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3c558b8e2ff95f6730be57d2b254b062 | Okay. And a couple of product specific questions in Diagnostics for John. John, can you update us on the autoimmune diagnostics testing environment in the US, specifically in the competitive environment. And then secondly, can you help us frame how you're thinking about this Lyme test opportunity. It seems like there i... | Okay. So let's take autoimmune first. It's kind of a fragmented market. We have the -- the only fully automated integrated multiplex system for autoimmune testing. We're seeing an evolution of manual IFA slide testing to automated systems, and that's the heart of our BioPlex business, which is doing quite well year-ove... | direct | [
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] | A |
9a0f7f2fa2680b038151974f34f4761e | Hey, thanks, good afternoon. Annette, maybe starting with you. Could you just give us an update on where you stand with your cell analysis portfolio? When you were going back a year or two, you kind of the cobbled together imaging and Cell Sorter and of course cytometer. Just update us on where uptake is with that plat... | Okay, thanks. Thanks, Brandon. So we are seeing really strong uptick in the biopharma segment of our cell biology products in particular are ZE5 flow cytometer flow analyzer. So we continue to invest, we think it is a perfect time to develop new tools for our customers in this era of cell biology. So we're optimistic a... | direct | [
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] | A |
e2eeb62f1b60e05a19e7371ee59e13dd | Super. And then one more on Droplet Digital, Annette there has been -- there is some newer entrants in the Digital PCR space come in with a couple of new platforms. Could you sort of speak to the advantages and disadvantages of your droplet system versus other digital platforms? | Well, I can say that our platform and our optimized assays, which we have thousands of have already enabled a lot of breakthrough research, and given clinicians new options in liquid biopsy and precision medicine. And we've got thousands as Ilan mentioned of peer-reviewed publications that support the scientific utilit... | intermediate | [
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ad1fda4b37d42e12d2e13edcd8878381 | Thanks. And then maybe one for you, Ilan. Cash continues to build on the balance sheet. I appreciate that you did $15 million of buybacks in the second quarter but that's tiny fraction really of what you generated just in the second quarter in terms of cash flow. Just curious like why that's not a bigger priority for y... | Yeah, great question. Thanks, Brandon. Generally, we continue to be opportunistic in terms of the buyback. The Board authorized us $250 million plan, we did about $65 million so far. And we plan to continue to be opportunistic, and the way we think about it is, how do we kind of bundle it as part of the overall capital... | intermediate | [
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d16819de676e8f5255c60e27dd776291 | Thanks. A last one for Norman, just an update from your end in terms of how the M&A pipeline is shaping up right now? Again balance sheets most overcapitalized, it's been quite some time? Are you any closer today to perhaps finding a bolt-on deal or not? | Yeah, yeah, I think we -- I think we've certainly got some possibilities out there and are encouraged by what we're seeing, and in the progress we're making on a couple of fronts. So hopefully, we can put more of that capital to use in the near term. | intermediate | [
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91b1d4e62c7d6ded6dff9385d8786bfd | I just wanted to follow-up on this traffic acquisition initiatives that you talked about. Any more sort of color you can share with us on specific steps that you're taking on that front? Are you working with new media sources? Or is it sort of different practices with your current media partners? And assuming that this... | The implied impact of the traffic quality initiative with our monetization increasing by 2 times is we have walked away from a decent amount of traffic, which didn't fall into certain protocols that we set forth under new policies. A lot of what we're doing is going into new channels, investing into channels that we be... | intermediate | [
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2f90101a57678127874a4da2b4a7a00a | How should we think about your revenue and media margin progression sort of relative to the numbers for Q1 that you shared with us as you go through the year? | We'll continue managing to the spreads that we're comfortable with. I believe I've stated on calls previously that we're comfortable dropping to certain levels in terms of the spread on media margin. We look at that as a percentage of revenue. So the low bar, historically, for us, really being $28 million, $29 million ... | intermediate | [
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dff3c1497f3c15531b8ac02efc2f7b52 | You've mentioned quality several times. Could you help us understand what you mean by quality? What is the definition you are focusing on? | We're really looking at how consumers are interacting on our websites and with our brand partners when they reach our websites. Against the traffic that we're sourcing upstream, whether that be media buys with direct publishers, website owners, app owners, large platforms, and the ad creative and rendering that is driv... | direct | [
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302b23e53832ae543527a8395742c8fe | You mentioned that you are going into -- or you now have five of the largest companies in the world in your roster of clients and a couple of them are fairly new. And I wondered, do they fit into some of the verticals you've been dealing with, or are those verticals changing dramatically? And is the reason margins will... | We referenced that we're now working with five of the 25 largest companies in the world at the onset of this year, that number was two. I have all the data on the two, and they made a meaningful difference in terms of Fluent's progress over the past four to five years in terms of our relationship with them, and how tha... | intermediate | [
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569a24fca4ddd981252f903cafeb5d52 | With those larger companies, do they tend to be willing to pay more for the better experience? Or do they expect to get a much better deal because of their size and scale? | The former. They tend to be able to pay more, not only for the stronger consumer experience but a lot of the tools that Fluent brings to the table. And we've talked about this probably, maybe many quarters ago in terms of my reflection on our business and some of the unique distinctions around it. Again, Fluent's surve... | direct | [
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b325574d81b0ee4bf7839b7c710215c3 | In terms of verticals, are the ones that -- were the leading verticals last quarter the same ones now? Or has that shifted because of this change in your strategy? | No. We're still very much in line with things that we've previously presented from an overall, if you think about our business, you have the verticals that are more geared toward a web-based conversion. It's a simpler decision for the consumer to make, whether it's a purchase decision or engagement decision. So we have... | direct | [
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abfd65fa4085e4fb600cbb74c9dd8e08 | Would the fourth-quarter revenues have been higher without the election? And had we had a normal Christmas shopping pattern? Or were those really not factors this year? | I do believe it was a bit of a factor for us. Some of the areas, especially investment areas for us, in which we were pushing in to go acquire more traffic. We do understand it to be good quality traffic was somewhat boxed out on the election cycle. That did have an effect on us in terms of -- specifically October, lea... | direct | [
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ac85fe3a14d7ab7541d386f6ef75fec3 | My sense is that you think that mobile apps are a big opportunity. Would you talk about that opportunity and if it, in any way, fits in with the traffic quality initiative, would you please link those in your answer? | Absolutely. So we've talked about mobile apps a lot. Fluent, predominantly, our media properties are mobile web. We're a mobile web player. And when we sought out to go and play into the mobile app ecosystem back, this is dating back four, five years now. We were one of the few mobile web players trying to really enter... | intermediate | [
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983ee9a7b2867a5080cf0d110cbe8b8d | You mentioned in the release that it was exceeding expectations. Would you talk to really the why and the cause of their success? | Absolutely. This is an area of the business that we always knew we can be taking greater advantage of. Historically, we had worked with third parties, who would be interacting with our consumers on behalf of the end advertiser of theirs. There was always a lot of demand for this product in our ecosystem. So frankly sai... | direct | [
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8f2a66ee4c299709fae8828a1197babd | I wanted to ask about just your individual perspective on the refinery waivers heading into 2020. The 35 or so waivers that were granted this past summer will come up for renewal in the summer of 2020 which of course is the middle of the presidential campaign. Just on political grounds if nothing else, is it your sense... | The way I understand it is even if they grant the waivers, there is still going to require 15 billion [Phonetic] in RINs next year. So listen, -- at least that was the current -- my current understanding of what will happen next year, which is always subject to change. We have not been -- we've been led to believe a lo... | intermediate | [
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26ead431aea9e4cf456dbd500e88b505 | Okay. Well, you actually answered my second question on the E15. Kind of first-year with year-round E15 sounds like you're a little skeptical about the scale of that? | It's better to -- better and someday, it may be something, but today, it's very minor, in my opinion.
