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7014eb0d4a749e3bf0df5ac822202196 | And last question is about the engine that needed to be fixed and the warranty related to that. Can you just kind of briefly talk about the issues with that? And are all the costs on fixing it and warranty in the -- staying in the first half? Or is any of that going to bleed into the second half? | In fact, for the National VI engines, we have been selling them last year -- beginning of last year and quite a bit this year. So those problems that came out we have fixed most of them already by now. However, going into next six months, we believe there will still be some, but it will not be as much as in the first h... | direct | [
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] | A |
1aaad135c4e7363eaf91af6c09ab7f7b | Hi, management. Thanks for taking my question. I have a question regarding the current sales trend, seeing that we have already shifted into the N VI in China since July. So just wondering how's the sales trend looking right now, how's the presales looking? Any comments on that will be helpful. | Yeah. Now, this is relating to the vehicle sales. Now before 1st January -- sorry, 1st July this year, that's the -- what we call the sales of vehicle -- National V engines has been pretty strong, very strong. In fact, it started toward the end of last year and slowed down into the first half of this year. So from that... | intermediate | [
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3d5ee1753ca6aacb07d3299b49eac248 | Okay. I see. And I guess on your product mix, you did mention that in the first half, we saw a very strong pickup in off-road. Do we expect this product mix to remain generally the same in second half? How should we think about it? | Yeah, I think it will be too far away. In fact, we still continue to expect the power generation market to grow strongly in China. There's been a bit of power shortage especially in Southern China this year. So there's been quite a bit of disruption for a lot of companies. So that one, we think will continue to grow an... | direct | [
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21d705fb82aee697aa6c7f609b0a0a14 | Okay. Got it. And I guess you mentioned that there were some one-off items or expenses in the first half. Can you give us a rough indication of how large was it? How big was the impact to the bottom line? | Hi. It's Loo Choon Sen. So I believe you are referring to the rectification costs for the R&D expense, right? Yeah, so that was for the one engine model, right, that we have been incurring, the cost to rectify. That mostly, that has been done, right, but still have some remaining to be fixed, right? So that was the -- ... | intermediate | [
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49920da6d48dd1689f171d3d0ead7373 | Okay. Any indication of how large this one-off expense is or probably -- because it's included in the SG&A, right? Maybe some forward-looking trends of how this SG&A expense as a percentage of revenue would trend into the second half. | It would be very much more. Again, it's hard to give you a good answer because I think, it depends a lot on whether or not the user experienced the problem and come back to us for rectification. Those that came back, we have rectified them. | fully_evasive | [
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f84aec23bd914db7feeef5e2359a6201 | maybe you could talk about how you guys think about free cash flow generation and its application to either paying down debt and the exploration opportunities at Rainy River/New Afton. | Yeah. Let's start with the exploration. I can tell you that we're absolutely excited and ready to go. I think at this stage, it's a matter of a permit completion.
We do acknowledge and understand that in BC, there has been some prior to giving to permitting operating operations and others. I think it's a matter of time... | direct | [
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011adfe34a81d387d3e542e6bd85ca55 | Do you have a target for how much debt you would like to pay down? | Yeah. We're looking to take down about $200 million in the near term and that would come from our existing liquidity and leave us with a very strong liquidity balance after that. | direct | [
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c50abc8234299a842fe69c27b2f9a70b | In the recent bond deal, you said that you would be looking to take out, redeem $200 million of 2025 notes later in the year presumably when you've got proceeds from the Blackwater sale. Is that still your intention to redeem $200 million of that issue? And apologies, if someone has asked this already. | No worries. Yes, that's still our intention and we'll take a measured approach. But, yes, the $200 million is definitely our target. | direct | [
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9f69a88aa184a65ae6bd5589371d1196 | And the timing is still this year? | Yes, I would expect to happen this year. Yes, near-term. | direct | [
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fe7cce8e2158cee2bfda69c35fce939d | Last quarter, you'd mentioned you thought 4,200 individuals with either temporary or extended licenses wouldn't pursue a permanent license. And that dropped to 2,400 this quarter. Did those all drop off in the quarter? Is that the differential? Or is there a change in that estimate at all? | No, that's -- it's just part of the process that we started. It's on the slope, kind of the glide path that we talked about last quarter. It is dependent when they drop out based on how quickly states react. Whether they're continuing -- a small number of states are continuing to issue a very small number of temporary ... | direct | [
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626527c43112491c43a0fcbad30aa832 | And then looking at the ISP margins, they continue to be really good at 28.4%. I think it's the highest first quarter result in 10 years. Could you speak to your outlook there? I mean is that just leveraging technology, higher asset base? I know that the other operating expenses have held flat for while now. I think th... | Yes. I think we have seen some operating expense change a little differently in the ISP segment as -- it's driven by our investments and our technology improvements, other costs that we experienced in maturing that business and growing it because, as you point out, it's growing at a very healthy rate. And so you -- we ... | direct | [
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574b039b2f1037fbbc8d175ce9d59d78 | I came in a little bit late, but did you give any color on or early thoughts about Q2 term life sales? | Yes, we did. We talked about the fact that as we discussed in the previous quarter's discussion, that we do expect to see second quarter and full year sales are going to start to decline some. And so we think the full year is probably at a 5% lower than the elevated levels of 2020. So we start to see some evidence of t... | direct | [
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45c2372f0f8235eae88b379ed735ecf1 | How about -- Alison, did you give any color on the operating expenses for the full year? I think you said $113 million anticipated in 2Q. I guess the ETQ acquisition aside, how do we think about expenses for the full year? | Yes. I gave some estimates last quarter. Those numbers have not changed. We came in just slightly below expectation in the first quarter, but absolutely believe it to be timing. So overall, the full year color that I provided last quarter remains unchanged. And with regard to e-TeleQuote again, obviously, some costs wi... | direct | [
