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8b52675bcddf0cc544a0b44675b53d1b | Okay. And finally I know your preference is for organic loan growth, but with all these mergers being announced has it changed the calculus for you guys to use some of that capital from M&A? And if so what are your thoughts there as far as potential pull bank acquisitions versus non-bank acquisitions for certain busine... | Again, this is Duane. As you know, Tom it's a very active market out there. We are hearing and seeing a lot of different opportunities. And so we continue to stay focused on the things that will improve and impact Trustmark moving forward. As we stated in our outlook commentary, organic loan growth continues to be a pr... | intermediate | [
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4252253aba9598eb760a591f90596e52 | So basically you had talked about the improving efficiency as part of your initiatives a while back. Just wanted to know with the voluntary retirement program and the closing of branches, do you happen to have perhaps a target for where you would want the efficiency ratio to eventually be at? It's currently -- given it... | The answer is no. I mean, we don't have a target efficiency ratio. As I've stated in prior calls, we are laser-focused on efficiencies. That includes things like the voluntary retirement programs to reduce headcount. But along with that, that means back office efficiencies, process improvement, and the entire leadershi... | direct | [
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406841e73f639127ad480cb0df2eaef5 | Got it, got it. Thank you. And on capital, I know you have talked about buybacks previously. With the share price, I guess a bit down from where it's traded at during last quarter. I'm assuming, it's I guess more attractive for you guys and I assume you're still buying shares. | So again, we're pretty consistent with how we go about capital management. We have a disciplined process, a disciplined framework in place for evaluating the returns available from various forms of capital deployment. Yes, we were active in the second quarter as the opportunity presented itself. We had a good quarter i... | intermediate | [
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4a5cd7a7ca41c8bfa2585a9606639508 | Wanted to just circle back on the PPP sale. Can you remind us what your remaining unamortized fees are that to come into the rest of the year? | So, Catherine. This is Tom Owens. It is approximately $2 million in unamortized origination fees that would be recognized, as you know sort of straight line amortization over the life of the loans, but we would be accelerated as we continue to experience for getting this on the loans. | direct | [
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60183995db0d80fbcddf106e94c2fe26 | Okay, great. And then, back on the mortgage conversation, your slide was really helpful that showed the gain on sale margins. As we look at the gain on sale margin for the quarter, is there any sense as to what that margin looked like toward the end of the quarter that may give us a sense as to where that margin may be... | So Catherine, this is Tom. I don't know that we can slice it quite that finely. Yeah, we're hoping. This is obviously a hot topic and it's one of the primary reasons we added that chart to slide 15. We do want to try and be as transparent as we can and give you as much guidance as we can with respect to the key drivers... | intermediate | [
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a38bb101e0477faf5f6daabc7615e504 | And then, it looks like you've kept more on balance sheet as well. Should we expect to see that trend continue as gain on sale margins continue to come down, so that puts more pressure on the mortgage revenue, but in theory instead, you've got better loan growth as a result? | The answer to that Catherine is, yes. We would expect to hold more on balance sheet. | direct | [
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7f45eb246c170f2a3301e91a80046daf | Okay. And is that reflected in your increased mid to single-digit guidance that you've already put out or that be additive to that do you think? | It is reflected.
It's reflective. And Catherine, that's going to be typically going to be your some 10-year type jumbo and predominantly, it's going to be 15-year type of zero. So, it's going to be a fairly short duration and as far as what's being added to the book on a quarterly basis. | direct | [
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373342d619a8b4bde925f6e010e46dad | First on government funding, can you just provide an update on the IIJA and the level in which you'll participate in the case that maybe it gets to a competitive bidding process which may require additional capital? And then the second question just on the margin trajectory throughout 2022, if you could help frame that... | Yeah, I'll take the first on the infrastructure opportunity for government funds. We're going to assess -- the Q's really good for us right now, and we're organized around each of the states and how they work with Secretary Raimondo's NTIA office and Alan Davidson, who's leading that charge. So we're very familiar with... | intermediate | [
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5931d782e6f6f6193523f9c22e9b0637 | But first, can you just unpack the full year EBITDA contribution of what the Kansas City assets would be and then what the contribution is to the guidance or the amount that you're taking out of the guidance is -- reflect your timing of the sale? And then just more broadly, if you were to start with the 2021 EBITDA, an... | Hey, Mike, I think the -- I think we really provided a pretty comprehensive bridge there to get to the guidance number, so I'm probably not going to provide much detail other than if you want to factor in maybe other things that we didn't necessarily call out, which we think are immaterial to the guide, maybe maybe a s... | intermediate | [
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c4f36b00a6cb0f9f1db1e41dca62906a | And what's changed or did anything change? as you look at what the expectations are, the marketing investments that you're now planning for 2022, maybe the pressures on the back half side. What were the changes or surprises to you when you started this budgeting process and came out with the way you think the fair outl... | Yeah, I wouldn't say there are major surprises. I think it's learning. The opportunity for extending our build plan, we made obvious when we went from $1.1 million to $1.6 million, coming out of '22 -- '20, 2020. And so as we ramp the build plan and ramp the engine for construction, I think the pleasant surprise is we ... | direct | [
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04effcd0d716513e18453e84731af53c | And finally, is there an update on to how you're thinking about the assets that you hold in California and whether you're considering monetization of those markets as well? | Yeah, I'm not going to comment on specific activity. And I would tell you that, that's a predominantly fiber asset that fits our overall architecture and strategy. We'll finished changing out some of the electronics that were older vintage by the end of this year and lighting up more of the fiber core network that we h... | intermediate | [
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eab52de9f703f3c28c4771189c7178bb | On the build plan, anything you can share with us in terms of what you're seeing in labor cost? And then you mentioned that you expect 2022 to be the high point in terms of leverage. And given that you're still investing heavily into fiber and capex, which should still be high, in order to push the leverage number lowe... | Yes. So, Jason, I think you're I think you're exactly right, and I think we still are -- and as Bob said, again, going back -- or maybe even going back to Mike's question, for '22 this time last year, we thought we'd be a little bit ahead -- further ahead on the fiber-to-the-home. Still Bob kind of talked about the del... | direct | [
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7033027cfc32c5ec0e2292bb22c3b2ea | You highlighted that cash position of over $200 million in the undrawn revolver, which is another $250 million at the end of the fourth quarter, and then there's more assets approach coming in. So how are you thinking about the liquidity profile based on the capex spending you have over the next few years? | Yeah, I feel good about the plan and the additional cash coming from the asset sales as being a more cushion. So, we are fully focused on executing on this plan and feel like we've got the capital structure to do it. | intermediate | [
