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3b1ac2be1c62a93917980634541753e3 | Great. Thanks, Chris. Is this part of that 30,000 nonsubscription unit base in industrial that's upgrading? And if not, maybe just update us on how that transition is going. | Yeah. By the way, they are. They're at 7,000. So if you take the 30,000 that we wanted to try and get upgraded, Ford is in the process, I mentioned that in the last call.
They've done over three sites, I think, maybe four now as I speak, but they have about 39 more sites to do globally. And that's Ford, and there's 5,... | direct | [
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451a094c88e67982e199765f9d3e1cb3 | Great. That's great to see executing against that opportunity. And I guess, Ned, I know you're not giving guidance. I think there's the Delta there and which creates uncertainty and supply can still be challenging. But just given kind of the framework and momentum in the business, should we think about maybe steady gro... | Yeah. I think, Mike, we want to continue the steady growth. Obviously, we're keeping an eye on the Delta variant and how it's going to impact the business. And as Chris mentioned, supply chain is an issue. I think our team has been doing a very good job dealing with it, so we didn't see any impact in Q2. But behind the... | intermediate | [
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28c04a1a2750869a0404fda3b467645f | Great. Just last question for me, Ned, just building on that. Should we be conservative in our product gross margin modeling maybe for Q3 given supply constraints and expedited shipments? Or could it be steady based on what you see, kind of the mix in your backlog? | Yes. So if you saw the product gross margin this quarter, it was 30%. It was a slight improvement from last quarter, it was 29%. It should be around this level going forward. | direct | [
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21deba26ba29ee4d8f82c8f059af7d16 | Anders, you mentioned the 3GPP. Is there any date more specific for release 17 than early 2022? Because that sure seems like one of the things we should be watching on the Street as far as that box getting checked. And what are other milestones you suggest we watch from the outside as you guys move toward this S-band s... | Well, I think the release is due out in the first quarter, whether that means the end of February or March, I don't know. 3GPP is an interesting negotiation among a lot of different factions, including operators as well as manufacturers and other interested relevant parties. But we're doing our best to make sure the ru... | intermediate | [
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6600d34784ade732dcc60a5fd6b985c0 | Dave, you guys did some more stock buybacks in the quarter. Looking at the 10-Q, the pacing was interesting to us, looked like about 1.5 million shares in April, dropping to 0.6 million shares in May and just 0.3 million in June. How should we think about how you paced that? And have you done any post 2Q? | Well, Rick, we put in place a buying plan at the end of last year, and we continue to execute under that -- under the parameters that were established at that time. We have not changed that plan and that plan continues in place currently. | intermediate | [
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dd011774ceb813fea5cf40eb58049917 | Okay. And I didn't notice, was there any post 2Q stock buyback? I had one client that was asking, he thought he had seen some. | We haven't made any announcements on anything past June 30. But as I said, the plan remains in place. | direct | [
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bdacc4168a908c07094c8ec8ba7e7c46 | Pradman, you talked about stay at home orders in some of the Latin American countries. By capacity constraints, are you talking about installation capacity, are you talking about satellite capacity? How should we think about what that capacity constraint is? Why is it happening? And how you expect it to get fixed? | Yes. I think the capacity constraints that we are talking about is primarily the fact that because of the COVID conditions, etc., the amount of bits that each subscriber was using increased dramatically. And so the effect of that, therefore, was that the satellites were providing more data to each subscriber and result... | direct | [
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c1fd7a29d77f1a1dd8b2b56e14c5eebd | Jupiter three launch still on track for a second half 2022 launch. When should we expect a launch date to officially get announced? And what milestones are we looking for that we can monitor from outside as far as moving toward that date? And how about the rising into in service for that, were there any target dates? | Well, I think the schedule is still the same. We expect to launch the satellite and launch the service in the second half of 2022. There are a whole bunch of milestones in getting there that we should start seeing some specifics getting more accurately defined probably by the end of this year. But at this stage, we are... | intermediate | [
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7116fecb4b580003d557b5afd1ca88ff | You mentioned earlier -- in the discussion earlier, you were discussing Hughes playing a leading role in hybrid networking solutions. I was just curious if you made further progress on agreements or commercially constructing a hybrid LEO, GEO broadband product? And then just secondly, just curious if you have any expec... | Okay. They're two different questions. But the first one on the NEO GEO networks, we're doing a lot of work in that area in developing the network architecture. Now as you know, we have an investment and a partnership with OneWeb. We are developing service plans and network architectures with them for many parts of the... | intermediate | [
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3249fededdcff2be4ace06bc7fbe7e51 | And just one other follow-up. You mentioned the opportunity for subsidies. And I was just curious, are you seeing any impact to your operations from the EBB, the Emergency Broadband Benefit program that was previously introduced? | No, I don't think we are seeing any significant negatives or positives at this stage. We announced our participation in this program on July 8. So that means we can benefit from the subsidy if our customers are compliant for the bandwidth -- for the benefit and choose to participate. So I think we'll play in that game,... | direct | [
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89a80019adbcc2ef3c379a15d5e3da38 | Pradman, I had a question for you. I think somewhere in your script, you mentioned that you expect to see international growth through 2021. Was that language supposed to indicate that after 2021, you'll find it difficult to grow? Or am I reading too much into that? | You're reading too much. We expect to continue to grow in 2022 and on. So I don't think that -- we are actually working right now to make sure that we figure out how to get additional capacity that we would need in 2022 and 2023 with that. As you know Jupiter three has a significant amount of capacity in South America.... | direct | [
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e6fbfc0bdf34dd3ee16c4ba315000a19 | And prior to Jupiter 3, do you anticipate needing incremental third-party capacity? Or is the current capacity that you have with Telesat, Eutelsat and Yahsat sufficient? | There are probably some beams which start saturating in this time frame, but there is a significant amount of capacity that we'll still have in other beams. We're constantly talking to people who have either launched or have capacity available over South America. And if we get the right deal and the right beam in the r... | intermediate | [
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a6a4cb0e532eb98f397d2b041a00396d | And a question on international growth outside of Latin America. I know you've got your partnership with Yahsat, which just went public. Are you fleshing out plans to expand into more of a global provider and would you look to do that through a company, a Hughes-specific satellite or something through a partnership arr... | I think it's both. We -- as we move country by country in the world, we are -- we decide what's the best approach right now. So for example, we have JVs -- we have the Americas, which is close to us where we, Hughes, use our own totally vertically integrated networks. Then we go into the JV with Yahsat, we're covering ... | direct | [
