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794f1cce8f9179c263ae09374930ef53 | Okay, OK. And then just the last one. So free cash flow, I think you said in line with earnings kind of 100%. But I think D&A is $200 million and CapEx is maybe $120 million at the midpoint. So, there is kind of an $80 million gap. Is that working capital or what's the variance there I thought it'd be more better? | Yeah, I mean we expect it to be a bit over, but we're looking at streamlining working capital and the things going at CIT to build (ph) inventory and then what we're doing with Petersen. So I would expect it to be a little better than that, maybe a little conservative on our guide, but it will be at least 100%. | intermediate | [
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863ca72d24238b185395a9b1255d81ae | Just, first, could you guys provide some more color on how you're thinking about capital deployment this year? I mean you bought back the larger than expected amount of stock in 2018, the Board just authorized as you said, an additional 5 million shares for repurchase? Do you plan to potentially buy back a similar amou... | Yeah, Neil, I think, you will continue to see us be opportunistic on the share repurchases. We're going to balance it. Obviously, we've talked about -- Bob and I have talked about the balance between acquisitions and share repurchases. I would imagine, obviously with the authorization we will continue to buy shares bac... | intermediate | [
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b078d06ef89552ffe346dc273e7093ec | Okay. And what was the full-year restructuring number for 2018 relative to the $23 million to $27 million you expect for 2019? | '18 we ended up a little over $30 million. | direct | [
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7d93bc5063d1c682c37734996a2064c0 | Okay. And I think you previously talked about $15 million of restructuring costs for '19. I think that $30 million might have been below what you were previously looking for. So curious where the incremental spend is for '19 or if just some of the cost got pushed out this year? | No, expected around $15 million to $20 million, we're going to end up, I'm going to say in the middle of our range is $25 million. Some of that's Petersen because obviously when we are talking about '19 a quarter ago, we didn't know we are going to have the Petersen step-up. So some of that's the Petersen step-up and t... | direct | [
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002d30c258bca04caef9356d52a47403 | Okay. And then just one final one on restructuring. So within Brake & Friction, there is a large implied step down in restructuring cost in 2019. Can you provide the year-over-year tailwind to operating income from both the lower restructuring costs and the savings excluded any sort of positive impact from changes in v... | Yeah, I mean we had almost $20 million of restructuring in 2018 and that's going to $2 million restructuring, so the tailwind just from restructuring is $18 million. And then we'll have -- we're expecting $12 million of savings in '19 related to the restructuring we had last year. | direct | [
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b7e9a4f7470a9d6cd163e6633c095646 | Good afternoon. And just looking into 2019 for your metal roofing business that you guys have now, I guess what is your expectations for growth there for 2019 in metal roofing and how is the metal roofing margin looks like relative to the legacy CCM margin I guess pre Accella? | First of all, on the growth, we would like to see Petersen continue their recent double-digit growth. I think that's definitely higher than the metal roofing average but Petersen has done an excellent job of new products and also geographic expansion and share gain. So we'd like to see that continue.
With respect to t... | direct | [
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4bfecc73ea878f5657f964637ad59b34 | Okay. I guess just sticking with CCM margins and we already touched upon Accella, can you just provide an update on how the Accella margins look like in the quarter and sort of how you expect that to progress in 2019? | Yeah. I mean overall, we're fully combining Accella into CCM. So as that combines in the factories purchasing gets mixed together. We don't have a great view. We are tracking the synergies, we're keeping an eye on it, and making sure we're doing what we said we do. And nothing's changed from the last outlook we gave wh... | intermediate | [
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bcd5b79d7130820e31cace73edc44cd9 | Hi. Thank you. Just first question is just on CCM, you saw legacy volumes, if you back out the pricing comments that you made, looks like demand is maybe flat or slightly up in the quarter. So just wondering if my math is correct, if true, what drove the deceleration? 2Q was a bit higher than that. 3Q I think was up lo... | Yeah. Garik, as you mentioned you're correct on your assumptions with volume there and we -- I think we've been pretty clear for many quarters about how we were going to stay with our price discipline and there were certain areas where our pricing discipline causes to walk away from some jobs that would have added volu... | direct | [
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8f2fcb2f2f48a750a13a6b6e7fc86f03 | Okay. And I think just looking at your outlook for 2019 in CCM just what are you seeing in the market that is giving you confidence that it comes back up to mid-single digits? | Yeah. It's really again our gains versus the competition we think in certain areas, specifically in PVC, EPDM, we still see some outlook there that's positive, we still think the market has some room to grow. We've got new products coming out. I think Bob mentioned that, we have new products. So we're fairly optimistic... | direct | [
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3004a1c732130956db410573b13e1d44 | Okay, thanks. And just my last question is just on the improvement in the CIT margins in the fourth quarter. If you could provide a little bit more color on what drove that and if you think you can get up to mid to high-teen margins in CIT, just given some of the tailwinds into 2019? | Yeah, I mean I don't think we'll get to high teens, I've been talking for a while, we get 100 basis points a year. So -- and we're still on track for that. There was no magic bullet that happened. I think it was volume coming through, good mix and overall, the restructuring pieces that we've done over the last year com... | direct | [
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08b247057a5e6f6b22088dadada85118 | I just wanted to circle back to CCM volume a little bit more. In terms of weather impact could you parse that out for the fourth quarter? | Yeah. We are -- I mean, we're not going to get specific days on the roof, I think that would be very hard to do. I can talk to you a little bit about where the weather was. And if you look the upper Midwest, if you had a map and you looked at that, I mean obviously the upper Midwest and then I'd say the mid-Atlantic st... | intermediate | [
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d2be9d25e9b8cfadc9f3ddc6ea672216 | Okay. That's fair. And then, obviously, we had some challenging weather in the first quarter as well. Is it fair to assume that the push back to project activity assuming that the labor shortage does not get in the way, will benefit your second and third quarter the seasonally stronger? | Yeah, I think the big thing again is how much incremental labor can we get. If the days are there, we definitely have the project backlogs, the ones that are delayed by weather have to be done. These are not projects that are on a black (inaudible) projects that need to be completed. So one would think that there would... | direct | [
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c3c5fe4317b4c82e56e80d8248f41d03 | The 90 basis point of pandemic of losses and expenses in the quarter, could you just provide some details on the actual geography or what comprised of those reserves? | Yeah. So related to the pandemic for the fourth quarter, so we reported in total, it's going to be $13.4 million, which is 0.9 points on the estimated combined ratio. So related to that, so $8 million was related to legal expenses to defend ourselves on the CIC policies that do not cover there. And then there was three... | direct | [