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c8ef80ee67311134eca67ee2c05f6e74 | So just a few follow-ups on the prior comment, so if we do a back of envelope on your guidance, so it looks like EBITDA less capex, cash interest is about $200 million of use of cash. And then if we do a cash walk for the year, you've got about $110 million to $120 million of the proceeds coming in from the asset sales... | We typically don't provide that. I mean, we've given you the help -- the numbers you need for the material items and the cash flow item. I mean, we're -- admittedly, the number that you where you do the math, depending on the timing of the asset sales, we could be in the revolver. We will probably have a significantly ... | fully_evasive | [
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9ce6d1ab6a209ad7272a7ed61faeccb4 | OK. And actually, so you touched on another one of my questions, so when you gave the look on the leverage being about a turn higher. So I think that would take you into the low $0.05 on a gross basis. Is that only based on on the EBIDTA change for the year or is there any kind of assumption that you may be drawing on ... | It includes all. It includes EBITDA guide as well as with what we think will be if we are in the revolver based on the timing of the asset sales. | direct | [
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2fe745780468ac006b9fc8d1677fb781 | OK, so some potential. OK. And then -- and again, also just kind of following up on the last question. If we look into 2023 hopefully an inflection EBITDA, but you're still going to basically have the same pace of capex because of your build plans. So do you feel that you're fully funded with the revolver capacity and ... | Well, I think that's a great question. And that's the thing that internally Bob and I and the management team andwith Searchlight are really focused on the long term balance sheet to execute on the plan. So number one, I think it all comes back to the earlier question about what's the inflection point on EBIDTA and the... | intermediate | [
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d051b379c84408958d9770b175b63a0f | OK. And then I can stick one more in just, thanks for the bridge on the EBITDA for the year. But I was wondering with the assets you're divesting, is there any element of like stranded costs or just synergies that you'll be kind of holding initially but might be able to work down over time? | There is. There certainly is but we're also kind of -- in Kansas City, particularly, there's also a little bit of a TSA support after the after the transaction. And also, we -- part of that, as we're in growth mode, if we're successful in divesting that, again, it's hard to give you a number and we probably wouldn't gi... | intermediate | [
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b963ccc7b6cbfaee852ed59ede89c6ef | Can you provide some color on the price/cost was year-over-year headwind in the quarter? And if possible, maybe quantify that for us? And how are you expecting that to play out over the course of the year? | Yes. So from -- within the quarter, we remained positive from a price/cost perspective on a consolidated basis. Some of our businesses, obviously, are dealing with more increases on the commercial side where they use more steel. And as we've seen the steel increase that we've seen. So we've been able to maintain, like ... | intermediate | [
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06949616d979cbbe4d03c23c5d6a97b8 | So, I guess, if we're leaving the Omicron impact to the side, I'm kind of curious as to how the quarter played out relative to your expectations. You commented that the missing parts that you're dealing with, you went from 60 to 70. Now, you're seeing more like 40. Certainly, I understand that chassis availability rema... | Yes. Yes, Mig, this is Mark. Obviously, as Rod quoted, in the mix, on a consolidated basis, more or less, we delivered what we expected, but the mix results in our segments. So we are very happy with the performance we had in commercial and RV. And as we noted, despite all the challenges that RV had, they still were ab... | direct | [
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50e6d6ec8a7882065795ea20edb55b6d | You left your guidance unchanged, and I understand that we're only one quarter in, but the range on your EBITDA guidance is wider than normal. And what I was trying to get at here is, are you having any degree of comfort whether or not you can be, I don't know, above the low end, closer to the midpoint or maybe better ... | Yeah. I think we can work through that in our modeling discussions, Mig. But from a perspective of -- on your first question, what was the first question again, if you want to repeat that? Oh, yeah. On range itself, so we feel like, we pointed out, and I think we said this heading into our guidance that we thought Q1 a... | intermediate | [
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95e5c21b2fccfcb784b7fa27e96524cd | My final question, I'm looking at the backlog in fire and emergency and it's extended to a degree that we haven't seen ever before. And I'm kind of curious, in your discussions that you have with your customers, how are they reacting to these extended lead times? Are we getting to the point that this is starting to imp... | Well, through the first quarter, the order rates have continued, as we talked about the book-to-bill and part of that is because the bill is lower. But even on a book-to-book basis, we're still seeing demand pretty steady. There is maybe on a longer tail forward look, some softening in pipelines a little bit. But when ... | intermediate | [
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9224d756122d2bb49b9de2d3e377bebf | Hi. This is Chigusa Katoku on for Jamie. Thanks for taking my question. So I think your competitor commented that dealer inventory of -- this is for RV, but they commented that dealer inventory levels are improving and there are already backlog declined sequentially, but I was wondering if you could give some more colo... | So I think -- this is Rod. I think that, broadly -- and Mark can add some comments on this in terms of our specific inventory levels of our products on these dealer lots, and they're still down year over year. So we're still in a down position. I do think in the travel trailers, that inventory is probably getting more ... | direct | [
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18a04314b1f4b8f547a91bc948bda6cb | OK. Thanks. And then, we were wondering if you could give any color on what's embedded in your outlook in terms of margins by segment? | Yes. We can follow up in the private calls and the modeling calls, if you don't mind. | fully_evasive | [
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884586d4b124d7cef8b25337f1293873 | Hi. This is Jamil Ohayia on for Courtney. Within your recreation segment, how has margin share gained or progressed within each class that you all participate in? And how should we be thinking about the cadence over the share gain for the next one to two years across classes? Thanks. | Yes. I would say broadly, you have to get into the details of each -- each segment has subsegments in it. And I think in the Lance segment, that kind of higher end travel trailers, we've maintained a positive share in that space. In our b and c-s, we continue to gain share. Those are segments inside of the b and c segm... | intermediate | [
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b71b8ecf13f59834b8209cee4d6f193c | I guess, the first question is, if I look at your results compared to some others in the space, you seem to be -- you're executing above some of your competitors, and I'm wondering whether or not that seems to be market-related in terms of the exposure. Or, I guess, what do you attribute some of the stronger growth rel... | Yeah. Jed, I suppose it's always been both. I think the high-level way to think about things is that, in the quarter we had 75% of our sales were outside of China and that's been a core part of what we had focused on as expanding our sales in the rest of world industrial markets in cutting, welding, and additives. And ... | intermediate | [
