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bc4c577c7b568552da2901a09ce05cf6 | Hello. Good evening, all. And thanks for taking our question. There are two questions from our side. The first, if we should expect selling expenses falling year on year in the second quarter, given that this year is intake cycle, was more concentrated in the fourth quarter. And our second question would be, if you are... | OK. I'm going to start with the second one. So yes, you are fully right, Vitor. Thanks for your question, by the way. Looking forward, we are going to resume activity before the deal with [Inaudible]. We were already looking at some potential deals to complement our portfolio, either with graduate courses, either with ... | direct | [
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6a1121bc9d408b5ba3dae7163805c0e7 | Hi, good evening, everyone. Thank you for taking our question. So regarding PDA, the company reported a decrease in the PDA as a percentage of net revenue which is different from what we saw in most of the companies in the sector. One of the reasons for the PDA was a lower contribution from continuing education segment... | Hi, Lucca. There was some noise in the line, but to answer what I think you're asking. But it's not right question, please correct me. So dilution of PDA overall when you see the whole year for example, we shall expect a slight reduction in PDA overall this year compared to what we had last year for a number of reasons... | direct | [
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c1cbc29a757f4a9f79f52fd31a44c021 | Hi, Carlos. Hi, everybody there. Thank you for taking our questions. So I have two questions. One, I'll go back to the seasonality aspect. We were talking with your competitors during this earnings season, and we noticed that the seasonality in distance learning in general is something that seems to have changed for th... | Thank you, Mauricio for two questions. The first, one regarding seasonality and PDA. You're absolutely right. I mean, we were already used to this. I'd say we are much more spread intake cycle throughout the year because of our modular academic approach. And so we realize our intake goes up to end of May for the fourth... | direct | [
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d2422b060afe00c11904b7dd4706fbee | So you talked about the fact that your foodservice business was impacted by the pandemic in 2020, is there any way to size that business for us? And I know that you're really just starting, but is there any way to give us some impression? Is it just really tiny revenue in 2020 or is it 5% of revenue? Is there any way t... | So just to back up a second, we've been in the foodservice business in back of the house, so in the kitchen for 15 years plus. And that business is approximately a $20 million business for us, which is all U.S.-based and was meaningfully down this year. Mikasa Hospitality, which represents the big initiative, and I thi... | direct | [
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fe54a6d21e47b2c13553b33390dd2189 | I guess one could argue that you've maybe been helped by the pandemic in some ways because you're selling kitchen goods and people are cooking more at home. Do you think there's been any unusual benefit that you've had that will be hard to lap those comparisons or are you changing your business enough so that you can s... | Yes. That's basically everyone's question, right? We were a beneficiary of more people working from home and the demand for our products and home products. We also, though, as a result of what we've been doing, and I think we accelerated that in the conditions of the pandemic to noticeably increase our market share. An... | direct | [
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1ce27546ca482a39e5405b8287564b52 | OK. And then your cash flow in 2020 benefited from working capital improvement, is it fair to say that cash flow will be a little less robust in 2021? | Let's defer that until we give our guidance in the first quarter. We probably will have a little incremental -- not tremendously, but little incremental capex in 2021. We'll also have more cash with lower debt levels, right? There are some good gives and puts, which Larry will elaborate on in our guidance. I will add, ... | intermediate | [
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991a9e3a26a796c5875906dd655ea202 | So I guess the question I have is, until these, sort of say, naturally abate, are there levers you can pull to help the company contend with them better or is it just a matter of basically accepting these disruptions in the nearer term? | Yes, that's a great question. I mean, we're doing everything we can. And I think an organization like us versus a lot of our competition, they can't do anything. So there's two shipping issues in terms of two general buckets: one is freight in, getting things in from overseas, really Asia, where there's an availability... | direct | [
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6a5935b55c93c5f568064391f78939ac | So Rob, you're recognizing that it's extraordinarily fluid and I apologize for it being a relatively near-term question. But as some markets have started to open up more, certain parts within the United States, are you seeing any early indications of demand trends for your products beginning to change? | No. Except on the foodservice side, where we're seeing demand increase. The -- in Europe, we -- there was a tremendous lockdown starting in last December, and that had a negative impact. The lockdown hasn't really been as extensive, and we haven't seen that in the United States. But we haven't seen that, and there's --... | direct | [
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6babaf9915b46d714defccf1e37c3612 | So we're hearing from more companies about they're seeing inflation. Just wondering if you could comment on that, are you seeing that? And kind of what's your outlook for that as to how you think you'll manage that? | We are definitely seeing a cost input inflation. And we've been putting strategies to mitigate that, whether that's be labor costs and our distributions, which has been up on average $2 for almost a year and a half already. Unfortunately, where -- labor wage rate, where if they go to $15 minimum wage, it doesn't impact... | direct | [
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ff07763ddaa0393f5b2c5708cdc735a7 | OK. So are you taking up pricing or how exactly you're going to offset some of these higher input costs, like I said, labor costs as well? | On the labor costs, we've basically -- we've been experiencing that for most of 2020. So we have mitigated that. And you can see in terms of our -- if you look at that -- I mentioned the distribution costs. And if you look at our distribution costs, it was down even in 2020 with significant labor and cost increases. So... | intermediate | [
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f82b59960f98af27bccc82ceb97a6528 | Got it. OK. And Rob, you mentioned that you have a strong outlook for first half of the year, is that both for domestic and international? Is it more skewed -- is it more domestic, similar to the fourth quarter trends? | Yes. So just to clarify, we have not given any guidance. And we will, with our first quarter call per our normal practice. I did say that, so far, we've seen -- consistent with 2020, we've seen strong demand so far in the first quarter. In our core market, Europe was shut down and the combination of that in Brexit, whi... | intermediate | [
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8fc629a050283f61cf962013dfa66ec7 | Got it. OK. And then lastly, as far as the tax rate is concerned, how should we think about that for '21? | It's in the past. I mean, we should be the 21 plus the state, six to seven points, 28. Just know that the U.K. is planning to increase their rate legislations out there. So, rate may be higher if that were to occur. | direct | [
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36fbb84e3be81f18c627c4d5a1300e7f | On the Pfizer contract manufacturing agreement, does that mean it will no longer be excluded from sales? And will there be a positive margin to that? | Matt, it's Brian. I think at this point, we will still, for reporting purposes, keep it excluded for our non-GAAP reporting, consistent with the way that we always have. | intermediate | [
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13c28f14170dc95ebb735b8d95c24537 | Will there be a positive margin to it? | The margin impact under the new agreement, pricing is positive relative to the agreement in place until now. But I think what really has the most value to us are the commitments around volumes. If you look over the past several years, we've seen reductions in volumes for that piece of the business, and that's impacted ... | direct | [
