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3ae501be8dc9444ff33c1ee94b5b2c7a | That's great. And then I guess the follow-up is regarding the new water treatment capabilities, you mentioned that that would also help margins. What kind of a pop or boost would you expect that to give to gross margins? | Not terribly significant to gross margin, where it'll make a greater contribution is inefficiencies, moving projects through the Myford facility at a slightly accelerated rate. It's something that our customers will be happy to see. Right now we purchased the Waterford Injection that we use in 200-liter drums and it's ... | direct | [
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de476732d0b9d0513216957d9cbd1abd | Just one question on guidance, it implies sort of a slowdown in the second half of the year, outside of the benefit from pulling forward some of the revenues in the second quarter, are there any other puts and takes we need to think about for the back half of your fiscal 2020? | No, Jacob how's it going, and thanks for calling in and thanks for the question. Looking at the remainder of the fiscal year, there is no seasonality per se or facility shut downs per se that we're anticipating for the rest of the year, and we will continue to produce within the manufacturing capacity for the remainder... | direct | [
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ee52afb238282c52abe11f6aa1514356 | And then in October you opened the expanded process development lab, obviously it's going to generate its own revenue stream, but is that important to your business development efforts, including building out your manufacturing pipeline? | It really is. In the past, we were slightly constrained in terms of process development, so we are focused on bringing on projects that were more mature where the bulk of the process development work had already been completed and they could transition pretty rapidly to our Clinical Manufacturing. This rounds us out an... | direct | [
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d74375a087e07a527c3dd4466c3d78c3 | And then Dan just one quick point of clarification, the $2 million to $3 million for the new water system, will that be a capital expenditure in terms of accounting for it or will that flow through the opex line? | It'll absolutely be a capital item that's going to the balance sheet. | direct | [
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6df668ed7dfa7d0ec6a571f9e046637e | Good morning You mentioned EBITDA margins are holding up a little bit better despite the RevPAR declines but you also mentioned not to necessarily expect that kind of performance going forward. How should we think about the trade-off between RevPAR and EBITDA as we look to next year? | This is Dennis. Thanks for joining the call. I appreciate you having us -- being with us and with Chatham. So listen I think specifically when we look at the fourth quarter obviously with RevPAR down 5% to 6.5% there's no way in heck we're going to be able to maintain our margins for the fourth quarter. But as you aske... | direct | [
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7ca46bbf42eebc24c9e793524135d7c0 | Yes. And then the 4 hotel renovations for next year. Was that always part of the plan or have you pulled back a little given the current environment? | We actually -- it's -- we originally scheduled for -- that's a great question. We originally scheduled for 5 hotels the one that we pushed into 2021 from 2020 is our Hampton Inn in Portland Maine which is just due to condition and performance we were able to I think we think we can competitively push that off 12 months... | direct | [
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3f392c91ec5b4618f2a2d598771bde23 | Okay. And then just last one for me. To what extent has the parking fees been rolled out across the portfolio? How much opportunity do you think is left in that? | There's a couple of different opportunities related around that. So we still have a few hotels that we are not charging for parking yet. So ultimately we'd like to say that we'll roll out something there. But there's 2 other parts to it which is one is continuing to find markets that can absorb rate increases; and two ... | intermediate | [
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312ecd16acc1b04d66cf72decbd75e9f | Hi good morning. Thanks for taking my questions So I wanted to follow-up a little bit more on the third quarter specifically. Could you just talk a little bit more about some of the markets that showed some variance versus your budget? I'm also curious you called out some weakness in Houston Los Angeles and Boston. How... | Tyler this is Dennis. Yes I mean especially compared to our expectations I think Silicon Valley was better to the tune of a few hundred basis points better than what our third quarter expectations were. Houston was pretty much spot-on our expectations for the quarter. I think maybe it was -- our expectation was down 16... | direct | [
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645ba36ecb8a51d4e06c14b837caaadc | Okay. And then how about the Houston Los Angeles and Boston? | Houston and Boston were spot-on basically very close to our expectations for the third quarter. L.A. was weaker. And I don't have the number on it but it was definitely weaker by 100 or 200 basis points compared to what we had built into our guidance for the third quarter and that's primarily due to our Anaheim market ... | direct | [
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31af85adcfb9b040304642813411fee0 | Okay got it. That makes sense. And then switching to guidance here. Could you talk a little bit more about what you're seeing early in the fourth quarter? And has your view on how the fourth quarter is going to shape up changed since the last time you guys reported? | No it's basically in line for October right now obviously we're at October 31 but our expectation is for RevPAR to be down kind of in the 5% to 5.5% range for October. And if you actually look at the 3 kind of main disruptors for us in the fourth quarter which is the 4 gas explosion hotels the 2 San Diego hotels and th... | direct | [
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98e262a8736b53d38fc03b3dbb4996aa | And last question for me. Can you talk a little bit more about the 2018 acquisitions how the ramp-up is going at those assets? | Yes. I mean I think consistent with what we talked about last call Tyler the acquisitions are I think underperforming in terms of total revenue especially in our Summerville Residence Inn. I will say that as we've kind of gotten through October Summerville is doing a little bit better than what we -- what has been the ... | direct | [
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aa62549ec581d546f1c1470d656fbfc4 | Hi good morningJust stepping back others in the industry have reported kind of a deceleration of business and leisure travel trends in September and October. It seems like you're seeing more stable trends. Is that the case? And why do you think that is? | I mean listen I think part of that Anthony good morning to you. I think part of it is we've absorbed a lot of new supply over the last couple of years. That has waned in 2018 and 2019. So that's certainly helpful for us especially in our asset classes. And I think that's probably the biggest reason behind that is reall... | direct | [
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733ab2d257eea4843394e78847d6d45a | Got it. That makes sense. And just going to Houston the RevPAR there is $84. I think that's 43% below your portfolio average. At what point does that market become noncore? Or something that you may want to exit? | Well it certainly had a pretty huge decrease from the peak there so far. I think that we're going to still be a believer in Houston as one of the top markets and top cities in the United States. And I think stay with the hotels because we're not really fond of exiting something at the bottom I think growing and diversi... | intermediate | [
