Datasets:

rachid16

/

Retrival_evaluation_ndcg_1000

like 1

[ " me address the first part of your question on COD Mobile specifically.\nAnd then maybe I'll invite Armin or someone else to chime in on a more macro view on China and any potential restrictions there. On mobile for us, we see three key opportunities kind of going forward. And I'd say those could be bucketed as geographic, operational and strategic, and let me touch on each of those. On the geographic front, for Call of Duty Mobile, we're seeing, obviously, great success in the U.S.\nand through Europe, and we're also continuing to optimize across those regions, but we're seeing also great growth in emerging markets such as Latin America, India and Southeast Asia. And where we're focusing execution and investment for local players. And so that's something they can still scale and help grow the business overall. On the operational side, Call of Duty Mobile is already a great game, and we see opportunity to make it even better.\nOur mobile team is continuing to do an incredible job of constantly improving the experience and adding content to players in the west. And the team just keeps getting better and better, which is a testament to their passion and commitment to the mobile community. And China is just another example there where the title itself is off to a strong start, but still has a lot of opportunity in front of it to be tailored and optimized for the local audience. And the team is also very focused on that as well.\nAnd then lastly is strategic. As we think about long term, where we see a compelling -- more compelling growth on the platform. And overall, I'd say we believe there's an opportunity to better connect mobile to the overall quality of the ecosystem, and we're aggressively hiring talent to help on this journey for us. We've created our own internal mobile studio and are driving a major recruiting effort across Beenox and Activision Shanghai to support as well.\nAnd together, I think as Daniel already mentioned on the call, these teams are living an unannounced new mobile project in the Call Duty franchise, which we're very excited about. So as I think about the business, as we start to approach the 2-year anniversary of the launch in the West, we think there's a lot of both near-term and long-term opportunities on the platform for us and to grow the audience and engage the audience on a broad basis. Armin, do you want to comment on the China piece?\nArmin Zerza -- Chief Financial Officer\n", "Yes. Thanks, Rob. Thanks for your question again. With respect to your question on China, as you know, the rules and regulations in the country do change over time.\nAnd we have been working with our partners for many years now in this changing environment. So what we're doing currently is working with them and our local teams on the ground to assess this latest situation. Now from a business perspective, China was less than 5% of our net bookings for us last year. And as you know, we have a long history of adapting and responding to changes in the regulatory environment there.\nAnd of course, we aim to continue to do so going forward. So thanks again for your question. \nOperator\nAnd that question is from Mario Lu with Barclays. Please go ahead. \nMario Lu -- Barclays -- Analyst\nGreat. Thanks for taking the question. So I just wanted to follow up on the question earlier on mobile advertising. A number of mobile gaming companies now have both a mobile gaming studio and an ad network, all under the same umbrella.\nSo curious to hear your thoughts of the strategy and if it's something that King can potentially implement going forward? Thanks. \nDaniel Alegre -- President and Chief Operating Officer\nThanks, Mario, this is Daniel again. Look, the good news is, we're actually already vertically integrated. And we have our own in-house ads business that supports in-game advertising across our mobile games, across all of Activision, Blizzard and King. The ads team have organically built our own advertising technology platform.\nAnd this is really made to enable both the demand and the supply management, which also leverages third-party t" ]

[ 1, 0 ]

[ " not spare any effort to strengthen our position in here. We saw a solid underlying performance in the quarter and we're excited about our outlook. Technology leadership will be driving our competitiveness, and we will continue to invest in leading R&D and be on the forefront. And in this picture here, you'll see some of our new products, Radio 4490 and Massive MIMO Air 6428.\nWe are encouraged by the growth we see in North America and Europe built on 5G momentum, but also share gains. And of course, our ambition is to continue to grow and develop this business, both based on market growth as well as market share gains. On the IPR side, our strong 5G position and leading patent portfolio makes us well-positioned to conclude the outstanding renewals. On the enterprise side, we're seeing equally good development.\nOur portfolio of prepackaged enterprise solutions, with Cradlepoint and dedicated networks -- see very good traction overall. And we continue to work toward closing the Vonage acquisition in the first half of 2022, and to start developing the global network platform. We're confident that these investments we're doing, both in our core business and the enterprise space as well as, of course, our cultural journey we're going through, we'll make Ericsson a stronger, more resilient company, while at the same time put us on a higher growth trajectory. We have a solid business today and we're on track of reaching our long-term target of an EBITDA margin of 15% to 18%, no later than 2 to 3 years.\nFinally, I want to thank all of my colleagues in Team Ericsson who made this possible. To put it simply, you rock. And with that, I would like to conclude this part of the presentation and hand back to Peter for your questions.\nPeter Nyquist\nThank you, Borje. I am longing for the days when we will transform days on a 5G platform, maybe once and in future. Let's move to the Q and A. So, Nash, we are ready for the Q&A session.\nQuestions & Answers:\nOperator\nThank you. [Operator instructions]\nPeter Nyquist\nSo, we'll start here. I can't really see a visible. Maybe, Nash, you could help me with the first questioner who stepped from.\nOperator\nOur first question comes from the line of Aleksander Peterc from Societe Generale. Please go ahead.\nPeter Nyquist\nHi, Alex.\n", "Aleksander Peterc -- Societe Generale -- Analyst\nGood morning, and thank -- Hi, good morning, good morning to you all, and thank you for this question. I just have a couple of points of clarification. First of all, given that you have 1 billion SEK of software sales and networks slipping from Q1 into Q2, should we therefore assume that your second quarter sequential growth may come in ahead of the usual seasonality? I see like probably about 3 to 4 percentage point boost as a result of this slippage. Is this the right way of looking at it? Secondly, on the inventory, so I understand your investment there.\nCan you tell us if you now happy with your inventory levels? Or will this investment into resilience continue in the remainder of the year? And then just finally, a point of detail on your IPR revenue run rate, excluding the impact of delays in renewals to your normal run rate, should we think now there's a positive effects impact there, given the current exchange rates? Or the old levels that you have given previously still prevail? Thanks a lot.\nPeter Nyquist\nMaybe, Borje, you can start with the software comments? On --\nCarl Mellander -- Chief Financial Officer\n[Inaudible] yeah, please.\nBorje Ekholm -- Chief Executive Officer\nNow you can take it. You're all ready and gearing up. I see.\nCarl Mellander -- Chief Financial Officer\nYeah, exactly. But I think, thanks, Alex, on the [Inaudible] question to start with. And of course, as you know, in every quarter, there are many puts and takes and we typically don't guide the specific outcome, of course, on topline, but we usually just refer to what the three-year average seasonalities. In this case, it is true that this specific 1 billion in software is getting moved and we are we are certain of that into the second quarter.\nBut as" ]

[ 1, 0 ]

[ "ly because of a contact-free economy that is beginning to emerge; virtual conferences, virtual investor discussions, how you order your Christmas gifts, how you order grocery. All of this is really an example of how this contact-free economy and digital acceleration that is really driving the growth of semiconductor. So you want to think about our electronic business not so much with the mobile revolution how you thought about our business then -- in the last decade where mobile revolution was really the biggest growth driver for us. But going forward, you want to think about our electronic business more in terms of digital acceleration. So that would mean, two to three times GDP kind of growth over the long cycle.\nAnd on infrastructure, it is still slow. We are continuing to get orders, we're continuing to work on those things, but it is not at the same rate as one you would expect. So 5G in our mind is still an emerging opportunity.\nJeffrey D. Hammond -- KeyBanc Capital Markets -- Analyst\nOkay. And then medical, you characterized as stable. I guess, I think this business is historically kind of a high-single-digit, low-double-digit grower, and maybe I'm just assuming stable means a little bit of growth. But I'm just trying to understand how you think the growth rate shapes up for medical and kind of these puts and takes around elective surgeries, maybe coming back as we get vaccine distribution versus kind of comps from PPE equipment, etc.?\nSundaram Nagarajan -- President and Chief Executive Officer\nYeah. So I think that's a great question, Jeff. In terms of our medical business, there are really two parts to the medical business that sort of allow us to have flat-to-low single-digits, but you got to remember the context. Context really is, our med device customers are down 10%, 15%. So that's the context. And so why are we doing better than in that context, it's really because we have a fluid component business which is really serving the biopharma end markets as well as fluid components for COVID-type therapies, right?\nSo what you're finding is our fluid component business is doing incredibly well, which is muting some of the declines we're seeing in our interventional component business, which is directly correlated to the selective surgeries and elective surgeries. So big picture, if you think about our elective-selective surgery kind of related component business, it's down a little bit, down a bit.\n", "In the long-term, all of the drivers; aging population, single-use component, outsourcing our med device component, all of those are intact. As things normalize, we will return to mid-to-high single-digit kind of growth of this business, and that's our expectation. And right now in this transition, if you think about elective surgeries, in July, they were down about 75%. They were 75% up pre-COVID levels, elective surgeries were. And our expectation was they were going to improve, but they have not. So as you know, as these elective surgeries improve, what you're going to find is that we will benefit from it and we will return to our mid-single-digits, high-single-digits kind of growth in the medical business. So let me stop there. If you have any follow-up, I certainly will be happy to.\nJeffrey D. Hammond -- KeyBanc Capital Markets -- Analyst\nNo, that's great. Just maybe last one. I understand the uncertainty. Just give us a sense of what you need to see or I don't know if it's just a couple more quarters before you kind of flip to a more full year kind of outlook? Thanks.\nSundaram Nagarajan -- President and Chief Executive Officer\nYeah. Joe, you want to take that?\nJoseph P. Kelley -- Executive Vice President and Chief Financial Officer\nYeah. Our hope is that our visibility will improve or I should say our confidence as it relates to the volatile time that we're in with the pandemic here in Q1 and Q2. And so our hope is that by the time we have our Investor Day that Naga referenced, we will resume annual guidance at that time.\nJeffrey D. Hammond -- KeyBanc Capital Markets -- Analyst\nOkay. Thanks so much everyone.\nSund" ]

[ 1, 0 ]

[ "some sort of software function. So we have been building rapidly.\nAnd I think I look back and think about where we are in our in these final stages of the clearance for Omnipod 5. And I think it's so great we made these investments, and we've built such dramatic capabilities here because it is a moat for others behind us to get really good at remote insulin delivery from either a PDM and/or mobile phones. Those are not easy to do. And then obviously, all of the integrations with our partners. I wouldn't say we're done. This is an area that will be continued investment for us for quite some time to come. We have no shortage of really exciting disruptive innovation programs ahead of us, and we will continue to invest here. And we've always said we'll get a little bit more maybe public about what those programs might look like as we think about once we've got Omnipod five into full market release. But areas of investment for us are, for example, continuing to advance our algorithms because that will provide ease of use, more automation and better outcomes continuing to interface with, obviously, additional sensors but also additional phone platforms, continuing to build value in digital. So things like data, insights and decision support and serving up, generating insights for patients, payers and clinicians.\nJust as some examples. So we've got work going on in all those areas. And I don't think that's going to slow down anytime soon, and we'll continue to build capabilities there. And then the second question around Omnipod five and covered lives. As I mentioned in my prepared remarks, the teams are doing a great job here. We're really encouraged by the discussions that have been being had by payers. We're definitely educating the pharmacy channel for the first time on automated insulin delivery and the value of Omnipod 5.\n", "Those conversations are going well. We already have some coverage established. And as we've always said, as the clinical data gets published, we expect more coverage. And then, of course, on clearance, we expect more coverage. And so we're building -- we're right where we expect to be at this point. Really, really delighted with the team's work and really optimistic that we're going to launch with a decent coverage position. And also build very rapidly from there. So that -- and all of our tactics are really designed to make that happen. The ones that I mentioned in my script around leveraging the data, pricing at parity, all of that is designed to make sure that we establish rapid access.\nOperator\nThank you. I show our next question comes from the line of Ravi Misra from Berenberg Capital, please go ahead.\nRavi Misra -- Berenberg -- Analyst\nSo I guess I just want to step back to the broader diabetes landscape, if I may, for a second. Becton announced that it's spinning off its business this morning in the diabetes world. And just looking at their revenue numbers and their kind of focus, can you maybe think about or maybe help us think about how you think about kind of where we are progressing as an industry? I mean, to me, I would think perhaps it's a signal that pumps are the way given that this is a business with flattish revenue focused on needles. But just curious to see how you guys are thinking about it up there. Thanks.\nShacey Petrovic -- Director, President and Chief Executive Officer of Insulet Corporation and Director, Exact Sciences \nSure. Yes, Ravi, good question. I mean I think you're right. We certainly believe and we've been very public about our belief that this market will double and that we're going to take a very exciting position in this fast-growing market and that is being driven by so many things. We've talked about what's been happening with CGM adoption. It's actually almost breathtaking when you look back five years and think about what's happened to the blood glucose monitoring business and what's happened with CGM. It's been a pretty remarkable transformation in the market and the value of real-time CGM data and what that has meant in terms of technology integration and techn" ]

[ 0, 0 ]

[ "Kevin Garibo hasn't known life outside a hospital. Born three months ago with respiratory issues, he needed a procedure to breathe on his own. Nurses prod at him, medical machines hum around him and tubes are more present than teddy bears. But in the arms of Chris Haack, who strokes his cheek and speaks in a soft whisper while rocking him in a chair, little Kevin is one blissed-out baby. Haack, a retired nurse from Roswell, Georgia, is a trained volunteer with \"Baby Buddies,\" a program in the neonatal intensive care unit at Children's Healthcare of Atlanta at Egleston. As nurses race around administering medical care, she can comfort the tiny patients and stand in for parents who can't be there all the time to give the positive attention -- not the attention associated with pain or discomfort -- that is key to a baby's development and integral in forming trust. \"They need to be touched, they need to be loved, and that face -- that's why I do it,\" Haack says, peering down with a smile at Kevin, whose eyes are locked on hers. \"I get more out of it than I probably give.\" Studies show that giving, which extends beyond packages wrapped in ribbons, does a person good. In this holiday season, CNN introduces with this story a special series we're calling \"Giving in Focus: The 12 Days of Goodness,\" in which we'll highlight acts of kindness and generosity that we hope will inspire. Has someone done a good deed for you? Share your story One person who can attest to the power of giving is Cami Walker, a 36-year-old woman who received a prescription to give when her multiple sclerosis, a diagnosis she got at age 33, left her a physical and emotional wreck. She could barely get out of bed, and yet Mbali Creazzo, a friend and spiritual mentor, single-handedly killed Walker's pity party. She said, \"'Cami, you really need to stop thinking about yourself. ... You're feeding this disease,'\" Walker remembers. \"She said, 'I have a prescription for you. Give away 29 gifts in 29 days.' \" Creazzo, a South African born medicine woman who lives in Oakland, California, explained that the idea, rooted in indigenous practices, was taught to her, although the number of days prescribed may have been different. \"Altruism has been going on for thousands of years,\" said Creazzo, 58. ", "\"Why it's so powerful at this moment is because of what's happening in the world today. People are looking for that place inside of them where they are of some use.\" Walker, who lives in Hollywood, California, dismissed Creazzo's suggestion at first but came back to it when she realized she had nothing to lose by trying. What followed made her a convert to the idea. Whether she simply called a friend to offer support or bought iced-tea for a homeless guy on a hot day, the simple actions made a difference. She said her mood lifted, her ability to get around improved and the progression of the disease stopped. \"I don't see it as a cure. I still have MS,\" said Walker, who went on to write the best-seller \"29 Gifts: How a Month of Giving Can Change Your Life\" and create an online community at 29gifts.org, where Creazzo is also involved. \"I really don't think about the limitations of my disease. I wake up more focused on what I'm capable of.\" A long list of scientific and widely accepted studies point to the benefits a giver gets, said Stephen Post, author of \"Why Good Things Happen to Good People: How to Live a Longer, Healthier, Happier Life by the Simple Act of Giving.\" One study looked at preteens who'd first been surveyed in the 1920s in Berkeley, California. Those who displayed generosity and a giving attitude grew up to have lower rates of heart" ]

[ 0, 1 ]

[ "raditional incumbent VPNs. We will work with larger enterprise customers to help them mak the switch from legacy VPNs to faster, more reliable and cost-efficient SD-WAN-based solutions. We have seen the substantial benefits of migrating to the cloud inside our own business. So we fully understand the speed and productivity advantages that are possible. In addition, we will leverage strategic partnerships to ensure we move quickly with best-in-class solutions as seen with IBM on cloud solutions and AWS with edge cloud services. We are only at the beginning of fully understanding and deploying the potential of IoT across industry sectors. We already have a leading position in the automotive sector, in which, over 30 million cars are connected by Vodafone through our global leading platform that now has over 100 million connections.\nWe are now coupling our IoT expertise with 5G to offer mobile private networks. We are targeting 30 large-scale customer pilots across three industry verticals this year. We firmly believe that a greater focus on these emerging technologies will enable us to increase our share of the value chain in which we operate. Over the past two years, we have delivered a significant shift in our cost base and productivity through targeted deployment of digital technology. At our open office event in September last year, we showcased a number of advancements we are making to be the industry leader in this area, emphasizing at the time that this was a fundamental transformation of our operating model and not just cost cutting. This provides an important platform to make a step change in our ambition, driven by behavioral changes experienced over the last few months.\n", "Within customer management, we've delivered a 20% reduction in the number of calls over the last two years through initiatives, including the deployment of our AI assistant TOBi. We've also further optimized our branded retail store footprint with a decrease of 9% so far. In digital operations, we are now processing 80% of our payments in a touchless way. Through these activities and many more, we believe we will enhance the customer experience, improve customer loyalty, sell more services and ultimately deliver more cost savings. Our new cost target, which Margherita covered, means we will be taking out over EUR1.8 billion from our FY '18 starting point, a 20% structural reduction in our opex over five years. Over the last 18 months, we've executed a series of agreements across our markets to enable a mix of active and passive sharing of mobile network infrastructure. You will see from the map this supports our strong 4G coverage already established across our markets. During the year, we reached agreements in Germany with DT, TI in Italy, with all MNOs in the UK for enhanced rural coverage and extended the scope with Orange in Spain and O2 in the UK.\nComplementing our strong mobile coverage through a mix of direct cable and fiber ownership alongside strategic wholesale deals and regulatory access, we can market NGN broadband services to over 136 million homes across our markets in Europe. In addition, we are rapidly rolling out DOCSIS 3.1 across our cable networks, serving 32 million households with gigabit speeds on our own infrastructure, an increase from 24 million at H1. We're targeting to upgrade most of our 54 million NGN homes passed by 2023.\nI'd like to take a moment to reflect on the pace and sheer breadth of portfolio activity we've executed in the last 12 months. One of the most important transactions we completed during the year was the merger of our towers in Italy with INWIT, as they allowed us to engage with the European Commission to establish the right principles for network sharing in Europe. As you see from the chart, there has been a range of models discussed and we believe that a national passive share with active sharing outside of major cities remains the optimal target sites, providing a quicker, more optimal way to improve coverage and speeds, while allowing us to drive industrial synergies.\nIn return for our towers, we" ]

[ 1, 0 ]

[ "invest into. And those are interesting opportunities. So, we see 5G as an opportunity to allow us to really leverage some of the R&D scale that we have in mobile. And we see that we're going to take advantage of it and try to stay focused along the same way.\nCristiano Amon -- President\nSo, I was just going to add a few things. First, when you look at it as you mentioned the adjacent for us non-Apple when you exclude Apple even with some of the economic weakness, we're seeing -- we're still growing both Q2 and Q3 when we look at year-over-year as still double-digit growth. Some of those bets, very small but the trends are -- they are very good.\nI think I want to highlight a few that Steve mentioned on industrial. The alignment on our industrial bet with the 5G and the effect of 5G is going to go to many other industries beyond mobile. It's going to be a major tailwind to get a scale on industrial IoT. We see the same thing with the Cellular-V2X and it was going to be added to our existing digital cockpit in telematics business.\nOne data point that we didn't mention, we still haven't bet on computing. And you should expect to see in the second half calendar, our 8cx which is our first a Snapdragon dedicated for PCs with Microsoft. And that will be the first opportunity that we can start to see that investor materializing.\nNow going back to the front end, I believe that our position in 5G is differentiated. What's happening with 5G, the speed of the roadmap especially as you think of a number of antennas and carrier aggregation is moving faster than we saw with 4G. And the ability to design as a system and claim some of the real estate that you had on devices for the front end is giving us an advantage.\nWe're the only company now that actually has everything from digital to the antenna in house and that give us an ability to build on our strength of being a system versus just a component provider. And that materialize in the fact that every single 5G design now you'll find our front end and we expect that to continue.\nOperator\nThank you. Our next question is from the line of C.J. Muse with Evercore ISI. Please proceed with your question.\nC.J. Muse -- Evercore ISI -- Analyst\n", "Yes, good afternoon. Thank you for taking my question. I'll ask two, if I could. First one, trying to level set QTL revenues ex-Apple. So could you help me understand what catch-up payments input/output were related to ASC 606 and other kind of moving parts within that QTL for March and any expectations for June?\nAnd then the second question. Your goal I believe was $6.4 billion OpEx without excess litigation for fiscal 2019. Obviously we're coming above that because of the litigation. But as you look to fiscal '20 is that a number that we could get to considering that most of the litigation that we've been talking about is behind us now? Thank you.\nYes. So let me start with Q2. So we communicated in the prepared comments there was about $100 million of more than expected one-time or out-of-period in the QTL revenues of $1.12 billion. So that relates to I would say both ASC 606 adjustments for prior, as well as some one-time adjustments related to some cleanup from prior periods on a few programs.\nAnd then on a go-forward basis, our basis obviously with 606 is forecasting our revenues. There is always going to be some chance of true-up as we move forward and move from really actual that are based on somewhat of an estimate to final understanding of how quarters rolled out. So, Q3 nothing specific with respect to out of period. But we'll have some of that, I think every quarter just based on the nature of 606.\nThen with respect to the OpEx. So, yes, the target was to get to $6.4 billion. We do still have excess litigation. And as I said before, we expect to rely some of those litigation savings as we move into fiscal 2020, maybe somewhat offset by our need to invest a little bit more to support ramp of Apple.\nDavid Wise -- Chief Financial Officer\nYes. So let me start with Q2. So we communicated in the prepared comments there was about $100 million of more" ]

[ 1, 0 ]

[ "Sen. Barack Obama and Iraqi Prime Minister Nuri al-Maliki on Monday discussed a \"general time horizon\" for any American troop withdrawals from Iraq, al-Maliki's office said. Sen. Barack Obama rides in a helicopter Monday with Gen. David Petraeus in Baghdad, Iraq. Obama -- who has made ending the Iraq war a cornerstone of his run for office -- engaged in what were described as productive talks with al-Maliki during a trip to Iraq. The Iraqi government has been pushing for the United States to set a general timetable to spell out troop withdrawals. Iraqi Vice President Tariq al-Hashimi also met with Obama Monday and told reporters afterward they discussed the security agreement. \"I told Sen. Obama (that) Iraqi and American negotiations regarding this are ongoing, and today new Iraqi-American negotiations on this agreement have started with Iraqi written proposals and have a timetable for the withdrawal of U.S. troops from Iraq,\" he said. The Bush administration has opposed timetables for troop withdrawals. But al-Maliki and President Bush last week agreed to a \"general time horizon for meeting aspirational goals\" on troop cuts. The prime minister reiterated that principle with Obama, according to a statement from al-Maliki's office. \"Developments of the situation and the circumstances is what will decide the presence of foreign troops in Iraq, but without keeping open-ended dates,\" al-Maliki said, according to a statement from his office. \"With the developments on the ground, we can set a vision and clear horizons regarding this issue, and this is a view both sides agree on in the ongoing negotiations.\" Al-Maliki's office quoted Obama as saying he is \"supportive and committed to preserving the gains achieved by the Iraqi government\" under al-Maliki's leadership and that he admires the prime minister's courage. Obama has proposed withdrawing U.S. combat troops from Iraq within 16 months of taking office. Spokesman Ali al-Dabbagh said the Iraqi government's \"vision\" is that most U.S. combat troops would be out of Iraq by 2010. Asked if that stance is part of the current negotiations, al-Dabbagh said, \"No. This is the Iraqi vision.\" iReport.com: Tell us the most important thing the next president needs to know about Iraq A German magazine on Saturday quoted al-Maliki as saying he backed Obama's proposal, but al-Dabbagh has said that his remarks \"were misunderstood, mistranslated and not conveyed accurately.\" ", "In a statement Sunday, the magazine, Der Spiegel, said it \"stands by its version of this interview.\" In the magazine interview, al-Maliki did not indicate that he was endorsing Obama over Sen. John McCain, the presumptive Republican nominee. McCain does not think American troops should return to the United States until Iraqi forces are capable of maintaining a safe, democratic state. He has been a strong advocate of the \"surge\" -- the 2007 escalation of U.S. troops -- and has said troops should stay in Iraq as long as needed. Louisiana Gov. Bobby Jindal -- who's been mentioned as a possible vice presidential pick for McCain -- on Monday criticized Obama's push to remove troops in 16 months as an \"arbitrary timetable based on politics versus a plan based on the actual results on the ground.\" \"One of the reasons I'm supporting [McCain] -- he has made it clear he would rather lose an election than lose a war. He's made it very clear -- let's listen to the commanders on the ground,\" Jindal said on CNN's \"American Morning.\" McCain last week chided Obama for laying out his plans for Iraq and Afghanistan before talking to Gen. David Petraeus, the head of U.S. troops in Iraq. Obama met with Petraeus and Ryan Crocker, the U.S. ambassador to Iraq, in Baghdad on Monday. He also met with Tariq al-Hashimi, a Sunni Arab who is one of Iraq's two vice presidents; Lt. Gen. Lloyd Austin, commander of Multi-National Corps-Iraq;" ]

[ 0, 0 ]

[ "rowth. This is the second consecutive quarter you have had over 30% growth on a year-over-year basis. So can you just talk about how your products have evolved and what might be driving that inflection and growth?\nAndre Durand -- Chief Executive Officer\nAndy, this is Andre. Thanks for the question. Our product platform, the PingOne Cloud Platform is reaching a level of maturity. Now it's a combination of our Advanced Services coming online Q4 of last year, combined with several new services, some acquired some built organically, like Risk, Fraud, Verification, and those services coming online line as well. So it -- the story here really is the maturation of the Ping Cloud Platform being offered to existing customers, as well as new customers.\nAndrew Nowinski -- Wells Fargo -- Analyst\nOkay, great. And then, I want to ask about some of the recent acquisitions, including SecuredTouch in June and then now Singular Key here in September. How do you think those acquisitions fit into this product evolution, where your platforms headed to them? How should we think about the inorganic contribution from those acquisitions in 2022?\nAndre Durand -- Chief Executive Officer\nWe have always had a vision that identity needs to be intelligent, informed by risk and fraud signals to make better authentication and authorization decisions. So SecuredTouch is consistent with that. We had introduced PingOne Risk, which was a risk service for our workforce use case earlier in the year. SecuredTouch completes that by offering risk and fraud signals now for the customer and consumer use case. So the entire notion that we are building a virtuous cycle, where risk and fraud signals inform the identity control plane how to behave. It's also instrumental toward our password list vision, there is no way to achieve a password list experience without leveraging the implicit signals that are available to us, such that if risk is low and trust is high, we just let the user in, so to speak. So that acquisition was part of our strategy around an intelligent identity control plane.\n", "The Singular or this -- yes, the Singular Key acquisition is a little bit different. If you step back identity is an integration game. We are trying to connect everyone to everything, speed of integration, time to value and the flexibility with which companies can actually integrate, not just the basic, but the more advanced identity technologies is critical to all of these large enterprises. Singular Key allows us to achieve a 10x on the time to value and the speed to integration. And it does so because much of the historical coding, as we say, the point-to-point hard coding has all been done in now Singular Key. So it allows the business to design user experiences without coding. So identity is an integration game, time to value, speed to integrate really matters, Singular Key allows us to orchestrate all of these identity experiences without coding.\nAndrew Nowinski -- Wells Fargo -- Analyst\nThat's great. Any color on how we should think about their contribution in 2022 or is still too early?\nRaj Dani -- Chief Financial Officer\nYes. Hey Andy, this is Raj. It is a little early. We are just a couple of weeks and a couple months into the -- into these integrations. So our first order of business right now is to integrate them with our own SaaS platform and continue to build pipe. What I will tell you is that, there's a ton of excitement from our customers, from our sales force, and just generally in the marketplace around these solutions; so just watch the space.\nAndrew Nowinski -- Wells Fargo -- Analyst\nSounds good. Thanks very much.\nAndre Durand -- Chief Executive Officer\nThanks, Andy.\nRaj Dani -- Chief Financial Officer\nThanks.\nOperator\nWe have your next question from Adam Tindle with Raymond James. Your line is open.\nAdam Tindle -- Raymond James -- Analyst\nOkay, thanks. Good afternoon. I wanted to start on ARR. Last year you had just over $250 million and based on guidance this year, it's going to be just over $300 million. So I look at the new ARR that you are adding about $50 " ]

[ 0, 0 ]

[ "xpect that it could be a significant contributor to both filter volume and revenue in calendar 2022 and beyond. As we have previously discussed, we have dedicated engineering resources to the development of advanced chip scale packaging or CSP and wafer-level chip scale packaging or WLCSP to address the next-generation 5G mobile market. In the beginning of the March quarter, we announced that we had designed and process locked our first WLCSP product and we continue to work toward the qualification of this new packaging technology.\nThis morning, we announced the introduction of our second chip scale package, one which is suitable across multiple XBAW devices in the end markets and is slated for inclusion in an upcoming WiFi 6E CPE with a Tier 1 enterprise class customer. We have recently taken significant steps to strengthen our supply chain during the March quarter and once qualified and released, both new packages will be able to address the mobile device market across our entire product line, given the significantly smaller footprint of our new packaging solutions, delivering a one-to-one ratio to the size of the die. To summarize our 5G mobile activity, we have multiple customer-funded XBAW filters in design. We have announced three customer engagements, two Tier 1 RF component companies and one leading RF front-end module maker, and all three customer engagements are actively engaged with either our design or manufacturing teams.\nAnd finally, we have just completed the development of our second chip scale package and are working toward creating a more robust supply chain for wafer-level packages in the second half of calendar 2021. Next, I would like to discuss our opportunities in 5G network infrastructure. Wide bandwidth, high-power handling, low insertion loss and high out-of-band rejection are the core filter performance requirements for 5G network infrastructure, Akoustis is ideally positioned to grow its market share in this segment, given our small Form factor solutions and our growing portfolio of RF filters above three gigahertz, where 5G is being deployed worldwide. We are currently designing and/or shipping filters in three main segments of the 5G infrastructure market, including small cell base stations, massive MIMO base stations, and Citizens broadband radio service, or CBRS equipment, the FCC C-Band auction for 3.7 to 3.98 gigahertz spectrum began in December and raised over $80 billion on a new sub 6 gigahertz 5G spectrum in the United States.\n", "This has created yet another 5G network infrastructure opportunity for Akoustis and we expect to demonstrate XBAW filters addressing this new 3.8 gigahertz spectrum in the June quarter. We have several active engagements from OEMs that are targeting rollouts in calendar 2022 and beyond. We continue to ship XBAW filters to our Tier 1 5G small cell network infrastructure customer in support of its initial ramp we have shipped a total of four filter products to this customer and have thus far received three design wins. The production ramp with this customer is presently slower than previously expected given operator driven network deployment priorities and timing changes, but we will continue to expect to ramp production with multiple filters with this customer in the current calendar year.\nThe ramp timing of our second small cell 5G network infrastructure customer has similarly been affected by operator driven network deployment priorities and timing changes but we expect volume shipments to begin in the second half of calendar 2021. The Citizens Broadband Radio Service, or CBRS, has emerged as a new market for Akoustis after the spectrum auctions that occurred last summer. We continue to believe that the successful utilization of the CBRS bands within the 5G network will require a significant amount of high-frequency filters and recent customer design activity continues to support this thesis. We design locked our first 3.6 gigahertz CBRS XBAW filter in March of 2020 and announced our first order from a distributor in the September quarter to support promotion " ]

[ 1, 0 ]

[ "d like that might be in Asia or other regions. Could you just expand on that, given how important the global development is to your long-term story?\nCharles R. Morrison -- Chairman, President & CEO\nWell, I think I would call out two specific areas, although we're seeing interest all over the world. Asia certainly is a market that has a great opportunity for us. We've talked about our desire to expand in China long term. That doesn't happen overnight as we all know. So it's going to take us some time. But the other part is Western Europe. We really believe what we've learned already with our market entries in France and the U.K. is that we have a great opportunity to expand this brand. Those are markets that we can offer a premium price with a heavy digital focus. And I think the focus on digital from the expansion through the pandemic is going to be to our benefit long term in a lot of those markets. And then obviously, we announced that we signed a deal in Canada for 100 locations that will start in Toronto, another city that fits the model perfectly.\nSo we're continuing to engage with the leads and hope to -- the biggest challenge if there is an obstacle is just reopening these markets and getting people back. It's not like the U.S. right now. And so there is a lag but once that lag is addressed, I think you'll see we continue to expand quickly.\nBrian Michael Vaccaro -- Raymond James & Associates, Inc. -- VP\nAll right. That's helpful. And then the follow-up, can you just expand a little on how Thighstop is performing since its launch about a month ago perhaps you could ballpark weekly sales run rates or when you expect to begin collecting royalties versus that $100 million threshold? And how will you report Thighstop's results starting in the third quarter? Thank you.\nCharles R. Morrison -- Chairman, President & CEO\n", "Yes. We historically don't provide specific product reporting or mix reporting. That's just been a staple for us for a long time. I think the key to Thighstop is every order is beneficial to our long-term strategy for our supply chain and making sure that we focus on the whole bird. I think as it relates to the revenue, we're very pleased. It's in line with where we expected the product to be in a very narrow focused channel through DoorDash. So we expect to bring this back into the Wingstop brand, make it available through our app, and I think that's going to really continue to drive the revenue for Thighstop. But at this point, we're very pleased with where it stands.\nBrian Michael Vaccaro -- Raymond James & Associates, Inc. -- VP\nThank you.\nOperator\nThe next question will come from Jake Bartlett with Truist Securities. Please go ahead.\nJake Rowland Bartlett -- Truist Securities, Inc. -- VP\nThank you for taking my question. My question was about the company-owned development in New York City. I believe you mentioned that there's 25 trade areas that you've identified. And just to clarify, that would imply 25 openings. Just want to make sure that is the case, including ghost and retail stores? And then also, I know it's -- I know you haven't opened any yet, but -- any idea on what that does to the margins? If that's the kind of addition, certainly, it's going to have a big impact on the company sales and company margins. Given the high margins, it seems like you're going to get at the ghost kitchens. How much should this kind of change just the restaurant level margin profile of the company in the next year or 2?\nCharles R. Morrison -- Chairman, President & CEO\nSo the answer to the first question is yes, those 25 are anticipated to be 25 openings and we'll get them open as fast as we can. And I think as it relates to the margin structure, it certainly has the potential to be accretive and supportive of higher margins for the company-owned operations. We have already 30-plus company-owned restaurants out there, and they're very strong volumes with a lot of leverage through the P&L. So I wouldn't look to a meaningful change in that for some time in terms of the overall margin structure. But yes, they do have " ]

[ 1, 1 ]

[ "little bit faster, maybe eight years. But I encourage you to look at the at the 6G white paper published by Samsung, which is publicly available and to get a flavor on how the entire world is already moving to the next step. So when you talk about the cycle, the cycles on next-generation wireless connectivity hasn't really finished the 4G yet.\nWe are talking about 5G now and others, a lot of people talk about 6G, too. So it's not going to end quickly because the need for connectivity increases and continues to increase and drive the new requirements that need new solutions. And so there will be ups and downs, of course, over time. But I think the much denser type of network connectivity that is required by the 5G infrastructure, I think, will require volume deployments that we haven't obviously experienced in the past.\nAnd of course, with that, all the data storage increase in worldwide will also require an increased level of connectivity that it just wasn't there in the past. So I think the demand will be very healthy for quite some time.\nChris Rolland -- Susquehanna International Group -- Analyst\nThank you guys.\nOperator\n[Operator instructions] Our next question comes from Mark Miller with The Benchmark Company. Your line is now open.\nMark Miller -- The Benchmark Company -- Analyst\nWanted to talk about 3D Sensing. Typically, September quarter is the strongest, but there's some belief that some of this demand will be slipping into the December quarter. Is that your perception?\nMary Jane Raymond -- Chief Financial Officer\nWell, go ahead, Giovanni.\nGiovanni Barbarossa -- Chief Strategy Officer and the President\nI'm sorry, you were talking about the 3D Sensing?\nMark Miller -- The Benchmark Company -- Analyst\nYes. Typically, September is strongest, but some of that now might be shifting more into December than traditionally?\nGiovanni Barbarossa -- Chief Strategy Officer and the President\nI don't know, I don't see that. But we have a multiple design wins that are ramping. And so I don't believe there will be any particular pattern of shipments and so forth other than maybe what we experienced in the past. I think some of the designs will balance with each other in terms of the demand and the pull in.\n", "So I think it will be I would expect a similar ramp and the similar demand that we've seen in the past. I think volume-wise, for us, we expect, as we said, we expect to continue to gain share over time. We have been doing it, as you can validate with the growth rates we have reported quarter-over-quarter, year-over-year. Obviously, we are growing much faster than market, much, much faster than that.\nSo we expect that, that is an indication of a share gain, and we continue to do that.\nMary Jane Raymond -- Chief Financial Officer\nLet me just add to that before we finish up, and Mark, I'll give you your follow-up. But at least for the last two years for our company, maybe for all the years we've shipped, the 12/31 quarter has consistently been stronger than 9/30. So that's what made Q3 and Q4 3/31 and 6/30 being higher than the 12/31 kind of remarkable. But generally speaking, we have not actually seen all the shipments going out in 9/30 quarter.\nSorry, Mark, go ahead.\nMark Miller -- The Benchmark Company -- Analyst\nLast question for me is ROADM, I assume that was strong. Any color on that?\nMary Jane Raymond -- Chief Financial Officer\nSo yes, so go ahead, Giovanni.\nGiovanni Barbarossa -- Chief Strategy Officer and the President\nYes. Yes, absolutely. ROADM is an integral part of out in traffic at the fiscal layer, as you know. And as I said, the new network architectures out there that require way more flexibility to provision traffic at the right place at the right time, really increased the demand for the kind of products versus the previous network architecture.\nSo it has been very strong for us.\nMark Miller -- The Benchmark Company -- Analyst\nThank you.\nOperator\nThank you. This concludes the question-and-answer session. I would now like to turn the call back over to Chuck Mattera for closing remarks.\nChuck Mattera -- Chief Execu" ]

[ 1, 0 ]