I think -- yes. I think the E15 is -- as you probably know that all of the cars which is mostly -- apart from a couple of manufacturers, rest of the manufacturers are who are bringing this 2020 automobile is all of th... | direct | [
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6798bf6eb10c8c744a2af166f09d7baa | Hi. Good morning. And just had a question for...hi. Stuart mentioned that you guys are positive looking for acquisitions outside of ethanol, just wondering if you could elaborate more on that. | Well, there -- I mean there is a lot of things in alternative energy that could fit our abilities. But we have nothing imminent that I could -- that I -- that we can talk about. So there is really not a lot to talk about. But for example, -- a good example of what we've done in the past, we were a retailer, one time we... | intermediate | [
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555a79f011b712bffc2f62b3543eb561 | And then I guess for valuations and other ethanol plants like, how are they? Are you seeing anything there? | We've made -- we've talked -- we've tried to talk to some people and the valuations on the really good ones have not come down, not really, they've not come down to the profitability. Many companies -- almost all of had a rough third quarter, but everyone is looking at fourth quarters is being hopefully a little bit be... | direct | [
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4017c62061b8209cc622e84192074dd0 | Okay. And then I guess lastly for -- I mean for the NuGeN facility, how -- in this quarter, how is it going there? Are they still facing same difficulties as last quarter or is it getting better? Zafar? | I think as I mentioned earlier that we have enough corn at this time, but a month we restarted the plants in late -- in first or second week of early November when the harvest started and then we have enough corn for this -- for at least a month. And so after December, we have some -- enough corn for at least half of t... | direct | [
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3b471521ee198bbff28f3b07257c6e3d | Hi, everyone, this is Gabriel here. So I just wanted to check in on the asset quality front on this quarter. We saw you booked almost no provisions, so if you could just maybe give us a bit of of color here. Did you may be reversed any provisions which you had done in the last year? Or are you just really confident and... | Hi, Gabriel, this is Jorge Scarinci. Yes, the answer to your question is basically that we think that we have a reasonable level of provisioning and we're very conservative in 2020. So considering the situation of our loan book, we consider that the level of provisions is enough considering what is going on now and wha... | intermediate | [
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6b6d1c587eaaad887528f3afca997dde | All right. That's very clear. And that's from my second question, looking at your capital base, I understand you have already declared recent dividends, but even if we were to subtract these dividends from your capital, your common equity Tier 1 ratio would still be above 20%. So I just wanted to understand are there a... | There is not a lot to do considering the regulations established by the Central Bank. And -- I mean, inorganic growth has been always an element present in Banco Macro strategy for last 20 years, so that could be our strategy. Of course, we have -- we are open to any possibilities, however, we have to see if there is a... | direct | [
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b7d1965ab0df078ee2e008a67dcbee5a | Hi, good morning, Jorge and Nicolas. My question is on inflation. When looking to April inflation, it's already at 46%, so a little bit higher when compared to March. Do you expect it could be higher in the second quarter and then normalizing for the rest of the year? Just want to know how would it be impacting the res... | Hi, Ernesto. In terms of inflation, yes, what we -- you know that we do not measure inflation, but according to the local economies that consider those mechanism of trying to estimate inflation, they say that the first quarter was the highest quarter. The coming quarters should be showing a bit lower of inflation. Expe... | direct | [
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d10444390af07015c3423dffc5d2f4db | Congratulations. For my second question, is there any update related to regulation, for example, if we should expect subsidiary to continue or cap rates or floors or anything else? | I mean, we think that for the moment the regulations are going to be maintained. Honestly, we do not know what we have in by the end of the year after mid-term elections, but for the second quarter and at least big part of the third quarter, we are seeing that the breadth and regulations are going to be maintained. | direct | [
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493671653d29e47d478fbde24d5216ed | Hi, good morning, Jorge and Nicolas. Thank you for the call. And just to have a little bit of color on what you're seeing on the deposit side and how are you thinking about the liability management. And then the second thing is that the treasury had ARS1.2 billion to roll over in the next three months, which looks quit... | Hi, Alejandra, how are you? I mean, in terms of deposits, what we have seen is, of course, the nominal level of deposits in the system is growing. In terms of our asset and liability management, we are like trying to find which is the best level of deposit that we should have because, as you know, the loan demand is pi... | intermediate | [
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944a4b05414f073bc4658843830a6d23 | Hello, everyone. Thank you for taking my question. My question is on the volume side. I mean, we observed not only in Banco Macro, but in the rest of your peers as low starting in loan volumes in 2021. I know that seasonality has something to do with that, also the fact that you report in real terms some inflation was ... | Hi, Alonso. I mean, loan demand, it is, of course, pretty tied to expectations that is not new expectation here in Argentina. For the moment, it is a recovery in GDP compared to the big decline that Argentina suffering to up around '20. But the recovery of the GDP return is expected to be between 6% and 7%. Inflation, ... | intermediate | [
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51cf92b6a08caed67cd8cbd72375c243 | Hello, good morning. My question is a follow-up on the alternative to US Treasury pacer for your liquidity requirements. We understand that it is optional at this point and you have made very clear that you prefer the credit of the Central Bank. Do you think there is a possibility that in the future it might be an obli... | Hi, Carlos. Yes, for the moment it's voluntary. Honestly, we don't know if in the future it is going to be -- we're going to be forced to that. If I had to guess, I would say no because we had these type of experiences in the past in Argentina and the conclusion or the ending of that was not good, not for the country, ... | intermediate | [
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881080277d61ac3b072c0f82ff1c7bd5 | Thank you. That's very clear. And if I can follow-up, do you have particularly high inflation adjustment this quarter? I understand that there was a change in accounting and it was bigger also in the fourth quarter, but it is a normal level of adjustment or should we expect lower in the future, not only because inflati... | No, nothing special. And going forward, we think that these -- with decline in inflation, the level of this monetary loss is going to go downwards. | direct | [
