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a787f0b8a0adc29717e70afa0abbca30 | OK. And then you mentioned Portable Medical is now in the Invest to Grow category or product line. Does that mean new product development, acquisitions, or improvement in manufacturing efficiencies [Inaudible] | Jim, great question. So when we went through our strategy process in the second half of 2017, one of the things we identified was our Portable Medical business. The way we're being managed, we had design and development and the sales commercial marketing side run by one of our presidents, and in the manufacturing and s... | direct | [
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3ac0806c6352ef5e1e12206513c73a50 | First, Jeff, your last comment about margins being flat to slightly up on a year-over-year basis in Q2. That was on a consolidated basis, and the point of reference would be the 7.5%, I guess, adjusted margin from Q2 of '18. | The answer to your question is yes, absolutely on a consolidated basis. And I would say that -- we would also say, that basis would be on the gross margin basis, but that should slow down the operating margins fairly closely. | direct | [
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79ff0e00be8736297a96395276562044 | And then in terms of pricing, and I know there is a lot of different puts and takes with mix. But what would you say just sort of core pricing is looking like in the trailer market today versus a year ago? | Brad, this is Brent. I think the way I would characterize that is that pricing is within the expectations that we have guided the market toward relative to material cost recovery and then playing around the edges from a material margin expansion standpoint. Right now, we're doing well on the material recovery side, and... | intermediate | [
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a7cdc5587c61e2a49caedc27af004ba1 | Maybe another question. What are your material cost up here year over year? High single digits? | Well, Brad, we told you that pricing was up over $1,700 per unit year over year, and we've been able to effectively recover all of the material cost that we experienced in 2018. And so that would give you at least a general guide as to where material costs have gone on a year-over-year basis. | intermediate | [
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bf09170b6067e944e20d329c6737a8ba | OK. And then two more real quickly. Jeff, you mentioned several discrete items that put pressure on G&A, and that was a number that missed us pretty significantly. What were those discrete items? Would you mind calling those out and maybe quantifying what impact they had on the quarter? | Yes. I don't want to call out every individual item. Not everything is large enough to really call out. But we do have two that we'll talk about and that'll come out in the 10-Q when that's release later today. And they're related to asset disposals related to some development work that we're writing off and then some ... | direct | [
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275ee2918fcff94734ffa28fc422a07e | And that's probably $0.05 or $0.06 a share. Any particular reason why you didn't want to call that out on the press release? | Well, generally -- they're generally things that happen from time to time. But once again, we call them out in the 10-Q and they're laid out there. But it would be about $3.5 million would be about $0.05 to $0.06 per share, and you're correct. | intermediate | [
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c6dedea91312e558ba0439ecddde96d6 | OK. And then last question. Another strong free cash flow quarter. I think you sort of prioritized uses of capital, but -- and commented on debt pay down later in the year. I'm assuming you'll be paying down the term loan. Is that correct? And do you want to -- care to quantify by how much? | Yes. We haven't talked about how much at this point in time and we'll reserve that for a later date. In terms of the pay down the term loan, obviously, we have two pieces of debt on the balance sheet, and we'll do our analysis to make sure that we're paying down on the one that is most financially attractive and long t... | intermediate | [
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9f51bb6eb3e23a559c577c665cb72b43 | Just the CTP segment, units were down a little bit year over year despite really strong shipments, I think, up 12% industrywide. Just curious if you're seeing -- if there was a timing issue? If you're losing a little bit of share, you'd talked about maybe some constrictions around supply chain. Any sense as to what's g... | Yes. Brad, this is Brent -- or Steve. The -- for us, on CTP which is kind of two-fold thing. We had -- from a forecasting standpoint, we had some shipments slide into the fourth quarter of 2018, as we had thought we'd ship in first quarter of 2019. That affected us somewhat in terms of total shipments. And then the oth... | direct | [
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4568fa7e5217771acb06bcb3d749bf50 | So from a share perspective, it's not necessarily that you're walking away from any orders or anything like that? | No, not at all. We saw extremely robust demand for the products and it's something that we're working to digest on an ongoing basis. I will say, just -- beyond just these specific CTP issues, we did see a day -- one day of full loss production relative to weather and then we saw another, I'd say, effective couple days ... | direct | [
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05a46e881984f77e78342e0b77d2d553 | Got it. And then as it relates to Final Mile, obviously, pretty significant outperformance there at least versus our expectations. What can you say? I mean you touched on it a little bit, but what can you say about chassis availability? It would appear that to some degree the floodgates have opened there. What are you ... | Well, it's host of activities. I'll start with the supply chain as a whole. We've had, from a quarter-over-quarter basis, significant improvement relatively for that business and overall supply chain-related disruption. Chassis availability has substantially improved from the fourth quarter and in line with what our ex... | direct | [
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b9533bd8cc08f42762290e3dc0a785c3 | Got it. OK. Last one from me, and I'll hop back in the queue. What would you anticipate -- I'm sure you're having conversations about your next year's order book and so on and so forth, I guess. When would you expect to open that up formally? And how should we think about sort of margin ability next year? Would you tak... | Yes. So I would say based on the customer sentiment that we have and as well as just broad industry feedback, I think if you try and look at the order book for the industry opening up in the June time frame would be my best estimate and Wabash will be in and around that time period one way or another. From a margin per... | direct | [
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336ddf90147b5e2208a3a34bd23d0845 | Question of a different type. In the new yellow agreement with the Teamsters union, they've opened up the use of box trucks in their operation, perhaps at the expense of some of the 28-foot pups. And in talking with some of the customers, it seems that box trucks are working their way more and more into the supply chai... | Yes. Great question. I mean, I think, you're touching on the dynamic nature of what's happening with supply changes in logistics models across the board. And you're aware that we alluded to this when we did our Investor Day in the month of February. When we look at the shorter hauls, more frequent redistribution within... | direct | [
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9366788aeef0346fd25af39d8edd7c06 | That was terrific. And then one kind of tangential. I was just got at the Advanced Clean Transportation Expo, and they're talking about electric trucks and what's coming with hydrogen trucks and electric trucks. And yes, I think it's easy to think that you're somewhat indifferent as to what powertrain is pulling your t... | Well, I would say, from a disruptive standpoint, I wouldn't call any concern from that point of view. I think it leads to potentially some product design opportunities. As we look at the electrification or we'll call it clean energy utilization within the chassis for -- I'm sorry, within, yes, chassis or truck front. T... | direct | [