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3966efc3998def0c8d129a515525b2d8 | All right. And on Silicon Valley demand seems pretty strong there despite some supply growth. Can you update us on the plans that you had to expand your hotels in that market. | I mean yes those -- I think at this point are tabled. We'll continue to -- we've got great real estate and a lot of land there. So as the land gets sucked up at all these trillion-dollar companies and everything we like having that -- those plots of land but as far as the expansions at the moment those are tabled. | direct | [
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49cbd1cdd956701b99fcf11e86ff9624 | The morning Shifting gears a little bit. I think you made a comment about unreasonable seller expectations kind of being prohibitive when it comes to making acquisitions. At what point do you consider maybe putting a couple of hotels on the market to play into that high valuation that they're getting? | We're always looking at that as you know Brian and try to see where the real opportunity is to make a good positive spread on a trade and we'll continue to look at that and I wouldn't be surprised as we move forward in the next 12 months that we take advantage of 1 or 2 of those kind of opportunities. | intermediate | [
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7c2a9c963e22dbff8683c70557dd5fa8 | Okay. And then the Warner Center hotel when is that scheduled to open again? | It's going to be sometime middle of 2021. | direct | [
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7e284711cc49b5263aae5de9a055028b | It's going to be sometime middle of 2021. | Yes. I mean I think we've talked about it previously Bryan I think we would certainly be open to doing on a limited basis whether that's another 1 or 1 or 2 more but they're probably going to be staggered in terms of timing to some degree. So listen I think we believe we can generate some good value there. So especiall... | direct | [
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0efb205e77e12d0beff1821a171dc885 | But there's not a development opportunity kind of imminent in the next quarter or 2 outside of Warner correct? | Not in the immediate future no. | direct | [
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85af6b882d0b19f2ddeaea67566a8a16 | Okay. And then lastly for me on the labor cost. I mean it was good to see that the benefits were coming down as a cost. But can you talk about what specifically in the benefits was it healthcare? What was it that drove the benefits component down and which markets are you operating in where labor costs continue to put ... | So yes so on the benefit side it's a combination of premiums on the health side as well as claims on the health side. And the third point is workers' comp which is also down year-over-year. So I think on the premium side again going back to the -- our platform and our close working relationship with Island Hospitality ... | direct | [
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46d7f3bd33812206a48eab2c7a9e12bd | You had mentioned a couple of times on the call your use of marketing dollars and the ability to have automation and machine learning to target specific customers. And I was hoping you could unpack that a little bit with some more detail. Is that a new capability that perhaps has emerged here in the back half of 2020? ... | Great. Thank you, Peter. I'll start with the latter part of your question first. Yes, absolutely. It has helped us expand, broaden our target customer and who we're bringing into the brand and who's purchasing and -- so that has definitely widened with the advancement of our digital capabilities. As you probably recall... | intermediate | [
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8d182a4cd53a21d88a88b14a92d4fbb6 | OK. If I could ask a quick follow-up on that. You talked about the expanding or broadening customer base, are there specific examples? Maybe is it geographic or even various ages that are new to you? | Yes. We -- well, first of all, you can see it in the 29% unit growth in the fourth quarter. But we've added a younger -- some great growth in that adding another five to eight years on the younger part of the curve. | direct | [
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4d19f7376121e765a3c46ce338903f8a | OK, great. If I could pivot to maybe a financial question for David. Twofold. It looks like you're probably still running with a backlog going into Q1. I was hoping you could quantify that for us. And then secondly, as you know, the -- a lot of your peers in the industry have been raising prices rather prolifically. Yo... | Yeah, Peter. You're right. We do have higher demand in the fourth quarter, which resulted in some of our deliveries that are going to move into 2021. That probably is about 4% to 5% of the growth, 4 to 5 points of the growth that I highlighted for 2021. As far as pricing, we have pricing in select models built into our... | intermediate | [
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22ab4717da5bcd9d237f50e2eaec7073 | Good afternoon, everybody. Thank you for taking my questions and congrats to you and the rest of the team on managing an unprecedented and challenging year. I guess, first -- Shelly, first, I want to circle back to your comments about the additional kind of partnerships with SleepIQ and maybe hopefully you can expand o... | Bobby, thanks for the question. You're absolutely right. And we're sharing how significant this data is with our position right now on sleep sessions and our sleep fleet. This is such an important area where we're extending our leadership into connected health. So if you think about the past number of years, as we brou... | intermediate | [
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0360be81c83bf3c64f428993c4805061 | Thank you. And David, for the quarter, can you offer a little bit more detail on the sales and marketing leverage? Was that media-driven or the non-media portion of that line item? And then as a second follow-up to that, when we look at 2021, understanding that there's a lot of moving parts in predicting this with this... | Yeah, Bobby. That it's an important dynamic for sure. And that's why we're advising that we use a two year growth off of the 29 -- our 2019 performance for your modeling purposes. Pretty excited about delivering again in '21 at least 300 basis points of NOP margin expansion versus 2019. A significant portion of that di... | intermediate | [
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51b5b462952f31f565abece8cd1ceff7 | Good evening. Thanks very much. Just wanted to, I guess, follow-up on Bobby's point there in terms of the sales and marketing. Yes, just kind of wondering if something, I don't know, has permanently changed in terms of the structure or the amount of sales and marketing you've run through as a percent of revenue. Basica... | Great. Curtis, I'll start and David can add some additional color. I think we could hear your question. It was a little bit muffled. But it does all start with demand. And I spoke about the digital ecosystem and being able to target high-value consumers more efficiently and to pull these customers through all the way t... | intermediate | [
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a0a4d1adbeb3b66b0895745a3d116eba | OK. Got it. Just as a follow-up, maybe just talk through, at least theoretically, some of the assumptions for higher tickets for 2021. Just kind of thinking through at least what I think are the puts and takes, launching the mid entry-level beds. Looking at the past couple of quarters, it's sort of been flattish. Maybe... | Well, for sure, Curtis. It starts with our in-store experience, frankly. We -- while we have new -- coming out with the new C series and the new p series and, yes, those are further down the line and would impact ARU in a vacuum. That's not how things actually work. We create excitement over the brand and then the in-s... | intermediate | [