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eafa664a0dbb6fda2d60161f35b59200 | Yes, hi, good afternoon. How you are? All fine? I mean, my question is related to these new regulation. Can you remind us of the percentage reserve requirement now? And does this new regulation has already stated as to how -- what percentage of these reserve requirements can be [Indecipherable] assets? And finally, wha... | Hi, Santiago, how are you? In terms of Leliq, we can have up to 45% of transactional deposits and 27% of time deposits. And for the moment, we have a level of close to ARS125 billion in Leliq. I mean, going forward, we are going to continue -- these regulations starting next Tuesday, that's 1st of June, we are going to... | intermediate | [
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781ea00fc44fccdc4ab5f04d32872a2e | Excellent. So can you remind us the limit to public sector holdings at the moment? I mean, it's customer -- so what is that the limit? | In terms of the public sector, I mean, we have ARS130 billion in public bonds in pesos, denominated in pesos and that is approaching below the -- around 21%, 22% of total assets. | direct | [
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cdee0995c0b8a667ecd501fb6f7bc086 | Hi, thank you for taking my question. My question is regarding strategy. Well, it seems that many of the margins that determine the banking sector results like inflation and the level of monetary policy rates are not under your control. So my question is what is your approach with the virus you can't control? What can ... | Hi, Rodrigo. I mean, no, we are trying to do -- and we did that in 2020 and we are trying to do in 2021, I mean because of the pandemic that we are undergoing and how that is affecting the economy as a whole as a country is to work maybe in expenses, to work on the quality of -- on the credit risk and trying to match t... | intermediate | [
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a38005fc34f673c5ae8c9b1c79450911 | Can you give us I guess your high-level thoughts on how much a lot of this is pent-up demand versus a more sustainable shift in the demand for private credit? | Sure. I mean, I don't know if -- so I think the activity has been very robust versus historical standards. So it's hard to say that it's like a permanent shift at a higher level. That said, there are some secular things that are happening that seem to suggest that it can stay elevated for some period of time. So one is... | intermediate | [
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c0766f929f76b5db283939e4b33fcdd5 | Can you give a update on generally the direct funding, the middle market side that is at Apollo with MidCap and so forth that the BDC invests with sort of the allocable capital or sort of fund complex that we're co-investing with at this stage? | Sure. It has been -- and we mentioned a lot of volume, a lot of transaction volume, large pipelines across the sort of the whole Apollo Direct Origination business. And actually, across a whole sort of the full array of products. So that's lender finance, that's our real estate business, which we don't see all through ... | intermediate | [
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3e8654f5a3f22c6d1fd3e951ad687467 | In terms of credit performance, I know nonaccruals were stable. It looked like leverage came down a bit in the portfolio. I recognize 2021 is a unique year in terms of comps in terms of revenue and EBITDA growth, and I'm sure it's all over the board depending on the company. But can you just give us a sense for how you... | Yes, sure. And I assume -- I'll assume, Kyle, you're really getting at the underlying economic fundamentals. Keep in mind that these valuations are, by and large, the March quarter of 2021. And so you're clearly comping against only a portion that was COVID-affected. And so in that respect, you, in this quarter, actual... | direct | [
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499e38aabf53cd962d0431deb75519d4 | Are you guys shifting to a short-term view to capitalize on the higher rates now, or you guys still playing in the long-term market in terms of duration? | On the containership side, there we go long to the extent we can, obviously, for the highest rate available in the market. Assuming that the numbers work, we're going to opt the longest period available. Hence, the example of the Glen Canyon, the 5,600 TEU vessel, which we chartered for a period of 36 of 39 to 42 month... | direct | [
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00a42f5348047a98950a0c69c4544ffd | And we see that you have a longer duration most likely for some of your larger ships. But are you seeing duration increase for the smaller ships as well? | Yes, we have seen a trend that generally the duration of charter parties has been increasing now. For the larger vessels, we don't have a lot of recent fixtures, simply because most of them are fixed for period, so there are no ships available in the market. However, generally speaking, yes, we see a trend in such a go... | direct | [
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d10761e2ed0b98e48090b534d18d185d | We know that the trend of ESG focus in terms of newbuilds and fuel use is something that is being thought about right now in terms of what ships people are turning to to order. Are you guys focusing on more fuel efficiency in terms your newbuilds or holding off newbuilds in order to wait for some of the technology to e... | No, look, we do focus on fuel efficiency. This is one of our priorities. At the same time, regarding newbuildings, if it is a newbuilding order, which will be placed on a back-to-back basis with a long-term charter, of course, the ships specification is something that needs to be agreed upon with the charterer as well.... | direct | [
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d2c6c73debba263c90fca8eca664c260 | We see the congestion out of China is increasing due to some of their power constraints. How are those conversations going with your customers? And what is your view on the Chinese congestion right now? | Look, I think it's common knowledge that the condition is quite extensive, especially in the West Coast of the US. And I think, there have been a lot of efforts in order to ease that congestion, which we haven't seen yet. This is not something I can predict how it's going on -- go over the next months, but this is defi... | intermediate | [
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7ecbb04ab32b8b2ffe48e8352d3c7bc4 | How is the interaction communication with your customers changed from this quarter to last quarter, given the increase in congestion across the board at the higher rate? | No, look, our customers are the liner companies. We have been fixing vessels based on supply and demand dynamics. Now congestion, it is one of the factors that it is affecting the supply of the ships. The demand is there and we know that there is substantial demand as we speak, again, especially on the Trans-Pacific tr... | direct | [
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f59b892d65f3fec1521a1eb875c03805 | You have this new hunting license, but you haven't acquired any additional dry bulk vessels since June or so. How are you thinking about the market, the asset prices and the attractiveness of adding to that fleet here? Is it -- are you kind of waiting for things to normalize a bit? | Look, we put this hunting license in place. I mean, we have announced this now, but this is something we were discussing with the lender for quite some time. So, this is $450 million for dry bulk vessels. We have it in place. However, we will use it only when we think that the asset prices make sense. So, I cannot pred... | intermediate | [