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8062163fda7e8395a770b63a03b4bcb1 | I'd jump on a little bit late, so you might have already answered these. But I wondered if you can talk about some of the trends in your price cost, I know you called it out in the tank trailer business, and also the pricing that you have on your backlog for 2019? | Yes. Joel, this is Jeff. Let me just try to give a high-level overview of price cost. As you know, on the cost side, particularly on the material front, but also on the labor front to some extent, we saw cost increasing as we were moving through 2018, and we were reacting to that as we went through 2018 to adjust prici... | direct | [
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9a86a92d6efe654e639fa05eb0895e59 | OK. And then the Final Mile business grew very quickly in the quarter. And I don't know if you already talked about it again, but what was behind that? | Well, the way we've simply characterized it is the -- we have strong customer demand for the product we're putting on the road as well as the delivery performance that we're providing them, above and beyond industry norms. We've been telling this story for an extended period of time not only to the market, but to our c... | direct | [
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1f2202557b7b727891597c3d4fc7c2ab | Was there a large order in the quarter that is going to make it tough to lap it again next year or is it -- it's just the ramp up of the business is going to continue for a while? | No. No. It wasn't a kind of a one trick pony at all. It was a general market level of growth between multiple customers that made up that mix. So it's strong execution across the board on the commercial front. | direct | [
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a55437d853e832a141482a1eb88fb024 | I guess my first question really is on the guidance, sort of clarifying a little bit more the 5% to 6% organic revenue growth. I think you mentioned -- I think Philippe has mentioned sort of a steady recovery is the assumption behind it. But I'm wondering if you're anticipating things like sports and events come back l... | As you know, sports and events are actually a fairly small part of the portfolio. I think we're talking about sub 5% of overall revenue. And so, in essence, we do believe that there's going to be some resumption in that area, probably toward the third quarter, definitely in the fourth quarter. But I don't think that's ... | direct | [
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8f09d8aedfc903bb895dd39f6b707192 | And then just a follow-up question is really on the new business activity. I'm wondering if there was maybe a low in 2020 and that has created kind of a pent-up demand or backlog, a more robust pipeline potentially for 2021, which could ultimately have an outsized influence to the full year organic growth? | I think that there is a general consensus that, last year, there was, as you say, kind of a damping down in that regard just because, obviously, going through that process, whether you're either going through it in a kind of lockdown purely virtual setting or whether it's just not a disruption that clients were really,... | intermediate | [
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29b44af53b378ac34900d7037a489b0b | And then if I could just ask one more on the buyback. Is that still -- we should still think about that as sort of maybe something for it -- or to resume in 2022 or the tail end of this year? How should we think about the timing of that? | Well, look, I mean, you know that we've got a very strong track record when it comes to capital return. And I think as we've been very, very clear that, that continues to be something we're very focused on and a priority. I'm going to quote Ellen. She said something on our last call about revenue, which was, "It's not ... | intermediate | [
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dd4e9826ecb57992e8a3e4ddc4dae64a | So, your confidence level around the $160 million of structural cost savings seems obviously pretty high given the margin outlook. So can you talk a little more around the time line of hitting it? Is there potentially some upside given lower business travel and expenses you talked about? And to what extent does real es... | Look, I mean, I think there are lots of ins and outs here, so we can obviously unpack that for you. I would sort of say we've been clear that, that $160 million is a commitment that we, as a management team, have signed up for. So that's definitely the case. You see growth in Q1. So the strategic structural actions are... | intermediate | [
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1ae17647bed1be480adeacf186b1726f | I was surprised that all of your international regions put up positive organic growth. Obviously, there are headlines in some markets, say, like India or Europe, around the COVID resurgence. Is it your sense from your people on the ground that you've turned the corner and that growth, generally, is sustainable? | Well, I mean, I think there's an implicit answer in the fact that we're telling you what we think we can accomplish for the year. I think that international is interesting because the impact of the pandemic is so disparate and sector-driven. So I would look at a couple of things internationally that do give us comfort ... | direct | [
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590e00208b3da9e14ca67a0d82873b4b | So Philippe, on your revenue guide of 5% to 6%, that kind of takes you back to where you guys were a couple of years ago when you were leading the industry in growth. I wonder, given your view of the future, all the moving pieces on e-commerce and changes in consumption, do you think your company's growth will stay at ... | To answer the question about whether we can get to these consistently kind of next level or higher growth numbers this early in the stages of kind of an economic recovery, it feels like it is probably premature to make that determination, right? I mean it's clearly, aspirationally, we see that, as I said, higher-value ... | intermediate | [
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3c7e3d6f0008872fa3f270c6959d849b | Even if you return to buybacks, there's a good amount of cash cushion that you guys will build. So can you talk a bit about your philosophy on M&A? I know you were the architect to the Acxiom deal. But do you favor small tuck-ins? Or should we expect, down the road, maybe another large acquisition to further reposition... | For quite some time, what we clearly believed was the right course of action was to invest in talent and to build the capabilities and embed them across the portfolio. And so I think that, largely speaking, we're pretty -- we're confident in what we can control. And so we don't see gaps in the portfolio. We see that we... | intermediate | [
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b524e6ff37a0c7c9e7681f99045d311d | Anything that would change the two year run rate in Q2? So in Q1, 0.3 last year, 1.9 this year. So about 2%, two year run rate, which would put Q2 up about 12%, following last year minus 10%. So is 12% or better relative in Q2? That's my first question. | Obviously, our -- not that I would trade out of the position we're in, but our comps are quite challenging relative to peers. But we still feel strong enough that we're saying to you what we think the year looks like. And then the thing that is maybe masking the strength of the U.S. finishes rolling off at the end of Q... | intermediate | [
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19aff3c3f391396bfde50c596bc327bc | And then the second one is on the margin. What has changed in terms of your thinking regarding margin? The new full year '21 guidance is quite ahead of consensus. Could it be that return to work is taking longer, so the savings are there for longer in 2021? And if that is the main explanation, could margin fall next ye... | We committed to all of you that we would come through this crisis as a company that was stronger and, in a sense, more fit for purpose given where the world is going. And so, as I said, we're pleased that we're seeing early indications because a lot of those restructuring decisions that were made were strategic in natu... | intermediate | [
