below that just given the competitive landscape. But looking forward, I guess, given the hiring initiatives, and just again, taking the competition into play, too, do you think that's still a reasonable targ... | Oh, hey, David, the -- I would say, we were really targeting about $1.2 billion to $1.3 billion on the origination. And yes, we do feel that's still a good number going forward. We did have 14 producer hires in '19 that will be gaining traction in '20, with also two internal promotions through our officer development p... | direct | [
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b12350af0bae168d0f841da46d4f473c | OK. And then, it was great to see the core deposit growth. Could you just talk about what our strategy is to continue driving this? Is it the treasury management that's just started to hit stride? Is it the commercial growth that's helping there? Just some more color into your strategy there. | Yeah, you hit it there, David, it's more of the same. We definitely are feeling really good about our, what we call, a leading indicator of new accounts opened and both non-interest-bearing, and then, across all account types. And then also our -- we do track our onboarding of new treasury, whether it's brand new treas... | intermediate | [
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bba8c85e9459c4a0f7da4110df41b26a | OK. That's helpful. Last one from me. Just any updates on the warehouse and the runoff there? And are there any expected expense savings from that? | So the exit is going on track. We're down to really just a handful of customers. It's been very orderly, and it worked as we had hoped. There will be some reallocations. It was a very small department. There will be some reallocation of some of that staff as we -- but we're not going to probably have that executed unti... | intermediate | [
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f690b452439ada923dce4e19dc8c42bf | Ray, Steve, I joined a few minutes late, so, I apologize if you addressed this. But Ray, you just mentioned 14 new producers in '19 plus two promotions. I was going to see if you guys had handy the stats as you sort of grade each class of new lenders, 2017, '18, '19, and kind of what their capacity is at this point in ... | Yeah. That's -- Brad, the -- that population of '16 -- I'm sorry, '17, '18, and '19 is around 30 producers and there's probably capacity there of another -- we actually -- if you look at the population that's not '17, '18, and '19, but all of our legacy lenders. That's around $41 million, is that average. So, there's d... | direct | [
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e25d583064f1121c2bfce5294506e277 | And, Ray, it's still kind of -- you're targeting kind of one new producer a month? | Yeah, that's how '19 shaked out. I think that we'll -- there will be some in '20, but I also feel we'll have some homegrown in '20 as well, supplement that growth through our officer development program, where we had two this year or in '19, we may have four or so in 2020. So, I think you'll see something close. I'm no... | direct | [
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75aac995acb7d274c3ff815557b2ddca | Got it. And Paul, just on the Federal Home Loan Bank advance that you prepaid, did that happen toward the end of the quarter? We see some pick up in 1Q? Or did that kind of happen toward the beginning of the quarter where most of the benefit from that's in the -- already in the run rate? | Happened about one-third of the way through the quarter. And yes, we got two months of benefit from it. | direct | [
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99a654bf5f8ee0454cce3debb21bbc14 | OK. What was the rate on that advance? | It was $50 million that was costing around 280 basis points. | direct | [
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3ae9c0b2a94783cf6a334e915ac61918 | Yeah. Thanks for taking the follow-up. Just wanted to circle back on the dividend announcement, first-ever dividend, $0.10 per share. Loved here, just more about the decision to institute the dividend and just a general view on current capital levels? Thanks. | Yeah, Matt, thanks a lot. Yeah, we're just managing capital, and obviously, we've got capital accretion through our earnings. And with the growth expectations balanced out throughout the year. We'll take a -- this is a just kind of a modest entry-level of dividend that we would like to enter into and hold to. But we al... | direct | [
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d32a6f5b717edf156e02d443d86c868f | OK. And Paul, do you have it in front of you on the share repurchase plan, what the current authorization stands at right now? | The -- so we -- our second authorization for 1 million shares, we have about 230,000 shares remaining on that authorization to that. | direct | [
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23ebceb9598e3ec4dd21562aa32de30a | And when does that expire? | I don't think it expires for another nine months or something along those lines.
eight or nine months, yeah.