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a870e9abd3bce69ac17f73bf1835045a | Got it. And look, understood, these are small numbers, but how are you thinking about the ongoing nature of the pandemic versus the affirmative coverage that you have from Cinci Re and Cinci Global and the potential for any COVID charges to continue into next year? | Yeah. No. That's a great question. And we watch this every quarter. Every quarter, as we close the books, we've got to nail the reserves the best we can. So we do go through a process, a lot of folks that are involved in estimating. And so in this case, there's really three camps. You've got the Cincinnati Global, the ... | intermediate | [
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c3ad49b3920bee51acbf4cef75b527b3 | Switching gears and thinking about new business. I saw in the earnings release, there was commentary, new business premiums were down. And in some ways, it reflected increased competition with fewer policies at adequate pricing levels. At the same time, it feels like we're in this firming or firm or hard market, howeve... | Hi, Phil, Steve Spray here. I would answer that with the fact that just we're in -- our industry is in such a dynamic environment. And some of the classes of business or segments that you see that hit the headlines as far as the highest -- the firming market or hardening market would be maybe in larger D&O policies, la... | direct | [
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6ec1697f67f14c4d410ba0eebb1711e2 | Maybe you can kind of talk to -- excellent underlying margins again this quarter. Curious if you guys -- if you and your colleagues are recognizing what we've been seeing is -- and hearing is kind of a more benign frequency trend in 2020, especially -- obviously, we can see in personal lines, but speaking more to the c... | Yes, Mike. This is Steve Johnston. And we have seen improving trends. And I think a part of it comes from the ongoing effort that we've been doing and -- that Steve described in terms of our discipline in pricing and underwriting, what we're doing with the segmentation of risks and using all the tools that we bring to ... | intermediate | [
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785194804443cbd162c5b13b405ba041 | OK. I understand it's complicated, and there's a lot of moving parts. Maybe ask a different way, maybe you can give us some color on kind of what loss trend you're assuming on the more recent accident years. Is that -- is it kind of a low single-digit loss trend you're sticking with? And maybe that could give us more c... | Yeah, I think the key point with the loss trend is that ratemaking perspective. And so when we talk about a loss trend, we're always talking about, well, what's our estimate of the trend that's going to be applicable prospectively in this prospective rating policy period. So we'll be making rates for policies that will... | intermediate | [
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8fe9df1b4a6f525f622b6792a726bdc1 | OK. Great. And one last question, and I'll probably get back in the queue. You -- thanks for bringing up the Ohio Supreme Court to certify to request, an answer to a key question. Is that -- if you can remind us, was that accepted by the court? And is there a time line or time frame we should think about? | No. That is still open to the court. They have not decided one way or the other on that yet. | intermediate | [
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ecb48ff1e45a4ff67949da5b44ef5abb | OK. So they haven't decided to see the question, just to be clear, or they -- or -- | It's an -- that's correct. It's -- they haven't decided one way or the other whether they will see the question. It's still in process. | direct | [
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55d99f109164351327ae920dd57e55a9 | One really quick one on BI, if I can. Can you disclose how much protection remains on your 2020 catastrophe reinsurance? | I'm trying to think if we used any on the ratio. It would have been just a little bit if we did. Maybe like in the $2 million, $3 million of the layer. | direct | [
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8eadb5ccb2976d2bf5b8b9756a2a5914 | OK. That's fantastic. Bigger-picture question, Steve, how much credibility are your actuaries using for loss experience in 2020, given how unusual the year was? | Yeah. And that's the balance between -- I'm somebody that don't need to be told this, you're very knowledgeable, but it's just the balance that they're using between responsiveness and stability to the trends. They're looking at it really in detail. It's not like one answer across the company as they do rate work and s... | intermediate | [
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e4861a663f3e22d6fef99ca15826bfbb | OK. Fantastic. And then I know you've talked in the past about your comfort with the language in, I guess, the CIC policies. Are there any policy language changes planned for, I guess, excess and surplus or CGU or on reinsurance to exclude communicable diseases? | I would say on our Cincinnati Re, they have -- as they've renewed policies that we reinsure, there have been some changes there, be the one that comes to mind. | intermediate | [
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e4b768be4bb43627c63e9eeb383262b8 | Wondering if you could first talk on the 6% premium growth expectation you're talking about. Can you just kind of flush that in, in terms of the areas that you might find most attractive on that? Is it going to be kind of similar to Q4 where you had the specialty reinsurance and E&S kind of driving that? Or how are you... | Yeah, that's an overall number. I do think it's consistent with a continuation of what we've seen. Obviously, we're out there competing every day in the market. And as the market ebbs and flows and changes, it may change as we go out through the year. But it reflects more of, I think, what you've seen with an emphasis ... | intermediate | [
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cf116f0eb9e91684d1525209f9fc432f | OK. And then along those lines, on personal lines, and you mentioned in the press release, too, the significant growth that you've seen in the high net worth business, which was up 25%. And just wondering if you can talk about sort of the long-term opportunities there. And it does seem like it's becoming a little bit o... | Sure, Scott. Yeah, we're extremely pleased with what we're doing, not just in high net worth. But I think a key point here is we -- our strategy has always been an agency strategy. So I think we've got ourselves in a really good position with our agents. Historically, we were predominantly a middle market personal line... | intermediate | [
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06bb2db47a9a8fae831e8c11708f498a | OK. That's helpful detail. And then just the last one was on the reserve releases. It kind of returned to sort of the run rate you saw in the first half of the year during the fourth quarter. And I wonder if you get a little more detail on two specific areas. The first is the commercial casualty, which saw about six po... | Yeah. This is Mike. And thanks for the question. So yeah, you're right. So overall, for the year, 2.3 points, overall, that was a little bit on the -- probably, I'll say, the lower side. We've been running, I'll say, three to five points in any given year. But the 2.3 points just overall is very similar to 2017 and act... | intermediate | [
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c003fd8ee7278b7322fdba77b18c79b3 | A couple of questions. Forward-thinking, income taxes with the new administration, any possibility? Any thought? Are you working on that? The other thing that concerns me, insuring automobiles here in California, I pay $0.50 a gallon tax to the state for the road repairs, and I think the Feds were $0.17. My neighbor bo... | Fred, this is Mike. I'll take the first question, and then we'll let the second question -- someone else pick that up. So yeah, you're right. With the new administration, there was a lot of talk before the election of which direction it would go in. When you look at Capitol Hill and who's running what, we would suspect... | intermediate | [