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b3d70afcf06f927101e45744c8b1897d | Do you think that right now asset prices are attractive enough for you guys to buy or are they too expensive for you to buy? | Look, since we started our acquisitions in May, asset prices have moved up, and however, there may still be some opportunities. But definitely today asset values for the five- or 10-year-old dry bulk vessels, we have been buying at those sizes [Indecipherable] Supramax and Kamsarmax. Definitely, price have moved up sin... | intermediate | [
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827ba77d0e23a4aef282d6aeca246a9e | You still have a pretty decent position. It's not life-altering for the Company, but pretty decent position in ZIM equity. Can you maybe talk through a little bit about sort of what the strategy is there? And if that's a -- if you view that as a long-term position or not? | Yeah, you're right, we have 1.2 million shares of ZIM, which based on the latest price, if I recall correctly, should be slightly above $60 million. So, this is something we are currently evaluating. We received the latest dividend that was paid. So, this time we're sort of evaluating. We are not in a high to act. We t... | intermediate | [
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df3dad52b60c70e30da2aa22af665989 | Something that we've heard some about is the potential for especially smaller like handysize vessels being used to carry containers or more often freight that would have ordinarily gone into containers. I'm curious for your vessels and your customers that are primarily using them in the spot market, are you seeing any ... | Yes, you're right. Look, first of all, in our ships, I can tell you that we are using as those ships as opposed to be used and not for containers. Now, of course, we've heard a lot of discussions about using dry bulk vessels in order to carry containers. This is not something we have done internally. Now, I cannot excl... | direct | [
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c1a34dc9a320c2d8e63ed48ac279c970 | You got three more dry bulk ships to take delivery, probably they're not going to take a whole lot of capital. After that, there are no newbuildings that you guys have. You're really sort of in a period of time where outside of just a little bit of maintenance capex. There should be quite a lot of free cash flow, espec... | You're right. Yes, because you see the containership charter rates, you see the rates today, although they offer much shorter nature in the dry bulk fleet. And our capex commitments for the remaining three vessels to be delivered -- for the remaining three dry bulk vessels to be delivered, then we also have one more co... | intermediate | [
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d2280e6fe6d514034946eda7d8fe420f | You mentioned a potential decline in fiscal '22 results. Can you elaborate on the driver of that potential decline? | Yeah, absolutely. And as we go back to last year, we had the extended tax season rolling into our Q1 of fiscal-year '21. Obviously, it's going to result in really high revenue, earnings, and cash flow this year not just relative to FY '20, but even relative to a typical year like fiscal-year '19. When we go into FY '22... | direct | [
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05aa20a2247c0a3ec099681093948ae3 | How do you guys think about dividends compared to share repurchases? Why not favor dividends over share repurchases or either way? | Yeah, I mean, we definitely love consistency in our dividend. I mean, we think about our capital allocation as a waterfall, first making sure we have adequate liquidity to fund the business. We then think about required investments in the business that we think will drive ultimately growth. We then make sure that we su... | direct | [
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787cf56362602cf797bbb66488163ab3 | Normalizing for the tax deadline shift, what are our expectations for assisted and DIY industry volumes? And then, the second part of the question, Can you -- we've already talked about DIY pricing, but can we talk about assisted pricing? | OK, sure. So for industry growth, just like last year, there's a number of variables that we are weighing and netting against each other to have our best estimate for the industry. And we think the first thing we have to do is to back out the EIP returns, the stimulus payment returns. The IRS reported that there were a... | intermediate | [
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98a34206ac9cf29fefa4c3964b1cb50a | Wave has shown impressive growth since the acquisition, and it sounds like it's bounced back from the start of the pandemic. Is this growth coming more from growing customers? Or are you monetizing better? | So let me just start, and I will definitely hand it over to Kirk to get into some of the details about what we're seeing. But we are very pleased with the recovery. And as we said before, Wave dipped as the small business landscape took a very hard hit. And as Wave starts to come back, there's definitely some tailwinds... | direct | [
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875ef269c89639265ec9135fa45589cc | Fiscal '21 represents the entrance into the latter innings of H&R Block's technology investment initiative that was announced a couple of years ago or a few years ago. Can you please provide a progress report or assessment across the key categories, Jeff, of that initiative? | Yes, I'd be happy to. It's not complete yet, and we're as eager to get everything complete as anybody is. But we have made tremendous progress from where we were just two short years ago. And as you may recall, we are really tackling every facet of our IT road map, how we think about data architecture and infrastructur... | intermediate | [
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493c8259c9454fd79e0d1e37a4a64f26 | On small business, what are the specifics in terms of what you're doing in the small business space in terms of the products and the services that you offer this year? And when do you expect to roll out more services to be more of a one-stop-shop for small business owners? | So I'll let Karen walk you through specifically how we're thinking about products now and in the future. I guess all I would say to tier up is we are definitely prioritizing tax to start. And this year, you'll see us focus more on that. But very quickly, bookkeeping and payroll and others to follow, which we're actuall... | intermediate | [
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2186fde8ec125b32123ea3fd466300e3 | Why will this strategy be more successful than past efforts to drive growth? | Great question and I appreciate whoever asked that. And I think it would be -- it would seem dismissive to just say everything is different. So let me just give you a -- to step back and talk in more detail. As I mentioned before, we've been studying these opportunities now for two years. Really going back to the fall ... | direct | [
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4316c9caea23407e1a9f09e7c915773f | How exactly will the connection between Wave and H&R Block work? And will you be promoting that more strongly this upcoming tax season? | It's a great question. And so I'm very, very happy with the engineering work that's happened to get this experience where it is. You may recall, in our first year, we said that we are lightly marketing this opportunity, and Year 2 would be integration. And here we are. So think about it like this. If you're a Wave cust... | direct | [