But if we run to the end of it, we'll seek board approval for additional authorization. | direct | [
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4ae069257c4b6a16a9274b04118d7a7d | Hey, Richard John Spiro no. I'll give a good. Well, just want to start maybe with Puget Sound just on the back of the transaction closing earlier this week and maybe just get your latest thinking around some of the logistics assets there, I think, at some point, maybe slated for drop-down. Of course, you've got Sinclai... | Yes. I think we've put that on the back burner, Spiro with, obviously, Sinclair coming. Focus is there right now. So no immediate plans with respect to Puget Sound. | intermediate | [
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ebb6c67b19ceb5bf13f6a11d715a18cd | Okay. Got it. And then just as we're thinking about volumes and the outlook here for the rest of the year, I think you all had some turnarounds and maybe some maintenance this quarter that impacted volumes a little bit. So just curious as we get into the fourth quarter, anything to call out there just from a volume tra... | Yes. We will not -- HollyFrontier's Navajo refinery is in the latter stages of a turnaround right now, so we will see impact from that both in terms of crude and, to a greater extent, on affiliate product. Volumes in the fourth quarter, we would expect that to bounce back then in the first quarter and going forward fro... | direct | [
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e4ef0d653e0f417d5c2eb535ee17337b | Okay. Perfect. Last one, if I could sneak it in. So one of your peers had mentioned just tracking renewables and the potential for that to be MLP qualifying income at some point and potentially opening up some opportunities for them on the renewable side. I would imagine you're watching that as well, but I don't know h... | So I -- look, Spiro, I don't think we know anything more or less than anyone else does. We read the daily updates on the last-minute changes to $1 trillion bills. So look, we are -- we're actively paying attention here. It is -- it could be very -- potentially very interesting for HEP but more to come. We'll clearly pa... | intermediate | [
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a86677d1d2779e2437178787bfbfd0bb | You mentioned -- hey, Jeff, you mentioned the operating model looking -- potentially looking different post-COVID. Can you elaborate a little bit on some of the changes you expect most likely be implemented and then, what this could mean from a structural profitability standpoint longer term? | Yeah, thank you. The conversations whether they'd be with Marriott or Hilton, of course for limited service hotels, but frankly for all revolve around to highest cost items, housekeeping and food and beverage. On the housekeeping front and again, all these conversations are currently ongoing as between the brand, the b... | intermediate | [
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ee558cba4423fe1f286fb81e0e1c2cf9 | Got it. And then what have you seen from an advanced booking standpoint in recent weeks? Maybe as you look out to June or July and then it sounds like first responders and others are accounting for a decent percentage of occupancy right now. As things start to recover, do you see a step down before you maybe see improv... | Basically, listen I think there will be as far as an industry right, I mean I think as first responders, military that are needed for some of these urban areas as they check out, and you have business travelers or whomever it might be leisure travelers coming back in, there will be a little bit of a disconnect, I think... | direct | [
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515319f70f32152723c12cfc3e9bf5e8 | So I just wanted to follow up a little bit more on the previous question there. And also in the prepared remarks, Jeff, I think you're talking about current trends somewhat encouraging. You talked about the occupancy bottoming at 17% is now closer to 30%, a little bit more. Can you just get more precise in terms of wha... | Hey, Tyler. Yeah, I mean, just to hit your last point real quick. I mean, leisure demand is really just a last two-week phenomenon and it's only in a couple of markets. So the example I gave you for Savannah because Georgia, I think, relaxed its standards two weeks ago. The occupancy demand at Savannah was again kind o... | direct | [
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1507844bb693f18d3ecdcaecb42e821b | Okay, perfect. That makes sense. And following off the same train of thought, just I'm curious how you guys are thinking about ADR and your ADR strategy both now, but also when things reopen. I mean, as some of these markets get going and you get some more demand, do you think there's going to be potentially a race to ... | Yeah -- no, I mean, we're concerned about it. I mean, I think listen, everybody that's -- all the companies that are giving occupancy breakeven levels are just basically lying because at the end of the day, it all depends on what the heck your rate is. And for us one, you've got a lot of hotels that are closed. So as w... | direct | [