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7dc18df037879b5ceee62b299216a745 | And how about India? Can you remind us both of the regulatory status for either Hughes receiving approval for putting a geo over the Indian region; or b, OneWeb's ability to get licensed there? And a follow-on, on that second point, what does the relationship look like between you and Bharti and OneWeb? Have you come i... | Okay. First, on the satellite, we continue to -- we have a filing in for a satellite, a geo satellite. And I think we're number one in line, but the government has issued a satellite policy, which allows satellite ownership to be deregulated. But nobody has yet got the formal approval, and we continue to pursue that. O... | intermediate | [
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3152b7c7743a073643ebbb2f9af3572b | And final question for you with regard to North America. I mean it sounds like in Latin America, people are continuing to consume more capacity, more stay at home. Are you seeing any reversal of that in the U.S. where people are starting to slowly return to the office? Are they -- are you seeing indications that as peo... | No, I don't think anybody is dialing back their subscription plans, but we are having to constantly manage in the shaping of the traffic to keep the customers happy, give them within their existing plans as much flexibility as we can give and use that to control the churn. Now if you use the churn as a guide to see, as... | direct | [
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c21f8572c9c4799c24df5da9fb9187c8 | Can you give us an update on the capex profile for the balance of this year and next year? | Yes. Chris, I would expect full year 2021 capex to be mid-400s. Next year, probably a similar range. Obviously, we've got the completion of J3 as well as the launch contract payments going up to launch later in the year 2022. As we implement service, we'll start seeing consumer equipment and installation capex start in... | direct | [
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87a195b1094310d9bb5caf04ca06317f | Let's stay in India for a second. Pradman, you mentioned the Bharti joint venture. Any update? I know it takes regulatory approval. Any update, 1, on how COVID is doing there? But 2, what's the process to get regulatory approval? And are we thinking it could get approved before or at year-end 2021? | Yes, I'm very hopeful that we'll get approval for the -- we're down to one approval needed. And I think we are hopeful we'll get that in the next few months. | intermediate | [
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fa383919b4caaad4daa6899384cf8809 | And with the COVID in India, how is that affecting business? And is that affecting the approval of the JV? | No, it's not affecting the approval of the JV at all. Service, because we're not in the consumer business in India, the service offerings that we have are for the enterprise and the carriers of the business. So that's been impacted in terms of the speed of installation of the networks because, again, travel was difficu... | direct | [
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e6a8c012de0238175c9ae2f190bf39fc | Dave, a couple of quarters as we went through COVID, you had some bad debt items. Are there any onetime items in the 2Q results that we should be aware of? And how is the bad debt or collection of debt trending? | Yes. Bad debt today is -- I would say, is back to a normalized level pre-COVID. Obviously, we've had some recoveries from those companies that declared bankruptcy last year and have since emerged, and we collected some, or in some cases all of the owed amounts in. So I don't think there's anything from a bad debt stand... | direct | [
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02f39aef0e14a4d7dac5c5f7f6eacc09 | Are you guys seeing any issues in any of the components or pricing for any of your equipment? | We have a really good guy who runs our operations in manufacturing, and I think has done an incredible job. That organization has done a great job, but we haven't seen any impact at this stage. But things are tightening up, and we are trying to be very aggressive in our inventory planning and maintaining our inventory ... | direct | [
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03d9361ac47e13550f53e075fb2961b0 | Dan, could you revisit a comment that you just made? I want to make sure that I heard it correctly. I mean, clearly, the company has made some sustainable reductions in the cost base. But our assumption was that you really over -- outperformed in 2020, and we were expecting EBITDA margins to fall in 2021. You made a co... | Yes. Thanks, Pete. Yes, that's correct. When we look at the reduction in revenue coming in print and distribution of the $135 million at the midpoint and the $5 million to $10 million of EBITDA coupled with where we're seeing growth, namely software solutions and then entering 2021 with a pretty robust transactions mar... | direct | [
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78edb3e32dccf39ed97edb0dd73f0c9e | How does that change your thoughts about capital allocation and the kind of the target leverage that you think about running the business at? | Sure. Thanks. Yes. So I'll take a first crack, and then, Dave, if you want to jump in. But it's an important question and one that we discuss internally and with our board frequently. Certainly, we're pleased that our performance has put us in the position to have the amount of financial flexibility that we do. And we ... | intermediate | [
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0c668ca9c190206061aae72a3ebffd02 | Got it, got it. And just on a housekeeping basis, those term notes, $230 million in notes, I think in the quarter, those can be called in October, at what, 102? | That's correct. | direct | [
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3d735b355e0b114deee146ee1dbdd0bd | If you could maybe explain a little bit more on the guidance, if you could? You talked about EBITDA improving substantially year-over-year, maybe you can quantify that. And also maybe give us some sense on the different segments, how we should think about that for Q1 and how that should shape up for the year as well fr... | Yes. Sure, Charlie. So as I noted, we're expecting an uplift to margin, and it's really driven by the shift in the revenue mix, as Dan commented earlier, really two specific aspects of that. The first is less print and more software and tech-enabled services. And then the second is the higher proportion of the capital ... | intermediate | [
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2d40a1f931d77c19b1d5af54aba40241 | Got it. And perhaps maybe just a little bit more commentary by the segments in Q1 in terms of the contribution from each of the segments and also the margin outlook there, too. | Yes. So to my comments, obviously, the transactional revenue and capital markets would hit within capital markets, compliance and communication management. So that's the area we'd expect to see the most expansion. Also, with the software growth, we would expect to see operating leverage there in the two software segmen... | intermediate | [
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8ca4f80f9e5bd68f2bb76a646a1ea509 | Got it. And then just one more question on the Q1 guidance, the $200 million to $220 million there, how much does that reflect kind of the lost print, if you will? | Yes. So obviously, with the regulatory impact that's hitting this year. We haven't specifically broken out the print detail relative to the first quarter of 2020. I would say we're certainly expecting that to decline and then, again, mostly offset or nearly offset by the transactional activity and the growth in the sof... | fully_evasive | [
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51315fd2daf47d09463b653bdcf5267b | And so just looking at the comps, kind of year-over-year, we assume the back half of 2021 will be a tougher comp versus last year obviously? | Yes, and it's a great point. I would go back to my comments about having a lack of visibility. I think probably a good example, less than a year ago, when we were trying to understand the potential impact that the pandemic would have, we certainly would have expected a substantially weaker transactional environment dur... | direct | [