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185a8f297fa5f9cd942f560d9a6313d1 | On the data center business, we're hearing mixed things. Some people talk about it being really strong, other people talk about it being a little bit weaker. Can you talk a little bit about what you're seeing in particular? And is this something that's just a soft spot we're going through? Or is there something more st... | Yeah, I think it's you know, as we've said all along, David, we kind of used the word lumpy to describe data center sales. If you look at it, when we closed the deal with the acquisition of Nevada, the sales have increased significantly from a lower point in the initial year to a record high of last year was capacity b... | direct | [
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2cd87b7c9e14c89cca3aee422ee127cf | Yeah so â I mean we have some other companies with exposure into that segment and they don't seem to be experiencing the same thing. So is this a customer mix issue with more of a concentration as opposed to the whole space? | No doubt. It's a way that we're concentrated. We have a high mix with a certain customer, and that's kind of driving with the changes near term right now. There is some -- a little bit on the other side with the general components we supply into, engineering firms and contractors who supply that but that's not as signi... | direct | [
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8d4d30fceab6fe74cd70e7a81b1794ff | And then on the guidance in the end markets, what are you -- you directionally gave some comments in terms of those end markets. But the big swing factor, as we've been going through things right now has been China. So what are your assumptions there as you look at the vehicular markets there [Speech Overlap]? | Yeah. For the balance of our year, we see China automotive, Asia automotive, but let's just talk about China specifically right now are about some 7% down for the balance of the year. I think that pretty much ties in with your estimate. I think you're at 8% down. We're also seeing a pretty significant drop in India, ok... | direct | [
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cddc047900a1c20c06c245f39eb00a9f | And then some of the regular -- regulatory things going on in China that's disrupting some of the end markets, is that having any ripple effect on terms of your product and launches and new technologies you bring to market for China six? | Well, not new technologies. You're talking regulatory changes in China you are talking about or in India? I didn't get that. Yeah, China has gone from â to essentially Euro 6 emission standards right now and there's some -- it looks like a little bit of a stutter step in terms of how that's getting implemented. Yeah. N... | direct | [
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4bf8abb129e36cea7f66014c9089d49b | And then the last item here, and this gets at a strategic review process that you're going through. So sometimes when companies announce a strategic review for a certain part of their business, customers become reluctant of bidding new contracts or awarding new business. Is any of that happening with you in that busine... | That's a great question. And it was of course one of the concerns we had upfront publicly announcing that. We've actually won business okay, since the announcement. And we can't give more specifics, but a significant global supplier or customer, excuse me, that sourced us with a significant program and even a second op... | direct | [
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5a301061586d144d9a252e99f96a0221 | Okay. I was on another call, so I missed the very beginning part of it. But did you give any update on the process, timing or anything along those lines? | No. Just generally that we're in process; can't give any updates. We're moving along as planned and soon as we can give something we will, but nothing new to report. | direct | [
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f7b5b02ca6a8afe04041f0d488b2cb7b | Hi. Thank you, operator and good afternoon, guys. So just a couple of questions, I guess, related to, first, on the Mexican crop and supply. I guess, by the comments, it sort of sounded like it's still a pressure early in the quarter. But I guess, by saying early in the quarter, do you expect that that should begin to ... | Well, I think, Bryan, if we look at history, it goes in cycles, and they tend to alternate every other year. So looking back and estimating the future, I would say you're right. It's due to change just because we're coming into a new flower and they tend to alternate. And if it stays the way it is today, it's going to ... | direct | [
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2b6e3773ea0e64efa3b807b4d1a3f516 | OK. That's helpful. And then, the second is just in terms of cost pressures. So beyond supply, just thinking about things like freight costs, availability of shipping containers, port congestion, just the moving of stuff for lack of a better way to put it, which has really been a challenge for a lot of companies or mos... | Well, let's just take that one a time. The freight deal is still an issue. Like you read all these journals and a lot of these containers are stuck in China or somewhere in Asia, trying to get out of there. Fortunately, starting Mexico, we have a lot less freight compared to, say, out of Peru, which is pretty much most... | direct | [
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e318e019973aedb7e417450a4625b7f0 | Hey. Good afternoon and thanks for the question. I wanted to ask just first on the realized pricing side. It seems like you exited last quarter and the update you gave for May was that pricing had really strengthened. It seems like for the quarter, a little bit more stagnant relative to last quarter despite calling out... | Well, again, it goes up back to the supply. I think we have to keep in mind too at the same time, consumption continues to grow in this category globally, not just here in the U.S., but everywhere. High-single-digits to low-double-digits I know both here and in the European Union. So on top of that, these avocados are ... | direct | [
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a78813bfad8d061c84cc7be214262345 | Oh, great. Thank you for all that detail. And to follow up, I guess, on the Peru harvest. Just any split on how we should think about volumes in the third quarter relative to the fourth quarter. | I think what we can say is we're still holding to the number that we're projecting for the year as a whole. We are expecting a heavier portion of the fruit in the fourth quarter this year. On a percentage basis, heavier than what we've seen in prior periods. So yes, I think that somewhere in the neighborhood of 60% plu... | direct | [
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8aeab015d0c9b1ebd266478563c1642e | Hey, thanks. Good afternoon, I want to follow up on the comments that you provided on the Laredo facility. I think you said it was about a 50-basis-point headwind to margins in the quarter. Can you talk about the duration of that headwind, the ramp to maturity? And should we be thinking of that as a net positive to mar... | Well, I'll have Bryan give you the numbers, but again, it's all volume based. We aren't anywhere close to the volume that we will see in, say, January going through Laredo, and it will continue to start going up, probably in the next couple of weeks and peak in January and then pretty much maintain until it starts slow... | intermediate | [