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7de07784027109572ff72bcc66cbef8d | Okay. That's very helpful. And just last question for me, I apologize if I miss this. The Warner Center developments, just where are you guys in terms of construction spend on that, etc.? I mean, probably it's premature, but just any update, possibly, you could provide on timeline in terms of when that could be finishe... | Yes, Tyler. Yeah, I mean on that, we've -- listen, we've -- back about, I'm going to say three weeks ago, four weeks ago, we finished the majority of the concrete pour of the building, which is up through level three. For us and kind of given the challenges associated with the labor, getting it to the site construction... | direct | [
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ce2b7c7afeaa52eada3ae9512f700b8d | Hey, guys. Good morning. I'm on for Bryan. I just had a quick question on liquidity. You mentioned that you had six hotels that are currently unencumbered, that could serve as collateral for raising additional debt. But I was just curious if you had considered potentially pursuing any dispositions to help improve your ... | Yeah. Hey Matt, this is Dennis. I mean, listen, we'd certainly consider it, but at this point, there is not a whole lot of acquisitions or disposal activity. I think you see everybody that's out there that had contract -- hotels under contract, those are all -- everybody is backing out. So the ability at least in the s... | direct | [
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abd195460e6f531d9bd6b5d34e4a961f | Okay. Thank you. That's helpful. And then turning to cost savings, are there any additional initiatives that you're considering deploying at the moment or do you believe that everything that you've already instituted should put you in a good enough position to weather any additional near-term headwinds? | Yeah. I mean, I think everything we've done so far is provide significant benefit of what we've done to date. As I've talked about in my prepared remarks, I mean, we are still looking at vendor relationships and pricing and utility types of savings, but quite honestly, there's not a whole lot of volume anyways on the p... | direct | [
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952adf3bec69e5d80a076635a4cc8a7b | Got it. And then my last question is with capex, can you remind me what the exact breakdown is supposed to be over the next few quarters? I'm sorry, I missed that. | Yeah, we've got about $7 million that we're going to spend. And this isn't related to Warner Center, but $7 million of capex for the balance of the year with about $5 million of that in the second quarter related to our Anaheim and New Rochelle Residence Inns that are going to be wrapping up their renovations. | direct | [
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57ad8080a7d4422b2fd0a75ad9f37b54 | First of all, Allison, could you -- what's the net liquidity? I missed that number -- with -- including the public shares and cash? | Jon, it's about $169 million.
$169.4 million. | direct | [
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739831b1695af9821c01faf5b6753edf | And then, Mark, could you opine a little bit on -- so, do you believe that private markets are down as much as or more than what's happened, say, in the Russell or the Nasdaq? | Well, Jon, I think as most people have read and seen, that the indices, while down sharply, don't really tell the whole story. And I think we discussed it on our last call, over 50% of the Nasdaq is down over 50% and something like 20-some-odd percent are down 70% or more. So, especially with the small mid-cap growth, ... | intermediate | [
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8ebccfcc7fd307f89ff5f88877a11caf | The first one is on your 2021 guidance. It's a nice and large increase versus 2020. And Shawn, I think you mentioned in your prepared remarks that today is driven less by subsidy and more by project economics. Was wondering if you're seeing, with the lower module pricing, any result of greater unsubsidized demand creat... | Hi Philip, this is Shawn speaking. Well, my answer is that I believe almost over the years 2021 demand -- Sorry, almost all of the 2021 demand will come from unsubsidized demand rather than the government subsidized demand. | direct | [
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17ef78b662d9579b8055994c055ecb1f | Great. And how much of 2021 do you have visibility into? Let's say, your guidance is 19 gigawatts at the midpoint. Do you have already visibility or even contracts for 25% of it or something even more? | No, this is -- the demand was 18% and this is what we believe we can ship. We did all our channel checks. We think there are -- first of all, there are like demand toward our trend area project getting pushed to 2021 that will be one of the demand source. And second, there are many projects prepared for 2021 anyway. An... | direct | [