[ "ancial Officer\nThank you, Natalie. I'll address the first question and then Xueling David will address the second one. So in terms of the Likee MAU, you are right, we achieved over 100 million MAUs. In the top five countries, those as we said before, it's -- are India, Indonesia, Russia and some of the other developed and emerging markets. And you asked about the penetration rate. What I can tell you, if we look at the industry landscape or the short-form video market in global markets, except China are very -- I'd say, relatively low penetrated. My take would be less than 10% penetration in terms of mobile Internet users. So from that perspective, we are seeing massive opportunities and potential across all those emerging market developed world. As David mentioned in the last question that we truly believe short-form video is just starting to take-off globally. So we are very excited in terms of the penetration of future market potential.\nDavid Xueling Li -- Chairman of the Board and Chief Executive Officer\n[Foreign Speech]\nThis is David. Let me address your second question. So, we truly believe in the next year or even the longer period, our key focus as well as major energy allocation will be into the short-form video arena. Because based on our understandings, definitely the short-form videos will be further improve our comprehensive capabilities for the whole companies. That's also the major reason why we took the short-form video as one of the key strategies for the corporation.\nIf we look at the international development in terms of short-form video content, which we believe it will be in the future, it will be similar as China, which means every person will be use of the short-form video apps. So our ultimate penetration rate for the short-form videos will be very similar as the social media or even social network products. And this trend actually already happened in China. But we -- I'm afraid, actually for the rest of the world, probably still a lot of people still catching that in terms of the future of the short-form videos. So based on our understandings, which we believe this is a historic opportunities for the Company.\n", "So in the next one or two years, so we will continue to develop our short-form video apps in order to catch those massive market opportunities. That's the first part. And second part, after we have a development of the short-form video content as well as, it also will back train of our AI capabilities and train our teams, because as I mentioned previously, the AI technology actually has been -- the short-form video actually has been used most of the AI capabilities in the market.\nAnd if we look at the nature of the short-form video, it's -- actually, already quite similar as a reality world. The only difference will be a camera, right? So understanding about the short-form videos will also represent understanding of the reality world through of the AI capabilities. So once we have the industry-leading of the AI technology -- capability has been established, is that actually give us more opportunities to grab of the future opportunities within of the sector. So that's a major reason why we will keep on -- keep most our energy focused on the short-form video development in the future. Thank you.\nOperator\n[Foreign Speech]\nOur next question comes from Lei Zhang from Bank of America. Please go ahead.\nLei Zhang -- Bank of America -- Analyst\n[Foreign Speech]\nThanks management for taking my questions. Congrats on the strong results. The first question is on the overseas competition, maybe with TikTok, our launch year management's updated view on the competitive dynamics and your recent user channel in lieu [Phonetic] of the acquisition and last year short-form videos spending overseas? And second question about Likee's or short-videos record lower rates. You can see there what has happened, though, with TikTok. Thank you.\nDavid Xueling Li -- Chairman of the Board and Chief Executive Officer\n[Foreign Speech]\nThis is David. Let me address your question. So in terms of the short-form video competition," ]

[ 1, 0 ]

[ "en in the less number of days that they're sensing for.\nWe've got to continue to educate and create awareness around that potential. On the international side, I think of international, not as a significant driver of growth just yet. Obviously, the only place we're doing any meaningful business there right now is in the U.K., and that's still in a hyper-growth mode, but we're working through the scenario right now where we're trying to get put in place permanent reimbursement long term. We're still working underneath that AI award in that country.\nNow we have started to target the private sector as well, which will bring with it some nice growth. But I think it's more of a let's wait and see how that plays out versus get out ahead of ourselves with respect to those expectations. I think longer term, international is going to be a meaningful contributor to overall growth for the company. But the reality is most of that is going to be a market access effort opening up opportunities over the course of this year and revenue probably doesn't really start to come from those efforts until the back half of 2023 most likely as we start to target new additional countries that we're going to take the product into.\nI think for the year, international is going to be -- not going to be a huge driver of growth, but there will be a tremendous amount of opportunity going on there that sets it up for being a nice driver of growth into the future. \nDavid Rescott -- Truist Securities -- Analyst\nOK. That's helpful. I guess just to clarify, the 20% plus growth rate is total blended growth for volumes, not specifically to Zio XT?\nDoug Devine -- Chief Operating Officer and Chief Financial Officer\nThat's right.\nDavid Rescott -- Truist Securities -- Analyst\n", "OK. I guess just on the commercial front, I know you've always talked about in the past how there is the thought that commercial payors may ultimately adjust their rates based on what the NCD rate comes out to be. If we think about a rate in 2023 from NCD regardless of where that rate is or direction of where that rate goes, do you think the commercial payors at this point would shift their rates toward a national coverage decision, whether it's one and a half or 1.25 times that of CMS? Or do you think that commercial payors at this point likely have determined the rates at which they would continue to maintain on a go-forward basis and just after there is an NCD? \nQuentin Blackford -- President and Chief Executive Officer\nYeah. My view is, generally speaking, the commercial payers understand the value of this product. And they've consistently looked at this product differently than what CMS or the MACs had done historically. Now I do think CMS and the MACs are coming around to understand it differently than what they had historically, and you hear that now in those conversations with those parties where they will describe the Zio product for example as being very different than traditional Holter monitors.\nWe know that CMS and the MACs have come around to look at this a little bit differently. And I think the commercial payors have always sort of taken the position from the very beginning that they see us differently. And that's why you didn't see them make any drastic reaction to the CMS or the MAC rates in the past. They were clear that they thought that CMS and the MACs would come around to see this in a different light, and I think that's what we've seen.\nI believe commercial payors, again, they understand the value for what it is. I don't see a lot of significant concerns around getting a national rate locked in and then seeing pressure on the commercial business. That's just not the way the majority of those discussions are going. Are there a couple of commercial payors here there who might peg their rate directly to the CMS? There are, but those are not significant volumes and significant payors for the most part.\nAnd I feel like we've navigated that very well historically. The other thing that I think is interesting, and we'll spend more time talking about this into the future, but I'" ]

[ 1, 0 ]

[ ", the impact of the COVID-19 pandemic on our business, thus far, has been modest. We are pleased to see our global infrastructure assets play such a critical role in keeping people connected through this difficult time. And in closing, I will make two final points. First, we are energized about the United States as we look out over a multiyear period.\nWe expect the new wireless landscape to drive higher levels of network deployment activity as C-band spectrum becomes available, DISH begins rolling out their network and 5G activity across the industry ramps up. And second, our international markets also show great promise as our primarily large multinational tenants continue to invest heavily in their networks, including around $30 billion expected in 2020. Networks across the globe are seeing tremendous growth in mobile data usage as consumers gain access to advanced handsets and applications, and we expect a long cycle of carrier capital spending to support these trends. From our vantage point today, we continue to be excited about the future of wireless communications and the central role our real estate will play.\nWith that, operator, will you please open the line for questions?\nQuestions & Answers:\nOperator\nThank you. [Operator instructions] Your first question comes from the line of Matthew Niknam. Please go ahead.\nMatthew Niknam -- Deutsche Bank -- Analyst\nHey, guys. Thank you for taking the question. Just two, if I could. First, on the U.S., if you can give us any additional color on what you're seeing in your discussions with the new T-Mobile, whether this delay is really timing related or have there been any changes in terms of spending plans in there and relative to earlier expectations? And then just secondly, on the ATM Program, can you help us think about the investment opportunities you're evaluating and the decision to use equity, and the potential means of funding this relative to the debt you've traditionally used, given where your leverage sits today? Thank you.\nTom Bartlett -- President and Chief Executive Officer\nYes. Matt, this is Tom. On the T-Mobile side, based upon everything that I think they've said publicly, I think it's fair to say that it really is just timing. And they're working through all their plans.\n", "They closed their deal in April, and then settled their transaction with DISH not that long ago. So we believe it clearly is timing and are looking forward to really supporting them as they continue to really build out their network even further. On the ATM side, really, it's good plumbing. It really is just having more flexibility.\nIt's not a significant number, clearly, compared to general ATM Programs as part of market cap. So it really is just kind of good plumbing to have a flexibility of having access to a number of different sources of capital.\nMatthew Niknam -- Deutsche Bank -- Analyst\nIf I could just follow up. Go ahead, Rod.\nRod Smith -- Executive Vice President, Chief Financial Officer, and treasurer\nI'm sorry, Matt. Yes, let me just add a couple of points on the U.S. growth. No.\n1 is, everyone kind of saw the slowdown from T-Mobile toward the middle to third quarter of last year. Now that we're almost lapping that slowdown, that's where — the further away from the beginning of that slowdown, the bigger impact that it has on the organic tenant billings growth deceleration. So the fact that they haven't started up yet is that's causing us to reduce our outlook from above 5% down to about 4.5%. And the other expectations in the U.S.\nindustry remain the same. So we haven't seen any changes in our expectations relative to the other carriers or anything else going on in the U.S. It really is isolated to the new T-Mobile and the timing of when they begin spend.\nMatthew Niknam -- Deutsche Bank -- Analyst\nThat was going to be my follow-up. Appreciate it. Thank you.\nOperator\nYour next question comes from the line of Batya Levi. Please go ahead.\nBatya Levi -- UBS -- Analyst\nGreat. Thank you. Just to follow up on the U.S. activity.\nCan you provide an update on how you think about the poten" ]

[ 0, 0 ]

[ "BANGKOK, Thailand (CNN) -- Bedraggled, hungry and dazed, the refugees arrived on the shores of Thailand after fleeing one of the most repressive governments in the world -- the hard-line military regime in Myanmar, also known as Burma. This picture provided to CNN is said to show refugees being towed out to sea by the Thai army. But a CNN investigation has uncovered evidence that for hundreds of Rohingya refugees -- members of a Muslim minority group -- abuse and abandonment at sea were what awaited them in Thailand, at the hands of Thai authorities. Extraordinary photos obtained by CNN from someone directly involved in the Thai operation show refugees on their rickety boats being towed out to sea, cut loose and abandoned. One photo shows the Thai army towing a boatload of some 190 refugees far out to sea. Watch the backstory on the investigation » For days, accusations have been carried in several regional papers that the Thai army has been systematically towing boat-loads of Rohingya refugees far out to sea and setting them adrift. The army denied it, and the Thai government has launched an inquiry. CNN's investigation -- based on accounts from tourists, sources in Thailand and a Rohingya refugee who said he was on a boat towed back out to sea -- helps to piece together a picture of survival thwarted by an organized effort not just to repel arriving refugees, but to hold them prisoner on shore, drag them in flimsy boats far out to sea and then abandon them. Watch CNN's investigation into reports of refugees being set adrift » Three tourists recently voiced concern to CNN over what they had seen -- and in some cases photographed -- near Thailand's tourist areas. One tourist provided CNN with photos last week of refugees detained by Thai authorities on a beach near a tourist site, with the refugees prone on the sun-bleached sand while guards stood nearby. \"Whenever someone raised their head or moved, they [guards] would strike them with a whip,\" said Australian tourist Andrew Catton. A CNN crew traveled to a remote stretch of the Thai coast four hours north of the tourist island of Phuket to investigate the growing reports that the Thai military was secretly detaining Rohingya refugees before towing them out to sea and setting them adrift. In an isolated beach area, debris including sandals and campfire remnants indicated that large numbers of people had been there but were nowhere to be seen. The crew then traveled to a nearby island, where residents reported that refugees who had escaped were living in the jungle. ", "In one hamlet, villagers had captured a Rohingya man they believed had been living in the jungle for days. The refugee, who identified himself as Iqbal Hussain, told CNN he was on one of six boats in a makeshift refugee fleet that arrived in Thailand in December. He said all six boats with their refugee cargo were towed back out to sea in January, and five of the six boats sank. His boat made it back to shore, and he hid in the jungle for days until nearby villagers captured him. In broken English and using sign language and drawings, he described what happened to the other men on the boats: \"All men dead,\" he said, putting the number of dead at several hundred. The Rohingya, a persecuted minority in Myanmar, have been fleeing their country in rickety boats for years, in search of a better life. In Thailand, many instead have found deprivation and the possibility of desertion far off shore, according to the CNN investigation. The source who provided CNN with photos of refugees in a boat being towed out to sea stressed that the Thai army had given the refugees food and water, but he also confirmed that the boats had been pulled for more than two days into international waters before they were set adrift. His account directly contradicts briefings by senior Thai army sources who denied any such operation was undertaken. A source in the Thai military, after extensive questioning, did confirm to CNN that the Thai army was operating a dump-at-sea policy. But the source defended" ]

[ 0, 0 ]

[ "are these growth investments mainly a 2022 phenomenon? Or would you expect them to -- I mean, I guess, outside of the U.S.\nsemiconductor capacity expansion, I mean, would you expect some of the growth investments this year in Advanced Surface Technologies to continue into next year?\nMilt Childress -- Executive Vice President and Chief Financial Officer\nWell, you hit the big one. The big one that we're expecting is the -- what's happening in the U.S. in the semiconductor industry. So if you exclude that, then the way I would describe it is we'll always be investing in growth ahead of the growth.\nSo there's always going to be some element of that. It just happens to be a little bit more significant, given where we are currently in this segment. So I think that's the way I would describe it.\nJustin Bergner -- Gabelli and Company -- Analyst\nOK. Great. That's helpful. And switching back to costs, how would you describe where we stand today, the relative headwinds associated with the three major cost components, inflationary cost of materials, labor and freight? And how is that view of those different headwinds maybe evolved over the last three months?\nMilt Childress -- Executive Vice President and Chief Financial Officer\nWell, I'll just add context, and then I'll invite Eric to jump in. And I'm going to give you a little walk through from where we were last year. Last year, we had really good experience more than covering cost increases during the first half of the year. And then in Q3, we still were fine.\nQ4, we were -- it became a little bit more challenging. And then I would say, in this quarter, the challenge was more significant overall because we're seeing not only material cost increase, but we're seeing the effects of wage increases and continued freight increases. And now with what's going on in China and the ports being locked up and what's happening in Ukraine, we think it's likely that those pressures will continue to affect the economy, which is one of the reasons why we have not adjusted guidance, as I mentioned earlier. So that's kind of a little bit of a look back at last year and then the trends this year.\nEric Vaillancourt -- President and Chief Executive Officer\n", "Yes. So if you think about it this way, we implemented price increases in January 1 in the heavy-duty truck market. We did it again in March, and we have another one announced for June 1st, and the rest of our business is July 1st. So I think we've caught up in general, other than the heavy-duty truck market.\nAnd I think we're caught up now as long as things don't go crazy again in the next quarter. The other thing that's happening, and it's a smaller effect, is just a little bit more inefficiency. And it's really just due to supply chain. When things aren't available, you're not as efficient as you were before.\nSo you're really moving around the plant more often and able to have the lines -- larger runs or things like that. So there's a little bit of inefficiency that's piled in there. It's not price. We're trying to capture that.\nAs supply chain improves, that will improve as well.\nJustin Bergner -- Gabelli and Company -- Analyst\nGreat. That's very helpful color. One last question. You called out corporate expense being up, and I wasn't sure if you were trying to suggest this is sort of a new higher run rate or that you're trying to suggest it's not a new higher run rate.\nAnd then in the description, you mentioned acquisition divestiture expenses and restructuring expenses, but I thought that's not part of corporate in your adjusted EBITDA calculation. So just any clarity there?\nMilt Childress -- Executive Vice President and Chief Financial Officer\nYes. I'll take the last question first because it's a good question and can create some confusion. So corporate expenses, when we report the GAAP -- the total number, and it is correct that the M&A portion that goes into corporate expenses that resulted in some increase year over year is adjusted out for adjusted EBITDA. But when we talk about corporate expenses, we're talking about all expenses.\nAnd so" ]

[ 1, 0 ]

[ "diary. And Geoverse has begun deploying into several verticals and is also partnering with multiple players interested in taking advantage of its network layer solution. What we see is the next stage of industry development of in-building and enterprise solutions is still early in its development, but we and many other participants expect things to move fairly quickly in 2020 and certainly 2021 with the advancement of the CBRS and 5G technology ecosystems. And as building owners and occupants realize, there is a much more powerful, secure and reliable solution than Wi-Fi available.\nIn renewable energy, while the revenue was relatively immaterial on a consolidated basis, the team was busy pursuing two large builds for top-tier corporate off-takers, and we hope these activities lead to a larger contribution as we get deeper into 2020. And as noted in our press release, we have invested approximately $32 million over the past three years and four early stage companies with telecom technology or services business models. In rough order of investment size, these include an international communications tower and neutral host company, two wireless technology companies and a developer of a new satellite antenna technology. While this company features still in relatively early stages of development, we are optimistic about creating shareholder value here, both through financial returns and through the contribution, in some cases, of technologies or solutions that leads to other business success at ATN.\nWe've also made controlling investments in several other businesses, including a private LTE in-building company and managed and cloud services business and long-haul fiber initiatives. The managed services business, Fireminds, is growing nicely for a young company and is contributing to the product set of both our international and U.S. telecom businesses. The fiber business is in protracted discussions with customers and what unsurprisingly is proving to be a long sales cycle business.\nThe in-building company, Geoverse, which I just discussed, has developed a strong solution and positive momentum. So to summarize for the quarter, I think the key takeaways are, while operating income and net income were negatively impacted by some impairments and other losses related to certain of our minority and overseas investments, our largest businesses performed well. And we were able to continue the positive momentum in our telecom segments through year end, and our visibility is quite a bit better today than it was a year ago. We like where these businesses are right now, and we expect continued positive comparisons as we move into 2020.\nAnd with that, I'll hand it back to you, Jeff.\n", "Justin Benincasa -- Chief Financial Officer\nGreat. Thank you, Michael. Just beginning with some of the relevant financial data. For the fourth quarter, total consolidated reported revenues were $112.1 million, up 4% from last year's reported total of $107.8 million.\nAdjusting for the sale of the U.S. solar portfolio completed in late 2018, revenue increased 7% from last year. Throughout the year, we consistently reported steady revenue growth and improving profits from the international telecom segment. The U.S.\ntelecom segment also showed significant improvement this quarter over last year, and its revenue and EBITDA performance in the second half of the year was up 27% and 140%, respectively, from the first half of 2019. This reflects the benefits from the CAF II Federal Support Award that we won in 2018 and increased wholesale revenue as part of the FirstNet transaction. Consolidated adjusted EBITDA for the quarter was $28.5 million, an increase of 22% over 2018 adjusted EBITDA of $23.4 million. Adjusting for the sale of the U.S.\nsolar portfolio, adjusted EBITDA increased 39% year on year. Looking at the segments and starting with the international telecom. Starting with international telecom, fourth-quarter revenues were up 6% to $83.1 million from $78 million last year, and adjusted EBITDA increased 29% to $26.6 million from $20.6 million. As Michael ment" ]

[ 1, 0 ]

[ "ng early. And that's been really exciting. So we're really excited about multiple avenues in generating growth in 2022.\nJosh Jennings -- Cowen -- Analyst\nGreat. And then one last later on pipeline, captured coming on board. Any way you can detail when that -- I guess the full launch of the integrated platform could occur? NTAP is kicking in here, or just did. Then any other software or next-generation platform updates and just in terms of timelines, we should think that could catalyze -- new technology actually could catalyze stronger adoption utilization trends. Thanks again.\nTodd Fruchterman -- President and Chief Executive Officer\nSure, Josh. Thanks. We're -- like I said earlier on the call, we're on track for the launch with Caption in the winter. This year, we're excited about bringing it into the market. And we're really excited about bringing into the market, because I think it's really just -- example 5 where we've been talking about which is taking the burden onto the device and away from the user and really getting it less about doing procedures and ultrasound and more about information and decision-making.\nAnd we think Caption really helps us demonstrate that and allows people to think about that information and influencing care decisions earlier and differently than they have in the past, because this information available that wasn't readily available broadly across that clinical situation. And so we're excited about that. You'll see that in the winter coming out here.\nAnd then as it relates to just our development pipeline, we're really excited about and I spoke about this in the call. The great progress that our technical teams have been making. We've Andrei has come in, the technical teams are realigned and I think we're making a lot of progress on our software. We're getting very close to our customer needs and being very customer-centric.\nAnd I think you'll see the normal cadence of us with software releases coming out in a timely fashion here in the near future. And then hardware releases, like we've said, in that couple year timeframe as we look at where our evolution of our technology continues to open up the differentiation and enable value creation across the continuum was getting ultrasound technology. So you were really excited about how our technical organization is performing.\n", "And I think we're bringing it all together, Josh, with that behavioral change with ease-of-use and we're starting that journey as the technical pieces are taking -- helping the device take more of the burden, we're really leaning into our clinical organization and generating data and our clinical education, helping users incorporate this technology and information into their clinical practices. And that's really where our lean for 2022 is to help accelerate our growth.\nJosh Jennings -- Cowen -- Analyst\nExcellent. Thanks so much.\nOperator\n[Operator Closing Remarks]\nDuration: 53 minutes\nCall participants:\nAgnes Lee -- Investor Relations\nTodd Fruchterman -- President and Chief Executive Officer\nStephanie Fielding -- Chief Financial Officer\nMatt Taylor -- UBS -- Analyst\nJosh Jennings -- Cowen -- Analyst\nMore BFLY analysis\nAll earnings call transcripts\n\n\n\n\n" ]

[ 1, 0 ]

[ "s to cloud and HPC customers.\nWe are very pleased with the performance of Milan. We conducted the first public preview of Milan at CES, highlighting 68% better performance compared to two of the highest and dual-socket processors from our competition when running a compute-intensive weather modeling simulation. We're on track to publicly launch our third-gen EPYC Milan processors in March with very strong ecosystem support. In summary, our strong 2020 results and 2021 guidance demonstrate the growing momentum for our leadership product portfolio and the robust demand for high-performance computing.\nIn the last year, we have all seen firsthand the essential role high-performance computing now plays in our daily lives. And we expect adoption to accelerate over the coming years as we enter a high-performance computing megacycle, driven by the growing adoption of cloud computing services, accelerating digital transformation of industries and experiences, the transition to exascale supercomputing, and the mainstream adoption of AI. Against this backdrop, we are very confident we have the right long-term strategy and capabilities to deliver a strong cadence of leadership products and make AMD the premier technology growth franchise. Longer term, our strategic acquisition of Xilinx further strengthens our technology capabilities and positions us well for growth across a broader set of markets.\nWe passed several important regulatory milestones to date and remain on track to close the transaction by the end of 2021. I am very proud of what AMD has accomplished over the last few years as our talented and dedicated employees established a new pace for innovation in the high-performance computing industry. I'm even more excited about what we can accomplish over the coming years based on our roadmaps and the strong opportunities we see to play an even larger strategic role with our customers and partners. Now, I'd like to turn the call over to the Devinder to provide some additional color on our fourth-quarter and full-year financial performance.\nDevinder.\nDevinder Kumar -- Executive Vice President, Chief Financial Officer, and Treasurer\nThank you, Lisa, and good afternoon, everyone. 2020 was an outstanding year for AMD. Our industry-leading product portfolio and market share gains drove record annual and quarterly revenue with full-year revenue growth of 45%. We also achieved record annual net income and free cash flow.\n", "We are pleased with our strong performance and the leverage in our financial model. Fourth-quarter revenue was $3.24 billion, up 53% from a year ago and up 16% from the prior quarter, driven by strong sales of Ryzen and EPYC process and semi-custom game console SoCs. Gross margin was 45%, approximately flat year over year. Operating expenses was $789 million, up 45% year over year, driven by increased investments in R&D, go-to-market activities, and higher variable employee compensation-related expenses.\nOperating income was $663 million, up $258 million or 64% from a year ago, driven by significant revenue growth. And operating margin was 20%, compared to 19% a year ago. Net income was $636 million, up $253 million or 66% from a year ago. And diluted earnings per share was $0.52, compared to $0.32 per share a year ago.\nNow, turning to the business segment results. Fourth-quarter computing and graphics segment revenue was $1.96 billion, up 18% year over year, primarily driven by a significant Ryzen processor growth. Computing and graphics segment operating income was $420 million, or 21% of revenue, compared to 360-- $360 million a year ago, driven by higher revenue. Enterprise, embedded, and semi-custom segment revenue was $1.28 billion, up 176% year over year, driven by strong semi-custom product sales and continued EPYC server processor momentum across the cloud and enterprise markets.\nEPYC processor revenue grew sequentially, including early shipments of third-generation EPYC Milan processors. EESC segment operating income was $243 million, or 19% of revenue, compared to an operating income of $45 million a year " ]

[ 0, 0 ]

[ "- you already had to consider the possible overbooking?\nJason Wang -- Director and President\nAbsolutely. I mean, this is a planning 101. So we have to consider that. And we actually -- based on our research and study, we're actually going back all the way to the end market, entire pipeline in terms of the supply chain to analysis that. So I think that there's a few mega trends in this space driving the demand, from 5G smartphones, the automotive, EV adoption, as well as the learn-from-home, work-from-home space. And so those demands are real, OK?\nSo -- and if you look at the past years, there's lack of capex in the mature node space. So structurally, they're just not enough. And so that's why we believe, even with the P6 or even with any announced capacity today in the foundry space, we still believe this -- the structural shortage will probably remain.\nStephen Chan -- Asia Capital -- Analyst\nYes. Thank you. Very clear and very good results. Thank you.\nJason Wang -- Director and President\nThank you, again.\nOperator\nLadies and gentlemen, we are running out of time. So we're taking the last question. And the last one is from Bruce Lu Goldman Sachs, go ahead please.\nBruce Lu -- Goldman Sachs -- Analyst\nOkay. Thank you for taking my question again. I have a question about ASP. For the first quarter, ASP as a blended base improved by 1.3% only and -- which is pretty much driven by like more 28-nanometer product mix improvement. So where is the price hike that market is talking about? I mean also for the second quarter, the capacity is growing by 4%, but shipment is growing by 3%. But I'm assuming that the new capacity addition is mainly for 28-nanometer capacity, which is supposed to have a much bigger or much higher ASP. The ASP guidance for second quarter is also like 3%, 4% only, which is, again, pretty much driven by 28. So as a like-to-like base ASP, do we see any improvement?\nChi-Tung Liu -- Chief Financial Officer\n", "Well, there's [Indecipherable] to correct. The first quarter ASP growth was actually more than 3%, not one point something. So as I mentioned about -- some of that comes from price increase, so less than 3.2%. And some of that comes from product mix improvement. So overall, quarter one ASP growth was more than 3%.\nBruce Lu -- Goldman Sachs -- Analyst\nI see. What is the forex assumption in first quarter? Because it's using like...\nJason Wang -- Director and President\nForex was 28.3, so there was nearly 2% negative impact on forex.\nBruce Lu -- Goldman Sachs -- Analyst\nI see. Understand that. Understand that. So for the second quarter, what is the ASP -- what is the assumption for the ASP expansion driven by the product mix improvement?\nJason Wang -- Director and President\nStill similar. I would say both are key factors, which contribute nearly 50-50 each. So we normally don't give the detailed numbers, but you should expect to see a similar driving force for this 4% growth for quarter two in ASP.\nBruce Lu -- Goldman Sachs -- Analyst\nI see. Okay. Last question, I just did a very quick math for the P6 28-nanometer wafer price. It seems to me that you want to have a similar return. The wafer price for that 28 has to be like 50%-plus higher than the current market price. That seems too good to be true from my simple math. So, is there anything I'm missing or is that math sounds correct?\nChi-Tung Liu -- Chief Financial Officer\nI can't really comment on percentage, but there is a predetermined pricing arrangement with the customers. It's actually a very diversified customer portfolio. So it -- well, I mean the bottom line is the mechanism works. I mean the math work, OK?\nBruce Lu -- Goldman Sachs -- Analyst\nThe math -- so my math work?\nChi-Tung Liu -- Chief Financial Officer\nSo it's -- yes, I can't comment about the percentage of that.\nJason Wang -- Director and President\nBasically wrong in one effect of the total ROI calculation. We also factor in the benefit of the economy of scale and also the cost reduction effort and etc, etc. The -- all the factors Chi-Tung just mentioned. So again, it's a collective factor.\nBr" ]

[ 1, 1 ]

[ "ore than offset growth from our wireless business. We are excited to see our 5G business continuing to flourish and are looking forward to broader deployment of 5G in multiple geographies, including the U.S., Europe, and India.\nIn addition, we anticipate significant share in content growth ahead and new opportunities in ORAN and DRAM architectures. As you will recall, in March 2020, Nokia and Marvell announced that our companies have started working together to develop a leading 5G silicon including multiple generations of custom silicon and infrastructure processors to further expand the range of Nokia's ReefShark chipsets. Earlier this week, we announced an extension of our collaboration with Nokia to further advance their 5G chipset portfolio. Nokia will be using our new OCTEON 10 DPU, the industry's leading 5G transport processor built on Marvell's cutting-edge five-nanometer platform and hardware acceleration technology.\nThese high-performance and highly efficient processors will allow operators to scale rapidly and manage the dramatic increase in data traffic and performance demanded by 5G's innovative service-based architecture while reducing cost and energy consumption. We continue to expand our collaboration with Nokia and look forward to enabling their next-generation 5G platforms. There are also two key announcements from the Open RAN ecosystem. Vodafone and Nokia announced that they have agreed to work on a fully compliant Open RAN solution with Marvell.\nDeveloping cooperation with us, Nokia's ReefShark SoC boosts Layer-1 processing capability to enable Open RAN systems to reach full functionality and performance parity with traditional mobile radio networks. In another development, Vodafone and Samsung recently announced that they are jointly cooperating with Marvell to accelerate the performance and adoption of 5G Open RAN across Europe. They plan on incorporating Marvell's advanced OCTEON Fusion processor specifically designed for Open RAN into the latest off-the-shelf servers. The specialized accelerator chip also enables massive MIMO technology developed to serve many subscribers in dense urban areas.\nMoving on to our outlook for next quarter. For the fourth quarter of fiscal 2023, we are expecting revenue from our carrier end market to grow slightly on a sequential basis and grow year over year approximately in the mid-teens on a percentage basis. Moving on to our enterprise networking end market. Revenue for the third quarter was $376 million, growing 52% year over year and 10% sequentially.\n", "As the quarter progressed, our Chinese customers started to turn cautious due to an evolving macroeconomic environment. In response, we work with customers realigning shipments to reflect their reduced demand. As a result, despite the strong sequential and year-over-year growth, revenue was lower than our guidance. In the fourth quarter of fiscal 2023, we are expecting revenue from the enterprise networking end market to decline sequentially in the low single digits on a percentage basis.\nHowever, we expect growth to continue year over year at close to 40%, reflecting our higher content and growing share. Turning to our automotive and industrial end market. Revenue for the third quarter was $84 million, growing 26% year over year and 1% sequentially. Revenue was lower than our forecast in industrial, as well as automotive where we continue to experience supply challenges in certain legacy notes.\nWe expect these supply challenges to start to improve in our fourth quarter. On a sequential basis, our auto business continued to grow, partially offset by a decline in our industrial business. On a year-over-year basis in this end market, Marvell's growth was primarily from our auto business, driven by continuing adoption of our Ethernet technology. Our auto business achieved another milestone in the third quarter with annualized revenues exceeding $200 million.\nAs you recall, we have been accumulating platform design wins across a broad spectrum of auto OEMs. And we have generated a substantial pipeline of lifetime reven" ]

[ 1, 0 ]

[ "ut of future discussions until we have greater clarity.\nSo, clearly the demand for semiconductor technology is strong and broad-based. The increasing number of connected smart devices drives both chip volume and data center growth to support explosion in data being generated by each device and enable greater remote work life experiences. These data centers are becoming digital gold mines and they are increasing the demand for high-performance compute engines to mine that data and transform it into valuable information. The value of this information to the consumer then drives higher product adoption, thus creating a virtuous cycle.\nOnto Innovation sits at the center of this virtuous cycle, providing comprehensive process solutions to challenging metrology problems from 3D transistor formations to 3D and heterogeneous packaging, which is a key enabler for future product innovations. So that point in the second quarter, we project the strongest growth to come from advanced packaging and specialty customers. We see expansions from 5G and packaging customers leading that growth. We expect DRAM revenue to increase for the fourth straight quarter and NAND revenue to hold steady, while logic revenue declines following a 2x surge from the first quarter.\nIn summary, we see solid growth within our existing markets and we're making great progress expanding into new markets such as the planar films and the CMOS image sensing market. In addition, we're beginning to realize revenue synergies through our broader sales channels, for example, we currently expect to add over eight new customers for our optical metrology suite by the end of 2021 simply by leveraging our existing inspection channels into the specialty device markets. Likewise, we're beginning to see the potential for revenue synergies with our overlay products and inspection systems outside of the compound semiconductor markets. Each of these dynamics, many in the early stages of realization contribute to our positive outlook for next year and into 2022.\nIt's certainly an exciting time to be a part of Onto Innovation, and I want to thank the entire team for their continued dedication to our customers' success. I also want to call attention to our First Annual Corporate Social Responsibility Report for 2020, which is available on our website. The report outlines several of Onto Innovation's ESG initiatives and our commitment to have a positive impact on our communities, the environment both local and global and our dedicated employees.\nThank you. And Connor, we can now open the call for questions.\nQuestions and Answers:\nOperator\nThank you. [Operator Instructions] And we will take our first question. This will come from Craig Ellis with B Riley Securities.\n", "Craig Ellis -- B Riley Securities -- Analyst\nThanks for taking the question. And guys, congratulations on the strong execution in the first quarter. Mike, I wanted to start just by following up on one of the points you made early in your remarks and then came back to, on your conclusion you talked about an even stronger second half. And I was wondering in the past you've sometimes characterized year-on-year growth over a period encompassing two quarters like you've done with the first quarter of this year. Any color on magnitude of increase in the second half either half on half or year-on-year? And if you look at the second half, would you expect revenues to rise sequentially through the year, or for different dynamics that you see, which you expect things to potentially peak in the third quarter, so that's first question.\nMichael Plisinski -- Chief Executive Officer\nSo what we see right now, we believe revenues will rise sequentially throughout the remainder of the year. So we expect Q4 to be stronger than Q3, and we expect Q3 to be stronger than Q2. So that's what we're seeing right now. Contributing to that is, not just general market dynamics, but also the expansions that we're making into some new markets for us, where we're seeing like I mentioned earlier in the planar films, additional adoption there. We've also men" ]

[ 0, 0 ]

[ "u view 5G capability in a handset? And what's your view as to what the killer app will be from a consumer perspective?\nTim Cook -- Chief Executive Officer\nWe don't comment on future products. And so, I'll try to sidestep a bit. With respect to 5G, I think it's -- we're in the early innings of its deployment on a global basis. We obviously couldn't be prouder of our lineup and is -- and are very excited about our pipeline as well and wouldn't trade our position for anybody.\nTejas Gala -- Senior Analyst, Corporate Finance and Investor Relations\nThanks, Katy. Can we have the next question please?\nOperator\nWe'll hear from Kyle McNealy with Jefferies.\nKyle McNealy -- Jefferies -- Analyst\nHi, thanks a lot. So we're seeing some signs of new spectrum being deployed for 5G deployments and even additional 4G capacity, and it's already having a positive impact for handset upgrades to use that new capacity. Do you get the sense that wireless carriers are getting more incentivized to upgrade handsets to get leverage out of these new network investments? How much might this be helping and do you think it will continue to accelerate?\nTim Cook -- Chief Executive Officer\nI think that we've had some great partners, not only in the US, but also around the world that was really helpful this quarter as partners. And so, I think probably a part of that is the level of investments they have and then a part of it is probably making sure that those customers stick with them in an environment where there's a lot of trading back and forth. So I'm optimistic that it will continue.\nKyle McNealy -- Jefferies -- Analyst\nOkay, great. And then the comment that you made about capacity in your Wearables division with AirPods Pro and Apple Watch 3, what should we think about the timeline of when there is capacity constraints might be alleviated and will they come from capacity additions or the natural work out of kind of unit shipments and something on the demand side?\nTim Cook -- Chief Executive Officer\nI'm hopeful that the Series 3 will come into balance during this quarter on AirPods Pro. I don't have an estimate for that for you. I just can't predict when at this point. We seem to be fairly substantially off there, and we're working very hard to put in additional capacity.\nTejas Gala -- Senior Analyst, Corporate Finance and Investor Relations\n", "Thanks, Kyle. Can we have the next question please?\nOperator\nYes, Wamsi Mohan, Bank of America.\nWamsi Mohan -- Bank of America -- Analyst\nYes. Thank you. Tim, Apple has a very valuable installed base of users. Can you see a future where Apple can become larger in the advertising market as you build out TV+ given you could have the unique position and ability to drive targeted ads to users without compromising on privacy?\nTim Cook -- Chief Executive Officer\nI think it's -- I think it is possible to have advertising in a straightforward manner that doesn't encroach on people's privacy. I wouldn't want to conjecture about us in that business. I think for the TV+ business, we feel strongly that what that customer wants is an ad free product. And so, that's not our aversion to ads. It's what we believe that the customer wants.\nWamsi Mohan -- Bank of America -- Analyst\nOkay, thank you. And Luca, can you just clarify if the Services revenue this quarter had any impact of deferrals associated with TV+ at all and how can you help us maybe size the impact of the amortization of the content cost associated with TV+ as we think about the next couple of years? Thank you.\nLuca Maestri -- Senior Vice President & Chief Financial Officer\nYeah. So yes, of course, we launched the service. And so, there was a very small contribution to revenue from the deferral, and there was also contribution to revenue from the people, the subscribers that are actually paying for the service. When you think about what goes into the Apple TV+ revenue at this point, there are two components, the paid subscribers. These are customers that pay for the service. And we recognize revenue over the subscription period. And then, we've got the, what we call," ]

[ 1, 0 ]

[ "You wouldn't know it by looking at her, but at any given moment Dana Poole hurts all over. Dana Poole, left, feels aches all over at any given moment from a condition called fibromyalgia. \"It's kind of like a burning, but an ache. It's almost like you have the flu,\" said Poole, 31, a receptionist from Canton, Georgia. Poole is one of almost 6 million Americans who suffer from a chronic condition called fibromyalgia. In addition to widespread pain, patients may complain about fatigue and sleep disturbances, depression, headaches, irritable bowel syndrome and heightened sensitivity. \"Dana is typical of a lot of fibromyalgia patients,\" said Dr. Jefrey Lieberman, an Atlanta, Georgia-based rheumatologist. \"She came into my office complaining of a lot of diffuse pain all over her body and fatigue. She really didn't know why she was getting it.\" That's part of the frustration of having fibromyalgia. Experts aren't sure what causes it, but many believe many factors are involved. Some think the condition, which is not progressive or life-threatening, may be triggered by an emotional or traumatic event. Lieberman believed it is related to a disordered sleep pattern and poor exercise. \"It appears to be more of a neuro-chemical process,\" he said. \"In other words, there really is no inflammation in patients with fibromyalgia.\" Health Minute: More on identifying fibromyalgia » Getting a proper diagnosis can sometimes be just as frustrating as finding out what's behind the disease. \"Fibromyalgia is to some extent a diagnosis of exclusion,\" Lieberman said. \"There are lot of things it can be confused with such as thyroid disorders, metabolic disorders and certain rheumatologic inflammatory conditions.\" For almost five years, Poole jumped from doctor to doctor trying to figure out what was causing her symptoms. \"They were constantly saying I'm a tall, thin female. 'You're getting older -- your body is going to change,' and it was frustrating.\" Lieberman understood Poole's frustration. \"Sometimes fibromyalgia is used as a wastebasket term if a patient has pain and they don't know what it is from,\" he said. \"It is frequently misdiagnosed. In fact, it is overdiagnosed and it is underdiagnosed.\" ", "Specialists such as Lieberman can make a proper diagnosis based on criteria set by the American College of Rheumatology. \"Those criteria are diffuse pain in three or more quadrants of the body and the presence of what are called tender points in the body,\" Lieberman explained. \"There are 18 total tender points, and by definition we like to see 11 of those tender points being present.\" It's estimated that up to 90 percent of patients are women. Most of them start feeling symptoms in early and middle adulthood. Poole remembered that the pain first started when she was 20. It wasn't until she met Lieberman about five years ago that she got some relief. She took part in a drug study for Cymbalta, one of two medications approved for the management of fibromyalgia. The other drug is called Lyrica. \"Both of them are geared toward the patient's well-being as well as improving their pain,\" Lieberman said. He also encouraged Poole to control her condition through a healthy diet, stress reduction, getting enough sleep and regular low-impact exercise. \"We think that aerobic exercise helps to stimulate endorphins and enkephlins from the body which are your own natural pain relievers,\" Lieberman said. The doctor is quick to point out that even with proper medication and adequate exercise, fibromyalgia has no cure. Although Lieberman said some of his patients report the symptoms tapering off in their mid-50s and -60s, others are faced with years of managing the condition. \"For most of my patients, I tell them that I can get you 50 to 75 percent better and many of those patients will jump at that,\" he said. Poole is one of them," ]