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bce7a0a8884d941a4af1dd5ad97a3b17 | A question on the development. I guess the price increased about $380,000 per key. How's that compared to current, I guess, transaction prices in that market? | Anthony, this is Dennis. Yes, I mean, listen, I think when you compare to similar asset classes or similar assets in our class, we think it's still below where some people have recently transacted for very high quality, well urban locations in LA. I think people paid in a 4 handle and even in a 5 handle recently for ce... | direct | [
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0a5857c1d88a19bfc4d1ecd60468005f | Got it. And what other parcels do you own? I know you have one important one, but are there any other parcels that you'd like to point out in the portfolio? | No, that's it. And the Portland -- you call it parcel, to be clear, it's just excess land that currently is being used as a parking lot that can accommodate some number of rooms. But city of Portland just substantially toughened up, there's owning laws so that whatever you build there is probably way less dense than wh... | direct | [
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8302668bca7748ef01fa30eb414f660f | Got it. And just one more. I think in the release, you said that you have to cut costs with or without the help of the brands. How about those? I'm curious, are the brands being helpful in RevPAR to cut costs or are they resisting some of your initiatives? | Well, Dennis always like to talk about that. I think my view is, all of us, as franchisees, continue to talk to the brands, primarily about housekeeping costs because -- and at least in limited service hotels, of course, that's the biggest component of our payroll and that's where we see substantial increases year-over... | intermediate | [
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87563aaea0199616c93811c936a160e0 | A couple of questions. Following on that line of talking about the labor costs and the brands, can you quantify it all how impactful that might be on the P&L if the brands were to be a little bit more accommodative? | No, not at this point. I mean I think maybe over the next 3 or 6 months, Brian, we'll maybe try out a few things, hopefully, and can have some better results out of what might be a test in a couple of different hotels. But I think at this point, it's very subjective to what that brand would allow us to do. It's easy to... | intermediate | [
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50fa2eabd744b206905520a9410fc6c1 | Okay. That's helpful. And then shifting gears to the new development hotel, I didn't see in the release what brands you're putting on that? Have you disclosed that yet? | We have not because really we've got to wait on that. Technically, the brand doesn't become 100% firm really until you get approved upon CEO and they're ready to open. So we just thought it was the more conservative approach not to put the brand name on it. | direct | [
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74c10c80fddd816f948a903ff9a90853 | Okay. And then just lastly for me. You talked about guest acquisition costs being down, can you elaborate on that a little bit? And maybe the trend there and how helpful or not the bigger brands like Marriott International and Hilton are being pressuring the OTAs on those costs? | Yes. I think for us, it's a little bit of everything within acquisition costs. So our TA commissions numbers was down about $180,000 in the quarter. Some of that is due to the renegotiated rates with the OTAs and then another $100,000 or so -- about $100,000 was actually brand cost primarily out of the Marriott shift i... | direct | [
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79bf4a8ce5df44a5514286be92c19bd3 | Just a couple of follow-ups for me. On the second quarter specifically, can you run through which markets had the largest negative variance versus your expectations and your budgets from a RevPAR perspective? | Yes. I mean, it starts with Houston. That was really by far the worst performer for us even in -- versus expectations. We had a pretty good second quarter of 2018 in Houston with some group business that -- and it was in the latter part of the quarter that did not end up recurring this year. And then combined with, I t... | direct | [
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586fed600224455ae9026282375c4cba | Okay, got it. That's helpful. And then I also wanted to ask about what you're seeing in July and August. I'm not sure there's more detail you can provide on trends in July. Was there anything that maybe surprise you one way or the other? And I'm also curious specifically, what you're seeing on the corporate side of thi... | Yes. I mean, listen, as we sit here for July 1, we think we're basically be flat. If you go back to kind of the shift in the July 4 holiday interestingly, as I talked about in my prepared remarks, the last week of June was down 5% in RevPAR, the week of July -- the week that included July 4 was up 5%, and then the week... | intermediate | [
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8d5df48c59037091eb5d3a4897b6c753 | So switching gears to the hotel developments. I apologize if I missed it, but did you give a time line in terms of when the projects can be done? And also just looking at that submarkets, what's the hotel supply picture look like going out in the future? But also just over the past couple of years has there been many o... | I'll take the supply. Well, quickly, the opening, the scheduled one, early 2021. I think it's going to take us 24 months or more to build that hotel because it's so in full -- infill. And this thing is sitting in between 3 other office buildings on each side of the hotel, but anyway -- or 2. There's been those supply t... | direct | [
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7f221f298ea6d0305bf140c4469b9749 | Okay. And then just last question for me. You're giving what you're seeing in the acquisition market right now. I mean it sounds like development is obviously more of a focus. I mean are potential acquisitions completely off the table at this point? You'd rather do developments? And do you think you need to do an asset... | Look, I think we're going to look at 1 or 2 other hotels, that's about it that we've got in this portfolio that we might say are not long-term holds. And I think the reason for that would only be being able to get a real low cap rate like the Western PA asset sale and maybe just help our overall cash flow by having a r... | direct | [
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a37a8a476e5eed345f9bf17f67d448aa | Maybe for Jeff, I think, kind of as a follow-up to Tyler's question. Given your commentary about how high pricing has been and given how deep-pocketed private equity shops seem to be for real estate money now, do you think that there -- we could see a portfolio transaction, maybe with one of the JVs you're involved wit... | Well, we certainly would be amenable to a sale at the right number. But what I'm seeing is flat to shrinking EBITDA doesn't necessarily excite those kind of buyers that you're talking about, right? I mean the key to the last sale was that things were still going up. Now look, they -- that dramatically reversed course a... | direct | [
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2b3f880747cf2213c3f812dbfb47ab8d | I was hoping you could talk a bit about what percentage of the installed base is now in the cloud, and any metrics you have around the cross-sell among this customer base. | Look, the vast majority of new customers are all coming into Cloud Editions and into the cloud. So it's clear that the new are vastly coming into the cloud. We have some customers who go off cloud for security reasons. But the vast majority are â new customers are in the cloud. In terms of the installed base that have ... | intermediate | [