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3332ce6e2b49841853ad6fce27d88783 | It does, Yan. Thank you very much. That's very helpful. So looking at the other side of the equation in terms of your capacity expansion potential, I know you mentioned that you would like to share more on the next call but given the visibility that you have, was wondering if you might be able to provide a little bit o... | Sorry. Phil, if I can give you some indication but I can get -- cannot give you details in number because we're still in the last phase of planning and we need to get the Board's approval. But before that I cannot share that the tangible numbers but I can tell you that we already have the shipment guidance for next yea... | fully_evasive | [
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ce04444b208d37107b17c6fffa1caab8 | Okay, great. Thanks. One last one, if I may. As it relates to the China listing, how much do you think you could raise via the pre-IPO process? And then ultimately, how much would you target during the IPO process in China? | Well, Phil, we do have our target but we are in the pre-IPO talk right now. I would rather share this number with you after we close the call only going to be less than two month sales. And so, I would rather share -- but what I can let you know is that the demand for the pre-IPO like, while the available in the next -... | fully_evasive | [
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09c1c4363dd686bdd7d151375c9074a1 | Hey, guys. Thanks for taking the questions. Maybe just a quick follow-up to Phil's last one on the pre-IPO discussions you're having, any sort of sense of range of valuations that you're hearing investors are comfortable with for that segment? | That's another question I would rather answer after we have the numbers. I don't want to give a indication, so that the pre-IPO investors know how to negotiate with me. But on other hand, as I said in my answer for the previous question, the demand to our investment quarter is very high. So while we see -- I think we'l... | intermediate | [
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5bdfe213afe3ffab53fc85e7a1d018c9 | All right, fair enough. Maybe a couple of housekeeping questions for Huifeng. Huifeng, on the 3Q guidance can you give us a sense of what mix of energy versus MSS sales is embedded in that and the kind of gross margin ranges for each of the segments given how lumpy it's been through the first couple of quarters here? | That breakdown -- we don't have -- don't provides a number yet but mostly still in the MSS side. In the Q3, there will be some project sales closure but not significant to contribution. And there also is uncertainty of the closing time but I think before the end of the year between Q3, Q4, there will be some closure. | intermediate | [
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03cf83f8d009056832df1912018a4734 | Okay, fair enough. I guess, maybe just to follow up on that, though, if you take the implied price per watt in 2Q, since 2Q revenue was almost all modules and you assume a fairly small contribution from energy in 3Q, that would imply module pricing is going up from 2Q to 3Q, which I don't think we're really expecting t... | Okay. Well, maybe I'll come back to you later on the follow up with more details. | fully_evasive | [
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fa8ea9f551c1d2b6dde2830fa36114b2 | Okay, I'll take that offline. But then maybe just one last one for you on the gross margins presumably, they're going down for modules in 3Q since the majority of your revenues in 3Q are still going to be module-based. Should we expect gross margins to sequentially decline further in 4Q, just given the volatility and p... | Let me take that question. This is the Yan, Brian. Well for Q3 the margin is lower for module businesses because module contract was signed few months earlier for Q3 and suddenly we're experiencing a polysilicon shortage and price up, significantly up. So we are increasing our module pricing but for the contracts that ... | direct | [
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93b23748499b1e5128182d9ea4e19ef1 | Thanks so much, guys. Can you talk a little bit about the -- any mix shifts and changes with the direct sales channel? And how we should think about pricing with some of these bigger volume deals versus pricing dynamics with the direct sales channel? | We experienced some impact from COVID-19 on direct sales channel on the residential markets and commercial markets. In some markets, for example, in the U.S. and they starting to warm-up. And however, the impact varies from country to country. And like Japan, which is the -- in terms of revenue, the biggest residential... | direct | [