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a3e6c568b77678c1d19ae8e43e8157e3 | Good evening. Thanks a lot for taking my question. I also had a question on the sales and marketing line and given that this metric now is so much better than what it used to be in the past. So could you highlight some of the efficiencies that you've unlocked that's driving these gains? And do you think that your S&M m... | Well, we've learned how to work a lot differently across the business. First and foremost, we've embraced a lot of digital capabilities. We've talked about the selling from anywhere and some of the workforce management tools that we've put in place. Also, we've found ways to be more efficient on the marketing side, and... | intermediate | [
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94ab90ace7c9854ebc7299719c889f3b | Larry, your vision of a national health record database is very compelling. It would be a profound benefit to society. Just considering that several trillion dollars or spent on healthcare, what do you see as the size of the opportunity for Oracle and Cerner if you solve that particular problem? | Well, the national health records database solves two problems, and it allows patients in the case of an emergency to have their caregivers get immediate access to all of their health records, which will deliver way better outcomes for people. The other is public health officials will get much better information about ... | intermediate | [
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34185dc40ecb2618359b25d99b2b7f4d | Safra, you mentioned on the conference call that you guys are putting up this type of result. Even on the backdrop, that's not the most stable kind of macro backdrop. And we're seeing a lot of other software companies being slipped deals, seeing issues with the consumer, Internet companies lowering their spend. Do you ... | OK. Well, first of all, you have to understand, we're a very big company. We have thousands -- hundreds of thousands of existing customers. Our products also are so compelling that often customers save money by moving to OCI. They -- also many of our customers realized during the pandemic that they absolutely had to ha... | direct | [
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d38038b879a5023c554e125323113065 | Larry, we picked up a meaningful uptick in the number of large enterprise agreements or ULAs that customers are doing with Oracle. And in particular, to satisfy their database needs, both on-premise and also in the cloud. Do you have any telemetry or other insights into customer behavior to see where they're deploying ... | Yes. With the exception of Workday, most of the big application companies may be conspicuous, salesforce.com is a very large Oracle user. And they license our database for use in their cloud. But they're not the only ones. There are a lot of SaaS companies that use our database in the cloud. And that keeps our license ... | intermediate | [
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3ab692ea8daa11453de5a5aeb726226e | With the increasing concerns of recession by many, can you tell me what you're seeing for the apps part of the business and more specifically for ERP? What I'm trying to understand is how will the shift in ERP to the cloud be impacted by any economic slowdown or won't it be? How should we think about that? | Well, I'm not sure I'd call it countercyclical, but the cloud systems cost a lot less than the on-premise systems to run. So -- and they give you much better information. They allow you to control expenses better. They don't cost that much to implement because you pay for them over time. So we -- what we're seeing is a... | direct | [
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5d04bd60064eb214c9f4f6ae8f08ca71 | Last quarter, Safra, you expected organic revenue growth to reach double digits next fiscal year. And so congratulations on reaching that double-digit milestone this quarter. Now within today's results, two numbers really stood out to us. First was the upside to license revenue. And then second was your commentary abou... | So it's a little of both. You see, first of all, large enterprises understand that having an unlimited agreement for some period of time, an unlimited agreement gives them unbelievable flexibility. Any large customer, large database user that does not have an unlimited agreement with us is really not optimizing for the... | direct | [
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8f2024be9583e8a5d31133d9840a8548 | Safra, can you just give any additional color on the capex outlook for fiscal '23 relative to what we saw this year? And then just to clarify on the buyback, I just want to make sure I heard it correctly. Is the pace of buyback that we saw this last quarter still reasonable for the near term, even with the incremental ... | Yes. Let me hit the buyback first because I know I gave you quite a word sandwich there at the end. I was losing steam. We bought back $600 million this past quarter. I think we bought back about $600 million the previous quarter. I expect to do about the same this quarter. Usually, I don't give you the number in advan... | direct | [
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b1019e4b7b66cd6c5dce943ba9ad1413 | Oh yes. Good morning, Bill and Stephen. Congrats on the strong results given the challenging year. I guess I wanted to just first touch base, Stephen on the AEC revenue guidance kind of implies, I guess if I look at the midpoint of revenues, around $71 million a quarter, which I -- and I know that's probably not how it... | So yes. Look, I'm not going to get into quarterly guidance. We don't provide quarterly guidance. Although I don't expect it to be terribly lumpy as we go through the year. So as I said, I'm not giving the quarterly guidance you suggested of just dividing the midpoint by four, but you're probably not that far off. So yo... | direct | [
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956427bc434475c18712674e27a5d653 | Okay. That's really helpful. And then just around just the sensitivity of the EPS range on adjusted EPS that you provided. Just I think we struggle a little bit of what are some of the factors that maybe we're not thinking about that implied you getting to the lower end of your range. Could you maybe walk us through ma... | Well, it's derived from the lower end of our EBITDA range for the two segments. There's obviously the table in the earnings release that shows how we get from our adjusted EBITDA range to our EPS range. So assuming the question is really at the adjusted EBITDA range, look, from an AEC perspective, we mentioned the head... | direct | [
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9306a549dbf3e4a7864f533c9d2e7fb7 | Okay. And just lastly -- thank you for that, Stephen. And then just lastly on, Bill, maybe just your thoughts on you guys are generating a lot of cash and you've got a really strong balance sheet. Just thoughts on how you're thinking about M&A in this environment just given the pandemic. Thanks. | Yes. Sure, Peter. We are generating great free cash flow and paying down debt. And we're -- our primary objective, as I said, is going to be the organic growth investment we make and the programs we're working on. But we will consider M&A. We're particularly interested in things that would help us advance our technolog... | direct | [
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53f27dd51bda730f244b18e8674cd6c2 | Yes. Hi guys, good morning. This is Dan [Phonetic] on for Gautam. So listen, I wanted to ask a little bit more detail on the F-35 destock and just kind of the puts and takes behind that and how long that could last. And I guess kind of, like what rates were you producing at versus what they delivered this year? And the... | Hi Dan, this is Bill. I think that maybe the first part of the question, Stephen could add some color to it is -- we're expecting that we'll work this through this year in 2021. The program for us, the F-35 program is a great program. It's been growing quickly. We've been -- we added production capability and grew with... | intermediate | [