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d146064d8cdf2fff21d8aed231092562 | Does it preclude you from entering that market for yourself? I mean I know at one point, that was a consideration. | I think the reality, Matt, is -- it's Vivek, volumes went down on a number of those products. And that hurt us. And I think I just described the second part of your first question is, I'd just say, at least we've tried to structure so that we don't encounter more turbulence, negative turbulence going forward, it's all ... | intermediate | [
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a87fc4dc3ab2c5056979b51f731d7767 | Okay. Excellent. And then just on the language in the R&D spending, I think last quarter, you had said it was double-digit growth for the year. And this quarter, it was like increased a bit. I'm just trying to balance those 2. | It's just been -- on some of the projects, Matt, it's been hard to spend the money to get kind of prototypes and boards and things we need in certain spots of the world, right? We would like to spend the money. It's just been difficult to get it all spent. I don't think it wasn't a lot more than that. | intermediate | [
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794dc281bfc2af0c78c8868947c3d9ad | Okay. And then how should we think about like the installations that you're planning in Q2 and the correlation of gross margin? | May I think the biggest impact actually in gross margin, I'll pass it back to Brian here. The biggest impact in gross margin are the actual items that Brian talked about in Q1. I think we'd rather say we feel OK about what we said the year was going to be. And we contemplated any pain we might feel from installations i... | intermediate | [
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42a4040b2aad2a377a5b083a0c8acd21 | Can you talk about the environment or appetite out there to swap out pumps? Is it better today than it was in the fourth quarter? | It's better today than it was -- Jayson, it's better today than it was in the fourth quarter. Obviously, there's been lots of twist and turns and changes of suppliers in the market over the last number of weeks and months. I think our lesson from having been in this industry for many years is just everything takes long... | direct | [
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7cdefe65d757f690a84e391e542a39ec | And then just curious as to what you're seeing in April. Can we assume that April was stronger than March? And then I guess, more specifically, are trends starting to get better in both Canada and Europe? | Yes. I think as it relates to April, I mean, we said that in the first quarter, toward the end, we saw gradual improvements in volumes. And I'd say that has -- that gradual improvement has continued in April. So we feel OK about how the second quarter has started. Yes. I mean I think the strongest statement we can make... | direct | [
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8479fc4e39e8602093402ba9c59a8f32 | And just -- I don't want to get too granular, but the size of Canada and Europe in terms of percent of total sales? | Canada is our single largest country that we do business in outside the U.S. It matters to us. The whole company is really only consumables and pumps internationally. And that represents about $300-ish million of business. And most of that business is still heavier, Europe and Canada, right. | intermediate | [
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b9e617dbf35ff19cffb48891007fdd1b | And just, I guess, the messaging on gross margin, I think I had it right in that it was 225 bps off of a gross margin of 37%. As we look at that going forward, with -- is gross margin largely dependent on new pump deployment in terms of where it goes? | Yes. Yes. That will be the largest single variable probably for the rest of the year on gross margins. That's why I think -- Jayson, Brian's script was saying, we feel OK about the 38% to 39% for the year. But that pump volatility could move that up or down. I think we have the clearest view of Q2, right, because of th... | direct | [
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b2908cb2797866cc9ff5712a0d736bd7 | Maybe if you could just kind of talk broadly on the longer-term drivers there that you see. In particular, the shift in systems toward more disposables as well as you mentioned the improvement you get now that Austin is behind you. Do you see with more control in your own testing on the manufacturing distribution side ... | Sure. Pete, nice to meet you. I think we were trying to lay out our view of how earnings should increase over the long term. Again, it's hard -- a little bit hard quarter-to-quarter right now. But if we get to a normal level of profitability in Q2, which Q1 was not, and we continue to either have consumables growth and... | intermediate | [
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125e2d6c555293b7f63f7562b9a7790d | In terms of being able to -- you mentioned the hospitals starting to improve there for you. In terms of being able to get in and compete for new wins, I think I heard you say 70% of your calls are now in person. How do you see that improving in the short term? | I think right now, I think we said in the script, 50% with a little bit lower number in the Northeast, which is a bit strange still to us. I think we're seeing travel requests and movement of our people around the country happening. And so I think live calls are going up. I think they're going up quickly, and we will h... | intermediate | [
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7f7e84cd0bab7af8f1da94c28693fca3 | My question is about the competitive landscape. We're seeing, obviously, some IPOs here, very successful IPOs. And then a lot of talk in the industry about kind of end-to-end platforms. I know you guys are trying to build your own, but can you just talk about the customer feedback and the customer perspective right now... | Yes. Jason, great to hear from you. Yes, obviously, we are very excited to see that the market is growing. The addressable market is growing with the amount of solutions that joined and DevOps supports the acceleration of digital transformation. We will see more and more of this vendor joining. One thing that we were v... | intermediate | [
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9f3158f6d7aff0c27c769c15942f1ce8 | And do you feel that there's going to be more and more pressure from IT organizations, sort of IT managers, to standardize on specific products or specific platforms? | Absolutely. I think that the standards are now being taken. As we speak, companies adopt DevOps. They took the first leap into DevOps when they established their CI/CD environment and then started to manage their binary repository following by security and observability. The standards that we see in the market, and you... | direct | [
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ca30cb6d3952531ecad0ad8bbb57bb40 | I wanted to ask if you could update us in terms of the Vdoo integration? Essentially, what has been done and what still needs to be done? And how do we think about Vdoo heading into next year? | Yes. Thank you for this question. Actually, Vdoo or what we call now the JFrog security solution, combined forces with our composition analysis securities tool, which is callled Xray. What we invested in this quarter is to boost our security solution alongside our repository solution. When you think about the landscape... | intermediate | [
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ff1d8793990d9c9359572c6da9e91eef | As you continue to push more into security, maybe what are the lessons learned from the previous conversions of dev and ops that maybe can be applied to gaining traction now in DevSecOps? And maybe how is the convergence of security perhaps different in terms of personas or other things that you may need to adjust for? | Yes. Again, very important point. It's very easy to understand today why dev and op came together on a common ground and the IT people and the developers started to find some joint assets to work on and collaborate. If you look at 99% of the organization that we see in the market, what we hear from our customers, what ... | intermediate | [