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20bcb1b4669d3c9bee77953f81ec4cb4 | My first question is on inflation. We can see April's inflation is already at 46%, so a little bit higher when compared to March. And I think that you are expecting 47% for the year. So do you expect it to be higher in the second quarter and then normalizing for the rest of the year? I just want to know, how would it b... | All right. Let me first give you a little bit of what we see in terms of interest rates. Basically, inflation is high, yes. And we expect that inflation will continue to be high. And we expect that the scenario of interest rates will remain low. I mean, the government is trying to model through the election and so, the... | intermediate | [
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824583fbff1288c440f202d17596dabf | Perfect. And how you see the effective tax rate in the coming quarters? | For the -- I can comment on that. For the upcoming quarters or for the full year, we see the effective tax rate closer to the statutory rate of 30% and maybe a little bit lower, because we have some special deductions on certain SMEs financing, which lower our tax rate in -- particularly in the first quarter. So as lon... | direct | [
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76f1d882f593d7e3bfb847c2728617fc | Perfect. And then just for my last question. How has been your alliance with Rappi? How many clients you have, and I don't know, if you can share, you have some specific targets for the following years? | I can help you with that, Ernesto. This is Alejandro Stengel, I am CEO of Banco Supervielle. We are discussing the opportunities with Rappi, and at this point, I am unable to comment further, but this together with other alliances is part of our acquisition strategy and we have very positive -- we have a very positive ... | fully_evasive | [
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952df300aca7721a3b0956763e34d3af | Hi, everyone. Good morning and thank you for the opportunity. So just, firstly, looking at asset quality, we actually saw some opposing trends as to your peers which already reported results. We saw NPL decreasing, while provision's increasing. And so I just wanted to maybe get a feel from you, if there are any segment... | So, first of all, let me tell you that we are following very carefully, credit quality in -- and we do a top-down analysis and we follow -- we have basically a discipline of a portfolio limits that we follow where we have, let's say, high risk -- I mean, where we stipulate, which industries are high-risk, very high-ris... | intermediate | [
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51d06c8d42496efe6a423a13cd3d2846 | All right. That's very clear. Thanks so much. And then asking my second question, looking on your digital strategy, we do see that you're adding more and more clients, more and more downloads. But I wanted to understand here, do you believe that these new clients, they are already starting to generate more revenues for... | Sure. Good morning, Gabriel. We have being very successful in the digital onboarding of digital native customers so far, and we will continue in that trend. These digital customers, as you know, have a cycle in which they turn profitable. You have a proportion of those that basically leave you some balance in the accou... | intermediate | [
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3205a64e19c4374ae7cc19052fb66d73 | Hello, and good morning. I would like to know, if you could comment on the latest regulations from the Central Bank allowing the banks to use treasury bonds to meet the liquidity requirements and not just Leliq, those those issued by the Central Bank. Do you expect to start using government bonds for these purposes or ... | Well, this is very new. thank you Carlos for the question. This is very new and we typically discuss this. We have a specific asset and liability committee where we discuss these issues. But let me give you my first stomach response. I -- we don't -- we will not use -- I don't think we should use these government bonds... | direct | [
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91a1c2c2e21e94dca130a942dc1ef401 | And again to clarify, at this point, this is an option, you could use them? But you don't have to, both, in the future... | Yeah, it's important to highlight that because it's an option given by the Central Bank. Of course, the Central Bank aims to foster the issue of bonds by the treasury but it's an option for banks. So we could subscribe new treasury bonds in order to use the most part of our remunerative cash reserves or we can keep hav... | direct | [
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cdca70308c30ea7d0681f34a761ae7df | And could this -- my next question is, could this become an obligation? Could you be obliged to subscribe to the bonds? And with that, would you have any legal avenues to try to avoid? | No, I don't think it will be -- I mean, this is, of course, we cannot know, but I don't think it will be an obligation to do that. I mean, it would be a very bad signal frankly. And I don't think it makes real sense. And I don't think they will do that. This is my opinion. | direct | [
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683ece37dffb3fcf6b8c090a75ec11e5 | Hi, good morning. Thank you for the question. Basically, I wanted to get a sense of what you're thinking about on the funding side, the liability management. If you could comment a little bit on that, especially because we saw a big jump on deposits for this quarter, but that must have been toward the end, because the ... | Okay. I mean, liquidity management, since the beginning of last year, has been a feature that we constantly use in order to preserve high margins -- high financial margins. And particularly in a scenario where there is -- we have lived through a credit crunch -- three continuous years of credit crunch, we used liquidit... | direct | [
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cf8bb7c9d668b6d801f80cd4d7c14f3d | Okay. But would it be correct to assume that, with that strategy, we could see further margin compression? | Yeah. We saw a margin compression in the first quarter, mainly due to the floor on the rates of time deposits. And also, because in the mix of deposits, we saw a higher increase in remunerative deposits, and a lower increase in size deposit. So that put further pressure on margins. And we see that the same will continu... | direct | [
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8a4f7e93e157e91c556dd5362d07e3ec | Hi, this is Trista from Noah Hong Kong. [Indecipherable] First, if you could tell us at what price [Phonetic] Xiaomi [Phonetic] from Xunlei, will Xiaomi continue to operate with Xunlei in the future? And the second one is, we still like to see the capitalization or having [Indecipherable] in our Hong Kong stock exchang... | I'll take the question. Okay, this is Eric. Regarding Xiaomi's exit price, it was a private transaction among the shareholders. Xunlei was not involved with the details of the transaction. And we will continue to carry out our existing contracts and cooperation with Xiaomi and at the same time explore potential new opp... | intermediate | [
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04cb2a65b9c03e0204ffd0427f318f36 | [Foreign Speech] Okay. So the question asked, he stated that he is a very small shareholder of Xunlei, and because for the past several years, Xunlei has been in a loss position, and he is wondering whether Mr. Li has anything to say to the smaller shareholders of Xunlei with regards to these losses. | [Foreign Speech] So first, we would like to thank all of the minority stockholders and their continued support with Xunlei even through our low prices and we would like to thank them for their past belief of our development. As the current CEO of Xunlei and one of the initial founders of the company, we will do everyth... | intermediate | [
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067933b2b7f5239e0f24be06b9f2e6b5 | Great to hear the continued capture of pre-need planning trends. I know you're not updating the targets, but could you maybe just give a sense on the sustainability of the 1Q pre-need selling through the rest of the year? As in terms of were you initially contemplating some slowdown later in the year? And is there anyt... | Sure, David. This is Joe. So we actually have seen pre-need actually strengthen. We are expecting with the programs we have in place to pre-need kind of to stay at the sustained level.