[ 1, 1 ]

[ "Walking into the Colur Tyme Tattoo Parlor is a lot like walking into a head shop. One wall is lined with gang monikers and symbols, the other with bongs for smoking marijuana and other drugs -- one even shaped like a skull. The Colur Tyme Tattoo Parlor was set up by authorities to get at the heart of gang members. Only this head shop was a setup. It was a police front in a sting operation to bust gangs in this Georgia river city that most people associate with the Masters Tournament -- not violent thugs with high-powered weapons. Authorities said some guns sold to the shop were used in crimes just hours earlier. The tattoo parlor was the brainchild of Richmond County Sheriff Ron Strength, who wanted to snuff out gangs carrying out violent crimes in his east Georgia community. The idea was to create a place where the gang members would feel right at home, said sheriff's Lt. Scott Peebles. And that they did. \"We put the idea in their heads that there's no way these guys are in law enforcement,\" he said. On Wednesday, more than 100 sheriff's officers, state investigators and agents with the Bureau of Alcohol, Tobacco, Firearms and Explosives carried out a major bust after an 18-month joint investigation into the gang activity. Watch cops set up tattoo parlor » Sixty-eight suspects were arrested on charges ranging from trafficking of illegal weapons to serious drug offenses. Authorities seized more than 300 weapons, including high-powered assault rifles. Rich Marianos, a special agent with the ATF, said such gang activity is spreading across the nation, with small-town gangs increasing their ties with gangs in major cities. For instance, New York gangs have begun moving as far south as the Carolinas, where they set up operations to buy and sell guns and drugs, he said. Chicago gang activity extends more than 60 miles into the Illinois city's suburbs for narcotics and weapons trading. In fact, Marianos said the ATF has begun seeing some Chicago gangs establishing a \"pipeline\" for illegal arms more than 500 miles away in Mississippi. \"It's not just an urban problem,\" Marianos said. \"We're seeing it all over the country.\" The ATF, he said, has seen one of the most dramatic increases in gang activity in the last three years and is cracking down. \"We want to look at a way to go after these offenders and prevent it before it happens,\" he said. ", "\"[We're] making the community safer by disarming the bad guys -- not taking guns away from the American citizen, but going after the people who shouldn't have them in the first place.\" That's why setting up a tattoo parlor in Augusta was key. Strength, the Richmond County sheriff, said he remembers when the worst crimes in these parts were lawn mower thefts and vandals pushing over birdbaths. But those days are long gone, with gangs such as the Georgia Deadly Boys and Fairington Gangster Thugs causing mayhem on a regular basis. \"In the past 2 1/2 years, we've noticed some major changes,\" he said, \"with the type of criminal offenses they were involved in.\" So he devised the undercover business. The Colur Tyme Tattoo Parlor on Tobacco Road was set up on the outskirts of Augusta. It's a location not heavily patrolled by police, but staffed 100 percent by undercover agents. Business was slow at first, but then things took off. Gang members soon began dropping in to sell guns, drugs and even stolen cars, authorities said. Every transaction was recorded by surveillance cameras around the store. Soon the shop had so much business the Richmond County Sheriff's Office had to call in reinforcements from the ATF. Four federal agents helped the sheriff's deputies man the counters; others worked behind the scenes. Vanessa McLemore, ATF special agent in charge, said the teams had to coordinate their behaviors so it seemed like they fit in the store. \"They spent a lot of time" ]

[ 1, 1 ]

[ "rying to think of timing when the new capacity would come on. And just one follow-up on capacity. There were some talks you may consider further fabs in Singapore or additional capacity.\nDo you have plans beyond 2023 for additional capacity and see that potential option?\nJason Wang -- Director and President\nSure. So the first is for the P5 10,000 expansion, the 28-nanometer will become online on Q2 2022. And the P6 will be in year of 2023, but in the later year of 2023. And we'll provide more specific the ramp schedule in a later day, given the current -- the true lead time availability update. The question about the news about the Singapore, we are unable to comment on any speculations as we always as we always do that. We don't comment on speculations. But we are always open to exploring new opportunities as long as we can enhance our shareholders benefits and we said that before as well.\nOur strategy in the disciplined capex philosophy from our 2015 has not changed. We always try to drive our sustainable structural profitability based on the disciplined capex principle. So we have aligned with our customers as well as the market given our relevance in the marketplace before we're making any capex decision. Meanwhile, we continue -- we're consistently cooperating with our customer regarding the long-term development plan. Given our diversified production site, I think UMC has the luxury to evaluate different expansion options beyond P5 and P6.\nAnd we will discuss our expansion plan accordingly once we can deliver that.\nRandy Abrams -- Credit Suisse -- Analyst\nAnd two follow-ups on that. One, you ran a few percent above 100%. But do you think as we go to next year, if demand is there, that would be the level you could operate? Or was there anything specific this quarter that you were able to push out more. So is that a level you could sustain? And then the other follow-up was since the P6 will be later 2023, besides the 10,000, is there -- how much can you get from debottlenecking or other areas I saw fourth quarter, you have a bit of that. But if you have any other meaningful capacity.\nJason Wang -- Director and President\n", "Well, I mean in 2021, we have continued focus on the productivity improvement in addition to the incremental capacity, and we will do so for 2022 as well. And so we do expect that effort will continue. And at the current plan, and I think the -- we are targeting greater than 100%, right? But what we guided, we will guide as a fully loaded at 100%, but the effort will continue.\nQi Dong Liu -- Chief Financial Officer, Senior Vice President, Head of Corporate Governance and Company Secretary\nYes, in terms of capacity, growth rate for the 2022, we currently estimate about 6% capacity increase versus 3% capacity increase in 2021.\nRandy Abrams -- Credit Suisse -- Analyst\nAnd on eight-inch, is there any increase? Or is that all pretty much 12-inch?\nJason Wang -- Director and President\nIt's pretty much all 12-inch now. The debottlenecking of the product migration will probably continue, but it's still within the same pool. Yes.\nRandy Abrams -- Credit Suisse -- Analyst\nOkay. Great. And I wanted to ask on pricing. If you could give any look at how you're seeing pricing after this year? It looks like it might be up close to mid-teens for next year. If you see how you're seeing mature node and then also if any chance to reset the 28-nanometer? And if there's a way to think about where gross margins could go?\nJason Wang -- Director and President\nOkay. Well, first of all, we do foresee that ASP momentum will continue into 2022. However, we are not taking advantage of our customers doing the wafer shortage. So we kind of position our ASP in a more longer-term partnership over the near-term cyclical factors. So we kind of work with the customers to earn their trust and instead of exploiting the short-term opportunistic profit. And we do believe the pricing will reflect our market value and position. So we foresee the ASP momentum will continue into 2022.\nAt this point, for the 2022, we anticipate the capacity will re" ]

[ 1, 0 ]

[ "and our future growth opportunity as 5G is deployed our equity market capitalization has increased from less than $10 billion to over $60 billion generating a compound annual total return of greater than 18% for our shareholders during the last 10 years.\nAnd the combination of the market dynamics and our unique portfolio of assets sets us up for a long runway of continued growth as the wireless industry embarks on an investment cycle to deploy 5G. This has the potential to make the next 10 years look a lot like the last 10. The current demand environment that is generating the highest levels of tower leasing activity in more than a decade is largely tied to our customers investing heavily in their 4G networks to keep pace with the 30% to 40% annual data demand growth. On top of that continued investment we anticipate significant long-term demand for our infrastructure as 5G becomes a reality and wireless networks expand from connecting everyone to connecting everything. Adding to my optimism I believe recent industry developments will help to accelerate the deployment of 5G in the U.S. We believe the new T-Mobile along with AT&T and Verizon are in a great position to leverage their scale and valuable spectrum assets ultimately promoting more investment across the industry.\nAdding to the opportunity this is the first time in more than a decade that we have had visibility into a potential new customer entering the wireless market at scale with DISH networks looking to deploy nearly 100 megahertz of spectrum over the next several years in order to compete with the established operators and meet significant build-out requirement. And finally there are several large spectrum auctions on the horizon that we believe will bode well for the future tower and small cell demand. With our unmatched asset base and expertise operating in the best market in the world for communications infrastructure ownership I believe Crown Castle is in a great position to capture these substantial long-term opportunities and consistently deliver a return of capital to our shareholders through a high-quality dividend that we expect to grow 7% to 8% annually. And with that I'll turn the call over to Dan to go through some of the more specifics of the quarter and the last year.\nDaniel K. Schlanger -- Senior Vice President and Chief Financial Officer\n", "Thanks Jay and good morning everyone. We delivered another great year of financial performance in 2019 with several highlights. We grew dividends per share by approximately 7% reflecting the underlying growth in our business and our commitment to returning capital to our shareholders. We generated the highest level of tower leasing in more than a decade. We accelerated the deployment of small cell nodes by delivering approximately 10000 small cells last year the highest annual production in our history and we continued to improve our financial flexibility by increasing commitments under our revolving credit facility to $5 billion while also lowering our weighted average borrowing cost and increasing the average maturity on our debt by refinancing $1.9 billion of debt at attractive long-term rates. As I walk through our full year 2019 results and our updated outlook for 2020 please note that where applicable all financial figures reflect the impact of the restatement we disclosed in our earnings release yesterday which I will discuss shortly.\nTurning to our full year 2019 results on slide three of the presentation. Relative to the midpoint of our prior outlook the outperformance in site rental revenues was primarily offset at the adjusted EBITDA and AFFO lines by lower contribution from services tied to a slowdown in activity during the quarter fourth quarter. As Jay mentioned uncertainty around the outcome of the pending merger between T-Mobile and Sprint led to lower activity levels in late 2019 that we believe will continue through early 2020 before rebounding later this year. As a result we expect our financial performance in 2020 to be more back-end loaded than we previously anticipated particularly in o" ]

[ 1, 0 ]

[ "gs are expanding. As you say, growing. Automotive, starting to see a nice improvement in demand. For communication networks, which includes networking, IP routing and advance optical systems, we see stable demand. We see some typical seasonality, but overall it's a fair demand. For mobile 5G network, short-term, we've seen improvements and long-term, we've seen a good growth. For cloud computing, for us that's a high-end computing and storage, we're starting to see some positive improvements and some seasonality impact. For second quarter, there are still some uncertainties around COVID and supply chain constraints, mainly with semiconductor components.\nPlease turn to slide 16. Let me make few more comments about business environment for the rest of the fiscal year 2021. We are focused on unlocking the total value by maximizing operating leverage in each of our business groups. Sanmina strategy is to build businesses around customer needs, delivering right value add and delivering competitive advantage to our customers, and expanding into more profitable projects in our focus key markets. As Kurt mentioned, we delivered for the second consecutive quarter, operating margin around 5%. We will continue to make progress and believe there is still room for improvement, and goal is to continue to drive efficiencies and a better mix. Today, I can say that management feels more comfortable that we can deliver to our long-term operating margin target of 5% to 6% in the future. And most important is that Sanmina has a strong customer base to build on for a better future. Based on present visibility, customers' forecasts and pipeline of growth opportunities, we feel positive about the rest of the calendar year 2021. The goal for us is to deliver solid results for fiscal year 2021.\nLet me give you few more comments on management priorities. We'll continue to provide industry-leading end-to-end solution with the key technology components and products for key markets and our strategic customers. Managers will continue to build strong customer partnership, that's the key to our success. We're driving sustainable growth with financial discipline, what everything is measured and looked how do we improve it. The goal is to continue to deliver operating margin growth and strong cash flow. And to unlock the total value of Sanmina's capabilities and maximize the shareholders' value longer term. Still, a lot of leverage in Sanmina's business model, and we are excited about the future.\n", "Please turn to slide 17. In summary, we delivered respectable results for our first quarter. Revenue of $1.76 billion, exceeding the midpoint of our outlook. Non-GAAP operating margin of 5%, and non-GAAP diluted EPS of $1.02, exceeding outlook. Free cash flow of $51 million. Non-GAAP pre-tax ROIC of 28.4%. For a second quarter, we see revenue outlook of $1.65 billion to $1.75 billion. Non-GAAP diluted EPS outlook of $0.76 to $0.86. We are seeing a relatively stable demand. We will continue to drive operational efficiencies and the mix. Also during this quarter, we will continue to monitor component supply environment. And as Kurt mentioned, we already factor this in into our quarterly outlook.\nSo, ladies and gentlemen, I would like to again, at this time, thank you all. And operator, we're ready for Q&A. Thank you again.\nQuestions and Answers:\nOperator\n[Operator Instructions] Our first question comes from the line of Ruplu Bhattacharya from Bank of America.\nRuplu Bhattacharya -- Bank of America -- Analyst\nThanks for taking my questions. I have a couple for Jure, and then a couple for Kurt, if I may. Jure, you had expected stable demand for the first quarter. More or less, when I look at the communications networks and the cloud infrastructure segment, it was down a little bit. So can you help us parse through what happened, like, maybe just talk a little bit about what you saw in optical versus networking? And last quarter, you had said there were some push outs in cloud. So, did those come in? So just trying to understand what was a strong, what was a little bi" ]

[ 1, 0 ]

[ "gorously assess and balance future opportunities for growth with providing cash returns to shareholders. And of course, we remain committed to strong environmental, social and governance performance, including setting ambitious targets to reduce our carbon intensity and be carbon neutral across all our operations by 2050.\nWrapping up on Slide 24, this is indeed a very exciting time for our industry and for Teck. There are opportunities ahead as global growth and the transition to lower-carbon economy drives a new green metal demand. We're strengthening how we operate, both through cutting-edge innovation and through improved productivity as well, as leading ESG performance. And we have a leadership team with the right mix of skills and experience to deliver on our strategy. And with that, we'd be happy to answer your questions. And like many of you, most of us are on the phone lines from home, so please bear with us if there is a delay while we sort out who will answer your questions.\nSo operator, back to you for questions.\nQuestions and Answers:\nOperator\n[Operator Instructions] And the first question is from Emily Chieng with Goldman Sachs. your line is open.\nEmily Chieng -- Goldman Sachs -- Analyst\nGood morning everyone and thanks for taking the time today and Maybe coming back to your last point there on good copper growth and positioning the company for green metals. As you look beyond the start-up of QB2, and square what appears to be a very attractive supply demand outlook for copper and a very -- currently, a very supportive commodity price environment. Can you perhaps discuss what the packing order for developing some of your longer-term growth projects, including Zafranal and QB3 and some of the other satellite projects there? And maybe a potential time line before we could see capital being directed toward these?\nDonald R. Lindsay -- President And Chief Executive Officer\n", "Yes. No, excellent question because as you know, we are rich in copper resources. We have about seven projects, but not all of them will necessarily be built by Teck. So there is a few obvious ones that we're looking at very closely. Everyone knows about QB3. The fact is that QB as a resource has grown enormously, and we're crossing the eight billion tonne threshold and headed to 10 billion and beyond. So at some point in time, QB3 will just be a natural deployment of capital. But whether that is sort of a 50% expansion, a doubling of capacity or something larger like what our Chief Operating Officer, Red Conger, directed when he was at Freeport, Cerro Verde in Peru, is yet to be determined and won't be determined for some time. We're still at the -- we completed the scope study, heading to prefeasibility. So in terms of your question on time line, that one wouldn't be ready for sanction probably till early 2025. I should note that Teck itself wouldn't necessarily putting up the initial equity capital because of our deal with Sumitomo and then project finance.\nSo capital from Teck wouldn't come up for quite some time, maybe as long as 2027. So that leaves us open to do other things if we close. The Zafranal project, of course, has already completed its feasibility study and the initial stages of environmental permitting. We had started a sales process on that before COVID and finished the first round. Very happy with first round bids and then selected the second round participants, but then COVID hit and nobody was able to visit the site, and so we put the process on the shelf. We won't be restarting that again until midyear at the earliest. We want to get through the elections in Peru, and then take a look at what the world looks like. But the one thing we know for sure is it's worth more today than it was pre-COVID, and we have a good indication of that from the different inbound calls we get and the reason for that -- and so would San Nicolas or any of our other projects. Not only is the spot copper price that much higher, but the perception of copper demand growth because of the electrification that's going on in the world, COVID has actual" ]

[ 1, 0 ]

[ "hich we are well positioned. So we will continue to invest in these areas including Search, machine learning, and Google Cloud. Finally, with respect to capex, on the fourth quarter call, we shared our expectation that investments in both technical infrastructure and office facilities would increase compared to 2019. We now anticipate a modest decrease in the level of total capex in 2020 compared with last year. The biggest change in our outlook is a reduction in global office facility investments due to both the need to pause most of our ground-up construction and fit-outs in response to COVID-19 and our decision to slow down the pace at which we acquire office buildings. In terms of technical infrastructure, we expect a moderate reduction to our forecast relative to the beginning of the year given the impact of COVID-19 on data center construction delays as well as the benefit of our ongoing focus on server efficiency. Overall, we anticipate technical infrastructure investment to remain at roughly the same level as in 2019 with relatively more spend on servers than on data center construction. Thank you and Sundar and I will now take your questions.\nQuestions and Answers:\nOperator\nThank you. [Operator Instructions] Our first question comes from Eric Sheridan from UBS. Your line is now open.\nEric Sheridan -- UBS -- Analyst\nThanks for taking the question and hope all is safe and well with everyone on the team there at Alphabet. Two questions if I can. One, on the comment with respect to direct response advertising on YouTube, would love to get a little more color on how direct response advertising as ad units continue to evolve and perform and how advertisers are using those ad units as part of their broader advertising goals. And then maybe, Ruth, for you, on the comment on expenses, just want to understand a little bit of how much of what your messaging on expenses is efficiency gains that you were aiming for in 2020 before we got to COVID-19 versus elements of the cost structure that you're reexamining as a result of the pandemic. Thanks so much.\nSundar Pichai -- Chief Executive Officer\n", "Eric, Thanks for the wishes. On YouTube direct response, we definitely are seeing traction there. I think an area where it really works well for example is app installs. That's a great example of it. Gaming is another good example of it and we are working on iterating and making the formats work better so that it applies to more context as well, but in general, I think businesses are learning to adapt. Obviously, we've had great success with Search and so we are bringing a lot of those learnings and we're sharing it with our customers and so we expect to see more traction there over time.\nRuth Porat -- Chief Financial Officer\nAnd on your second question, I like the way you framed it. Yes, we do have efficiency efforts that we started that we had going as we entered this year, but as a result of what we're seeing in the environment, our view was that we should really double down on those. And so when we go through the various areas that I mentioned, we had started the year with an expectation about really optimizing headcount around the various areas. What we've determined is we're going to, at this point, slow the pace of hiring. To be very clear, we are continuing to hire, but we are slowing the pace of hiring and that's helping as we're driving a deeper look into how do you optimize within each area. The same is true for example in some of the comments on marketing. We are continuing to invest in marketing. As you know well, sales and marketing line, the majority of it is headcount related and we do continue to invest here in ads and in particular in Cloud.\nAs it relates to the marketing component, namely ads and promo spend, we did reduce it relative to our plans in the beginning of the year and we continue to have a healthy budget for ads and promo particularly in digital to support many business areas, but as with the other areas of investment, we're really focused on optimizing across products and services and with physical event" ]

[ 1, 0 ]

[ "Lynne Lucas is taking herself off the meat market. Monique Brown is sick of having to look cute all the time. And Scott Hayes is searching for his inner child. Imari Havard, co-founder of PlayDate, dances with some participants on the dance floor. It's Saturday night at PlayDate in Atlanta, Georgia, where 400 adults have gathered to play games, drink and socialize. \"It's not your usual bar scene where I look good, you look good, I'm scared to talk to you,\" Hayes says as he scans a giant Jenga tower for the right block to pull. \"You'll talk to anyone when you're playing games, because you're trying to beat them.\" Next to Hayes, Brown watches a rambunctious game of Pictionary while a twosome fights it out with Rock 'Em Sock 'Em Robots nearby. Across the room, Lucas joins her friends in a game of Trouble. And on the dance floor, Imari Havard is hula-hooping with some ladies. Havard is the co-founder of Timeless Entertainment Concepts, host of PlayDate, with Ryan Hill and Ronald Gaither. Timeless' mission is clear: provide a fun alternative to the typical nightlife scene for an entrance fee of just $10 per person. In other words, if you're looking for love in all the wrong places, try a game of Hungry Hungry Hippos. Tell us how your and your sweetheart first met PlayDate began in Atlanta in 2005 and has slowly expanded from a monthly crowd of 80 to 500 twice a month in nine cities across the nation. The three men hope to start affiliates in another 20 markets this year. \"It's a pretty simple word-of-mouth advertising,\" Havard says of how they've made PlayDate so popular. \"The No. 1 question asked on a Monday morning, is 'How was your weekend?' The number two most popular question is 'What did you do?' Well, we've built our entire program around answering those questions.\" While Gaither takes care of the legal and administrative aspects, Hill and Havard attend events and deal with affiliates. The two opposites complement each other. Tonight, Hill wears a red polo shirt and jeans. Havard wears a stingy fedora and a pin-stripe suit jacket. Hill uses the words \"overhead,\" \"clientele\" and \"venue negotiation\" regularly in conversation. ", "Havard is more likely to shout phrases like \"Patricia's in the house, y'all!\" And while Havard is swiveling his hula-hooping hips, Hill blends into the background. \"Someone has to have a respectful corporate face,\" Hill says as he laughs at Havard's antics. See photos from the event » Meanwhile, Alisha Wheeler has on her game face. A man she just met is teaching her to play Scrabble, and it's not as easy as it looks. Wheeler found out about PlayDate on the Internet and decided to check it out. \"To be able to play games again and not be an adult for one night, it's kind of fun,\" she says. \"It's not the typical, uneasy having to go up to someone you don't know, because everyone has on these silly nametags, and [the games] are like an icebreaker.\" Todd Jones agrees. A PlayDate veteran, Jones has been coming to the events since they started three years ago. He's even attended launches in other cities and says the atmosphere is the same everywhere. \"When you go to a club, people will stand around. They're very defensive,\" Jones says. \"But here, you really have to intermingle.\" Gesturing to the six women he's playing Uno with, Jones says he doesn't come to PlayDate looking to hook up. \"I just come here really to have a good time. If something happens after that, then, fine.\" Havard says that's the basis of his company, Timeless, which also offers Paint" ]

[ 1, 0 ]

[ "o the inflation has picked out. So, we will closely monitor this with our brand customers.\nOne more thing is worth noting is that our customer-facing value-added services, for example, cloud storage, recorded an overall 200% year-over-year revenue growth in the first quarter. This performance indicates that end market has robust demand and the feedback for these high-value IoT services. So for home appliances as a category with relatively high overall value also have a single-digit year-over-year growth in the first quarter. And also, despite our brand customers are facing huge challenges -- they are conservative in terms of placing orders to OEMs, but the majority of them are keeping very optimistic for the long-term trend of IoT.\nSo, for example, last two weeks, myself and our president, we -- through Zoom, we have discussed with six of our top brand companies' CEOs. They are all still focusing on R&D to expand new IoT SKUs and ask us to recommend more exciting, new different types of IoT devices for them. And based on statistic number in the first half of this year, for all the branded customers, we acquired before end of 2020, about 48% of them have expanded into new IoT devices, SKUs this year. So that gives a lot of confidence that even in a very challenging period, the trend of IoT is not changing.\nSo that's our view for the short-term future of the IoT market.\nUnknown speaker\nThank you, Jessie.\nJessie Liu -- Chief Financial Officer\n Thank you, Riya. Operator, let's go to the next one.\nOperator\nThank you. Our next question comes from CICC. Please go ahead.\nUnknown speaker\n[Foreign language] as your newly launched the private cloud if services, how should we expect in the mid to long run? The revenue proportion as revenue. And do we see more from existing public cloud customers switching to private cloud solution? Or we could expand to a new customer profile. What is the marginal change to the gross margin and expenses? Thanks.\nJessie Liu -- Chief Financial Officer\nThank you. Most of our private cloud services customers or new customers, almost all of them. So we are promoting the Tuya Cube product not to our existing customer base, but to new industry or new customers. And our acquisition efforts are progressing smoothly in China and outside of China right now.\n", "We have signed the legal contract with dozens of customers. All of them are very well-known large-scale industry leaders in China and also outside of China. These customers included the largest telecom operators in -- like Indonesia and in China. The -- one of the largest utility group in China and also a couple more similar utility groups are in discussions with us for signing contracts and the leading top three automobile group in China and in Southeast Asia.\nSo, we are currently also have a very healthy pipeline for large-scale companies, including leading energy companies in the stage of negotiating contracts and also a very large European retail groups. They have thousand large-scale retail stores in -- across many countries in Europe. So, this kind of has all demonstrated our private cloud technologies can be implemented in many different industries, which we feel very excited that the Tuya Cube product can enable Tuya grow outside of consumer electronics industry. In the past seven years, we have been very focused on consumer electronic industries.\nAnd we all have seen consumer electronics industry can be impacted significantly by high inflation, by the economy cycle, the consumer down cycle in China. However, many other different industries, for example, utility industries, the auto industries, and the telecom industries, they are less vulnerable and more sustainable to this kind of economy cycle. So, we believe our focus on the Tuya Cube solution which will not only provide a lot new growth field for us, but make our business in the long term, much more sustainable in a down cycle of economy. So, we will take the Tuya Cube as one of our most important strategies for the next few years.\nAnd we believe this will bring us the new growth support for th" ]

[ 1, 0 ]

[ "s just the shift to online commerce, as well as the ongoing -- the shift to more spend on products versus services. In Q4, we also saw strength with sort of our full range of advertisers. We have seen sort of small- and medium-sized businesses come back and start getting strength in Q2 and Q3 or Q3, specifically.\nAnd then Q4, we also saw strength from some of our largest advertisers as well. So as you look out in 2021, I think we're just going to be facing tougher comps in the back half of the year. Some of those things related to the pandemic had the potential to revert, whether it's more consumer expenditure shifting toward services away from products. So that will make it a little bit of a tougher comp.\nAnd then you layer on top of that headwind to growth related to privacy-related headwinds. The biggest factor there is iOS 14. So we certainly anticipate growth, but we're just looking at tougher comps as we hit the back half of the year given really, most importantly, the strength that we saw this year and then, on top of that, the headwinds that we're seeing from some of the privacy changes.\nOperator\nYour next question comes from the line of Justin Post from Bank of America.\nJustin Post -- Bank of America Merrill Lynch -- Analyst\nGreat. Thank you. I guess I'll ask about regulation. I know it's a tough topic.\nFirst, Mark, in your prepared remarks, you elevated a little bit competition with Apple. Is there anything going on with iOS 14 besides IDFA that maybe puts you in more direct competition with Apple? And then secondly, obviously, the FTC filed their case since the last earnings call. Maybe just open forum, any thoughts on that that you're able to share. Thank you.\nMark Zuckerberg -- Chief Executive Officer\n", "Well, in terms of the competition with Apple specifically, I laid out three or four product focus areas. And with the exception of the work that we're doing on communities, which I think is quite separate from the work that they do, the other three areas, I think, are going to have very significant competitive overlap with Apple. In messaging, certainly, iMessage is the most popular service in the U.S., I think, because of the fact that they pre-install it and give their app several advantages that other apps don't have. In commerce and supporting small businesses, I think there, you have some of the iOS 14 changes that we think are going to be very problematic especially for small businesses.\nAnd then longer term, as we move toward building the next computing platform, I think we would expect to see them as more of a competitor there as well. So I do think that this is sort of shaping up that -- we face many competitors, right? There are a lot of competitors in the core social app work that we do. [Technical difficulty]\nOperator\nExcuse me. This is the operator. I apologize, but there will be a slight delay in today's conference. Please hold and the conference will resume shortly.\nThank you for your patience. [Technical difficulty] Speakers, we are now connected.\nMark Zuckerberg -- Chief Executive Officer\nWas there another question on that last one that I was supposed to answer?\nDave Wehner -- Chief Financial Officer\nWell, there was a question about the FTC.\nJustin Post -- Bank of America Merrill Lynch -- Analyst\nHey, guys, we're back.\nDave Wehner -- Chief Financial Officer\nAll right. Are we on now through this line?\nOperator\nYes, you are connected.\nDave Wehner -- Chief Financial Officer\nOK.\nMark Zuckerberg -- Chief Executive Officer\nAll right. So where did I lose you?\nDave Wehner -- Chief Financial Officer\nI think you had covered the question of the dynamics related to the competitive landscape, and then there was a follow-on question around the FTC case and any thoughts that we have on that. I don't think we have anything we necessarily are commenting on at this point.\nMark Zuckerberg -- Chief Executive Officer\nYes, nothing on the case. I mean, on regulation overall, because I think some of the question was focused on that, the point that I would highlight is I actually think it would be very helpful to us an" ]

[ 0, 0 ]

[ "go to electric and compare it to ICE, it's a significant increase over ICE. So we plan on providing you additional detail on those breakdowns, as I said, as we go through the summer months.\nAs it relates to investing in this business, it's pretty much there for us. I would see engineering talent being something that as we expand across the world, we'll continue to increase our talent in this space because the demand that our customers have for us to have the know-how is clearly changing. As it relates to manufacturing product, as you know, we've gotten out of the extrusion hose business in Europe, but we maintained the PVC footprint for electric vehicles, and we continue to add a footprint here in North America, and we'll continue to add it in China as we need.\nThe good news is the investment is not very significant. When you think about capital, it's pretty low. The investment for us is really in the connectors in that innovation as well as the technology that we -- and the know-how that we have to route the different fluid lines that our customers view as value-add for them.\nMike Ward -- Benchmark -- Analyst\nOkay. Lastly, on page 18, you have a bullet there which says three current customers in footwear. Is that an additional customer? I thought you had two. Did you add 1? Or is it -- did I miss something along the way?\nJeffrey S. Edwards -- Chairman and Chief Executive Officer\nYes. We've added one, I think, since the last time you and I talked.\nMike Ward -- Benchmark -- Analyst\nOkay. And it's still looking at commercialization somewhere 12 months out? Is that in China as well?\nJeffrey S. Edwards -- Chairman and Chief Executive Officer\nYes. We haven't disclosed the where, but I guess embedded in my prepared remarks, when you think about the travel restrictions and how that's impeded a little bit, you can assume that we're not just traveling to Tennessee.\nMike Ward -- Benchmark -- Analyst\nOkay. Wonderful. Thank you. Really appreciate it.\nJeffrey S. Edwards -- Chairman and Chief Executive Officer\nOkay.\nOperator\nOur next question comes from Joseph Farricielli with Cantor Fitzgerald.\nJoseph Farricielli -- Cantor Fitzgerald -- Analyst\n", "Good morning. Thank you. Question on your capex guidance. And if you could give some color on your tooling balance. The capex number, that's your capex, that doesn't include anything for tooling. Is that correct?\nJonathan P. Banas -- Executive Vice President and Chief Financial Officer\nYes, Joe, this is Jon. That is correct. capex is just Cooper-Standard owned equipment that we would capitalize and use over, not only special purpose for individual customer programs, but general purpose equipment that we can use for any programs. Tooling that's specific to a customer and that they owned is categorized separately on our balance sheet, so it's not in that capex number you see because we're typically getting reimbursed for that either upfront or in some cases, in piece price over the life of the program.\nJoseph Farricielli -- Cantor Fitzgerald -- Analyst\nOkay. Great. Thanks. I know there was some confusion in the past. And then I'm missing, I know last quarter the tooling balance sheet item was about $88 million. Where does that stand today? And also, given the amount of launches, where does that go going forward?\nJonathan P. Banas -- Executive Vice President and Chief Financial Officer\nYes. Joe, just give me a minute to look up your question on the tooling receivable. Right now, at year-end, it is about $82 million still comparable to the Q3 number.\nJoseph Farricielli -- Cantor Fitzgerald -- Analyst\nRight, right, right. And what is that, the cadence of receiving those funds? What does that look like compared to the launches that you have this year?\nJonathan P. Banas -- Executive Vice President and Chief Financial Officer\nTypically, the lump sum reimbursements are going to be right around the launch timing. We get the tools approved as far as test parts by the customer, and then we can invoice them for those tools. So I would say of our 157 planned launches throughout 2021, you're going to see a r" ]

[ 1, 0 ]

[ "ey're going to be more expensive due to higher component costs. But at the same time, it looks like you guys have proven that there is a market for low- cost geographies with phones like iPhone SE. So how do you see these two different segments within the smartphone market evolving over the next one to three years? And then I had a follow-up for Luca.\nTim Cook -- Chief Executive Officer\nAgain, I want to stay away from commenting about future products. But generally, I think it's important when you think about 5G is to look around the world at the different deployment schedules. And some of those look very different perhaps than what you might be seeing here. And so, that's very important. In terms of the price, I wouldn't want to comment on the price of handsets that aren't announced.\nKrish Sankar -- Cowen and Company -- Analyst\nGot it. No worries, Tim. And then I have a follow-up to Luca. Opex as a percentage of sales for March looks like about 15% higher than in your prior quarters. Kind of curious how much of that is part of it is driven by some of your Intel modem asset purchases or TV+ in the opex or how do we think about it on a go-forward basis?\nLuca Maestri -- Senior Vice President & Chief Financial Officer\nYeah, I think we felt good about our opex results because they were at the low end of our guidance range, but clearly, we want to make all the necessary investments in the business and from -- in terms of the new services, not only for TV+, but all the new services that we launched during 2019, this is a period where we're making the necessary investments in advertising and marketing and that level of investment is reflected in our opex results. And also as you correctly stated, we completed the acquisition of the Intel baseband business during the December quarter. And so, we had -- we reflected the run rate of the expenses related to that business partially during the quarter after the completion of the transaction. And we -- that is a very important core technology for the Company. So we will continue to make all the necessary investments also there. There is a third category of expenses that affected the December quarter and is the fact that our revenue was very strong. And we have certain variable expenses, for example, credit card fees that are associated with the higher volume and of course, impacted our opex results.\n", "Tejas Gala -- Senior Analyst, Corporate Finance and Investor Relations\nThanks, Krish. Can we have the next question please?\nOperator\nThat will be from Mike Olson with Piper Sandler.\nMike Olson -- Piper Sandler -- Analyst\nAfternoon. Thanks for taking the questions. So slightly different take on an earlier question on Wearables and that is -- what impact do you think Wearables is having on driving people into the Apple ecosystem? You mentioned 75% of watch buyers are new to the Apple Watch, but many of them new to Apple overall. I'm sure a lot of existing iPhone, iPads or Mac users are going to be Wearables customers, but do you think Wearables bring people into the ecosystem to buy other devices in a material way?\nTim Cook -- Chief Executive Officer\nI think that -- Michael, it's Tim. With each Apple product that a customer buys, I think they get tighter into the ecosystem, because they like -- that's the reason that they're buying into it is they like the experience -- the customer experience. And so, from that point of view, I think each of our products can drive another product. I would think in that case, it's more likely that the iPhone comes first. But there is no doubt in my mind that there is some people that came into the ecosystem for the Watch.\nMike Olson -- Piper Sandler -- Analyst\nOkay. And then I think you recently mentioned that augmented reality will pervade our entire lives. And I'm wondering if you could share your thoughts about how you think it starts to impact our lives more significantly? For example, will the inflection point in AR come from gaming or industrial usage or some other category. In other words, where will the average person, kind of, first feel the impact " ]

[ 1, 0 ]

[ "us optimally to drive value from accelerating 5G deployments and next-generation technology evolutions, as Tom laid out earlier.\nWe are also allocating capital toward higher growth earlier-stage markets that are typically at least five years behind the U.S. and Europe in their network deployments. Taken together, we believe that our global footprint positions us to capture multiple waves of investments across the globe over a sustained period of time. Finally, you can see that more than a quarter or around $9.5 billion of our deployed capital in the last five years has been distributed to shareholders in the form of dividends and share repurchases.\nWe continue to view these components as critical to total shareholder returns. Moving to the right side of the chart. Supporting this phase of significant investment and growth has been our investment-grade balance sheet. We believe that our access to low-cost, diversified sources of financing has been a key differentiator and are proactively working to extend this critical competitive advantage into the future.\nIn fact, incorporating our latest financing efforts, we now have a weighted average cost of debt of around 2.4%, a weighted average tenor of debt of approximately seven years, and over 85% of our balance sheet locked into fixed rate instruments. Finally, on Slide 13, and in summary, in Q3, we continue to capitalize on a strong global demand backdrop, delivering our highest quarter of consolidated AFFO per share on record. This was driven by solid organic growth, record-setting services volumes, disciplined cost controls, strategic balance sheet management, and accretive portfolio expansion. As we look ahead, we believe our existing global real estate portfolio is well positioned to drive long-term recurring growth as carriers augment and extend their networks.\nAnd with the strength of our investment-grade balance sheet and diversified pool of funding sources, we expect to continue to deploy capital toward accretive investments that can enhance our growth path and enable us to create additional value. Given our positioning at the intersection of real estate and technology in an ever more interconnected world, we are excited to continue to deliver connectivity to billions of people worldwide in a sustainable way while driving compelling total returns for our shareholders. With that, I'll turn the call back over to the operator for Q&A.\nQuestions & Answers:\nOperator\nThank you. [Operator instructions]. And we have a question from Michael Rollins with Citi. Please go ahead.\nMichael Rollins -- Citi -- Analyst\nThank you. Good morning. Two questions, if I could. The first question is on the domestic environment.\n", "Just curious if you can give us an update on U.S. leasing, how it compared to your prior expectations entering into this year and what that means for the average organic tenant billings growth guidance that you provided. I think the average for '21 and '22 was about 2% on a reported basis and about 5% on a normalized basis. And then just, Tom, to follow up on your comments on the edge and data centers, is it inevitable that American Tower needs to either partner with a larger data center portfolio or directly own a larger data center portfolio? Thanks.\nTom Bartlett -- President and Chief Executive Officer\nYes. Thanks, Michael. Maybe, Rod, why don't you take the first part of the question and then I'll fill in on the second piece?\nRod Smith -- Executive Vice President, Chief Financial Officer, and Treasurer\nOK, great. Good morning, Michael. Thanks for the question. So in terms of the U.S.\nleasing environment, we're seeing a very strong environment. Certainly, all the major carriers have been active. You've seen that show up most notably in our services environment. We've seen a tick-up in the contribution from colocation and amendment activity into our organic tenant billings growth.\nSo that's been accelerating through each of the last three quarters, just as we expected from the outset in the year. So in terms of our expectations, everything really is right in line wit" ]

[ 0, 0 ]