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8b3358433faf9c9c8fceda039ab00630 | Okay. And then are you gearing up for -- the sales force, are you prepping them for the e-TeleQuote? When we think about this year, given the July close, I know fourth quarter is obviously a strong period for that business. How engaged is your sales force going to be this year based on whatever groundwork you might be ... | Right. Well, we're certainly aware, Mark, of the uniqueness of the enrollment period that happens at the end of the year. And so our game plan is to get our pilot out operating around the time of the transaction closing. The distribution agreement operates a little separately from the rest of the transaction, and that'... | intermediate | [
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5c2d8fd1a9902c91621e11b29acabaee | I want to start with a question about the Gallant, and just wanted to get a sense operationally, what happened in the fourth quarter, and from a cost perspective, do you expect any of that cost that impacted the fourth quarter to linger into the first half of 2019? | There was an issue with the electrical equipment board, which meant that we had to deviate from the planned route and had some additional costs. And those costs are covered in the fourth quarter and we don't expect any additional costs to come in 2019 relating to that matter. | direct | [
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9a7a1e933e55eee24539781afdc53bc2 | Wanted to also ask about the potential for the AGL contract, and how do you think about the assets, the assets to deploy onto that business? Is it the call number 10, or do we have one of the other FSRU that's currently in trading mode that might be able to be shifted there? How do you think about the asset deployed fo... | Yeah, so the decision for which asset to use, there is still to be decided upon, but there will be one of the existing assets. And we hope that a final investment decision and these basic contracts are still subject to CPs and we hope them to be lifted during the year with the start-up 10 of the projects in 2021. So, t... | intermediate | [
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aa6d0b2a8f13c4e14fedeb7cb58e6bbc | As you look at supply demand of FSRUs build over the course of the next couple of years, do you have sort of the target date, when you'd like to have the assets are current -- currently trading as carriers, transitioned back into sort of full FSRU deployment. I'm trying to get a sense of maybe, how you think about this... | Yeah. So, that again that question goes in relation to the sponsor. And if we look at the fleet of the sponsor, you have Giant, Esperanza, Gannet and FSRU#10, which then are potential dropdown candidates. And Giant, Esperanza, and Gannet, they are on medium term contracts, expiring in 2020-21 and that means that they g... | intermediate | [
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9007f8766cd0a2f105fb136584388dc2 | In terms of the timing there, last question, just on distribution and coverage ratio for 2019. Can you give us a sense of the coverage ratio has been rising here, what you think the appropriate one is, and how do you think about in the context of distribution increases? | I think what we normally have done is to consider a distribution increases in connection with dropdowns, and I don't think we should deviate from that. That's the next point in time, when we will consider changing distributions. We reached 125 times this quarter, that's a high number. It might not be the same level nex... | direct | [
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caa7b3800156639aed0c295985b8062f | Just to start things off, could you talk a bit about the of boil-off claim for the JV, is it better, and then that's isolated to the 2018 results? Or could there potentially be a cash payment that comes due in 2019 to settle the claim? | So, the boil-off claim, it's the joint venture companies that is subject to that. But the joint venture companies and the partnership, they have been indemnified by the sponsor. So, it's the risk carries at the sponsor level, not the MLP level. We have made a provision there and if that should come to a payout under th... | intermediate | [
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8fff3f90456406ae869311da2a03069e | We do have some debt maturities coming due in 2020, even though you've kind of picked up your distribution coverage to that 1.2 times level. You also have some drydocking that's probably going to impact that coverage in 2019. So, if you look to 2020, as kind of the earliest point, where distribution hike could have in,... | I think if you look at the debt we have, that's amortizing, it always is. So, -- and it's amortizing relative with the pace of between 12 years and 18 years normally. When we refinanced Gallant in Greece, we were able to releverage because that you have had reached down to a relatively low -- low to value on the existi... | intermediate | [
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55078f95a85fa8ba46a2be60111cc6c2 | How do you think about facilitating an additional dropdown from the parent level, versus acquiring some of the unknown interest in the assets that are actually in your fleet? | So, I think, when it comes to acquire, the making acquires from the parent is, were expect to be done in connection with the sponsor securing long-term contract and going on contract on long-term FSRU contract.
When it comes to acquiring, increasing the ownership in the existing assets, I think, that something we have... | direct | [
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e1c7af88325656805d1f0f07acfabc86 | I'd just like to follow up on the AGL project. Is there any kind of view on what duration maybe pricing would be, and then, what is the potential for that, whatever FSRU is selected for that to be dropped down? | Yeah. So, the AGL is, we expect that there will be CPs were lifted during the year and with the start-up in 2020-21, the contract is expected to generate around US$30 million in EBITDA. And it's a long-term contract that will fit well into the partnerships portfolio. So, I think once, you know, CPs has been lifted and ... | intermediate | [
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e9c9f41eb283cae2364c03fcb035cf20 | I believe you guys are looking at another Australia project. Do you have any updates on that, or how close is the FID? | That's right. So, we have also been -- the sponsor has been selected preferred supplier for another the AIE project in Australia. So, that project is also subject to CPs, they are pursuing environmental permits, and they also pursuing commercial offtake agreements. So, that's a project that is material -- is progressin... | intermediate | [
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0eb19de82f4c59035c03758a8c92e14e | I'm just wondering, if you could give a little bit of color, as the current market rates, obviously we see LNG carrier rates come down in the past couple of months. But how is that affect maybe in near term FSRU rates and then longer term charter rates? | I think, yes, in the carrier market, the rates have come down recently, but still compared to last year, they are up on average. So, '18 compared to '19 -- '17. And I think the positive development in the, the carrier market has led traditional ship owners to focus more on that segment and less on the FSRU segment.