I mean, obviously, our comps in March and April were pretty easy because that's when we got hit with COVID and everything kind of shut... | direct | [
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5e700cce31427d471f466b676f358bd2 | Got it. And I'm sorry if I missed it earlier, but can you just give an update around cost initiatives, namely around the 50 million originally contemplated? What's been captured already? How do you think about the rest of 2021 as far as what's actually going to get captured this year? And then maybe where you think you... | Yes. I'll start and just strategically, I think kind of the run rates you're seeing now, I mean, what you're seeing in terms of expense increases really year over year is due to volumes, right? We're seeing some pretty significant increases in volume. And we've had some onetime costs that hit us in Q1. So I do think ki... | intermediate | [
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1886e6e1d33d74934dd5337ef7a26dda | Joe, you talked about the momentum in pre-need, that 44% of the first quarter. How broad is that? And I don't mean geographically, but you know, you have x number of properties, is it kind of like the 80-20 rule? 80 -- 20% of them are generating that kind of gain, or is it pretty broad across all your properties? | On a percentage basis, Jack, it's pretty broad. I mean we're seeing very consistent growth across the properties on a percentage basis. Obviously, in terms of the contribution of dollars, our bigger properties are generating more dollars for us, but actually been really encouraging to see the consistency across all the... | direct | [
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c5ca8e1763ddb59d59e0c2479e87e53e | OK. And then, just secondly, Jeff, you discussed the growth in the merchandise trust with the realized gains, etc. But you seem to imply that you're managing the assets differently. Are you being more aggressive with the investments? Or what's kind of the underlying strategy now versus a year ago? Is it any different? | No. The strategy is relatively the same. We have some fixed-term securities, mutual funds and then we have the big in the pooled funds. The strategy has been consistently the same.
I think whether the change that you're seeing through the numbers is in the past, the company invested heavily in the MLP sector. So there... | direct | [
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7b18a5a8c97d679b51597a83311f118b | If you could help me just kind of step back, and I think for investors and myself, it's -- the big question is like what is the value of this ESG for you? Obviously, we've got the credits. But help us put a pen to the paper. Like how much -- when you look at this, the Carbon TerraVault I, like how much capital is CRC c... | Yes, sure, Scott. It's Mac. First of all, let me talk about what we're doing with that project, OK, which is TerraVault I. We're making the permit applications for -- we've already done it for A1A2, and we're going to do it for 26R. Those numbers are somewhat meaningless unless you know what they are. But that gives us... | intermediate | [
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0ba6e5c0b3fdb71027d8740c8f3ac815 | Yes. No, and I appreciate that. And maybe just when I think about the simplistically, and if I were just to sort of take the midpoint of that, call it, $250 per metric ton of potential credits and looking at like the Elk Hills CalCapture. I mean, am I doing the math right, where that 1.4 million metric tons per year, I... | Yes. So it's a great question. Let me distinguish between this project and the CalCapture project. The project that we're talking about today in Carbon TerraVault I is a CCS project. CalCapture has actually been designed as an EOR or CCUs project, where we would capture the blue gas off of the Elk Hills power plant, ca... | direct | [
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8483f1beb55e03b1d5846f7812938375 | Got it. So I mean the bottom line is, is look at the TerraVault, when you're looking at that, it's -- what factors like how much of that carbon per year are you actually capturing in storage in the credit for that. And so there's -- fundamentally, you need to find the source and obviously, build the infrastructure to g... | Yes, that's a fair statement. But I think that when we look at the value chain and we think about that, I mean, we have an inherent natural resource in that we have depleted oil and gas fields that show -- show pretty tremendous potential for CO2 stores. That's the billion tons. And we're focused on the -- obviously, t... | direct | [
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3e99b8f942d235abd3dc4d45ef0b1835 | Right. And that kind of goes back to take the $250 million -- 10 million tons, there's $250 million a year. I mean, simplistically, I guess? Right. | Yes. Again, with a difference that 45Q is a tax credit, and then we're just talking about asset revenue. That's how you would start the model.
That's the total amount of revenue that avails itself to carbon capture and sequestration. That's right. | direct | [
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5de62214894eb2e0791eb5973ca5ea68 | Yes. Okay. Excellent. And then as you -- has -- obviously, we're talking about the carbon capture in the reservoirs are amenable to it. And I know there's been some studies. But remind me, has there been an actual? Has there been actual carbon sequestration done on any part of the field that you have the confidence tha... | I think -- this is Chris Gould. We have obviously extensive 100 years' worth of history on these wells from these reservoirs from operating them. And so we're leveraging that data and that insight that we have collected to make the assessment of the 1 billion. And we believe that those are permanent CO2 storage capable... | intermediate | [
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5b674ee25ecee939930bb6df4bf4af6c | Okay. To get the -- so to get the permits, you don't need to have it demonstrated, I guess, the point. | You need to demonstrate -- no, you do not need to demonstrate your modeling and simulation in the application, but that is all supported by the data that we've collected over all of these years. So that's why we feel comfortable with this. Okay. Okay. | direct | [
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7b509c4b2465bc594936b75054826b3d | And joining also. I'll apologize for this because that was like a long number one question. I'll call this my second question on the solar side of things. Can you talk about the structure of what the agreement with the partner is SunPower looks like? Is it a joint venture? Would they bring technology and you guys bring... | Scott, this is Jay Bys. No, it's nothing as exotic as that. In the case of SunPower for behind-the-meter projects, we're looking at a PPA structure, where we are the off-taker enjoying three benefits primarily, lower than utility costs on the energy, LCFS capability and the ability to put extra energy back on the grid.... | direct | [
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38bf4d8a1b3bb7fb555934209bee3191 | And that solar power is going to be 55% cheaper. Is that where you get the 35% cost reduction? | It's cheaper than the overall utility rate delivered at the meter, if you will. It's in. So you're paying for just the energy production portion of what you would pay from a utility rate, which would include transmission and distribution.