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ae37952066811e7961317a717c5bedc1 | That's very helpful. And then, in the project business, can you guys talk about opportunities for acquiring distressed projects, what's happening with your customers in terms of push-outs and challenging -- challenges on financing where you guys might be able to step in and capture some out-sized value? | Colin, if we see any good but distressed assets, we're interested and we will take that opportunity. And this moment we haven't really -- we haven't seen big ones yet. But as usual, let us know if you heard any opportunity we'll be interested Colin. | intermediate | [
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525614ec095b0cd6b54852fe4c3fe604 | Yeah, thanks for taking our questions. Most of them have actually been answered. I wanted to follow up on one of Brian's questions. So Huifeng, are you able to quantify the impact of the poly supply shortages in 3Q, the 14% to 16% guidance. Can you say what that might have been without the poly disruption? | Well, I think the impact is pretty major. I have made a calculation. I mean, I think, majority of the impact comes from the Silicon, right but however when something happened, everybody has tried to ride the same boat to reach their pricing. So altogether, I think when it comes to module the impact is like U.S. $0.02. ... | direct | [
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7d41ba75df397878c6044d89cfc97332 | So I appreciate your optimism around loan growth. So just kind of curious, would you expect kind of with what you have in front of you, you can kind of get back to that sort of low double-digit, maybe even higher growth rate that you guys have experienced in the past? Or you think that's more of a second half '21 and '... | That's a really good question, Brad. It's the timing of when does the rebound and loan demand. We think -- the line utilization, we think will bounce back, but I couldn't say that it's going to be evenly over the next four quarters, right? That would be speculative on my part. And the construction loan collaterals [Pho... | intermediate | [
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8661a5b594c505a3267ff242aaf06a82 | And Tom, for the growth that you are seeing what types of rates are you seeing on the new loan originations that are coming on? | Hey, Brad, it's Bud. We're -- with savings, I would say, we're getting [Indecipherable] the quarter on the deals. | fully_evasive | [
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1e768c0159e8ac0856e787a4b955675c | Obviously, liquidity continues to be a big headwind for the margin. Kind of curious, are you guys going to kind of hold that -- kind of wait for the loan growth to come? Would you increase the bond book at all? Just kind of trying to get a sense of kind of how you're thinking about that big liquidity bucket that you've... | Well, we like to try, but Fed buys [Phonetics] everything. So there's really nothing to buy. You're about -- like if you break even every month, about what pays down a mortgage backs, you can buy. It'd be hard to build it up by that much just based on what's out there from an inventory standpoint right now. | fully_evasive | [
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15de2e79a5fe7a4dd39e1495a7b28c3e | Just curious, it sounds like everything is going in the right direction in terms of credit, and you guys all feel comfortable. I'm wondering what you're seeing in terms of migration into criticized and classifieds? Whether any of the big decline we've seen in deferrals has migrated to those categories yet? | No. I mean, I think for the year, we were up in criticized assets. But for the quarter, we were down in the fourth quarter on our criticized assets. And we're -- as folks got off of the deferrals, they start making payments again. We haven't increased TDRs. They're continuing to pay. So for the quarter, we did see a de... | direct | [
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bf97aa6b44b298968b43f3e980d7ace0 | Yeah. Okay. Is it fair to say though you're -- are you taking a more, not more proactive, but are you taking a deliberate approach because of the pandemic to work those through this -- the pipe a little quicker than you might, if you didn't have the pandemic looming out there? | We are. Kevin, it's just a good time to take a hard look, especially the fourth quarter, you don't want to carry something over from year-to-year that has any sort of loss potential in it. Right? So you as a former diameter [Phonetics] would not appreciate us doing that if we were a bank. So we are trying -- we do try ... | direct | [
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d3aec88ae5e491a6379a78a03eab1fb3 | Can you -- Bud, I appreciate all the numbers on PPP. Some of those were coming kind of quick. If you -- how should we look at the timing of the forgiveness on what's remaining on round one and the recognition of the fees in terms of over the next few quarters? Will at all occur in the first quarter? Will it be spread b... | Yeah. The current PPP is spread throughout the year. I know it's a little bit elevated more in the -- driving first half of the year. So we anticipate we had -- there were $17 million left or $17.8 million. So essentially, all of that will play out. We don't -- we see maybe just a small amount left, maybe at the end of... | intermediate | [