So... | intermediate | [
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8df0c95a414cb67f6dea36d3ff5af7b3 | You know this is, as we look at the developments in the FSRU market, it clearly looks like there is some potential opportunities out there over the next couple of years. Just as we think about that, like how should we be thinking about these, this pickup in potential FSRU demand in 2021, is that really just these custo... | Well, I think we have seen a drop in FSRU rates compared to some years back yes, we have, compared to the first FSRU contracts, we were awarded four, five, six years ago. And so I think, and that's, that probably have led to the projects we're looking at now. It's been a catalyst for them to get moving and developing t... | direct | [
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1975929159f0305572528d4a59005ba9 | So, it almost sounds like the fourth or fifth FSRU contract will -- most likely have a better return than the first one signed. Is that fair? | Well, I hope to, we do hope to, we think that we have reached the bottom, yes. And that you should expect to see a positive development hopefully in FSRU rates going forward, to compared to what it is today, yes. | intermediate | [
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5a685de6b4d663038187b25e817ccab4 | Hey, this is Neil on for Tejas. So I just want to start on commercial sales. You previously mentioned that sales in SKU commercial, given the shareholder cycles versus academic customers. Is that still trending accordingly? And have you seen any lengthening of sales cycles from biopharma customers with all the noise ar... | Yes. This is Omead Ostadan. So far, yes, the sales are more heavily weighted toward commercial versus academic. And as we had mentioned to you previously, we expect that to continue for some period of time to a large extent because commercial entities typically go through a different set of funding cycles and are much ... | direct | [
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0c6775bcdd2e8927efdc8896dab449ff | Thank you. And as a follow-up to that, on the demand funnel, is that still trending 50-50 between academic and biopharma customers? | More or less, yes. Yes, exactly. | direct | [
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401e1b23ac0f982c48c9894fc017836d | Got it. And then one more from me. So on the product road map, you previously mentioned initiatives, such as increasing throughput, increasing content and reducing sample volume requirements. Any progress you can share on these fronts or when we might expect to hear some updates on that end? | Neil, thanks so much. So I think I'll be able to -- this is Omid Farokhzad. I'll be able to give you more details on the next product, I would say, toward the second half of the year. As I had highlighted before, customers' needs or customers' asks were in the areas of increasing content while decreasing the required s... | intermediate | [
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065fa1d8ffd43bdb697a548f32d14891 | Hi. This is Nisarg on for Derek. So to start on cash, where do you expect to end 2022 from a cash balance perspective? | Sure, Nisarg. This is David Horn. And so as you saw in the release, we ended March 31 with $472 million in cash. And as you note, we feel really good about where we are with respect to a cash position.
I would point to the metric we track is free cash flow, which is operating cash flow plus capex. And this quarter, we... | fully_evasive | [
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6085d5d4e3182d643a0abc1a8bcf8b7f | Great, thank you. That makes sense. On opex, can you talk a little bit more about like the pacing for this year? How can we think about the back half of the year? As you guys have been saying, the revenues are expected to kind of increase there. And also a little bit of color on -- in terms of instruments versus consum... | Yes. So in terms of the investment, we have said -- we reiterated our guidance of $14 million to $16 million. As we've also said, we expect the majority of that revenue to be in the back half of the year. And so we will continue to invest to obviously realize that additional revenue in the back half of the year.
We ar... | direct | [
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92a55ab6e98dd5937a77e6a219cc6dd1 | Hi, good afternoon. This is Kyle on for Dan. Thanks for taking my question. So I'll lump these two together here and then hop back in the queue.
So I just wanted to ask about your sort of go-to-market strategy with heavy mass spec users. Can you sort of walk through your commercialization strategy in terms of who are ... | This is Omid Farokhzad. Let me break that up into two questions really, and I'll tackle the second part of it first and then the first part of it second. So you may have seen that we recently published a paper in the Proceedings of the National Academy of Sciences. And this actually followed the previous publication fr... | direct | [
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254de32bea2a16483ab5d0ecbae25793 | Julie, just wondering, is there any change to how you'll operate the company going forward, specifically on the strategy. I'm wondering if you could talk about the desire to increase retention in light of the losses you just experienced in '21. Just based on the outlook you provided for 2022, it looks like you're also ... | So, David, we don't expect to change our strategy at this point. I mean, obviously, we're all -- any time -- it's time for a contract renewal. We'll see what our options are and look for whatever makes the most financial sense at the time and that we think is a good move. Right now, we don't have any plans to change an... | intermediate | [
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3868f680cecf6d2dce9dbef3e51e41ea | Got it. And maybe just on those three programs. Are those all workers' comp programs? Could you talk about how big they are from a premium standpoint? And maybe just talk -- maybe you could just give a little bit more elaboration on why you don't think this is a fundamental issue? | Dave, this is Andy O'Brien, I'll take a crack at that. These three programs are significant. They are significant programs. They represent a significant amount of our net premium. As Julie mentioned, we did do a deep dive into each of these programs to see if there was any underlying change in the environment, the clai... | intermediate | [
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f982a15427c7ceb99f15ebf450f38230 | Got it. OK. And then maybe just one last one, just on the losses. I mean, the environment right now is obviously improving from a claims reporting standpoint. But I don't think things are totally back to normal on that front. When I look at some of your peers, specifically, workers' comp reported claims, they're still ... | Well, these were not late reported claims, Dave. I think it's probably important to clarify that. We haven't had any surprises with adverse development or claims developing beyond what we originally anticipated. One of the reasons we are comfortable with where these programs are headed is the fact that we -- each of th... | direct | [
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757cb2003b07d4d99eb40053c2a03165 | Got it. And yes, just to clarify on my question, I was just wondering about adverse development on 2021 accident year in 2022, 2023, just as those claims -- it's obviously workers' comp is an occurrence line. So I'm just wondering if we saw in 2020 and 2021, just there's more of a lag in terms of when the accident or w... | Yes. And of course, we're -- I guess, we are in the worrying business. So we worry about everything. But I guess, in looking at just the 2021 year, for example, for one of our -- for our California book of business, for the two months, January and February, the 2021 losses developed at half the rate that they developed... | direct | [
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a6bd4aecb22c3d4922b35eac2552beac | I was hoping that you could talk about your gross premium guidance for next year, just to feel that a bit. Is -- clearly, 4% is much lower than what you've done historically. Is that just a function of the California workers' comp book not growing as much as it's done? And I suppose that you are growing other programs,... | We are projecting a slower rate of growth in 2022 compared to 2021. A large part of that, Pablo, is just that we grew so much in 2021. We don't have the financial capacity to grow at 31% per year. That's much higher than what we expected to grow last year. And so we began in the fourth quarter to make sure that we were... | intermediate | [