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dabb6763ab6ab7ab36c8edd1cd2fd147 | Okay. Got it. I guess as a follow-up to that, is it kind of like that's a pretty big snapback if, say, Lockheed goes to delivering 170 in 2022? Then that's a pretty big step-up for you guys? Or is it already that all of that inventory is in the channel? | I think it is a step back. I don't know that I would describe it as a snapback. We'll manage it over time so that it's a well-managed operational increase. But we do expect it to come back beyond 2021. As I said, it's a good program. | intermediate | [
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59e58b428c87be38ad00bddbb74383d1 | Okay. Cool. And then just on the -- you guys have the Safran cash true-up, right? That occurs -- is it partially in Q4 and partially in Q1? What was the amount of that? | Yes. We were expecting a true-up in Q1. Stephen, I don't know if you have the numbers on that or if we've, something we --
We haven't disclosed that number. It's typically we've said in prior years being high-single digits of millions of dollars. And at this stage, we're not giving any further guidance than that. | intermediate | [
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36a7a7b1fdaca6bc6b6eaa86dfcc65f9 | Okay. Sounds good. And then just lastly, how is the progress at reopening the LEAP facilities? Have you run into any snags, or is it going pretty smoothly? | It's gone remarkably well. We brought all the three facilities all back online after they were closed -- partially closed in the second and third quarters, and production's picked right back up. We're still working on improving the product, as I said in my remarks, and it's gone very well. We've made some strides in ma... | direct | [
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06873e338a44f8fa2787e552a410276b | Hey guys, good morning. So I think we counted roughly in the way of kind of $60 million to $65 million of revenue headwinds at AEC from your comments. Your guide is down 40% to 45% at the midpoint. I guess, what is -- are we kind of calculating that correctly and kind of what would be growing? And I guess, is the 60 to... | Yes. So let me take that first. So your math is generally correct. It's about $60 million to $65 million. The growth is coming. We mentioned CH-53K and some other new programs we have on board that are growing that we have not talked about and not talking about at this stage. So they're smaller in nature right now, del... | direct | [
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0f83aad13203f177b8f688b9507f9a5c | If you look at the kind of the 37, I would assume that that flips a bit in 2022 as these guys kind of start to think about a bit of an increase in 2022. Would you expect that to kind of go back to them stocking more regularly kind of ahead of those potential production rate increases if they start to ramp a little bit ... | Yes, the one caveat being the back end of your sentence there, if they start to ramp a little. If they meet their publicly stated build rates, then sure, we would expect it to flip in 2022. Though, they face a lot of challenges as well in getting back up to rates. So it's -- that's why we're not guiding 2022 at this st... | intermediate | [
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584a86b6a68554310b52090da7353582 | Right, but the headwind goes away, like you'll be normalized on that front from what you know today by the end of 2021. So it's a hit to you guys today. It's a cash benefit to your customers. But then that goes away in 2022 because it'd be more aligned. Is that right on 37? | That's what we would expect, yes.
Yes. I was going to say, the other thing is on LEAP-1A is we'll watch Airbus too as we exit 2021 with the production rates for A320neo. They've talked about raising the build rate, so that would help us too as we go beyond 2021. | direct | [
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4673f920fda5bd27f0114d6931a0db9f | I appreciate the comments that Tom made about his updated focus on the longer-term outlook, '22 and '23. I'd be curious if there's any way that you could flush out maybe some of the underpinnings and your assumptions that give you the confidence that those numbers are achievable even as we look that far out? | Sure, A.J. Thanks a lot for that question. It is awfully difficult, I think, right now to try to decipher what normalized earnings per share might be in 2023 considering all the dramatic swings in earnings of late and could be in the future from the impact of COVID. So let me try to explain why I'm so excited about the... | direct | [
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692e04b159bd26018db7234dce97193f | Maybe one other follow-up. I know Eric ran through the capital deployment priorities and what you've done in the current quarter. I guess, and part of your long-term opportunities, are these two areas. So share repurchase, I think the target for the year was $150 million. You already did $106 million in the first quart... | Yes. Let's take acquisitions first. I mean, we are confident with that, A.J., and I kind of alluded to that in my remarks because there's not much there during the quarter as it relates to deployment on the cash flow statement, as you correctly just mentioned. But we really believe it's more of a timing issue.
We're e... | intermediate | [
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e6b5b29cc99ebddd53037d356453b004 | Thank you. Good morning. Thanks for taking the question, and thanks, Tom, for, yes, sharing your views around the forward-looking kind of outlook or what is the base scenario there for earnings. But to your point, you don't assume market share gains, but clearly, the company did gain market share based on these growth ... | Joanna, I'll try to do that. As you think about market share and really trying to tie back to CDC accurate data, it's really difficult to do it in real-time. So we have to do it based upon our ability to get information in certain markets. And I have a couple of observations to make you feel better about that.
And aga... | intermediate | [
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6f7cbaef77c59684d10896f5f00283d6 | OK. I appreciate that color. And I guess a little bit different topic on pricing, I think I missed that part due to some technical difficulties. I think you were talking about the outlook for the year for the funeral average that you expect the return to 2019 pricing levels, I think. So can you talk about what you expe... | Sure. So first of all, you're correct. The average we saw in March was effectively the same as January of 2020, so pre-COVID U.S., Canada. So we're very pleased that we've been able to get back to that number.
So as you think about the comps in the back half of the year, we would expect the average year-over-year from... | direct | [
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a9e2bef5ee1e117e58e4452f85420251 | Right. No. And actually, that was my other follow-up on the cremation, right, the shift was pretty much nonexistent this quarter, but I know it's hard to say whether this is here to stay. But I guess, do you have any views there in terms of what you expect for the year in terms of the cremation percentages? And I guess... | The cremation percentage in the revenue backlog is pretty consistent. What we have seen, it's a little bit different is the burial consumer has basically come back almost completely as it relates to their percentage in choosing service. In the percentage in choosing service in cremation, while cremation hasn't moved th... | direct | [
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19a3d63c4dde24a4f029d4e051011162 | Can you hear me? | Yes.
Yes, John. I can even hear the lawnmowers. | direct | [
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499b6611a8c7e6de3aee3aca013f566d | Exactly. The question I have is, as we move through this year, and I know it's short term, how do we think about the correlation of tough funeral comps to preneed cemetery sales? It seems like there was a relationship that was a good guy. Is there a bad guy you're expecting? And then secondly, going back to Joanna's qu... | From your second question, John, this is Eric. I'll answer it for you. I'm not sure those numbers have been updated completely would be my first comment. And my second comment would be, you have to also take into account that we had some ability of a lag.