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4708cd8b9715375b2533b7117dce066f | Maybe Shlomi, we can talk about the sales force and productivity. Maybe you can help us think about how your hiring has been on the sell side? And how do you think about the productivity gains over the past quarter? And how should those, in your opinion, should shape up through '22? | Yes. Well, as we committed to the market and we spoke about it in the previous earnings, previous quarters, we are in the process of building a joint funnel. What we know for the past 12 years, we know great. How to build it from the bottom up and inbound and inside sales. We build the company that way. We built the co... | intermediate | [
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4818653e55fefd2b6b6b68f222730249 | Maybe as a follow-up, just on this point, you talked about the Enterprise Plus growing very strongly now 34% of revenue. Is there a way to transpose this on number of customers, what percent of your customers are Enterprise Plus? I'm just trying to gauge where we are on this tail of transition to Enterprise Plus. Where... | Yes, Ittai, this is Jacob. I'll take the first part of the question. So to remind you that the entry-level -- entry point into the Enterprise Plus into the full platform is $115,000. So you'll transition to the platform automatically puts you in this category of over $100,000. So out of 466, not all of them transition ... | intermediate | [
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e0f096b0abf26be29de6d67a14751bc3 | Got a question here for Jacob. And thinking about the Q4 revenue guide, I think it's very interesting because we see the potential here for a subscription revenue acceleration in the fourth quarter. But the wildcard is really license. So I guess could you help us understand license revenue in Q4? Anything we should be ... | Yes, Koji. So just to remind you that license revenues really is more portion of the revenue from the on-prem subscription that we recognized upfront. It's typically dependent on the type of subscription and on average, approximately 10% of the bookings. So it really depends on the composition of the revenue and of the... | intermediate | [
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92ff0a6bab0d76ea77f061b2cd83ce17 | I was looking at the press release, I noticed the Department of Defense Iron Bank sort of certification. Just kind of looking for some additional clarity there on what does that mean? I guess I'm really only familiar with FedRAMP. So maybe could you help put into context what an Iron Bank certification is and what that... | Yes, Koji. Iron Bank addresses the highly regulated industry, those that require certification first, adoption later. And even if you are an excited developer or a DevOps engineers that want to adopt JFrog tool, if you don't have the certification, it will not scale within the organization. I'm not even sure that you w... | direct | [
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73c6240ed85f0b3ef4ab5508b60c42d4 | So would just like to know when you look at the public cloud products just hit the binary depository level like Cold Artifact or Azure Artifact, what do they most lack compared to JFrog? | Yes. That's a very good question that we hear not only on earnings, but also customers that are asking the same thing. The first and foremost is scalability. Organizations today generates millions of software packages a day, million, not just by building it yourself, but also from what you bring from outside. This is n... | direct | [
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9d008ea39771b05b265dadce0b87aa4a | So specifically on pipelines, how have your conversations evolved with customers about using that in addition to everything else that you offer? | Yes. JFrog pipeline is the result of one of the acquisitions we've done in the past is existing to make your platform experience using software package CI/CD tool much more efficient. So when we hear our customers comparing our CI/CD solution to others, it's not about how fast it integrates with my source code reposito... | direct | [
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5137030244679833ffd82a248aa7ec0f | The first, if you could please comment on the trends in candidates per seat, and if you think that, let's suppose you gain more seats in the cities you already have because of the Mais Medicos expansion, do you think you could deploy those seats, without the need to reduce tickets? And the second question is, what abou... | The first one, the candidates per seat, for this cycle that we concluded in the second half, we keep the same average as we had, before the COVID, so we saw a very high demand for candidates per seat. And even considering that we have some expansion on our Mais Medicos campuses. We are very confident to have the same d... | direct | [
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f58f977ef6ca3363b99dbeb5188a26b3 | So you think you can pass the IPCA at the level that it is now? It would be something feasible to see in the tickets. | Okay Marcelo, just remember that during 2020-2021, our decision, because of the -- we are in the middle of the peak of the pandemic situation, we decided to move something around 3% to 4% last year. But for 2022, we expect to pass inflation to our price on medical school for 2022. | direct | [
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f36d538bc219ef5f9775bede5da0be20 | First, regarding the decision by STF on the discounts, just to clarify, the effective impact of this decision, is just that from December onward, you stopped applying those discounts, right, or will you be allowed to charge it retroactively? And another question would be on the integration of recently acquired assets. ... | Regarding the STF decision on last Thursday, the STF declared unconstitutional, all the linear discounts that were applied by the judges in a linear way. What's -- the fact that we have just right now, is that we will not apply the discounts, that it was 25% on the tuitions on FCMPB. Regarding the past, all the discoun... | intermediate | [
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99c65e676d522a97c27dedb8a6c08592 | The first about the margins. I understand that you are integrating new businesses and the new colleges have lower margins as well. But almost all those integrations, they occur and we remain with the digital business that they are growing a lot. Congratulations on that. But before all those digital businesses, should w... | The first question about the margins is, we are seeing that we leverage our traditional medical education business after the acquisition, at the same level that our legacy in one to three years. But as we are ramping up Digital Services in a very fast way in terms of revenues, we believe that Digital Services on the lo... | intermediate | [
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768bbc31fa51664c9213e62c83bcaf30 | The first one is, if you could give us more color on the M&A pipeline, so how is the appetite for further inorganic moves? And should Afya continue focusing M&A pipeline at digital opportunities? And the second one is, if you could comment on organic results? We know that organic adjusted EBITDA decreased year-over-yea... | First one regarding M&A, we didn't change our views on M&A. On the undergrads, we should expect that something about 200 seats per year from 2022, and in the Digital Service ecosystem, we can expect some movement, some inorganic movements, to complete all the six pillars strategy. So we haven't changed the focus, it co... | direct | [
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7a23cb471959f3e0157469e049a2a552 | First of all, the inflation dynamics. So we understand your pricing power on the top line. Could you just provide us some color on the cost side of things? So how are wage negotiations with professors going on, and what's your view regarding further increases in margin for 2022, considering the organic operations, not ... | Hi Vinicius. I will start with the last question about the continuing education. We are expecting a two-digit growth on the topline in 2022. We saw this record intake, we enrolled more than twice new students when compared to 2020 and also 2019. So it's a very good volume of intakes. Just remember that we launched many... | intermediate | [
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5a17f96a606eac288ac9fe1c27e067a4 | Just in terms of the guidance, you've obviously given the full-year number and there is a lot of moving parts in that. Just wondered if you could comment a little bit on maybe sort of first half versus second half split or some of the quarterly progressions. Just trying to think about the timing of the aeros in the sec... | Okay. So, thank you for the questions. I would say, first of all, I would expect the first half of 2021 to outperform the second half of 2020. You will see momentum as we go through the year. I think, additionally I would anticipate that the second half of 2021 will be stronger than the first half. And furthermore, I w... | intermediate | [