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39576920bb6d2c4e1295a95707e44dfd | And by financial capacity, are you looking at like a premiums to surplus ratio? Because you're well below one at this point, right? Or is there anything else you're considering? | So we look at a variety of different factors. We don't look so much as net written premium to surplus, although we do pay attention to that, but we pay attention to our risk-based capital scores. We pay attention to the AM Best, the CAR scores. And so we really look at those two issues or those two elements more to ass... | direct | [
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708aa27cd7c0009bac66afe407f7915d | OK. And then on the expense ratio, I was wondering if you can help me just bridge what you did in '21 and your guidance for '22. So '21 was 27.5%, so it's 32% to 33% next -- this year. What component is that -- what component of that change is coming from the lower negative commissions versus, I guess, other expenses g... | Pablo, it's Nick. If you remember, the expense ratio is low this year versus last year because of some true-ups we had in 2020. So comparatively, it just looks lower than last year. But going from 2021 to 2022, there's a couple of factors. One, we're going to have -- as we mentioned in the actual press release, we're e... | direct | [
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6ef2e8ec5279a1b4a980976a5f12686c | OK. And those two components, I'll just it, the negative commission, right, as a percentage of net earned premiums and other expenses as a percentage of net earned premiums. Is there a way to break that out just bridging 27.5 to 32? | We wouldn't get that granular in breaking that out at this point. We're just putting the guidance out there to ensure that some of the things that we're talking about with respect to retention is understood. Prior year 2021 quarter to quarter, before we were able to -- before we decided to put out guidance in 2021, we ... | fully_evasive | [
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24c10b2d63a0a3b72cf0944fea243eb7 | Yes. Thank you very much. And then last one for me. I guess, if you just sort of take a step back, right? So there's pressure on workers' comp and growing other lines, it seems like you -- well, you're going to run expense ratio in the low 30s in '22. You did give an indication for the loss ratio in the first quarter, ... | Pablo, I think we'd like to respectfully not take a stab at that yet. We have a really good idea, we think about where we're going to be with an expense ratio. And so we are providing guidance for that. If we say it's a 90% business, then we've kind of provided guidance for a loss ratio. And we still want to do that at... | fully_evasive | [
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6679ad6ce3d04d670c12d8adb2f283b4 | Yes, hi, good evening everybody can I start with the operating margin? I know you had a very strong margin in the third quarter. But I was wondering if you could help me understand why the operating margin was down 210 basis points sequentially. What changed in the fourth quarter on the expense line that wasn't there i... | Yes. So Doug, this is Jim. I don't know if you remember, on the Q3 call, we mentioned that we were going to begin more heavily investing in supply chain and technology, and that really was the reason behind that -- those investments are really the reason why the margins, the operating margins declined in Q4. So we trie... | direct | [
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c196c29b39fefa11d1118a68f29da703 | Okay. And are these the same sort of investments you expect to carry into this year? | Some of them are. Additionally, the supply chain and the technology investments will continue. We're also -- the decision to sunset the Medifast Direct channel, that will also have somewhat of an impact on operating income percentage because, as you can imagine, the direct channel doesn't have commissions with it. Even... | direct | [
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e9e0a9226901410d3654bef55e4a56bd | Okay. Got it. And then when you talk about the discrete $0.12 tax item, I take that to mean that there's no real structural change in your expected tax rate going forward. It was more or less a non-repeatable kind of event. | That is correct. We're -- it's a onetime charge. And at this point, we're currently not anticipating any additional tax reserves going into 2021. | direct | [
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003b12e6b63ff7d2b321e256d744ccb9 | Okay. That's helpful. And then stepping back here, your top line numbers have been very impressive. Your coach growth has been very impressive. And obviously, not sustainable at these rates, but still it feels like the business is very strong. And I was wondering, with these kind of growth rates, have you taken a look ... | Yes. On the capital allocation front, we're first prioritizing organic growth with first looking at capex spend. And we're not -- at least as of right now, we're not anticipating any acquisitions in 2021. So with that, the decisions to pay dividends or share repurchases. Those discussions are held at the Board level. S... | intermediate | [
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c113a9e41569dafa5a709afbafc42d09 | Hi team. Congrats on the quarter. I just wanted to start, first, Jim, just hanging on to the last question from Doug. Do you have a capex guide for the year? | We're not really providing that guidance. All I can really tell you that there are going to be additional investments in technology and in supply chain. So that's also going to be in capital spend, and it's also going to be in operating income, so we don't hit the P&L. So there will be additional projects that will hap... | fully_evasive | [
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47846b09f0e51473a8e0d61e76fbdbe9 | Okay. And then I was wondering if you could talk a little bit more about your progress on the manufacturing front. There's been a very limited amount of SKUs out of stock last time I checked this morning, which points to improved capacity, considering the momentum of the business in early 2021. What is your manufacturi... | Yes. So this is Dan. We started adding the capacity in the fourth quarter, actually a little bit earlier in the form of increased number of co-manufacturing partners, and that's continued on through -- what is continuing on through the first quarter. It's not exactly a linear line. So we'll -- by the end of the year, w... | intermediate | [
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78bf4c94667fbc80055c4268983fec6f | Got it. Okay. And perhaps you can talk a little bit about the international business. How is that progressing relative to your expectations? And you mentioned in your initial remarks the opportunity to look at other large markets throughout the world. I was wondering if you can give a little more details where that cou... | Yes. Yes, absolutely. So as you know, we expanded a little over a year ago into Hong Kong and Singapore. We characterize those as gateway markets into the Asia Pacific regions. We have continued to add both infrastructure and the ability to deliver the same kind of quality experience that we have in the United States. ... | intermediate | [
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5abf444b7300704492e0cae577b6adeb | I kind of just wanted to jump back to the first question on operating margins. Can you discuss, I guess, with all the changes that are happening in 2021 investments in the sunsetting of Medifast brand? How you feel about that 15% operating margin target on the $1 billion revenue target? | Yes. So since we're not providing guidance, that's a little bit challenging to just give you our feeling on that. So I would say that just a couple of things to keep in mind. Some of the items you should consider as you're developing your model, things like the in-person convention that we budgeted for, if safety permi... | intermediate | [
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4c80aeb63b4dded4b40dd7ffd3fd4264 | It does. And then as you begin to think about promotional plans for the year and kind of what you did in April and May of last year, can you give us a peek to anything that might look similar this year? | Sure. At this point, what we've seen, and as Jim indicated earlier in his remarks, is that the trends that we saw in the fourth quarter have continued roughly at the same or better as we move to the first quarter. With that in mind, we're still evaluating. We haven't made a final decision on what the promotional struct... | intermediate | [