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a9fbe1c182da06832cde5b169b836a8d | Great results, congratulations. I think congratulations also on the continued efforts to cut down costs and improve margins. I just wanted to follow-up on the guidance for the year. There's not much of a revenue guidance, but you did say print is going to be down $130 million from fiscal '20 levels? | That's right. Yes. | direct | [
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e6a36dd467aac1c798e60ccde49bcbf2 | And then software services is up 10%, right, or double digits? And then tech-enabled will be leaving out because that's all transactional based? | It's -- I wouldn't say it's all transactional based, but certainly, the transactional piece, again, as we pointed to several times, not only in the past, but also on this call, it's the hardest to predict. And that's really the biggest variable that from a predictability standpoint, we don't have great insight to what ... | intermediate | [
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93d98a820725ca0f470a20a569db521b | Right. So it is what it is. It is what transactions turn out to be in the US and globally that will happen for the year. Now for the guidance for the first quarter, are you assuming transactions sort of sequentially up or is there any... | Yes. Yes. To my earlier comments, what we saw in January supports that. We haven't closed February yet, but the activity level remains high on transactional, and then we'll see where March comes out, right? We have a lot in the pipeline still. One of the challenges on transactional is also the timing on when these deal... | intermediate | [
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dfee7beb12a4a1743c76d57943f9030f | Right. And on that front, any sort of change in pricing relative to IPO versus SPACs? And also about your market share, so market share is holding up in deals are greater than $100 million in the funds transaction side? | Yes. So we continue to have strong market share. I think when you look at the activity in 2020, a lot of what drove the IPO pricings was the SPAC market. And typically, we historically have had lower market share there, but have really increased that in 2020. So I think when you look at the overall, we increased our sh... | intermediate | [
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3d09aaf00630def17e400870ea114d77 | Got it. And then on the compliance, you mentioned the compliance side, revenues in the fourth quarter were up year-on-year. I understand there's seasonality there on the fourth quarter. Any color on why they were higher than expected? Am I thinking correctly? | Well, yes, from -- I don't think seasonality would play into a year-over-year comparison. But certainly, we commented on market share being slightly up, some additional 8-K volume, etc.
Right. Yes, this is it to add to that. Some of that compliance share is driven on the transactional side. So just -- and Dave, which ... | direct | [
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e6892f58d42e62681669b626e2469441 | Got it. And then just a couple more. I understand your comments, Dan, about your -- our capital allocation. So as you understand it correctly, it's no real big M&A. Basically, the new capex is going to be our internal software product development to grow on in areas related to compliance management? | Yes. So we continue to look at M&A aggressively, but we're disciplined on what things are worth and so -- to us, right, what it means for our business. But yes, we've increased -- we see great opportunity in our internal development both for Venue as well as for the compliance platforms. One of the things I think Dave ... | direct | [
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0e1263139ff3d05140748a0afe38de18 | Hi, thank you for taking my questions. So I think my questions is more related to the sector and the regulations obviously, Ye, you mentioned that the lending activities has been negatively impacted by the regulatory tightening. I just wonder if there's any outlook on that. Do we expect it to improve next year and also... | Thank you, John. This is David. I would try -- I'll take a stab on your question. So the first part regarding the regulatory environment going forward. We would expect the tightening in lending markets and the relevant trend probably will continue after the Chinese New Year. So, which we have in the end of January. And... | intermediate | [
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fd48cc54ca6aa3259a9e4e3b5cdb0436 | Yes. So I think just to follow up on the new business initiative, I think I heard that there is some investment in the area. If there is any kind of that can be provided will be very helpful. Thank you. | Sure, John. I think, yeah, our new business initiatives will be, I think probably two categories. One is category expansion in terms of financial products to leverage our platform advantage for cross-selling and also the geographic expansion to leverage our technology and industry know how to penetrate into the other m... | intermediate | [
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7d5729f0e29ce73c8129003485239f57 | Yeah, hi, good morning, David and Oscar. Thank you for taking my questions. I have two questions. The first one is our revenue breakdown. Total revenues declined by 11% quarter-on-quarter. I wonder what is the revenue contribution from banks licensed, financial institutions and unlicensed lenders. How do you they compa... | Yeah, thank you, Julie. I think in terms of the revenue contribution from the banks and other licensed companies we are seeing a slight increase in terms of the revenue contribution percentage from last quarter. Given the growth in credit card and also the shrinking in the lending, the loan recommendation services, we ... | direct | [
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ab53a6c4354853593116073535dafc04 | Yes. Yeah, thank you. Can I also ask a question on R&D expense. You mentioned that there is a pleasure decline in R&D expense due to cut in payroll costs. So do you have employee turnover in the third quarter and as this however continue to leverage technology to improve business, how should we project R&D expense goin... | Hi Julie. Yeah, first I want to clarify a bit. I'm what we meant -- what I mentioned is that we cut down the acquisition cost in terms of the traffic acquisition, but for R&D the year-over-year trend is I think it's an increasing trend, increased by around 5% year-over-year, but we may also want to mention that among t... | intermediate | [
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60a8deab83351119424ae5f7a7d6cdf1 | Hi, thanks very much for taking my question. I have two questions, first one, I am following up on the comments that we have some capital acquisition cost for the quarter. Just wondering how much of this is coming from, let's say, by the cheaper price due to the muted advertising market or versus how we actually reduce... | Okay. Thank you, Wendy, I think, let me answer your second question first. So after our app is fully relaunched, so we are seeing the number of financial service providers on our platform is remain stable. The number remains, our financial institutions remains stable, but we are seeing less supplier of the financial pr... | intermediate | [
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38c9745a99dc2b619c49330b85dc92d2 | The comment and question or perpetual license growth was one of the strongest growth rates you've seen in many years. Yes, easy comp, but it was impressive. What is driving this? Was it perpetual versus cloud? | Yeah. So we saw strength in both our perpetual growth and our cloud growth, which we're pretty excited about. As you mentioned, the comp was an easy year over year we were up 69% in perpetual license revenue, but even compared to Q1 2019, we were up 16%. And on the cloud side, we were up 26% year over year, and our clo... | direct | [
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56bef93e1ef16dfe52b45ac842a75941 | Post the convert, I'm wondering if you could go into more detail on how you might further use the balance sheet to acquire more Bitcoin. | Well, I think so far we've done two financings both of them are unsecured. So that means that we have not pledged any assets on our balance sheet as part of any future financing. So we've got a lot of options as to whether we pursue secured financing and we pursue more unsecured financing or we look to pledge additiona... | intermediate | [