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54ed8d4d9e0f1229b2120efba2d26403 | Yeah. OK. Makes perfect sense. And then, if I could ask a question on SG&A expense. I know in the short term; the gross margins can be variable based on price swings in the market. The SG&A was up a lot year over year. I know there's some just strange comparisons because of the IPO. But could you help us think about wh... | Yes. So if we look at Q3 stand-alone, we saw a $3.7 million increase in SG&A, of which more than 50% of that, we believe, is attributed to public company costs. While it's tough to estimate how much of that -- it's difficult for me to say that all of it is going to continue at that $1.8 million level over time. I think... | direct | [
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48d2223c8f41be82dfa8d0a58bba786e | Hi, guys. Congrats on the quarter. Definitely holding in well there. Just wondering could you talk a little bit about retrofits whether you're seeing any increased activity there and what portion of sales was pre-COVID in terms of commercial air space, at least? | Sure. The retrofit -- it's a little hard to know the number with certainty. We obviously know what we ship to say an airline as opposed to Boeing but we have -- some of our biggest customers especially in the in-flight entertainment world provide both. So, Panasonic, traditionally, has been a very large customer of our... | intermediate | [
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98d4979bcbc024a2ab87dbb92fa8b491 | Hi, Pete. This is Austin on for Ken. Hi. So, just a start, can you comment on what build rate you're currently at now for the 737 MAX and where you sort of expect that to grow to in the second half of the year? | We are approximately zero. We've been shut down for a while. So, that's an easy one. And again, we, you know, we were delivering I want to say 30 ships a month a year plus ago when Boeing shut down production. They kept us running for a couple more months. So they accumulated some number of ships maybe 40, 50, 60 ships... | direct | [
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3034257ed51905fc43b09ea97728e387 | OK. Great. Yeah. Just to -- to switch gears here. Can you provide any updates on Astronics' business jet work and what the uptake looks like on the Collins contract? | Sure. Well, most of our GA or business jet business is line set. So, the best way to kind of predict that is to look at production expectations that the major manufacturers -- I mean, Textron is obviously a big customer of ours, both with Cessna and Bell. Glad to see that customer of ours, homage to customer Bombardier... | intermediate | [
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e20d578b7a1ee677fb358a4f303203f5 | Great. Well, that's definitely very optimistic and looks good for the business jet and antenna side of the business. If we -- if we think about defense now, how significant was the MQ-25 Stingray contract to revenues either in 2021 or 2022? | It's -- it's not, in and of itself, a critical program. But let me say this, so my -- I'm going to be a little bit cryptic but, you know, we've -- we've been working on it for -- I call it a franchise for flight-critical electrical power for smaller aircraft. We -- we've been announcing various programs, the current fl... | fully_evasive | [
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ce896596c85065ab594bdaf36a443954 | Awesome. Yeah. Definitely, a very interesting opportunity coming up either for unmanned systems or urban or -- air mobility there. Just the last question for me. What rate are you shipping at now on the 787? And do you have a -- do you expect to stay at the level of the five months through 2021? | Yeah. We're -- we don't -- most of our product on the 787 -- I'm -- I'm going to think about this. We have a little bit that goes direct to Boeing, but the majority of it goes through other companies. And most of those companies -- or most of that product is specific for various tail numbers. So, it's reasonable to thi... | intermediate | [
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845ebf3ba1f7ee4ecf53ba3dda67ea48 | Thank you. Hey, Pete, can you talk a little bit on the transit side? I mean you've got a couple good wins under your belt. New York and Atlanta. What -- I mean, maybe talk about the delivery of -- of those contracts. But what does the pipeline look like and have these two opened the door for some other opportunities? | Sure. We -- those are significant wins from our perspective and they -- and from our perspective, demonstrate the potential that this initiative has for us. This is, as you know, Dick, relatively new. It's something which we -- I think we -- on the New York City program called R211 about a -- about a year and a half ag... | intermediate | [
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0530ece52a0d15dc0b9f04fccf43807e | OK. Thanks. So, you mentioned kind of the Stadler company, can you kind of provide an update? Obviously, it sounds like Armstrong -- the antennas has been scaled back and -- in a good position. But how about the VVIP? And it looks -- I would assume the Armstrong and the Telefonix is positioned nicely now. But how about... | Yeah, you got it right. Actually, all three of those companies, we've got a number of kind of restructuring of the way we run internally including some facility consolidations and things like that that have been going on in the background over the last year, a year and a half. And all three of those companies we report... | direct | [
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03e57a15b47f82f5713ebd3e7fc0fdaf | Hi. Deb, thank you for squeezing me in. I think my -- might -- it just didn't register when I did it before. Pete, I was just wondering if you could tell us if -- how orders have trended through January and February relative to Q4? I know you said, you know, you've seen a lot of quoting and other activity but not neces... | Well, it's -- it's early of course, Jon, but I guess I would tell you we expect overall growth in bookings. And we're on track to do that and it's weighting more toward aerospace. So, you have the aerospace bookings quarter to date first quarter are showing another step-up in demand. So, we can hold that rate, you know... | intermediate | [
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949a06d932c8470bf865d0611af21af5 | Great. Thanks for that. And just to be clear, that $100 million in revenue expected, does that include that semiconductor earn-out that -- that Dave was talking about? | No. That will be recorded in other income, I believe. Right, Dave? | direct | [
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52c317e207af48940d5f415e685383dc | OK. Got it. And then, just a quick one. Any impact from the -- the 777 incident that did happen a couple days ago? I know it was an older plane, so I don't think it will. But, you know, if -- if there's anything to the planes that are out there or perhaps the 777X, any fallout for -- for it will be -- will be appreciat... | Yeah. Nothing that we're aware of, Jon. I -- you know, it's a -- that's a pretty proven engine, so it's a little bit of a blip from our perspective. And it's apparently not a common engine on the 777. So, in a worst-case scenario, it's not going to affect the fleet that much. And I guess from an industry perspective, i... | direct | [
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a7645624ba542f2acf35d459d842ac0e | So a few questions, the first being, as we think about the progression into the first quarter, what are the moving pieces that we should be kind of contemplating in the two segments? After -- I know there's probably a little seasonality in some of the areas, but how do we think about the progression into the first quar... | So I'll take it from the different segments, Stephen. From our chemicals business, it's seeing strong activity. Weather has supported us in terms of -- I should say, the extreme weather has supported us in terms of the seasonality portion of that business. But even our industrial business is picking up and looking very... | direct | [
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be982b47f22847d29cd6ef1654a8f585 | And then when we think about next year, and I -- without -- I know it's hard to pinpoint the entire year, but I think you did a little under $50 million in TETRA-only EBITDA in 2020, and we were thinking in terms of something like $60 million in 2021. And I was just curious on two things.