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39f942cfa722028e31b630cd8dacea14 | I also wanted touch on the investments that you're making in the cloud. Both you and Madhu mentioned them, can you expand a bit on what you're doing and I assume it's already included in the financial model as well. | Yes. So all the investments we're speaking about are all in the models we're talking about financially. So they're not outside the models. They're all factored into the models that Madhu has presented. We have kind of the functional features we're doing in each of the clouds. But there's also a large investment that we... | direct | [
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30996ff0d5667f82cd0dc5ac9cbba3e4 | Can you expand on the macro backdrop? So you said it was resilience, but just to clarify at this stage, signs of a slowdown, I mean, European business, are you seeing anything or is it still strong demand environment from your perspective. | It's still resilient for us and every company is different. We made the decision three years ago to exit Russia. And so, we evacuated Russia three years ago. We also evacuated Ukraine three years ago. And I mean, our hearts are with democracy and liberty in Ukraine, but we left from a business perspective Russia, Ukrai... | direct | [
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02c87e431569a03e9ebef4bd0fe174ca | As far as M&A your stock is trading at a depressed multiple. So how does that influence your thinking on acquisitions and the multiples that you can pay? Are your hurdle rates sort of driven by an absolute basis? Or are they directly might be influenced by your share price and how does that influence you're thinking on... | Yes, I go two things on buybacks. As I noticed on the script, we purchased and retired 1 million shares in the quarter and will continue to be opportunistic in the market. And a second on M&A, valuations are coming down, our pipeline is up and we see more companies in our traditional playbook of growth at a reasonable ... | intermediate | [
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9109c33d75c8aafbc98f54bcad1fc420 | I just wanted to touch on Zix. So given it's the first quarter where Zix is contributing, can you speak a bit to how the integration is coming together there? And maybe what you're seeing in terms of cross-selling and up-selling the product some of the existing security and protection cloud customers. | Yes, Jeremy it's Madhu here. I'll take the first part and hand over Mark on the cross-sell. The integration is going well. As a reminder, we closed just with a week left in 2021, and we've given ourselves about a year and in that regard, integration is going well, very systematic. It's a great set of people and of cour... | direct | [
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617a9d6e9f187bbfe9e920b9e54e4b26 | You had mentioned that you'll be, you'll continue to go after competitive replacements against major competitors, such as IBM, for example. Did you gain any share this quarter and if so, has IBM or any of the other competitors responded in any way? | Yes, no, this is a strong playbook for us right now. And with our cloud strengths and private cloud, our ability, our new APIs and our growing capabilities as public SaaS we can do this and FileNet, Hyland, Kofax struggle. So it's just a clear opportunity for us. And, you know, Kofax I think it's recently been announc... | fully_evasive | [
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f8e6b3c46e6e1766fbb6898af14e2be5 | I was just hoping, could you elaborate on your outlook for licensed revenue? You mentioned it's due to a mix shift that you're taking down the outlook slightly there. Is that because you're seeing customers instead of purchasing license are now purchasing cloud products or are the two trends somewhat unrelated? | Paul, I'll take a piece of this and then turn it over to Mark. One of the main reasons minute as I shared the metrics of demand for license, it does remain strong. But Q4 historically has been our strongest license quarter and consistent with everything we've been talking about in terms of cloud acceleration and such. ... | direct | [
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6b2e760d269f2ccf7259d7ce5af4d960 | Just shifting gears on the margin side, when you look at margins for the quarter, they're stronger than quarterly factors. And then, the outlook calls for margins still to be down on a year-over-year basis for Q4, is that similar math as, you showed a back into the full year outlook there, the bigger picture, how shoul... | Yes. Paul I'll take that. So I'm going work backwards from, as we shared are medium term aspiration, they remain unchanged that is 38% to 40%. And this year we've talked about 35.5% to 36.5%. And when you look at the nine months, of course, we are closer to the 36. We are doing well on margins. They are reasonably pred... | direct | [
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8152daef28954d1f09467f2d74c0f254 | Could you comment on the strength seen in total billings growth this quarter? Did you see any benefit from early renewals this quarter? | The short answer is no. I think we're seeing an acceleration of our software business. We saw it throughout the course of 2021, benefiting from our most recent product cycle, increased demand in the general market, and also, I think some -- the flywheel effect I talked about from our Bitcoin strategy. So, no, we're not... | direct | [
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b2e0a0072c7a4c2987f0f8f97af20e98 | Non-GAAP operating margin, excluding the Bitcoin impairment, was slightly lower this quarter at 16.6%. What were the areas of investment this quarter? And how do you think about margins going forward we'll continue to see next year? | Yes, I'd say there are three areas where we saw some margin dilution in the fourth quarter. The first is in our cloud business, we are starting to ramp up the team in anticipation, as you saw with our cloud billings of significant growth. So, as that cloud business starts to scale, that margin dilution, I think, will r... | direct | [
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ec04ec412788c1bc39a0d73b4ddc4455 | Financial services infrastructure on the digital assets industry continues to quickly evolve. How do you view the opportunities to exploit your large Bitcoin balance in 2022 to drive shareholder value beyond spot appreciation this year versus last year and perhaps in generation or other strategies? | I think that as enthusiasm to trade and hold and bank digital assets and Bitcoin in particular grows, there are going to be -- there's going to be an increase in the number of creditworthy counterparties that we could do business with and increasing the options that we have. So, we have a large amount of assets. So, in... | intermediate | [
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562e52aca4f3ef1c14bed11a1ee69ab1 | Can you quantify how much more balance sheet capacity you have left right now and outside of further equity issuance to acquire more Bitcoin, considering both the core business and the MicroStrategy subsidiary? | I think the most important number to focus on is the amount of Bitcoin that we have that is not pledged as collateral, which I think Phong pointed out. What was it, Phong, 110,000 or so? So, 110,000 Bitcoin would be the asset that is not pledged as collateral that we could potentially consider using either to generate ... | intermediate | [
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6126986f1f85a90511fef0a0b5a64d4d | Congratulations on the strong year. Should we expect any changes to the go-to-market process given the new head of sales? | Well, thank you. No, I don't think you're going to -- we would expect a lot of major changes. Kevin has been with the company five years now. He was instrumental to some of the changes that we made in 2020. As we embraced the virtual wave and went more to digital marketing, obviously, less in-person events, less in-per... | direct | [