We were so busy. When you take the West Coast, for example. Whe... | intermediate | [
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53cb9361ad5f14620983424b5ac1af29 | A couple of topics. First, can you just talk about how demand is in the third-party market right now for -- your off-network content seems to be maturing, of course, both domestically and we don't have much visibility internationally so if you could share that? And also talk about kind of the incremental demand that we... | Yeah. Sure, Mike. Look, demand continues to be strong. Let's break it down between domestic and international, as you suggest. International, it's steady. I think we have proven global hits that resonate around the world. Clearly, the streaming players, there are new ones coming in. I think the existing platforms are c... | intermediate | [
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16bd7542c8a5baf447a3798ff10637e4 | So, you said you have a large cash balance and indeed you do. You've also said that right now or you've indicated that right now is one of the worst ethanol industry conditions in modern history. What would prevent you from taking advantage of your under levered balance sheet and deploying some of that cash to pick up ... | You are 100% right that a lot are distressed, but the prices of the large Fagan ICM plants in the corn belt, which is what we have and what we are interested and possibly looking at are have not gone down near as much as -- have not gone down significantly, at least the asking price, and we have looked and we've even t... | direct | [
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95f9677f6bd92d9e0fbe52a8bb3d3651 | So what do you attribute this? So what you've described is a bid-ask spread. That's very wide for these assets. Why do you think that is? Is it because people are expecting the trade war with China to end and everything is going to go back to normal? | I think there's a couple of things that people are possibly expecting. There's been talk of rent adjustments, Trump's talked about it people competing against Trump certainly have talked about being in favor of the ethanol business. So, if something of that nature would happen, that would help us a lot. The trade war w... | direct | [
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39c72bee0c3d91ef17523dfe509402e0 | Okay. I think just -- one last question for me on -- in the Renewable Fuel Standard statutes, going back to 2007, it says explicitly that we have to have 15 billion gallons of corn ethanol blending in this country and that obviously has -- that law has not changed at all. Given the EPA refinery waivers, do you have rea... | My opinion is we are going to make it, so we're going to have to blend it. The problem being, we all built our plants based on the -- and we put -- the industry put billions into these plants and we built our plants based on that 15 billion number and the capacity is 15 billion. The only way the industry won't be and t... | direct | [
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2df6816a7c00d2e8e4fcf040ba9ade81 | Right. So are we going to get to blend 15 billion gallons this year in your view? | That's up to Trump or -- they're going to require it my opinion. Zafar, do you have a different answer. In my opinion, they're not going to require it.
I think it will be tough given the situation which we are facing right now. So effectively, they reduced that to [Phonetic] 15 billion to 13.6 billion because by takin... | direct | [
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4a40bef61c1683fe57f2988a39c78b55 | Hi. How are exports to Brazil, India and Canada this quarter? And how are they this coming quarter? I mean, do you you see growth in those numbers or are they still declining? | I think, Brazil, this was a 219 million gallon was exported through -- January through June and India was 115.9 million was exported January to June. And if you look at last year, same period, Brazil was 343 million gallon was exported. So there is certainly dropped. But last year, India was 74 million was exported, wh... | intermediate | [
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44cbad1a20606e25be510250d6b5ba6a | Okay, thanks. And yeah, and then as far as China is concerned, do you see any openings there? Will they demand any ethanol? | I think as you know, China has said that they will wanted to blend 10%, but given this trade war, which we're going through, unless this is resolved, China is not going to really import any ethanol. And even if they try to import, they're going to be having tariff. And that's really does not encourage any export.
So t... | direct | [
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437d1fc147379b82e8acc3041efa6398 | Oh, OK. And then, one thing for the Section 45 tax cuts for the coal business, how long does those last? | They last for two more years. A little over two more years.
Production for two more years. We can carry them forward up to 20 years.
Correct. Thank you, Doug.
So 22 more years is how long we can -- we have to use whatever we generate. | direct | [
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82bfecd168ae23d4ff20927b74e860a9 | The first one is about the transmission mechanism of data related to the credit reporting. Have we started to experiment the cooperation with financial institutions and the credit bureau? And are we still in the exploration stage? And when can we expect the implementation of the final plan? And the second one is regard... | OK. So ever since we get the information for disconnecting from direct transition of data, credit build data to our financial institutions, we've been in active discussion with different credit bureaus and financial institutions, and we take compliance as first priority. Our plan and design of this schedule has been pa... | direct | [
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baf5a464332eaede97e40215792f6276 | The first is on the funding costs. So Jay mentioned in his remarks that we are preparing to have some new methods to secure funding this year, including ABS. Just wondering, with that, that's our -- over the course of the funding costs, and what's our view on the future trend of our funding cost going forward? And seco... | We'll look into expanding our nationwide funding this year. For the ABS issuance, we're looking into both our standardized and also known standardized, i.e. the known public side of the ABS issuance. ABS is -- the channel itself allows -- doesn't have any geographical constraints, unlike the regional banks. So that's w... | intermediate | [
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f9d685121c637cf55fec9d556f63d770 | Maybe for Ilan. I generally think about Bio-Rad has been the lease macro sensitive business in my coverage universe. Can you sort of elaborate on what parts of the diagnostics business that you perceive is being a little more macro sensitive, perhaps there some instrumentation placements?And then on diabetes pricing th... | Hey, Brandon, this is John Hertia. I'll take that. I'd say that the overall macro diagnostics market in Europe is pretty soft. It's not just a function of our product line, but it's just in general, if you look at many of the market reports out there and that's certainly reflected. We did see some growth in EMEA in the... | intermediate | [
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693c6252ba95dce0e167da6edfc951fc | And one for Annette on the QX ONE launch. Could you help us just sort of understand the mix of the current backlog between upgrades and new users? Do you expect that system to sort of open up accounts who would adopted sort of given the workflow and the plexing [Phonetic] advantages? And can you sort of speak to sort o... | Sure. This system was really designed primarily for biopharma customers and we know that we have current biopharma customers who are interested in adopting the new system as well. But there are customers who have been waiting for this system because of the workflow and the multiplexing capability. I'm not sure if that ... | intermediate | [
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d7a44a0678aa5d4981ca60c5e053647e | Now that you've sort of been in the business for about six months, where do you see some of the best opportunities for cost outs, and any specifics -- specific actions you expect to take kind of over the next 12 months will be helpful? | Yes. I can certainly add. I mean, SG&A -- I think, Ilan, called it out in the script.
Yes.