[ "closer to our systemwide sales growth. However, in 2020, we saw increased volatility related to the impacts of the pandemic as well as the steps we've taken to reinforce our plans by investing behind our people. More specifically, in the fourth quarter, there were several factors that contributed to the difference in our consolidated growth rates.\nFirst, our year-over-year performance across all three brands reflected proactive G&A investments in our digital and technology initiatives as well as adding strong new hires in key areas of the business like marketing, field operations and technology. As we've discussed, building out best-in-class technology assets is a top strategic priority, which we believe will unlock exciting new avenues for growth over time. Together, these investments, combined with some year-over-year timing shifts in G&A, affected our growth rate by about negative 3% in the fourth quarter.\nLooking ahead, we expect to continue investing across these key areas of our business in 2021, including the important technology initiatives Josh just mentioned. And while there were some timing impacts in Q4 that will roll off, we think that overall, the annualized level for the quarter is fairly representative of capturing the investments we plan to make this year.\nSecond, beyond the year-over-year sales decline, there were a few other moving pieces in our supply chain results that impacted our EBITDA growth by approximately negative 2% in the quarter. In addition to some normal fluctuations in product mix and commodities, our operating costs were higher in the quarter as we work through the final go-live transition of our distribution center project and continued to see some effects of fixed cost deleveraging, though to a lesser extent than in Q3.\nAdditionally, there were a few benefits from the fourth quarter of 2019 that we lapped, including our fresh brewer rollout and the timing of certain vendor discounts. Overall, these effects resulted in a slightly lower margin for the quarter. However, we expect that as the business improves and return to historical volume levels, our margins will start to recover as well.\nThird, we saw a year-over-year decline in EBITDA of about negative 2% related to noncore income streams that have also been displaced by the pandemic, including our decision with our partners to pause cash dividends from our joint ventures, which have historically been concentrated in the fourth quarter as we focus our efforts on reinvesting for growth. In addition, there were also some market-specific challenges that caused a small year-over-year decline in our income from company-operated stores.\n", "And finally, ad fund expenses exceeded revenues by approximately $6 million more than they did in the fourth quarter of last year, resulting in an impact of approximately negative 1% to our EBITDA growth. As we've mentioned in the past, there may be mismatches from quarter-to-quarter based on marketing calendars, timing of activations and trends in the underlying business. The remainder of the gap between our systemwide sales growth and adjusted EBITDA growth primarily stemmed from the shift in sales mix that we saw across brands, similar to last quarter, reflecting a more pronounced decline in sales at Tims, where in addition to franchise royalties, we also generate EBITDA from property and supply chain activities.\nMoving on to segment level performance. At Tim Hortons, fourth quarter adjusted EBITDA was $229 million, which represents a decrease of approximately 24% on an organic basis. This decrease was driven by a decline of approximately 13% in systemwide sales, which included an 11% decrease in global comparable sales and the continued effects of COVID-related temporary closures, which impacted about 7% of restaurants over the quarter, as well as the supply chain impacts I just mentioned. At Burger King, fourth quarter adjusted EBITDA was $218 million, representing a year-over-year organic decrease of approximately 18%, driven primarily by a decrease of nearly 8% in systemwide sales.\nThe change in syst" ]

[ 1, 0 ]

[ "ou look out, say, three to five years. So can you just kind of talk about what's happening in logic?\nGary Dickerson -- President and Chief Executive Officer\nThanks for the question, Tim. So what I would say, I meet these CEOs and R&D leaders for leading foundry and logic on a very regular basis, actually more often now than I did before the pandemic because we're doing all of this virtual. I deeply believe -- and you can see even this week, there was one of our leading customers talking about how they're driving their technology road maps going forward. And it's really around the five elements that we've been talking about: the new structures; new chip architectures; everybody is designing their own application-specific chips; new materials; new ways to shrink.\nI've talked about packaging and the growth there, but I think we're just in a tremendous position. And when you think about what's going to drive power performance and cost going forward, there's no question, it's about these new structures and these new materials. And when you look at really all of the different markets, you talked about the new transistor structures going forward, whether -- people call gate-all-around or nano sheets or also the wiring, the resistance in the wiring, there's tremendous focus in those areas because that is really what enables power and performance going forward. So we're just in a really tremendous position.\nWhen you think about the materials that are needed to create those nano sheets or the wiring or 3D DRAM or any of those big inflections that are going forward in the future, we just have, by far, the best portfolio of materials that creates those structures. Then you think about shaping the structures. We have strength in conductor etch. We're -- we've certainly had a strong position in memory.\nWe're growing in foundry/logic. You'll see our share continue to grow there. Shaping with the Selectra product is also really important for nano sheets and for other new structures, the modification of those different structures and also accelerating the time to market. I talked about the synergies with our PDC and especially our e-beam business.\n", "When I'm building this new transistor, if I can see the materials -- residual materials inside that structure as I'm driving the R&D versus having to cross-section one particular transistor and look inside that, their learning rates go up by orders of magnitude. So those unique imaging capabilities, combined with the unique capabilities in creating and shaping and modifying those structures, again, I just -- if you look at what's being presented by our leading customers, even this week, you'll see exactly aligns to this new playbook and enabling capabilities for Applied. So again, I've never been more excited about our opportunities to enable the road map.\nOperator\nThank you. Our next question comes from the line of Joe Quatrochi with Wells Fargo. Your line is now open.\nJoe Quatrochi -- Wells Fargo Securities -- Analsyt\nYeah. Thanks for taking the question. I was curious in your WFE outlook for this year, what's your assumption around domestic China? And does your WFE outlook for this year include the assumption that we don't see any license from customers that are required by the government right now?\nDan Durn -- Chief Financial Officer\nYeah. Joe, thanks for your question. So from a domestic China standpoint, we think we ended the year 2020 around $10 billion. We think we're up a few billion off of that level.\nSo we'll see this year what we've been seeing for several years now, which is slow, steady ecosystem development. You're going to see some investment in technology road maps and still some pretty modest capacity additions that sit behind those technology road maps. And then from a licensing standpoint, just given where we sit in the process, we think it's prudent to forecast and guide revenue and market sizing, assuming the licenses do not come through. And when we receive the licenses, then we'll adjust the expectations.\nI would expect revenue to go up, and I would expect the market siz" ]

[ 0, 1 ]

[ "Punctuality was one of Debbie Hooper's best traits. Authorities sort through the wreckage thought to be Debbie Hooper's car. She went missing September 20. The 44-year-old grandmother from Whitesburg, Georgia, was always on time for her play dates with her baby granddaughter. She was always on time picking up her 15-year-old son from school. So when Hooper, who juggled two jobs to support her family, didn't appear at her dispatch job for a transportation company last Monday morning, her daughter Jessica Bartke, 19, knew something was wrong. Her mother's cell phone went straight to voicemail. Co-workers hadn't seen the bubbly, kindhearted woman with curly brown hair and a magnetic presence. \"She's always at work,\" said Bartke, who lives in Winston, Georgia, about 10 minutes from her mother's home. \"She was never lazy. I knew something had to be wrong.\" Nearly a week after the torrential downpours that left the metro Atlanta area drenched, authorities are still searching for Hooper's body, which was last believed to have been in the Dog River in Douglas County, west of Atlanta. Late Monday afternoon, authorities discovered a female body in the Dog River Reservoir, said Brad Robinson, chief deputy of the Carroll County Sheriff's Office. They are waiting for lab work to identify the body, which is expected to be released Tuesday afternoon. Six flood-related deaths already have been reported in Douglas County. Bartke believes her mother went missing Sunday, September 20, the eve of her 44th birthday. Last Friday, when the water ebbed, a search crew of nearly 25 law enforcement officers from Carroll and Douglas counties uncovered Hooper's vehicle, a Jeep Liberty, stuck in the water in the Dog River. The team also recovered Hooper's purse. \"It was like putting an ant in front of the fire hose,\" said Sheriff Phil Miller of the Douglas County Sheriff's Office. \"The little Jeep Liberty looked like it had been put in a crusher and beat into pieces.\" The following Saturday morning, more than two dozen authorities and four cadaver dogs continued to search the Dog River area. Miller said the water flow had been constant, which means the body could have drifted into the Chattahoochee River. Hooper remains the last missing flood victim in the Atlanta area, but in Tennessee, a man who disappeared after swimming in an overflowing ditch on a dare is still missing. ", "This month's storm has been one of the worst in Southeastern U.S. history. The death toll in Georgia and Alabama has risen to 10. Gov. Sonny Perdue has declared a state of emergency in 17 flood-stricken counties, and State Insurance Commissioner John Oxendine estimated that the flooding has caused $250 million in losses. Bartke, Hooper's daughter, has taken her 15-year-old brother into her home. She says they are both distressed about not knowing where their mother may be. \"We talked every day,\" Bartke said. \"We spoke to each other even if we were busy, even if it was for two seconds just to say 'Mom, I love you. I'm busy right now, but I will call you back.' \"" ]

[ 1, 0 ]

[ "Seventh graders at Ron Clark Academy became an overnight sensation during the presidential election when their YouTube performance of \"You Can Vote However You Like\" catapulted them to online stardom. \"The higher the expectations, the higher the results,\" says Ron Clark, seen here with his students. Now, their creative and scholastic talents have proved the students to be more than just \"one hit wonders.\" Academy students showcased their poetry and writings for CNN's documentary \"Black in America 2,\" hosted by Soledad O'Brien. Cultivating student creativity is just one of the goals of academy founder Ron Clark, an enigmatic educator known for his unconventional teaching methods. Under his strict tutelage, students at Ron Clark -- who are predominantly African-American -- are expected to excel in all subjects and maintain a high standard of respect for their peers and teachers. \"I'm teaching an eighth-grade curriculum to fifth-graders,\" says Clark. \"Some people say my expectations of the kids, academically, is too high, but the higher the expectations, the higher the results.\" Watch Clark's students perform their original poetry » But with high academic expectations come an equally high quotient for fun. It's become one of Clark's trademarks: singing and dancing to popular rap and R&B songs during class to get the kids engaged. \"My first day at Ron Clark Academy, I thought all the teachers were psychopaths,\" says seventh-grader Jai Springs. \"I thought Ron Clark was going crazy. He was up in front of the kids on desks, he was dancing. ... I never saw a teacher get up on a desk and dance. But now I'm used to it, so I get up on the desk and dance too,\" says Jai. Clark, formerly a schoolteacher from North Carolina, founded the academy with money he earned from his book titled The Essential 55, which detail Clark's 55 golden rules for success -- in and out of the classroom. Clark was invited to be a guest on the Oprah Winfrey show after winning Disney Teacher of the Year Award in 2001. Oprah believed so much in the well-mannered Southern school teacher from South Carolina that she encouraged him to write the book. Later she promoted The Essential 55 on her show, prompting it's ascension to New York Times bestseller list. Together with co-founder Kim Bearden, Clark transformed a decaying factory in a rough part of Atlanta, Georgia, into a state-of-the-art educational model for middle schools across the country. ", "See newsmakers and iReporters on race, challenges, solutions for black America Soon after the school opened its doors in 2008, a Christmas package from Winfrey arrived for Clark in the form of a $365,000 grant, or \"a thousand dollars for each day of the year,\" as Oprah referred to it in the letter. Then came the elections, with a tight presidential race between Sens. Barack Obama of Illinois and John McCain of Arizona. Inspired by rapper T.I.'s hit song \"Whatever You Like,\" Clark's seventh grade class penned their own lyrics and dance moves. The students' performance carried a message: Cast your ballot because you support a candidate's policies rather than just his skin color. When they perform the song, half the seventh grade class touts the virtues of GOP's McCain while the other half root for Democrat Obama: \"Obama on the left. McCain on the right. We can talk politics all night. And you can vote however you like.\" The students \"can talk politics with the best of them,\" says Clark. Video clips of the kids performing have garnered over 15 million hits on YouTube. \"We got lots of media attention. But when the media arrived to the school they realized the song is not the story, it's the kids,\" says Clark. One of Clark's credos is teaching a \"global curriculum\" with a heavy emphasis on current events. Himself an avid world traveler," ]

[ 0, 1 ]

[ "As part of today's product announcement, our FR4 L-PIC is poised to enable 200-gig transceivers later this year at or below the current costs of 100-gig modules. By this point, I hope it's evident we believe our secular growth opportunity in data centers is fully intact.\nOur portfolio is expanding geometrically to include DSPs, lasers and L-PICs and our share's growing in a market that is expected to recover if not snap back in the second half of this calendar year. Separating the short-term cyclical from the long-term secular, our future has never been brighter in cloud data centers. Next, on to 5G Telecom. Anyone who attended Mobile World Congress knows that 5G is real, and it's starting in a big way later this year on a global basis in applications ranging from sub-six gigahertz microcell basestations to millimeter wave fixed wireless networks.\nWe have a great roster of customer meeting in Barcelona with major network operators, as well as leading basestation OEMs worldwide. One clear conclusion from field trials is that GaN is now a requirement for 5G microcell basestations. One major OEM actually tried to use LDMOS because it was all they could source in volume. That failed miserably.\nThe chief technology officer of one of the largest wireless operators told us that their antennas and field trials were twice the target power consumption and 3x too expensive. Some antennas even had to be liquid cooled. Major players now understand that GaN on silicon uniquely provides it all: target efficiency, costs and a high-volume supply chain. We're now squarely fixated on ramping production with ST in support of the 5G buildout globally.\nMarco Monti, president of SD Micro's automotive and discrete group, joined us at our investor event in Barcelona. He outlined how their GaN capacity expansion copy exact in Italy and Singapore will be able to service over 80% of global demand for 5G basestations, exclusively through MACOM and our pending joint venture in China. That brings me to the really big news this quarter, that JV in China. This is the capstone to MACOM's strategy to become a scale player in the multibillion-dollar 5G opportunity worldwide.\n", "We've taken a page out of the semiconductor industry playbook and formed a JV that can credibly and locally service a multibillion-dollar opportunity in China's domestic market. Over the last quarter, we ran a comprehensive process to find a Chinese investment partner. I'm very proud and excited to say that the process concluded with Goertek a proven success story in China. Goertek is a high-volume supplier of semiconductor components, modules and assembled products to the most demanding, smartphone OEMs and service providers worldwide.\nOver the last 10 years, they've grown revenue from around $100 million, peaking at over $4 billion growing at over a 40% compound rate during that period. Our 5G GaN on silicon opportunity fits Goertek's operating model perfectly. They source proprietary semiconductor products and technology from industry leaders like TI, Broadcom and Infineon. In this case, they'll source MACOM's GaN and silicon wafers directly from STMicro and supply 5G power amplifiers to China-based OEMs.\nOK. Here's the key facts about the transaction. We signed and announced a JV on April 24. We expect the transaction to close in two to four months.\nGiven Goertek's size, the transaction is subject to antitrust approval from China State Administration for Market Regulation. We've taken great care that the only commodities and technologies that MACOM will share are freely exportable to China under U.S. law. The license products are civil, telecommunications grade or EAR99.\nWe might as well be selling fountain pens. No technology or existing U.S. business will transfer so we don't expect any issues with U.S. export control precipitous.\nGoertek will provide total consideration to MACOM of up to $134.6 million consisting of an upfront payment of $30 million and revenue and profit-based milestone payments. In exchange for a 51% equity stake in the venture. Separately, Goertek and MACOM w" ]

[ 1, 1 ]

[ "The women are too afraid and ashamed to show their faces or have their real names used. They have been driven to sell their bodies to put food on the table for their children -- for as little as $8 a day. Suha, 37, is a mother of three. She says her husband thinks she is cleaning houses when she leaves home. \"People shouldn't criticize women, or talk badly about them,\" says 37-year-old Suha as she adjusts the light colored scarf she wears these days to avoid extremists who insist women cover themselves. \"They all say we have lost our way, but they never ask why we had to take this path.\" A mother of three, she wears light makeup, a gold pendant of Iraq around her neck, and an unexpected air of elegance about her. \"I don't have money to take my kid to the doctor. I have to do anything that I can to preserve my child, because I am a mother,\" she says, explaining why she prostitutes herself. Anger and frustration rise in her voice as she speaks. \"No matter what else I may be, no matter how off the path I may be, I am a mother!\" Watch a woman describe turning to prostitution to \"save my child\" » Her clasped hands clench and unclench nervously. Suha's husband thinks that she is cleaning houses when she goes away. So does Karima's family. \"At the start I was cleaning homes, but I wasn't making much. No matter how hard I worked it just wasn't enough,\" she says. Karima, clad in all black, adds, \"My husband died of lung cancer nine months ago and left me with nothing.\" She has five children, ages 8 to 17. Her eldest son could work, but she's too afraid for his life to let him go into the streets, preferring to sacrifice herself than risk her child. She was solicited the first time when she was cleaning an office. \"They took advantage of me,\" she says softly. \"At first I rejected it, but then I realized I have to do it.\" Both Suha and Karima have clients that call them a couple times a week. Other women resort to trips to the market to find potential clients. Or they flag down vehicles. Prostitution is a choice more and more Iraqi women are making just to survive. \"It's increasing,\" Suha says. ", "\"I found this 'thing' through my friend, and I have another friend in the same predicament as mine. Because of the circumstance, she is forced to do such things.\" Violence, increased cost of living, and lack of any sort of government aid leave women like these with few other options, according to humanitarian workers. \"At this point there is a population of women who have to sell their bodies in order to keep their children alive,\" says Yanar Mohammed, head and founder of the Organization for Women's Freedom in Iraq. \"It's a taboo that no one is speaking about.\" She adds, \"There is a huge population of women who were the victims of war who had to sell their bodies, their souls and they lost it all. It crushes us to see them, but we have to work on it and that's why we started our team of women activists.\" Her team pounds the streets of Baghdad looking for these victims often too humiliated to come forward. \"Most of the women that we find at hospitals [who] have tried to commit suicide\" have been involved in prostitution, said Basma Rahim, a member of Mohammed's team. The team's aim is to compile information on specific cases and present it to Iraq's political parties -- to have them, as Mohammed puts it, \"come tell us what [they] are ... going to do about this.\" Rahim tells the heartbreaking story of one woman they" ]

[ 1, 0 ]

[ "nd gas, maybe by different players, in the U.S. and outside, will be continuing. Maybe the more complex products will be proceeding at a more careful pace.\nFrank McGann -- Bank of America -- Analyst\nOkay. Does that -- it sounds like you believe then that, that can lead to at least over a period of time or a number of years, a pretty substantial recovery in activity.\nPaolo Rocca -- Chairman and Chief Executive Officer\nI think that any transition associated with expansion of the world economy will require, let's say, substantial investments in the fossil, oil and gas, especially in the coming years. So this is not a transition that could be done without substantial investment. There are companies that bet on this. There are companies that bet on reducing their exposure. We have to follow this. But in the end, in an aggregate view, I think that there will be recovery in 2022 and beyond. And if the growth in the emerging markets continues, this will need to be substantial.\nFrank McGann -- Bank of America -- Analyst\nOkay. Thank you very much.\nOperator\nThank you. Our next question comes from the line of Alan Spence from Jefferies. Your line is now open.\nAlan Spence -- Jefferies -- Analyst\nThanks and good afternoon. I've got two questions, and I'll take them one at a time. The first one is around working capital. You released about $1.6 billion combined in the last two years. Is there any component of this that we should think is structural? Or is it going to be predominantly technical and ultimately, in the next few years come back in?\nPaolo Rocca -- Chairman and Chief Executive Officer\nIf I understand the first question is concerning our working capital. There will be a recovery of working capital because when -- especially in the first quarter and probably because the volume is increasing, and we have to activate some of the longer lead time road will be recovering the working capital need. And then there is, I would say, a second issue that is when we activate Koppel steelmaking in the United States, finishing in United States, these new mills may require and will require some working capital.\n", "On the other side, the introduction of much higher level of digitalization, programming and, let's say, designing of production into the system, there is something that is part of our digital transformation will contribute to a strict discipline in the existing facility. So the combination of these two, in my view, will not bring back Tenaris to the same level of inventory that we had in the past, but we will increase our inventory requirements in the first quarter and to some extent, also in the second quarter, while we are comparing the start-up of the plant.\nAlan Spence -- Jefferies -- Analyst\nOkay. Thank you. And the second one, on this 30% reduction in CO2 intensity. If I understood correctly from an earlier question, I think you said that could be achieved with your current portfolio of assets. Does that mean that you don't foresee any material increase in capex related to achieving that -- those targets medium term?\nPaolo Rocca -- Chairman and Chief Executive Officer\nWell, we will have to invest. We are -- as you see, our investment has been reduced in 2020 to around $200 million. Now in 2021, we plan to remain in the range of $200 million of capex, including some of the first in the line investments in energy savings, but including also, let's say, the start-up investment in the translation of the plant of Prudential to Sault Ste. Marie in Canada, the venture in Emirates in each line. So this will be the range of investment for 2021.\nThen I think that the decision of capex for the following year will very much depend on the evolution of the market in the second part of 2022. The investment to reach a reduction in our carbon of 30% are let's say, in a period of 3, four years, not, let's say, of an order of magnitude that is strong. We think that we will require in the range of $150 million in the coming four years to reach the target of 30% reduction.\nAlan Spence -- Jefferies -- Analyst\nVery clear and very helpful. Thank you.\nO" ]

[ 1, 1 ]

[ " this area. Microsoft made acquisition in this. And you know, all of them more or less will -- and some other, it effects what we offer.\nSo all those are areas that were in LTE and 5G -- and in 5G, we are doing. And one of the reasons that we have a step-up in China now is the antenna and the fast deployment. And we serve all those components. And we have a good visibility. I'm very optimistic about the prospects there.\nNow, I think you asked about handset or so -- you put it right, it's a consolidated area. MediaTek and Qualcomm is there. We are engaged with our customers in China discussing and have initial ramp on 5G. The way to -- for us to approach the 5G is not through the modern side that is consolidated and people want to build their own stuff. Other than customers that we have there is to go to the application process. Because this is now revolutionized and opened up.\nSo the camera becomes much more DSP-oriented with feature AI. And also, what is called Conversational AI or a NLP, natural language processing, this is moving to the edge, this is moving to the smartphone, and that's where we are coming with our smart sensing portfolio and getting traction there.\nSo, you may not see a -- there will not be news in terms of Qualcomm, MediaTek in 5G modem, but there are other avenues that we're going to approach and have engagement. And, you know, the market is not just bringing the ace speed. The merchant chip is also -- the OEMs that are building their own chips and looking for our stuff as well.\nMatthew D. Ramsay -- Cowen -- Analyst\nThank you, Gideon. That's great perspective all the way around. As a follow-up from me, I think, Yaniv, you talked about in the guidance, royalties being higher in the second half of the year versus the first half. And it's notable that I would expect the revenue you get from the Intel modem would be significantly less in the back half of the year. So if you could talk about maybe the magnitude that you're expecting out of 5G base station in the back half of the year, just kind of the moving parts on the royalty side would be helpful. Thank you.\nYaniv Arieli -- Chief Financial Officer\n", "Yes. So as you say, there are many moving parts. It was always the case in the CEVA model. And this is why in one hand, it's quite difficult to model this out. And based on the new rules of the 606, we just wait for the customer reports at the end of the 30 days after the quarter end. And then we get the real visibility of how the quarter works out. So in every segment, we have ups and downs, in every segment, we have seasonality.\nThis year, I think, seasonality and COVID-19 has completely changed. We saw vacuum cleaners have been very, very strong or TVs in the first half of the year, something that is not commonly -- a common practice. Because, people wanted to -- they had more time to shop at home or wanted their house to be cleaner or had more kids around, different rooms, they needed TVs. That's true for Bluetooth, WiFi devices. We just came out of our strongest royalty numbers ever for Bluetooth and WiFi in the second quarter.\nAnd remember, when we stepped into this first -- at the second quarter, at the end of the first, we believe that Q2 will be the low point of the year for us. And from there on, it's going to pick up.\nSo how long were we -- it was two and a half or three months ago. So very difficult to predict and answer the right answer knowing today how Q3 and Q4 are going to look like. We thought -- you mentioned correctly, the handset space, there is a change, at least with one well-known OEM in the 5G aspects. But, they came out with a very, very successful low-cost version, which is doing extremely well. I think all of us were super surprised by the excellent results they came up with two weeks ago, caught everybody by surprise. And that's part of the very strong second quarter for us as well.\nWe couldn't have known that in advance, nor do we know how Q3 and Q4 would look like from that aspects or from different aspects. So that's one area. Another area is the emerging economies, as Gideo" ]

[ 1, 0 ]

[ "z and other future 5G spectrum deployments, any issues in the supply chain? And beyond wireless, anything that perhaps on the cable side as well that you're seeing?\nJoe Natale -- President And Chief Executive Officer\nYes. Thanks for the question, Sebastiano. We feel we're in good shape in terms of the wireless network deployment. Bear in mind that a lot of the heavy lift is already done. I don't know if you recall, but when we did our 4G LTE advanced implementation and the radios we put up on the towers, etc.. We did that later in the 4G LT advanced cycle. And therefore we were able to secure 5G ready radios from Ericsson. So a lot of the equipment lift is already there. And for other things that we need along the way, we've been stockpiling. As supply chain issues have become a global phenomenon, we've been stockpiling things and building up inventory to make sure we don't have a challenge, whether it's in the network uplift on 5G, the coverage and capacity building that we're doing, or whether it's in our cable uplift, GPON capabilities. So we feel good about that.\nIn terms of CPE in the cable business, we feel good about where we are in that. We've also managed to improve safety stock levels. And the supply chain team has done an incredible job of managing in the face of what's been happening in terms of global chip shortage. The nexus of focus has really been on the smartphone side, right, because these are hot devices. And in the scheme of the global supply chain for smartphones in Canada collectively among all the players is a small part of the base. And therefore, it's always a question of not where they go in terms of company; it's where they go in terms of country. Now we're fortunate to have very strong relationships with the major smartphone providers and work very collaboratively with them on that. Given we have the largest wireless business and the volume -- but that's really where the focus and Dave's world is. But we're fine in terms of network and cable CPE. Hope it answers the question, Sebastiano.\nSebastiano Petti -- JPMorgan -- Analyst\n", "Yes, that's great. And then circling back, I think, Joe, in your prepared remarks, you talked about by the end of '21, reaching about 500,000 households in rural and underserved communities. I guess, two questions related to that. When do, I guess, you like those up in terms of marketing and trying to target those? And when does that become a -- when do you start to see those numbers, penetration, gains, etc., start to come through the Internet and broadband KPI line?\nJoe Natale -- President And Chief Executive Officer\nSo just to be clear, Sebastiano, that's a cumulative number in terms of our rural base. And we typically, first time we light them up and we've been adding to it all year. And bear in mind, there are about two million underserved homes across Canada. So that's the target market set that's available to us to go build to with either fiber, fixed wireless or any other sort of technology that comes along the way. And to that end, there are many different government programs to help subsidize the funding in noneconomic areas. And to my comment earlier, I believe fixed wireless is a very important part of that strategy for us as well as some of the UBF and other opportunities to partner with governments, at all orders of government, provincial and federal to kind of close that gap. But in terms of when we finish the construction and installation of a particular neighborhood or site to the time when we actually light it up. It's measured in months, it's measured in months.\nA lot of it has to do with sometimes the build ahead. If it's a greenfield operation, even in rural, there are small communities being built in rural. And the tranches often put the fiber in. And then we have to really wait for people to move in. So that's more a function of people moving in. But if it's an area where there are existing rural customers, we're actually building and delivering like right away. In fixed wireless, like there's -- we light up the tower, and then it's a sales effort." ]

[ 1, 0 ]

[ "You are about to meet Mr. Brown. David Mann and Tamela Mann -- a real-life couple -- star in \"Meet the Browns\" as father and daughter. He's David Mann, star of the TBS sitcom \"Tyler Perry's Meet the Browns.\" To borrow a phrase from the network's marketing -- he's very funny. Mann's character -- \"Downtown\" Leroy Brown -- is a lovable, sometimes outrageous and always off-the-wall senior citizen who has stolen every scene he's entered in Tyler Perry's plays, movies and TV shows. Mr. Brown no longer has to steal scenes, because TBS -- owned by CNN parent company Time Warner -- has ordered 80 episodes of half-hour comedy, based on the success of 10 pilot episodes. \"Just in case I'm dreaming, don't pinch me,\" said Mann. \"I'm living the dream.\" \"Meet the Browns\" is a spinoff of Perry's \"House of Payne,\" a sitcom that has yielded strong cable ratings for TBS, and it employs some of the same characters seen in Perry's movies and stage plays -- including a play and film named \"Meet the Browns,\" which is only mildly related to the TV series. The show focuses on Mr. Brown and his daughter Cora, played by Mann's real-life wife, Tamela Mann, as Mr. Brown tries to turn his house into a home for the elderly. Those who have followed Perry's productions know that Cora was the conceived during a brief fling between Brown and Madea, Perry's female alter ego. \"If it hadn't been for Cora, Mr. Brown and Madea probably would have killed each other by now,\" Mann said. \"Cora is the glue to this whole thing. Cora keeps everybody grounded.\" Mann said Mr. Brown's speech and mannerisms are from a combination of people. \"Grandfathers, uncles, relatives, you know, different friends you see.\" he said. \"I use to go to a nursing home and just look at people, watch -- 'OK, that's how they're doing this.' \" His biggest laughs come from his use -- or abuse -- of the English language which Mann refers to as \"Mr. Brownisms.\" Manipulate becomes \"manipudip,\" while hypnotize transforms to \"hepatitis.\" \"You hear them as I spit them out, and it's just like, 'What was I thinking?' \" Mann said. Mr. ", "Brown's wardrobe, which is always two sizes too small for his protruding belly, is a bright-colored mix of thrift store specials. \"The clothes just kind of happened,\" he said. \"Because, you know, you have that uncle or that relative in your family who just can't let the clothes go?\" Since Mr. Brown originated on the stage -- in Perry productions -- Mann had to adjust to the small screen. \"I'm very animated and so I just had to make sure I toned that down for the screen because I'm so used to making sure that the person in the front row can see as well as the person in the balcony,\" he said. \"To bring that and condense it down for television was a transition for me.\" Camera operators are challenged to keep up with Mann as he moves around the set, sometimes re-writing the script. \"One word can trigger a whole different thing with us, and that's what I love about working with Tyler Perry,\" Mann said. \"He gives you the freedom to go in there and create. If you see something that can make it funnier, he gives you the liberty to go ahead and do it, create it and make it funny.\" Perry directs every episode at his new Atlanta studio on a sound stage next to where he also tapes \"House of Payne.\" Mr. Brown never seems too far from Mr. Mann. In mid-interview, he emerges" ]

[ 1, 0 ]

[ "Ramin Ostadhosseini needed to vent, and this gathering seemed the place to do it. Teens at Camp Ayandeh learn how to blend their parents' history and culture with their contemporary lifestyles. \"I get Raymond, Roman and sometimes Ramen noodles,\" he told the circle, describing how non-Iranians butcher his name. This group felt his pain. Here, sprawled out on a manicured lawn at Emory University were dozens of youths attending a weeklong summer camp designed to generate discussion on what it means to be Iranian-American. Like many attending Camp Ayandeh -- or \"future\" in Farsi -- Ramin has parents who were born in Tehran and immigrated to the United States after the Iranian revolution in 1979. Born in Baltimore, Maryland, six years after the revolution, Ramin grew up with two distinct and, at times conflicting, influences: the American side that met him at school and the Iranian one that greeted him at home. It's a first-generation story as old as the United States. It's so common that Ayandeh counselors said the camp was created three years ago to address both Iranian and American parts of a new generation of Iranian-American youth -- a community they define as being \"hyphenated.\" Watch campers learn how to accept their backgrounds » \"We're really becoming mindful of how we define things,\" said Natasha Sallahi, a first-time counselor and aspiring filmmaker. \"We realize that sometimes one word doesn't cover it all. So we're trying to create better definitions ... by putting two things [Iranian-American] together.\" Camp Ayandeh is sponsored annually by Iranian Alliances Across Borders, a largely volunteer organization funded by individual donors and PARSA, a California-based philanthropic organization. First established on Thompson Island off eastern Massachusetts, Ayandeh began its gradual migration south the second year -- setting up at a campgrounds near Fairfax, Virginia. Iranian-American teens from high schools across the nation now flock to the new Georgia address to learn about their heritage and ask questions that range from relationships and college admissions to sexual orientation and discrimination -- issues that can come with distinctly different social parameters than their parents were once accustomed to in Iran. Camp counselor Siavash Samei remembers such angst all too well. \"There was not a single person that I could look at and say, 'He is me,' \" Samei said, describing an absence of elder Iranian-American role models. \" 'He is what I can do. He can snap and he can dance. ", "And at the same time, he can talk English without an accent.' \" After two years as a camper, Samei returned this summer as counselor to help answer many of the same questions that plagued him a few years earlier. The typical adolescent anxieties and struggles were mixed with another layer of cultural confusion. \"As a high school student, I had a horrible time,\" he said. \"One day I would come into school very dressed up thinking, 'I'm looking Iranian.' One day I would be wearing the baggy pants and dressed completely American. And I had no clue which one was right.\" According to the U.S. Census Bureau, nearly 400,000 Iranian-Americans live in the United States. The largest wave of Iranian immigrants came to the U.S. immediately following the ouster of the Shah of Iran and the Islamic-led revolution in 1979. Nearly three decades later, a new generation of Iranian-American youths are struggling to define themselves in these \"hyphenated\" communities. Bobak Moazami, a 17-year-old kid from Manhattan's Upper West Side, said he likes to think of himself equally as part of both communities. \"I eat American food for lunch,\" he said. \"Every day at school I have a grilled chicken sandwich. Then I come home and have chelo kabob or qormeh-sabzi.\" For many of these students, traditional Iranian dishes such as qormeh-sabzi -- a stew of herbs and beef or lamb -- are a part of a heritage that" ]

[ 1, 0 ]

[ "struction has moderated with the economic and trade uncertainties seeming to have an effect.\nBased on current visibility, we've upgraded our 2019 Class 8 production outlook slightly to be in the range of 345,000 to 355,000 units. We expect 2019 full year revenues to be slightly above 2018. Looking ahead, our strategy is to position CVG as a more focused and increasingly valued supplier in growing markets with differentiated offerings, which we expect will accelerate long-term profitable growth. As we've discussed, secular growth themes point to the proliferation of electrical components, electronics, connectivity, and power in both current and adjacent markets.\nWith this in mind, we are investing both organically and through M&A in our core capabilities and our next-generation products to improve our ability to compete and target margins. We believe these investments will not only diversify our customers and geographic footprint, but also drive more consistent performance through the cycle. From an inorganic perspective, these investments could take the form of acquisitions or joint ventures, but would focus on applying our current capabilities into faster-growing adjacent segments or new regions, mainly with our electrical and trim products. Additionally, we are looking to extend our electrical product offerings to align better with the megatrends in our industry by increasing our participation related to electronic components and controls in and around the vehicle architecture.\nWe are being thoughtful and disciplined in our pursuit of any external investments to ensure we are allocating capital to the highest return opportunities for the business. Despite some of the headwinds we faced during the quarter, we are committed to effectively managing the business and profitability, while we better position the business to deliver long-term performance for CVG. We look forward to updating you as we execute on our strategic initiatives. With that, I'll turn the call over to Tim, who is going to go through the financials in more detail.\nTim Trenary -- Chief Financial Officer\nThank you, Pat, and good morning. Second-quarter 2019 consolidated revenues were $243.2 million, compared to $233.4 million in the prior-year period. An increase of 4%. As Pat mentioned, this increase reflects the continued strength in the medium- and heavy-duty truck markets we serve in North America.\n", "Foreign currency translation adversely impacted second-quarter consolidated revenues by $3.5 million. Consolidated operating income for the second quarter of 2019 was $17.2 million or 7.1% of sales, compared to $20.9 million or 8.9% of sales in the prior-year period. The new Border Minimum Wage in Mexico, costs associated with a troubled supplier and costs associated with establishing additional manufacturing capacity are largely responsible for a decrease in operating income and more specifically, the operating performance of the electrical Segment. More on this in a moment.\nCost control and cost recovery actions reduced the impact of these cost pressures on gross profit. Costs associated with the strategic reorganization of the company to, among other things, develop a platform from which to pursue business and corporate development activities amounted to approximately $1 million in the quarter. We fully expect this investment of corporate resources to pay dividends in the future. Interest and other expense increased $4.3 million in the second quarter of 2019 compared to the second quarter of 2018.\nThe increase reflects the impact of mark-to-market interest rate swap agreements, which resulted in a $1.1 million non-cash charge in the three months ended June 30, 2019, as compared to a $0.5 million gain in the prior-year period. In addition, the second-quarter results include a $2.5 million non-cash charge associated with a voluntary lump sum settlement of $7.8 million in pension liabilities for a portion of our term-vested participants, thereby reducing the future financial risk of our pension plan. Following the transaction, U.S. pension plan is essentiall" ]

[ 1, 0 ]

[ "nt achieved record first-quarter orders and revenue. 20% revenue growth was driven by continued investment in electromagnetic spectrum operations, space and the new commercial technologies like 5G and early 6G research. In commercial communications, we achieved all-time record orders in total, as well as for 5G, while revenue declined 3%. Adjusting for the transit impact of unfavorable trade restrictions, commercial communications orders grew double digits, and revenue grew high single digits.\nStrength was driven by ongoing global 5G deployments and the rollout of new 5G devices and continued investment in 400G and 800G Ethernet for data centers. Keysight's end-to-end solutions portfolio is enabling the rapid progression of new technologies, both in the wireless and wired systems of the communications network, where our value proposition remains strong. Keysight continues to lead the industry in 5G powered by years of close collaboration with market makers and standards bodies. We are advancing our 5G strategy to capture emerging opportunities in the application layer as momentum builds ahead of deployments in 2021.\nWe made great progress this quarter as broad industries embrace our 5G platform and new applications emerge. For example, O-RAN continues to be an area of active investment for our customers. We recently introduced a suite of end-to-end solutions for O-RAN vendors and mobile operators. Our solutions are used to verify the interoperability, performance, conformance and security of multi-vendor 5G networks.\nWe also announced strategic partnerships in the expanding O-RAN space with industry leaders like Xilinx, Radisys, ArrayComm and Altiostar. In addition, we continue to accelerate Keysight's capabilities to provide industry-leading solutions through strategic acquisitions. In Q1, we acquired Sanjole, a leader in wireless test and measurement solutions for protocol decoding and interoperability. Sanjole's offerings complement our end-to-end solutions portfolio, providing problem-solving tools that extend from inside the wireless network out through over-the-air analytics.\nRecord revenue for our electronic industrial solutions group was driven by double-digit growth in semiconductors and general electronic solutions. Record semiconductor revenue was fueled by ongoing investment in next-generation process technologies bolstered by new customer wins in China as we successfully redeployed our sales force to capitalize on new opportunities. General electronics strength reflected continued economic recovery with growth across all regions and improvement in the advanced research education market. In automotive, despite ongoing macro challenges, demand is stabilizing as strategic investments in advanced technologies have accelerated in Asia and in the Americas.\n", "In Europe, we continue to expand our presence and recently announced a collaboration with ElringKlinger, one of the world's leading system partners to the automotive industry. They chose Keysight's battery test solution to advance e-mobility in the field of battery development for electric vehicles. Software and services each delivered double-digit order and revenue growth. Combined, they were approximately one-thirds of total Keysight revenue contributing significantly to our software-centric solution strategy and differentiation and further strengthening the durability of our business model with increasing recurring revenue.\nIn summary, I'd like to thank our Keysight employees around the world who have reacted dynamically to a challenging environment to deliver exceptional results for our customers and shareholders. We are pleased with our first-quarter performance and encouraged by the broad-based momentum across our markets entering the year. Now I would like to turn it over to Neil to discuss our financial performance and outlook in more detail.\nNeil Dougherty -- Chief Financial Officer\nThank you, Ron, and hello, everyone. As Ron mentioned, the Keysight team delivered an outstanding first quarter as the continued economic recovery drove a steady improvement" ]