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0246cfb1135fa453b6d2493c24d40997 | So, just with respect to EV and the trend of the move toward from traditional internal combustible engine-type manufacturing to that of electric vehicles. There seems to be a much higher level of automation from welding and cutting perspective, particularly around battery. I was wondering if you might just provide an u... | Yeah, good, Jed. So on your first question, yeah, the sort of the broad secular trend toward EV is one that again provides an attractive growth opportunity for lasers because the intensity of using lasers for EV from the battery processes, all the way through to light-weighting the vehicles in welding and cutting, prov... | intermediate | [
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fc822baff5ce2f76bdbf24d49a4949ed | Scott, I know you're removed probably a bit from this, but what I'm wondering is, with all the talk about component constraints and whatnot, are you at all concerned that some of the folks you're selling to might be experiencing some disruptions, whether it's in the industrial market or perhaps to some of the solid sta... | Yeah. That's a very good question, Jim. And no, absolutely, it's one of the topics that I've been spending more time on, and I like the way that you're approaching it, working with our customers because we are seeing across all kinds of different supply chains, various gaps. And so, for example, our industrial customer... | direct | [
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44d53314b6d9bb9e93ad7640e6b8f970 | And the follow-up question I have is just with respect to additive, you guys have been in additive for a while. And so, I think you probably bring some -- a bit of a unique perspective to what's happening in the market. And so, what you're seeing? Do you -- the activity that you're seeing, we talked about being qualifi... | Yeah, good. We have been involved in additive for quite some time, and we are seeing a very positive migration to fulfilling the promise of additive. It certainly will take time to displace higher volume applications, but we are seeing progress across a wide range of different customers that have some different approac... | intermediate | [
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899e5eb2c857fa9767e6c59e4db998d6 | Any way to size how this -- what this might represent of your Industrial business? | Yeah. We're not breaking that out right now, but we do see it as the fastest-growing segments of our business there. And we're looking forward to some of the trade shows this fall, where new products will be introduced. And certainly, we'll work to try to get more information out to you all on what we see going on ther... | fully_evasive | [
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a0211413544419b87583fd742f4ad73e | I was wondering, Scott, if you could just take a moment and talk about some of the success you obviously saw this quarter in the rest of world. How much of that you think is a function of the overall environment getting a little bit better and things starting to open up a little bit post-pandemic versus sort of the pro... | Yeah, happy to John. And similarly, I think it's a bit of both. What we're seeing is, our customers by and large are doing well and many of them have discussed with me how they're effectively sold out right now and really struggling to meet the demand that they see. So there is that overall market growth that we see. I... | intermediate | [
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6fe1d566f88a5566c141d0b23847acb9 | And then maybe just as a follow-up, on the programmable laser side, just curious in terms of feedback that you received, where customers see that outperforming. Some of the competition that's out there because it's a question we get a fair bit about where it really differentiates versus some others out there. So, would... | Yeah, good. I think that the whole concept of a beam that can be modified for the material process is one that, again, has been around for quite some time. But in terms of the real verified set of products, that's really been over the last few years that that's really expanded and we're seeing that validated across all... | direct | [
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4f1eba90b97abd6cd108b3daa9f586c1 | A question on the pricing trends that you're seeing in the industry -- in the laser industry. I was wondering if you could comment on that. And I'm asking because there have been some signs of inflation in parts of the semiconductor market. So just curious if you're seeing some of those signs of inflation in lasers as ... | Yeah, good question. So, generally, lasers have continued to improve performance and the price performance has improved dramatically, which has allowed the displacement of other legacy technologies and we see that continuing. We continue to drive our costs down through new products, higher performance, better yields. A... | direct | [
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0c15cc54abd91158ce014299679617f0 | Got it. Got it. And then, I mean, realizing your Industrial Laser business is not just China, it's global. But there have been some weakness in industrial indicators coming out of China recently. So just wondering if you're seeing some of that macro level weakness in your customer order patterns in China or not so much... | Well, as you said, for us 75% of our sales are outside of China, but in China, we did see growth. We're seeing continued opportunities for growth in China. And how those PMI metrics or other metrics may affect the market there? Hard to say. So it's not the core set of metrics that we are focused on, and we do see conti... | intermediate | [
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b6eac6f74e145b89ba267e9729bc0bd6 | Yeah. Thanks. Hey, everyone. I guess, just following up on the last question. I mean, based on what you've seen in April and maybe the first week here in May, I mean, are you seeing any change in demand trends either by geography or by end market? | Yes. The outlook that we provided reflects what we see in terms of continued growth. And it's nice now to be vaccinated and traveling and seeing customers and getting even deeper insights and certainly, what I'm picking up in those conversations is that, many of our customers are seeing demand that's exceeding what the... | direct | [
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48ae3e50354b5066fc96bfc4124920f4 | Got it. Makes sense. And then on gross margins back to back quarters of 36% for product and if I look at Q2 revenue guide for product, you're guiding nicely above this past quarters, but gross margin for that segment is expected to be down a couple hundred basis points, if my math is right. So, I'm guessing that's just... | No, no, you are not missing anything. You can see a nice improvement in the last few quarters, significant improvement in the margin. And when I'm talking about the margin, I'm talking mainly about product margin, that's the right measurement, otherwise, you will need to consider the mix between development and product... | direct | [
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d32fff0615440569359aae5c69a85839 | I'm just wondering what percent of lasers with powers above 6-kilowatt were in terms of total fiber sales. | Let's see. Hold on, Mark. Let me pull it up to make sure I give you precisely the right number here, above 6-kilowatt in Q1 was 54%. So, we do see continued migration to higher power fiber lasers and we continue to release new products that benefit from that trend. | direct | [
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9640f1c4291746d2c87ed9219db33bab | One of your competitors this week said during their earnings call that they had picked up some share in ingestible beam market. I'm just wondering any comments on that. | Boy, I don't know what that was referring to. I think that, again, what we call programmable beam technology really is the key overarching trend in the industrial markets. And so, we see that continuing to drive all the end markets. So I'm not sure what they were referring to. But we do see it continue to drive all tho... | intermediate | [
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544f94a1814ba83fb0e25b58683e1eb4 | Yeah. Good afternoon. Scott, I was hoping if you could tell us a little bit more about the sales cycle for the rest of the world industrial markets, and maybe some way that we can track your progress over time in this space? | Yeah. As I mentioned previously, Tom, it's a longer sales cycle, then it depends on the country. Certainly, some of the key players -- larger players in Europe and Japan can be on the longer side and it's multiple years really to develop the relationships to have the full product portfolio. And so, there aren't great m... | intermediate | [