This is, Andy. I'm sorry. SG&A continues to be a focus area for us and we'll continue to work to reduce that as a percent of sales. Operating efficiencies, broadly again and I will -- we're not working to really 2020 guidance y... | intermediate | [
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95c10939e6378769c7b3dbfed97c1c2a | Wanted to continue on with the QX ONE launch, and just get a sense for the initial game plan. Is there a menu that you're looking to launch that with? What are some of the key assays that you're planning to roll out over the next year or two? | That's a great question. So we made sure that this platform was a 100% compatible with our current platform and assays. So we have thousands of RUO assays that are available for people to buy today and they can buy them tomorrow for the QX ONE. In addition, we will be rolling out four-color versions of those assays, so... | direct | [
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91ac4318382eb0d3ac249dd53d08e133 | Is there any color you can give on the economics of the platform? And is there -- and also maybe just the size of the current installed base, and how many of those, you expect to move on to the new system? | Well, I can say that we have spoken with quite a few current customers who intend to continue to use their old platform and add this platform into their workflow. And we have also spoken to quite a few new customers as well who don't have our platform yet. This is a higher-end platform than the QX 200, so you get a lot... | intermediate | [
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fc6869edabb9ee8d446da3b5a5d15a20 | Maybe are there any updates you can provide in terms of some of the new product development in single-cell using the Droplet technology? | What I can tell you is, we have several active programs. We just launched a new product for epigenomics in single-cell a ATAC-Seq product that is generating a lot of interest with our customers, and our collaborators are generating a lot of really great data using that kit. And we're working on next-generation systems ... | direct | [
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a40d5be2287a0c3986bba58f1586eb6f | Maybe one for you, John. One of the other diagnostics players in the space alluded to some material change in the macro environment in China, specifically for diagnostics. Just curious if you've seen any changes in the landscape there. | Well, we do -- from a diagnostics perspective, we continue to see significant growth in Asia. But I guess I'd turn it over to Andy to talk about maybe China in general for the Company. And then if you have any follow-up questions, I'll be back. [Phonetic]
All right. So -- I mean, with respect to China, most specifical... | intermediate | [
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7cb0d14be14879a5cf4129af6c508b4c | We'd love to get an update on the cell analysis portfolio, and specifically any interest you're seeing in the ZE5 cell imager? | Well, you know, I think we're seeing good demand in our flow analysis products. And with respect to the ZE5, we see a lot of traction in pharma and biopharma due to the particular feature set and value proposition, it offers to those customers. | direct | [
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139e5cadc0f867b54a49fd3772328222 | Cash continues to build pretty substantially on the balance sheet. The buyback is relatively immaterial in the third quarter. Just give us a sense perhaps why the buyback doesn't seem to be a higher priority, and kind of your current view on the M&A pipeline, and whether or not you might be any closer to finding someth... | Yes. I -- yes, I've got that. I think that -- you know, it's always a balance. You got opportunities that you're looking at and -- so you know, you -- it's -- we try to keep the cash for those, but nevertheless we did get in the market and did buyback some shares during the quarter. So again it's a balance between savi... | intermediate | [
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283fbee0ad1c8d33492da99c69c29e2c | Maybe just to start on the process-driven [Phonetic] business. I know that was up modestly year-over-year. I think previously, you're assuming some modest level of growth, back half over back half is that still the implied assumption for the fourth quarter? | So Jack, thanks for the question. The answer -- the short answer is, yes. I mean we still project the incremental growth to be this year. So obviously, most of the growth we projected in Q4. | direct | [
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facd9a6bb0abf376a4a3db7530cca19c | The gross margin of 56% was really strong 250 bps year-over-year. Was there anything to call out in terms of some of the efficiency initiatives or mix of consumable versus instrument, which might help that progression in the quarter? | Yes. A great question. Thanks, Jack. There is -- obviously, the mix with more consumables in this quarter relative to Q3 of 2018, that was definitely one major component there. And two other items that I would highlight will be the lower inventory reserves and the lower logistics cost. These are two items that we calle... | direct | [
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e6f17dd08b929f606b0097caf6483bc5 | I know you mentioned you're not giving 2020 guidance at this point. But at the last Analyst Day in November 2017, you had the 20% target. Just given the progression you've had the last few years and the trajectory year-to-date, I mean, does that still feel pretty doable? | Yes. I think we're optimistic about exiting 2020 as stated -- with our stated targets in hand. Nothing at this point to say we can't achieve that. | direct | [
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0bf7874657b7c62c02570c4810c6a3a0 | The tax rate came in a little bit below my forecast, but still feels like there's a lot of opportunity to keep pushing that down over time. Ilan, is there a number you have in mind, like, is this a good 25.5% number to use on a go-forward basis? | So Jack, thank you. For this year, we project a 27% rate. Overall, you know, it depends on the geographic mix. That's one main item that does impact the overall non-GAAP rate. And -- long term, we may get to the mid '20s. [Phonetic] But I'm not -- I mean I'm not ready right now to kind of forecast the 2020. And I'll pr... | intermediate | [
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f96630d3003c3a9109f560c14e7610f4 | Yeah, congrats on the quarter. Thanks for taking my questions. Let me start with the guidance or the outlook for Q3. So I think you said sales up mid to high single digits on a two-year basis. Can you say kind of where August came in relative to that? Is August better than that and you're expecting some moderation? Or ... | Sure. Let me -- hi, Mitch, it's Mimi. Let me start and then turn it over to Tom. I think that it's important to put August in that dimension of what happened last year with back-to-school and also this year. So things are a lot different a year ago. We estimated that two-thirds of students attended school only virtuall... | intermediate | [
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6b10ad8545094b3f0b1cd8ff16acaacd | OK. And then Tom on gross margin you mentioned that you expect gross margin to be below 2020 levels for the quarter you just reported. I think you're up around 50 bps ahead of two years ago. So is the difference all on the freight? Or are there other factors that are putting a lot more pressure on Q3 versus Q2 on a two... | The big difference there is freight. There's a significant amount of freight in the second quarter. I mean we were planning on approximately rounded numbers around $7 million of additional freight in the third quarter and that has a big impact on the gross margin percentage. And a big impact on our operating income res... | direct | [
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98074e63a49c1dc8a67806f2fcb500a6 | Just to be clear is that 7 million more than two years ago or 7 million more than what you saw in Q2? | Seven million relative to two years ago and it's a combination of additional vessel charges; is a combination of airfreight things like that get the product into our consumers' hands. So it's a big difference relative to two years ago. It's just a part of the results of some of the supply chain challenges out there. Bu... | intermediate | [