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9077889cf9c835e9978519a736c2f712 | Okay. Okay, thanks. And then, just on the free cash flow guide, are you able to say what you've allowed in there as a range for working capital and maybe just when through the year that's likely to impact cash flow the most? | So, Chris, as you're ramping revenue, which is that we'll say, the first quarter first half will be the largest part of working capital hit. As you can see, the revenue growth year-on-year is clearly going to put pressure and we've right-sized the working capital in 2020. So think that the working capital pressure will... | intermediate | [
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4560c1884612bb1f86139a286dec2d0b | Okay. And then, the last one from me just on the pension. So, if I understand this correctly, you've already paid the $200 million, which is what you've guided for the contribution for 2021. So, for the rest of the year, really comes down to whether you do the annuitization or another annuitization in the first half th... | Yes. But for non-US and OPEB. And we've put a schedule on Page 23 of the earnings presentation, which gives you that full picture of the global view. But essentially, you're correct, we'll say that the details on OPEB spread throughout the year of $37 million and other non-US pension about $17 million and it will sprea... | direct | [
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7c15757ae1b85faa7c261e8ac09eb79d | Yeah. Look, I think, your performance in the fourth quarter was pretty remarkable, given your aerospace business is down 60% year-on-year and you have the Ford F-150 changeover. So to keep EBITDA relatively flat year-on-year, I think, is a pretty good accomplishment. And obviously, a lot of the opex reduction contribut... | Yeah. So let me say this. I think, in 2020, we captured $210 million from the program. $50 million of that was capital expenditure, which -- that won't recur. We will go back to between 2% and 3% of revenue in 2021 and in fact probably be closer to the high side, closer to 3% than 2% on capex. So that was a one-timer t... | direct | [
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0648c54db8d513fd136376a4704d7be5 | Okay. That's great. And then, for aero in terms of the guide, is it fair to say that the first half of the year looking down more like 50% to 60%, and then back half of the year, you're thinking it's going to comp up moderately to get the full year at the down 25% to 30%? | So if you're comparing year-on-year, this will end up being the trough the first quarter. And the reason for that is, the first quarter of last year was still very strong for us for aerospace. It was -- we had a backlog coming into the year. So even at that time we were just looking at the 737 MAX impact and we started... | intermediate | [
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95c80c69ab0504fcf17a8af14ab118fb | Okay. And then, last one from me is, the latent capacity of the 600 million pounds, it seems like at least on the industrial side, you're going to see some good leverage here and then packaging more in '22, and then potentially auto, I would think, late '22 or '23. Could you just maybe dissect how you see the cadence o... | Sure. So let me start with the 600 million pounds. We have automotive, which -- it's being impacted by the semiconductor issue. And the reason I bring that up is, I could probably take more industrial one, but we have requirements contracts for automotive. They come back. And so we'll be taking some spot opportunity, b... | intermediate | [
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a6436d6ecb6cd373dbab36550f78e16f | Just on the aerospace outlook, is there any defense contribution in that expectation? Was that a strong leg in the outlook? You mentioned your expectation for kind of a second-half recovery on the commercial side hasn't moved that much. Just curious if the aero OEM announcements about a month ago changed that outlook a... | So from a defense perspective, we have some presence on the Joint Strike Fighter and a lot of the land-based vehicles. Good content and great differentiation. The problem is, those land-based vehicles, you got to build an awful lot of them before you get the same content that we get out of a single aisle aircraft. So, ... | intermediate | [
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778cc583da5db4039e050b4f34987016 | Got it. And then, just on the environmental expense this year in the free cash flow outlook, what should that step down to in 2022 at this point? | You should see a meaningful step-down. So, yes, somewhere in the -- we are -- you can see the derisking on the balance sheet, the K will be out tonight. But essentially you should see the $60 million or $70 million step-down year-over-year depending on the timing as you can imagine. It's all related to that one project... | direct | [
"direct",
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] | A |
432c27f089569fa79bf0f0c6cac61283 | Hey, good morning guys. Terrific quarter all around. I just had three quick questions. Firstly, on the cost side, I'm wondering if there's additional cost saving opportunities. Secondly, as far as customer churn goes, Jeff, I'm wondering what your outlook there is and whether the improvements can continue? And then fin... | You bet, Michael. From a -- an operating expense standpoint, I think that we're very pleased with the progress we've made to-date. Rich, I think in his remarks outlined some of the benefit that we received from things like lower product costs and more mild temperatures kind of in the core of our heating season, namely ... | direct | [
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5344ba94716800cdabc45a0dff123a35 | Hey, thanks guys. And congratulations on a great quarter. Just wanted to touch base -- touch on the buybacks, looks like that piece has kind of picked up year-to-date and kind of continued through July. Just curious if there's any commentary or background anecdotally you could provide in terms of your thinking on the b... | Sure. The buyback is governed by the amount of units that are traded in a look back period and we can buy X percentage of those. So it's really a function of what has happened over the last 60 days, it's not like we decided to triple our unit repurchases or cut back on our unit repurchases. We're buying back and it's o... | direct | [
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309a47b8e785c5e55dbc3404d82f1b27 | Okay. And any changes to the plan going forward, do you have a sense for timing when that would occur? | No, we've always -- when we kind of run out of units, we take a look at it and evaluate it. And if we want to continue to repurchase units, we will amend the plan to give us more firepower. And we've historically have done that. | intermediate | [
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03847fe8d9be79351fe33a8718602c91 | With respect to the upcoming guidance, will it be retroactive to January 1st? That's my first question. And then, the second question is with respect to the segments. Can we expect, say, if Cerro Moro to fall into the silver segment and the remaining assets to report to the gold segment? Or will all the assets report t... | Yes. Thanks for the question, Craig. Yes, our guidance for Pan American's original assets, the guidance will be for the full year. And then the assets that come to us through the Yamana transaction will, of course, be adjusted to the closing date. So that's what we are planning and we are not completely sure with the c... | intermediate | [
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5e1d39b82d78fab8013892b994ab9f91 | OK. And then do you expect any cyclicality with respect to your existing assets similar to this past year, so in doing La Arena, where you expect grades to be -- recoveries to be back-end weighted or maybe front-end weighted. Any kind of clarity on that would be appreciated. | Yes, Craig. This is Steve. It will be back-end weighted. It's typical at La Arena with our stripping schedule but we did carry over some of the waiting in 2022 into '23. So we're actually -- it will probably be more even than the previous years we've seen but it will trend toward the back end to some degree. And just t... | direct | [
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] | A |