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57cebbe220b9574ea1582f335cc206b4 | Can you give some more color on the license revenue strength and the mix between net new upsell, perhaps by verticals and regions where you see a faster recovery versus areas of weakness? | Yes. I wouldn't say that there were any particular surprises versus previous trends, right? Like on any particular quarter, we generally average around 20% of our revenues from new customers and 80% of our license revenues from existing customers, and that was similar for Q1. Although we're seeing more leads, as we men... | intermediate | [
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9fcbcd694fd16d0bf4afdb718e10bdf3 | One question is around what drove the pickup in the large deal activity. And can you talk a little bit about what you're hearing from customers when they're purchasing tensions and how this might translate to growth in license revenue going forward? | Yes. I'll take the second part first purchase intentions. We are seeing an expanding of investment in enterprise analytics in general, especially the enterprise part of analytics. I think a lot of corporations are realizing how important things like forecasting and scenario analysis and real-time analytics and understa... | intermediate | [
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d8aa085b974dc799cfc6aa8e3adeac03 | As we move more toward a digital society and MicroStrategy is firmly placed substantial, suitably to achieve further growth, what are some concerns that keep you up at night from a CEO perspective? And secondly, do you have plans to incorporate blockchain into related technologies within your products and services? | I think it's an exciting time right now, as we see the digital transformation, the society and I think people understand that, that there's a big digital transformation of their P&Ls and their operations, but we've been big advocates and evangelists for the digital transformation of the balance sheet and the conversion... | intermediate | [
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75f11dc6ce01fee2fe292d4f9bb90cb4 | Will there be dividend payouts or stock splits now or in the future? | Maybe. I don't think we really comment on our capital allocation and dividend payouts and stock splits and those kinds of things, but they're all -- they're all things that we consider from time to time. | fully_evasive | [
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6b0c42492c0a5909fdb82d12e96b0e09 | What exactly is the $265 million cumulative impairment charge and what does it consist of? | Yes. It's a great question. The way the accounting for intangible assets work is we have to assess them every single quarter for impairment charges. And with Bitcoin, we take a look at what is the lowest price of any particular Bitcoin that we carry and we impair it down the lowest price. It's a sort of precedent GAAP ... | intermediate | [
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77c91bcad0110af0025e41f30abce3bb | Can you share some direct commentary you heard from CEOs and CFOs about how they might incorporate Bitcoin into their broader treasury strategies during your customer event? | I'll start and then Phong can go. I think that I've had a number of conversations with management teams and CEOs, and I think they're very interested in what we did, why we did it, the outlook for Bitcoin, and then the legal accounting, regulatory, and execution issues. And for large companies, sometimes I speak with t... | fully_evasive | [
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843aa12ef6a5f9946e87b2e73c0cb29e | You mentioned that Bitcoin thought leadership is driving inbound software leads from new customers. Can you elaborate a little bit more on that? | I just think that the lead flows much higher because people know about us and they're aware of our company, our brand, and our products, and what we stand for. And because Bitcoin is the most explosive and most exciting idea right now in mainstream investing, that means that our name gets associated with it a lot. Toda... | direct | [
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f5526cc154828cf115016a820b17d440 | I get there's inherent volatility in your business, but you're also the largest CDMO. Your customers are booming. And I feel like you and the new management team have made significant positive changes to your business and to your relationships with your customers. I mean, I guess the question is, are you seeing enough ... | Matt, Matt, it's a great question. So we're absolutely making tremendous strides with our customers to ensure that we are their first choice for outsourcing their medical device manufacturing needs. And I believe we're beginning to get into the pipeline of those deals and those products that take longer to get designed... | direct | [
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9c7fa0775ca7c22066e80385069f4f1b | OK. And then you also talked something new here about sort of the breadth of your neuromodulation customers, which included a lot of -- I don't want to call them early stage companies, but a lot of early commercialization-type stage customers. Have those progressed as you've expected this year, as they expected or has ... | Great question, Matt. We have not seen any change whatsoever in that segment of the market. We've seen most of the decline in the spinal cord stim. The companies we're working with that are early stage all the way through their clinicals and working on commercialization plans, we continue to be extremely excited about ... | direct | [
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3787e10075c4302decbf7cc53d5273c9 | OK. And then on the margin side, first off, the EP product that's rolling off, was that a margin-accretive or dilutive product for you? And then as you move forward into 2020 and '21, how durable are some of these improvements you're seeing kind of moving forward? | So the -- given the size of the EP program, it's not a meaningful impact on the margin rate. It's not meaningfully different from the total enough to have an impact. And it's also not meaningful enough dollars on the $300 million quarterly or $1.3 billion total year revenue to have a mix impact. So it's not really impa... | direct | [
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86c3d5acaa590ef87c13bb195566791e | OK. I have two more, and I apologize to the people who are behind me, but I'm going to ask it anyways. First off, how interested are you in another leg of the stool. And I'm specifically asking a strategic question around potentially building out a diabetes platform, it would seem to align very well with your customers... | Great question, again, Matt. What I can say about our strategy at the moment is we launched our strategy in September of last year. We are very focused on executing this strategy and ensuring that we get revenue to be growing faster than the market by at least 200 basis points. And when we do that, we create the capaci... | intermediate | [
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20870e7565d4bed17430fd0428874ebe | OK, got it. And lastly, when you -- in your revenue that's exposed to the energy patch in Electrochem. It seems like some of your customers are -- and it seems like some of the producers are actually kind of manufacturing or producing very productively and not necessarily investing a ton in Capex here. How confident ar... | Yes. One of the interesting developments in the energy market is our customers, they seem to have become much more responsive to changes in market demand. The recent disruption in Saudi Arabia in supply was almost immediately met with additional supply from other parts of the world. And so there really wasn't a sustain... | direct | [
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247ded6fe689dfe56eb8700eabfc3d6c | Apologize in advance, I'm trying to listen to two calls at once and that never goes well. But it seems like from what you guys have reported that you're basically on track with a lot of the initiatives that you've put in place over the past couple of years. The one question I had for you -- two questions I have for you... | Yes, the -- if you look at the fourth quarter, number one, we've got -- we still have a couple of extra days versus last year despite the fiscal-year change that we made. So that's a lift for us. The -- we've talked about the end of life electrophysiology program, that drag lessens in the fourth quarter. We've also hig... | direct | [