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16436199fb2b9f67e7282f4d2a6d20a1 | Yes, hi, everybody. I've actually got three questions, if I may. First one, Sarah, you gave an assumption about the -- you talked about COVID and the impact through '21. When are you thinking Travel starts to come back in terms of spending? And are you seeing any sign of that yet? Second one, kind of general question. ... | Sarah Glickman -- Chief Financial Officer
Yes. Hello, Sarah. Yes, so Travel, we're seeing that we're about to 75% to 80% down year on year still. We have, I would say, a more aggressive assumption throughout the year and, obviously, all of us at home to start taking some trips soon. So we're still seeing it's pretty mu... | intermediate | [
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f8aba5fadec6edbf4d0bf7b380839a90 | Good morning. Thanks for taking the question. I also have three, and I'll try to be quick here. I guess just first maybe for Megan or Todd. If we think about the Retail Media business, is there any way to help us think about how it stands right now, maybe kind of SSP revenue versus DSP revenue, self-serve versus full-s... | Yeah, I can take this one. So I mean, I think, first of all, the emergence of that business and kind of the change in the profile of retailers from being just a place to buy things as opposed to a place to discover and learn. In fact, a media outlet means that we are doing much more in terms of being an SSP, if you wil... | intermediate | [
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483818bc178c9ee00e173dee4c0d48bc | Obviously, Google touted their FLoC solution for cohort advertising recently and talked about the effectiveness there. Curious if that, in any way, changes how you think your core kind of retargeting business will look on the other side of those Chrome changes. If you can talk to how important or not important perhaps ... | Todd Parsons -- Chief Product Officer
Let me take the FLoC one. Yeah. I'm sorry about that, Megan. So the FLoC thing, I'll just be quick on this one. We've been working with Google since the beginning of what I call the bird proposals. And now, we're at a place where, as I mentioned before, we're all about empiricism a... | intermediate | [
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4426303f7201c8bd265b1a145344be21 | Great. Thanks for taking the questions. I guess there are two. I just wanted to ask on net new clients. You reached the highest level since, I think, 3Q of '17. Can you just talk about some of the drivers of those client net adds? And then would you characterize them as more kind of resurrected clients or totally new t... | Sarah Glickman -- Chief Financial Officer
Yeah, yeah. Yeah, absolutely. Yeah, I mean, most of these are new clients. So we see, especially with the open internet, a lot of new players coming in, and they need our services. So most of it's on the new sales side. And of course, we're continuing to focus on existing custo... | direct | [
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f4b29604b0d187e352523a750fa45a46 | You mentioned that you're watching for specifics as it relates to iOS. I'm just curious what those specifics are. Sort of what Apple's laid out, what's was not yet clear, what is clear, and sort of how that plays into UID2.0? They've clearly made it clear that hashed emails cannot be used as an end-around to IDFA, so j... | Yeah. Sure. So there's not anything, I think, new that we would report that you don't already know. We still, on an overall basis, really believe that providing consumers more control over their data is a good thing for the ecosystem. And what we're worried about here is how it impacts smaller businesses, our app-build... | intermediate | [
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cadd37e4db331d993c33f5f5b4d73f34 | You noted the end of the CARES Act and the stimulus that went to individuals ended at the end of July. I don't know how real-time your data might be. But can you talk about maybe the trends that you've seen most recently, the most recent trends that you can talk about in terms of year-over-year decline in volumes? | Yes. So in the month of June, we saw a little bit of a pickup relative to April and May, but nothing material. But it did firm. The main looks to be the low watermark in our results, and that appears to be the case as we look to kind of early indications on how July has performed, which we're still closing the books on... | direct | [
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50d62cd134bba8fba6ee7b7b4fbb018e | Got it. Got it. And then can you talk about some of the dynamics you noted as regards to the pharma business? I understand fewer prescriptions filled but the improved client program management comment and just some of the dynamics within that and whether or not some of those are going to be longer-lasting than just the... | Yes. So I think we obviously saw a little bit of a downturn in the number of patients that are going to the doctor that are going to be accessing new therapy. So as people are laid off, as the job market is more uncertain, people are not going to be spending as much money in the healthcare area as far as going to the d... | intermediate | [
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d461b88fae3d97f220320a781508f340 | OK. OK. That's helpful. But in terms of the program management, that doesn't indicate any increased shift of the business -- of the underlying business model in pharma. | An increasing shift in the business itself resulting from this, like does it change our position and our product set? Can you just clarify your question maybe a little better? | fully_evasive | [
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28918fb7351035e63b0d192251f1d2f5 | The program, and I think you said you added several. I'm just curious how some of those programs are coming in, relatively large or relatively smaller, and what type of fees they're generating. | So we have 11 pharma programs today, and three of those 11, including one new one that was added in the second quarter, three that were added in the first quarter; and if you recall, we ended last year after two programs expiring, we ended with eight last year. So we're sitting with 11 now. Three of those 11 are in the... | intermediate | [
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74a7134349a50d763b83d64c52a039f4 | Thanks for taking my questions. You mentioned a little of the COVID impact on pharma. But was the pipeline for the pharma segment impacted or any contracts delayed or deferred indefinitely? | Not indefinitely. We did have clients that -- one of the two clients that we communicated with you on from the first quarter that, while we had some start-up fees, we actually only recently began funding into that client. So they seem to have taken a pause and got some temperature before they rolled that program out. M... | direct | [
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fb2a8c08c8eca205d198377f1d4cf335 | Got it. Can you elaborate a little more on the revenue conversion rates but in the individual segments, how they trended on a like-for-like basis or what the major impacts were on those individually? | Sure. So the revenue conversion rate on the plasma side was actually stronger than the first quarter. The revenue conversion rate on the pharma side, while it was better than the first quarter, typically, it picks up markedly in the second and third quarter as loads start to come down, but you still have projected mone... | direct | [
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fe0c796f566069c1ac789fdf6e1f32ac | Got it. And my last question's on expense management. Can you talk about your expense management in the quarter specifically and maybe for Q3, as you're kind of coping with lower top line? | Yes. Good question, Austin. So we did take some solid measures to reduce some expenses that were not essential, to limit all travel unless it was revenue producing and to suspend hiring unless it was going to be contributing to critical infrastructure or to top-line growth. We also established a new banking agreement, ... | direct | [
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7541cbf2fa70482c86e57b694a863f5e | Yes. Thank you, and thank you for taking my questions. First of all, as you mentioned, there have been some recent changes in the competitive landscape, obviously, Wirecard's going through with saga. If you can talk about how many centers could potentially be coming up for bid during the balance of 2020 and then into 2... | So I'm going to start, and I think Mark Newcomer wants to comment on this. I'm going to basically say that, look, Wirecard North America is a solid organization. They continue to do a great job of retaining clients. We are competing with them on the plasma business, and we have had some success in building our entire p... | intermediate | [