Like, one, does that seem rea... | So Stephen, given how much uncertainty in the market there is, we aren't giving total year guidance. But I think a couple of items that Brady mentioned. I think that $60 oil and if it holds is clearly opening up the deepwater and accelerating some of the offshore projects that have not materialized when the oil prices ... | intermediate | [
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e081e1a821f770600507806c68ee0673 | All right. Thank you. And then just one final -- and I missed this because I joined a little late. But I think Brady mentioned a couple of Neptune jobs on the prepared remarks that -- but I don't know if you were talking about bidding on them or where that stands for '21. | Yeah. So my comments, Stephen, was that when price of oil dropped so materially last year and stayed, I think, on average $36 from March through last year, a lot of the deepwater projects and in particular, the projects we've been working with customers on Neptune were pushed -- have been pushed out. We are in discussi... | intermediate | [
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e91be209ac5bf0cae33b07f44c49a92e | Maybe just to stay on the CS Neptune topic. Just kind of curious for those projects that you're in discussions for. Are they for the Gulf of Mexico? Or are we starting to see some of those international projects come to fruition? | Yeah. Our pipeline, Samantha, for Neptune is really split between the Gulf of Mexico and primarily the North Sea. There are a couple of other geographies that we're in discussions with. But when you look at the -- really the pipeline -- what we call pipeline of discussions and activities, it's more or less split betwee... | direct | [
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4e1d09467ef37f763ad72a6f5848b279 | So that sounds like potentially you could get a North Sea project in like the latter half of the year? | We feel optimistic about that. But clearly, there's some ground that has to be covered for that. | intermediate | [
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8fe5b01b755c7a4291a95da01d3ca9e7 | OK. Great. The other question that I wanted to spend some time on is just the growth capex that you're putting into the water segment. Really impressive how you guys have just taken such a strong market share there.
Can you maybe walk us through how the capex is going to be spent over the quarter -- the year? Is it go... | Good question, Samantha. So let me make the first stab at it. With respect to capital expenditures, we've increased the bar in terms of what Brady and I will approve. If it doesn't have a direct customer behind it and if it doesn't have a quick payback, cash-on-cash payback, we're not approving those items.
The stands... | intermediate | [
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c26a66f98e60290b3bc60b8686607dbe | And no damages to the equipment or anything that needs to be addressed or like weatherizing for future years or whatnot? | No, no damage to equipment. And we don't think that, that changes our approach in terms of how we react to those type of cold weather conditions. | direct | [
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5767f503753d7abfa2fefc5078fc408b | OK. And if I can just sneak one more in. I'm curious in terms of all the discussions that you're having with other parties in your low-carbon initiatives. Do those conversations potentially include some sort of fee or -- so similar to what you have with Standard Lithium where you would get some sort of payment just for... | Yeah. I think Samantha, we will probably take a different approach with the energy storage folks that we're in discussions with as well as the carbon capture company. I think instead of royalty type arrangements that we've done with Standard Lithium, we're bringing some technology to the table ourselves, and I think, p... | direct | [
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22d615aa960cbea42d50ed35c215f801 | It sounds like you're going to -- for personal lines you'll be in a holding pattern this year, the profitabilities where you wanted to be. So are we going to say that the growth expectations this year is going to be basically flattish for personal lines? | Yeah. We anticipate right now that the first half of the year, I think that that's appropriately said that we are in a bit of a holding pattern. We've made a lot of improvement in sustaining and maintaining the existing personal lines book of business. All the rate action that we had to take in late 2017, 2018, we beli... | direct | [
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9c399f96be2ad3b52a1fe9f572703fdf | All right. Okay. Thanks for that. And it looks like, all right, so now you're going to be taking premium from the Mountain States operations. You had winter storm losses in Texas in the past week or so. Any impact on that, on this book that you're going to be taking some of the exposure? | Yeah, Bob. Thanks. This is Jeff. First of all, our thoughts go out to all those that are affected by that recent weather event particularly in Texas. It's still early, but we have not received a significant number of reported claims from that event so far and specific to the Texas exposures, Mountain States writes only... | direct | [
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0a14f9ccce8a7dbb3dc7d4e4b8a56b94 | Okay, great. And last question from me is, for commercial auto, it sounds like obviously the rates have been going up for quite a while. Can you just give us an idea of the things you've been doing in terms of the exposure sides or the reunderwriting side that should benefit that book going forward? | Sure. Let's talk a little bit about some baseline results and then we can talk about where we're going and what we anticipate. From a statutory combined ratio, we have made improvement in the line. So last year was at a 117.4% or now to 112.7%, still unacceptable, but we've made almost a 5 point swing. We do have a com... | direct | [
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076d7135617c22a666d4b353b8a90805 | Have the customers been accepting those rate increases like how has your retention fared -- premium retention fared as you've been trying to put through those rate increases? | Yeah. The retention is very good, and so obviously that's indicative of what's going on in the industry. And just as a reminder, it was 2011 from an industry standpoint was the last time that commercial auto was profitable other than industry level. So yes, the environment is right for those rate increases and our rete... | direct | [
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2d894286ded55b28c2f6969621e824f2 | I have a couple of questions. Number one, maybe dovetailing a little bit on the weather question in Texas. We also had in the first quarter of this year already the nor'easters have come up through the mid-Atlantic, a few through the Southeast, and I believe a few up in New England as well. So I just wanted to know you... | Sure. Doug, this is Jeff. Thank you for those questions and for your comments as well. On the weather front, to this point in the year, we have not seen a significant impact from the nor'easters and the weather, the cold temperatures that were in much of the country. It is still early, but we started the year in Januar... | direct | [
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16166f5958970321d9a3b5e590824c26 | Do you expect much of an EPS hit then or impact in 2021 because of the reinsurance pricing or it's pretty well going to be covered when you think of the rate increases spread-out among the overall booklet you're getting from a primary basis? | Right, it's going to be part of the mix and we're going to have organic growth. We're going to see the Mountain States growth from bringing that into the pool. As Kevin mentioned, we'll likely see some continuing declines, modest declines in personal lines, but we expect the commercial lines to -- we're projecting as h... | intermediate | [
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ee84c965dce0db02ddd37ed0c9d61921 | Finally, one final question, if I may, regarding the work comp line. I know in the fourth quarter, premiums dropped a little bit at a -- more of a rapid pace in comp than they did compared to the year-to-date and even some of the more historic quarterly trends. Are you seeing pricing, as you mentioned in the last few q... | It was not necessarily item count decreases, it was primarily rate decreases. And it's unfortunately not -- we're not necessarily seeing a bottom yet, but we are seeing a moderation of those decreases. We are attempting to offset the bureau rate decreases with our own changes to loss cost multipliers and other internal... | direct | [