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ea46b99a9d7897684e41c25f707d9005 | Okay. That's good to hear. And then, Ran, on the margin front. It seems like you typically have a fairly wide margin for just, yeah, quarter much more so than a lot of companies. I'm curious, is there a reason. Is there not a lot of visibility into which tools are going to ship or what causes the 400 basis point of ran... | It's only mix. It's only mix. And, again, there could be a mix between the quarter between the end markets, aerospace, defense, industrial, etc., and within those end markets, for example, industrial in China and the rest of the world. All that different mix revenue is impacting our margins. And typically, in Q2, we kn... | direct | [
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495c4e1c9ade01139fd0990c41ee4697 | Thanks, guys. Thanks for taking my follow-up. I just wanted to go back on the earlier question on electric vehicle battery manufacturing. Where in that battery manufacturing do you see the biggest opportunity for nLIGHT? Is it cutting or welding? And any other color you provide in terms of what types of lasers that you... | Yeah. I'm happy to comment. It's across both welding and cutting. I'd probably emphasize welding more and it ranges from the battery processes themselves through the manufacturing of the vehicles. So, it is really a fairly wide range of different applications. The power levels here tend to be lower than what we'd see i... | intermediate | [
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d40801566ef76afca92830a9f97b55cb | First of all, as the EBITDA losses continue to moderate, I guess, I'm wondering, it's the structure of the business should allow you to get back to similar levels of profitability or margin profile in cash flow that we saw a couple of years ago with the inclusion of the full DoD business, if that's really just a matter... | Well, the Rise strategy is focused on infrastructure and ability to handle the used cases of both full-service and self-service on billion-dollar plus GMV scale. And with the ability to continue to sustain growth beyond that, we believe that the market opportunity with retail, municipal, industrial supply chain is ther... | intermediate | [
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3cfb4c184727c7d00dc17fde885b470f | I'm curious what the split is between the professional or business resellers in the self-employed individuals? And whether you think you're under indexed in both or either one of those categories in terms of the opportunity on the demand side? | So just to be clear on the buyer side, buyers are typically what we call B2B customers. These are folks that have a business model that in part is served by accessing the goods from our marketplace. They either use them to support their own businesses in terms of operating equipment, fleet equipment and the case of ret... | intermediate | [
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ab3c1514229a334a54c471e3c7ab4393 | OK. In terms of revenue growth, exceeding GMV growth in the RSCG segment, does that reflect a continuing shift away from the consignment model there or is that something on a pricing side, you could just explain that again? | Two drivers. One, when we have growth of service activity, there is no GMV associated with that. So that falls directly to the revenue line and as we continue to expand the range of services that will show up on revenue and not GMV. Having said that, over the last year plus, we have seen the mix of GMV to shift more to... | direct | [
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2ccf85c2b4b8addf02366f4f59083247 | OK. And then lastly for me. You mentioned acquisitions of complementary businesses as part of the growth strategy. Was just hoping you could put that into context in terms of profile of acquisition, timing, that sort of thing. | Well, I wanted to highlight the growth and success of Machinio, which was acquired in summer of 2018. And this is a business that is using technology, using data to aggregate supply in the used equipment marketplace and to track an enormous amount of traffic and interest and is adjacent to our auction channel of the up... | intermediate | [
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6ef66194d1ba83daa44f1fceadc8451b | Hey, Bill, I had two calls, so I kind of got on your call a little bit late so I may have missed some things. But I just wanted to get an idea on LiquidityOne on the platform transformations, what's left? Is it just this Go-Dove marketplace and then the consolidated marketplace? And are your expectations that this will... | That's our goal and we've been very judicious in the relevant time frame. Knowing that our technology organization serves the entire enterprise not just the transformation and we've had opportunities to accelerate deployment of things like Returns Management our RPM SaaS solution. And in response to an RFP, we're able ... | direct | [
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55b0d4bf02b92027344762891b76fa0b | And would you just refresh my memory, what -- the Go-Dove marketplace is what, that's capital assets? | That's capital assets and that's a global marketplace. When we talk about growth in Asia like we experienced during Q1 that's happening on this multilingual international marketplace called Go-Dove. | direct | [
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5be45ec625f5fd509366260b7bf6a014 | OK. And then a couple of other questions. In terms of the marketplaces that you have converted, what metrics are you focusing on to gauge that -- for lack of a better word consumer satisfaction or user satisfaction, user participation? I mean, how are you -- are you able to measure the benefit to the company from some ... | Sure. Yes, absolutely. I think you have a combination of both financial metrics such as number of bidders per lot sold, which requires us to be able to serve more volume and scale. The number of bidders per lot sold is a metric we track since inception, and when we drive more bidder activity we drive higher recovery an... | direct | [
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9e899e32e118ded0dcdd64d930fd9b37 | OK. And then lastly, just in terms of -- just looking at some metrics on the income statement for Q1, technology and operations are about $12.5 million, 23% of sales. It looks like -- is that kind of a number -- are you looking as you go forward to maybe increase that here? I'm just trying to get an understanding of wh... | So Gary, something that you may have missed at the beginning is that we have indicated that the second quarter should look pretty much similar to our performance in the first quarter where we have a seasonality on retail and CAG -- on retail going one way and on CAG and GovDeals going the other way. Generally speaking,... | direct | [
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daf657c6e6831ad548f48ccc7d60bb76 | Wanted to talk about the private markets opportunity that you've highlighted on the -- in terms of incremental growth going forward. Can you talk about what strategies you have today that allow for that and -- or is it something we could see from degrees of freedom going forward, something you will potentially open up ... | Hi, Dan. It's Eric. We have one strategy, the China-Post Venture that is currently investing in private companies that launched last year or this year, and then our growth teams or growth-oriented teams have been meeting with private companies especially as you go down the market capitalization over the last few years ... | direct | [
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a26f601b94897c787bbe5c3a0024b57c | Got it, and then as a follow-up just a general question on capacity. So first on Slide 5 where you kind of lay out the credit opportunity and the kind of road map for future products. Can you give us a sense of kind of how you think about capacity within certain of these areas you gave? Obviously some of the market siz... | These -- the size levels are always difficult to estimate. As we look at each of our franchise, they grow in different ways. And so in some cases, you may be limiting the size because you're leveraging that segment of the marketplace into broader strategies. So the high-income strategy does use levered loans as part of... | intermediate | [