Yes. When you look at what you paid to the utility for increments of energy, wha... | direct | [
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8159fb7dbd9b1ddbc38685d95762decf | Hey, guys. Thanks for the call. Congratulations on a terrific quarter. A couple of quick questions. In terms of the electricity business and the infrastructure or trading business, it looks like another very strong quarter for both of them. What should investors expect for gross margin for those quarters for the remain... | Yes. I think so, Eric. If you take into account -- so looking at the second quarter, if you look at both of the elements that you talked about, electricity business and infrastructure optimization. We saw about $35 million of benefit, $35 million to $40 million. Some of the settlements, especially natural gas tends to ... | direct | [
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73241778f4045c13a71dddb087adf822 | Terrific. So the next two quarters could be similar on an aggregate basis to what each of Q3 and Q4 could look similar to what Q2 looked like. Is that what you're saying, Francisco? | Yes, that's fair. | direct | [
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a34aed7915daad904d303fb3492e5c28 | Can you guys maybe talk about the path to repair in the infrastructure segment? I guess last quarter it hadn't felt evident to me that the business could see sort of the dip it experienced in Q2. So just kind of wondering what the performance of the business is as we now sit one month into the third quarter. Has it imp... | Morning, Daniel. I think as you look at Q3, we've certainly seen ongoing bidding activity for the infrastructure business. So we're excited about that. We're excited about the continued integration of the infrastructure business with both our engineering offerings as well as our recent entry into the fiber business tha... | intermediate | [
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6234e95181f1c9085b72539fa3b97b55 | So you've got some need then to staff up a little bit on the oilfield side if you're adding that second fleet. And obviously restoring crew count on the infrastructure side is imperative, and I guess I'm just looking for general thoughts on sort of the challenges of ramping up and maintaining personnel given challenges... | Yeah. We -- as we've gone back and ramped up on the frac side, it's -- it has been relatively easy -- easier compared to some of our -- for example, we were losing -- as I think a lot of different companies were because of the lack of truck drivers. Truck drivers had optionality not only ours but other companies that w... | direct | [
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fc8078c09600898621dfdfc975538afa | The first, if you could please comment on the trends in candidates per seat, and if you think that, let's suppose you gain more seats in the cities you already have because of the Mais Medicos expansion, do you think you could deploy those seats, without the need to reduce tickets? And the second question is, what abou... | Hi Marcelo. This is Virgilio. Thanks for your question. The first one, the candidates per seat, for this cycle that we concluded in the second half, we keep the same average as we had, before the COVID, so we saw a very high demand for candidates per seat. And even considering that we have some expansion on our Mais Me... | direct | [
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74c858cec7d66475cb97063c7e4ccb8a | First, regarding the decision by STF on the discounts, just to clarify, the effective impact of this decision, is just that from December onward, you stopped applying those discounts, right, or will you be allowed to charge it retroactively? And another question would be on the integration of recently acquired assets. ... | Hi Vinicius. It's Luis speaking. I will start with your first questions. Regarding the STF decision on last Thursday, the STF declared unconstitutional, all the linear discounts that were applied by the judges in a linear way. What's -- the fact that we have just right now, is that we will not apply the discounts, that... | intermediate | [
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48d208e2224fc2f390a0bab9fbb5873d | The first about the margins. I understand that you are integrating new businesses and the new colleges have lower margins as well. But almost all those integrations, they occur and we remain with the digital business that they are growing a lot. Congratulations on that. But before all those digital businesses, should w... | Hi Mauricio. The first question about the margins is, we are seeing that we leverage our traditional medical education business after the acquisition, at the same level that our legacy in one to three years. But as we are ramping up Digital Services in a very fast way in terms of revenues, we believe that Digital Servi... | intermediate | [
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3b9c43938dee59e3a0948421dfbb4227 | The first one is, if you could give us more color on the M&A pipeline, so how is the appetite for further inorganic moves? And should Afya continue focusing M&A pipeline at digital opportunities? And the second one is, if you could comment on organic results? We know that organic adjusted EBITDA decreased year-over-yea... | Hi Yan. It's Luis speaking. I will take these two questions. First one regarding M&A, we didn't change our views on M&A. On the undergrads, we should expect that something about 200 seats per year from 2022, and in the Digital Service ecosystem, we can expect some movement, some inorganic movements, to complete all the... | direct | [
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f71f4d9380b24cc8e1490fd5672c1408 | First, on earnings, the earnings impact of the 5,700 beds that you mentioned you'd be activating in the second half. Just wondering, it sounded like, as you describe them, that you would be up fully running by year-end. I just want to confirm that you would be at full run rate by year-end? But I'm also wondering, what ... | This is Brian. In the third quarter, we have significant start-up cost. There is not as much start-up cost in the fourth quarter, but I would say that the fourth quarter is still a normalization period. So it's really not till the first quarter that we'll see the -- first quarter of 2020 that we'll see the favorable re... | intermediate | [
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b329e8e3921e54e2a25e3985eb6dc7f4 | You've gotten requests for information from the House Oversight Committee and Elizabeth Warren. Just wondered if you could talk about that a little bit. And I just want to also, for context, it seems reminiscent of 2016 when the Sally Yates memo came out, but that was focused on the BOP and at least Elizabeth Warren's ... | Well, we are cooperating with any member of Congress or a committee that's requesting information. With respect to the U.S. Marshals Agency, they don't operate any of their own facilities. All of their capacity is contracted with either local governments or private companies like ourselves. There is -- has been an emph... | intermediate | [
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9619abbb6f783aa09a1ad0a9759b8994 | I guess, what would -- if there was a drive to get -- to eliminate private prisons, what's -- it doesn't seem like that's possible. I guess, was my sort of point. And what are the alternatives to that? Because that's the worst case scenario that people seem to be pricing into the stocks, and I just don't think that's f... | Even under the time of the Sally Yates memo and directive to the BOP, to my recollection, there was only one facility that was impacted by that memo. It was our facility, actually and we lost about 600 beds. The capacity of one of our BOP facilities that was up for renewal was reduced by approximately 600 beds. And the... | intermediate | [
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c47545fdcaee69ddf91b229f029387de | You talked about state -- incremental state opportunities. I'm just wondering where any of those stand if there is anything still in -- percolating on the state front. | In Alabama, they are in the beginning of an RFP process for a three large scale facilities. There are other non-public projects that we're aware of, that we can't comment on at this time. But the growth that we have, that's already scheduled to take place, I think is the largest scale and -- of growth we've ever experi... | direct | [