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13b028a0a80190e68cd40c6a713ac87e | I had a question on the commercial auto rates. I saw a 6.8% for the quarter, which looks like it's climbing down a bit from the first three -- first nine months of 2020. So I was just wondering if there's kind of a broader or more enduring trend toward decelerating rates in the commercial auto line. | This is Jeff, James. Following up on what Kevin said earlier, I would say that we are expecting the rates on average to be higher than that fourth quarter increase, likely closer to the high single digits. So based upon the mix of states and the activities that -- there are certain states where we're not pushing for as... | direct | [
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30f67aacfeb87986ebadaaf8dfd89da3 | All right. And kind of longer term, what are the plans for trying to get the commercial auto combined ratio to sort of a more acceptable level in your view? | Yeah. As we earn the premium increases that we put through in 2020, and then as we -- 2021 planned increases are earned. We expect to get a lot closer to having an underwriting profit. We're targeting like a 96% combined ratio, but we know it's going to take us probably at least two years to get there. So I would say b... | direct | [
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a7fbed55d25dbd3d1a13156f0224936c | Hey, guys. Thanks and great quarter. Just wanted to talk about margin flow through on the 38% comp that you're seeing quarter to date. Just maybe if you could discuss it around merchandise margins. I would assume they stayed relatively strong relative to Q1, and then maybe just -- maybe if you could talk about how buyi... | Sure. So there's a couple of odd things as we think about last year. I noted in my prepared remarks, the first-quarter impact of the estimated reserves that we took, the $4.7 million when all of our stores were closed and we didn't know yet how long most of them would stay closed and thought we're going to have to be a... | direct | [
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46e5bedd3f443c3ec500ee53554aa5b8 | I guess my first question just kind of following up on supply chain. Is there more color you can give us relevant to what you're seeing in supply chain? I guess where are the challenges if any and what areas are improving and how are you managing inventory for what is usually the, you know, kind of the traditional back... | Well, the port delays on the west coast still remain an issue. In the scheme of things, overall, materiality is low compared to what the total receipts are expected to be. We don't have much color in terms of when the port situation improves. But certainly, we're monitoring it. And we did plan on bringing in some inven... | direct | [
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fdcb11b9319e27c644f1176c791f4e7c | OK, good. And then I guess just it sounds like you're starting to see a little bit of a shift here from e-com back to brick and mortar. So I guess how are you thinking about that for the remainder of Q2? And then I guess as we kind of think more about Q3 also as we wrap up the back-to-school period -- traditional back-... | I, you know, I think obviously, Jeff, we are going against huge increases in e-com last year. Because of the store closures, we got the benefit on e-com. Some of it was due to the shift in buying. But -- so, you know, we expected somewhat of a little bit of a temporary slowdown, but I think both channels will continue ... | intermediate | [
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d6159b952da959bf3bd2225c023d994f | Well, you don't need to promote when you're merchandise content is as good as yours is, at least not maybe not as much as some others. So just as a follow-up to that, because you're seeing the new store openings exceed plan, is that shifting your thoughts about I guess your plans for a store opening as you think out ma... | It was -- there's definitely -- I'm more -- we are more optimistic about physical store openings going forward. And, you know, we've always had a pipeline, but we really didn't touch much of the pipeline of potential stores during the pandemic. And certainly, we're relooking at that now. We have a decent pipeline. We w... | intermediate | [
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2559ac6a2776b385e491e21be4adae8a | Yes, thanks. Congrats from me as well and thanks for taking my questions. I guess I just have a couple. Mike, I was hoping you could give us for the quarter the two-year comp by month. | Do I have that in the -- I don't have that real handy on a stack basis. | fully_evasive | [
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a1a5cdd465b7d460aa6f1e0acb77aa74 | Do you know if April or March was the strongest month, or April, and obviously, we have the May number. I'm kind of curious how things sort of moved from March, April to May. Do you happen to know kind of off the top of your head without having the numbers in front of you? | I don't. I'd have to look at that. There's so many different versions of things we've been looking at, relative to 2020, relative to 2019 as a normal year. I'd have to look up the two-year's comp. | fully_evasive | [
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7072edf405b313537f664a92393b3fd4 | That's fine. Ed, could you maybe address how purchasing behavior is changing if at all as we're kind of starting to come out of COVID just in terms of what your consumers are buying? Is that -- is it going to change at all from, you know, three, six months ago, or is it kind of continuing along the same lines? | I think it's starting to get back to the way it was pre-pandemic. So, you know, I think that certainly there was pent-up demand. I think for the young adult and teenage customer, they're hungry for newness, and we've given them quite a bit of newness in both men's and women's. So I think that's helping. So I don't see ... | direct | [
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ad1f76a7801bdb3ae28914f659e9b7d9 | OK. You mentioned denim in your prepared remarks. I always think of you guys as being, you know, a good denim resource. I'm just curious did you -- are you seeing outperformance in your denim business and you kind of -- can you kind of remind us how denim performed for you through the pandemic? I feel like there was ki... | Denim is really strong and has been strong. It was OK during the pandemic, but it got stronger as time went on. And, you know, our primary brand, Denim RSQ, is one of our top two brands of the company. It's broader than -- broader merchandise mix than just denim, but it's very strong and it's good. So -- and I expect t... | direct | [
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081c4a2be2261d04d803b0ecdac4e0ac | Hey, guys. Thanks. This is Alex on for Sharon right now. Thanks for taking the questions. And I just said a couple of quick ones. First, could you maybe talk about any of your early reads you have into the back-to-school season given many regions have announced like a full resumption of classes in the fall? Anything de... | I think so far with the back-to-school data we've been able to confirm, it does look like we may have a fairly normal back-to-school season. That's what we're guessing and planning on at this stage. Most stores, we haven't been able to get confirmed back-to-school dates yet, but the ones that we have received to this s... | direct | [
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fd4c6c454d7f949a05dac5b1fec96a7c | OK. Great. Great. And then just kind of I guess following up on that one, given you said that -- maybe there's not much more you could say here, but given you said that the ones that you have been able to see confirmation, is there anything you have on more of a regional basis? I know you said that all the stores are c... | No, not really. I mean, even within the same geographic region, the back-to-school dates are all over the place. So there's nothing that we can look at and say, OK, you know, forecast X based on what we're seeing, but what we are seeing enough -- in enough stores and enough geographic areas, it's relatively positive. | direct | [