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558b06291677cf806b933b209585215f | Thanks for taking my question. Just one follow-up on the credit strategies. You talked about seeing expansion potential within the credit side. Looking further out, how large could the credit AUM grow in the future for Artisan, and do you see credit strategies becoming a very material proportion of overall AUM over tim... | Yes. If you combine the potential with the credit team with Bryan Krug and the new team we just brought on led by Mike Cirami, definitely the aggregate of those two could be very material coupled with potential teams in the future. And the breadth of each of these teams will have an element that is traditional as well ... | intermediate | [
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931cf1beeab3ce2f0aff61db399a3cba | Great. Very helpful. And just one follow-up if I may. Sounds like, from the prepared remarks, it's a favorable environment right now for potentially adding new investment teams. Just wondering whether you could just share with us any extended outlook for the potential to add new investment teams in the near term? | That only reinstated as a favorable environment and we've outlined a few spaces that we're interested in given the growth in asset allocation, the growth in the number of securities and opportunity to be high value-added in this space, and the talent that's emerging around those categories. | intermediate | [
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34c21fc4724c661cbc09b3b35cf8e24a | Great. Good afternoon or good morning as the case may be. Thanks for taking questions. This -- I have a question on really just kind of the -- maybe some of the expense or spending headwinds that may be out there. So I mean you've talked in the past about seeing -- even aside from adding new teams, maybe comp pressures... | Yes. Good. Great question, Rob. We're currently in our budget season. So we don't have anything fully baked yet, but certainly, there is pressures on all of those and we would expect our spending levels to increase next year as we execute on our growth strategy including the on-boarding of the EM debt team. And specifi... | direct | [
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976ba5ff1b88ffdccf6545d97936bea3 | Okay, great. And then in terms of investment spend, I mean a few years ago I think you spent some time and energy investing in the wealth channel and we saw starting I guess last year this noticeable step up in gross sales in that channel, or at least the fund business. So are there any kind of specific distribution in... | Yes. We continue to invest in the wealth channel globally. It's the primary focus of new spend. And as you marry that with the newer strategies that will be our focus. Bringing these newer, higher degree of freedom strategies tend to be a little bit more alternative-oriented into the wealth space. Think about the China... | direct | [
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2c1c8b327ed830e7621b56b11d55eea3 | Maybe just starting here with loan demand in the pipeline. It's seen an improvement in commercial finance loan growth, kind of curious as to how the pipeline's shaking out and what your thoughts are going forward there? | Yeah, this is Brett. First, as we noted, there has been a dramatic increase in our asset-based lending in factoring, which if you think about as the economy ramps up that makes a lot of sense because that's the need in the pool [Phonetic] for working capital. We had situations back a year ago where balances were droppi... | direct | [
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5ae0e4d23b43e3a043dbf369b7d5978a | Okay. And where are origination yields these days, generally speaking? | Well, I think that's -- questions answered differently by each asset class. Factoring yields are paid 9%, all the way to 12% or 14%. So pretty high. Some of our larger five-year equipment lease deals can be in the 4.5%, 5% range. | direct | [
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31e7123e3cb438aa83550aaa73e2e22e | Okay. And then in terms of just the -- just on to the card fees here, just kind of curious if you guys could quantify how much of the card fees was stimulus-related and just how do we -- how to think about that growth going forward? | Yeah. Hi, Steve. It's -- yeah, that's difficult to quantify as cash is fungible and so many of the stimulus funds were loaded on our partner cards such as net spend or H&R Block. It's really hard to differentiate was that driven by the stimulus or some other spending, especially the fact that we're seeing the balances ... | intermediate | [
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a7d3c1803a36fe217b49167dd209d8be | Okay. And then, if I just squeeze one last one, just in terms of expenses here. Just kind of -- pretty clean quarter I think versus expectations. Just kind of curious how we think about expenses now that taxes are fully behind us for the third quarter? | Yeah. So, I think this was a good run rate quarter for us. Plus or minus $80 million, outside of tax season. You'll see our biggest increase year-over-year was in compensation. Yeah, we've added employees which is variable to support our growth. But the biggest increase in compensation was the change in the center of a... | direct | [
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bf5f0b8982f0a154bfdbeaeb081c70b2 | Good. I wanted to spend a minute on Slide 12 here, you guys kind of pull out the payments growth in BAAS revenue, it's 82% prepaid, 8% checking, 10% banking services. Curious if you could maybe expand on how that's trended over the last couple of years? I mean is it fair to think that the dispersion among that is impro... | Yeah, I think so. I think as things are evolving, we're seeing more opportunities arise with -- in the checking and core banking kinds of products. And then, also in our like faster money, we talked about those. So when you're looking at revenues, you're seeing banking services increase. I think that should continue as... | intermediate | [
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8aa15efcc0e79a7e969ee6a7c904c0e8 | And then, it sounds like, is it the consumer finance, which sounds like it's kind of lending, focused on financial inclusion. I mean, that sounds like it's something that's not necessarily new, but maybe new in the way you're selling it to your fintech partners? So is that another area where maybe the growth rate going... | I think that's an opportunity, but I think that's going to ramp up over a longer period of time as we continue to develop those products and storm into those other channels. We do have our partnership lending or consumer lending that we've been doing in the past and we have a pipeline there as well. So we may see consu... | intermediate | [
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68154b4b87f75e77140c65f2541784dc | Okay. Just two more for me, quick one. Just to ask the card fee [Technical Issue] so, if you are not willing there to comment, but just, it was quite a bit ahead of what I was looking for. I mean, any indications, a third of the way through the third quarter here? I mean is it run rating at a lower rate than that? I me... | Yeah, I think that's fair, Mike, and Steve, still on listening too, that in our year ago, our card fee income was around $21 million. It -- we don't think its core increased to $29 million here, but we would -- we don't have exact numbers, but we do believe our core fee income business outside of stimulus, likely grew ... | direct | [
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f4de3a00b3559349dff37a75b01e19ef | Got it. No, that's very helpful. And then, just lastly for me, I mean, obviously it was a tremendous opportunity to partner with the treasury, but I'm sure you guys are relieved to see the balance sheet kind of approach more normal levels again and capital go back off. I mean, last quarter your leverage ratio is 4.5%, ... | Yeah, I mean, you're looking at the same things we are and capital is returning to more normal levels. And we do set off a lot of excess capital over time. So we are definitely looking at how to deploy those and we'll probably use similar methods we have in the past. | intermediate | [
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9f36edbd80eb5d95812664dce3f8ce6c | So, I mean, definitely, some buybacks would be a part of that equation? | It's a good possibility. | intermediate | [
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8d79b316011cdeaef38150ef42d2c52d | I just wanted to ask -- trying to get a sense, I know it's been asked already, but in terms of the fee income, the payments related fee income, and you noted that you guys were at $21 million a year ago. And I would assume -- and ex-stimulus maybe you've got a double-digit run rate, 10%, you mentioned 18%. It's tough t... | Calendar year '21, I'm not so sure yet. These larger partnerships take a little time to ramp up to get the distribution out there. We're getting pretty efficient at building up pipes to the partners, but it's also how fast they build it on there -- the interfaces on their side as well. So, we have a really robust pipe ... | intermediate | [