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c0aaebdfe29cd49dad2681cf331977cc | OK. That was the one question. The second question is, you've made a lot of progress on the margins. You made an acquisition in the quarter, do you take a little bit of a step back as you integrate that? Or do you think you keep going with the same momentum that you've had so far? | Jim, we expect to keep going. It's a small bolt-on acquisition. It really brings deep expertise for us in complex braiding, nitinol heat setting testing, electropolishing and some other capabilities, but it's really about adding capability. It's today a small operation with de minimis sales, but they're in the pipeline... | direct | [
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d5be63918a956473b24eeb57a67609bb | As far as the career readiness, what are some industries that you see in high demand and you see that being geographically concentrated as you roll it out? | Yes, we do see it geographic. The highest demand is most likely in the IT areas and we're clearly seeing so many jobs, not just in programming, but in software and hardware maintenance and network support, network communications equipment, cyber security, those areas are all the highest growth areas that we see. Health... | direct | [
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7a04ee74edaa624aa3d2b2a7eef8a4e0 | As far as the GCA goes, it looks like you where -- you think you can grow adjusted operating income and it can exceed consensus. What are some of the levers that you would go about that. Is that just managing cost structure more tightly or could you just give us little bit more color on that? | The first thing to remember is that we are spending a lot of money on GCA toward the latter part of the year and we won't have to spend that money. So then school wasn't really that profitable. A matter of fact, it was getting breakeven for us. The second thing is to remember, we have new statewide schools in Florida a... | direct | [
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fd5d0feef0221266527907f064180566 | OK. And then as a follow-up, you pulled forward $50 million of savings. Tom, if you could talk about just what were the savings realized the last fiscal year? And are you or what is the total targeted savings that you're forecasting for this fiscal year? | So we're still on the $245 million plan, and the $50 million is part of that $245 million. So we're planning -- like we said, we should be in the high $100 million. By the end of this year, we have a line of sight to $210 million of the $245 million. We have a number of projects to pull in the $245 million. To help eve... | intermediate | [
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d888fd6436ba0e42e9fc1eb6ac38adc7 | OK. And just lastly, just on the -- your commentary about the more stable demand in Asia, that sounds encouraging. But you're also guiding, I think, kind of stable in Asia and is typically up sequentially. So you're -- are you seeing the sort of the tail end of inventory correction? And would you expect the December qu... | So as far as Asia goes, we see it stabilizing, not stabilized, there's still so many variables playing there. Seasonally, we're actually up in Asia a fair bit this quarter, which is good news. Hard to call December quarter yet, but we're pretty optimistic about it then stabilizing plus a bit of a bump in the December q... | intermediate | [
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834d7484e800a6fae907163b44469ee7 | Certainly, appreciate all the color on all the different dynamics. I was just curious, Paul could you talk a little bit about your main outlook, if the Fed decide to go ahead and cut rates next week, it looks like you're getting good pricing on loans, but still some creep on deposit costs, maybe those can start to go t... | Absolutely. I'd like to note, expansion to the NIM during the quarter is a real credit to our broader team, working really diligently to reprice our loan portfolio over the past year, and it has been of real good help relative to the creep of cost of funds. Also there is good execution on the deposit side that let us t... | direct | [
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45cd6086ffbe5cc9fda3b600e4e980aa | No, that's helpful. Can you or Ray remind us what percentage of loans would kind of reprice with prime or LIBOR? And what success have you had in maybe putting loan floors in at this point where some of the new loans you've been putting on? | Sure. Yeah, So on the floating portfolio, it's about $1 billion, about $1 billion on loans that are floating. And almost -- except for the SBA, most of those have floors. There is a portion that will, with the floor, that's lets say, not at 5.5, so there might be a little bit decline in the rate, if we get a rate cut.
... | direct | [
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4dc88bee661ef940e24a72fa88209a1e | OK. So roughly 25% of the book is floating? | Correct. Or there's another significant percentage that sticks within -- that is fixed with one year or less maturity. | direct | [
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effac9ede89db4ebabe1bed7f2b28593 | OK. Got it. And then just one final question from me, and I'll hop back in the queue. Paul, if I understood correctly, the $576,000 of additional purchase accounting that was embedded in fee income this quarter along with a couple of hundred thousand in small business fund gains as well? | No. The $576,000 in accelerated purchase accounting accretion came through in yields. | direct | [
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fa62963d64aa49dc2ff8dc824cf40f65 | I want to circle back on the core margin. It sounds like the bank is relatively neutral with interest rate, so I guess, the Fed impact shouldn't have much of an impact on your core margin. Any more color you can give us on the margin outlook? For you guys It seems like deposit costs continue to be challenging, but any ... | When we've been able to hit on all cylinders as it relates to execution in the quarter, you tend to see an effect on margin. This quarter was a great quarter as it relates to the positioning of our funding mix and as a result, we saw a nice pickup in NIM. We also, obviously, got a little bit of benefit coming from secu... | direct | [
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d8e64cd1c2eeecbcaafe58c89dfe456c | And Paul, it looks like the interest-bearing deposit cost increased about 12 bps this quarter. How much confidence do you have that those have peaked, and we could see a decline in the third quarter? | No. Not huge confidence at the peaks such that you will see a decline in the third quarter. But I feel pretty comfortable that the peak is likely to hit in the third quarter and that we've got the potential for benefit deeper into the year that will manifest more clearly in our cost of funds story deeper into the year.... | direct | [
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fea3ba740d95664b7eae917aa43f1cdb | OK. And then going back to strategically positioning of securities portfolio, can you give us some more details around that? At what point of the quarter did you execute this? And what types of securities were you buying at what yields? | Certainly. Well, it was generally rotation out of municipal securities into mortgage-backed securities and really, what you saw was the allocation of munies or tax-free securities in our portfolio go from about 51% to 24%. And for the portion that was sold about $148 million of municipal sold. We were able to get a pic... | direct | [
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cc7f37a07e33c68e4b34c228d7f513e3 | And I assume you also shortened up the duration of the book, what was the duration before and after the trade? | We only slightly decreased the duration. So it was -- the goal wasn't to meaningfully change our interest rate risk profile, so I believe the duration of what was sold was at foreign change and what was bought was foreign change but slightly lower. | intermediate | [
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4dd9b08fc3b5bbb163926a74d0823ce1 | First, I wanted to dive a little deeper into the impacts of exiting the mortgage warehouse business. Can you give us a little more color around how that's going to impact the efficiency ratio, what does that to the margin? And I guess, how much capital that frees up. And then, what the plans are to do with that capital... | Certainly. So unfortunately, the mortgage warehouse business had the footings that kind of waned. So it really made sense for us to send such a scale-oriented business to exit. Secondarily, there's never core business for us.
