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a3bcab119158f68a9942e2f64042c815 | Okay. Then a higher level question. Obviously, there's been a lot of talk about the potential opposition to residential side natural gas use. I think AGA had come out with some statements. And I wonder if you're seeing that either in any of your neighborhood, local towns, anything in that policy discussions [Indecipher... | Hey, Travis. This is Steve. And no, we haven't seen any of that to date. In fact, our customer growth, as we've just said, continues on pace. We expect over the next three years to add 27,000, 30,000 new customers to our customer base. And given the demographics of our service territory and certainly the price of natur... | direct | [
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8304c70297b7fbc61eca308957600647 | Hi. I was just wondering, with your guidance range, you just reaffirmed it, it seems like a pretty big miss relative to expectations. Just how do you see yourself trending within that range? | Hi, Richard, this is Pat Migliaccio. I mean, we've reaffirmed the guidance range to $2.05 to $2.15. At this point, it would be premature for us to give any more refined guidance than that. | fully_evasive | [
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442ea946da3d76e149415e5e6135d44e | Okay. So just reaffirming the guidance, but not necessarily trending higher or lower. | Yeah, I think that's a fair statement. | direct | [
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d4a3f0a0c27c65a6f5e2ed67a9d575e5 | I want to follow-up on your comments in the prepared remarks regarding the drug discovery business and sort of the updated view for 2021 versus 2022. It sounds like some projects got delayed or some milestones and some collaboration based payments got delayed into next year. I know you kind of noted that 2023 is going ... | So you're right. In our prepared remarks, we did indeed indicate that we see the opportunity for solid growth next year in the drug discovery segment and a real opportunity for inflection in 2023 and beyond in terms of revenue, that's driven primarily by the fact that we see very large milestone opportunities as we loo... | intermediate | [
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6fa2d04f845bd65d5f44a073ee85000f | Okay. Great. I appreciate that. And then on the internal pipeline, Karen, I know you touched on MALT1, and you indicated IND application in the first half of 2022. But could you touch a little bit on some of the other programs. I think in the past, you had indicated potential for up to three total IND enabling or IND s... | Yes. So thanks for the question, Mike. We actually announced today that we've selected a development candidate for CDC7. So as you anticipate that's been IND-enabling studies, and that puts us on-track for keeping progress on that program toward completing the IND-enabling package next year. And as you know, the next s... | intermediate | [
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18cb63b7960e6638b3a169acfd743f2f | So first on the software revenue, how much deeper can you go with existing customers? How much more growth can you generate from your existing customers? And then for new customers, do you expect that pace to accelerate or moderate in the next one to two years? And then are you still very confident in the high 90s rene... | Yes. Those are all really good questions. First, with regard to the renewal rates, yes, we're very confident of being able to maintain our long historic extremely high retention rate. We see no evidence whatsoever to suggest that it won't be in the very, very high 90s. And so that kind of answers the other part of the ... | intermediate | [
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1b591fb373f29dbdb7dadd70cc2b2c01 | Okay. And then on the internal pipeline, I'm curious, what are the economics with the MD Anderson collaboration for the development of the WEE1 program? And what will they do for you specifically? And could that potentially be expanded for the other oncology programs, whether it's the CDC7 or the MALT1 or the new targe... | Yes. Thanks for the question. We have not revealed economics. I think what we could say is that these are pretty back-ended on the basis of success not just in identifying and progressing biomarkers and patient selection strategies, but also clinical advancement of our program. In terms of the potential for broadening ... | intermediate | [
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c76e6ebd46c06f196f83069a9a8fabcf | Good afternoon and thank you for taking the questions. Maybe the first one for me. I know this year has always been very back-end loaded as far as software sales are concerned. And I'm just curious, a month into the quarter, how things are progressing, how the discussions with customers are progressing? Any color along... | Sure, Matt, I'd like to talk about that. Sorry, Ramy. I was just making a comment on the software outlook. So I think the thing that we want to draw out of the third quarter is that the third quarter was always seen as a slower growth quarter because of some base year impacts where we're having handful of multiyear dea... | intermediate | [