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7dedaff5831a1d7814d49cd627b25034 | Okay and then, just wondered, I know you guys are -- higher rates would be very welcome. Any updated expectations or thoughts on what are you would expect to get in a given rate move, call it 50 bps, 100 bps? Any updated thoughts there? | Higher is better, anywhere on the curve for us is what I would say. Our liability side is still virtually fixed at zero. We -- we broke out the distribution of our price resets for our loans, and as we add new ones -- so, anywhere across the curve is helpful. But no, we haven't guided on a specific rate scenario. | intermediate | [
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2c8f5169f049cad282a1332ef1bf7522 | Okay. And then just lastly, in terms of the, I guess, rerisk weighting of some of the loans, any -- does that -- obviously, I recognize and you point out that it doesn't reflect any deterioration in the portfolio, but just wondering if there is any other impact to operations, such as any change in risk appetites for ce... | Yeah. So this is Brett. So, none of the above. And I think the key point here is there is no change in our underwriting approaches here. We already had solid underwriting. Administratively, there are some procedure changes on how we'll monitor on an ongoing basis. And no, it doesn't impact any kind of an FDIC chart. So... | direct | [
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cdb370dfbae288ad6b21e5b8eee6faa3 | Thanks. Most of my questions have been answered, but as a follow-up to the last line of questioning, I'm just curious with some of the shifts in the risk rating. I would have anticipated that just a function of the plugging in the new risk rating [Phonetic] into the Fast Five model, as you would have seen your reserve ... | Well, yeah. Hi, Will. It's -- you know depends on what your expectations are at each risk rating level. And there's no one size fits all for that. And again, that was all looked at, reviewed, and we are more than comfortable with the allowance levels we have today. | intermediate | [
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4e135f49aebb93baa8401fbb6ad3cb76 | Okay. And what was the genesis of this kind of decision? | Well, I think I mentioned. It's just making sure we're aligned with the OCC's guidance for commercial lending practices and portfolio management practices. And so, we're just trying to make sure we're aligned with their guidance. And in doing that -- I mean, here's the thing, their guidance, primarily focuses on things... | direct | [
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344431205718781020047a4dcd1a533b | Okay, all right. Great. Thank you for that. Okay, I hate to do this, but in the interest of really beating a dead horse, with the payments revenue, you mentioned that the balances are increasing on a lot of the partners' cards and the spend is increasing, which is driving the fees higher. I mean is it safe to assume th... | I would expect it to be gradual. The child tax credits are out there now and those are not issued -- the child tax credits that had been authorized for calendar year '21, these six months, none of those were issued on our debit cards. However, same issue, our partners that have GPR card programs and our consumers use t... | direct | [
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4761f4d289f3ebb2de4a923af2a8aab3 | Okay. Okay, all right. This is kind of an esoteric question, you're probably not going to be able to answer, but there was some press recently about a letter written to the CFPB about looking into Chime's closure of accounts. I'm curious if you can talk about the -- yeah, the decision matrix around looking at these acc... | We did not issue Chime and don't have any specific information into what they're looking at or how they're managing that. But we do monitor all those kinds of activities against our portfolio and make sure that we're in compliance with all required regulations. And we believe that we are. | intermediate | [
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7dc3d28ba2c8d073660c644913e9caf0 | I guess the first question or first area I want to hit on is just the production capabilities and the throughput, and just want to make sure I'm understanding your comments correctly and thinking about it the right way. But would -- are you guys thinking that the kind of weekly production capability should continue to ... | That's fair. Yeah, for our wholesale business with between folks training and just continuing to pick up pace as well as the cells we are continuing to open, that is a very fair assumption. | direct | [
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0dfdde10b4712bc7548761cb4b7128a5 | Okay. And then, I guess secondly, it's unprecedented times naturally with raw material and the pandemic and things like that. So putting the surcharge in your backlog, even though it's the first time is, with the environment is not necessarily that surprising, but just curious on what the feedback has been given that i... | Yeah. You know, it's a -- as you said, unprecedented times and it's not an unprecedented action at this, in the current environment. We've seen a lot of manufacturers take similar actions. I mean, the challenge is always balancing the needs of our various constituencies, right, between our shareholders, our customers a... | intermediate | [
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0d8022889420f7180caf3dfc67326e0e | Okay, that's helpful. And I guess lastly from me, in the comments you mentioned I think half the cash flow back in the business through capital expenditures and M&A and investments like that, but maybe just can you talk a little bit on your M&A strategy? Has that changed recently, now coming post pandemic here, and may... | Yeah, I think the -- two things. We have always said that opportunistically, we would be interested in purchasing a higher portion of our furniture galleries. And you saw that with the Long Island transaction here this quarter. We continue to interact with our furniture gallery owners to the extent that they're interes... | direct | [
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eb5f16eb32e9ce6150ba5f09b55495b1 | Yes, good morning and thank you for taking the questions. So just wondering, so with the price increases on the backlog, any sort of a notable changes as far as order cancellations that you can point to, or not, have you not seen that? | We have not yet seen that yet, Anthony. We're continuing to monitor the situation, but we have seen no change in the cancellation rates that we typically see. | direct | [
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80c28370cec26e66a4b1674736503045 | Got it. Okay. That's great to hear. And then, you mentioned that the backlog is at a record high level. Did you guys quantify that or maybe I missed it [Phonetic]. | We did not quantify it. I will tell you it's higher than it was -- than what we did quantify for folks at the -- in the 10-K. So we -- orders came in stronger than we were able to make even though we were making more than we made in the previous quarter. | direct | [
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0dcfc31dc32560410edeb72bb0848e25 | Got it, OK. And then, given the extended lead times that people are waiting for custom furniture, just wondering, have you guys seen any changes as far as what people are buying? Are they [Technical Issues] shifting more to in stock merchandise versus custom furniture or [Technical Issues]
Just wondering, have you seen... | No real changes, Anthony. I mean, the lines begin to blur a bit because there are situations where the customers come in and chose not to customize, but they may place an order on something that normally would have been a stock order. So those lines blur a bit, but as far as what folks are ordering, no big changes. | direct | [
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ff62ca2c5debf098ecf56bced1ebce60 | Got it. Okay. And then lastly, I guess a little bit more of a housekeeping kind of question, but on the wholesale revenue piece, just if you could just broadly speak about unit volume increase versus price increase, what you saw in the quarter. | From a delivered sales standpoint?