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60de6bf92141cdefc71388d76a573f91 | And just to dovetail little on Brad's question on the excess liquidity, so you've already got this very excess liquid position. But isn't it likely now to get even more elevated because now you basically are getting cash coming from the SBA on round one? And then, is your expectation that -- I know there is a limited a... | That would be -- our assumption is that we will see deposits migrate out at some point, but we are projecting net deposit growth for this year. So each of our regions we roll out there, their numbers and our own. And so they are optimistic, they continue to grow their balance sheet. Yeah, we need to find some loans. | intermediate | [
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d66a70c58b9cf3ded22da56f1d0e6642 | So, Tom, in your prepared remarks, you mentioned crossing over $10 billion, which we generally assume comes with elevated costs around the compliance side of the business. You also mentioned that the pandemic helped you learned that the branch network is not as necessary, even -- I believe you said even for a branch-li... | I'll let Bud address most of the question, Wally. We are looking at branch rationalization. As we open new branches, we'll always be saying, where can we be more efficient. And we think there are opportunities as leases come up. It take a little bit of time, but we've got a couple of offices, we think we can consolidat... | direct | [
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587f0417981489890bd67cb5f7e2ede6 | Okay. And maybe just trying to put a bow on this, you did about, I don't know, it's like 8% or 9% growth in your expense in 2020. Do you think that the growth is at that range in '21? Or is it above that? Or do you think that you've got opportunities to slow that growth down? | I would say, it's still going to be in that range mainly because of the elevated RT expenses. | direct | [
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341bd70d6d50c78773ebf470db16df6a | Okay. And then just one housekeeping question. I couldn't find it anywhere else, I mean it was probably somewhere, but what was the period end PPP balance? | Yeah, one sec, that is $900 million. | direct | [
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1718b96dd49664cac225db1de818edda | First question, just on the outlook. I appreciate the guidance is unchanged. But if you just think through your different substrates or regions, has that composition of earnings generation changed at all? Or would you say it's fairly similar to how we started the year? | I think it remains. I mean, obviously, Metal Packaging is performing well. I don't think we want to break out the guidance anymore that we've done already. | direct | [
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cd3c0c22e912ff080b8faed050923872 | Paul, I think you mentioned again today the potential for an exchange offer that could involve some switching of people from ARD shares into AMP shares. My question is following the close of the AMP transaction, would there be some sort of lockup period that would need to pass or expire before you can make such an offe... | No lockup as such, and we could make such an offer fairly soon after the AMP transaction closes. | direct | [
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48f9f653a8eea10051c4f27d0e558dcb | I guess, I just wanted to catch up on Glass, maybe. Could you elaborate a little bit on how you see that market evolve over the next couple of quarters? And are there any nuances in different categories? We have seen a little trail off in wine because of the growth on the seltzer side. Have you seen that as well? | I think right across our Glass business, we're seeing good demand. So in Glass North America, we're seeing very good market conditions in terms of demand. And we're selling all the glass we can. And as I said in my earlier remarks, what we want to do is focus on improve -- converting that strong demand into increased p... | intermediate | [
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933c4af8ce556471016b656d72f8a07c | Okay. And then what about the cost side? Are there any cost pressures that you guys would point out? Metal is obviously a passthrough, but anything else as far as logistics or raw materials? | Well, I think the main one we highlighted on Glass has been in North America, it's been logistics and freight, which in common with a number of other people | direct | [
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823cdba7c48ef140511ac0f467d30ccd | Just to build on that Glass question. You did mention an improving demand outlook in Glass North America better than you've seen in a while. Can you dig into maybe why that is or what's any specific end markets? Or just any more color you can give around that? | Well, I think it's right across the piece. We're seeing good demand. I mean, obviously, the pandemic has increased food consumption in glass as well as in food cans. But right across the piece, we're seeing good market conditions. And our -- certainly, our network is certainly in balance, probably -- we're really proba... | intermediate | [