[ 1, 1 ]

[ " ahead.\nMatt Cost -- Morgan Stanley -- Analyst\nHi, everyone. It's Matt on for Brian. Thanks for taking my question. Can you just provide a quick update on Call of Duty Mobile and how we should think about growth vectors to the game in the second year now? And any early thoughts on the launch in China? Thanks.\nRob Kotick -- Chief Executive Officer\nYeah. Matt, it's Rob. Thanks for the question. Look, I'd say, overall, we see a ton of opportunity ahead on mobile.\nI think it's really important for us to step back and look at the fact that quality mobile in the West has only been live for about actually a little less than a year and a half. And in that time period, we shared this data, but we quickly scaled over 300 million downloads and Daniel had also mentioned, in the fourth quarter, we delivered our best quarter yet. And obviously, a clear sign that our teams focus on gameplay, new seasonal content and just driving engagement overall is driving strong results for us. But this is certainly just a point in time.\nAnd when you step back and look at the biggest games in the West, they continue to scale at the 3-year mark and well beyond in many cases. So we believe we have a lot of headroom in regions around the world to grow this business. And the beauty of COD Mobile that allows us to reach new players in markets where console and PC may not be as well developed. And we've seen tens of millions of new players in regions like Latin America, India and beyond, where we're seeing potential for a lot more upside.\nAnd looking ahead for this global community, of course, we're going to take our endgame seasons and content in advance to another level for our community. And I also see a lot of opportunity press at the local market level to drive local initiatives to make Call of Duty even more relevant in those local markets. And I want to go back and mention one another thing, which I think I mentioned on a previous call, which is it's really important to note that all of this right now is accretive to our overall franchise success. When we look at registered players who play both on mobile and on console or PC, these players show significantly higher engagement and player investment than other groups.\n", "And so again, it's just proof that I think the ecosystem is working really, really well together. Now you also asked about the recent release in China by Tencent, and it is early, right? But the game is off to a great start. We've seen tens of millions of downloads in the first month, a lot of good reception early on. And we do think this is going to be a meaningful contributor to our overall mobile results as we move forward.\nAnd as I step back, I'm just really excited about our ability to now grow our brand further on a global basis by being in such a massive, massive market. And so what I -- the way I'd sum it up is that it's been a great start on mobile, but it's just that. It's a great start. Mobile is a critical long-term growth driver for Activision.\nAnd we are definitely taking a long-term view of the platform and the opportunity. We're hiring aggressively to make sure we're well-positioned to create the best possible mobile experiences for our community and I think importantly, as we project even further out, making sure we have the ability to expand to mobile, the very best of what's working in the quality ecosystem, which I think presents yet another layer of opportunity for us in the years ahead. Thanks for the question.\nBobby Kotick -- Chief Executive Officer\nAll right. Thank you, everyone. We really appreciate your interest and participation today, and we look forward to hopefully seeing you either at BlizzConline in a few weeks or in-game somewhere. Thanks, and have a great day.\nOperator\n[Operator signoff]\nDuration: 67 minutes\nCall participants:\nChris Hickey -- Senior Vice President of Investor Relations\nBobby Kotick -- Chief Executive Officer\nDaniel Alegre -- President and Chief Operating Officer\nDennis Durkin -- Chief Financial Officer\nTyler Parker -- KeyBanc Capital Markets -- Analyst\nRob Kotick -- Chief Executive Off" ]

[ 1, 0 ]

[ "tually will like to see that. So I think the macro trend is very clear.\nBut in terms of, how do we take one step to another, the reality is very complicated. You will really have to have a foundry development, you have to have the architectural development, material process, the mechanical, thermal, and all of the things will take a unique company to put a lot of R&D resource to make sure they can define the standard for that. And I think that's what we're seeing today. The good thing is packaging is emerging as a more critical integral part for the whole semiconductor ecosystem. And that's welcome. But in terms which technology will be more industrial lies pervasive. And I think the time would prove that but ASE will not be missing this part.\nRandy Abrams -- Credit Suisse -- Analyst\nGreat and thank you.\nKen Hsiang -- Head of Investor Relations\nNext question?\nOperator\nNext question is from Mr. Bruce Lu of Goldman Sachs. Bruce?\nBruce Lu -- Goldman Sachs -- Analyst\nOkay. I want to have a quick follow up for the CapEx. What's the CapEx allocation for testing, bonding, wire bonding for this year?\nKen Hsiang -- Head of Investor Relations\nThe CapEx location or allocation.\nBruce Lu -- Goldman Sachs -- Analyst\nAllocation?\nKen Hsiang -- Head of Investor Relations\nOkay. So you're asking about basically cap, planned CapEx for test?\nBruce Lu -- Goldman Sachs -- Analyst\nFor everything, I mean, you know, what's the CapEx allocation? Yes.\nJoseph Tung -- Chief Financial Officer\nI think for this year, the likely allocation will be around 65% for assembly, roughly 23% to 25% for tests, a little bit for material and then roughly 9% to 10% for EMS.\nBruce Lu -- Goldman Sachs -- Analyst\nOkay. So assuming that your equipment lead time right now is more than a year, so your CapEx for next year should be foreseeable?\nJoseph Tung -- Chief Financial Officer\nAh?\nBruce Lu -- Goldman Sachs -- Analyst\nBecause you already mentioned that the CapEx, the equipment lead time right now is more than a year, right?\nJoseph Tung -- Chief Financial Officer\nYes.\nBruce Lu -- Goldman Sachs -- Analyst\nSo basically you know how many equipment you're going to spend for the coming like 12/15 months already. So which means that your CapEx for next year should have a very clear pictures.\n", "Joseph Tung -- Chief Financial Officer\nWell, when we talked about CapEx, we're talking about required CapEx. It's not necessarily the test CapEx that we're talking about.\nBruce Lu -- Goldman Sachs -- Analyst\nOh, I see. Okay. Oh, then the next question is a good question. Can you give us the revenue contributing from automotive or from the IDM in your ATM business?\nKen Hsiang -- Head of Investor Relations\nBruce, so you're looking for how much revenue the automotive sector represents?\nBruce Lu -- Goldman Sachs -- Analyst\nYes, in ATM.\nJoseph Tung -- Chief Financial Officer\nOh, roughly, the second quarter is around 6%, 5% to 6%.\nBruce Lu -- Goldman Sachs -- Analyst\nDo you see a clear uptrend?\nJoseph Tung -- Chief Financial Officer\nYeah. Well, I think we're pretty aggressive in terms of programming of our auto business.\nBruce Lu -- Goldman Sachs -- Analyst\nDo you expect it to be more than 10% in 2022?\nJoseph Tung -- Chief Financial Officer\nWell, we'll look at it. But it's actually -- it's going to be quite a bit of growth this year, over 50% type growth.\nBruce Lu -- Goldman Sachs -- Analyst\nWow! Okay. So what is the IDM revenue exposure right now?\nJoseph Tung -- Chief Financial Officer\nThe IDM exposure?\nBruce Lu -- Goldman Sachs -- Analyst\nYes, IDM customers.\nJoseph Tung -- Chief Financial Officer\nYeah. Around 1/3 of all this is coming from IDM.\nBruce Lu -- Goldman Sachs -- Analyst\nI see, I understand. Thank you.\nKen Hsiang -- Head of Investor Relations\nDo we have additional questions at this time?\nOperator\nThere is no question.\nKen Hsiang -- Head of Investor Relations\nOkay. I'll turn it over to Dr. Tien Wu to wrap up the call.\nTien Wu -- Chief Operating Officer\nWell, thank you very much for your patience and support to ASE. 2021 has been a very challenging, but extremely exciting year for us" ]

[ 0, 0 ]

[ " to mandate more eco-friendly technologies. As a result, OEMs are making a substantial investment into vehicle electrification effort. Jabil's long-standing capabilities and over 10 years of experience and credibility in this space has positioned us extremely well to benefit from this ongoing trend. Turning now to 5G.\n5G will transform the way we live, work, play, and educate. As the underlying infrastructure continues to roll out, 5G adoption is accelerating. Jabil is well-positioned to benefit from both the worldwide infrastructural labs and with devices which would be needed to recognize the full potential of a robust 5G network. 5G is also accelerating secular expansion of cloud adoption and infrastructure growth.\nThis, coupled with the value proposition Jabil offers to cloud hyperscalers, is helping us gain market share in an expanding market evidenced by the significant growth over the last three years. The value proposition that continues to resonate with our customers is our design to those capabilities, which incorporates engineering, manufacturing, and eco-friendly decommissioning of servers, all within co-located facilities. This is incredibly powerful as accelerating cycle times, security, and transparency at every step of the hardware lifecycle become continually more important to our U.S.-domiciled hyperscalers. Shifting now to packaging.\nWe are uniquely positioned to benefit from the global shift to smart and eco-friendly packaging. As consumers become more informed about the environmental impact of plastic waste, demand for sustainable packaging solutions is accelerating. And then finally, within semi-cap, the demand for semiconductors has never been higher with the accelerated convergence of technologies and the associated data generation and storage needs. Nearly every part of the economy runs on silicone today.\nJabil serves the semi-cap space with end-to-end solutions spanning the front end with design and complex fabrication equipment, along with the back end, the validation, and test solutions. In summary, I'm extremely pleased with the sustainable broad-based momentum under way across the business which has allowed us to deliver much better than expected results in the first half of FY '21. As we turn our attention to the back half of the year and beyond, we fully expect the long-term secular tailwinds that are driving our business to continue. This, coupled with our improving portfolio mix and lower interest and tax expenses, has given us the confidence to meaningfully raise our FY '21 estimates for revenue, core operating income, core margins, and core earnings per share.\n", "We now expect core operating margins to be 4.2% on revenue of approximately $28.5 billion. This improved outlook translates to core earnings per share of approximately $5. And importantly, despite the stronger growth, we remain committed to delivering free cash flow in excess of $600 million for the year. We've been working extremely hard as a team to grow margins, cash flows, and positively impact our interest in tax.\nI am very pleased with our team's exceptional execution of our strategy on all fronts. With that, I'll now turn the call over to Adam.\nAdam Berry -- Vice President of Investor Relations\nThanks, Mike. As we begin the Q&A session, I'd like to remind our call participants that per our customer agreements, we will not address any customer or product-specific information. We appreciate your understanding and cooperation. Operator, we're now ready for Q&A.\nQuestions & Answers:\nOperator\nThank you, sir. At this time, we'll be conducting the question-and-answer session. [Operator instructions] One moment please while we poll for questions. Our first question today is from Ruplu Bhattacharya of Bank of America.\nPlease proceed with your question.\nRuplu Bhattacharya -- Bank of America Merrill Lynch -- Analyst\nHi. Thanks for taking my questions and congrats on the strong results. You know, I had a couple of questions, maybe Mark. The first question on the EMS side of your -- you're guiding now to $13.4 billion, that's almost $1" ]

[ 0, 0 ]

[ "bile data usage being a fraction of Lat Am numbers as a result. We've invested approximately $5 billion across the continent and have an average tenancy of around 1.5 on our portfolio of nearly 19,000 sites, which are yielding roughly 11%. Importantly, we've partnered with key telecom operators like Vodafone, MTN and Airtel to bring enhanced connectivity to hundreds of millions of people. With extremely limited fixed-line penetration, young tech-savvy populations and governments committed to modernizing economies through connectivity, we expect mobile broadband to play a foundational role in Africa's growth story over the next decade-plus.\nWe also anticipate the continued organic growth of our new build program, to which we expect to construct a little over 1,000 sites this year. And our ongoing business development efforts will enable us to build on the strong foundation we've created in Africa as we deliver solid growth and increasing returns over the long term. At the same time, we are making substantial progress on our commitment to reduce the mobile industry's carbon footprint through our innovative power and fuel program. In African markets, where grid power in many areas tends to be unreliable, we are now deploying next-generation greener technologies, including lithium-ion batteries and solar solutions.\nWe expect to invest more than $60 million in 2020 to enhance the uptime performance of our sites in the region, while reducing greenhouse gas emissions after deploying in excess of $100 million over the last few years. Not only do these initiatives benefit our tenants, through higher uptimes and more efficient operating capabilities, but also they represent a critical part of our commitment to being a responsible corporate citizen. These investments have helped enable us to reduce diesel consumption by more than 25% from 2017 to 2019 across our global footprint after normalizing for portfolio growth. Meanwhile, in Europe, where we have nearly 5,000 sites between Germany and France and recently entered Poland by acquiring a handful of towers, networks are at a fairly mature stage, with 4G having been broadly deployed over the last decade.\n", "Organic tenant billings growth has been modest for us, is expected in the low single-digit range, and new build opportunities have been somewhat limited. Despite this, we drove NOI yields of 8% across our European asset base as of Q2, largely as a result of the price discipline we displayed when we acquired these assets. We tend to think of our initial investments in the region as beachfront properties, allowing us to have a good position to evaluate other potential opportunities. Consequently, we continue to look for ways to expand our European portfolio but only at valuations that, with underlying growth expectations, allow us to hit our required return thresholds.\nOur entry into Poland, although on a small scale initially, is an example of our continued focus on finding macro tower portfolios poised for sustainable growth in markets with attractive regulatory frameworks, support of regulators and vibrant wireless sectors, all at sensible valuations. And finally, moving to India, where we will have invested over $5 billion pro forma for redeeming our minority interest, we believe the wireless industry has now completed a much-needed and long-awaited consolidation to enable the deployment of 4G technology throughout the country by the remaining carriers. Through this process, we've experienced high levels of churn, which is reflected in our current 8% NOI yield. Although I'd note that the more than $400 million in cash settlement payments we received from Tata are not incorporated in that number for it to be higher.\nMore recently, there have been pricing increases by all of the carriers in the marketplace, while the telecom regulator has indicated that it intends to be supportive of the carriers through rational spectrum policies, and the Indian government continues to stress its Digital India initiative. The key near-term issue that needs to get supported out in the marketplace " ]

[ 1, 0 ]

[ "investments in areas with strong growth opportunities such as personal safety, home improvement and healthcare with continued emphasis on our priority growth platforms. The rapid movement to an even more digital-first world also opens additional opportunities for 3M. We are pioneering innovations that improve performance of data centers and semiconductor manufacturing, which will be more relevant moving forward. We will also do more to leverage e-commerce, along with digital technologies to better serve our customers.\nUltimately, we have big opportunities to unleash 3M Science and drive sustainable long-term growth, and we will ensure that our teams have the resources to capitalize. We continue to advance the digitization of 3M while also accelerating our use of data and analytics in everything we do. Further strengthening our supply chain is a priority in 2021 with a focus on highly sustainable, disruptive and safe manufacturing technology, which will help us deliver on our promises to customers and shareholders. To that end, I want to close by talking about the commitments we will keep in 2021 and beyond: Leading our industry in science, society and sustainability.\n3M Science drives our business forward. We leverage and combine our technologies in unique ways across the company, creating new products and new lines of business, and we are positioned to do even more to deliver differentiated value for our customers into the future. In a similar way, 3M is partnering with our communities to improve society. In 2020, we took steps to advance our core values, including diversity, equity and inclusion.\nAnd in the coming year, we will hold ourselves accountable to new goals to support underrepresented groups at 3M, building on our recent progress. We will also be releasing a new global diversity, equity and inclusion report with details on our metrics. We remain committed to sustainability, which includes using science to proactively manage PFAS and to enable success in our ongoing work with communities and governments to advance our environmental stewardship. We will continue to increase investments to make our factories more sustainable, including $100 million in investments this year, which is included in our 2021 capex guidance, to further reduce water usage and improve water quality around our manufacturing sites.\n", "To help address questions you have been asking, I would also like to touch on our strong history of working with governments and leveraging science to solve big challenges around the world. We have had productive conversations with President Biden's transition team and now the administration about their COVID-19 response, and we have open lines of communication. We will continue to do all we can to get respirators and other personal protective equipment to frontline workers and help America and the world beat the pandemic. On environmental stewardship, we share a common goal with governments of improving water quality and doing so in a way that is based on sound science, established regulatory processes and collaboration with a broad range of stakeholders.\nWe look forward to working with President Biden's administration and congressional leaders to pursue these shared goals, including through the remediation of PFAS, where appropriate. And we aim to build on the successful public-private partnerships that 3M has led globally throughout our history as a company. To wrap up, we are confident about what's ahead in 2021 and in our ability to create more value from the 3M model and build an even more competitive and sustainable enterprise. I will now turn the call over to Monish to cover the details of our guidance.\nMonish?\nMonish Patolawala -- Chief Financial Officer\nThanks, Mike. Please turn to Slide 13. As Mike mentioned, we are initiating full-year 2021 guidance as end-market visibility has continued to improve despite ongoing macroeconomic uncertainty. As a result, we will no longer be reporting monthly sales updates as we had in 2020.\nLooking at sales. We are forecasting total sales growth of 5 to 8%, with org" ]

[ 0, 0 ]

[ " everywhere. We're fortunate that we have our own facilities and we can manage our house pretty well, but it's very challenging for the overall industry with some locations and some factories just not being able to get employees, right, for obvious reasons, for health reasons, but I feel like that's starting to abate now and we're seeing more improvement.\nIf you look at the Android cycle, we have really good print position with MediaTek, as an example, and they've been a real strong feeder for Asia and other emerging markets. Also we're seeing some really good things as I mentioned with the Oppo, Vivo, Xiaomi names as we go forward and the supply chains today again are getting cleaned up pretty quickly specifically in China and other Asian markets. So we feel like that could pick up and it's another thing, the overall theme here is that we've got a great technology in 5G globally in the industry and the consumer has not had a chance to get there, right. We had supply chain issues, we had some shocks, supply chain shocks in some cases where the technology wasn't there. We have people staying at home that are not going to the stores.\nThis is all going to abate and the demand and the consumption for the technology is going to be there and I think wireless in this period of time that we've all been dealing with here, stay-at-home period, we recognize that the wireless devices that we have really are the bread and butter of our communication, our ability to work, our ability to communicate with family. It's really important and I think the appetite for the technology is going to only increase and the opportunity for companies like Skyworks, we're happy to play a role in advancing those technologies into the future.\nBlayne Curtis -- Barclays -- Analyst\nThanks and I just want to ask you on your BAW efforts and Qualcomm has been very vocal about their confidence in their solid SAW technology, you saw this Broadcom asset I guess ultimately not get sold. Can you point out anything that in terms of what you're shipping today for BAW and then as you look out into the back half of next year in terms of shipping into mid-high band module, where do you see that for Skyworks down the road?\nLiam K. Griffin -- President and Chief Executive Officer\n", "Sure. You know the story is getting better and better, Blayne, with respect to BAW. So we have some meaningful design wins that have been shipping, but the quantity of the device count now is going way up. So we're broadening the set of customers and then some of it, very strategic customers, the volumes and units there are picking up. So we actually -- I'm going to give you like a highlight-reel stat here. We crossed 100 million units of BAW-enabled devices about two weeks ago -- since we launched the BAW technology. So we're really pleased at the launch. It's taken a little time, but we're accelerating. We have opportunities across the board with new customers. We have design wins with strategic customers today and we're going to continue to advance that technology and all that stuff is being done in-house with our engineering teams, our fabs, our IP and just driving a technology solution that customers really want.\nOperator\nYour next question comes from Edward Snyder of Charter Equity Research. Please go ahead, your line is open.\nEdward Snyder -- Charter Equity Research -- Analyst\nThank you very much. Liam, you mentioned a sharp gain in DRx modules content or design wins based on 5G content. Is any of that due to finally getting a transmit function in the DRx modules to support MIMO, or CA or Diversity or is it still all on the receive side and are you in production on the BAW Duplex again?\nLiam K. Griffin -- President and Chief Executive Officer\nYeah, I mean, it's a great question. So the DRx category as you know, has really been an incredible performer in mobile device capitalizing on downlink and there is so many variants, Ed, for us. So we have a really wide portfolio in that technology and we are starting to see greater usage across the board. There is so many different versions, whether" ]

[ 1, 0 ]

[ "which is it is the adoption of electronics into harsh environments into areas where those electronics otherwise should not really be able to operate.\nAnd that is a legacy that we have of many, many decades of building up the capability of packaging interconnect and sensors for harsh environments, which now means, you know, putting highly computerized autonomous driving systems on tractors, and now means putting next-generation sensor technologies and alternative energy devices and monitoring of windmills and things like this. I mean, I could go on and on and on. And amid the uncertain global macro, you have the certainty of the continued onward and upward march of the adoption of electronics. So I'm not going to say that we're going to grow every quarter here in perpetuity by these outstanding amounts.\nNo, I mean, I wouldn't expect that we're going to grow by 31% every quarter going forward. But I do believe that the opportunity to outperform here remains very strong and that the breadth of our industrial product technologies is really second to none, and I think that positions us well for the future.\nOperator\nThank you. Next question is from Joe Spak with RBC Capital Markets. You may go ahead.\nJoe Spak -- RBC Capital Markets -- Analyst\nThank you. Maybe just to go back to one of the other questions about, you know, the end markets and sort of being pretty well split across all the new segments. Is the implication also that the growth you've laid out for the entire company organic in the second quarter, like is that also evenly split by the new reporting segments? Is there any sort of color in terms of how we should think about the segment performance would be helpful?\nAdam Norwitt -- Chief Executive Officer\nYeah. Thanks very much, Joe. I mean we're not guiding necessarily to growth by segment. I think we gave a lot of details by each of our end markets.\nBut as you saw this quarter, I mean, the growth was pretty balanced across those segments. Now we had really broad growth across the company. So, I wouldn't necessarily say that what we would expect by each segment going into here in the second quarter.\nOperator\nThank you. Our last question comes from Joe Giordano with Cowen. You may go ahead.\nJoe Giordano -- Cowen and Company -- Analyst\n", "Yeah. Thanks. Just wanted to -- on auto, obviously, the performance has been really good for a long time relative to peers, relative to the market, or however, you want to call it. I'm just curious like if you were to break down the outperformance in like large buckets as to what's driving it.\nMaybe -- yeah, I can leave it open-ended there, but I'm also curious as to how much maybe is -- with production being constrained here and focused on SUVs, high-end EVs, like kind of the things that are probably best for you, how much of that is driving some of this as well?\nAdam Norwitt -- Chief Executive Officer\nYeah, I mean, I don't know that there's a significant impact, Joe, from kind of the hot potato of people crossing semiconductors back and forth and deciding where they should put their -- which vehicles they should put them in and thereby which they should sell and prioritize. I mean, look, if our customers are building higher-content cars, is that a good thing? Yeah, I guess that would certainly be a good thing. But that should be a good thing for everybody in the market. And I think, you know, would that drive specifically our outperformance? I don't know that that would necessarily be the case.\nI think really what we see, and I'll just reiterate it again, is we see just an acceleration of the adoption of next-generation systems across all vehicles, and that includes the electrified drivetrains that we mentioned, but not exclusively that. It's next-generation infotainment, it's next-generation communication, it's next-generation comfort, passenger comfort, it's next-generation connectivity in the cars, it's everything from sensors that keep the HVAC systems running better and being safer for the people inside. I mean, you think about like going through a respiratory-borne illness pandemi" ]

[ 0, 0 ]

[ " shift to mid-range and moderately priced models in that market resulting from the impact of the spread of COVID-19 and significant reduction in component and finished goods inventory by Chinese customer. Profitability is expected to be impacted by a decrease in gross margins and an increase in depreciation and manufacturing-related costs associated with production equipment we purchased in the previous fiscal year when we expected growth as well as higher research and development costs. We do not expect to grow sales of mobile sensing products compared to fiscal '19 because adoption by smartphone makers has been slow and sales of flagship models, which already use our products have decreased due to the shift in market conditions. Sales of image sensors to AV have also decreased due to the contraction of the sensor market for digital cameras, resulting from the impact of the spread of COVID-19.\nWe expect the market to contract in one year as much as we had previously expected it would contract over the next approximately three years. In order to respond quickly to the changes in the environment, especially for image sensors for mobile products, we will modify our strategy, mainly in the areas of investment, research and development and customer base. We have already significantly reduced investment in capacity to supply demand in the fiscal year ending March 31, 2022, because we can supply that demand by stockpiling strategic inventory through utilization of our excess production capacity this fiscal year. The forecast for cumulative capital expenditures for the three fiscal years began April 1, 2018, which we explained in the past, has been reduced JPY 50 billion from approximately JPY 700 billion to approximately JPY 650 billion.\nAnd we are carefully reviewing the timing of planned capital expenditures in fiscal '21 and beyond. We will review the projects and priorities for research and development spending as well to ensure that they fit with the recent trends in the smartphone market and changes in our major customers' needs. However, in order to maintain and increase our future technological competitive advantage, we will not drastically reduce the number of projects or the budget. We intend to more proactively expand and diversify our customer base, which we're cautious to do previously due to production capacity constraints.\n", "Over the mid to long term, we will work to expand the applications for image sensors and the market overall by introducing edge-sensing products that use senses equipped with AI processing functionality, and we will steadfastly work to grow this business. We plan to complete within approximately one year an enhancement of our business model to adapt to the recent changes in the environment, and we expect to return the business to the path of profit growth from the second half of fiscal '21. Last is the Financial Services segment. Fiscal '20 quarter 1 Financial Services revenue increased 33% year on year to JPY 446.8 billion, primarily due to a significant increase in net gains on variable insurance investment in the separate account at Sony Life.\nOperating income increased JPY 1.1 billion year on year to JPY 47.2 billion. Financial Services revenue in fiscal '20 is expected to increase 7% compared to fiscal 19 to JPY 1.4 trillion, and operating income is expected to increase JPY 12.4 billion to JPY 142 billion. On July 13, we completed our public tender offer for the shares of Sony Financial Holdings, SFH, not held by Sony. The shares of SFH will be delisted on August 31 and SFH will become a wholly owned subsidiary of Sony on September 2.\nThe Financial Services business managed by SFH has a stable high level of profit and is a core business of Sony that plays a role in our long-term growth strategy. By eliminating the listed subsidiary relationship between SFH and Sony, we intend to increase the speed of decision-making, enhance management optionality and further improve the value of the business. In addition, by capturing the minority interest and realizing tax benefits, we expect to increas" ]

[ 1, 0 ]

[ "A wanted University of Georgia professor killed himself with a single gunshot to the head after he dug his own grave and covered it with brush, police said Tuesday. George Zinkhan, a professor at the University of Georgia, disappeared after the slayings of his wife and two others. The manhunt for George Zinkhan ended Saturday when cadaver dogs discovered his body in Georgia's Clarke County, about a mile from where his red Jeep Liberty was found more than a week earlier, police said. \"Zinkhan's body was found in a small dugout area in the ground, covered with leaves and debris, and it was apparent that he took significant steps to try to conceal his body from being located,\" a statement from Athens police said. Law enforcement officials determined that Zinkhan, 57, committed suicide after killing his wife, Marie Bruce, 47, Thomas Tanner, 40, and Ben Teague, 63, outside a theater in Athens on April 25. Another University of Georgia professor, Barbara Carroll, believes that she was also targeted by Zinkhan but escaped because she was at a movie theater the day of the slayings. In an e-mail obtained by CNN, Carroll had warned her colleagues at the university's Terry College of Business that Zinkhan, a marketing professor, was \"dangerous.\" The e-mail was sent after the shootings but before Zinkhan's body was found. Carroll could not be reached Tuesday, but in her e-mail she said that law enforcement officials surrounded her house early on the morning of May 1 after authorities found MapQuest directions to her house, printed on April 24, in Zinkhan's Jeep. She said she was advised to go into hiding. \"I do not believe Zinkhan had a map to my house for any reason other than he planned to kill me as well on April 25,\" Carroll wrote. \"This also suggests premeditation for the three murders he did commit. By the grace of God, I was at the movies all Saturday afternoon after being at school in my office (like a sitting duck) all that morning.\" All three of Zinkhan's victims were associated with the Town and Gown Players theater group, which was holding a reunion picnic at the time of the shootings. Police did not give any motive for the slayings but said in a statement that Zinkhan and his wife were having marital problems. Zinkhan targeted Tanner and shot him first, the statement added. ", "Authorities said Zinkhan arrived while the Town and Gown event was under way and got into a disagreement with Bruce. Police believe that he left, went to his car -- where the couple's children apparently were waiting -- and returned with two handguns. In addition to the three deaths, two people were wounded, police said. After the shootings, Zinkhan, a marketing professor at the Terry College of Business, drove to his hometown of Bogart, Georgia, and left his children -- ages 8 and 10 -- with a neighbor. Authorities put out bulletins across the nation for Zinkhan after the shootings and revealed that he had purchased an airline ticket in March for a May 2 flight to the Netherlands, where he owned a house. But Zinkhan never showed up at the airport." ]

[ 0, 0 ]

[ "t's a computer that is writing software. The way that you develop software is completely different, the way compute is different and that was our first phase and that started in the journey that was some eight, nine years ago now.\nThe second phase was the adoption of using this in an industrial way for clouds and we strongly revolutionized these services whether it's speech oriented services or search oriented services, just recommender services, the way you shop, the way you use the Internet is completely different to and so that's really the second phase and those two phases are still continuing to grow and you're still seeing the growth associated with that. The third phase is the industrialization of AI and some of the great examples when I say kind of the smartphone moment, I meant that it's a device with AI, its autonomous and its connected to a cloud service and its continuously learning. So some of the exciting example that I saw -- that I've seen and we're working with, with companies all over the world, we have some 7,000 AI start-ups that we're working with and almost all of them are developing something like this and large industrial companies whether it's John Deere or Walmart, they are all developing applications kind of like this and basically it's an autonomous system, autonomous machine.\nIn our case, it's called Jetson, it's a robotics machine. If that robotics machine is a car, then its called DRIVE and it's running an autonomous -- an AI application on top, an AI skill on top and it could be moving things around, it could be picking and placing, it could be just watching a warehouse and monitoring traffic and keeping traffic flow going. It could be connected to a car and whenever the car -- whenever the fleet of cars needs to be retrained because of the new circumstance that was discovered, the cloud service would do the relearning and then would deploy it into all of the autonomous devices.\nAnd so in the future we're seeing that these industries whether you're in retail or in logistics or transportation or farming, ag tech to lawnmowers -- consumer lawnmowers. They're not going to just be products that you buy and use from that point forward, but they will likely be a connected device with an AI service that runs on top of it and so these industries are so excited about it because it gives them an opportunity to change the way that they interact with their customers.\n", "Rather than selling something once, they sell something and provide a service that's on top of that and they could stay engaged with the customers. The customers could get a product that's improving all of the time just like your smartphone and that's kind of like -- that's kind of the reason, that's the reason why I've been calling it the smartphone moment for all these industries and we saw what happened to the smartphone revolution and then we saw what happened to the smart microphone, the smart speaker revolution.\nYou're going to see smart lawnmowers, smart tractors, smart air conditioners, smart elevators, smart buildings, smart warehouses, robotic retail stores. The entire retail store is like a robot and they will all have autonomous capability, they'll all be driven by AI. And so what's new for the industry therefore is that all of the enterprises in the world used to have computers for IT to facilitate -- to host their employees and their supply chain, but in the future all of these industries whether you are in medical imaging or lawnmowers, you're going to have data centers that are hosting your products just like the CSPs and so that's a brand new industry and we have a platform that we call EGX, which is the 5G Edge AI systems and we have the autonomous system we call AGX, which is [Indecipherable] and between those two systems and the software stack that we have on top of it, we're in a great position to help these industries one at a time transform their business model from the object-oriented business model, a theme based business model to a connected device business model.\nOperator\nYour next question comes from the line o" ]

[ 1, 0 ]

[ "ximately 350,000 shares valued at $20.53 per share. Turning to financial guidance for Q1 and full-year 2022. 2022 will be a significant growth year for Veritone. To support this growth and achieve our near and long-term objectives, we expect to continue making responsible investments.\nThese include forecasted increases in headcount by over 50%, which today includes just over 500 full-time employees. Our growth is largely dependent on these hires, the majority of which will be engineers, operational support, and sales. In addition, we have an active pipeline of strategic acquisitions to accelerate our planned organic growth and scale. In order to manage future growth and scale, we also need to invest in our infrastructure, including planned deployments of global systems, such as Oracle and Workday, in the first half of 2022.\nLastly, as Chad mentioned at the outset, where the world sees the great resignation, we see the great opportunity. We no longer have border restrictions on hiring. However, we also need to retain our current employees. And with higher inflation and wage increases globally, we will need to reinvest back into our current employees with newer retention rewards, higher annual raises, and richer benefits versus historical.\nIn total, we expect these one-time system and retention-related investments to be approximately $5 million of incremental costs to Veritone in 2022 versus 2021. With that backdrop and a reminder that PandoLogic has significant revenue seasonality with the lowest hiring in Q1 and accelerating quarterly throughout the year, we expect Q1 2022 revenue to be between $32.5 million and $33.5 million, representing an 80% increase year over year at the midpoint versus Q1 2021 GAAP and an increase of 39% versus Q1 2021 pro forma. Software products and services revenue is projected to increase over 80% as compared to Q1 2021 pro forma revenue, reflecting customer growth while maintaining consistent AAR and gross and net retention rates. Managed services revenue is expected to grow in the mid to high single digits.\n", "We expect Q1 2022 non-GAAP net loss to be between $3.5 million and $4.5 million, which is relatively flat versus Q1 2021 on both a GAAP and pro forma basis. As a reminder, the majority of our operating costs are fixed and payroll-driven when comparing Q1 2022 to Q4 2021, the seasonal decline in revenue results, and a decrease of over $20 million in gross profit. Even with this, we are still forecasting our core operations to be profitable in Q1 2022 and our corporate overhead non-GAAP net loss to be relatively consistent with Q4 2021. For full-year 2022, we expect revenue to be between $180 million and $190 million, representing a year over year increase of over 60% at the midpoint on a GAAP basis and near 30% increase on a pro forma basis for 2022.\nWe expect our combined software products and services revenue growth to be over 100% year over year on a GAAP basis. We expect full year non-GAAP net income to be between $10 million and $20 million. At the midpoint, this represents an over 100% improvement when compared to 2021 non-GAAP net income. If you exclude the previously discussed one-time expenses associated with retention and system upgrades, non-GAAP net income would be projected to be slightly up when compared to 2021 pro forma.\nIt should be noted that in 2022, we expect our fully diluted share count to be between 45.2 million and 47.2 million shares, largely due to the as if converted accounting associated with our convertible debt offering and, to a lesser extent, the outstanding options, warrants, and RSUs held primarily by our employees. Before I close, we will be speaking at the following investor conferences this month: the JMP Securities Technology Conference, March 7 and 8; and the 34th Annual ROTH Conference, March 13 through the 15th. Operator, now we would like to open up the call for questions.\nQuestions & Answers:\nOperator\nCertainly. [Operator instructions] The first question comes from the line of Darren Aftahi with ROTH Capital Partners. Please go ahead.\nDarren Aftah" ]

[ 1, 1 ]

[ " & Chief Executive Officer, Liberty Media Corporation\nSo, touching first on the infrastructure bill, I think we're full on LBRD questions in a way that today already in the LMC call but that's right, We'll -- I think there are some opportunities that will arise. Most of them are going to rise at Charter for GCI and if you look at our businesses, I don't think we're going to see a massive change at Siri, I guess, if you think about greater connectivity in general that's probably a plus for our 360-L but it's on the margin. It's not like a massive opportunity, I think in and of itself it's a continuation or acceleration of ongoing trend. The rest of the business is Formula 1, the Braves, not as Live Nation, not as obvious to me how the infrastructure bill is helpful. Obviously, Broadband and Charter and GCI, there are both opportunities there in terms of increasing customer supply of funds to buy broadband, increasing money around broadband, probably helping us extend some of our broadband footprint but there are also some threats there were new entrants, may be encourage.\nSo pluses gives and takes in that bill, I would say, from the perspective of Charter and GCI could have been far worse for some of the initial proposals. I think the ones in terms of the threat level, are way down from what might have been initially proposed about preferences for fiber over co-ax, preferences for over build, preferences for Muni's -- Munibuild, all of those things are muted compared to what might have been.\nStefano Domenicali -- President & Chief Executive Officer\nIf I may, Bryan on your question with regards to betting. First of all, we don't have to forget that we have already more partner whose money get back that we are working together. But as you know even the area of betting is an area with a lot these should be depending on the region of the country and we need to make sure that everything is really clear on that side. For sure it's a big opportunity that could be explored in the future, so once again work in progress to make sure that the next step of our partners will be the right one, in terms of dimension opportunity that could be good for our sport.\nBryan Kraft -- Deutsche Bank -- Analyst\nOkay. Thank you.\nOperator\nUp next, we'll hear from David Karnovsky with J.P. Morgan. Please go ahead.\nDavid Karnovsky -- J.P. Morgan -- Analyst", "\nHi, thank you. On Formula 1, Stefano, can you discuss in more detail your take-away's on the Sprint race format, both in terms of how you think it was received by the fans, but also by our partners on the race promotion and television side and I think you mentioned maybe expanding the format next year. Any sense for how many races you could roll this out to? And then maybe one for Greg, you mentioned good progress on Almac. I know you're somewhat limited in what you can say on this, but is there any more color you can provide on it or your position in the SPAC market overall? Thanks.\nStefano Domenicali -- President & Chief Executive Officer\nThanks, David for the question. Well, first of all, when we talk about the Sprint format, the idea was to offer something different in order to make sure that was something new that we can offer to all the stakeholders in Formula 1. We have the -- said that we wanted to do three -- three tests, one has been done in Silverstone, the other one would be in Monza and the other one will be at the end of the season in Brazil. At the end of this complete test, we're going to have a plan in order to see what will be the next step. What I can really say is that, after the first Sprint event in Silverstone, the response that we have both from the drivers from the teams, the media has been really positive. And also for the promoter, because if you think that every day we had something new to say. People come out and check on Friday, early June for the first qualifier on Friday. So the outcome of the first event has been dramatically positive, if I may say. And it's great because that's growth attention, interest TV and also partners, because thanks to that, we have built in" ]

[ 1, 0 ]