Okay. I'd say that the volume was -- the sales were probably 3% to 4% up due to pricing in the quarter, versus the prior year.
The vast majority of the uptick is volume.
Yes.
Because of that, we mentioned that our stacked pricing at this point is up to high-teens, but what's actua... | direct | [
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57e8a57d6bb01e16cd597d54c93e3ffb | Hi, good morning everybody. A couple of follow-up questions if I could. Was wondering if you could talk a little bit about written orders and the cadence in the quarter, and how you're feeling about the trend. You referenced still feeling like the demand backdrop is very healthy. I know, as we get into August and in Ju... | Yeah. We really, like you said there is, you've got a strange base of comparisons for this quarter, right, because we were essentially shut down, most of our customers were shut down in the first -- in May, a year ago, mixed openings finishing up in June and everyone going to town in July. But broadly, what I would say... | intermediate | [
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40f4e36d8b6a42447059e1e727a64567 | Got you. And so -- as so you've lapped, are you still posting some growth in the written orders as you lap these tougher comparisons? | In Q1, the answer is yes. So across that what Melinda just described is a strange period of very low in May and then increasing in June and July. So across the Q1 quarter, we did see an increase.
Which is again, both a good thing and a challenge right. What that says is we're really not seeing the slowing, you have to... | direct | [
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f2c171ecc4a0578fd7753133c772b0c8 | Yeah, OK. And then -- and then to follow up on the earlier question on price versus unit, I mean if we look at the written orders of 10.4% in the July quarter, your pricing as of now is running up high teens as you mentioned. Does that mean basically on a run rate basis, we're starting to get to flat or negative year-o... | Yeah. I mean units overall will continue to increase, what we are producing, units continued to increase each quarter. Now, on any given, when you get into the nuances like we'll see some challenges likely in our case goods business as we go -- as we go forward this next quarter, because a healthy portion of that is im... | intermediate | [
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6a531b03547ddf507601cf0b63190846 | Okay, great. And then just a last one from me on gross margin. With the price increases and now the backlog price increase, does this set up this first fiscal quarter as kind of the low watermark for gross margin to where it may still be down in the October quarter, but at a lesser rate than what you saw in 1Q? Is that... | Yeah. That's correct.
That's correct, yes. | direct | [
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ac02339541e7904e11c00f52b99be59c | Can you help us understand, I know that it's a wild-card scenario to degree in terms of trying to predict, but the backlog that could have converted to revenue here in fiscal 3Q and fiscal Q4 and in fiscal 2022, I mean that, that will ultimately convert, I just want to make sure that there isn't risk of the revenue con... | Yeah. I think you're seeing this right way, Josh. Appreciate the question. I think my comment really refers to, we certainly have a visibility to China, which has given us a pretty good baseline on revenue conversion and we continue to see that over the next several quarters will expect in China. I think, was just -- a... | direct | [
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ed89cd8a946e479b5090a42275f78705 | Just your announcement on naming Chief Medical and Technology Officer. I believe this is the first Chief Medical Officer for Accuray since Dr. Adler was in that seat. Just wanted to see if you could help us understand what you're signaling here. I think Dr. Pignol is the first radiation oncologist as the Chief Medical ... | Yeah. Josh, thank you for that question. Quite frankly, what you just articulated is exactly right. That's exactly why this is -- we're so excited about this. For people in the space, from a clinical perspective, this is a world class, not just world class radiation oncologist. This is a world class technology person. ... | intermediate | [
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75d095d33c4a1344c834cda0d183db00 | As you've highlighted the importance of ClearRT, could you just talk a little bit about how you anticipate that manifesting itself in the income statement? And [Indecipherable] I guess, how, but also the timing of what you expect to see from ClearRT? | Yeah. And Brooks, thanks for the question. I'll maybe -- I take that question first. And maybe Suzanne can chime-in if she wants to. So what you heard earlier today in the prepared remarks in Josh's section that we actually got a 14 orders on ClearRT in Q3 and he gave us a little bit of flavor of it. But the four units... | intermediate | [
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348be78f326c4b6535b607fb6bdd99d3 | You talked about the improvement in the cash flow in the balance sheet. I think there's still maybe one tranche of your convertible securities out there. How are you thinking about the balance sheet and dealing with that that tranche over the next period of time? | Yeah. Thanks for your question. Brooks. Yeah. I'm really pleased to see that the team has done a tremendous job of managing and working capital and we ended with $130 million cash. And as I consistently said in the past, as we get into one-year window of the convertible notes maturity, its due July 22, we're going to s... | direct | [
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43260b951ffae4ca5c89eaaeceaad108 | Maybe Josh, just to sort of go back and revisit RO bundle. Just latest thoughts there on timing and rollout and sort of how do you think that, that impacts capital sales, just some renewed thoughts there. And then sort of when we think about, sort of overall China trends, just in relation to COVID, obviously, there's s... | Sure, Anthony. So, just taking it in the order that you pose those. So as far as the timing of the RO-APM, there is no update or no change in timing from what we've communicated and what the industry has heard from CMS most recently, which basically puts the -- essentially the implementation of the RO-APM model in the ... | intermediate | [
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363fddc8e2af377815b1830fa0c41298 | I guess, I wanted to start on Slide 10 where you run through some new potential projects there. I guess you have the scheduled start-up dates there, which we appreciate. I guess, could you give us a little bit of sense of maybe the timeline between now and when those scheduled start-ups are expected? To understand mayb... | Yeah. Hi, Chris, for the AIE project, the scheduled start-up is 2021. That's the official scheduled start-up line by the project. I think this is a project that it already has it permits. But it is in the process of modifying that. And so when that's modified approval is obtained, I guess that's the data point. We also... | direct | [
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52cf50735e7ce4633178ba703b73518a | Okay. No, that's very helpful. I appreciate that. And assuming sort of a normal course where the parent would potentially participate in the sort of the business development for those new projects. And then there could theoretically be a dropdown candidate, identified by the Partnership at some point in the future. I g... | Yeah. First of all, I think on the next couple of dropdowns, you will probably see -- slightly higher leverage following the assets from the parent on that debt to EBITDA basis, than you have seen in the past. That means that there is, at the starting point there is less equity needed for the next few dropdowns than wh... | direct | [