359e01a4d4203ee282c9167950626d4a | We're here on February 23rd, where the first quarter is over half done. Can you give us a little guidance on the March quarter? Will the silver output be above or below 4 million ounces? | Hi, John. It's Michael. We don't have, obviously, all this data yet. I think we're off to a decent start of the year. I think that's fair to say. And Well, as I said, once we have the transaction closed, we have that closing date that we can include in our -- in the adjustment to the guidance to the Yamana assets, we'l... | fully_evasive | [
"direct",
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4c548fc2a47816007e4d4a136c116c14 | Michael, as you know, when you pay a premium to acquire a company and then another premium for the break fee, you have to improve the performance of the other company to justify the higher valuation, or else later down the road, there can be impairment charges if you don't earn the return. In Agnico's case, they have a... | Yeah. John, first of all, this is a very accretive transaction. So when you discount the part that Agnico is paying for their assets in Canada, you're left off with the South American assets. And when you look at what we paid for, it's probably about 0.7 times NAV, somewhere in that range, that we pay for those assets.... | intermediate | [
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8e3a5e28847c1387be031e4df34ebbe4 | So Mike, could you explain the accretion a little more? It would seem like in this share swap, the biggest driver of the accretion is that Pan Am's mines have very little gross margin and the Yamana mines have a bigger gross margin. And I apologize, I don't read Street NAV estimates. Sometimes, people use very low disc... | When you look at the accretion dilution analysis for an acquisition, you obviously look at many different factors. In this case, it's of course, as I explained, already accretive to NAV. It's accretive to cash flow. It's accretive to production. It's accretive to cash cost, very important. As we said from the beginning... | intermediate | [
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] | B |
a2b010d3fdf00f4c7347b67c4d80bba7 | If I could ask one more. What do you think is a good guess for when La Colorada Skarn enters production? | That's a very good question and we spend a lot of effort on this. As you know, this, no doubt, has been our biggest discovery ever. And it's a great deposit. It keeps growing. And as I said and alluded to, we will put down more exploration results during the year as we go. I'm sure you noticed when we put out the last ... | intermediate | [
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] | B |
8f95695588bf07b49cd8f6bbce0d40e6 | Good morning. I had a quick question on Escobal. I know you guys mentioned there is no time line but I guess in your annual report said that in 2023, there's no expectation of reduction in Escobal. So should we assume you guys believe that your earliest production would be back online would be in 2024? Or is that a pie... | This is Sean McAleer. We've got the consultation process ongoing right now. And the process has obviously taken some time due to COVID, changing government after the acquisition. And it's hard to put a date on when the consultation will be concluded. And obviously, that is a prerequisite before we can set any kind of p... | intermediate | [
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e1f7984417f83c6cce810c61d253fdf3 | So maybe to start with the question on 2020. I know you're not giving specific guidance today, but obviously it seems like we'll be facing a tougher in-market environment. How should we think about the relative performance of your CTP segment's top line to industry trailer production? Based on how you're thinking about... | Yes. I mean, as we said, we'll give further guidance at the year-end call. I think I'll start with the market itself. And as we said earlier, where our CTP sits right now from a deal closure standpoint, quote activity level, again, is indicative of the forecasted production and shipment levels that you would see reflec... | intermediate | [
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679057995972a1cb7993543304cbdae2 | OK. And maybe as a follow up to that, from a cost perspective, can you talk about what you're doing to adjust to next year's market? And on that note, Jeff, it would be helpful to get your thoughts around the run rate for G&A as we get through this year and into next year. Just curious how much you can pull back on tha... | Yes. So I'll take the first part of it. I would say from a cost standpoint, specifically the variable cost perspective of it, labor and, you could call it, general conversion, we've been doing a very active and dynamic sales and operations planning process for the last 18 months. And with that is planned capacity adjus... | intermediate | [
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d40da4a3622fe66d8000470024d3673e | OK. And one last, final question on free cash flow conversion. You were in the mid-70s this quarter, I guess, year to date. Any update on how we should be thinking about that metric going forward? | Yes. I think where you see it historically perform. I mean, we were at 76% this quarter. We've been up 100% or just above 100% for some period of time. That's a pretty reasonable range for us. I think in the fourth quarter, typically we do generate a little extra free cash flow in that quarter as working capital tends ... | direct | [
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4c77e92de2d46d08841d7d365c08550f | Hey, guys. Ryan Sigdahl on for Steve. So you've talked some about 2020 and expecting similar to what the industry forecasters, ACT, and FTR, are forecasting. What are their current expectations for builds in 2020? | Well, you have to reconcile one's doing shipments, the other one's doing build. But the general industry is somewhere in the 265,000 to 275,000 range as we sit here right now on a relative level. And obviously it breaks down by the various product segments accordingly. | direct | [
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eb00460f738a400e735bdd169ec79739 | And it was kind of asked earlier, but do you think you can maintain or take market share in that environment given your preplanning and what you see? | Yes. Going all the way back to our investor day this previous February, we're positioning all the businesses to look to grow better than the market. Right? So we are going to and have positioned the business to look to execute that in 2020. Remains to be seen what the price to volume relationship will be, and we still ... | direct | [
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] | A |
c57b0a0af64cbe31ccc7d25a7886010a | And just one final question on that and then I'll move on. So you mentioned expecting to take market share and still to be determined on price versus volume. Previously, it seemed like you guys were more focused on margins and that was the bigger focus. Now, has that shifted a little bit with the enhanced products and ... | Yes. And it's always a balance, right? And it's no surprise based on what we've been saying for the last three to four years that we've continued to position the business to be stronger, to really invest in innovation to differentiate products. And as we move into this phase of the cycle, we're obviously going to look ... | intermediate | [
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651e3dadfcce756b4c034d1d246558d2 | Great. Moving along to Final Mile, FMP segment. Another really, really strong quarter there. Congrats on that. Given your current capacity, what's the utilization today? And then, do you think you have enough existing capacity today to support similar-type growth rates over the next few quarters and years? | Yes. So as we look at the growth rates that FMP has seen, and we've seen 30%, 40%, 50% growth rates on various quarters, and we've said that that exceeds our expectations. It does, and we think that relative to the markets that we will be given, we can continue a relative level of growth through the period. The capacit... | intermediate | [
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542d3694c5d48169f4ffa7d447c4cbf0 | And last one for me, then I'll turn it over. So it looks like the new trailer shipment guidance was reduced by 1,500 units at the midpoint for this year. Can you elaborate on what segment or product categories that was related to? | First of all, I'll tell you that we're still within the original range we gave. So we may have lowered at the midpoint, but we're within the overall range that we've been talking about for a few quarters here. So not inconsistent with that, it's just normal variation in our business. I think that if you think about it ... | intermediate | [