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662ad28f70d4455a64b2e4f157131ee5 | So my real question is, does the REIT structure of your Company still makes sense? I'm kind of curious about that because even though you say 4.5 times leverage at the end of 2020, you can only reduce debt by so much under the REIT context. I mean, from a operating flexibility perspective, just knowing what you're faci... | On the first question, I don't believe we would have serious reconsideration of our REIT status, given a snapshot view of recent events that are likely to last 15 months. If you look at our 30-year history of dealing with Republican and Democratic administrations, we've continued to grow under both. And the one attempt... | intermediate | [
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f6372f33d69a970daa8672ff7227129b | On potential future sell-side coverage, what are your thoughts on trying to get new sell-side coverage? | We're working with a number of smaller equity analyst shops. I think some of those folks are actually listening on the call. So we're in the early stages of developing some of those relationships. I can't predict whether or not we'll have any by the next quarterly call, but we're in the process of developing some of th... | direct | [
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258b69ce2a5bacc514f044044cfd6075 | Thank you for taking my questions. The first question is regarding the guidance. So what's the assumptions behind this negative 35% to 40% guide for the first quarter? Is there any color, like by brand or by channel? And we know that management wouldn't comment on the full year kind of guidance for '22, but should we e... | Dustin, I'm not sure if I can catch up on all the questions you've asked. Let me try. The first one, well, as we've explained in the announcement, Q1 guidance for year over year 35% to 40% decline is actually based on our estimate of this quarter's performance. A couple of reasons why we're going to have this negative ... | intermediate | [
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8f5735d637af7bac6db884a26ed3caff | So just a follow on with the guidance. Would you provide a little more color behind this like 35% to 40% decline by channel or like by brand? Any more color beyond this number? | So Dustin, sorry about that. We are not providing any color or more detailed color beyond this guidance. So this is a guidance policy only for the sales for the next quarter. | fully_evasive | [
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44120cb3d37bacefaa042a8a848ceb24 | And I know you don't really provide a full year kind of guide, but you mentioned sort of high base in the first quarter. So what I'm understanding for the second half of last year, the base won't be that high already. So sort of should we still extrapolate this like sort of the decline level in the first quarter to the... | Well, I think the only thing I can tell you here is we're going to work really hard for the remaining quarters this year. And of course, a lower base from last year will definitely help with our year-over-year performance comparison. But again, so far, we're not in a position to provide any further guidance for the ful... | intermediate | [
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b28626050508d8bff0dc9b902dd011b5 | And my sort of second question, if I may, is then in terms of the opex optimization. So just want to know, is there any operational examples, like, what kind of the cost that's being saved? And can they be done more effectively in '22? And also, I kind of understand that we are reducing the discount. So we also kind of... | Yeah, exactly. We believe so. So the costs that we're cutting the most are actually, number one, traffic. So we're aiming at a much higher ROI than with the previous quarters. And secondly, we're trying to optimize our headcount. That will help us save some costs. But again, since the sales numbers are declining year o... | intermediate | [
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e0a6dfe8c3d92472e0f2a3e3addb18c6 | And may I just ask the last question about sort of the channel, your view on Douyin. Could you elaborate a little more and maybe on Tmall and also maybe some of the core brands? Is there going to be some of the difference in terms of product launch or like marketing? Give us some of the examples that can -- that would ... | So in the first month and second month of this year, the color cosmetic sales in Tmall declined by 2.4%. And our skincare, it's almost the same percentage of decline, like 2.8 percentage. So if you look at the traditional e-commerce channels, we see the -- looking forward, we think it will not be the main growth driver... | intermediate | [
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16c9cf0aa206af57c327f44d82c3f6f4 | Thank you, and thank you, Jinfeng and Donghao. Two quick questions. One, just at a high level. I was wondering what do you need to see for really color make-up to rebound as the industry? And if there is any kind of surprises year-to-date when thinking about the color make-up market that has surprised you compared to, ... | So for the market development, especially on the color cosmetics, I think there are a few factors influencing the slower growth rate of this market. First is the COVID impact still last right now. So it's like the consumers wearing the mask, we see the lip category is not growing as fast as before. Second, I think for ... | intermediate | [
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5fcf3a706d9de022f30b3e27b3f3a8b7 | Thanks, management, for sharing. I've got two quick questions. The first question regarding financials. You mentioned the increase in sales and marketing expenses was primarily attributable to the expenses related to offline stores optimization and an increase in brand expenses, partially offset by a decrease in online... | Well, again, sorry about that. We're not providing breakdown across different channels regarding our sales and marketing expenses. So I'm sorry about that. And your second question -- I think, first of all, I think our -- the growth model we've built up in the past few years can be repriced into three categories. So we... | intermediate | [
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73c5af005ab2807a84a1c332f553f629 | Hi. Hi, Jinfeng. Hi, Donghao. Thank you for taking my question. So my first question is about our guidance on Q1. So based on the current expectations, so maybe do you expect operating deleverage in Q1, i.e., we might see expanding net loss on a non-GAAP level on a Q-o-Q basis or on a Y-o-Y basis? This is my first ques... | Well, obviously, there will be some deleveraging impact because -- according to our guidance, our sales are going to decline 35% to 40% year over year. But we are trying very hard to offset the deleveraging impact by cutting some of our costs and improving our operational efficiencies and ROI on our traffic expenses. S... | intermediate | [
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02d9015a35b16d5a8816042f7a4d44ec | Thank you, Jinfeng. Thank you, Donghao. So just a follow-up. So you mentioned that the competition actually got worst year to date. So the reason is, is that because -- I mean, the whole industry is still very weak. So is this the reason? | I think there are a couple of reasons. One, the competition is getting stronger. And also, yeah, the market demand is getting soft. And also because of there is -- especially for the large streaming, the competition to gain this slot is getting more intensified. But for the global brand, the only way they can to keep t... | direct | [
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547269537014ce8e6c6c912ac069a95a | Good morning, Howard and team of [Inaudible] I guess, my question first is about the spending going out later in 2019. Could you give us more like an incremental dollar amount that you've decided to spend or any guidance on margins going forward given this increased level of investment? | Well, I think the new -- each of the new offerings generally comes with very constrained revenues as we build the math. So we feel we have a unique opportunity to rollout new offerings, extending our U.S. Treasury lines, extending new products and categories which we are working with clients now to rollout and that's j... | intermediate | [
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4954c64a0c8c97b19ec82ba57a4b10c2 | I understand. I was just trying to get some quantification of that, if possible, but anyway I'll move on here. But staying on the Fenics topic, I guess, a couple of questions on that. The inter-company what you call data software and post-trade revenues declined year over year.