And the yield profile is significantly lower than our core business. So as you can imagine, t... | intermediate | [
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f0683ad3469be2edecee0f0668b6489c | OK. Great. My other question was just generally looking at the CRE markets in Houston, we've heard a couple of other banks complaining about some stretching in underwriting standards, let's say, and elevated paydown. So I want to get your perspective on what you're seeing in the market? | Yes. So, I probably can't speak to whether this is a more lenient underwriting, but we did have an outsize payoffs in loans for the second quarter. And I would attribute that to probably a maybe a lower rate offering from some of our competitors in Houston CRE out of the banks. So we did see that.
It was probably a hi... | direct | [
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22b285e5af71adf7b1a46d46dc373864 | Yeah, thanks. I just want to follow-up and ask more about the loan growth for the balance of the year. I think we're running so far this year, HFI growth around 8% annualized growth, can I get a bit better idea of the outlook for the back half of the year? And especially as Ray mentioned the paydown, are those expected... | Matt, so we talk about the leader indicator being the loans originated and we're pleased with the origin nation we're seen in the first two quarters. So both quarters had originations in excess of $300 million. That's a pretty healthy number for us. But we did like we talked about these payoffs, does the -- will the pa... | intermediate | [
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5bdfc07a2ffd0ddd85e943bd007b64c1 | So I guess, kind of combining all that, is the right way to think about loan growth for you guys it will be similar between high single, low double-digit to pay upon the overall level of paydowns? | That's probably fair. Again, we'd like to see this loan originations in excess of 300. That is really the -- what happens with the waterfall after that will happen, but we're really focused on the top line of getting the originations that we need to generate that type of growth.
And I might add that, the organizations... | direct | [
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ef0b92441ed90a67e41b8fb8a596d8e2 | And then on the operating expense side, if I exclude some of the non-recurring charges this quarter, it looks likes the operating expenses were a little heavier than you're expecting. Any color you can give us as far as what drove that in 2Q? And then kind of looking forward from here, the back half of the year, what w... | When we circle around the different items on the NIE, we identify about $0.5 million in expenses that wouldn't be just continuing quarter to quarter. So -- and really newly tightened, I guess, if you want to call it that or something of that nature in terms of managing that NIE, really tightly. Given the growth rate an... | direct | [
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9d6ed6002eda5e573b98ec126b15c1c1 | Hi, Good morning, everyone. Thanks very much for the comments about how you plan on approaching the debt and paying it down. I guess my question is, it seems like you are going to use existing cash and existing cash flow or cash flow from existing businesses to effectively repay all of the debt. But down the road, if y... | Peter, that's a good question. And it's clear that the U.S. life companies, the legacy companies will not be able to pay dividends. And as we said and Dan has said, we have no plans to put any money into those.
But we are hopeful that with joint venture opportunities in the U.S. and China with partners. So we'll be sh... | intermediate | [
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698fe8718569424c4fb125e7282007da | Yes. No. A couple of quick follow-ups. It seems like then that you are contemplating in your cash forecasting as it relates to debt repayment. You're contemplating some cash flow coming out of the life businesses, which will be used to repay debt. Is that right? | No. Right now, we don't expect any dividends from our life companies, which I'll call the legacy companies. In the future, depending on whether we go forward with the joint ventures that I've briefly discussed, it's still only days on those. We would hope that those would be profitable down the road.
And when they rea... | direct | [
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e71825701c06176225f29b779db845df | Yeah. That makes sense. And we've seen those cash tax payments benefit holding company cash over the past few quarters. Is there a way for us to gauge the size and frequency of those cash tax payments to the holding company over time? | I'll give that one to Dan.
Thanks, Tom. So we don't provide forward guidance on earnings. But what I would say is that so long as we have positive earnings coming out of the life business and positive earnings coming out of USMI, it's sort of simple math to say, what do we have left in terms of debt service payments, ... | fully_evasive | [
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77c73e48965d150087c9326409e77092 | Can you give us a quick update to the extent you're able to with regards to any conversations you might have had with the GSEs or anything you've heard from the GSEs with regards to when they intend to start allowing capital distribution out of mortgage insurance operating companies? | Maybe we'll start with Rohit and then Dan?
Sure. Thanks, Tom. Hi, Joshua. So we currently are operating under GSE capital preservation requirements through June '21.
And all MI companies are under the same requirements where any dividends from operating companies have to be preapproved by the GSEs. We are in ongoing ... | intermediate | [
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50216323b9501a125a6a80abddd33135 | I wanted to ask about the recovery of the oil and gas sector. It looks like revenue for the quarter was pretty nicely, modestly above what you've reported the last two quarters. And yet it sounds like oil and gas continues to be under pressure given the war and some of the labor constraints that you mentioned. Can you ... | The bulk of our oil and gas business is here in the United States, and specifically Gulf Coast and Southern California oriented. And what we are garnering with regard to the second half is primarily talking to our distributors that are working with those end users. They have pushed off maintenance longer than they woul... | direct | [
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58cef6f01c6fd883419b6b73fdae29d5 | And then just talking about your long-term EBITDA margin targets, thanks for providing those. That's very helpful. You were quite a bit below that EBITDA margin range here in the first quarter despite a really strong gross margin in the quarter. So can you talk about where that leverage is going to come from in the mod... | The biggest element of that, Alex, is going to be revenue growth. We're at a point in our financial leverage where our opex doesn't increase dollar for dollar with revenue at this point. In fact, a lot of that revenue will come with only additional expense being sales commissions. So that's the biggest part of it.