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bf6ac0c3e665b461227d1ac278be3b36 | Hey, guys, thanks for letting me back in the queue here. For some reason, my call dropped. So just wanted to get a little more color on your thought process on the special dividend. So it seems clear that, you know, cash levels are super healthy here and we've got pretty decent visibility it seems like to maybe a more ... | So the last three special dividends we've done were each a dollar per share. And so the aggregate number of shares outstanding is a little over 30 million -- 30.1 million as we sit here today. So if we were to do one and it happened to be a similar rate, it would be somewhere about $30 million to $31 million if the boa... | intermediate | [
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e9be2e5f5ee8cf512070490cc13978ce | Hey, guys. Good morning. This is James on for Chris. Just wanting to basically ask perhaps sort of like the current market environment. Definitely seems like there's a bid up there for assets from pools of private capital. Just wanted to understand if you, basically, were seeing a bid for your particular assets and sor... | I was wondering, I mean, you have two questions. The line was a bit blur. Can you please repeat? | fully_evasive | [
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f1673870d73b5cdb0ce86e56a914e7b6 | Yes. There seems to be a bid for LNG assets out there with that out term. Have you actually been receiving any inbound or interest for your assets in particular? And what are your thoughts around potentially selling to an incoming bid? What would your thinking around that be in terms of reservations or would it be some... | Okay. So, let me take the last one first. I mean, speaking on behalf of the Partnership, looking at the remaining contract portfolio we have, I doubt very much that we would see numbers that would justify selling any of those assets. As for contracts -- sorry, as for assets without contracts, we have had some indicatio... | direct | [
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d7a7217e5ec3238e51883a0a45c78d74 | Yes, it does. And it is helpful to understand that. But also sort of along the same lines, you mentioned -- you have spoken about the improving the environment. Could you also touch on the prospects you're seeing for around the Gallant and like essentially what your sort of expectations for it would be sort of, let's c... | Right. So on that, obviously, Gallant is the basis for at least two ongoing, call it, projects or bids that we are actively pursuing. Those two are both for longer-term contracts. Obviously, they are not term yet, but we are marketing the Gallant together with the three other FSRUs that we currently have operating in t... | direct | [
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861bc81a5d25b0f492dab4784cee52ad | Got it. And sort of things don't materialize the way you would think with the potential sale that potentially makes sense to you, or is that something that doesn't necessarily align with how you think about the Company and that assets? | No. I mean, obviously, I guess, anything is for sale at the right price, but we do believe that the value of the assets is much, much higher than what you can obtain from a pure sale if you get a contract on it. And really at the moment actually the LNGC market is of course not on the level that we would like to see, b... | direct | [
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5f850f5fb039e9d7b6761ad0509ae09e | Could we go -- when I look at the acquisition of Hoegh LNG and historically, you've been able to grow through the dropdown arrangement? How do you -- does this arrangement change your look at possibly buying assets outside the old sponsor MLP relationship? | Right. That's a very good question. Clearly the -- with this change, that opens the door for the Partnership to acquire basically assets from also other parties, so that for the Partnership obviously it's an important change. | intermediate | [
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8e1e13f760b7ac9abe78fa05b5bad9d9 | Would you look at that as an opportunity or be able to go outside the traditional dropdown avenue? | Well, I think it's both, right, because as we have referred to in the statement the parent still holds the door open for potential dropdowns if the conditions are right for both parties. So that is still a potential avenue for potential growth. | intermediate | [
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92e4f4feccd2fc573070201be70c4dff | Great. And quick question on the progress you're making on the refinancing of the Neptune. I know that's in conjunction with your JV partner, but could we get a little more detail on that? | Yeah. I think I can say that we have an active dialogue with the existing vendors on that refinancing for both vessels. So it's Neptune and Cape Ann. As you might know the Cape Ann facility matures six months later than the Neptune. So we are pursuing to refinance both of them at the same time. So we're working on that... | intermediate | [
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c3e645b96ee88722bb3b0f3bfc1000a3 | We're seeing these really great commercial bookings results come through, 39% growth in the current quarter. And Satya, you've been talking to us a lot about these more strategic deals and the acceleration of digital transformation. Can you give us a little bit of color of what comes in these more strategic deals? How ... | I think we feel very good, both, I would say, of consumption and usage today, as well as, as you mentioned, the bookings because both of those at any given point in time is what we look at. The overall approach to the Microsoft Cloud, if you look at the breadth of what any customer may be doing with us, they may be doi... | intermediate | [
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ba19a43be76d2cd9a77bcc9face408a4 | Satya, on healthcare, if you could just frame your aspirations, long term, where you'd like to be in this industry? And if you could just comment on where you still think the lowest hanging fruit is, as it relates to the opportunity set, specifically building on the Nuance acquisition. | When I look at the industry cloud opportunities, we think of healthcare is a very critical opportunity for us and a huge and expansive addressable market. If you think about as a percentage of GDP, obviously, healthcare is significant. And fundamentally, when I think about the provider market, in particular, digital te... | intermediate | [
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c0008a1c55c85cf637d3d32301c13784 | I'd like to change gear a little bit and drill in a bit on the Dynamics 365 business. Frankly, were this part of any other company or even a stand-alone business, it would be such a center of enthusiasm by investors given how fast it's grown. Satya, when you said Dynamics 365 is taking share from competitors, are you t... | Thanks so much for the question, Mark. And, first of all, we're very, very excited about what's happening again with Dynamics 365. And when you ask where is the share coming and where is the growth coming? It's coming from all those categories. But the most interesting thing is, as somebody wants to deploy even an omni... | direct | [
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825194ed6fdaca429eda10ff2de39e0f | Question for Amy on opex. Amy, the opex growth has been extraordinarily low the last several quarters. The growth rate looks like it's going to inch up a little bit in the June quarter. But you mentioned the investments are shifting to future quarters. You probably don't want to give too much on fiscal '22. But I'm jus... | Thanks, Karl. And I do think in Q4, and it's why I specifically called out the 4 points of impact from a year ago because it does start to get to a more normalized rate in Q4. And I say that because our headcount growth, which I noted earlier, has been 12%. And so overall, you would expect opex growth to at least marry... | intermediate | [
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b4df8ae97f0d18bf88159e2cdbb2634f | Satya, I was wondering if you could just talk a little bit more about Viva. I realize it's early days on that. But just the kind of feedback you're getting on that product? And how do you see that sort of fitting in? There seem to be some nice adjacencies with Dynamics, with Office 365. So I was just kind of curious if... | Thank you so much for the question. It's a lot. It's very much a great example of what I was saying in terms of creating a new category, right. When I look back multiple years now, we started talking about Power Platform. And as I said, even in my script today, we now have a full suite of tools that essentially created... | intermediate | [