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881ebab7296c8ac67c52bf308d47cf63 | You have set a long-term target at the Investor Day to grow revenue more than 10% annually. What are some of the levers you can pull to get to this growth rate? And what's the -- and how is the timing impacted by the cloud transition? | It's a couple of things. First of all, if you see our product license revenue growth last year, 17% constant currency, subscription billings growth last year, 35% roughly, you combine those two, those are really the foundational elements of growing the overall business. Product license revenue growth drives support rev... | direct | [
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2c7bdcbf26472b836e098d638e4533d6 | Can you speak about the issuance of additional stock at the market to purchase Bitcoin and if it is accretive? Additionally, can you also talk about the ability to pay the interest on bond offerings from cash flows of current MicroStrategy business intelligence arm? | Yeah. So, regarding the first question, we wouldn't choose to issue stock if we didn't think it was accretive. And whether it's accretive or not depends on a variety of circumstances and -- facts and circumstances. But we're certainly not going to issue stock if we don't believe it's accretive. Regarding to the second ... | intermediate | [
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bdd68100f76622645e67d5dc0b86260c | Could you talk about how far along in the cloud migration journey we are at currently? And are you seeing larger customers migrate? Or are they still waiting for more enhancements in the cloud product? | Yeah. So, we saw for the full year of 2021, 35% growth in our cloud billings. In the fourth quarter, we saw at 53%. And I think as we get into 2022, that number could further accelerate. And today at least, that is on the back of some medium-sized and sort of a few large customers. I do think we will start to see that ... | direct | [
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48bb0b8b8e0c7c9cffd13b94e4942789 | Can you elaborate on what are your plans for Bitcoin for Corporations and whether this will have a revenue benefit for MicroStrategy? | Well, this is our second annual Bitcoin for Corporations conference. We kicked it off last year. To my knowledge, this has like been the primary, if not one of the fewer or the only Bitcoin-related conference, focused upon corporate adoption of Bitcoin as opposed to institutional investors or retail investors or techno... | direct | [
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dea5ccbaeb27c3ea89976efa7402f568 | Are there any bond covenants that could force MicroStrategy to liquidate Bitcoin holdings? | No. We don't have any covenants that will require us to liquidate any Bitcoin holdings. The covenants we have on our convertible notes and -- are secured on or primarily incurrence covenants, which means they may limit our ability to kind of additional debt but nothing that would stop us in our tracks and say we have t... | direct | [
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d873e78f6c470c667a9fac996ad4b45f | Do we plan to expand into Bitcoin products to grow our revenue? | Right now, our strategy is to acquire and hold Bitcoin. So, we don't have any plans to offer additional products. Our product focus is business intelligence. Our treasury and our balance sheet focus is acquiring and hold Bitcoin. It's always theoretically possible that we will find new and interesting opportunities, bu... | direct | [
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9c1c3a5366e0d260f5061ef86a0c6025 | Just I understand that lead times can be pretty short for you guys. But just curious if you could comment on the linearity of bookings in the December quarter. | No, very consistent. So I mean, it was really a -- I mean, we're having a mild winter that certainly always helps. But I think overall in the general market, we're seeing just a continual demand kind of ongoing as people evaluate and build their environments and then plan for the future. So, no, it was a very nice and ... | direct | [
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24e7ab7e3240d676c782597c6169ab58 | I know you outlined some of the potential tailwinds going forward. Obviously, you've benefited from some of the tailwinds related to COVID. Just curious if you could comment on any change in visibility over the past three months. | We're actually getting kind of, I would say, increased visibility, the two business needs. I think the COVID world has actually created a situation in which communication service providers are really kind of looking out to things by a season-by-season basis and trying to work with their suppliers to give them at least ... | direct | [
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2fc3120c2e0c4d6674a8de0e7dcf1df5 | Gross margin, a nice uptick in December. How should we think about sort of the opportunity for expansion this fiscal year? | Yes. Well, the margin was positively affected by the strong dominance of community broadband, with community broadband being up 70% and representing, what, 65%, 67% of our total business. That business, because it's done in smaller projects, it's typically higher margin. And so we certainly benefited from that, with th... | direct | [
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05d70f47aba6ca73f13ae3057beed17f | We actually saw, obviously, a pretty sharp increase relative to last year, but somewhat of a decline sequentially. I wonder if you could discuss the puts and takes in terms of bookings and backlog in the quarter that led to that decline sequentially. | Yeah. That is a -- it's a very -- the decline sequentially is very standard. It's very seasonal. Typically, a service provider is not all that excited about putting a purchase order overextending their fiscal year. So we tend to see December bookings go down as their budgets are not yet approved and that they're puttin... | direct | [
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8755e2173cd8e91a984c7f3822686c9a | Would you expect or can you comment on what you're seeing thus far this quarter with regard to bookings relative to that or understanding that your smaller customers may not have the type of cumbersome budget cycles you might see among the larger carriers? | We're having a great January. So it is a -- without giving any future guidance within it because we can only do what we can see with the three- to four-week lead times. But bookings have been good. I do not have a concern in regard to lack of market demand. It's strong. There's a lot of projects and activities in place... | intermediate | [
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a5907cbacc0dc0be4524266a0c61d406 | I wonder if we could be a little more granular on kind of expectations for timing there. You'd referenced kind of some degree of pull forward in demand. Is it likely that we're likely to see a normalization in that pull forward, maybe in contrast to traditional seasonality in the business prior to seeing any type of ac... | Yes. The general frame of thought is that it's always difficult to know with government projects. But the general train of thought is that we'll start to see the beginning of that revenue in July and August. So since our fiscal year ends in September, I don't see the RDOF program having a really significant increase fo... | direct | [