We ... | direct | [
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4b50c56df22f4ddf7714a7d03a881cc5 | First question I have is just on investment activity, which increased in the quarter, compared to the first quarter. But looks like closings have slowed up a little bit in the last one to two months since the last update. I realized there is no incremental investment activity in the guidance. But just curious if you ca... | So, this is Mark. Our -- as we broadened our investment strategy that we announced recently to include all other automotive asset classes, we're pretty comfortable -- in addition to CNG opportunities, we're pretty comfortable with the current state of our pipeline, the pace of opportunities, both inbound and opportunit... | direct | [
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1630e8a5a5f2da868722de5ef58e3f2f | Okay. And you -- I think you indicated that initial yields or cap rates are in line with the market. What does that look like today? What were the cap rates for the acquisitions completed in the quarter? And can you talk about cap rate trends in terms of the future here? | Sure. So, our acquisitions to date [Phonetic] have been in the mid- to high-6% range. Some of that compression is due to kind of the overall market tightening and kind of -- as well as I just referenced our broadening of our investment targets through different automotive verticals and some of those being more mature a... | direct | [
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81694eeb022ea854224154f14e240d05 | Okay. And then, just on the construction loans, can you just talk about that opportunity that you have there? Your desire to originate more construction loans. And also, can you just remind us what kind of premium spread on pricing through the sale leasebacks you're achieving relative to market pricing? | Yeah. I think on the loan program, broadly speaking, the industries that we target have been consolidating, obviously, multiples are high as you'd expect. And certain of our operators have chosen to really focus on their organic growth pipelines. And as we partner with existing relationships or new relationships, it's ... | intermediate | [
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e0787a82b7c33d9c6d99920fa9a899fa | And is that an opportunity though that you -- do you have an opportunity you feel to ramp that program up or more meaningfully? | I think it's going to continue to grow over time. I don't want to put a number on it or a target range behind it, Todd. But I certainly feel like it's an avenue for Getty to continue to deploy capital accretively.
It's Brian. The one thing I would add, I think we spoke about it, the objective and somewhat reiterated w... | intermediate | [
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0217ef13c63a2be7404b89c87c607275 | So maybe just a little more on the kind of construction loan opportunity you said and ultimately, trying to pull those assets on to your balance sheet. I mean, are those type of transactions you're looking at primarily kind of greenfield, de novo construction? Or is that like redevelopment where you're kind of coming i... | It's Mark. We've done a little bit of both, both with our existing in-place tenants where they want to put material capital improvements into our lease properties, we'll partner with them to bring them up to industry standards. I would say, it's more heavily tilted toward the greenfield, as you said, the de novo buildi... | direct | [
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d36b7bb2c6eced13a0ff5f875b948ca5 | And, I guess, maybe big picture, I mean, how big is the opportunity set in terms of -- essentially how much kind of de novo construction is there out there in the c-store space right now? Is it -- just give any -- it does seem like some of the M&A activities going to be a little bit -- more muted, I guess, maybe in the... | Todd had sort of a similar question, so I don't want to put a box around it, John. But what I would tell you is, if you look across the c-store sector, the car wash sector in particular, right, there is a significant amount of growth, what we call, a chain store operators, right? So, as the traditional mom-and-pop, c-s... | intermediate | [
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4ecb7e7374e1d77aec803d6402a2839f | Okay. And then on the balance sheet side of things, I mean, how should we think about ATM issuance going forward? I think if I heard correctly, you issued $9 million during the quarter in terms of dollar amount, which would seem on a gross invested basis maybe a little bit kind of light versus kind of in-place portfoli... | Yes. John, I think the ATM issuance itself is obviously a function of a number of different factors. Leverage metrics as you alluded to, liquidity at the time, in terms of on-balance sheet, stock price and investment pipeline and all the rest. What we're really focused on, as I said in my prepared remarks is, ensuring ... | direct | [
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eeabb180ce5e6b0864c140bb19cfa5cc | Hey. Good morning, everyone. I guess, I was just curious on maybe a impact on inflation on your portfolio. Could you remind us maybe what percent of your portfolios has escalators linked to like the CPI or for SPIs [Phonetic]? Just trying to get a sense of what we can see an acceleration in the earnings growth as a res... | Sure. It's Brian, Josh. One fact I'll start with is, upwards of 97%, 98% of our leases do have some escalator in them. So the bulk of the portfolio does have annual escalators. Of that, roughly two-thirds is annual escalators. And then the balance is your typical -- your 10% every five years or something thereabouts.
... | direct | [
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ec9b47331307d72a8906d3c497dfa8aa | Yeah, interesting. Have those conversations changed a lot maybe in the last like year or two? Or is it like what you would want in a lease? | I would think that -- if you're talking specifically about escalators, it's more the [Indecipherable] as Brian just mentioned. We strive for annuals, do our best to get an annual increase, if not, something, certainly, near-term, but not a material change in the dynamic of those conversations. | intermediate | [
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85f9214791936e643df786d8a42e227a | When you think about Clean Energy and being Clean Energy leader, what's your appetite for offshore wind participation if any, especially in New Jersey, obviously? | So, Travis, this is Steve. Obviously, it's going to be a big part of the Clean Energy plan going forward and a big part of the governor's plan. And there is auctions that are taking place right now in developing that offshore wind. We have not participated today, those projects are pretty large and I think if we were a... | intermediate | [
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3ae959e453c01862c546d401f373d122 | Okay. Great. And then on the midstream side, what do you see as kind of the next round of projects, if not, specific just -- generally, where you might find them? How you might get those 2021 and beyonds capital uses up on the midstream side? | So, Travis, I look at that in two ways. One, we need to get the projects that we have on our plate up and building commercially operable. And I think that once we do that, then those are going to provide for some organic growth opportunities in and around those assets. Natural gas is very economic, it's in great demand... | intermediate | [
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9f7e749feeb10ad5e67a277983bbff7a | If I could start, O&M expense came in quite a bit lower than we have been modeling. I wonder if you might just talk about that trajectory there and how we should think about that quarter-to-quarter? | Overall, Dennis or for any specific segment in your mind?