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2d1f35825290ff33169db2df8dd312b2 | Understood. And maybe to kind of tag on to that a little bit. With the new customers that are coming in and given your prepared remarks regarding customers and accelerating some of their adoption of the software in their development. How are you seeing or are you seeing a change with new customers when they come in rel... | Sure. So we are seeing that. So we're seeing, in some cases, new customers coming in at much higher levels. Obviously, there are new biotech companies coming online every quarter. I think that the proof-points in our business are pretty -- in our software and our solutions are pretty widely understood and well known. A... | direct | [
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f2385204adf80aaefed806cb7904ccb8 | That's great. Maybe if I could one last one here regarding the material science side, as you're seeing more and more interest on that side of the business, are you adding more resources, both on the sales and support side to address that growing market? | Sure. Yes, we are, Matt. We are investing in material science. We're investing in the underlying technology, which we've talked about through in multiple ways. One is the research project that we have with regard to battery technology. We're also investing in the sales and marketing support, both in the U.S. and global... | direct | [
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56ef411c4c962b70bc63584eb3504542 | Hey guys thanks for taking my question. Just, just one for me and then a follow-up right after. So in 2020, you recorded -- do you guys hear me OK? Yes. In 2020, you guys recorded 60% year-over-year growth of customers with ACV over $1 million. So my first question is, at this point in the year, are you seeing similar ... | Sure. So we don't currently report on our quarterly progress toward those year-end figures. We will be reporting on that in early next year in our fourth quarter call. I can just tell you, though, that each quarter, we're seeing the continued pattern where customers are making decisions to increase the adoption of our ... | fully_evasive | [
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a6d47dd1024b5b63874bfd7f59faf17c | Got it. Got it. And then just a quick follow-up one on the drug discovery side. So I know you guys mentioned the ShouTi financing, the $100 million. Just on that one, if you're able to disclose, if not, no worries. If you have any program updates for that collaboration? I know the cardiopulmonary program was in Phase I... | Yes. Thanks for asking me. We're really pleased with the progress of those two programs and other programs of the company, but we're not in a position at this time to disclose any additional information beyond what you just said, and that was correct, what you said. | fully_evasive | [
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64030417a495387808871b07ccfb6622 | Great, thanks. I have a 2-part question. It's a tough question, but I think it's a fair question. And that is in regards to the wide guidance range that you still have for the full year. Can you just talk a little bit about the low-end and the upper end of that given I think there's only like five weeks left in the qua... | Sure. I can talk about the first element of that and offer my thoughts. So Mike, thanks for the question. So I think what's important to keep in context here is that fourth quarter is truly a large volume quarter. Many, a large number of our very large contract renewals are in the fourth quarter. We, of course, have on... | intermediate | [
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6804fdae822c71306a746de4748e181a | Just wanted to first touch on the vessel opex, you mentioned that there's a $3 million acceleration. How should we think about that going forward? Should it be a bit lower than the about $6 million a year run rating at before or should it basically be that and just that there's less possibility for spikes in the future... | Yeah, the maintenance of the engines that was performed during this quarter during the dry dock is expenses that otherwise would have occurred in later periods, if they had not occurred now. It is part of the cycle to perform maintenance of the engines. And for Hoegh Gallant, it was decided to accelerate the procedures... | intermediate | [
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5be1ddf2c0877b6899492f1b32a52bb1 | Got it. And then I think you had previously been expecting some off-hire for the PGN. But there wasn't necessarily any in this quarter, will there be any off-hire in 3Q or higher expenses related to some maintenance there. | We did actually expect some off-hire relating to the periodic survey, but that was not the case. So that periodic survey was performed without any off-hire, but there might be some maintenance expenses, relating to the survey occurring next quarter, but no off-hire relating to the periodic survey. | direct | [
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46cb8cbf383df48ad485b0e5f905cd98 | Got it. And then also I noticed that depreciation had also stepped up, I wanted to know if that was essentially related to this maintenance of some sort of special item or that's sort of the run rate to think about moving forward. | Well, I think that's the run rate to think about going forward on the depreciation. | direct | [