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8d3b357eef15c1dcd2bf1ae8937b7fdf | OK. Do you know offhand what the other freight was in Q2 versus two years ago? | Yeah. It was more minimal and more. We really started to see the backup of the supply chain and particularly in our branded business. We are having to airfreight more product in it and that's pretty meaningful. I think you've seen the container cost go up pretty significantly. So it's really much more pressure in the t... | intermediate | [
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791309392130b4755540c37076177208 | OK. And then lastly just on the supply chain, how much longer do you think these disruptions will occur. I mean does this linger through like the first half of next year. And can you speak to kind of your ability to get product maybe versus some of your competition? I know that for a lot of your brands you're the large... | Yeah. So we think it's a huge competitive advantage in this environment because this is not a new problem. We've been managing through supply chain challenges really since the onset of the pandemic and we've been chasing inventory all the way through basically last quarter what came in went right back out. And yet sale... | direct | [
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92a32d4a9f42d846a777237b179eb788 | Good morning, Mimi and Tom, let me offer my congrats too on the second quarter. Can you please remind us that $25 million to $30 million of cost savings? Can you talk about how that will be realized and what the cadence is there? And if it's possible that there's anything behind that you've alluded to in prepared remar... | Yes, Steve. So we're good progress. We've identified 20 that's on an annualized basis and we believe in the back half we could realize half of that in the form of those items are how outlined on the call. Occupancy expenses better-selling salary productivity, we have fewer stores, we're going to have savings in depreci... | direct | [
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1d4740762ae1098cd0fd3ca1d710e165 | That's helpful and we're seeing across the space when cost savings like this are being implemented a lot of that is being reinvested in digital marketing and demand creation investments. Is that your intent here as well? Or is it literally a net number coming right out of the P&L. | Yeah. So Steve certainly we are investing a lot in digital marketing and in demand creation and we have to do that for both our websites and into our stores. I think the key here is that our e-commerce channel is profitable and the investments that we're making in digital marketing are actually generating a return. And... | intermediate | [
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30863f441f6ce1828cfb42d8a4ebdc89 | Good morning. Thank you and I hope everyone is staying safe. I wanted just first to follow up on the supply chain topic. You don't have guidance into next year but just given the situation with the factories are there scenarios you're hearing from your brands where there might be a shortage of products to sell even mor... | Sure thanks for that question, John. I think that when you think about both Journeys and Schuh business, which represent probably 80% of our business. The key is that we are diversified across a number of suppliers and I think that that gives us a real advantage. And we've talked a little bit about how important we are... | intermediate | [
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8e2ce5fa9e14b5634bd7752712a15657 | OK. Great. Thank you. Maybe a bigger picture topic than really the sustainability of the margin performance coming off of a first-half or you're typically not very profitable and you were quite profitable this year how should we think about really the ongoing ability to drive higher margin with everything you've talked... | Sure. So John it's a great question and I think we're so pleased with the results that we had in the first half. There's no question that there were unique factors in terms of the consumer being in a really great place to spend because of the stimulus and other government help. There was pent-up demand as well, but I t... | direct | [
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e2502bf033b00383d09bd6c4f9c8c60c | OK. Great. Just last one for me. The incentive compensation piece. Can you just. Sorry if I missed this, but can you give us an update on where you're tracking this year given the increase in the corporate expenses that we can see. And then how should we think about kind of the normalized level after this year? Thank y... | Yeah. So thanks for that question. So I think an important point to make is that we put paid no incentive compensation last year or the way that our program works is that since the pandemic caused substantial disruption to our operating results even though our team navigated the pandemic so well constraining expenses a... | intermediate | [
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6003e73fa109dcae113188294f809779 | First question on your adjusted EBITDA in the second quarter, the Q-o-Q improvement has been dramatic, more than USD 150 million. Can you break down the driver of this EBITDA improvement by segments or by products? And my second -- and the other follow up question is actually, when do you expect the free cash flow turn... | So first on the drivers of the adjusted EBITDA improvement. And most of the impact came from continuous improvement programs that we also mentioned last quarter and many of which were launched before 2022. The main drivers were improvements in technology, infrastructure, automation, supply chain optimization and the co... | intermediate | [
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856bc25c350faaaae33e1430e0fdc171 | So around Eats, it's, obviously, been impacted by the slowdown of the industry, but there also seems to be a bit of a idiosyncratic issues as well if I call it -- if I can call it an issue. But in what ways do you plan to rationalize the unit economics on that business going forward? And at the same time, how do you ba... | So Eric, on FLC, as I mentioned, it's still very early. We are still testing, iterating, we're building tools and the infrastructure to scale. The intent here is to share the value that -- and the growth that Rocket generates with our merchants. And of course, for our customers as well, we're expanding exponentially th... | intermediate | [
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9bddbd904ee61b0e68ba4de7555aebc3 | Given the focus on the investors' focus really on margins, I was just wondering whether you can provide a little bit more color on where you have seen the biggest gains in terms of gross profit margin improvement for the product commerce segment, particularly, would there -- could you say that in terms of the utilizati... | So there's many parts to unpack there, but let me start with the product commerce with the overall margin improvement. I think, this also touches on a question, maybe I can go a little bit deeper that Stanley mentioned. We have -- when you talk about which segment it came -- the margin improvements were driven in, we h... | intermediate | [
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c003669e7a6696839d021b15f58355cf | First, on demand on by categories here. In the U.S., we're seeing essential product outperforming, discretionary items due to inflationary pressure and mix shift to services. I'm just curious that you're seeing a similar trend in Korea. And also help us understand what the trends look like in 3Q so far in July? And sec... | On your first question, as we noted earlier, our revenue per active customers grew on a constant-currency basis, 20% year over year and continues -- customer spend continues to compound at a fast rate because we are seeing growth and strong adoption across many categories and offerings. We are still very early in our j... | intermediate | [
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5ba10b33ade2f9c6b30c60eed7646b5e | So Bom, if I can ask you a follow-up question, more about your investment philosophy. Given the fact that you guys have done a great job becoming more efficient. So how should we think about your approach in terms of balancing growth and profitability going forward, and especially in Developing offering, right, what in... | So one thing I should really -- one thing that I should point out and I hope is clear is these improvements you're seeing was not created over one quarter. Many of these programs that are driving this impact today that are materializing in the numbers today were made over many, many quarters and sometimes over many yea... | intermediate | [