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01ce83ba94b8d9674e52ce84020a23b4 | Just first, what was the debt balance at the end of the year? | The debt balance, both the term debt, is about INR68 million [Phonetic], and working capital debt, net of cash -- working capital debt, net of cash, is about INR25 million. | direct | [
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cdab20efdc99422752e5ed77441dd29a | And the capex number that you mentioned, the INR4,405 million, was that for the full year? Or was that just for the fourth quarter? | It was for the full year. | direct | [
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824949a690a85c5b39c6e9475b3cf878 | And when we think about this year, obviously, you're conserving some capital, not paying -- deciding to not pay the dividend. What are your projections for capex for this year? Is it going to be higher or lower, or about the same level? | We have, as a policy, not make forward-looking statements. But as far as our commitment for expansion on our data center and network services, we will continue with our plans, which are on the drawing board. Maybe there could be some timing delay of a quarter or two. But otherwise, we are committed on our plans, simila... | fully_evasive | [
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84fc066ec2155cdd12ae973573aec3d2 | And then as we look at the impact that the virus -- the lockdown is having on the business, can you just talk about maybe what parts of the business are being most impacted? Is it the more project-based areas of the business? Can you maybe just go through your different segments, talk about what you're seeing, what the... | So what we have done is we have analyzed the vertical view as well as the -- our product line view of this particular issue. So from a vertical perspective, we see banking and securities, which is a little negative on an immediate term, but over a long term, we see that it should be neutralized. The communications sect... | direct | [
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16651ddb373935833650f5f5e4705c99 | Yeah. Yeah, no, that was great. So just I guess if we just -- I know you don't give guidance, but maybe you can help us out a little bit just given the level of uncertainty out there. But as we take everything you just said about your different business segments, and we look into next year, do you still expect to grow ... | So it is a very tough question to answer very honestly at this point of time. A large part of our revenue is out of contracted and carry forward, which is more of an actual revenue. I would say very near to our current revenue, we are maybe 25% lesser than what we have achieved this year, or maybe 20% -- not 20%, I'm s... | intermediate | [
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e306746dda17725c4f0d14ceb5127341 | Okay. And just -- maybe just lastly, just to help me fully understand this. When we look at the complexion of your business, how much is tied to like contracts, which should recur -- like, I don't know, tied to contracts that should be more recurring? How much is consumption-based, which may decline? And maybe how much... | So as far as our revenues are concerned, I would draw your attention to our 20-F and the half yearly 6-K filing, where we have the segment numbers. The network and the data center business is almost in full annuity revenues, which are contracted, and they increase with the consumption. As far as the other IT services b... | direct | [
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23205413d0e325f6d7970ef387535b43 | What progress are you making in marketing and selling Varium and NeoPrime? What feedback are you getting from the trials? And when do you think we might see increased sales of these products? | Well, I think I mentioned in the -- was in the fourth of the third quarter that we're -- the third quarter that we are hoping for some activity in the second quarter, which is coming up? So I'll stick with that for now. As you know, I'm not going to get into too many details. but it's still very positive. But I will te... | intermediate | [
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"fully_evasive"
] | B |
afe0ab69800567a933ebc304c89f5c92 | Can you tell us anything further about the trials? Where are the several trials being held and the time line, so when they might come to greater fruition? | Well, unfortunately, we're out of time. So I would have gotten into that. No, I'm just kidding about. No, I will not be telling you where the trials are being held. We go through this every single quarter. You guys push me to have longer teleconferences, but the questions seem to be the same. And I have to keep giving ... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
b719bf3a15efc95637332641cc477904 | My question is -- first question is read recently that the swine and pork prices in consumption in China has decreased due to the Asian flu impact and a shift by consumers to consume more poultry. And so my question is, have you seen an increase in demand for your poultry-related product versus swine products in China?... | OK, sure, Dan. John, it's a very, very good question, right? So as I'm in China right now. I think I can answer that pretty well. Let me start with the swine. The ASF, African Swine Fever, has really taken its toll on the Chinese swine market. The reason I'm saying that is not because of there is not enough pork meat i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3fff2de7d05c20e447c28ad7e4a0d314 | Yeah, so I guess, so you are seeing an increase in demand for your poultry-related animal health products. Is that what I'm hearing? | That's correct. Yes. We do see an increase because the poultry market has been pretty stabilized and they know -- stabilizing means the prices remain stabilized. Last year, the population of poultry has increased tremendously in the last three years. So that's a really good sign. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ee0a3eb5ceb8d81d7da24d7337d16321 | Is that some -- is that a trend that translates into other geographical areas as well? | We're seeing some of that in Asia. Yes, definitely we're seeing some of that trend in Asia, but it's quite difficult to project that just because if you look at Asia, the predominantly poor consumption countries are China, Vietnam, Philippines, Japan and Thailand, right? So in these countries, definitely, we are seeing... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8966e63ffb1d2705415bf70c8773a2b0 | Could you please give more detail on the increase in sales of both your branded and private-label cat litter? And also I'm wondering to what extent was revenue growth in the last year due to price increases versus increase in tons sold? | Thanks, Ethan, for the question. The growth in cat litter has been driven duly by both organic growth, driven by overall growth and people having cats and pets overall. Additionally, reflecting new customer acquisitions. So bringing on new private-label lightweight customers and new customers. And then, also, by overal... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0d0073cdaf233673cc1faebde1e06c88 | So my first question is on the--Hi, David. My first question is on the inventory. You talked a bit about the dynamics there the finished goods came down but the overall inventory went up, and you're building for the second quarter. Can you just elaborate on the dynamics there and what kind of pipeline backlog visibilit... | Second quarter, the reason that the inventory went up and then finish go strong that in quarter 1, we have a lot of substance realized in quarter 1. And for the quarter 2, we are participating in the high demand for revenue as well as the shipment. Quarter 2, we forecasted about revenue about $25 million, and the shipm... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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