I was just trying to understand why that... | So if I take the first question first. So with regard to market data, yes, usually, I mean, more profitable to the bottom line for market data. What we've recognized and we've mentioned before is that our offering isn't as broadened and as wide as we need it to be. So we've continued to invest in the -- in mining that ... | intermediate | [
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3ccba800b7d628c5ab3079447f4b5659 | Yeah. And then any update on the overall, I don't know what you want to call it, project to get more transparency in the Fenics on the margins? | Richard, as we've said before, yes, our intention is to present Fenics in the best way we possibly can, continue to invest in Fenics. We haven't exactly found a way of looking to try announce that. And I understand your question and recognize that it's a burning question of yours to try to understand what the bottom li... | fully_evasive | [
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dfe1e98b8694d6cc46dd81add8bed748 | Hey. Good morning, guys. So maybe first, given your second half earnings outlook, Howard, how do you feel about the sustainability of your dividend knowing that the year-over-year comparison, if you do similar to second half of 2018, I think that's $0.15 and $0.14 in the third and fourth quarters of those years, do you... | We do. The insurance business and our investments in that insurance business, we bought Ed and when we bought it, it was not a profit-making business, but our expectation is it'll be accretive to earnings in the first quarter of 2020. So that's a significant turn of something that is not profit making going to be fully... | direct | [
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b6de9d994adbe2f5bbff69b117a4eb01 | Got it. And then speaking of Ed, are you able to quantify the profitability drag that it presented in this quarter or that you expect it to present in the next few quarters? And I guess, even if you can't quantify that, how do you expect to bring it from unprofitable now to profitability next year? | Well, I don't think we'd like to discuss the exact financials of it, but we have two ways of doing it. We can -- we have Besso and there are some synergies that we can bring together, but those synergies are also going to be lessened somewhat by the scale of growth that we expect to put on to the business. So these bus... | intermediate | [
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578c4534b307e9f28d5672adc4a32951 | Got it. OK. Thanks. And then maybe a high-level question for you, Howard.
You probably saw the headlines that Blackstone announced that it's going to be converting to full C-corp status. Given where tax rates are now, would kind of getting rid of your partnership structure be something that you would be willing to con... | Well, we just finished the spin, which took a significant amount of corporate focus. We are now in the early process of examining that question, and we are on it. We are thinking about it. We are talking about it and trying to figure out what the right answer is, but it is on the table for sure. | intermediate | [
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7f60ca22454ac107c41a4d39deaad463 | OK. And speaking of corporate resources, can you give us an update on your search for a permanent CFO? | Well, I think when I took the role as interim CFO, at the same time we mentioned that we strengthened our finance department, including the hire of Sean Galvin as our chief accounting officer who is on the call today, and so we continue to consider both internal and external options for the role on a permanent basis.
... | intermediate | [
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5d08f28bd56a219685a95451fd876578 | Fair enough, Sean. And then last one for me. What changed in terms of your share count dilution between your initial guidance of 5% to 6% dilution and then the updated guidance of 3% to 4%? What did you guys do differently during the first quarter that maybe you hadn't anticipated doing? | Well, I think, firstly, in our prepared remarks, we said that we won't use -- we wouldn't use as much for acquisitions -- as much share issuance for acquisitions, for hiring and retention. So we did -- we listened to what you said. We did those three things. Hence, the fact that we've -- in the last call we said we'd r... | direct | [
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555b141901bf7aa2c763496f1e58cf26 | Just any guidance on the contribution from the newest acquisition, I believe, it's not been -- if I'm pronouncing it right, Ginga or Ginga Petroleum as far as revenue and expenses? | Ginga is a smaller acquisition, a complementary acquisition to our oil business linking in primarily with our GFI brand. So no, it's not a consequence, not large. | intermediate | [
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6793411057718788de12a84c52281b9f | OK. And then you did talk about Ed Broking and sort of a path to accretion. And you've also said that your comp ratio was flat year over year and it was. But all throughout last year declining sort of -- with normal seasonality declining revenues, the comp ratio went more or less down.
So quarter over quarter, the com... | In the early stages, the incremental comp ratio could be fractionally higher. I think -- so you should expect to see that. Of course, what we'd like to think is that we offset that with -- partially offset that with increased compensation from our electronic, more mature electronic platforms, which have a lower comp ra... | direct | [
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e9ea93bb41dfe28924dadc154d1ab522 | First of all, the PIM proceeding which seems to be sort of, I guess, never ending. So, there's this next iteration that we have here. And what sort of struck me was sort of the language of sort of this sense of urgency regarding some of the issues there.