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19e5dfc3aeff5bcee9b7acb92548ae76 | And just from a housekeeping perspective, what was the total count on centers at the end of the quarter? And what would you estimate your market share is at, at the end of the quarter? And I'll get back in the queue. | Give me just one moment. I'll get back on track here. So there. We currently have 290 plasma centers, 11 pharma programs. And for other programs for 307, that's essentially up seven from the prior quarter, and that represents -- I think it's roughly 38%, right in that ballpark. | direct | [
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9cffd98170f237c309084187d875e512 | Hi. Thanks for taking my questions. Can you explain what these hundred and four centers are in support of a client's business continuity plan? What does that mean? | What that means is that we can't tell you that those 104 centers are going to go live. It's really up to the client and what they make -- and what decision they make in the end. They were nervous in respect to what's going on in the world and what's going on with one of their service providers and, therefore, asked us ... | direct | [
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c1ce2fc41a47b2aa87f0a28fcf5fa6bb | OK. But those 104, they don't have anything to do with 49 centers that needed to go live. | They do not. That's correct. | direct | [
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80c7a41b146f88009ce5425d4092ed50 | Great. That last answer was helpful. So no revenue related to those 104. On the 49 that have been won and are going onboarded, I think that's about a 15%, 16%, 17% year-over-year increase. So in order for the third quarter to have plasma perform the same in the third quarter -- the second quarter with those new units, ... | Yes. More the latter. Also, just to clarify, Mark, how many of those were blood centers? Eleven. Eleven are blood. Those blood have the equivalent roughly of about two centers. So the plasma generate more load volume and more revenue. And then you hit it on the head there. We will be a little bit more backloaded but sh... | direct | [
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f8f3d4940e21c11401bfc8b40fcb716e | My questions start with Samsung. I'm wondering if you can give us an update on where we are with that rollout and how you see that playing out over the next 12 months. It sounds like we got quite a bit of momentum that started late last calendar year. I'm wondering if the pandemic environment has slowed that at all? An... | Yes. Sure. Thanks, Mike. Yes.
Regarding Samsung, we continue to be really pleased with the progress that we're making. And I think as some investors have heard me say before, if you look at time zero when we launch a new partner, whether that was Verizon or AT&T or Cricket or Tracfone or Samsung, and you kind of plot o... | intermediate | [
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e1a01d883455130d043ac1958c27a4a4 | And then as we look at the real upside, as I see it anyway, with the Mobile Posse acquisition being in cross-selling, I'm wondering if you could update us a little bit on how that process is going, both with your ability to sell Mobile Posse's, I guess, NewsHub into your existing clients, particularly in the big U.S. c... | Yes. So continue to be really excited about that. That was a major strategic rationale for the transaction. And I think everything that we're thinking that we could do in terms of our products onto their distribution and their products onto our distribution is intact.
I'd say, stay tuned for kind of further updates on ... | intermediate | [
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1b844b991b65ee09a6149a3d6e324a41 | First, Bill, could you kind of indulge us, so there's obviously a lot of moving parts of the economy. If you go back to sort of March and then look at the cadence to April and then now with May closed, I know you over-indexed to sectors of the economy that are kind of strong. Could you maybe just talk about the cadence... | Yes. Thanks, Darren. If I was going to say one word that would characterize our cadence, it would be accelerating. We're continuing to see nice progress right now across all aspects of the business.
We kind of break down some of the details. What I'd say is that we saw May has been better than April. And April was bett... | intermediate | [
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1aa08b597bc6253312935222c23b2faf | On the SingleTap side, I know you struck those partnerships with AppsFlyer and brands and the like maybe a couple of quarters now. I'm just kind of curious if you can take the pulse of where those relationships stand and if they're actually bearing any material fruit at this point? | Yes. So I'm pleased to report that SingleTap has been something we've been really excited about for a long time. And as long as the conversion rates, and it was a better end-user experience, it was better for the advertiser, it was better for the operator OEM partner, we're going to stick with it. And as you're well aw... | intermediate | [
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2950c87e866e8d848502f4107801c9f3 | You mentioned seeing attractive conversion rates in your press release. Wondering can you define what exactly that conversion is measuring and what level that rate is currently at? And maybe how that compares to how it's done historically? | Yes. Sure, Austin. So when we talk about conversion rates, we talk about the percentage of customers that are opening and engaging with applications. And the conversion rates can really vary all over the map depending on what kind of application it is.
So specific game versus social media application versus Uber versus... | intermediate | [
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5a2136f48945f37288f4af87789fa212 | In that example, does that mean you get paid on a performance basis? Or does that just sort of talk about implied pricing? | Yes. No. I think we always get paid on performance. Because of that view-through, whether we back that performance metric out to an upfront fee for every app or we back that performance out to an open app or we back that performance out to revenue sharing on the app, we get paid on performance.
There's a lot of differe... | direct | [
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2042bced5304e2cf9396b13fc607bc2e | Can you talk about some of the underlying metrics that inform your guidance? I'm particularly curious about what kind of U.S. device trends you're seeing and maybe compared to what your partners have themselves reported? | Yes. Well, a couple of things. I would point out in Bill's prepared remarks, he talked about double-digit growth kind of for the two months we're seeing in the current quarter. So we have visibility to two months in the quarter.
Those are going well. We've seen device volumes recover. By region, they're happening at a ... | intermediate | [
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95b349c80c99d5ef18ec79fb6308b973 | The first question, just wanted to kind of dive in on the advertiser demand front. Just kind of curious if you could bifurcate advertiser demand between kind of new customers or new advertisers added versus increased spend from existing customers? | Yes. So I'd say it's a mix of both. Especially in our international business, we're seeing a lot of new advertisers spending more. And then our existing business, I would characterize it as we're seeing our existing advertisers -- I'm sorry, U.S.
business, we're seeing our existing advertisers that are spending more. S... | intermediate | [
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5fa93bee28da6448f3137d572a77d32d | And then just on the margin front, fully appreciating that Mobile Posse has a positive margin contribution. But are there any other levers to gross margin improvements? And then you did call out increased synergies. I believe the prior target was about $1 million. Maybe just kind of quantify the incremental synergies y... | Yes. So I'll just start with the synergies. I'll reiterate that the strategic value here with the Mobile Posse acquisition and the content business was revenue synergies and the value that brought. But there are some corporate overlap and cost synergies in kind of the $1 million-ish range.