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bd32675673aaa8dd690f58aa6bcd981f | Quick question for Jeff. It looks like inventories are up relative to the direction of receivables here. Is that just timing between new order flow versus current production and we should see working capital get a little bit better as the -- or more of a source of cash than use of cash as we normalize in the industry? | That's exactly right, Jeff. I would say that inventory is within normal variation of what we see relative to production in shipments. Production in the quarter was 14,900 units. So we produced a couple hundred units more than we shipped. And obviously, as we move into the fourth quarter, usually we'll pull inventory do... | direct | [
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6077b46ad36cc8fc1a07fb0aded53248 | OK. And then sometimes in third quarter it's just busy and customers can't pick up the trailer units. I saw the guidance on the trailer shipments changing a little bit. But did we have any of that issue with pickup and timing of units? | Yes. I'll go back to freight dynamics. There were some headwinds relative to freight availability going into the July timeframe, end of June, beginning of July, continuing to the first couple weeks of August. And when that occurs, because our customers pick up anywhere from 70%, 80% of the trailers that we produce, whe... | direct | [
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5d5f9f1f5008fa6c851c44d34e126474 | OK. You gave unit guidance on CTP and the units in DPG. Can we think about where the unit count is for Final Mile if we look at it maybe on an annual basis instead of the quarterly? Where are we looking to come in at on Final Mile units for 2019 at this point? | Yes. Jeff, we haven't given that guidance at this point in time, so I don't have a number in front of me to give on the call here today. We'll certainly take that into consideration in terms of making sure that we can communicate and help the street understand the performance and the investors on that business unit. Bu... | fully_evasive | [
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503baf116a5348549d33d6b491f6decb | OK. Last question. Pricing was up a lot this year on units, but a lot of that was following the big increase in raw materials we saw about a year ago. Could you give us an update on where raw material costs are trending as we close this year heading into 2020 and your hope on industry pricing as we begin to, I guess we... | Sure. Jeff, as you know, we're hedged out for the backlog that we have, really, through the end of 2019, and hedged partially for what we've committed to already in the backlog for 2020. When we look at the overall materials curve, we see steel and aluminum. I think there's a level of softness as we're entering into th... | intermediate | [
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78814c05146aa1e3898400e40f42fa58 | Yeah, it's Brady Gailey. Good morning, guys. So I wanted to start with the loan yield. The loan yield fell a little more than I was anticipating in the quarter. I know, Craig, you mentioned some PPP noise there. But relative to the 3.92% loan yield, what was the new loan yield coming on in the quarter, if you look at t... | Yes. So quarter-over-quarter, our new loan yields remain relatively stable at around 3% on the business, commercial and on the mortgage side. As the steepening of the yield curve really hasn't priced through yet, what we're seeing and what we're expecting is really an improvement here into the second quarter, as the st... | direct | [
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] | A |
de467d767d0530077c7ae4713edeadce | Okay. So this 3% flat new loan yield is a decent amount of ways from the portfolio yield? I mean, do you expect to see some decent decline in that loan yield going forward? | There's a couple of things that -- when I say 3%, that's really on our business and commercial loan yield and on our mortgage loan yields. So yes, there's a little bit of room left to fall, but it's not necessarily representative of the entire portfolio, if you count higher-yielding products such as credit cards, other... | intermediate | [
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] | B |
4b01f0c73d09b1157bacf12de4486cac | Okay. All right. And then my next question is just on regulatory approval. It's great to see you guys got approval from the state. You're still waiting on the FDIC and the Fed, I believe. Any update there? Is there anything going on? I'm not sure if there was a community protest or anything that could potentially delay... | We don't anticipate anything of that nature. Our completed merger applications are with the Fed and the FDIC. We've had ongoing communications with them and the dialogue, I would say, has been constructive and productive. So we anticipate completion of the merger in mid-2021, but that's pending the regulatory approval ... | direct | [
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] | A |
d50cc52f828ca113cfdcfa4ea7388b04 | Okay. And maybe just one more question, if I can. If you look at the excess liquidity that's on your balance sheet, it continues to grow. It went from 9% of average earning assets up to 12% of average earning assets this quarter. So it's notable liquidity. I know the CIT deal plays nicely into that, with you all using ... | We're doing that opportunistically. I will say that by design, we are certainly building up excess liquidity to give us -- provide us with flexibility in optimizing our funding mix with CIT. In normal times, we're much more comfortable with our cash position in the 3% to 4% of earning assets range. And right now, I thi... | intermediate | [
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64f27865e2c53735660091bfec3e7cb1 | Just wondering, I know -- I appreciate the outlook about on the heels of the negative provision that you could have further to come. And I'm just curious how we should think of the ACL ratio in terms of -- if ever -- and I know that varies quarter-to-quarter based on what you're putting in the CECL model, but how we sh... | Yes. And Kevin, I don't want to get prescriptive about the absolute level of the allowance as we move forward, but I would say that if trends continue as they have in terms of just really good credit quality indicators across the board-we did put up a $36.1 million reserve related to COVID-19. If you really -- and rese... | direct | [
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99b05af9479600b0f3f9f0f6819b5227 | Okay. I appreciate that. And just on the combined company, obviously, you all provided some outlook on the allowance ratio and credit marks and things like that. And it seems like we've come a long way in terms of how everyone's thinking about credit over the last several months. And are you all -- I know it's kind of ... | I would say just directionally, we're pleased with the macroeconomic trends that we're seeing out there. And I think those trends sort of translate over. Although we're not ready to provide specific guidance on where the absolute level of the combined ACL will be, but we are encouraged by what we're seeing in the envir... | intermediate | [
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eb70163094b4c3a7385cc76fbc558726 | And just as a follow-up to Brady's question about the timeline on regulatory approval. Is it, in your opinion, more a matter of just the size and complexity of this deal? Or is it that we have a new administration and there's maybe a different tone on these kind of approvals or as opposed to anything really specific th... | We don't see anything specific holding it up. In fact, we think these timelines are normal and customary on the transaction this size. And I'm not going to speculate on the other matters. | direct | [
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f664f8096e0ebb2caea5b1847758d3ac | Okay. And then -- and just one last one for me, a broad question. A lot of time has passed from when you announced the CIT deal and you guys outlined the positives. Anything noteworthy that has changed over this time, either -- or maybe both in terms of you being more excited about it or that you feel it's going to be ... | We remain very enthusiastic about this deal. Both companies have great talent and teams. Our teams are in constant coordination, working toward integration. And personally, I'll let Frank speak on this too, I'm more excited. So we're ready to roll.