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716612e7865e7a06da4c573431e3ca93 | Got it. And then just as a separate question, just wanted to sort of get your updated thinking around the IDRs and any potential review around them or restructuring that you might be considering. | Yeah. I mean, we have the IDRs in place, they are currently at the low split and does not represent a big linkage to the sponsor, however, I think we see the trend in the market, and we believe we will have to do something with the IDR structure at one point in time. I don't think we need to do anything now. But we wil... | direct | [
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66822b5e7da22644dcf44dbb5aa732fb | So at the next drop down or after that? Just to clarify? | In connection, I think, at the -- currently, we are at low splits and it's not a problem for the MLP at the moment. But we will address it before it becomes an issue. So, let's say, in connection with the next drop down. | intermediate | [
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0656a69d110b61b3f3535ccb41777417 | Great. Thanks. So I had a couple of questions that I guess are for you guys, or maybe the sponsor, but when thinking through the two Australian projects, obviously they're still conditional and one is expected to hopefully start in '20 or next year, and then the -- other the year after, any sense of when -- do you have... | Hi, Ben. Well, I think we, the parent reported that progress has been made on these projects during the quarter. And as you say that one of them has an estimated scheduled start-up in 2020 and the other one in 2022. I think it's hard to say exactly when a final investment decision will be made on the project owner side... | intermediate | [
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569027d9898bbea8b825f8e27c769b48 | So then, theoretically, there could -- one of those could be a dropdown candidate next year, then, I guess, right? | Well, theoretically, yes. If you combine it with the existing medium term employment contract on the unit. | direct | [
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4bb25a7e4b4beaaffbbb1f9c82289804 | Okay. That's very helpful. And then my next question is sort of more market related or just sort of how the FSRU market is developing and clearly, LNG prices have been very low. And while that seems like it should be a motivator for new regasification projects in developing economies or wherever, there hasn't seemed to... | Well, on the supply side, the additional LNG volumes will be coming into the market. And, so there will be increased volumes. The low prices, we are servicing the buyer of the LNG and they are benefiting from the low prices. So I think, continuously low prices should have a positive impact on the demand for LNG and dem... | intermediate | [
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9b7f2d73d2c0b73d761326fb68cd7753 | That was sort of my point is that it seems like there should never have been a better time to pursue FSRU business than when the price is very low. But so far it hasn't translated into too many contracts, just curious if your senses is that that's about to happen or if it's imminent? | Well, I think we have seen good progress on the projects that we are working on. And I think -- so that's probably an element, or a benefit from the low prices. We see good progress, we have also seen additional potential projects coming to the markets. So I think we would say that we are seeing benefits from the low L... | intermediate | [
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9ad372f3f436ac62c7bd8bdf0fc9a277 | Hi, good morning or good afternoon. So just thinking about the market itself and maybe to follow on Ben's question. Given prices are low now, what are your thoughts on rates, especially as you have a vessel trading in the trading market? What are your thoughts, given this spike -- compared to the spike last year's four... | Well, I think that will be a consequence of supply and demand. And I think if you look at the rates we have, the parent, the sponsor has been able to achieve even more recently, they have been able to achieve relatively good rates for medium term contracts. And bear in mind that the sponsor, they are not pursuing spot ... | intermediate | [
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c4f767737126802170ab540ecce31cef | Right? And that's what you were mentioning on like the Gallant, right? | Yeah, Gallant as well. I mean, Gallant is currently on a contract for -- between the partnership and the sponsor, and the sponsor has it on a carrier contract to Gunvor. But that unit is being marketed for long-term FSRU employments. | direct | [
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ec7c82b2caba5b8dec3e05da0233da88 | Okay. And then you mentioned before you're seeing the higher maintenance expense, given the Lampung survey costs and the Neptune downtime. If -- in the future then, if that was pull forward cost, should we see then the opposite, should we see some of those planned operating expenses come back in, given that you pulled ... | So they were relating predominantly to Hoegh Gallant, which was in dry dock and to some extent, also on PGN FSRU Lampung. And these are costs that if they hadn't occurred this quarter for Hoegh Gallant, they would occur in subsequent quarters. So I think maybe you could say that the operating expense for Hoegh Gallant ... | direct | [