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d097a496a5b53a05f924dc4cdb74d228 | Okay. Great. And over in Europe for Glass, can you give some more details on the lower engineering activity that you called out? | Yes, sure. We have an engineering business, as you know, for many, many years. Quarter-to-quarter, it can be a bit lumpy. So, you know, it impacted our revenue line by $5 million or $6 million in the quarter, but there was minimal impact on EBITDA. You can see that EBITDA in Glass Europe was up 8% or 9%. So it just -- ... | intermediate | [
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8c5a21332635e2b2402465f2d9654dc1 | What was the amount of the $423 million of off-balance sheet securitization in Q1 '21 that was attributed to AMP? In December 2020, you put that at $300 million. | Roger, it's at about the same level. Overall, it's around $400 million, $420 million, about 3/4 of that is on the Metal side of the house, and 25% of it is in Glass. So similar sort of proportion. | direct | [
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1cca98121013a4be988b2eabbe7a2e62 | The -- for the full Ardagh 2021 outlook, cash flow items, you reconfirmed the EBITDA of $1.28 billion to $1.30 billion. Would you be reconfirming the other items, for instance, the $380 million maintenance capex, 90 lease payments, etc.? | Yes. Maybe I could just run through that. I think what we said last time, this working capital outflow of 50, maintenance capex, $380 million, leases around $100 million, and then the BGI is $900 million. And I think what we said is interest, $285 million and tax $75 million. So if you add that lot up and take it off t... | direct | [
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0e06f1e1c933b01ebcce609a739ccf2e | Okay. Great. And then lastly, would you be interested in providing AMP's Q2 '21 EBITDA and 2021 EBITDA updated guidance? | So we'll start to give separate guidance, Roger, when the companies are -- this merger is formalized. What we can say is that AMP's trading performance is well on track in relation to the numbers that we published with the SEC as part of the transaction. So the $650 million plus EBITDA this year is on track. | intermediate | [
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3ed3900bcfb8024b23831c3654c56a35 | Just following up a little on Roger's line of questioning. So from -- not counting the proceeds from the bond deal, you had about $7 billion of debt. Then now you say, I'm just a little confused on the April one comment in the release. You got $2.3 billion. Are you still getting another $1.1 billion to get to that $3.4... | No. You're quite right. We get the other $1.1 billion when the transaction closes. So it's still $3.4 billion. | direct | [
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9ea32c326b4c7f32c7a9bdcb7c0a2abd | Okay. So if I take out the metal bonds off and the cash that's held off that. You had about $7 billion of debt, and you got about $3.4 billion of cash coming in against that in addition to the $900 odd million of cash you had on the books? | Yes. That's correct. | direct | [
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237c1fe48e85a14d82bfa1029d591d3e | Okay. And is there -- and maybe you haven't discussed this yet, but is there any limits or any plans to send some of that cash, what I would say, up out to the -- like Ardagh Finance to those other bonds? Or have you discussed that yet? Or do you have a target leverage with $600 million of Glass EBITDA, LTM, and I'm su... | Well, it's more than $600 million. But let me first of all say that in regard to use of proceeds, as we indicated in our call in February last, when we announced the transaction, we intend to repay some $2 billion of our existing debt with the balance, some of which will be to call the remaining $800 million of our 6%.... | intermediate | [
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cca9c567045e9ffc02f8c06cb2f500d3 | Right. Yes, I guess I was focused more initially on cash flow. I know you're planning on a dividend from AMP, maybe not this year but down the road. But -- and then just lastly, for 2021 of all the capex you mentioned, can you just -- for the Glass business, roughly what is just the Glass business EBITDA -- I'm sorry, ... | Yes. Of the maintenance capex at $380 million, about $250 million of that is in Glass. And of the business growth investments, spend that we're having about $100 million of that is Glass and $800 million of that is Beverage. | direct | [
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c35a8f1585094f616d41c7dc52f09ed1 | Hey good morning and thanks for the caller. I just had a quick question, if you don't mind refreshing us. Can you -- and I know you have more of a bias toward off-premise consumption on the Glass side, but can you refresh us on what your mix is in Europe and North America, just between sort of off-premise and on-premis... | Yes. Obviously, we surprise the containers, we don't have full visit where they go, but we would recon 80%-plus of what we do is into the off-premise sector. And it's probably highest on-premise in terms of Glass Europe. But our volumes there even against a pre-pandemic period in the first quarter, where they were slig... | intermediate | [