[ "AM expansion here, I think, doubling through 2025, like there is meaningful growth opportunity along with, I think, as you guys said, desire to be a Rule of 50 company.\nCan you -- just stepping back now, could you maybe just kind of frame how you're thinking about that, obviously, without providing any specifics you can't, but how you're thinking about that kind of growth investment profile and if there's any change in recent weeks as things, I know, start to get a little bit better and you're emerging from some of the COVID impact? Thanks.\nJohn Pagliuca -- Executive Vice President and President of N-able\nYeah. Thanks, Rob. As I outlined in the prepared remarks, we're going to continue to increase investment across three areas of R&D, international sales and customer success. Each of those have a different return horizon.\nAnd if you think about it, our international sales, we're investing there to WANs and larger MSPs in other parts of the world and also begin to plant our flag via some of our channel partners. I expect those to have a shorter return. I mean, we're actually starting to see progress in those geographies already. So that will have, I would say, the shorter return.\nThe second one around customer success. We continue to add resources and technology and processes to help our MSP partners grow their business and for them to add services, for them to add customers at a scalable way. That has a little bit more of a medium-term return because we have to help them grow, and as they grow, we grow. And then the last one around product.\nAs Sudhakar mentioned, we brought on our new -- our CTPO, Chief Technology and Product Officer. And he's looking at a bunch of different ways for us to improve the scalability of our platform, but also how to add services to help these MSPs at a little bit of a faster clip. So as you think about it from a product strategy point of view, we have two. One is we're going to continue to expand our service area on things that we can monitor, and we demonstrated that this quarter with the adding of the Intune integration.\n", "And the second one is adding services for these MSPs to protect SMEs and to do their jobs more efficiently. That one takes a little bit more time because, of course, we have to develop and build them into our platform, make them MSP ready. And then that cohort service begins to add. So it's -- those are the three areas with, I'd say, slightly different return horizons for each of them.\nRob Oliver -- Baird -- Analyst\nOK. Great. That's really good detail. Appreciate it, John.\nThank you guys very much.\nOperator\nYour next question comes from Kingsley Crane of Berenberg Capital Management.\nKingsley Crane -- Berenberg Capital Markets -- Analyst\nGreat. Thank you. It's great to see continued traction of the database management portion. Can you tell us a little bit more about the creation of this dedicated team? What other teams from within the business these team members may be coming from?\nSudhakar Ramakrishna -- President and Chief Executive Officer\nYeah. So I was very specific in calling it a core team. So the idea here is not so much to hive off from the functional teams. But we have organized functionally across the board because we want to create a lot more leverage, let's say, in product development and marketing and all the functions that we have.\nHowever, what we've done is that being appointed a core team leader, Bob Potter, and in a sense, built a cross-functional virtual team that is focused essentially day to day on driving this business. So in many ways, we preserve the integrity of our functional teams, but also create the focus of a core team. So that's the idea behind this particular initiative. And this is a very scalable model from my experience.\nKingsley Crane -- Berenberg Capital Markets -- Analyst\nOK. I appreciate that. That's very helpful. And then one for John.\nThat's very positive commentary on the growth drivers of N-able. Just wanted to touch on the growth outlook that you provided at the most recent Analyst Day. And so if we look at the results with 13%" ]

[ 0, 0 ]

[ "or us to reach these market position to move to the next step. That is the possibility to obtain a lot of new sources of revenue. Sometimes we try to splint better, now we foresee the 5G with ESA and used to compare to the application store of Google and Apple. 10 years ago they put in place an ecosystem where no one it very well in mind the amount of application that could be developed. But if you didn't put that in place, this application will be never develop.\nWe think that putting in place and ESA 5G network will allow to develop an ecosystem, mainly in Brazil, that has no limits in terms of possibility of new sources of revenues. Again, perhaps I can see a little dream, but this is true. And again what we are able to do in less than nine months because let's remember, we started to discuss about new sources of revenue in March of 2020 with two PowerPoint chart. Everybody were asking us where is the benchmark and do know the truth that I'm proud to say that now, we are the benchmark.\nDiego Aragao -- Goldman Sachs -- Analyst\nThat's, that's super helpful Pietro. Thank you for the explanation.\nVicente Ferreira -- investor relations Officer\nThank you, Diego. This is Vicente speaking again. And we now move to the next question that comes from Maria Azevedo from Santander Bank. Please Maria, get ready. We will move to you and you'll be able to make your question. Thank you. Maria?\nMaria Azevedo -- Santander Bank -- Analyst\nHi, sorry. Good morning everyone and thank you, Vicente. So another question on 5G. How are you going to see the 5G opportunity for TIM in terms of the fixed wireless access and as one consumer mobility? I mean, you have all those upsides automation in IoT, but do you see room for ARPU growth on the back of 5G for ARPU? That will be my first question. Thank you.\nAdrian Calaza -- chief financial officer & Investor Relation Officer\n", "Okay. Thank you, Maria. For sure, again lots of thank you to you because you allow me to put on the table, something that was missing in my previous speech that perhaps is one of the first business model on the traditional core business that can justify at least part of the investment on the 5G. That is the fixed and wireless active. We are testing in these days in three different area with the 5G DSS already, the fixed and wireless active functionality. If you remember, we have been working for three, four years on this so-called WTTX, that is, let me say the old father of the fixed wireless active just to improve our learning curve. Brazil is a country in which fixed wireless active will be a good alternative to FTTH. It doesn't mean that it's better FTTH as FTPH is not the only solution. What we meant is a scenario in which you will add FTTH coverage and fixed and wireless active coverage.\nWe are starting in the phase where it's more convenient the one, the first or the last, and we think that TIM is the player that is best positioned to exploit this kind of opportunity because we have no legacy. We don't -- we are not scared that, that we are going to cannibalize a fixed existing services, both on consumer or on business side, because fixed and wireless active put under discussion sometimes also this align solution, ultra broadband solution for small medium company, so on and so forth. So we believe -- we strongly believe that fixed and wireless active is a business model in Brazil, that is a compliment to the FTTH solution and with the new company that we are creating to further accelerate the FTTH and the fixed and wireless active is using the 5G technology, we are the player that can explore the most this situation.\nThen again, moving on them 5G on mobile, I think and -- but in case we are looking, and we are starting because also toward you don't have so many use cases to do a right evaluation. In the short term, the 5G RP increase will be much more driven by a further acceleration of the data consumption that not from the possibility to put a different price for 5G. Again, we are at -- we are still at an early stage of the analysis of these opportunity, but if you ask m" ]

[ 1, 1 ]

[ "h will expand the capacity at UMC Fab 12A P6 in Taiwan Tainan Science Park through an innovative win-win partnership model with several leading global customers. The P6 expansion is scheduled for production in the second quarter of 2023 with total investment for the project earmarked at TWD100 billion.\nIn addition to UMC's previously announced 2021 capex of US$1.5 billion, the bulk of which is allocated toward equipment for the company's Fab 12A P5 sites, adjacent to P6. Total UMC investment in the Tainan Science Park will reach approximately TWD150 billion over the next three years. The P6 program is supported by a multiyear's product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level.\nWe look forward to leveraging our number one worldwide foundry market position in multiple areas, such as 28-nanometer OLED driver IT production, so we may further strengthen UMC industry relevance and capture new market opportunities, in capturing new market opportunities down the road. Now, let's move on to the second quarter 2021 guidance. Our wafer shipments were increased by 2%. ASP in U.S. dollar were increased by 3% to 4%. However, the surging NT dollar headwind may potentially offset benefits on Q2 shipments increase and ASP growth.\nGross profit margin were a challenge 30%. Capacity utilization will be at 100%. Our 2021 cash-based capex will be budgeted at $2.3 billion, as Chi-Tung mentioned earlier. That conclude my comments. Thank you all for your attention. Now we are ready for question.\nQuestions and Answers:\nOperator\nYes, thank you President Wang.[Operator Instructions] Our first question is coming from Randy Abrams from Credit Suisse. Go ahead please, Randy.\nRandy Abrams -- Credit Suisse -- Analyst\nOkay. Yes, thank you. Congratulations on the result and margin improvement. First question I want to ask on the capacity expansion. Could you discuss the amount of capacity for the Fab 12A Phase 5 with the capex raise? And also how much capacity is planned for Phase 6 with the TWD100 billion plan and if there is a framework for total capex, if you also expect any spending to continue in China or other facilities. If there is a view the current year's spend may continue around this level for the next couple of years?\n", "Chi-Tung Liu -- Chief Financial Officer\nSo Randy, for P6 alone, the total capex is around TWD100 billion. And it's likely -- the spending is likely to spread out through over the next three years, so, starting from latter part of this year, bulk of that in 2022 and also nearly one-third in 2023. So that will be the key part of our capex over the next three years.\nAnd for the original budget of TWD1.5 billion, the bulk of that will go to the 10,000 wafer 28-nanometer capacity per month at P5. That's already ongoing. And we are seeing the contribution earlier, maybe as early as next year\nFor Xiamen, we are also already reaching to the target -- closing to the target level of 25,000, wafer per month. And as you recall, it was about, 17,000, 18,000 wafer by -- about the same time last year. But through the extension, now it's close to the focus of the capacity right now. So maybe Jason, you want to add to few more?\nJason Wang -- Director and President\nI think the other data point is for the Tainan facility, after the P5, will be about 90,000 wafer capacity, total for the Tainan site, the 12A. And by adding the P6, we'll be on top of the 90,000. So we are approaching about 120,000 [Speech Overlap].\nRandy Abrams -- Credit Suisse -- Analyst\nOkay. So, to clarify, it's 90K to 0K P5, P6 is 20K. So that brings it to 120. Okay. And the second question, it gets back to the mechanism and this new expansion schedule. If you could talk on how the pricing and margins as you expand and grow the business with the new capacity, how would that impact relative to your current margins where they're getting to 30%. And if you could give an updated view that the depreciation where it was originally on that kind of nice down tren" ]

[ 1, 1 ]

[ "ey're going to be more expensive due to higher component costs. But at the same time, it looks like you guys have proven that there is a market for low- cost geographies with phones like iPhone SE. So how do you see these two different segments within the smartphone market evolving over the next one to three years? And then I had a follow-up for Luca.\nTim Cook -- Chief Executive Officer\nAgain, I want to stay away from commenting about future products. But generally, I think it's important when you think about 5G is to look around the world at the different deployment schedules. And some of those look very different perhaps than what you might be seeing here. And so, that's very important. In terms of the price, I wouldn't want to comment on the price of handsets that aren't announced.\nKrish Sankar -- Cowen and Company -- Analyst\nGot it. No worries, Tim. And then I have a follow-up to Luca. Opex as a percentage of sales for March looks like about 15% higher than in your prior quarters. Kind of curious how much of that is part of it is driven by some of your Intel modem asset purchases or TV+ in the opex or how do we think about it on a go-forward basis?\nLuca Maestri -- Senior Vice President & Chief Financial Officer\nYeah, I think we felt good about our opex results because they were at the low end of our guidance range, but clearly, we want to make all the necessary investments in the business and from -- in terms of the new services, not only for TV+, but all the new services that we launched during 2019, this is a period where we're making the necessary investments in advertising and marketing and that level of investment is reflected in our opex results. And also as you correctly stated, we completed the acquisition of the Intel baseband business during the December quarter. And so, we had -- we reflected the run rate of the expenses related to that business partially during the quarter after the completion of the transaction. And we -- that is a very important core technology for the Company. So we will continue to make all the necessary investments also there. There is a third category of expenses that affected the December quarter and is the fact that our revenue was very strong. And we have certain variable expenses, for example, credit card fees that are associated with the higher volume and of course, impacted our opex results.\n", "Tejas Gala -- Senior Analyst, Corporate Finance and Investor Relations\nThanks, Krish. Can we have the next question please?\nOperator\nThat will be from Mike Olson with Piper Sandler.\nMike Olson -- Piper Sandler -- Analyst\nAfternoon. Thanks for taking the questions. So slightly different take on an earlier question on Wearables and that is -- what impact do you think Wearables is having on driving people into the Apple ecosystem? You mentioned 75% of watch buyers are new to the Apple Watch, but many of them new to Apple overall. I'm sure a lot of existing iPhone, iPads or Mac users are going to be Wearables customers, but do you think Wearables bring people into the ecosystem to buy other devices in a material way?\nTim Cook -- Chief Executive Officer\nI think that -- Michael, it's Tim. With each Apple product that a customer buys, I think they get tighter into the ecosystem, because they like -- that's the reason that they're buying into it is they like the experience -- the customer experience. And so, from that point of view, I think each of our products can drive another product. I would think in that case, it's more likely that the iPhone comes first. But there is no doubt in my mind that there is some people that came into the ecosystem for the Watch.\nMike Olson -- Piper Sandler -- Analyst\nOkay. And then I think you recently mentioned that augmented reality will pervade our entire lives. And I'm wondering if you could share your thoughts about how you think it starts to impact our lives more significantly? For example, will the inflection point in AR come from gaming or industrial usage or some other category. In other words, where will the average person, kind of, first feel the impact " ]

[ 1, 0 ]

[ "ortunities carriers expect from 5G technology. Other regions around the world are also opening up spectrum for 5G services, and wireless industry experts expect deployments to gather strength later this year.\nWe launched our open RAN platform in December 2020 and are gaining traction in the marketplace. For example, we recently announced that we are joining the Evenstar program, and we'll be working with Facebook connectivity to provide a 5G open RAN distributed unit design. This design will be based on our leading OCTEON Fusion baseband processors and ARM-based OCTEON multi-core DPUs. Evenstar DU design will enable a new generation of RAN suppliers to deliver high-performance, cost-optimized, interoperable DU products to the rapidly expanding open RAN ecosystem.\nWe recently announced that Fujitsu will be using our industry-leading OCTEON Fusion baseband processors in its new 5G base stations and also plan to engage with us on open RAN distributed unit products. They are the second 5G regional customer I referenced last quarter. In cloud networking, we benefited from strong customer demand in the fourth quarter for our smartNIC DPUs, while the cloud ASIC declined, as expected. Looking forward, we expect to continue benefiting from the secular growth in cloud capex on semiconductor solutions for data processing.\nTurning to our automotive business. Quarterly revenues crossed into the double-digit million run rate, driven by the ramp of multiple Ethernet design wins in model year 2021 vehicles. Engagements are expanding as additional large OEMs and bookings have continued to strengthen. We believe that fiscal 2022 is shaping up to be a breakout year for this business.\nThe fourth quarter was robust for our Ethernet switch and PHY business with product ramps at multiple customers. The design wins we won over the last couple of years are now starting to ramp, and we expect these will contribute higher levels of revenue as we progress into fiscal 2022. Let me now discuss the outlook for the first quarter of fiscal 2022 for our networking business. Reflecting strong demand, despite continued supply constraints, we project revenues to grow close to 10% on a sequential basis and continued strong year-on-year growth exceeding 20%.\n", "We expect this growth to be broad-based, led by our cloud DPUs, standard and semi-custom 5G solutions, automotive products and Ethernet networking solutions, partially offset by softness in 5G ASICs. Turning now to our storage business. Storage revenue for the fourth quarter was better than expected across all product lines, growing 18% sequentially to $326 million. This was a very strong quarter for our storage business with 10% year-on-year growth, driven by our custom SSD controller and cloud HDD products.\nI'm very pleased with the tremendous progress we have made over the last few years in enabling high-capacity nearline HDDs, which are critical for cloud customers. We have extended our long-standing relationship with Toshiba, and we recently announced that our controllers and preamps are powering their new 18-terabyte cloud-scale HDDs. Toshiba's 18-terabyte products deliver industry-leading data storage capacity by utilizing MAMR technology and advanced signal processing developed in close partnership with Marvell. The close coupling of Marvell's rechannel and preamplifier IP enables leading-edge features and HDD capacity to extend Toshiba's position in the cloud data center market.\nLet me now provide some additional color on storage revenue on a sequential basis. In the fourth quarter, our custom SSD controller revenue benefited from the ongoing ramp at a Tier 1 OEM, as well as the initial ramp at a major cloud customer. In HDDs, demand was strong across multiple end markets, including enterprise, smart video, retail and client, and our business benefited from aggregate HDD unit TAM growth of about 10% sequentially. Our revenue from cloud HDDs also grew on strong customer demand for our products.\nIn our fiber channel business, demand recovered significantly from the COVID-19 impacts earlier in the y" ]

[ 0, 0 ]

[ "\nWade Davis -- Chief Financial Officer\nOK. So in terms of the ongoing growth investment, it's fairly modest and it's important to note that we're actually stepping on the gas where we're seeing delivered, where we're seeing the ability to deliver results, right? So as we've seen Pluto traction begin to take hold. We've started incrementally investing to support and help accelerate that growth. We are starting to invest incrementally in our niche B2C products, as Bob described.\nAnd obviously, we're investing in supporting the AMS infrastructure. When you take all of that together, these are very modest incremental investments in the scheme of Viacom. We are going to continue to invest in things like Pluto. Obviously, it's in a hyper-growth mode.\nGoing to require investment in order to continue to support that. But one of the great things about Pluto is that the majority of its cost structure is variable. So unlike a lot of other people's forays into this area, we don't have to invest significantly ahead of the curve in terms of big fixed costs, licenses and content distribution. So we're able to grow the cost structure as the business grows.\nIn terms of overall margins, we've talked a lot previously about our cost transformation activities. We are able to, we continue to be able to drop significant savings to the bottom line. So in this quarter, if you look at SG&A improvements, we were able to improve SG&A by a couple of percent net of ad and promo expense. And so those savings are really allowing us to invest in these growth initiatives without really impacting Viacom's bottom line.\nBob Bakish -- President and Chief Executive Officer\nYes. And in terms of your question on over the top and the like in the affiliate number, the reality is I'm not going to unpack that because we have a multifaceted distribution business, which is reflective of the significantly broader landscape that we now operate in. Viacom IP is in demand across this landscape, in many sectors. We're working to satisfy that demand, and that's driving growth overall in distribution.\nAnd that's really how you need to think about it.\nDoug Mitchelson -- Credit Suisse -- Analyst\nAnd if I could just follow up, Bob, if you sort of carry forward with Wade's comments on the growth question, have you sort of checked the box on a lot of the things that you wanted to do regarding driving growth initiatives? Or should we expect that there's plenty more to come?\n", "Bob Bakish -- President and Chief Executive Officer\nLook, I think we're just getting to an inflection point. Obviously, if you go back two, three years. We had a bunch of near-term revitalization work we had to do, and I won't recover that. But we said simultaneously we'd evolve the company for the future.\nAnd when we entered fiscal '19, we said we were really leaning into that side, and that's exactly what we've been doing. And then you look at our third fiscal quarter and the return to growth on so many metrics, you're seeing it actually start to play through the P&L. And our focus now is on continuing to ramp that. And that might be, well, that includes ramping things like our Pluto platform, ensuring that broadband only and for that matter, video-bundled consumers first in the US, but really all around the world, have a premium content experience that leads the industry.\nThat includes our advanced marketing solution business, which as Wade discussed, really differentiated us in the quarter, in the upfront and sets us up and actually already has returned us to sustainable growth. So you should expect us to keep doing that. And you should also expect us to continue to look for ways to evolve our business and take advantages in a glass-half-full way of the many opportunities this shifting landscape presents.\nDoug Mitchelson -- Credit Suisse -- Analyst\nAll right, thanks so much.\nOperator\nOur next question comes from Rich Greenfield, please proceed with your question.\nBob Bakish -- President and Chief Executive Officer\nRich, you might be on mute?\nRich Greenfield -- Analyst\nSorry about that. Sorry. Sorry about t" ]

[ 0, 0 ]

[ "BANGKOK, Thailand (CNN) -- Bedraggled, hungry and dazed, the refugees arrived on the shores of Thailand after fleeing one of the most repressive governments in the world -- the hard-line military regime in Myanmar, also known as Burma. This picture provided to CNN is said to show refugees being towed out to sea by the Thai army. But a CNN investigation has uncovered evidence that for hundreds of Rohingya refugees -- members of a Muslim minority group -- abuse and abandonment at sea were what awaited them in Thailand, at the hands of Thai authorities. Extraordinary photos obtained by CNN from someone directly involved in the Thai operation show refugees on their rickety boats being towed out to sea, cut loose and abandoned. One photo shows the Thai army towing a boatload of some 190 refugees far out to sea. Watch the backstory on the investigation » For days, accusations have been carried in several regional papers that the Thai army has been systematically towing boat-loads of Rohingya refugees far out to sea and setting them adrift. The army denied it, and the Thai government has launched an inquiry. CNN's investigation -- based on accounts from tourists, sources in Thailand and a Rohingya refugee who said he was on a boat towed back out to sea -- helps to piece together a picture of survival thwarted by an organized effort not just to repel arriving refugees, but to hold them prisoner on shore, drag them in flimsy boats far out to sea and then abandon them. Watch CNN's investigation into reports of refugees being set adrift » Three tourists recently voiced concern to CNN over what they had seen -- and in some cases photographed -- near Thailand's tourist areas. One tourist provided CNN with photos last week of refugees detained by Thai authorities on a beach near a tourist site, with the refugees prone on the sun-bleached sand while guards stood nearby. \"Whenever someone raised their head or moved, they [guards] would strike them with a whip,\" said Australian tourist Andrew Catton. A CNN crew traveled to a remote stretch of the Thai coast four hours north of the tourist island of Phuket to investigate the growing reports that the Thai military was secretly detaining Rohingya refugees before towing them out to sea and setting them adrift. In an isolated beach area, debris including sandals and campfire remnants indicated that large numbers of people had been there but were nowhere to be seen. The crew then traveled to a nearby island, where residents reported that refugees who had escaped were living in the jungle. ", "In one hamlet, villagers had captured a Rohingya man they believed had been living in the jungle for days. The refugee, who identified himself as Iqbal Hussain, told CNN he was on one of six boats in a makeshift refugee fleet that arrived in Thailand in December. He said all six boats with their refugee cargo were towed back out to sea in January, and five of the six boats sank. His boat made it back to shore, and he hid in the jungle for days until nearby villagers captured him. In broken English and using sign language and drawings, he described what happened to the other men on the boats: \"All men dead,\" he said, putting the number of dead at several hundred. The Rohingya, a persecuted minority in Myanmar, have been fleeing their country in rickety boats for years, in search of a better life. In Thailand, many instead have found deprivation and the possibility of desertion far off shore, according to the CNN investigation. The source who provided CNN with photos of refugees in a boat being towed out to sea stressed that the Thai army had given the refugees food and water, but he also confirmed that the boats had been pulled for more than two days into international waters before they were set adrift. His account directly contradicts briefings by senior Thai army sources who denied any such operation was undertaken. A source in the Thai military, after extensive questioning, did confirm to CNN that the Thai army was operating a dump-at-sea policy. But the source defended" ]

[ 0, 1 ]

[ "ther places. But it's primarily a North American business.\nBill Hyler -- WDH Capital -- Investment Manager\nIs there an opportunity to expand internationally or is it just limited by your distribution and manufacturing? And maybe I don't know what the competitive pressures are overseas, but is there an opportunity, maybe increase international sales down the road?\nJeffrey Powell -- EVP and Co-COO\nI think longer term there is. I mean, obviously, the first year we want to get them integrated and make sure everything's running well. But as we look strategically at their growth opportunities going forward certainly geography will be one where, as you know, we have a pretty broad international footprint. Most of our product line. So that's something that we will be looking at going forward as we put together a strategic plan for them.\nBill Hyler -- WDH Capital -- Investment Manager\nAnd the facility in China that just basically serve that local market?\nJeffrey Powell -- EVP and Co-COO\nNo, it does some manufacturing that gets exported back to the U.S. but it does support the local market in the regions around there in addition to the products, they export back to here.\nBill Hyler -- WDH Capital -- Investment Manager\nGot you. All right. Appreciate it. Thank you.\nOperator\nThank you. Our next question comes from Walter Liptak with Seaport Global.\nWalter Liptak -- Seaport Global Securities -- Managing Director\nHey, thanks. Good morning guys.\nJeffrey Powell -- EVP and Co-COO\nGood morning, Walt.\nWalter Liptak -- Seaport Global Securities -- Managing Director\nMy questions about your comments around the EU. You called out some pressure on industrial production been sluggish in Germany and Italy. But then with the record bookings, it seems to be, you know, kind of a disconnect or whatever. So I guess the question is where your comments about the strength that you're seeing in the EU, is that because of the bookings that were recorded this quarter and I guess what's the funnel looking like for further projects in the back half?\nJeffrey Powell -- EVP and Co-COO\n", "You know what? It's a good question, Walt. We've actually been quite pleased with how well that segment's doing relative to what's going over -- going on over economically. I think there's several things we've been successful in winning some large projects that are still occurring, some in Eastern Europe, which, you know, is doing a little better than Western Europe in some regions. Also, some of our one of our, as you recall one of our 80, 20 companies was in Europe. And we're seeing some some very encouraging results from that particular company. And we're talking about bookings, say, in their aftermarket, which are, you know, extremely, extremely strong, much stronger than we've ever seen before. And we -- they believe -- they attribute part of that to to the 80,20 program and the focus on our better clients. So I think the combination of winning some nice projects and then just continually trying to improve our internal operations that are giving us those kind of results. So we were, were quite, quite pleased with that concerning the general overall market conditions there.\nWalter Liptak -- Seaport Global Securities -- Managing Director\nOkay. Sounds great. Thank you.\nOperator\nThank you. And I'm not showing any further questions in the queue. I would like to turn the call back to Jeff Powell for his final remarks.\nJeffrey Powell -- EVP and Co-COO\nThank you, operator. Before I let you go, I would like to summarize what I think are the key takeaways from the quarter. Number one, first, we had a very good operating performance in Q2 with record revenue and internal growth revenue growth of 5%. Second, China's decelerating economy and global trade uncertainties are expected to continue to create a drag on our business activity in China. And finally, we are raising our full year GAAP and adjusted EPS guidance and expect to achieve record revenue and adjusted EBITDA in 2019.\nWith that, I want to thank you for joining our call today. And we look forward to updating you next quarter.\nOpe" ]

[ 1, 0 ]

[ " going to see more and more growth around that. But still, the connectivity vector is the primary element here to make it all work.\nOperator\nThank you. The next question comes from the line of Brett Simpson with Arete Research. Sir, your line is open.\nBrett Simpson -- Arete Research -- Analyst\nYes. Thanks very much. Maybe two big picture questions, and maybe for Liam. First, just Android as a market opportunity for Skyworks.\nI guess your mobile business is much more skewed toward iOS historically. But if I look at Android, we probably look at about $1 billion of revenue for Skyworks every year, and there's more than 1 billion units shipping for Androids. So you're getting sort of less than $1 today of RF content on average. And I guess just moving to 5G and more modules.\nCan you perhaps just talk about the opportunity that you see ahead of yourselves in terms of getting more strategic with customers or where you think you can really start to sort of grow your average content per unit in the Android ecosystem? Thanks.\nLiam Griffin -- President and Chief Executive Officer\nSure. Sure. That's a great question. Yes, and you're right.\nI think there's a lot more opportunity in Android now for us to go get. And it's really about an education opportunity for us. And we're working with these customers. We're demonstrating what a little bit of incremental content can do in terms of the end user's experience.\nSo there's a lot more of a drive there. We absolutely -- it's not a technical hurdle for us. I mean we know how to do it. It's more around how do we craft the solution that provides the technology and the performance and does it at a price point and a cost point for us, where it makes a lot of sense.\nAnd that's happening now, because as you start to see 5G really accelerate, to really get the performance that's been promised and that's been desired, you've got to put in more content -- you got to put in more filtering as we talked about already in the call. You need to raise the performance of your gallium arsenide technologies, you got to bring them in. You got to look at your packaging and test, and the coexistence issues that happen when you have more and more of these technologies in a single application, whether the application is a phone or something else. So there's a lot there.\n", "A couple of things I would say. In the last several months, we've been doing much, much better at the higher end of Android. Customers like Samsung have been very strong. And these are on the new platforms.\nThese are on the highest performing new platforms that they're offering. And then we're going to bring along the Oppo, Vivo, Xiaomi, players. In aggregate today, those are still very significant for us, but the content opportunity from today's baseline and where it could go over the next two to three years is quite substantial. So the point that you made at the beginning is definitely well taken.\nSo that's how we see that, and we've got great inroads right now on products that will -- they have a little bit of a different cycle than some of the large U.S. players, but you should see a lot more content from Skyworks in Android products going into the second half of the year and into 2023.\nBrett Simpson -- Arete Research -- Analyst\nGreat. Maybe just a follow-up, Liam, on Ed's question on WiFi. I guess, there's something like over 4 billion units of Wi-Fi that ship every year. And I'd just love to understand the RF TAM or the opportunity set that you see, especially with the transition to 6E and some of the changes that we're going to see and how this is packaged up.\nBut I guess we could expect PCs and routers and smartphones and TVs to move quite aggressively toward 6E over the next sort of year or two. But is there anything you can share with us in terms of your strategy and how you plan to address this? Because I guess this transition should be quite positive for RF players like Skyworks that's done very well traditionally in the WiFi space.\nLiam Griffin -- President and Chief Executive Officer\nYes. No, that's a great point. So the appetite fo" ]

[ 1, 0 ]

[ "espread across geographies there.\nOn health, we've had historical intellectual property there, but that's probably an area of investment for us, and we're seeing that accelerate as well. We've historically been strong in retail, in manufacturing. Those are coming back, I would say, the insurance and the space. The space environment as an industry, the space sector is an area that we see. We've been strong on the government side, but as it moves into commercial, that's an area that we have opportunities in. And then same thing in energy and utilities as they make the transition.\nSo these are some of the areas that we're seeing growth in and that we are strong in and across our various geographies. And again, some of that is intellectual property and some of that is domain expertise that we have. We tend to match in technology, but we don't go to market by technology because it's really -- it's the intersection of technology and the domain expertise. And as I mentioned, when you're leading with technology, that's when we saw a lot of our clients accessorizing, but now they need to go deeper and more holistic, and we think that's a better value proposition for CGI.\nOperator\nThank you. The next question is from Steven Li from Raymond James. Please go ahead. Your line is open.\nSteven Li -- Raymond James -- Analyst\nThank you. Hey, George, Francois, you spoke about continued positive momentum on organic growth. Can I take this as meaning improving organic growth, 4%, 5% into the next year?\nGeorge D. Schindler -- President and Chief Executive Officer\nWell, Steven, thanks for the question. As you know, we don't give specific guidance. But yes, as you look at the increased bookings for the last several quarters, the pipeline and demand environment that we continue to see, the fact that a number of those engagements are for new work as we've been discussing, that's what gives us the confidence to say that we're seeing an accelerating demand or accelerating growth environment for CGI. I'm not going to put a number on it, but certainly, we see accelerating.\nSteven Li -- Raymond James -- Analyst\n", "Okay. Great. And then on Scandinavia, I see quite a bit of improvement on EBIT to 5%. But revenue is still challenged. So two questions. So one is, can the profitability get to where the other European regions is? And secondly, on the revenue challenges, actually with our [Indecipherable] Acando with scale would help. But do you see a turn in the revenues there?\nGeorge D. Schindler -- President and Chief Executive Officer\nYes. So we do. I mean, we kind of hit a perfect storm with the combination of services we have, the integration and the pandemic. But we see -- we focus first on making sure that we preserve shareholder value. So thanks for pointing that out. That's the starting point, but there's a lot of work that's been done to make sure that we're not just adding revenue, but we're adding the right revenue. And that takes a little bit of time, but we see that coming back in the next couple of quarters.\nSteven Li -- Raymond James -- Analyst\nAnd George, the profitability, does it need the revenue growth to keep on improving?\nGeorge D. Schindler -- President and Chief Executive Officer\nNot one for one. We think that we can continue to get the profitability improvements. Again, that's part of rehabilitating the type of revenue that we have. But the growth will just -- we'll continue to have that rise to the level of the rest of Europe. And I didn't answer that part of the question. But yes, there's nothing structurally that tells us that the Scandinavia region couldn't and shouldn't be able to reach that.\nAnd quite frankly, we talk about Scandinavia as a whole, but the reality is that individual Denmark, we're doing extremely well on both the revenue and the margin side. Obviously, there's pockets even of Sweden where we have that, really, we're focused on the main city center Stockholm, which, of course, is very large and drives a lot of this. But there's nothing structural in that area that won't allow us to do that.\nSteven Li -- Raymond Ja" ]

[ 0, 0 ]

[ "onal streaming\nThanks, Tom. 95% of the world's population, 7.5 billion people live outside of the U.S. The international opportunity in streaming is massive. Let's start with Pluto. Since ViacomCBS acquired Pluto and began expanding outside the U.S., our monthly active user growth has gone through the roof. In 2020, with growth in the U.K. and Germany as well as new launches in Latin America and Spain, our international monthly active users jumped from 1 million to 13 million. This year, with Pluto's expansion in France and Italy, we expect that incredible growth to continue. The SVOD space is still early in international markets. We expect over 350 million new subscriptions to come online in the next three years, giving us a lot of room to grow.\nWith Paramount+, we have a four-pronged strategy to meet this global opportunity. First, we start with a truly global brand, an average of 91% of people in key markets we tested know the Paramount brand and 96% have a positive association with it. Around the globe, the Paramount brand means premium content, blockbuster films and must-see TV. Second, we deliver a powerful mix of global and local content that lives up to that storied reputation. Internationally, Paramount+ will be the home of Paramount movies with select first run movies in certain markets, as well as some of the world's biggest scripted dramas from Showtime, CBS Studios and others. This new service will feature many of the exciting Paramount plus series you've heard about today including originals such as The Man Who Fell to Earth, Halo and Kamp Koral, as well as fan favorites, like NCIS.\nParamount+ will also be the international home to many of the fantastic Showtime titles you just heard about including new ads like the First Lady and American Rust, as well as classics such as Dexter and Bllions. You will also see widely acclaimed dramas from third-party studios in select markets including award-winning shows like The Handmaid's Tale and Killing Eve and local formats of some of MTV's biggest global reality franchises such as Acapulco Shore and And Are You The One: Brazil. All of these will be available to international consumers as part of a single subscription. Here's a quick look.\n[Video playing]\n", "Offering this unparalleled collection of global content is key to our strategy and through ViacomCBS International Studios, we're also working closely with top global content creators to ensure we have a robust offering of premium scripted local dramas. These include The Envoys, a supernatural thriller produced with Academy Award winning director and screenwriter, Juan Jose Campanella. Cecilia, a female-led dramedy from renowned Argentine writer and director, Daniel Burman and Last King of the Cross and organized crime drama, based on the best selling autobiography by John Ibrahim.\nWe'll premier all of these in 2021 with more to come in 2022. The third pillar of our strategy is to provide this premium content experience at a value price point, creating a must-have service. That's why all of this incredible content from Paramount, Showtime, and our global content creators, will come at a considerably lower price than competitors in each market. Finally, we are leveraging the massive global reach of ViacomCBS to distribute this service.\nWe have a deep history of relationships with the MVPDs and telco partners in every major market around the world and we are thrilled to announce that our service will have broad distribution across dozens of platforms in Latin America and the Nordics in addition to our direct-to-consumer distribution. Paramount+ will also be made available internationally through our global relationships with major platform partners such as Apple, Amazon, and Google.\nWith a universally recognized brand and unparalleled collection of local and global content offerings, a value price point and a massive network of distributors, we are well positioned for rapid growth. So on the same day we launched in the U.S., we'll launch in all Latin American markets and in Canada. Just a few weeks after that, we will " ]

[ 0, 0 ]

[ "Punctuality was one of Debbie Hooper's best traits. Authorities sort through the wreckage thought to be Debbie Hooper's car. She went missing September 20. The 44-year-old grandmother from Whitesburg, Georgia, was always on time for her play dates with her baby granddaughter. She was always on time picking up her 15-year-old son from school. So when Hooper, who juggled two jobs to support her family, didn't appear at her dispatch job for a transportation company last Monday morning, her daughter Jessica Bartke, 19, knew something was wrong. Her mother's cell phone went straight to voicemail. Co-workers hadn't seen the bubbly, kindhearted woman with curly brown hair and a magnetic presence. \"She's always at work,\" said Bartke, who lives in Winston, Georgia, about 10 minutes from her mother's home. \"She was never lazy. I knew something had to be wrong.\" Nearly a week after the torrential downpours that left the metro Atlanta area drenched, authorities are still searching for Hooper's body, which was last believed to have been in the Dog River in Douglas County, west of Atlanta. Late Monday afternoon, authorities discovered a female body in the Dog River Reservoir, said Brad Robinson, chief deputy of the Carroll County Sheriff's Office. They are waiting for lab work to identify the body, which is expected to be released Tuesday afternoon. Six flood-related deaths already have been reported in Douglas County. Bartke believes her mother went missing Sunday, September 20, the eve of her 44th birthday. Last Friday, when the water ebbed, a search crew of nearly 25 law enforcement officers from Carroll and Douglas counties uncovered Hooper's vehicle, a Jeep Liberty, stuck in the water in the Dog River. The team also recovered Hooper's purse. \"It was like putting an ant in front of the fire hose,\" said Sheriff Phil Miller of the Douglas County Sheriff's Office. \"The little Jeep Liberty looked like it had been put in a crusher and beat into pieces.\" The following Saturday morning, more than two dozen authorities and four cadaver dogs continued to search the Dog River area. Miller said the water flow had been constant, which means the body could have drifted into the Chattahoochee River. Hooper remains the last missing flood victim in the Atlanta area, but in Tennessee, a man who disappeared after swimming in an overflowing ditch on a dare is still missing. ", "This month's storm has been one of the worst in Southeastern U.S. history. The death toll in Georgia and Alabama has risen to 10. Gov. Sonny Perdue has declared a state of emergency in 17 flood-stricken counties, and State Insurance Commissioner John Oxendine estimated that the flooding has caused $250 million in losses. Bartke, Hooper's daughter, has taken her 15-year-old brother into her home. She says they are both distressed about not knowing where their mother may be. \"We talked every day,\" Bartke said. \"We spoke to each other even if we were busy, even if it was for two seconds just to say 'Mom, I love you. I'm busy right now, but I will call you back.' \"" ]

[ 1, 0 ]

[ "Boris Kodjoe owns a mansion in Atlanta. But when he goes to answer his door, the black actor knows what it's like to be an outcast. Henry Louis Gates Jr. was arrested last week on a charge of disorderly conduct. \"When I'm opening the door of my own house, someone will ask me where the man of the house is, implying that I'm staff,\" said Kodjoe, best known for starring in Showtime's \"Soul Food.\" It's a feeling some African-Americans say is all too common, even to this day in America: No matter your status or prominence in society, you're still typecast. That's why the recent arrest of Henry Louis Gates Jr., one of the nation's most prominent African-American scholars, has stirred outrage and debate. Jelani Cobb, an author and professor at Spelman College in Atlanta, says it's troubling on many levels when \"one of the most recognizable African-Americans in the country can be arrested in his own home and have to justify being in his own home.\" Watch arrest of a Harvard scholar » \"It's really kind of unfathomable,\" Cobb said. \"If it can happen to him, yeah, it can happen to any of us.\" That's a sentiment echoed by Jimi Izrael. \"If a mild-mannered, bespectacled Ivy League professor who walks with a cane can be pulled from his own home and arrested on a minor charge, the rest of us don't stand a chance,\" Izrael wrote Tuesday on The Root, an online magazine with commentary from a variety of black perspectives that's co-founded by Gates. \"We all fit a description. We are all suspects.\" In an interview with The Root, Gates said he was outraged by the incident and hopes to use the experience as a teaching tool, including a possible PBS special on racial profiling. \"I can't believe that an individual policeman on the Cambridge police force would treat any African-American male this way, and I am astonished that this happened to me; and more importantly I'm astonished that it could happen to any citizen of the United States, no matter what their race,\" Gates said. \"And I'm deeply resolved to do and say the right things so that this cannot happen again.\" Voices of black America: What it's like being black in America Gates was arrested last Thursday in broad daylight at his Cambridge, Massachusetts, home for disorderly conduct -- what the arresting officer described as \"loud and tumultuous behavior in a public space.\" ", "The charge was dropped Tuesday on the recommendation of police, and the city of Cambridge issued a statement calling the incident \"regrettable and unfortunate.\" Gates had just returned from a trip to China when a police officer responded to a call about a potential break-in at his home that was phoned in by a white woman. According to the police report, Gates was in the foyer when the officer arrived. The officer asked Gates to \"step out onto the porch and speak with me,\" the report says. \"[Gates] replied, 'No, I will not.' He then demanded to know who I was. I told him that I was 'Sgt. Crowley from the Cambridge Police' and that I was 'investigating a report of a break in progress' at the residence. \"While I was making this statement, Gates opened the front door and exclaimed, 'Why, because I'm a black man in America?' \" Have race relations improved since the election of President Barack Obama? According to the report, Gates initially refused to show the officer his identification, instead asking for the officer's ID. But Gates eventually did show the officer his identification that included his home address. \"The police report says I was engaged in loud and tumultuous behavior. That's a joke,\" Gates told The Root. \"It escalated as follows: I kept saying to him, 'What" ]