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4692db1b4dc46a9a967f0bc512262e60 | First, I would really love to get your thoughts on big macro, big picture and consumer spending trend. So it seems like investors around the world seem to worry about potential recession and recent inflation may lead to consumer wallet shrinking and also edge budget decline. So in the past couple of months, have you wi... | As I noted -- as we've mentioned, there are unpredictable variables in the near term and growth remains difficult to forecast but we're very confident that in any scenario, we'll continue to grow significantly faster than the overall e-commerce sector. And as you can see, the revenue per active customer growth highligh... | intermediate | [
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5f0a6103d54bf1a2b8c1fbcd162ae492 | Thank you, and good morning, everyone. Hey, Great results. Really nice to see EBITDA profit. And my question really is, how did you feel about improving quarter on quarter so much. Would you attribute that more to COVID costs coming out and efficiency costs being driven or through margins being higher either through th... | There were no price increases. Our pricing strategy, policies and implementation are unchanged. And as we mentioned, in fact, we increased our investments in benefits for our customers in free services and exclusive discounts for line members by over 50% to a record $500 million in Q2 alone. So -- and we continue to in... | intermediate | [
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29d6d23d11dc929d82a6679c87e94f61 | Got it. OK. And while I have you on the line, could you maybe perhaps give us your views on the competitive space that we have now? We've seen a lot of investment going to your competitors or at least plan to over the last year. With the post-COVID slowdown, do you see that continuing or any sign of change? | I think, we can say that more so that at any point in our history, the core drivers of our business are unaffected by competition. Our share of product e-commerce growth has increased every quarter since IPO, including this past Q2. And that acceleration is the result of our investments, our innovation to provide custo... | intermediate | [
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57d214329d602d557459ceca390ad099 | First one is on the operating income guidance. Like you raised it by 3.5% or about $63 million at the midpoint. And you talked about some of the gives and takes, sequestration and lower impact from COVID and lower sort of cost in the back half of the year. Can you just help us quantify which -- what were the drivers of... | Sure. Hello Pito, it's Joel here. So I would think about three things really. We beat this quarter, so obviously, that helps with the full year. Sequestration was the biggest driver here, and that's about $50 million. And then looking toward the back half of the year, we've taken down some of the COVID offsets that we ... | direct | [
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"fully_evasive"
] | A |
a7a7001ed67230ebea45ed57c5136f0b | The treatment growth declined 1.3% sequentially and 2.2% year-over-year. I understand there are a lot of missed treatments from hospitalizations, from the storms are offset by your acute business and obviously, the mortality issue. With that being said, is there any chance you can give us monthly treatments during the ... | Yes. Pito, I appreciate the question. We're not going to give monthly, but let me try and help out a little bit. February was the bottom, and that was driven largely by the mortality issue, but also Uri, the storm resulted in about 25,000 missed treatments. We saw recovery in March, both as the mortality issue got bett... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cd2a2d112044d435731a188aac97843e | The revenue per treatment was pretty strong with all the items you laid out. So two quick questions. The first is how much did co-pay pressure did you see in the first quarter? So what would be a good assumption for revenue per treatment in 2Q? And as you look forward for the next couple of years, is there any reason w... | Yes. So a couple of things I'd highlight about Q1 RPT. In terms of quantifying the co-insurance and deductibles, that's somewhere in the $5 to $6 a treatment range. So you'd add that to what you'd expect to see in Q2. We also had a pickup in Q1 over Q4 as a result of calcimimetics. I'll remind you, calcimimetics OI in ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c43dbc20e68faa0ba8e52cdea00ce58d | Maybe just to stay on the RPT for a second. Is it fair to say that when you listed the things that drove RPT in the quarter that they were listed in the order of importance and the rate update was the biggest one? | There -- I'd say there are four things, and they're roughly all about the same order of magnitude. And that's the Medicare rate update, calcimimetics, the mix changes -- commercial mix change and then MA, they're roughly in the same order of magnitude. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e1e127b0906b1dbe30c794d80e6f98ef | I guess, when we think about the improvement in volumes that you expect to see as the year goes on, how should we think about that from a mix perspective? Is that volume improvement disproportionately a commercial improvement? And does that have any implications for margins or profits? | Yes. So I'd say the likelihood is that the mix will be more Medicare than commercial. Remember, the mortality we've seen as a result of COVID was disproportionate in the older population, as you would expect, and our older population is disproportionately Medicare. So as you see, the unwind happened from COVID over the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2e80308b9d2055272d7f7daa03cd4aba | It wasn't 100% clear to me what you were saying as far as your approach to the guidance. You said you took down some of the COVID offsets. Is that -- are you basically saying that you were prepared for things to get worse and you had cost cuts all lined up, and now that things are coming in better, you don't feel the n... | No. I think -- our T&E is down, and it's been down since the beginning of COVID as teammates travel less, and we had modeled that continuing through the end of the year. And now we think, for example, that T&E in Q3 and Q4 could return closer to pre-COVID levels. So the offset, the benefit we got from lower T&E is prob... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8c2a8b9945f4c37e7aa48f459906401a | Can you just give an update on your contracting outlook for Medicare Advantage? Are there any large books of business that are up for renewal next year? And how are things going as far as rates and conversations around going to more value-based models? | Yes, Kevin, this is Javier. How are you? Thanks for the question. Let me just start off by saying that there is no spike or change in volume of renewals or anything like that. It's in its normal cycle. The conversations continue to be highly, highly aligned in trying to make sure that we add more value to the patients ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f53ed5ca0f731a25c3d2308981b4bf9d | In terms of the guidance change, it looks like you talked about things getting a little bit better on the COVID front. I think you said $50 million when you net it all together, and that's basically what you took up or what you took the guide by. So does that imply that the first quarter looks better than my model and ... | Yes. I'd say, Justin, the Q1 was within the range of what we were expecting. I'd say a little bit on the positive side, but it's early in the year to start tinkering with our full year guidance and our full year forecast. So despite what I would characterize as a strong quarter, we chose to keep things in line. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e156d15c8c754d1775b55cef73d4d0b1 | The $150 million, I think you said, Joel, was the net COVID headwind? | Correct, for the whole year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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