And I know there's some issues on Molokai and Lanai and what hav... | Yeah. Hi, Paul. Well, the issues -- the particular issues that the commission described as needing to be addressed with urgency ties back to the very same issues that are being addressed in the interconnection docket and that is, how are we able to get new energy resources online in a timely manner to be able to be sur... | intermediate | [
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ccc6489a8432972690b58e409ffdbb1f | And then, there's -- I guess still to be determined I believe that the non-wires alternative PBR PIM stuff and the renewable procurement. Where do we stand on that I guess? And I mean I think that's separate from this stakeholder stuff that we just discussed. If I'm wrong correct me. It's sort of hard to follow all. Bu... | Yeah. The commission made clear when they issued the D&O for the PBR framework that they wanted to have the ability to consider new PIMs going forward. Case-by-case, as new priorities get added or -- remember there were a bunch of additional issues that were flagged in the original PBR proceeding that were decided that... | intermediate | [
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8fffd35ea70d3e7433086e60d57ebf8d | And then, Tayne is the fuel cost sharing PIMs is that expected to kind of be maxed out at the highest level given the rise in global energy costs in oil? | Yeah. So let me comment a little bit about that. The way we record the fuel cost risk-sharing mechanism impact is there is an amount that is accrued every month. So we've got nine months of the full year impact embedded already in our earnings. To-date, I will say that, because of rising fuel prices we have an amount o... | direct | [
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16a98189465d0d3b0d7ede387add6b13 | I guess, Scott, when you talked of the semi industry shortages not having really an impact to date, I guess is it proper read of that is that maybe your customers are not as close to signing the license and so there wasn't as much to put off? Because it sounds like the final steps are more intensive and it could be tha... | I don't think that is the right way to think about it, Cody. So whenever we get into this type of situation, and we've been in a few times before in the company's history, where the engineering team are working with the customer is excited and wants to do another set of wafer runs, then they kick it to the factory and ... | direct | [
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bc76f7a2b979bfa188d13b4c00d26d12 | Are there things that you can do to help your customers to speed time to market? Or is it just too late for this cycle? If they're not signed up and ready to go, it's too late to impact? | Well, I would say looking at the long-term growth prospects for the semiconductor industry, although we're going through a very big growth spurt right here, it still looks like growth will continue very strongly for the next several years. And one of the things that's being experienced by the automotive industry, as yo... | intermediate | [
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0df6793ef8232168017a128247ce1af9 | On that end, are there customers in your pipeline that you believe are far enough along in the process that they could move to implementation quick enough that they could actually impact their production capacity shrinks, no short-term deal? | Yes. I think it would be hard to do it on a really short-term deal, but in medium term, definitely possible. | direct | [
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d818ab81ce0bf09e97905011969c9ba8 | The four licensees you have and notwithstanding the JDA here, you've talked about that, I think, can you just talk about the progress you've seen in the other three or maybe your customers as a whole? You haven't given us a lot of color after you signed them up. What's happening within those? | Yeah. I mean, it's a bit challenging because the progress they're making, they certainly don't want to make public. One of our customer -- one of our three licensees, I think I mentioned before, had a fire -- AKM had a fire in one of their facilities, and that has slowed them down. They still are committed to our techn... | intermediate | [
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834431a2aee0c0e7cdcfe0c391d87f2d | What was the delays that are still holding up the EPI tool acceptance? We've been dealing with delays for a few quarters now. So it sounds like you're getting close. But can you maybe talk to the delays? | Yeah. I mean, it's really a bit of a challenge, and I don't want people to extrapolate on this, what would happen in the production facility. We're talking about a very, very complex lab setup that would have the EPI tool, as well as all of the associated supporting equipment that will go with that, including cleaning ... | direct | [
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11ba66ac6af05c1dbd965e58d8d03b3a | And do you expect that full qualification in the first quarter? | I would say it will be soon, and I'm a little gun-shy about predicting because I predict a few times now. But really, like I said in my prepared remarks, we're in the final punch list. I would hope that that would happen this quarter, but I wouldn't -- I mean, there's a chance it can move to next quarter. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
635e9cfd532de9416c644cdb93f0d336 | Lastly then, you had given us quite a bit of color in 2020 ahead of the JDA signing that you had a customer that you were optimistic of, and it was moving along, and you couldn't tell us much, but we could sense your excitement about this customer. Is there anybody moving up into that position in your mind as to the ne... | Yeah, Cody, I appreciate the question. I think it's something that we have a very hard time predicting. I would say that I have a number of customers who are very happy with where we are in our technology, and we hope we can move them to the point where they would execute with JDA or a license, but we're just not forec... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
709fae10c47beeaf700f387d46cd13ab | Is your technology suitable for logic, DRAM and NAND? And if not applicable to those, can you please discuss TAM very broadly with respect to those three categories? | Yes. Short answer is we know our technology is applicable to logic. I may have spoken in the past about how we've done some work to show that we believe we can deliver a 30% improvement in switching speed at 28-nanometer node that some -- we hired a third-party to do some simulation work on that for us on top of some s... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2f2e25a3e6380217ebb6a201e470816b | What revenue did you say you can expect from the JDA? | Yes. The guidance that we gave for Q1 is $400,000 and that there are subsequent milestones in the JDA that could result in additional revenue beyond that in future quarters. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2480a86ca56352dc3699a571296633ea | For Frank, I guess with the balance sheet that you have, that's a much different position than you've been in the last few years. So now that you have the balance sheet, what are your plans for usage of cash? | Yeah. So I alluded a little bit to this in talking about guidance, but we have plans to add additional headcount in R&D. We will be more comfortably funding the increased expense from the 300-millimeter tool. And we currently expect that with the five years passing from the IPO, we leave what's called emerging growth c... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
71c41c5ae5f149cffb5fa2dc1b2c098c | You mentioned in your prepared remarks that the company is taking some steps to proactively address situation in which municipalities are under financial duress. Can you give us some color on some of the actions we've been taking there? | Okay. Generally, it relates to us as we talked about, we went to our most vulnerable credits reach out to the issuers and talk to them about the financial plans for the remainder of the year to ensure that timely debt service payments were going to be made. If not, what was going to be the issue until we help. So typic... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
04b6b5be56a3bf1d567d972f5d8623c2 | I wanted to ask about with Andrew leaving BlueMountain, do you guys think that will have any impact on fund raising or flows or just a broader timeline of profitability in that segment? | I think the market has the more significant impact on fund raising and other market timing. I think, we actually are entering into a new phase in BlueMountain. So if you think about it, they have been winding down there are legacy funds. There really hasn't been any fundraising other than the CLO issuance, which is a d... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dedb2c04e1ff585365b957fd97e7187c | You've done about $300 million in buybacks year-to-date, obviously $500 million kind of the target number on an annual basis. Can you give an update on whether or not you think you can get to the $500 million this year. And just kind of the math for what you have available as a whole there in the remaining operating di... | Well, as we always said, we could only get to about $250 million to $300 million without special dividends or other sources of financing. We have -- let me just say that given the activity that we have seen to-date, we have already bought back more than we would have planned for in this year's plan. So we're up to over... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ebd4aad4c0ff8b3f1fe953a84bdbd2a6 | And any sense of why you didn't want to look into sources of special financing? Or not going to comment on that right now? | We're always evaluating our financing options. So, yes, we will consider it and we will evaluate in our current plan. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0747d37d46a3d5861c218bfad7041065 | There was a recent court victory that allowed the guarantors proceed claims against some of the banks for underwriting in Puerto Rico. Was there any impact on that in your report this quarter? And just how should we think about potential recoveries from that? | We're not a part of that litigation. Obviously, we didn't have any impact on our financial statements for that Judgement, obviously we would expect this thing to go through an appeal process and we'll continue to evaluate it as it moves along the course. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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