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d509043a048888e4f1fdc645141aff6b | Satya, I know you've said that you expect tech as a percentage of GDP, to track about 5% or roughly double over the next 10 years or so. How should we think about Microsoft's share in that context? Is it going to be steady? Or do you see that expanding? And if it is going to expand, what are the key products and market... | Thanks, Kash, for the question. I think that first of all, we are big believers in two things. One is we need to be competitive in each layer, and then the coming together of each layer into a cohesive, coherent architecture of the full stack or the Microsoft cloud creates that differentiation. And that will define wha... | intermediate | [
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4f47922becd64a46d714af45d8f60d51 | Satya, in your prepared remarks, you spoke about an increase in verticalization of Azure. Can we double-click on that a bit more? How much incremental opportunity do you see in industries like financials, like manufacturing? And are there other verticals that may make sense to more actively pursue over time as well? | Thank you for the question. We absolutely think that ultimately, customers are looking to increase their time to value, lower cost, and improve agility. So being able to customize these workflows, to come up with industry schemers because when you think about increased digitization and workflow automation, it does take... | intermediate | [
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"fully_evasive"
] | B |
db0a42cf5a3a940ac734f16e2bbe3990 | I wanted to ask about security and what we see in terms of changes of the industry and how Microsoft is kind of fit in there where, obviously, in the last quarter, that was kind of a big topic. Can you talk a little bit about what you see in terms of customers realizing the broadened offering from Microsoft and how the... | No. Thank you for the question. Obviously, security is a super important topic for every customer, every board, every executive team. And the fundamental approach we have is how do we ensure that every customer has implemented a zero-trust architecture. But that's the name of the game, which is how can Microsoft throug... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
46d4b2aadbfdd9f45bf8a6a3f33e4423 | I was wondering if you could give us a sense of how things are progressing in terms of the reopening. Are there specific geographies? I mean, you touched on APAC. But specifically North America, geographies starting to open back up. Do you think we're on a path of waning COVID impact in terms of pushouts and cancellati... | So I think that really, to answer that question, you have to answer it in two ways. Geographically, the different markets are opening up at different paces, so we are seeing North America start to reschedule, start to open up. Parts of Europe have been slower for us. In general, China has been faster for us. Japan, sti... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
631809de1e703515ea858503e0033e9e | In terms of the pipeline build, could you help kind of parcel that out? Which areas you're seeing the most activity in this -- or if it's across the board? | So it's across the board. What's encouraging for us is the training outsourcing industry is beginning to see activity. We hope to be able to give some updates on future calls around that. But that's an area that we're very optimistic about. Leadership development is a smaller service line for us, but it's an area that'... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4a983504dd611b029c912a412039f67f | I know you don't typically provide guidance. But I think during the last call, you had the expectation that the business here in 2021 could likely return to the normal seasonal trends that we see from quarter to quarter. Is it still fair to make those assumptions at this juncture? | So if you took a normal trend, which is, say, over the last 10 years, the most frequent trend would be Q1 and Q3 would be our lowest quarters. Q2 and Q4 would be our highest quarters. Now that hasn't been the case every single year, but that is the most typical trend. For this year, I think it's more likely that that t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2ed21bcea19e24a1c98bd8d7bb18a3b9 | In terms of the mix for these engagements, are you seeing more people have a demand for in-person type of events? Or is there still a lot of strong traction for your virtual and structured-led training sessions? | So there -- what we're seeing is the virtual training is not going down, but we are seeing the emergence of face-to-face training, in addition to the virtual training. So the virtual training, people are -- so far, for us, people are not moving away from virtual back to face to face, but they are ramping up new trainin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c241411440c754712abb548f7ee3d2aa | It seems with the improving demand environment, you started to make more investments into sales and marketing. I mean, how should we think about that pace of investment as you continue to move forward into improving economic conditions? | So what I think is we are moving to a level, a stabilized level. I talked about earlier on our next earnings call we look forward to giving some more insights into our capital-allocation strategy, our margin expansions, how it plays into our margin expansion and focus strategy. In addition to that, I think our expectat... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
78f34129d00606eede99876155556645 | In terms of the cash flow performance, I really appreciate you outlining some of the payback period for the deferred payroll and tax liabilities. But I mean, should we think about this? And generally, I think historically, you've converted anywhere from 50% to 55% of adjusted EBITDA to free cash flow. Is that still kin... | Yes. I think that that is a fair assumption. That's been the historical model. It might be a little bit higher than that with the lower interest, with the lower debt. But I think there's also going to be an offset to that lower interest perhaps as we're growing and we're starting to build back up that working capital a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
10e81433872336b54334d1dfd5353c46 | I had two questions. We don't often talk transit in a Lamar call, but it feels like we should today. And then I also wanted to ask about the acquisition impact into '22. So, Sean, I think if I go back to '19, that business did -- I'm sure you know the numbers better than me but maybe $130 million of revenue, all in. Ca... | Sure. Yeah, that's pretty close, Ben, the $130 million when you add up airports, Canadian transit, and our U.S. transit division. In terms of their sort of relative recoveries, we're pretty much there with our U.S. transit division. We're not quite there with airports, although they're coming on pretty strong, and then... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a4d2414b2cb57909942b5ee7acdef32b | OK. And then I don't know if you guys are able to do this for us, but can you help us think about the impact from the acquisition accretion for deals that were completed last year into your guidance? And is there anything contemplated for acquisitions in '22 that's baked into the guidance? Or would that be potential up... | So, for last year, you're going to see those predominantly fall in the fourth quarter. So, we're going to get a good bump for the full year. Our as reported revenue increase for this year should be, Jay, in the nine, eight-ish -- nine-ish percent. Eight to ten. So baked into the guidance is revenue growth of eight to t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a0ed09e46eb914b4d776b7d8f4bfba50 | You mentioned that you had added a little over 200 digital billboards during the year in 2021 and with all the supply chain issues right now, what are you seeing in terms of delays to get the screens? And are you planning to target maybe acquiring more digital boards this year versus organic conversions? | Hey, Anna. So, we do still have supply chain issues, but we're managing through them, I think, better this year than last. We have a pretty good queue of digital deployments lined up. We think we're going to get to 300 this year. In a typical year with no supply chain issues, it takes two to three weeks to get a digita... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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