Dennis Coleman -- Bank of America -- Analyst
Overall, I guess just to start, but if you want to break down into specific segments, all information is welcomed.
Steve Westhoven -- President and Chief Operating Officer
Sure. So for New Jersey natural gas, if you... | intermediate | [
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9149c694a9a48e84470d9aad734fec10 | All Right. We'll look for that. I guess, the second thing, with your rate filing, we sort of had been toggling off the SRL project and whether it will be completed in -- within the six-month post filing window, obviously, you've moved past that. Can you just talk about -- are there examples of sort of second phase fili... | Hey Dennis, this is Steve. I'm going to ask Mark Kahrer, who is the executive in charge of our Regulatory Affairs to take that question.
Mark G. Kahrer -- Vice President-Regulatory Affairs
Good morning, Dennis. Generally speaking, that it's not a standard that they would reopen the docket, we have had dialog with the ... | intermediate | [
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94a5968e64ce54158c81c6e9beeb9514 | It looks like your retargeting business, if my basic math is right, was still down in Q1, but you're calling for it to turn positive in Q2. It looks like that is partly on the relatively easy comparison year over year. But could you just talk about the trends in retargeting as the year progresses? And when Google Chrom... | Yes. Good to hear from you. Let me just direct the traffic here a little bit. I'm going to try to direct the first part of the question in terms of the 2021 view of the retargeting business to Sarah, just in terms of trends we're seeing in the market segments come back. But then I want to jump quickly to Todd. I want t... | direct | [
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f42a221694ab6b56f9d55381b6b355bc | Could I slip in another question about Retail Media, please? It looks like you've got very strong growth, a decent amount of which must be coming from new customers. Could you just talk about brand-new customers coming on as Retail Media customers versus existing? And if it's possible to share a number of percentage or... | Yes. Thank you, and great question, Tim. Thank you so much. Yes. So as Megan has just discussed in our prepared statements, we announced a very big deal with Carrefour, as you know, in Q1, and we signed six new retailers. Now what's really interesting with our business is we are continuing to gain market share. As a ma... | intermediate | [
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62781a0727f083636bca023fd2b74387 | Maybe the first one for Megan and Sarah. You mentioned Japan and Korea as sort of leading the retail response. I'm wondering how much of the recovery in retail that you saw -- wondering how much of that may be due to better COVID responses. Because when I look at the impact from COVID versus privacy headwinds on this q... | Yes. So I'll start on Asia Pac, just on COVID in general. Travel for us is a challenge, and we are seeing some coming back, but it's obviously off a very slow base. And that has not come back as quickly as we expected. So Japan is in significant lockdown, and that's impacting really travel, as well as classified. So th... | intermediate | [
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"fully_evasive"
] | B |
1db28c3ae17a11c9c4ae1e8bf5935f21 | I just wanted to ask about guidance to start. Just given the 1Q outperformance and then the 2Q guide, it looks like the full-year unchanged at mid-single-digit growth. And I think that's as privacy headwinds are actually improving relative to three months ago. So just curious if that's all the delay in travel recovery ... | It's great to hear from you. So on financial guidance, Q1 was solid. We were executing across the board on our transformation. And Q2 outlook looks very good. So we're really hoping that Q2 kind of ceded all of us. However, H2 becomes a little tougher. And that is, as you said, the privacy identity impacts. So we've as... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1ab806a5ff7037b658c51533119d708d | And just when you say consumer response is a little bit better than what the mark predicted, you just mean very early opt-in rates? Or is there something else? | That's right. That's right. And I've seen anecdotal data on that. Important to say we're not quoting any data. But the early returns seem to be in certain markets slightly higher opt-in rates than were expected. And again, that is punditry. I'm not sure that anyone has a good read on this and would expect us to get som... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a8b0c60d2e5dbeffe18e0d7ef36eb19e | Coming back to Google, it seems that they're exiting the one to one retargeting market, at least away from their owned and operated properties. And so my first question is, does that open up an opportunity for Criteo? And if so, if there's any way to size or dimension that? And then just secondly, not to beat a dead ho... | I can take the first one. That's a great question, and I'm glad you asked it because we're very excited about the moves that Google is making. We think that there's probably no better time to -- for a company with a lot of access to first-party data to be -- in ad tech to be building a business on the open Internet. Yo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fdcf935ba4fcb5450d371e83e2215461 | Maybe just on the China and even the private market strategies. When you look at where -- how you guys are positioned currently and you kind of look at that long-term opportunity, whether it's over the next 10 years or so, how much of that do you feel like you're positioned for, I mean versus how much is still in -- yo... | Hey, Michael, it's Eric. I think we're in the really, really early innings and there has been a lot of time spent over the years around China, and that's the reason it's become the second-largest economy in the world. But the larger financial institutions have been there for quite some time. I would say the consumer-or... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3c3435bcecac5ee66d6e0e64fd6e61b3 | Okay. Great, and then just as a follow-up maybe two just some small items on like AUM. Just was there anything in the quarter on the separate account side that was elevated, it seems like maybe like the redemptions or outflows were a little bit higher? And then in the third generation, like the returns and other high-l... | Yeah. I don't think there is anything unusual. There's been talk of value growth, there has been talk of U.S. non-U.S. rotation, a lot of that's happening in exposure-oriented strategies which would include indexes. We've seen some separate accounts, look at their equity exposure and rebalance and we've seen some insti... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
94aab139743ef2b127ba5e4324c6996d | Hey guys. Thanks. For the question, just a question around capacity. Obviously, you announced the soft-closing on the credit find a week or two ago, you talked about in the call as well. Can you help us just contextualize how much of the flows over the last 12 to 24 months has come from existing clients versus new clie... | Yes, certainly. Alex, the soft-close is a process, it's not a definitive point in time where you would do a hard-close and shut down all activities. So we are soft-closing our mutual funds' most new investors. The mutual fund is a daily price, daily liquidity and as we look at that vehicle, we always look at the total ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
16455dc925aeab160b2124d1da60e409 | Right. You've been very consistent when it comes to that. Anything else that you're kind of looking at across the franchise that you feel might start to bump-up against capacity or you might have to do something similar? | Right now, there's a few things we are monitoring and it is hard to predict given the performance. So if you see some strategies producing historically some good performance and more recently with the value rally, you're starting to see some other strategies catch people's attention. And when you have those results, it... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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