And those, as I mentioned, ar... | intermediate | [
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ee09341a75d3cc799e3c0cd56f7001e5 | I think you called out Telefonica going live in both Europe and Latin America in the current quarter. Maybe just kind of speak to the trajectory or the pace at which you expect that business to turn on, whether it's slow in trial phase for a couple of quarters or if that can turn on fairly quickly just given the magnit... | Yes. So I guess I'd characterize it would most likely follow what we've seen with other partners. And so as I mentioned earlier in Mike's question, we see Verizon, AT&T, Cricket, Samsung launch, you see a nice kind of steady and slow build quarter over quarter from time zero to quarter one, quarter two, quarter three, ... | direct | [
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4aba783fd296a37b41d366a8cf03a9c8 | Could you talk or could you clarify a little bit the tax benefit you got this quarter, where that came from? | Yeah. So I'll take that one, Jon. Yes. We recorded a gain.
It's a tax benefit related to the acquisition and tied to the purchase accounting, it's a non-cash adjustment that we made as part of closing the Mobile Posse acquisition. | direct | [
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1abf6993ca73d453ae78d6e690fcbbc6 | OK. And then I was wondering if I think back when you were telling us about the initial purchase of Mobile Posse, I think we've indicated that the gross margins on the Mobile Posse business were higher than the historical gross margins for the Ignite business. I mean, if we were modeling this out, could you give us a l... | Yes. So, Jon, when you have a chance to see the K, you'll see we've included a pro forma, and the margins are close to 50% for that business. So that's disclosed. So we'll see, call it, two to three points of margin expansion just by adding that business to Digital Turbine.
And then it will be the pace at which those t... | direct | [
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643bad30c65fe0e1834dc68b6f6cb84e | Something that stood out to me was the strength in your new devices added, especially with some of the larger telephone companies in the U.S. talking about 30% declines on new adds. So I was trying to understand a little maybe how that breaks out between the U.S. market potential declines versus growth internationally? | Yes. Sure. So as I mentioned earlier in my remarks, there's still a penetration story that's out there. So given the fact that we're only on 60% of the Android phones here in the U.S.
and 10%, 15-ish percent in the global market, even if devices slow down, we're going to see growth. And so clearly, we saw a lot of grow... | intermediate | [
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eaa139815d6a3af1d456b09aa0144d8a | And my other question was, and I don't know if maybe you said this, but how much did Mobile Posse contribute during the quarter for the one month? | Yes. They were just under $5 million in revenue. | direct | [
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47113a6b92b6a8c670cc9b94fcf04da7 | The first one on the digital entertainment. Regarding your guidance, I believe you are not including any of those new games that you mentioned in the pipeline that potentially you can publish in later the year. So I just want to clarify on that. And then, related to that as well, besides India, which country do you thi... | In terms of digital entertainment, our guidance does take into account of games that we believe might be launched this year. Of course, any new games in the initial launch stage probably will focus more on user growth and management penetration as opposed to immediately focus on monetization. So the contribution probab... | intermediate | [
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036b12b0265462111edf90f9ea2a2583 | With the decisions to exit trends, at what point would you also evaluate some of these cross-border tractions in Poland and Spain that you could maybe kind of prompt you to moving ahead with your next step of the penetration? | Because of e-commerce, as they shared, we are focused on Southeast Asia and Taiwan as our core existing markets, which has continued to enjoy very strong growth despite the very strong comps versus last year during the height of COVID. And as you can see, we also have gained significant ground vis-a-vis our peers. In I... | fully_evasive | [
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5d0b40fe648debae7d77b34f135b6b56 | If I could just ask about what is built into your game forecast for 2022 for bookings that you shared with us. And how does that potentially change if India was to come back on track as an earlier than expected date potentially. | In terms of the game guidance, as we shared in the earnings that given the opening of our markets and the trends we're seeing and also some unexpected government action we are facing, we have taken into -- this into consideration. And therefore, we, at this point, believe our 2022 game bookings will probably be close t... | intermediate | [
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7f805212a2d5f1f304f1722b563a2658 | And the second is if it is at all possible in the gaming business to talk about how quickly you can build up a portfolio of games and move in to be the stage of some of those games, that would be fantastic to understand how we can expect that trajectory to potentially proceed through the growth of 2022 quarter-by-quart... | In terms of the game portfolio, we are very focused on diversifying our game genres. As we shared before, we are looking into different genres such as sandbox, RPG and other more casual games to supplement our existing offerings. Now, I think these will still be early stage games. And also, given the size of Free Fire,... | intermediate | [
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a69e77876d0ceb8433ed1926461d67de | And third, this is a general question on the e-commerce business, where we noticed how the momentum is very positive, both from the standpoint of rate on account of take rate progression, as well as a progression toward free cash flow and profitability. I wonder if you could just take a step back and give us a feel for... | In terms of the take rates, so we are -- as we shared before, we believe a high single, low double-digit rate is achievable in the longer run. We still believe that. And as you can see, we are progressing well toward that rate in most of the markets. We're already getting a high single-digit rate and we believe this wi... | intermediate | [
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e73681602c69e0eb4b31fd584c1c80b4 | First of all is, can management talk a little bit about your view on the 2022 GMV growth? And the second is, can the management help to sort of break down the rough mix of Asia and new markets in terms of EBITDA loss this quarter? | Yes. So we don't give guidance on GMV, but we did give guidance on GAAP revenue for e-commerce. We believe that it reflects our view about the potential growth rate. And I also mentioned that in terms of the take rate increase, there will be -- while we will continue to increase take rate, the pace will be moderated an... | fully_evasive | [
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79574189d2491fbbf6dd7c56fcf5fca6 | Firstly, on e-commerce, your guidance to achieve positive adjusted EBITDA in your core markets, this would be driven by what key factors? Is it higher take rate or lower sales and marketing? And any color over there would be helpful. And if you can throw some light on the competitive landscape in core markets? | In terms of our e-commerce cost of EBITDA in Southeast Asia and Taiwan, this is as a result of both the higher take rates and also cost efficiency as we scale. As we always mentioned, the platform, the marketplace model that we are pursuing enjoys a strong silo effect and the economy of scale as we continue to grow our... | direct | [