[ 0, 0 ]

[ "erfectly positioned to leverage the 5G evolution, the open question is the timing. We see signs that this evolution will start building at a larger scale through the end of 2021 and then go through 2022 and 2023.\nThe exact timetable might be impacted by COVID but we believe this is the general direction. The U.S. has been deploying 5G since late 2019 and shares leadership of the transition today with China. Network build-outs using wireless hauling for transport across networks have recently begun.\nWe've increased our 5G design wins to nine this quarter and we are participating in numerous 5G proofs of concepts and initial rollouts in the U.S., Europe, and the Pacific Rim. And plans are being finalized for mass rollouts. We anticipate that the first large-scale networks to make use of wireless hauling en masse are likely to pick off toward the end of 2021 and then to pick up speed at first gradually through 2022 and 2023. We expect to benefit from the growth of this market and also to take market share.\nAfter Japan and Western Europe, we expect to see 5G momentum build in the rest of Europe, APAC, and Lat-Am, followed by Africa three years down the road. In the meantime, we continue to benefit from large expedited 4G projects to increase network reach and capacity. In some of these projects, the operators are already fitting in the wireless hauling infrastructure required for 5G. To conclude, we are moving into a new kind of future, building on a growing collective online mobile presence and global hyper-connectivity with full ramification and potential we wait to witness.\nIn this new context, we believe there are and will be an increasing number of business opportunities for us across the globe starting already this year. We are working hard to leverage these opportunities and to continue to be a key enabler of the multi-year 5G evolution. I would now like to turn the call over to Ran to discuss our financials in more detail. Ran?\nRan Vered -- Chief Financial Officer\nThank you, Ira, and good morning, everyone. To help you understand the results, I will be referring mainly to non-GAAP numbers. For more information regarding our use of non-GAAP financial measures including reconciliations of these measures, we refer you to today's press release. During the fourth quarter, we made further progress moving back toward normal operations, continuing the positive trend that began in Q3 2020.\n", "Our revenues returned to a strong level and at the high end of our projections for the quarter, as well as high end of our normal quarterly revenue run rate range pre-COVID. The reflected return through strong execution of almost all our ongoing activities in an industry, the thrills in new urgency for network building. At the same time, COVID has increased our supply chain expenses significantly, reducing our gross margin. These, compounded with the large technology write off and some indirect expenses for COVID in the quarter, gave us a low gross margin and took us into a net loss for the quarter despite the strong revenues.\nNevertheless, our financial performance in the fourth quarter remains strong with strong collections enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 billion in loans. Nevertheless, our financial performance in the fourth quarter remains strong with strong collections, enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 million in loans. In fact, all main balance sheet indicators, DSO, inventory, short-term loans, and cash flow moved in the right direction this quarter despite the very challenging environment. Let me now review the actual numbers with you.\nRevenues for the fourth quarter were $74 million, up 5% compared with the third-quarter 2020, and up 4% compared with Q4 last year. The revenues varied from region to region in line with the effect that COVID has had on local business operations and network buildout plans. Europe had its strongest quarter in the last three years, reflecting " ]

[ 1, 0 ]

[ "pportunity and the fixed value success versus one network, etc., that might prolong the 5G cycle, but all these are still quick with some uncertainty on the large volumes that will be.\nAnd given the inflationary times we see, my question is, if you will need to address your underlying opex base, i.e., and very pleased to secure your long-term margins before we see these segments really taking off? And also a question on the R&D hike you see on silicon, for example, and Cloud RAN, should we think of some of these investments being more of a temporary nature? Or will it more be a new base? Thank you.\nBorje Ekholm -- Chief Executive Officer\nI mean I do believe that we see actually -- first of all, on the 5G market, I suspect many of the outside analyst firms are going to raise the size of the market. The -- I think we've seen a journey here where many of the outside analysts and industry analysts have been a bit behind the takeoff in 5G. I think that is likely to continue. And I think we actually underestimate the new type of applications we're going to see.\nThey may not come 2022 or 2023, but they're going to come 2024 or 2025, that will require a densification of the 5G network to launch these new type of use cases. So I'm actually believing, yes, there can be always a bit fluctuations, but we see that 5G will be such a central piece of society going forward to drive digitalization that it will have to be built out longer and more dense than we've seen in the past. And that's why we're very -- we're believing in that future. We're also going to invest correspondingly.\nThat means that as we look today, we're going to continue to invest in technology for technology leadership, and we're going to make sure that we are a technology leader. If we are -- can retain that position, we have a value proposition to our customers. So in reality, that's going to be front and center. Of course, if the world would come into a situation where the outlook changes, i.e., that we have to adjust, we would, of course, adjust.\n", "But what we believe is, for example, take Cloud RAN, we think that's going to be deployed going forward also in enterprise segment. So we invest today fairly significant amount of money. And of course, we believe that the market here is going to come. It may take two years before it comes.\nBut we think therefore by investing now, we'll be very well positioned when that market takes off. So we are continuing to invest for the long run.  At the same time, you've seen us in the past, we've been committed to achieving our targets overall. We remain committed to achieving the target. So we will adjust and run the company in that way.\nBut rest assured that technology leadership that will feature as a prominent part. So maybe investments in Cloud RAN will taper off, but then we're going to see investments in some other areas that's going to drive revenue growth. But the reason why we talk about Cloud RAN and, to some extent, Ericsson Silicon, as well is that it has cost today but we're not going to see revenues until one to two to possibly three years out. But that's what we invest for, and that's what we are going to continue to invest for.\nDaniel Djurberg -- Handelsbanken Capital Markets -- Analyst\nOK. Thank you.\nPeter Nyquist\nThanks, Daniel. We'll move to the next question.\nBorje Ekholm -- Chief Executive Officer\nMaybe we should add there. You made the point before, Carl, it's important to remember the growth potential in enterprises. And sometimes we focus only on the infrastructure market. That's going to be the core of our company.\nIt's the bulk of our company. We're going to make sure that we perform there. That's for sure. But we also see the applicability of our technology in enterprises.\nAnd that's a segment that is going to be very large, can possibly be even larger than the infrastructure business in a few years' time. So the investments we make now should be financed, of course, by our infrastructure business, and that's what you see we try to do. But the applicability will allow us also to capture the enterprise s" ]

[ 0, 0 ]

[ "increases, mobile network operators continue to deploy meaningful wireless capex. Service providers in the international markets, where we have a presence, are expected to spend approximately $30 billion on their networks in 2020, in essence doubling the TAM of our U.S. market alone.\nWith mobile broadband penetration growing, we continue to expect to generate higher organic growth rates internationally than in the United States over the long term, while driving meaningful expansion in our international return on invested capital. Fundamentally, we are utilizing our international strategy to increase and extend our overall global return profile. The ongoing COVID-19 pandemic has served to further highlight the criticality of wireless connectivity internationally, particularly in markets where fixed-line penetration is minimal. Unlike in the United States, where most of us are plugging into our Wi-Fi-enabled fixed-line connections as we work from home, mobile networks serve as the backbone of virtually all work-from-home functions in these international locations.\nAnd as you can imagine, broad-based stay-at-home orders and other restrictions that have been implemented in these markets over the last several months have led to additional strain on existing mobile networks. For example, Vodafone Idea in India noted that they experienced a year's worth of data traffic across their network in a single week following the implementation of lockdown measures. Similarly, major carriers across Latin America, Africa and Europe have outlined significant spikes in data usage, and regulators have allocated additional temporary spectrum and implemented other policies to help maintain connectivity. As I mentioned earlier, we are committed to doing everything we can to support our tenants as they deal with the strain of this increased usage on their networks.\nNow I'd like to take a few minutes to discuss the attractive economics that we were driving across our international business. In the second quarter, our international operations accounted for roughly 43% of our property revenue and about one-third of our property operating profit. Our international tower and DAS properties drove an annualized cash gross margin of over $1.8 billion in the quarter, resulting in a nearly 9.5% NOI yield on our more than $19 billion in total international tower and DAS investments, as you can see on Slide 6 of our earnings presentation. This NOI yield includes both sites that we have recently acquired as well as sites that have been in our portfolio for a number of years, benefiting from long-term tenancy and revenue growth.\n", "Our most seasoned vintage of international sites, those built or acquired prior to 2010, is yielding approximately 24% in U.S. dollar terms, illustrating the power of operating leverage within our business. We view this type of return profile as a clear indication that international tower assets have the capacity to drive economics that are equal to or better than the United States' tower model over the long term. Importantly, I'll note that the NOI yield numbers I'm referencing today are U.S.\ndollar equivalents, that is, they take into account any foreign currency devaluation in the numerator while freezing the denominator at historical exchange rates in the period in which the sites were acquired or built. Over the last 20 years, especially since 2007, we have been steadily growing our international portfolio with a focus on macro towers in some of the largest free-market democracies worldwide. Through a combination of our highly efficient new build programs and selective acquisitions, including the Eaton Towers deal we closed at the end of last year, we've added more than 130,000 international sites in just the last decade, including more than 24,000 sites we built ourselves. These sites typically have lower initial returns due to lower initial tenancy.\nYou can see this on the slide, where sites we've added to our international portfolio between 2010 and '14 are generating yields of 10%, and those added since 2015 are generating yi" ]

[ 1, 0 ]

[ "Curt. Thanks for that question. We have invested significantly over the last five years in technology, so we view this as a continuation and acceleration of the pace of that investment as we move forward. So things that we had on the road map that maybe we wouldn't get to for 12 or 18 months we're trying to accelerate that as quickly as we can. One specific area is electronic signatures and documentation and things like that. We're on a journey to get all of that electronic. We're going to do that as fast as we can. Most of the technologies we would just be continuing to invest and develop versus any new specific technology as we feel pretty good about where we stand relative to the peer group in customer technology capability and internal technology enablement.\nRussell Gunther -- D.A. Davidson -- Analyst\nThat's great. I appreciate your thoughts on that. And then the last question was just a follow up to the comments on expectations around core commercial growth in the fourth quarter being sustainable. Just any comment on the drivers of that, whether it's a particular geography or product? And then to the extent you have a view on how 2021 organic commercial is shaping up. That would be appreciated. Thank you, guys.\nCurtis J. Myers -- President and Chief Operating Officer\nYeah. Just overall on commercial loan growth, we continue to grow in most markets. Our team has remained focused on business development in all of our markets. We hope to not have the headwind of line utilization reductions. So if that's stable or maybe provide some benefit in the fourth quarter that will certainly help. So we really expect the fourth quarter to be more like the third quarter where typically we get a ramp-up in the fourth quarter. We're expecting at least stable. And if we can get that to ramp up a little faster than the third quarter that would be great.\nRussell Gunther -- D.A. Davidson -- Analyst\nOkay. Thanks, guys. That's it for me.\nCurtis J. Myers -- President and Chief Operating Officer\nThanks.\nOperator\nThank you. [Operator Instructions] And our next question comes from the line of Matthew Breese with Stephens Inc. Your line is open. Please go ahead.\nMatthew Breese -- Stephens Inc. -- Analyst\nGood morning, everybody.\nMark McCollom -- Senior Executive Vice President and Chief Financial Officer\nGood morning.\nMatthew Breese -- Stephens Inc. -- Analyst\nJust curious, what was the total income from the PPP program this quarter?\n", "Mark McCollom -- Senior Executive Vice President and Chief Financial Officer\nSo PPP you have two components. It's a 1% interest rate. And then our accretion of the fee is $2.5 million per month, because it adds 1.5% to the coupon. So take $2 billion at a 2.5% yield. And that's how to think about it.\nMatthew Breese -- Stephens Inc. -- Analyst\nGot it. Okay. And then just thinking about the growth outlook, you discussed mortgage continuing to be a driver there as it has been. How much of the loan portfolio are you willing to dedicate to residential mortgage given your commercial background?\nMark McCollom -- Senior Executive Vice President and Chief Financial Officer\nYeah, yeah. When you look at our asset sensitivity, we have plenty of room. We're one of the more asset sensitive banks in our peer. So we think that it's appropriate for us to be able to add incrementally to what we've done historically to take off $50 million to $100 million a quarter in fixed rate residential production and put those on the books over the next couple of quarters. So I mean, it's not going to be a sea change, but we think there's room to have some incremental growth in that asset class.\nMatthew Breese -- Stephens Inc. -- Analyst\nOkay. And then just tying this back into the mortgage gain on sale production. I think you said, total originations this quarter were $902 million. Is it right that you sold, what was it, $600 million or so, is that correct?\nMark McCollom -- Senior Executive Vice President and Chief Financial Officer\nYeah, that was the lock amount. Yeah, it was $608 million.\nMatthew Breese -- Stephens Inc. -- Analyst\nOkay. And i" ]

[ 1, 1 ]

[ "ey're going to be more expensive due to higher component costs. But at the same time, it looks like you guys have proven that there is a market for low- cost geographies with phones like iPhone SE. So how do you see these two different segments within the smartphone market evolving over the next one to three years? And then I had a follow-up for Luca.\nTim Cook -- Chief Executive Officer\nAgain, I want to stay away from commenting about future products. But generally, I think it's important when you think about 5G is to look around the world at the different deployment schedules. And some of those look very different perhaps than what you might be seeing here. And so, that's very important. In terms of the price, I wouldn't want to comment on the price of handsets that aren't announced.\nKrish Sankar -- Cowen and Company -- Analyst\nGot it. No worries, Tim. And then I have a follow-up to Luca. Opex as a percentage of sales for March looks like about 15% higher than in your prior quarters. Kind of curious how much of that is part of it is driven by some of your Intel modem asset purchases or TV+ in the opex or how do we think about it on a go-forward basis?\nLuca Maestri -- Senior Vice President & Chief Financial Officer\nYeah, I think we felt good about our opex results because they were at the low end of our guidance range, but clearly, we want to make all the necessary investments in the business and from -- in terms of the new services, not only for TV+, but all the new services that we launched during 2019, this is a period where we're making the necessary investments in advertising and marketing and that level of investment is reflected in our opex results. And also as you correctly stated, we completed the acquisition of the Intel baseband business during the December quarter. And so, we had -- we reflected the run rate of the expenses related to that business partially during the quarter after the completion of the transaction. And we -- that is a very important core technology for the Company. So we will continue to make all the necessary investments also there. There is a third category of expenses that affected the December quarter and is the fact that our revenue was very strong. And we have certain variable expenses, for example, credit card fees that are associated with the higher volume and of course, impacted our opex results.\n", "Tejas Gala -- Senior Analyst, Corporate Finance and Investor Relations\nThanks, Krish. Can we have the next question please?\nOperator\nThat will be from Mike Olson with Piper Sandler.\nMike Olson -- Piper Sandler -- Analyst\nAfternoon. Thanks for taking the questions. So slightly different take on an earlier question on Wearables and that is -- what impact do you think Wearables is having on driving people into the Apple ecosystem? You mentioned 75% of watch buyers are new to the Apple Watch, but many of them new to Apple overall. I'm sure a lot of existing iPhone, iPads or Mac users are going to be Wearables customers, but do you think Wearables bring people into the ecosystem to buy other devices in a material way?\nTim Cook -- Chief Executive Officer\nI think that -- Michael, it's Tim. With each Apple product that a customer buys, I think they get tighter into the ecosystem, because they like -- that's the reason that they're buying into it is they like the experience -- the customer experience. And so, from that point of view, I think each of our products can drive another product. I would think in that case, it's more likely that the iPhone comes first. But there is no doubt in my mind that there is some people that came into the ecosystem for the Watch.\nMike Olson -- Piper Sandler -- Analyst\nOkay. And then I think you recently mentioned that augmented reality will pervade our entire lives. And I'm wondering if you could share your thoughts about how you think it starts to impact our lives more significantly? For example, will the inflection point in AR come from gaming or industrial usage or some other category. In other words, where will the average person, kind of, first feel the impact " ]

[ 1, 0 ]

[ "ver the years? And what do you envision a hardware and software integrated Google meaning to the consumer over the longer term?\nAnd I guess, Philipp, if you look at some of the emerging and developing markets today, some of the companies there around the world have had to play multiple roles in helping to solve for transactional friction by rolling out payments, logistics and other solutions that we probably take for granted here in the States. So do you think Google should or could play a more expansive role in India and some of the other emerging markets to help accelerate the growth of e-commerce versus the role that you played in the U.S. and the West? Thanks.\nSundar Pichai -- Chief Executive Officer\nOverall, hardware and computing, obviously, we have been doing this for a while now. If you look at the Google Tensor bet, these are multiyear bets, which finally play out and I couldn't be more excited that the reception for Pixel 6 and Google Tensor. And I think lays a good foundation of what we want to do in the future.\nWe definitely have a long-term view on where computing is headed. We want to make sure and to innovate there, you have to think at the intersection of user experience, software and hardware. I think we have a unique perspective to bring a unique point of view with our AI-first approach and applying that to bring new features and new experiences.\nSo we'll be doing it to push computing forward. We want to guide our ecosystem when we do well in a category, the whole ecosystem benefits from it. And finally, we are going to be doing this with a view toward building a sustainable business. And -- we see this as an important area, and we are investing with that viewpoint. And I'm really excited with what Google Tensor and the Pixel 6 team has been able to accomplish and just as a start.\nPhilipp Schindler -- Senior Vice President/Chief Business Officer\nSo on the second part of your question, look, every e-commerce experience is also payment experience. And friction checkout can take the joy out of a purchase. I think we've all been there. So think about Google Pay as a checkout facilitator. We want to make it even easier for consumers to access whatever payment method they really want credit card, PayPal, Shop Pay and so on and so on.\n", "And to the global nature of your question, 150 million people across 40 countries are now using Google Pay to manage transactions and stay on top of their finances. And millions of merchants are using it to provide their customers with a simple and safe way to check out and whether it's in store or online or via their app.\nSo right now, we continue to be very focused on helping both merchants and financial institutions create more intuitive digital experiences and connect with our customers. In the U.S., we're partnering with merchants to surface, we call card-linked offers and coupons within Google Pay. And in August, we announced the partnership with Setu fintech company in India. That was a part your question to help uses open fixed deposit accounts directly from Google Pay. So we think there's much more that we can do for both consumers and our partners. So stay tuned on this one.\nStephen Ju -- Credit Suisse -- Analyst\nThank you.\nOperator\nThank you. And that concludes our question-and-answer session. I'd like to turn the conference back over to Jim Friedland, for any closing remarks.\nJames Friedland -- Director of Investor Relations\nThanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter 2021 call. Thank you, and have a good evening\nOperator\n[Operator Closing Remarks]\nDuration: 54 minutes\nCall participants:\nJames Friedland -- Director of Investor Relations\nSundar Pichai -- Chief Executive Officer\nPhilipp Schindler -- Senior Vice President/Chief Business Officer\nRuth Porat -- Senior Vice President and Chief Financial Officer\nEric Sheridan -- Goldman Sachs -- Analyst\nBrenda -- Morgan Stanley -- Analyst\nDoug Anmuth -- JPMorgan -- Analyst\nJustin Post -- Bank of America -- Analyst\nMark Mahaney -- ISI -- Analyst\nBrent Thill -- Jeffer" ]

[ 1, 1 ]

[ "s and they use it for 3D content creation and high-definition video editing and image optimization and things like that and we introduced a brand new line of computers that we call RTX Studio. Now the OEMs were so excited about it and at SIGGRAPH, we now have 27 different laptops shipping and more coming, and so I think RTX is really geared for growth.\nWe have a great games coming, we got the SUPER line of GPUs. We have -- all of our notebooks that were designed into that we're ramping and of course the new RTX Studio line. And so I expect this to be a growth market for us.\nC.J. Muse -- Evercore ISI -- Analyst\nVery helpful. If I could follow up on the data center side, perhaps you could speak directly just to the Hyperscale side both internal and cloud and whether, you're seeing any green shoots, any signs of life there and how you're thinking about what that rate of recovery could look like over time?\nJensen Huang -- President and Chief Executive Officer\nWith the exception of a couple of hyperscalers, C.J., we are seeing broad based growth in data centers. In the area of training, the thing that's really exciting everybody and everybody is racing toward is training these large gigantic natural language understanding models, language models.\nThe Transformer model that was, that was introduced by Google called BERT has since been enhanced into XLNet and RoBERTa and, gosh, so many different -- GPT-2 and Microsoft's Mass [Phonetic] and there is so many different, different versions of these language models. And in AI, NLU natural language understanding is one of the most important areas that everybody is racing to go do, and so these models are really, really large, it's over a 1,000 times larger than image models that we were training just a few years ago and they're just gigantic models.\n", "It's one of the reasons why we built the DGX SuperPOD so that we could train these gigantic models in a reasonable amount of time. The second -- the second area, so that's training in the hyperscalers. The second area, where we're seeing enormous amounts of activity it has to do with trying to put these conversational AI models into services so that they could be interactive and in real time, whereas photo tagging and photo enhancement is something that you could put offline and you could do that while you have excess capacity when it's off the -- off the most most busy time of the day, you can't do that with language and conversational AI, you've got to respond to the person in real time.\nAnd so the performance that's required is significant, but more importantly, the number of models necessary for conversational AI from speech recognition to language understanding to recommendation systems to text to speech to wave synthesis these five, six, seven models have to be processed in real time in series and in real time, so that you can have a reasonable conversation with the AI agent and so these type of activities is really driving interest and activity at all of the hyperscalers.\nMy expectation is that this is going to continue to be a big, big growth opportunity for us. But more importantly, in addition to that, we're seeing that AI is -- the wave of AI is going from the cloud to the enterprise to the edge and all the way out to the autonomous systems. The place where we're seeing a lot of excitement and we talked about that in the past and we're seeing growth there has to do with the vertical industry enterprises that are starting to adopt AI to create new products, whether it's a delivery robot or some kind of a Chatbot or the ability to detect fraud in financial services.\nThese applications in vertical industries are really spreading all over the place, there is some over 4,000 AI start-ups around the world, and the way that we engage them as we -- they use our platform to start developing AI in the cloud, and as you know, we're the only AI platform that's available on-prem and in every single cloud and so they could use our AI -- AI platforms for in all the clouds, which is driving our cloud computing, external cloud computing growth." ]

[ 0, 0 ]

[ "A yellow taxi sits idle at Hartsfield International Airport in Atlanta, Georgia, leaving its Somali immigrant driver visibly frustrated. Abdullah Hagi, a cabdriver in Atlanta, Georgia, has had to cut back on expenses as the economy has declined. \"I've been here two hours, and you're my first customer,\" Abdullahi Hagi, formerly of Mogadishu, said as he tightened his grip on the leather-bound steering wheel. \"When the economy is bad, people don't ride cabs.\" Often considered a bellwether for consumer spending, cabdrivers and the tough times they now face could mean worse times for relatives living in places like Somalia, where war and famine have made remittances from emigres like Hagi more important. Amid a financial crunch that has many of Hagi's customers feeling the pinch, fewer fares and mounting bills have not stopped him from sending a big chunk of his paycheck home to his family. Despite a bit more empty space in his hand-stitched wallet, Hagi said he has worked out a solution to keep his family fed back home. He is pooling his paycheck with fellow cabdrivers. Watch how cabbie gets by with less » An informal lending system has emerged in major U.S. cities, akin to an old-world style of community banking that is fending off starvation in places like Somalia. In Atlanta, cabdrivers lend to each other based on need, depending whose family is in more dire straits. \"I could never borrow from any bank,\" Hagi admits. \"You take loans, not from institutions but from friends.\" However, Hagi is still struggling to make ends meet. \"Should I pay the student loan or should I pay for my starving relatives?\" he asked. \"That's the kind of choice you've got to make every day.\" \"Lately, it's been getting harder and harder to accumulate enough to survive and also send back home,\" he added, shifting his weight in the cab's cracked leather seats. \"You try to cut corners in your lifestyle to be able to send money to your people because they're always in much worse condition -- always on the brink of collapse or starvation.\" Hagi and his family are not alone. Figures from the United Nations put nearly half of Somalia's population in need of humanitarian assistance, according to a report released in September. One in six Somali children under the age of 5 are acutely malnourished, the report found, and food is getting more costly. ", "The price of sorghum, used for grain and found on the dinner plates of most Somali households, soared 600 percent since last year, according to a separate U.N. report. Civil war and drought have made food both scarce and a source of political power. Pitched battles between an Islamic insurgency and Ethiopian-backed transitional government forces have left thousands dead and rendered what many have called a \"failed state\" now teetering on the brink of its worst humanitarian crisis in over a decade, according to a World Food Program report. The United Nations says \"all information indicates that the key factors driving this humanitarian crisis will continue to worsen over the coming months.\" That crisis, coinciding with a financial one that clobbered Wall Street and sent U.S. automakers begging for bailouts, may leave cabdrivers like Hagi facing the perfect storm. \"You cut your groceries. You cut even the clothes you buy the kids. You cut everything,\" he said. \"Whatever you can think of.\" There may not be much more to cut. For now, cabdrivers like Hagi are turning to each other to keep food on the family table back home." ]

[ 0, 0 ]

[ "There's a bit of a trend brewing this summer concert season -- put together a couple of big-name acts for a nationwide tour, then record a song together to promote the event. Members of Styx, REO Speedwagon and Journey in 2003. Styx and REO have teamed up for a song and tour. It started with classic rockers REO Speedwagon and Styx, with their \"Can't Stop Rockin' \" tour and single of the same name. Now Chicago and Earth, Wind & Fire are getting on the bandwagon. The two horn-heavy bands have recorded three songs especially for their joint 30-city summer tour. It's part of a charity campaign to benefit food banks across the country -- \"Three Songs for Three Cans or Three Dollars.\" Chicago and Earth, Wind & Fire team up on the new song \"You.\" The bands also take a stab at each other's material, with Chicago recording Earth, Wind & Fire's \"I Can't Let You Go\" and Earth, Wind & Fire covering Chicago's \"Wishing You Were Here.\" \"The fact that the artists and bands, in this case, are touring together builds excitement with the possibility of the live performance that is exclusive to the tour,\" said Bruce Burch of the University of Georgia's Music Business School. It's \"sort of a 'once in a lifetime' type of attraction that helps to sell concert tickets, merchandise and, hopefully, CDs and downloads.\" Concertgoers who contribute three cans of food or donate at least $3 will get a download card to access the tunes. People who don't make the shows will be able to donate online and download the songs at www.ewfandchicago.com. The Web site is expected to launch in early June. \"This is a dream come true,\" said Earth, Wind & Fire's Philip Bailey, who came up with the three-songs promotion. \"We want to invite everyone to help us do our small part to help feed America,\" added Chicago's trumpeter Lee Loughnane. Artists jamming together on stage is nothing new, and occasionally the songs are released as singles -- U2 and B.B. King's \"When Love Comes to Town,\" from the 1988 album and film \"Rattle and Hum,\" for example. Of course, duets promoting two hot artists or bands are hardly new either. ", "Remember Josh Groban and Charlotte Church on \"The Prayer\" or \"Almost Paradise\" by Ann Wilson of Heart and Mike Reno of Loverboy from the \"Footloose\" soundtrack? \"Hip-hop artists have been using duets for some time to reach audiences of both artists,\" Burch said. In some cases, more than two artists collaborate. \"Even before that, country artists used this means to reach a larger audience for both artists,\" he said, noting the collaborations between George Jones and Tammy Wynette, and Conway Twitty and Loretta Lynn. The new songs for the 2009 tours flip conventional wisdom. For decades, groups have recorded albums, then gone on tour to promote them. Specifically recording songs to promote a tour featuring a pairing of acts is a new idea -- and possibly one whose time has come, given the re-emergence of singles in the digital download age. Of course, it all depends on the success of the song. In the case of REO Speedwagon and Styx, they've scored a hit with their new tune. It's been riding near the top of the classic rock charts -- the biggest original hit by either band in years. \"The jam ... is just plain, old-school, rock 'n' roll fun,\" REO Speedwagon's Kevin Cronin said on the band's Web site. Should other bands follow suit and score hits, it might prompt other classic pop artists to join forces not only on tour, but in the studio as well." ]

[ 1, 0 ]

[ "Austin, Texas (CNN) -- An Internet that gives people the information they want virtually as soon as it's created is getting closer, according to Internet professionals. But before real-time Web becomes a reality, developers say they need to figure out how to protect people's privacy while blasting out as much information as they can, as fast as they can. \"A lot of this data that people would like to make available, they wouldn't necessarily want to make available to everyone,\" said Jack Moffitt, chief technical officer for Collecta, a search engine that aims to give real-time results. \"I think we'll be wrestling with privacy issues around real-time data for a long time.\" The idea behind a real-time Web is to create technology that doesn't require an Internet user to actively seek out something they're interested in. That could mean anything from getting pinged when an article about your favorite sports team is posted to an alert when you're mentioned in someone's blog. Moffitt and others speaking at the South By Southwest Interactive Festival on Saturday said there's not yet fully developed technology that would both give people all the real-time info they want and let people who put their information on the Internet select who sees it -- or even take it back. \"It's kind of in our best interest, being selfish, if everyone was completely open with their data,\" said Scott Raymond, founder of Austin-based Gowalla, a location-based mobile app. \"From the user's perspective, it's kind of the opposite -- it's probably better to just stay selfish with your own data but consume everyone else's. \"There's a whole lot of work that needs to be done on this and it hasn't been solved yet.\" For example, if people on Twitter all set their feed to private, the popular trending-topics feature wouldn't work. Recently, Twitter, on which most users make their information open to everyone, hit a major milestone -- its 10 billionth tweet. Unfortunately, that tweet was by a user whose settings are private, so the curious will never know what the landmark message was. Brett Slatkin, a software developer with Google, said a real-time Web would create numerous new opportunities -- among them, giving small, local retailers a chance to catch up with major online stores that capitalize on convenience. ", "\"If my corner store can say [to a customer online], 'Yes, I just got five rickshaw bags in stock and you wanted one -- you can just walk down here and get it,' it's a chance to change competition and commerce,\" he said. On sites like Twitter, Gowalla and Foursquare, Google Buzz and Facebook, status updates already exist as elements of a real-time Web. Developers note that the speed with which information travels on the Internet is already dramatically faster than it was just a couple of years ago -- before Twitter and location-based apps existed and before Facebook became a worldwide phenomenon. \"This creates lots of interesting social scenarios,\" said Dare Obasanjo, of Microsoft. \"In the 'old days,' you would have written a blog post about something you did and I'd be like, 'Crap, I was in the next room.' \" Multiple players, at both major Internet companies and new startups, are working on an Internet platform to \"real time\" the rest of the Web. That starts with faster searching. Current search engines \"crawl\" around the Internet -- adding the material they find to their databases. But that can sometimes take awhile, particularly on smaller Web sites. Then, there needs to be a universal system for pushing that information to the right people. Obasanjo suggested there may eventually be a way for every new page of data on the Internet to have hashtags (#) similar to the ones used on Twitter to denote that a post is about a particular topic. On the issue of privacy, Slatkin said developers could roll out" ]

[ 1, 1 ]

[ "BANGKOK, Thailand (CNN) -- A Thai judge fined dozens of Rohingya refugees from Myanmar who pleaded guilty Wednesday to charges of illegal entry after escaping from their own country a month ago -- amid allegations that other Rohingya have been dumped at sea by the Thai army. Male refugees show scars they say were caused by beatings at the hands of the Myanmar navy. The Ranong Provincial Court judge ordered each of the 66 ethnic Muslim refugees to pay 1,000 Thai baht (less than $30). He imposed the fines via a closed-circuit television link to Ranong Provincial Prison, where the refugees will continue to be held until they can pay the court. Twelve additional refugees, all teenagers, were being detained at a police station and are exempt from prosecution. The 78 refugees will be handed over on January 31 to immigration police, who will deport them. It is unclear where they will be sent. The refugees arrived by boat on the Thai shore, and Thai police said many had severe burns from a fire that broke out on board their craft after it left neighboring Myanmar, also known as Burma. Members of Myanmar's Rohingya minority have been fleeing the country for years, saying they are persecuted by its military government. One refugee, who called himself Mohamed, told CNN that their boat had been at sea for a month, and that Myanmar's military had detained and attacked them before setting their boat on fire. The refugees are unwelcome in Thailand, where authorities say about 20,000 have settled illegally. Other boatloads of Rohingya have allegedly been set adrift after being towed out to sea by Thai authorities. A recent CNN investigation found evidence of such activity. Photos obtained by CNN include one that shows the Thai army towing a boatload of some 190 refugees. Watch Dan Rivers' BackStory on the investigation » CNN also interviewed a refugee who said he was one of the few who had survived after a group of six rickety boats was towed back to sea and abandoned by Thai authorities earlier this month. The Thai government has launched an inquiry. The Thai army has denied the allegations. But after extensive questioning by CNN, one source in the Thai military confirmed that the Thai army was operating a dump-at-sea policy. The source defended it, saying that each boatload of refugees is given sufficient supplies of food and water. That source said Thai villagers had become afraid of the hundreds of Rohingya arriving each month, and they had accused the refugees of stealing their property and threatening them. ", "The Thai government has said that \"there is no reasonable ground to believe\" that the Rohingya are fleeing Myanmar because of persecution. \"Their profile and their seasonal travel further support the picture that they are illegal migrants, and not those requiring international protection,\" the Foreign Ministry said in a statement issued Tuesday. One of the refugees who came ashore Tuesday said they will be killed if returned to Myanmar because of their minority status. He said the Rohingya are stateless because they lack bribe money to obtain identification cards in Myanmar. In Tuesday's statement, the Thai government said it deals with all illegal migrants in accordance with its laws and international guidelines. It said \"basic humanitarian needs\" such as food and water are met among the migrants before they are returned home. Their boats also are fixed, officials said. The Thai government said that \"accepting those arriving in an irregular manner would simply encourage new arrivals.\" The government denied media reports alleging that Thai authorities mistreat the illegal migrants and intentionally damage their boats. CNN's Dan Rivers and Kocha Olarn contributed to this report." ]

[ 0, 1 ]

[ "Pamela Green-Jackson didn't learn until after her brother's funeral that doctors had warned him his weight could cost him his life. Pamela Green-Jackson encourages a student in the Youth Becoming Healthy program. Bernard Green weighed 427 pounds when he died in 2004. He was 43 years old. \"He didn't have to die,\" said Green-Jackson. \"I promised myself that I would do whatever I could to make sure another child didn't suffer like he did.\" Turning her pain into action, Green-Jackson quit her job and procured $30,000 in grants to build a fitness center in a local middle school. Today, Youth Becoming Healthy (YBH) has facilities in six middle schools and one elementary school in Albany and provides free fitness and nutrition education to about 350 students a year. Youths work one-on-one after school with personal trainers and nutritionists who help them get on the right track. To keep young people engaged and fit, YBH offers classes such as martial arts, hip-hop dance and a walking club. Green-Jackson says her group allows the children to set their own goals. \"If we instill these habits in them early, they will grow up to become healthier adults,\" said Green-Jackson, 43. \"That's what this is really all about -- saving the lives of children.\" Do you know a hero? Nominations are open at CNN.com/Heroes. Since 2004, YBH has helped about 4,000 youth lose thousands of pounds. Green-Jackson also successfully campaigned to have schools provide healthier options in their cafeterias and vending machines. Jasmine Warren has reaped the benefits of Green-Jackson's efforts. Warren said that by age 11, she had high blood pressure, a heart murmur and problems with her cholesterol. \"I felt bad about myself. People used to talk about me. ... 'Oh, she got too much weight.' \" Warren, now 15, has lost 37 pounds. She credits her brighter future to the program. \"Pamela saved me from going to an early grave,\" said Warren. Watch how Warren's life changed through Green-Jackson's program » YBH targets children from low-income families. \"One in three children in this community is affected by childhood obesity because of poverty, lack of education and access to resources,\" said Green-Jackson, adding that dangerous neighborhoods are also a major obstacle. ", "\"Kids don't go out and play as much anymore because of the gangs and the crime. It is unsafe.\" Georgia has the third-highest rate of obese and overweight youths in the nation, with 37.3 percent of its children falling into those categories, according to a recent report from the Trust for America's Health and the Robert Wood Johnson Foundation. (Mississippi and Arkansas rank one and two, respectively.) This summer, the group is offering camp for students with high-risk health issues, such as heart problems, kidney disease, high blood pressure and high cholesterol. \"A number of kids have [these issues]. That is unheard of,\" said Green-Jackson. \"These children are [given] prognoses that they won't live to 21 years old. That is something we are trying to correct through this program.\" At nearly 400 pounds, every day is a struggle for 13-year-old Malik Thomas. \"It's not easy carrying around all of this weight. I wanted to get healthy and fit,\" said Thomas, one of 25 children enrolled in YBH's summer program. Green-Jackson's program is giving Thomas hope for a healthier future. He's beginning to lose weight, and his endurance has improved. \"Miss Pamela is my hero, because she's helping me do things that I never thought I can do,\" he said. \"It feels great.\" Watch Green-Jackson's program in action » Green-Jackson believes the program will help Thomas by introducing him to other" ]

[ 1, 0 ]

[ "built from customized and entirely new types of silicon. Third, the benefits of traditional Moore's Law 2D scaling are slowing down, and the semiconductor industry is transitioning to a new playbook to drive power, performance, area, cost, and time to market. As the PPACt playbook is adopted, it is driving a step-up in investments across the ecosystem. Fourth, there's an increased focus on ensuring that growth is sustainable and responsible as the industry scales, and advancing energy-efficient computing is critical.\nAnd fifth, there's a business model inflection as companies migrate away from products and transactions to outcomes and deeper collaborations focused on speed and time to market. These five factors add up to strong and strengthening demand for wafer fab equipment and advanced services that we believe is sustainable well beyond 2021. For the first time, customers are providing capital spending guidance for multiple years into the future, which is a new leading indicator for demand sustainability. In 2021, we expect foundry/logic to be the fastest-growing wafer fab equipment market with strong investments in both leading edge and specialty devices.\nDRAM is the next fastest-growing market, with all major DRAM manufacturers investing in new technology and capacity. Finally, we see NAND growing at a more modest rate this year on the back of about 30% growth in calendar 2020. More importantly, Applied is outperforming the overall market. Recent VLSI market data confirmed that our semi-equipment business grew 23% in 2020 versus market growth of less than 19%.\nWe outperformed even though the device mix would not typically be considered favorable for Applied. There are several reasons why I'm confident 2021 will be another strong year of outperformance. To start with, our leadership areas are in the fastest-growing parts of the market. We expect CMP epithermal implant to all grow more than 50% this year.\nNext, we're very well-positioned to serve the fast-growing specialty markets. We anticipated this market growth several years ago and formed a new group inside the company called ICAPS to focus on IoT, communications, automotive, power, and sensor applications. In addition, we have strong traction with new products, especially in areas where we have space to grow share. In 2020, we gained 240 basis points of market share in conductor etch and 220 basis points in CVD, thanks to the momentum we have in patterning applications for DRAM and foundry/logic.\n", "This year, our etch and CVD businesses combined will generate more than $7.5 billion of revenue. In process diagnostics and control, we expect to grow around 50% in 2021 and generate more than $900 million of revenue from our e-beam products. Extending our leadership in e-beam has been a major focus as it is a highly strategic capability that accelerates adoption of our differentiated semi products in integrated material solutions, as well as being a key component of our actionable insight accelerator. Finally, we're seeing increasing adoption of our integrated solutions where we're bringing together unique combinations of technologies and capabilities.\nIn 2021, we expect to generate more than $400 million of revenue from our first Integrated Material Solutions. In addition, revenues from our advanced packaging product portfolio are on track to exceed $800 million, almost doubling since 2019. Looking beyond the strength in our business today, we believe we're in a great position to deliver sustainable outperformance over multiple years. As the industry roadmap transitions from traditional 2D Moore's Law scaling to the new PPACt playbook, materials engineering becomes critically enabling.\nThis is because significant PPACt innovations in transistor and interconnect, structures, and materials are taking place and these innovations are enabled by Applied's leadership technologies. We'll cover this topic in more detail at our upcoming logic masterclass. As we described at our investor meeting, to serve our customers' evolving needs and maximize our growth opportunities, we'v" ]