Kevin, this is Frank Holding. I'll echo Craig's comment. The anticipat... | intermediate | [
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937a1f79d811a01b488b89e9f1af3440 | Maybe just to follow on that last question. [Technical Issues] speak to the deposit trends. I guess what strikes me when I look across the two results this morning, CIT's book is shrinking, but with a significantly reduced cost. Your book is growing, and obviously, the cost is rock bottom. But when I find them, it look... | Well, we certainly acknowledge the sort of natural decline in the combined deposit costs just due to the rate environment. With respect to deposit rate, I mean, we do attribute some of that to government stimulus and companies holding on the cash balances. But even strip out -- if you strip out the impact of reciprocal... | direct | [
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] | A |
bc795ac7c488c3c439d48ce49123c7a3 | [Technical Issues] The fee trends, the $112 million core noninterest income, I wonder -- you cite some cross currents, mortgage, maybe headwinds, merchant and wealth a tailwind. Should we think about $112 million as kind of a new base? Is it maybe a little high and somewhere between the $102 million, $103 million where... | Yes. Thanks. I think the $112 million in core is pretty representative of a run rate going forward. I mean, we did have the $3 million release of the MSR impairment, as Craig mentioned, but I think when you think about our noninterest income, I mean, it's really stable recurring sources. And so from the wealth and merc... | direct | [
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6ae8763aaad48538cf0aeea29c7e5a1a | Hi, thanks, I have questions, I appreciate the frankness and echo your comments about your work. I do have a number of questions. So maybe firstly, what can you say in terms of the performance causes for the J&J and the HHS contract? Similar to that, what are you contemplating your guidance in terms of a return to prod... | Sure, Brandon, thanks for the question. You covered a lot of territory there. So let me focus on a couple. First of all, as we've said over and over, our number one priority right now is to make sure that we do everything we can to respond fully to the 483 observations of the FDA, get our response in and do everything ... | intermediate | [
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] | B |
6c654225a9ad600d640147ecaecd66b1 | Great. Thank you very much for the questions. Robert, how would you just characterize your working kind of relationship and dialogue right now with your U.S. government counterparts? I know the anthrax vaccine needs a new contract soon, and you've been in the news a lot lately, which you've discussed and have a congres... | Thanks, Dana. I'll take a couple of those and then perhaps turn it over to Rich to talk about the discussions regarding the upcoming contract renewals. So first of all, on the U.S. government relationship, we've been at this for 22 years as a company. We pride ourselves on open, transparent relationships, and we found ... | intermediate | [
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dd8a202129aec5274544f15de5955ad5 | Hey, guys, good afternoon, thanks for taking my question. Just following up on Dana's question, can you elaborate for us just where we stand with the AV7909 contract? I think the base period might be coming to an end in the coming months. So I guess, can you explain what the end of the base period means and what it doe... | Yes, Jess, thanks for the question. So I think Rich has covered part of your answer, but just to go back at it a bit, the current contract for AV7909, we expect to be discussing with the government, the renewed option and the exercise of that option for the next annual period. I believe that the current period of perfo... | intermediate | [
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75d68944ca8f5347fcccc7b0a72ef489 | Okay. Great. Can I just ask a couple about Bayview, you talked about getting back to the FDA regarding the 483 within the coming days. Will a reinspection be needed following that remediation before EUA? | Yes. So Jess, we're not expecting that outcome. It's certainly a possibility. But again, we expect to deliver a very wholesome durable set of corrective actions in response to the observations. And look forward to working with the FDA if they have any questions as a follow-up once they get that document. | intermediate | [
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f554e2ab28aa0d705ede05ae3ae28e47 | Okay. And then going back to the shift in timing on the new Raxi contract, what's the reason there? Is it because the product is made at Bayview? Or is the timing shift due to something else? | Yes. It's no association with Bayview, Jess. I think it's simply a priority issue. And again, we expected, as Rich described, that the RFP would have been issued by now, and we would be working through with the government what that longer-term solution looks like. We're ready to do that when they're ready to have those... | direct | [
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83923c18b39476a536fcba476426a869 | Okay. Great. And I just have a couple of just clarifying guidance. You talked about the timing of expected revenue being the reason behind the cut to the CDMO guidance. Does that mean we should just think of it as shifting into 2022? Or is the contract written such that delayed timing means a lower revenue opportunity ... | So in terms of the shift, we are anticipating that revenue would shift into 2022 to the degree that it's not recognized this year. I should say the key variable right now relates to the next steps at Bayview. And we obviously, as Robert referenced, we can't really comment on what the FDA's timing would be, but we've de... | direct | [
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4ef95a866ae3a6a4c122cb2e802c2e91 | Thanks. First, I appreciate the transparency and publicizing the 483 findings. With your proposed corrective actions, what kind of time frame are you anticipating it will take you to implement those corrective actions? | Okay, thanks for joining. Thanks for the question. I'm not going to get into the nitty-gritty of the response, only to say that we commit to do whatever we have to do to partner with J&J, respond in a very thorough, robust way, and be able to get back into production as quickly as possible. So it's really inappropriate... | fully_evasive | [
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40eb962962946aaf422ae6a48954e2d2 | All right. Well, let me ask you another question, Robert. While appreciating the rapid changes that you had to accommodate, given everything that's happened, what would you say are the key things you've learned from the experience? | Yes, it's a great question. We've kind of internally debated that for a while. I think the lessons learned, quite frankly, are again, the importance of transparent open communications. I mean, clearly, we were in this situation this time last year, where we readily raised our hand. We stepped forward. We ran at this op... | direct | [
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3c464d5d744a06be809effd060a98b6d | Thank you. Certainly, you've covered a lot on the call, and I just have a quick question regarding the travel vaccines. With some of the European cruise line starting back, are you seeing any pickup in demand for your travel vaccines? And what's the outlook for that for the year, do you think? | Yes, Lisa, thanks for joining the call. Thanks for the question. As we commented earlier in the year and late last year because of the COVID pandemic, we're not anticipating a huge revenue contribution from the travel health business. We remain interested in doing everything we can in that space. And as you know, we ha... | intermediate | [