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669a3607215c3496a2754c597984bc93 | Secondly, your cash and cash equivalents went down by $1.6 billion quarter on quarter to $10.2 billion. Can you highlight what factors drove that decline? Is there any other investments? | Yes, sure. About the cash position, we are trying to optimize the cash yield by investing into a shortened time deposit, some of which are over the period of three months, and by GAAP, is categorized as structured investments. And that amounts to a quite significant $800 million to $900 million. So if you add that back... | direct | [
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5e318c5c986a03ca74b3e8d4dfbf10c1 | Firstly, if you can talk about new game development, we know there's a lot of talent available in China now. Are you changing your hiring strategies to accelerate new game development? | In terms of new game development, I think our strategy has been quite consistent. We have studios globally in the States and also in Singapore, Asia and Korea and other parts of Asia. So we are focused on income development. And at the same time, we have been investing globally into strong development teams and IT with... | intermediate | [
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bd7d08093e2e5f3e59ee14634846c85c | And second question, I know it's a bit sensitive, but is there a process to get the ban revoked in India on Free Fire? | And in terms of Free Fire in India, we're still working on it. Other than what's been publicly disclosed, we don't have much more to share at this point. Thank you. | fully_evasive | [
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f4290cbeb8f9acb7b75b4d9698e34b80 | Thanks for the call, everyone. And I hope your families are well. My question is sort of on Argentina. More generally, what's your -- from a macro standpoint, what's your best guess as to what a normalization in Argentina might look like as we emerge from COVID over the next couple of months through the summer and into... | Thank you, Alvaro. I think -- I mean, what we have seen so far is since we open Alto Noa is itself were better that we expected. Traffic was reduced. So, if you measure the traffic was 66% reduction compared to the previous year for the same period of time. But sales were down only 14% compared to last year. And if we ... | intermediate | [
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] | B |
d3bd6e4b53b4ef52078cc325c1d7e4ff | I hear you on that last point. And then just one last question on, how should we think about -- and maybe this is more for Matias, how should we think about IRSA Commercial Properties, the listed entity, as a source of capital over the next couple of months? Is this an asset that maybe you want to buy more of at these ... | Thank you, Alvaro. So when you see IRSA Commercial Properties, we have an amortization of one bond, the local bond that expire in September. So, we are working in order to refinance that. Probably, the plan A is to try to set up a syndicated loans with different banks here in Argentina. So, we are working on that with ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
921243e741f8e0aceeb02b9789bc79ef | Okay. Good morning, everybody. Thank you for having. My question is about, if you are looking for a new devaluation of the peso in Argentina, the official change and how it could affect the -- this moment the Company? | Thank you, Adrian. So you know that we have been suffering a huge devaluation last two years, right? There was a -- sorry, one second. So there was a huge devaluation from '18 to ARS68, and that mainly affect when you measure our EBITDA of the shopping centers in dollar terms. The typical situation is that you automati... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
66b158e33b73b42c0c555c4105ba7449 | [Foreign Speech] | Thank you, Francisco. I will answer you in English first. The first question is regarding occupancy and shopping centers, and the second part of the question is regarding how we calculate percentage of sales. So, in terms of occupancy, what we're showing today is the numbers as of March, right? So there was no impact, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4769e542580c7e6b87252fa3c3cf7078 | Oh, thank you. Yes. Thank you, again, for hosting this call. And I hope everyone's families is well, given the situation in Argentina and across the world. I just have a specific question about liquidity over the last couple of weeks, it seems like the government has tightened access to dollar and then forcing companie... | Sam, thank you for your question. So, basically, today, the liquidity that we have at IRSA level is the money that we raised -- that we just raised it in the local market that are pesos. So our next obligation is the amortization of our 2020 notes that expire in July. So, according to the last rule of the Central Bank,... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2be1a2a05a519dff7417a3239241a346 | Okay. And again, can you remind me of the -- for the 2021? And then what your total liquidity is? So, is it just the ARS70 million that you raised or the ARS65 million plus cash, so you take care of the stub for the '20?
And then the second will be -- the second question is really about the 2021. You mentioned you try... | Yeah. So, after the July payment, we have -- the next payment is in August and the following one is in November 2020. So, all our -- most of our debts expire in 2020. Although we have in the presentation as fiscal year '21 because start -- remember that our fiscal year starts in July. So, the next payment we are workin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e93d343fe17ac9129c7bae1253382631 | First of all, on the Pandora side, very strong monetization in the quarter. You continue to see subscriber -- or listeners erode. Are there plans -- or can you talk about efforts to either start growing that listener base or at least to stabilize it? And secondly, on the satellite radio side, very low SAC in the quarte... | First, on the Pandora side, we're very pleased that we continue to have the largest free digital iOS platform in the U.S. We recognize that the losses in the listeners are not where we want to be, and we're extremely focused on that. We have a number of initiatives in place to deliver more and better content, more rele... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
22be1f74b44fa5fd2c8e36d45ebb1868 | I was just wondering if you can give us an update on your podcast strategy. Obviously, a lot of headlines from Apple and Spotify recently about moving more toward subscription-based service. Just wanted to hear your views on if this is where the market is going and perhaps how SIRI is thinking about it longer term? | Our focus is on delivering the best experiences for content creators, and we can help them monetize more broadly because we have the best solutions in terms of adtech and our ad sales teams. You saw with our acquisitions last year of Stitcher and Simplecast that we added to these capabilities, and we believe we are rea... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
94c01f52c7db825f2ae313cc01a093f3 | And then perhaps if I can follow-up on just your comments around the silicon shortage. If indeed, the supply chain is constrained and OEMs are unable to kind of refill that inventory, would that be a positive? Should we think about that as an upside benefit to EBITDA as -- for the full year as SAC build -- the inventor... | Certainly, if installs are lighter going forward or continue to be lighter going forward, then we would have lower SAC expense. For the business, we clearly are hopeful that the OEMs will be able to meet consumer demand. There's just been an incredible amount of demand on the consumer side for both new and used cars. A... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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