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16ab7a4274d10cc5ff51ff38529f0bfe | Yes, thank you and good afternoon. I guess, I just had -- just following up kind of on that thought. As you look at your preferreds, I mean, right now they're yielding 6% as you look at the common equity, it's definitely been a tough couple of months here for MLPs. The yield is now at over 12%, it looks like -- on the ... | Yeah, I think it's a good question. I think that's the main source of our allocation of the capital we have is likely to be used for growth, I believe. There is obviously at a point in time where we would consider using it more -- for maybe for buying back. But so far at least we have preserved capital for growth purpo... | direct | [
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520cbdb82bda9f289a50ae08c324b792 | Okay, great. And then just prop on a little bit, I guess easier. As we think about the total FSRU -- FSRU fleet, yes, I mean about two-thirds of the fleet is committed to traditional FSRU work. Of the units that are not operating as FSRUs, are any of those on multi-year contracts, that potentially keep them out of the ... | No -- there was some trading spot, but we had some of them and they are on medium term contract. So what we have done -- what Hoegh LNG has done is to enter into between one and three year -- one and two-year contracts in carrier mode. So as I think, it's a mixture of medium-term and plus contracts. | direct | [
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53d7daea4f5804fcf687202d019e9bb6 | And I'm sorry -- I was thinking more beyond what's inside Hoegh, I mean like -- we have like any kind of view into the competitive landscape in terms of the non-Hoegh FSRU capable...? | So they are -- I think there might be one that's idle, but the rest is on short to medium-term LNG carrier contract. So as far as we know, none of them are in long-term carry contract. It's spot to medium-term, LNG contracts for all of those units except maybe one that's idle. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
44d37c69d31b96d309cb3b20b58f3ce5 | Yeah, hi, good morning. So I wanted to follow up a little bit on, they go on which obviously comes off contract with Egypt and where you said you've exercised your option with HLNG. Just curious as you look forward, obviously HLNG would be trying to go out and find alternative employment on that, but is in your... | It's executed as is, and -- or it's employed on -- I'll turn to employment. I think from the Partnership perspective, we have the five-year option to lease it to the -- to five years. And it's then -- the alternative would then be alternative long-term employments. But I could see rights that we exercise this and then ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
52b1467a4ff3c7272f836703a9e65e1d | Okay. And if, let's say the parent were able to get a alternative employment, but it was perhaps below that 90% threshold you could maintain your contract with the parent and they just make up the difference? | Yeah, I mean the situation then, would be that we lease it to the parent and the parent will then employ it in the interim markets, maybe as carrier and then it's likely that it depends well -- to an lesser amount, that they are paying the Partnership, because the rates that you can earn in the carrier market at the mo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a9b3dccf5a4c5d974c54916415283ddf | Right. Well, and that sort of gets me to my next question, which is based on the tenders and some of the work that's being done primarily at the parent to get contracts, long-term contracts, as FSRUs on the vessels. Can you maybe guide us to sort of at least maybe give a range as to sort of where the market is relative... | Yeah, it's what we have seen as you know, over the last years, the rate in the FSRU market has been declining due to the competition. But it's still above the long-term carrier rates. We expect -- that we have hit the low point in this cycle and that we going forward -- will see increasing FSRU rates. I'm not -- and it... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
579e7624252f1fc37ba2b117a2d88fc1 | Okay. So if may -- if let's say an FSRU is 30% more expensive in a carrier, can you capture that 30% premium in cash flows do you think? Or it's somewhat below that? | Well, I think we are not doing that today. We're not doing that today. But I think longer-term, we should be able to do that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1acc4fe8ed83e15b085ad4f053ab7d97 | Okay, perfect. And then lastly just for me. As it relates, broadly speaking to the FSRU market, you mentioned in the slides that last year 2018 was a very big year in terms of FSRU awards. It's been three thus far this year, but there is a very big backlog, give any sense just from your conversations with clients and t... | Well, you know, a lot of the project we have -- we're working on -- we have been working on for quite some time. I think there is -- I think Hoegh LNG and we think there is a lot of things going to happen next year, on projects that -- where there has been activity for some time and project that has come to markets. So... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
efdfdbbfdac183f0b1714b7fc64c49e5 | Okay. Does it -- I guess another way of saying it, does it feel like the pace of activity is speeding or it's not materially different than it was, I don't know, three, six months? | No, I think, good progress is being made. There is not a material change in the activity. It's high. It's good. And so -- and we have good hopes for FIDs being made, several FIDs being made, also to Hoegh LNG's advantage in 2020. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3380e252aee0650201921960c8780c94 | Thank you. Good morning, Steffen. I think we've talked about this in the past, your existing projects require redundant capacity. If I look at existing projects, is there any need or demand to increase capacity, where you could probably could generate some more operating cash out of the projects that are currently up a... | Yeah, I think there is potential for increased activity, relating to the existing fleet. But that would, to a large extent, be to the benefit of our clients. Our client could make agreements with small scale operators to use our fleets to provide services in that respect. Now we might have to change slightly our commer... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
22d8c973a9b8797628fe5f377410b5a8 | Lindon, Steve, I want to start off just by clarifying operating expenses in the reported quarter. Are they came in quite a bit lower than had expected by about $5 million. So Lindon, how much of that may have been either a timing issue or just better than expected execution and other factors, if you could break that up... | I think the operating expense came in to touch lighter on -- in, say the sample management and the semi side. A piece of this, by the way, was also reduction of some variable comp accruals in the quarter on a year-to-date basis. I would emphasize we maintained investments, we maintain investment GENEWIZ for expansion a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cbad85d8775f405499cb63d623ab8b57 | Steve, thanks for the color on the different parts of the business and some of the dynamics there. You're clearly outperforming industry in a number of various on the semi side and especially in vacuum robotics versus our expectation. So can you just talk about what's happening across the opportunity set that you see a... | Sure, Craig, thanks. So let me just rehash a little bit. I'll add a little bit more color. So the vacuum robots from the Tier 1 OEMs are down but we see this kind of bottoming out. So we've had three quarters of sequential decrease in the amount, but we think that's bottomed out. We think part of that's inventory and p... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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