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129514f40cf47dad9f1556653d8418b5 | Ron, in the past, you've talked a little bit about the backlog mix, and backlog mix shifting sort of away from the East Coast toward the West Coast where you've got some better relationships, some more predictable project margins, less litigation. How does that mix look today compared to, say, three months ago? | Well, as we pointed out, we didn't achieve any very large awards three months ago. But when you realize the largest projects in the company, other than the Newark Terminal which has been going very well in Newark -- in New Jersey, all our work in New York City, the largest contract, is in the range of $700 million. And... | intermediate | [
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] | B |
65e13dc10607cbed7d0fade27f183388 | Hey Ron, broadly speaking, you've been through plenty of cycles in your career. Clearly, the public sector customers right now are spending greatly on COVID remediation. How do you think this could impact their spending on infrastructure in, say, two or three years? And what are your thoughts on the federal government ... | Well, I think what's going to happen, and of course, I'm constantly talking to our owners, with this COVID-19 destruction of our economy, even if it's over three to six months, it's had a devastating effect on the economy, taxes collected, sales tax revenue. So I'm hearing from our owners that some of this new work, un... | direct | [
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"fully_evasive"
] | A |
977322fe37b3b8827bb8b09b2f39c67a | Ron, just because we're poking up a bit about public budgets these days, just given the loss and some of the revenue -- or shortfalls and revenues, I just want to confirm all the work in your civil backlog, I mean, at this point, is funded, is there any reason for risk any of that work because of pressures on state bud... | I don't think so. The way it works, they really can't award the contract until they set aside the funds. And I'm in contact with -- our work is so large, I really deal on a day-to-day with the heads of the agencies. And there's no concerns about funding of the existing work.
They have plans of course for all this addit... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
56a4ec2d6abc1b86231b47bc17687908 | And for the work you've got, has this sort of whole state-at-home movement -- I guess, has it or could it have the potential to move up time lines in terms of the work you anticipate starting up? I'm just wondering if it might help expedite some of that. | Well, I think the federal government has really no option, but to plug money in to fund all these shortfalls because the one thing they've -- in every economic downturn, the government has always put money in the infrastructure because it's the one thing you can spend on where you get value. It puts people to work and ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5e3e5746c7ca73b07f4195a5d4942740 | Yup. OK. And I guess the whole courthouse closures, work from home, I imagine it slowed the processes with claims and pushed out some time lines. I guess, two-part question is, any meaningful April collections to report? And I guess in context of addressing the converts this year, can you help us understand in terms of... | Well without giving you a list of each and every claim, we monitor all our claims nationally on an each basis. So we know. For example, we have one large claim with the federal government where they've made us an offer that was substantial, we had an original mediation date because they evidenced that they wanted to se... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
64a189a715f11cdfe7b6cba2d3f99cfb | Chris, I just want to follow up on your last comment on the supply chain. Just to clarify, have you seen any sort of headwinds from the challenges out there, either in the June quarter or expect to see any sort of friction here in the September quarter? | As of right now, no. But you remember in the Q1 where we had just a slight impact on some delayed shipments. I mean, it's an active situation, but right now, the answer is no. Our supply chain has like the near-term view that we have, it looks like we're pretty solid.
And, yes, I think we're just trying to set ourselv... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fe0826ea7614c194942d95408237fde3 | And maybe not so much on the product side, but with the rising case count, have you seen customers pull back on sort of some of their timetables in regards to installations and just your guys' ability to get products installed? | Not as of yet. And again, we did see that last year, but we're not seeing that today. Our field engineers are actually out in the field active. I'm happy to say that the majority of our employees are all vaccinated, too.
So some customers and prospects are actually requiring that. So we're set up really well there. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ba480f976a3d95762e28153626facc8c | Just curious if you could update us on what you're seeing in that rental car market, both with Avis, as well as the other customers you're trialing with. | Yeah. The market, I think everyone is aware of that. The railcar market is having issues actually getting vehicles, getting cars to grow their fleets. But we've seen -- like our units on air have rebounded significantly, being put back into the vehicles they do have.
And right now, I think you're seeing a recovery acr... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0441be86141c5c9b8e297097cf1c5794 | Chris, a lot of good stuff going on here. But it could be very helpful, and I don't know if you have this data, could you like give us some idea of what your installed base is at right now and how that's changed maybe year over year or sequentially? And then I'd also like to get an idea of what the backlog is and then ... | OK. Just real quick on our installed base. We haven't announced what the current numbers are yet today. At the end of last year, were at 590,000. Just to put it in context, those units that we shipped from Cellocator, 79,000 in the quarter. Some of those have not been installed as of yet, right? So we're north of 610,0... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c273be7ea30844077214863ea769e0b9 | All right. Well, I guess it would be really helpful if you kept going forward. I mean, in Q1, you gave us a backlog number of 44,000 units and an opportunity pipeline of 300,000 units, so -- because you've got a lot of stuff going on here, and it would be nice to be able to aggregate it to just see where the company is... | I'm glad you brought that up. We actually, just yesterday, received an award for our LV-500 and LV-710 freight camera from IoT, which is like an IoT organization that's -- it's out there on my LinkedIn if anyone wants to go see it, which is phenomenal, right? Because that's something that we brought to the market. That... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2e728622808fb4c56b91a5307ad73c17 | When you go out to bid or compete for these contracts, what's really -- or inquiries, however it's done, what's been your win rate? And who are you seeing out there as your major competition right now? | Well, that's a great question. What I like is we always get downselected. Because usually in some of the larger tenders or whatever, it's like the four -- about four different vendors are being tested. And we always get down-selected to the final two.
And then it's always about price and being able to deliver, and we ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c205c4021a5aa81afe4e3f97480a7e2a | Chris and Ned, I hope everybody is well, your families are well. Just wanted to circle back on the industrial group. With the 79 sites and the $20 million of potential revenue, can you just help us think about a framework for the time horizon of a big project like that rolling out and how it might flow into the model? | Yeah. We're still working with that prospect -- that customer now. It was a prospect like three weeks ago. That customer will roll out and sign off on the project in Q3, September is the timing.
And then because of the holidays Q4, that's the question, right? We know there's sites that may go, but we need to get them ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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