[ 1, 0 ]

[ "hich we are well positioned. So we will continue to invest in these areas including Search, machine learning, and Google Cloud. Finally, with respect to capex, on the fourth quarter call, we shared our expectation that investments in both technical infrastructure and office facilities would increase compared to 2019. We now anticipate a modest decrease in the level of total capex in 2020 compared with last year. The biggest change in our outlook is a reduction in global office facility investments due to both the need to pause most of our ground-up construction and fit-outs in response to COVID-19 and our decision to slow down the pace at which we acquire office buildings. In terms of technical infrastructure, we expect a moderate reduction to our forecast relative to the beginning of the year given the impact of COVID-19 on data center construction delays as well as the benefit of our ongoing focus on server efficiency. Overall, we anticipate technical infrastructure investment to remain at roughly the same level as in 2019 with relatively more spend on servers than on data center construction. Thank you and Sundar and I will now take your questions.\nQuestions and Answers:\nOperator\nThank you. [Operator Instructions] Our first question comes from Eric Sheridan from UBS. Your line is now open.\nEric Sheridan -- UBS -- Analyst\nThanks for taking the question and hope all is safe and well with everyone on the team there at Alphabet. Two questions if I can. One, on the comment with respect to direct response advertising on YouTube, would love to get a little more color on how direct response advertising as ad units continue to evolve and perform and how advertisers are using those ad units as part of their broader advertising goals. And then maybe, Ruth, for you, on the comment on expenses, just want to understand a little bit of how much of what your messaging on expenses is efficiency gains that you were aiming for in 2020 before we got to COVID-19 versus elements of the cost structure that you're reexamining as a result of the pandemic. Thanks so much.\nSundar Pichai -- Chief Executive Officer\n", "Eric, Thanks for the wishes. On YouTube direct response, we definitely are seeing traction there. I think an area where it really works well for example is app installs. That's a great example of it. Gaming is another good example of it and we are working on iterating and making the formats work better so that it applies to more context as well, but in general, I think businesses are learning to adapt. Obviously, we've had great success with Search and so we are bringing a lot of those learnings and we're sharing it with our customers and so we expect to see more traction there over time.\nRuth Porat -- Chief Financial Officer\nAnd on your second question, I like the way you framed it. Yes, we do have efficiency efforts that we started that we had going as we entered this year, but as a result of what we're seeing in the environment, our view was that we should really double down on those. And so when we go through the various areas that I mentioned, we had started the year with an expectation about really optimizing headcount around the various areas. What we've determined is we're going to, at this point, slow the pace of hiring. To be very clear, we are continuing to hire, but we are slowing the pace of hiring and that's helping as we're driving a deeper look into how do you optimize within each area. The same is true for example in some of the comments on marketing. We are continuing to invest in marketing. As you know well, sales and marketing line, the majority of it is headcount related and we do continue to invest here in ads and in particular in Cloud.\nAs it relates to the marketing component, namely ads and promo spend, we did reduce it relative to our plans in the beginning of the year and we continue to have a healthy budget for ads and promo particularly in digital to support many business areas, but as with the other areas of investment, we're really focused on optimizing across products and services and with physical event" ]

[ 1, 0 ]

[ "xample our new Genie micro scissors increases on the job productivity. Terex Utilities recently introduced a new bigger gear for construction and maintenance of the electric grid and MP continues to develop, implement and rollout digital solutions, such as Connected Dealer Inventory, Telematics and e-commerce.\nFinally we are investing in inorganic opportunities for future growth. We recently completed two actions. First, we acquired a facility in China to localize production to meet increasing demand for our industry-leading mobile crushing and screening products and we are excited about the growth prospects in China. Second, we completed a bolt-on acquisition, purchasing MDS International, which is a well-established business of heavy duty aggregate trommels that broadens our product offerings. While this was not financially significant investment, it demonstrates our progress with inorganic growth, via bolt-on acquisitions, as we previously communicated. Terex is well positioned for growth in 2021 and beyond because we have strong businesses, strong brands and strong market positions. We continue to invest, including a new innovative products, digital capabilities and manufacturing capacity.\nTurning to Slide 6. The AWP and MP segments continue to perform well, allowing us to capture the benefits from the positive market fundamentals that we are seeing. First in Genie, the current market dynamics point to a multi-year replacement cycle for access equipment. The average age of fleet globally is increasing and customers need to replenish their fleets, so the replacement cycle is kicking in. We are beginning to see positive indicators for nonresidential investment as well as continued strong order activity. Before wrapping up my comments regarding Genie, I am pleased that we announced earlier this week that Simon Meester, was named President of Genie. I thoroughly enjoyed working with Simon and the Genie team over the past year. Simon is the right leader for the Genie business.\nTurning to our Utilities business. Demand is strong across its end markets of tree care, rental and investor-owned utilities. In addition, we are experiencing strong growth in our utilities parts and service business.\nNext on Materials Processing. We expect global demand for crushing and screening equipment to continue to grow. Broad-based economic growth, construction activity and aggregates consumption, are the primary market drivers. We are seeing strong markets for the cement mixer, material handling and environmental businesses. In addition, global monetary and fiscal stimulus programs has supported stronger demand in our end markets. Overall, we are seeing robust market conditions around the world for our industry leading products and solutions.\nWith that, let me turn it over to Duffy.\n", "John D. Sheehan -- Senior Vice President, Chief Financial Officer\nThanks John. Turning to Slide 7. Let's look at our second quarter results. Overall revenues of $1 billion were up 50% year-over-year with both of our operating segments revenues up significantly. For the quarter, we recorded an operating profit of $123 million compared to only $7 million in the second quarter of last year. We achieved an operating margin of approximately 12% from disciplined cost control and fulfilling as much customer demand as possible, given the realities of the global supply chain during the quarter.\nThe second quarter operating profit does include $4 million of benefits from the release of a financing receivable reserve and the recording about that receivable related to prior years, offset by a $1 million charge for business impairment and restructuring. Improved gross margins and lower SG&A as a percent to sales allowed Terex to expand operating margin significantly year-over-year. Interest and other expense was approximately $22 million higher than Q2 of last year driven by $26 million of costs in connection with the refinancing of a significant portion of our capital structure, offset by $4 million in interest savings.\nOur second quarter 2021 global effective tax rate was " ]

[ 1, 0 ]

[ "f of the year.\nAnd we have some other iron in the fire, so to speak. So I think to distinguish indium phosphide, let's say, back in 2014 and '15, we have very nice growth, but that was the main growth engine was PON's business. And then we have the silicon photonics coming on strong. But now we're seeing multi-prong multi-point of growth.\nThey are not necessarily related with each other, but they also are connected to the benefit of using indium phosphide either for the wavelengths they produce, which can transfer data very quickly within a fiber optic transmission line, or their specific wavelengths can monitor health parameters in a specific application. So I think those are very exciting fields. I think we should see continued growth for many years to come.\nGary Fischer -- Chief Financial Officer\nYes. Let me just link that to one of the comments I made in my prepared comments, that we didn't have any 10% customers for the second quarter in a row. So that's another way to illustrate the diversity of the applications for indium phosphide. It's kind of a renaissance for indium phosphide, just lots of interesting things happening.\nAnd one of the benefits, the things that we like about the business model is once you get into an application, it can have a long trajectory in terms of the useful life. It can last a long time.\nRichard Shannon -- Craig-Hallum Capital Group -- Analyst\nGreat. I appreciate that.\nGary Fischer -- Chief Financial Officer\nThank you.\nRichard Shannon -- Craig-Hallum Capital Group -- Analyst\nThank you guys.\nOperator\n[Operator instructions] And your next question comes from the line of Hamed Khorsand from BWS Financial. Please go ahead.\nHamed Khorsand -- BWS Financial -- Analyst\nHi Gary, could you just talk about the inventory going up so much and your accounts receivable going up so much the last quarter? Is there something you're planning from your customers that your inventory has soared so much versus revenue? And the same thing with receivables, I guess, are you providing extending out credit terms? Or is revenue just coming in toward the very end of the quarter?\nGary Fischer -- Chief Financial Officer\nYes. Well, let's stick on AR for a second. The AR it expanded for two reasons. One is increased revenue, that's fine, of course.\n", "But the second is that the day sales outstanding shifted in the wrong direction. So for the previous quarters, from the last previous four quarters, if you average the DSOs by quarter, it comes to 81.75 days, which it's not a great DSO. It's never been a strength for us. Part of that is because we have so many sales in Greater Asia.\nAnd just frankly, in case people don't know, but there's a lot longer time to pay in China, Korea, Japan. So the DSO went up by eight days to 90 days, which would be worth about $3 million into the accounts receivable. So if we had stayed with the previous four-quarter average, the AR would would not have gone up as much. It would have still gone up because of sales, but it would have been $3 million less.\nAs regards so there's no extended terms. There's no special deals. We're not aware of anyone that is going to become bad debt. We don't have any of those kind of problems, generally.\nIt's stretched. And it's probably also, and I didn't have time to do the analysis. But if we ship in the second half of the quarter, then we're not going to collect in the same quarter. So in the case of Greater Asia, if we ship any time after the first 20 days, we probably won't collect it in the same quarter.\nSo as for inventory, there's a couple of things going on there. Number one is we're growing and our production and management people and schedulers tend to stock up when they see growth on the horizon, which they are. We have a weekly production control meeting, which Morris attends. And so everyone's tied into what's happening in the company and the opportunities and the things that we're addressing.\nThe second thing that's happening is we did buy ahead on raw materials because we have visibility about raw material. That's one of the benefits of owning all t" ]

[ 0, 0 ]

[ "icant and realistic opportunity to drive revenue growth well beyond the 2025 targets over the longer term.\nSara and I are absolutely committed to our 2025 revenue growth target, which is to drive net sales to between $650 million and $700 million by the end of fiscal year 2025. We will strive to do so while following our 55/30/25 aspirational business model. Looking beyond 2025, I believe there is a huge runway for long-term revenue growth for our company. As Garry alluded to earlier, we will be evolving our communications over the next couple of quarters to better share how we will achieve this growth in the future.\nFor now, I'd like to share with you my three strategic priorities for my tenure as CEO. They are: Firstly, to pivot the company toward a sustainable future. I consider the environment to be a key stakeholder in making decisions that create and protect long-term value must take that key stakeholder into consideration. Secondly, to further leverage our capability as a global learning and teaching organization.\nI believe if we learn faster, we can grow faster. And thirdly, to realize a huge growth potential present in emerging markets. I believe the long-term global market growth opportunity for WD-40 Multi-Use Product is over $1 billion and that the fastest growth will be achieved in our emerging markets. I look forward to sharing more with you on these and other developing areas in the coming quarters.\nIn summary, what did you hear from us on this call? You heard that this will be Garry and Jay's last earnings call. You heard that Sara and I are committed to the 2025 revenue growth targets and the 55/30/25 business model. You heard that sales of WD-40 Multi-Use Product were up 8% in fiscal 2022. You heard that sales of WD-40 Specialist were up 19% in fiscal year 2022.\n", "You heard that with the exception of digital commerce, all the Must-Win Battles are performing well and supporting our revenue growth objectives and that we expect digital commerce to return to solid growth next fiscal year. You heard that although we've been experiencing pressure on gross margins from the challenging inflationary environment, in the fourth quarter, we saw a strong margin recovery in the United States, and we've begun to see a recovery in EMEA's gross margin in the first month of fiscal year 2023. And you heard that I'm very focused on my strategic priorities as CEO and will be sharing more with investors in coming quarters. In closing, today, I'd like to share with you a quote from Jim Collins, \"In a world of constant change, the fundamentals are more important than ever.\" Thank you for joining our call today.\nWe'd now be pleased to take your questions.\nQuestions & Answers:\nOperator\n[Operator instructions] Your first question comes from the line of Linda Bolton-Weiser with Davidson. Your line is now open.\nLinda Bolton-Weiser -- D.A. Davidson -- Analyst\nYes. Hello. Thank you. Well, farewell, Jay and Garry.\nWe'll miss you. And welcome to the new management team. We look forward to working with you. So, could I just ask you -- my first question is about your expectations around gross margin in the quarter.\nI think that you have been saying that you expected gross margin to be up sequentially and yet it was down a little bit. So, what were the things that came out different in the quarter versus what you had been expecting to point to gross margin in the quarter being down?\nJay Rembolt -- Vice President and Chief Financial Officer\nHi, Linda. This is Jay. Yes. You know, if you recall, we had price increases going in, in the third quarter in the U.S., in the Americas.\nWe also had them going in, in the fourth quarter in EMEA. What we found is those price increases took -- while they didn't generate a significant amount of resistance, we were able to -- it took us longer than we had anticipated. So, the delay of price increases -- the delay of the implementation of price increases was the primary driver. We've also had some disconnection with respect to our petroleum distillates, the various components we use, and their index is not ne" ]

[ 1, 0 ]

[ "BEIRUT, Lebanon (CNN) -- A car bomb struck a U.S. Embassy vehicle Tuesday as it traveled along a coastal highway north of Beirut, killing at least three Lebanese civilian bystanders, according to American and Lebanese officials. Lebanese soldiers and Red Cross workers stand near charred cars at the site of the explosion in Beirut. The driver of the embassy vehicle suffered minor injuries, and the sole passenger walked away unscathed, U.S. State Department spokesman Sean McCormack said. Both were Lebanese nationals, he said. An American citizen who happened to be in the area suffered non-life-threatening injuries, the spokesman said. Lebanese internal security forces said three Lebanese civilian bystanders were killed in the explosion in Beirut's Dora area, contradicting earlier reports of four. Twenty-one others -- including the American bystander -- were wounded in the explosion, which was caused by a 15-kilogram (33-pound) bomb placed in a car before the explosion, the security forces said. The United States is outraged by the terrorist attack, said Secretary of State Condoleezza Rice, who is traveling with President Bush in Saudi Arabia. \"I want on behalf of our country to say to those who were wounded, and certainly to the families of those who were killed, that our condolences are with them,\" she added. It was not clear whether the blast was caused by a suicide attack or by a remotely detonated car bomb. A communique issued by the U.S. Embassy in Beirut said the embassy vehicle was apparently the intended target of the attack, and identified the driver and passenger as Lebanese security personnel for the embassy. But McCormack cautioned against jumping to any conclusions on the intended target. \"We don't yet have a full picture of exactly what happened, who is responsible, who is exactly being targeted,\" he told reporters during the State Department's daily briefing. \"We will see over the next day or two ... where the facts lead us.\" Citing security concerns, McCormack would also not address unconfirmed reports that the vehicle was part of a convoy for departing U.S. Ambassador to Lebanon Jeffrey Feltman. A U.S. Embassy statement said Feltman canceled a farewell ceremony that he was to host Tuesday night \"out of respect to the victims of today's terrorist explosion.\" In addition to the American, an Iraqi and at least three Lebanese were among those wounded in the blast, according to a Western diplomatic source. ", "Video of the scene showed several damaged cars, including at least one that was left a pile of twisted metal. A nearby high-rise building also sustained damage. Mohammed Chatah, senior adviser to Lebanese Prime Minister Fouad Siniora, pointed out that the attack happened during \"a major political crisis\" in Lebanon, which has been without a president for nearly eight weeks amid a bitter political feud. \"This explosion just exacerbates a difficult situation,\" Chatah told CNN. Tuesday's blast appears to be the latest in a series of attacks against pro-Western, anti-Syrian targets in the Lebanese capital. Most recently, an explosion in Beirut's Christian suburb of Baabda killed Brig. Gen. Francois Al-Hajj, the head of operations for the Lebanese army, and his bodyguard on December 12. Al-Hajj was believed to be a top candidate to take over as army commander in the event current commander Gen. Michel Suleiman was elected to replace Emile Lahoud as president. Lebanon has been in the midst of a political crisis as pro- and anti-Syrian lawmakers in parliament are locked in a battle to elect a new president. The nation has been without a president since November 23, when the pro-Syrian Lahoud stepped down at the end of his term. In February 2005, the assassination of former Lebanese Prime Minister Rafik Hariri in Beirut sparked widespread protests that led to the ouster of Syrian forces from Lebanon. E-mail to a friend CNN's Anthony Mills in Beirut and Elise Labott in Washington contributed to this report" ]

[ 1, 0 ]

[ " I think are tailwinds to things that we do. IT modernization, network security, network protection, how do we build networks out that will be more of a plus size. We -- I would expect us in the future that we can do more software development work in a very distributed manner, which not only relieve some of the pressures of government facilities to release the pressures on our facilities. And then we can talk about, something I love talking on, which is how do we come back to work from COVID. That is a tailwind as well.\nSo how we do classify software development in the future? How do we interact with our customers in the future? I honestly believe those are tailwinds. I don't know if you can measure that the next six months, some of these are going to take one to two to three years, some of the headwinds are going to be just how long will it be before we can redensify buildings and keep things like labs and operations centers safe. When we started COVID, go buy Clorox wipes. Right now with, I'm not really sure if you can get it from actually touching things. All those things, if you picture trying to keep a lab facility with 200 people or 300 people and it's safe, you need to have more than just shift work to sort of alleviate some of those risks.\nSo there's a lot that we don't know yet about COVID and its lasting effects. We will see some further headwinds there, but I'm actually more positive than I am negative based on where we sit today. We clearly we're more positive back in the January timeframe, but that wasn't so much COVID doing it to us. It was the actions we were taking as customers and providers as we were going through COVID. So I do believe that budgets around cyber and cyber-protection are going to continue to increase. I do think in some way the attack vectors and your tax space for cyber-attacks is going to get larger as we reshuffle where our work does, where our workforce does our work from. But -- so I'm actually more positive than I am a negative Mariana as we look for, because we're going to see budgets are going to support doing things differently and different things for us means greater and greater growth.\nMariana Perez Mora -- Bank of America -- Analyst\n", "Thank you. And then would you mind giving us more color on this lower order processing is related to specific agencies, it's related to like technology versus expertise contracts, it's related contracts ramping up? What like -- what do we need to see for that to normalize?\nJohn Mengucci -- President & Chief Executive Officer\nYes. On those deployment orders, so when we deploy folks overseas, we need to have folks processed during -- we need to have folks process through government facilities and government policies and different processing centers. When those centers can handle a 100, 200 people a day when those go to 10 to 20 people a week, that is an absolute, almost near shutdown. And for the limited number of flights that military transport, that all gets reduced as well. So, we're in that queue looking to be able to deploy people. So we can't deploy as quickly. So, will that loosen up as we go forward? Certainly, but then we'll have to take a look at the headwind around where are those large troop deployments that we're going to have overseas and how does CACI ride along with them.\nSo I don't have an exact, we're in over 60 to 80 different countries out there, prosecuting military operations around the globe. So, if we see the processing centers loosen up, we'll see revenue pick up as we go forward. But as it pertains to Afghanistan, it's about 2% of our annual revenue that we have under careful watch as we get into probably first and second quarter of FY 2022.\nOperator\nOur next question will come from Matt Sharpe with Morgan Stanley.\nMatt Sharpe -- Morgan Stanley -- Analyst\nHey, good morning, gentlemen.\nJohn Mengucci -- President & Chief Executive Officer\nGood morning, Matt.\nMatt Sharpe -- Morgan Stanley -- Analyst\nI hate to beat this one to death, but I just want to touch on the margins once again, looking into Q4. If I back out the $16 mil" ]

[ 1, 0 ]

[ "BEIJING, China (CNN) -- Had the government not delayed its controversial order that all computers be equipped with Green Dam by July 1, the result would have been the same -- Chinese computer retailers were far from ready. The Green Dam's developers say they've received death threats. PC sales representatives at Bainaohui, one of Beijing's largest electronics retailers, say their merchandise is not pre-installed with Green Dam, a Web filtering software the government said was necessary to prevent children from viewing pornography and other harmful content. Some retailers were unclear as to when the software would even be available on new units. Computer experts say manufacturers have not had enough time to pre-install new computers with the software -- which is one reason behind the government's delay. PC companies may also be taking more time to test the software after programming errors, with the potential to make computers susceptible to hackers, were detected by University of Michigan professors. The Chinese government said that these errors have been fixed. The international backlash against the Green Dam directive may be further delaying the pre-instillation process. Twenty-two chambers of commerce and trade groups made an appeal to Chinese Premier Wen Jiabao urging that he abandon the software mandate. \"China is putting companies in an untenable position by requiring them, with virtually no public notice, to pre-install software that appears to have broad-based censorship implications and network security issues,\" said U.S. Secretary of Commerce Gary Locke in a press-release. With the support of U.S. trade officials, computer-makers including Dell and Hewlett-Packard are threatening to bring the matter to the World Trade Organization. Other computer manufactures, including Sony and Acer, say they are bound to comply with the Chinese policy. Domestically, Chinese Internet users are rallying against the government. Last week an anonymous group of \"netizens\" posted an open letter on Chinese blogs and forums. \"We hereby decide that from July 1 2009, we will start a full-scale global attack on all censorship systems you control,\" the message said. The Chinese artist, activist, and architect who designed the Olympic \"Bird's Nest\" stadium, is one of the leaders behind the cyber battle. Ai Weiwei called for his Twitter followers to boycott the Internet on July 1st. The Green Dam's developers say they've even received death threats. ", "The Chinese online community has been in an uproar since the new policy became public, and a \"Declaration of Anonymous Internet Users 2009\" circulating directly addresses government censors, said Charles Mok, chairman of the Internet Society of Hong Kong. \"They are showing altered pictures of their own face using masks like that from 'V for Vendetta',\" said Mok, referring to the 2005 film updating the story of Guy Fawkes, who tried to destroy Parliament building in England in the 17th Century. \"It says, 'We're behind the mask; if one of us falls down, ten others will join.'\" Mok also questions the true intent of the Green Dam software. \"On its black list are 2000 words related to pornography and 6000 other types of politically sensitive key words like 'Falun Gong',\" he said, referring to the banned Chinese religious group. \"That ratio alone makes it obvious what's behind it.\" Sharp criticism of the software partially stems from fears that the software will simply further strengthen the government's control and censorship of the media. Yet the government said it is simply acting in response to parental complaints about the negative affects of the Internet on children. Responding to reporters' questions, foreign ministry spokesman Qin Gang acknowledges the controversy over the software in and outside China. \"However,\" he said in a regular press conference last week, \"no matter how many different views there are, the Chinese government assumes the responsibility to protect our youth from unhealthy information on the Internet, and so do various social circles and enterprises. This is the essence of this problem.\" The government said it is simply providing the software free of charge, as a" ]

[ 1, 0 ]

[ "g on. We've got relationships with 80 universities where we're not necessarily steering that technology work, but we are participating in it.\nAnd as we see those technologies advance and look -- and get higher potential, have a higher potential of those things, we would look to try to bring into the portfolio. So we've got -- what I'd say, we've cast a pretty wide net around the technology space, recognizing that it's requiring some level of evolution, if not breakthroughs and technologies, for them to be successful. And so since you can't really plan for that, we kind of keep a finger on the pulse of a lot of different technologies with the intent then to, as they look more promising, kind of to bring them into the emerging and then commercial technology space. And so that's the work that this new group will be focused on.\nAnd again, it's -- we'll complement what we're doing in the carbon capture and storage. We've got the biofuels work that we've been doing, and we've got the process technology work that we've been doing. And a lot of those things overlap with one another. Certainly -- and of course, that then also has hydrogen and the process technology work we're doing and the CCS work together have a lot of overlap with potential for hydrogen generation.\nSo I'd say that's the space that we tend to be working on from a technology standpoint. And then with respect to the spend, this is a long-term focus area for our facilities and businesses. And you can see from the progress we've made with reducing greenhouse gases, it's not something new. It's something we've been after year after year after year.\nAnd those opportunities continue to present themselves. And I mentioned in my prepared remarks that with the new organization and the new processes that we've put in place, we've got more direct and better line of sight to those opportunities so that we can make sure they're getting funded and moving forward. And that's all built into our plans and it's built into our 2025 objectives that we've laid out.\nDevin McDermott -- Morgan Stanley -- Analyst\nGreat. Thanks. Very helpful detail. It sounds like a lot of exciting opportunities.\n", "My follow-up, hopefully, a quicker one here. As we think about just the capital spending range over the next several years, the $20 billion to $25 billion and contextualize that with the analysis that you had in the slides on the amount of cash flow contribution in 2025 from some of the new projects coming online, I was wondering if you could just help us pinpoint, what level of spend that you think is required in order to just hold cash flow across the business flat over a multiyear period, understanding it's kind of higher than the 2021 spend, somewhere within that $20 billion to $25 billion? Any way that you can fine-tune that estimate a little bit in terms of the maintenance capex, the whole cash flow steady?\nDarren Woods -- Chairman of the Board and Chief Executive Officer\nYeah. Well, I think the way we tend to look at it is how do you maximize the value. And we don't have an objective of trying to hold volumes or any other metric. It comes back to if -- what are the projects that we have available to us, the investments, what are the returns that we think we can generate from those investments, what advantage do they have versus industry and within our own portfolio, how robust are they to the price environment.\nSo I would say that, as we look to build up our investment profile, it's understanding what the value of those investments are and then putting those in the context of the constraints that we're operating under to see which ones get funded and how we prioritize them. So I would say, in 2020, one of the things, given the impacts of coronavirus and draw on our balance sheet, is we really prioritized and focused on the highest value first. We've still got a really deep portfolio that we'll continue to advance as the circumstances allow and as the market allows, and that's how we're going to kind of go forward. And that range that we've given in the outer years is indicative of what we" ]

[ 1, 0 ]

[ "esign wins continue to be powered by our RF front-end solutions, whether they support 4G, sub-6 millimeter-wave or both 5G bands, and whether they are in smartphones or other products such as embedded modules for PCs, IoT solutions or mobile hotspots. As we have in RF, we have built beachhead positions in both auto and IoT. Our scale enables us to make multiple profitable bets in areas where we expect a tailwind as each of these industry road maps adopt cellular technologies, as you can see taking place today in automotive, where we have emerged as a strategic technology partner to the automotive industry, with nearly all the major OEMs adopting our products. Next-generation 5G telematics design wins, in addition to our 3G and 4G design wins, solidify our position as a leader in connected cars.\nWe are also extending our mobile RF front-end leadership into automotive where 100% of our next-generation 5G and a majority of our next-generation 4G telematics design wins include our automotive qualified RF front-end products. In addition, our digital cockpit solutions, now in the third generation, enable best-in-class capabilities across premium, mid- and entry tier solutions. Our automotive design win pipeline is now approximately $8 billion, up from almost $6.5 billion at the start of the fiscal year, giving us great visibility into meeting the long-term revenue targets we provided at our Analyst Day last November. The automotive industry is transforming at an unprecedented rate, and we are incredibly well positioned to lead the industry with a long-term opportunity to expand our dollar share of content in auto as we have done in smartphones.\nTurning to IoT. We are extending our IP investments from across the company into our portfolio of connected and non-connected products with a broad portfolio of technologies, including connectivity, lower-power processing and security. We are also diversified across multiple product areas and industry verticals as we have nearly 13,000 customers. In fiscal '20, we saw better-than-anticipated performance in IoT, with strong revenue growth, driven largely by demand in networking, retail, industrial, tracking and utilities verticals.\n", "Our high-performance WiFi solutions continue to drive WiFi access point toward record levels. And looking forward, our WiFi continues to evolve, our execution on WiFi 6E has put Qualcomm into a leadership position. We have also brought wearable solutions to our smartphone OEMs as well as the broader ecosystem of consumer product companies. Our inventions, technology and road map have also enabled us to establish a leadership position in XR.\nWith over 30 commercial devices, our Snapdragon XR Solutions that connect physical and digital spaces are the consumer and enterprise platforms of choice. We have been driving the cost and performance curve of low-power, high-performance compute since our first launch of the Snapdragon in 2007. We are also investing in next-generation infrastructure and edge compute, two areas today that we believe will create significant opportunities in several years. Our objective is to provide technology differentiation that will enable us to achieve a leadership position.\nAs the cloud converges with the mobile Internet, wireless networks are transforming and becoming virtualized. Beyond the cost and operational benefits for service providers, virtualization is enabling new service provider models where infrastructure is intersecting with digital services, such as you have seen with Rakuten and Geo. Turning to inference. With over 10 years of AI R&D and over one billion AI-capable devices enabled with our technology, and fundamental assets such as low-power compute, process node leadership and signal processing expertise, we are well positioned to extend our smartphone AI leadership into growing applications, such as data centers, edge appliances and 5G infrastructure.\nBuilding on our modem and RF expertise, we recently announced our new 5G RAN platform offerings. These platforms will provide foundational technology for high-performance" ]

[ 0, 0 ]

[ "ing to completely abandon that and just see all of our growth come from digital. We think we can have tremendously outsized growth in digital.\nAlso, we're very-very excited about what continues to be the opportunities in China. And the opportunities in China are both digital and brick and mortar. So, we see that growth really outstripping some of our prior growth. And so, again, not to get too ahead of our skis, but we are excited about the opportunity ahead of us. As soon as you can tell me when the world returns to normal, I can tell you exactly when we'll see that massive inflection.\nJoanne Crevoiserat -- interim Chief Executive Officer\nAnd I'll just add to that, Mark. Through all brands, we're focused on the digital business and for an inflection in top and bottom line growth. As the environment and backdrop recovers, we're positioning our company to be able to take advantage of that.\nAnd as Andrea pointed out, our digital margins are ahead of our margins in brick and mortar. We do see that as an accretive strategy for us. But again, our focus is on meeting the consumer where they are and responding and being available with the right experience and showing that we can drive further profitability moving forward. And we have confidence that the strategy helps us unlock that.\nOperator\nOur next question comes from the line of Jamie Merriman of Bernstein.\nJamie Merriman -- Bernstein -- Analyst\nThanks very much. With respect to your digital growth ambitions and the shift to really being much more data focused, can you just talk a little bit about how you're able to leverage your existing customer file or are there investments that you need to make in terms of being able to really tap into that data-driven decision making process still ahead? Thanks.\nJoanne Crevoiserat -- interim Chief Executive Officer\nSure. I can kick that off and then maybe couple of the brands can provide some anecdotes. But we're well positioned to take advantage of the shift to digital. We have a pretty robust technology infrastructure and digital capabilities globally. But we are continuing to invest in that space, particularly with our customer file being able to add tools that allow us to better utilize and better use the information that we do have. So, those investments we are making this year and we expect to continue to make them going forward.\n", "But a few anecdotes in terms of our ability to leverage that and drive both digital growth as well as profitability. I'll start with the traction we're seeing in new customer acquisition and some of the changes that we've made in our marketing process. We have embedded data and analytics more fully into our marketing operations and enabled those teams to really drive a test and learn mindset and test a lot of new things. I think we managed over 50 tests in the fourth quarter alone through that platform and we're learning a lot.\nIt's interesting because this test and learn platform allows us to learn new information really that we didn't have before about how our customers respond and some of those things work, some of them don't. We learnt fast, which is part of the agility. We're learning fast and we're scaling the wins. And we saw, again, a lot of traction in the fourth quarter behind that. Really pleased with the new customer acquisition. And the engagement of lapsed customers, so we are seeing traction there.\nAnd then as it as it relates to being data-driven, I talked a little bit in my prepared remarks about some of the assortment analytics we're using to determine the right assortments at a door level. Again, unlocking more productivity out of our assortments, more productivity in our stores, and that's really a key enabler to driving AUR growth and gross margin.\nAnd I don't know -- Liz, if you want to talk about some of the traction you've had in the marketing -- on the marketing side with the Kate brand, but some real traction there as well.\nLiz Fraser -- Chief Executive Officer & Brand President, Kate Spade\nYes. Thanks, Joanne. I mean, absolutely the platform that we have from the Tapestry data " ]

[ 0, 0 ]

[ "roservices Cloud architecture, six generation data science expertise, a unified AI engine across the land, wireless LAN SD-WAN and AI-driven support, led by the industry's only conversational systems market.\nThis differentiation has enabled us to take share in key networking segments, which we believe will continue as the $20 billion campus in branch market transitions to AI-driven Cloud architectures in the years to come. We're also continuing to see success with our 400-gig offerings, both in wide area as well as data center use cases. We now maintain more than 200 wins that span across hyperscale Service Provider and Cloud major accounts, which is up materially on a quarter-over-quarter basis. We remain optimistic regarding our ability to not only protect our footprint, but also to capture new opportunities in these larger accounts. We continue to expect 400-gig deployments to begin later this year and present increasing tailwinds over the next few years. In addition, we're optimistic about our 5G metro opportunity. We believe the investments we're making in our Juniper Paragon automation suite as well as our ACF metro access and aggregation portfolio will position us to capitalize on this sizable and growing market.\nWhile it remains early, we're seeing healthy customer interest in our new metro portfolio, and we expect to continue to introduce new solutions over the next 18 months that should further enhance our ability to succeed in this market. Now I'd like to provide some additional insights into the quarter and address some of the key developments we're seeing from a customer solutions perspective. Starting with our automated WAN solution, while revenues slightly declined year-over-year due to the timing of shipments in the Cloud, we experienced strong orders with solid momentum in both our Service Provider and Cloud segment. We saw healthy demand across both our MX and PTX product families and improved adoption of our newer products as well as our automation software portfolio. Our 400-gig solutions are performing well and enabling us to not only protect our existing footprint, but also to secure several net new wins. While we are continuing to see strong customer demand for our automated WAN solutions, these products are currently the most impacted by supply chain challenges and therefore, the most difficult for us to predict.\n", "As a result, despite very strong orders, we now expect our results from this segment to return to within the range of our long-term model, calling for a minus 1% decline to a 3% growth during the year, with supply likely to be the biggest determinant of where we will ultimately fall within this range. Our Cloud-ready data center solutions experienced 28% year-over-year growth during the June quarter, an encouraging order trend from our Cloud, Enterprise and Service Provider customers. We saw strong momentum with new logos as well as an increase in average deal size in the period, including a meaningful increase in deals over $1 million. After exceeded expectations for a second consecutive quarter and it's creating a significant buzz in the market, this is leading to more software opportunities and full stack data center wins. Customer interest in our Cloud-ready data center portfolio is high, and we remain optimistic regarding the outlook of this business. For the year, we believe our Cloud-ready data center business is now tracking at the slightly above the high end of our long-term model, looking for 5% to 9% growth year-over-year. Finally, our AI-driven Enterprise solutions also grew 28% year-over-year.\nOur Mist AI differentiation continues to resonate in the market as new logos increased 130% year-over-year and Mist orders experienced another quarter of solid triple-digit growth. Our Mistified revenue from wireless LAN, wired assurance, Marvis Virtual Network Assistant and associated EX pull-through nearly doubled year-over-year, and we saw another quarter of record ES pull-through. I believe the missed pull-through opportunity will continue to grow, thanks to the recent introduction " ]

[ 1, 0 ]

[ "ix, right, I mean, presumably for the next year, mortgage warehouse could be high. PPP will still be around -- But as I think as we move into late 2022 and 2023 and beyond, I mean, -- It seems like a lot of -- on the -- and the commercial type stuff seems a little bit more unless some of the fintech partnerships seem a little bit more lending focused -- Is the thought process as we think about it is that the real-time payments initiative and some of the digital small business banking stuff Will that be more of where the kind of hopefully lower cost liability growth comes to fund some of the consumer and other fintech partnerships and geographic expansion on the commercial side that I imagine will drive the seven to 10 asset growth over a multiyear period of time? Or is there other elements that we should be thinking of in terms of kind of how the mix of growth and funding of that growth will evolve once some of these temporary programs like the PPP eventually run their course?\nSam Sidhu -- Vice Chairman, President and Chief Executive Officer\nSure, absolutely. I'll take a stab at that. So from a funding perspective, yes, we do anticipate that some of our digital initiatives should have an ability to help fuel some of our growth. Having said that, we also have strong growth across the franchise from a geographic perspective, including in some of our new geographic markets, which are starting to really move the needle from a funding perspective. And then just to highlight, in the near term, many of the items that we discussed on slide 12 are reasonably balance sheet light, the SBA business is -- it's a combination of retaining a portion and the gain on sale business. The digital SMB business will take some time to ramp up. but the majority sort of uses in the near term we've already guided toward.\nMichael Perito -- KBW -- Analyst\nAnd the -- on the -- sorry, was that... [Technical Issues]\nJay S. Sidhu -- Executive Chairman\n", "No, I was just -- I'm sorry. I was just going to add is, Mike here. You know what real-time payments did for Signature and what they did for sublet creation [Technical Issues] as well as new customers, while with new customers, you have to bring on the network altogether. That's -- we would do a soft launch at the end of the third quarter, early fourth quarter and then within 90 days to sort of a more broad launch. So that we can be able to foster those ecosystems quickly and make sure that we're banking them to the best of their -- making sure that the service is the best thing. What I would say is that in parallel, their dedicated teams for business development and sales and relationship management and treasury as well as on the technology project manager infrastructure. So this is a -- it's full steam ahead.\nMichael Perito -- KBW -- Analyst\nVery helpful. And then just one last one for me. Sorry to keep going here. But just on capital, -- As I think back to the company history, right, I mean, Jay, you guys have always had pretty decent growth. And certainly now just looking at the slide 12, there's no shortage of opportunities for you guys to grow, and it's clearly been a really great 12 to 18 months for Colby and there's been a lot of progress. But just as we think longer term here, what's the right capital ratios to -- for us to think about you guys wanting to run the bank with the growth environment you have? And I guess, it seems like with some of the ROA targets and certainly with the PPP near term, you guys, I would imagine we'll be able to remain well in excess of those targets without any external capital. But just as we think about a growth organization, right? I think the capital piece is really critical. And right now, there's a lot of noise and certainly a lot of benefit from the PPP. But just as we think longer term, out into 2023 and beyond. I mean do you guys have any updated sense of what the right capital ratios or position is for the organization that we should be mindful of?\nJay S. Sidhu -- Executive Chairman\n[Technical Issues] That's a good -- It's good a Good question. And what I wou" ]

[ 0, 0 ]