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"fully_evasive"
] | B |
4418f4f7fe3604f68c53efa1fb0bb47c | That's really helpful. And as you think about sort of the path to recovery there, obviously, some volume strength still, but do you have any sort of expectation when you get to pre-pandemic levels? Are you generally there? Again, hard to say with a lot of moving pieces, but any color on sort of your path to pre-pandemi... | Well, I think we're very pleased with the demand. Well, obviously, the demand in beverage cans is growing very strongly, and we're completely sold out as are our peers. So that side of the house as well. We're very happy with what's happened in Glass Europe so far and its recovery and also with the demand in U.S. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b660ca2f6442c3df291aaec1a7756c47 | My first question is regarding recurring revenue. Right now, you're around 26%. Could you just remind us of what your longer-term expectations or goals are as far as growing that annual recurring revenue? And then again, what portion of that was particularly SaaS revenue? | We've said over the next couple of years, we would like to see that annual recurring revenue get north of 30% of total revenue of the company. As you can see by this quarter, we've made great strides toward that against the compare in the prior-year quarter of only 19%. So we're continuing to develop our software platf... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9c1cc3997a415f812883d4211d973ae2 | And then regarding geographical targets, is there any more color on any areas geographically that you might be targeting right now to aggressively expand into? I'm talking only organically, not about any acquisitions or anything in this case. Just areas of opportunity you see that you may want to use your existing tech... | Yes, for sure. This is Joe and I'm glad to take that. Just for everybody's benefit, I want to make sure everyone understands that we have particularly good penetration at this time on the West Coast, substantial and significantly growing penetration in the Texas region and then similarly, an increasingly nice footprint... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
967f7fc15e31f48580a6a6a914513f4b | I guess just a question on service gross margin, where do you see that kind of progressing to over time? And then I think you talked about recurring going from 19% of revenue to 26%. I guess I would have thought that might have bumped up gross margin and service a little bit year-over-year, but kind of flat year-over-y... | Sure. So yes, Mike, the service margins in this particular quarter were significantly down because of the Iowa write-off. Adjusting for that, they would have been close to what they have been. They have generally ran in the sort of 35% range. And just as a reminder, that line item in our P&L has our professional servic... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
bc98849c33d68dff68da7e934d798da2 | OK. Great. And then can you just talk â you talked a little bit about private sector opportunities in the pipeline. Can you give a little more color there? And are those more SaaS or product? | Yes. Happy to try to answer that, Mike. So the answer is that it does have a very high technology content, as opposed to our consulting product lines, which are largely focused on the public sector. The private sector opportunities, I would further say, are largely SaaS-related However, there is some technology product... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
87c2c3617fc31b1340e66c1e97b83362 | Just one on the supplier issues that you cited, how â any estimate on kind of how much that impacted revenue in the quarter? | Sure. It was two separate suppliers with two separate really sets of circumstances, but it was a little over $1 million, probably about $1.2 million One was a raw material supplier that had issues. And then we also had a different â actually subcontractor on one of our large professional services engagements that ran i... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
71161a4bfc07044b600307d0cfec2a6e | Any sense that I mean some of those kind of issues could crop up in the next couple of quarters? I mean just given the sort of global supply chain issues that we're seeing? | I mean, unfortunately, I think the answer is yes. It continues to be a very challenging situation. We're doing everything within our power to manage it. But when it comes to third parties, it's â we're highly dependent upon their ability to execute and manage the issues that so many companies are facing. So I wish I co... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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