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9b640784434981dea1847530e5da48a5 | Right. That's what I'm trying to ask is that, should we see then the opex come down over the next few quarters or was that -- is that what you're saying there? | Well, compared to this quarter, definitely. | direct | [
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367d19578440cd69ccfc08428fe21a4c | Okay, maybe let me make it simple then. If this quarter was $3 million higher, does that mean next quarter and the subsequent quarters will each be $1 million lower than the prior run rate or were there extra costs there just absorbed this quarter? | Not $1 million. I don't have the exact number there. But not $1 million lower? No. But I think, maybe around the same level, as you have seen in the past. On Hoegh Gallant, we haven't done the maintenance on the engines in the previous quarter. We did it now to avoid having to do it in the subsequent quarters. So I thi... | direct | [
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9cf4b24f8fd5353fdb53093d9de58dfa | Steffen, you mentioned earlier in the discussion about how bid activity seems to be pretty steady. On the other side of the equation, on the supply side, are you seeing any change in the competitive activity? It's a fairly tight market with just a few players. But do you see any entrance or any more aggressive activity... | No, I think -- no, we don't see any new players. We have the established operators. And then there are some ship owners that have FSRUs on order on a speculative basis. But we are not seeing any new players in the field. No, we are seeing the players we have seen for some time, we are seeing, but we haven't seen any ad... | direct | [
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366bd3d10148e9e667100ee06f8a92c1 | And the highlight on the macro side, again, the market, there are three reasons why LNG makes a lot of sense for a number of purposes. Projects tend to come online or bids online and offline, are you seeing any more consistency there with interest in the FSRU? | Yeah. As I said, we have, I think, what we have seen during the quarter and subsequently is that progress -- real progress is being made on the project that we are pursuing. We have also seen some new projects come to the market, tender process coming to the market. So I think we are seeing good activity, both on the e... | direct | [
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1a4bb228fb596880d81f4213763d8967 | Just wanted to start with, Glen, the big increase in the payments card and deposit fee line. Can you give any color on what the impact was from either the H&R Block relationship or maybe seasonality there? And kind of any color on where that could trend in the near term on a year-over-year or linked-quarter basis? | Yes. So a couple of things going on with the payments fee income line. One is, clearly, we had H&R Block that we didn't have a year ago. And the other contributing factor, as we called out, was additional fee income from our participation in the stimulus programs. And so some of that is temporary and is offsetting what... | intermediate | [
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d55778ce592c31aacb967c4363ad5d9f | Okay. And is it also quite seasonal because of the H&R Block, so that we should continue to look at it year-over-year and apply some changes [Indecipherable]? | Yes, there will -- yes, you should expect payments income -- payments fee income now with our card relationship with Block to have -- to be higher in our March quarter because of that seasonality. | direct | [
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71ddd258e93702c3f340ca449339c6f0 | Okay. And then just lastly, I wondered if you could talk a little bit about the EIP deposits and then moving them off-balance sheet. And what those agreements look like? How that benefits Meta and -- other than just moving them and reducing balances? And is that maybe sort of a helpful template for the future as you co... | Yes. I think that's a good observation. Demonstrates some of our capabilities that we had or have now put in place to manage our balance sheet and also to develop strategic partnerships not only with distribution channels but also with other larger financial institutions. And Frank, we work closely with outside counsel... | intermediate | [
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d70658a1a640fdd7b3fd7fe3be0c8659 | Okay. I mean does it provide some fee income? Or is it -- do we get something through the margin related to these agreements? | At this point in time, it's just a balance sheet management tool. | fully_evasive | [
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4e67f8332e21dcd374649adcd0a2d398 | Good afternoon. I guess maybe just starting on -- with regard to loans here. Good quarter for loan growth. Just kind of wondering how you guys are seeing things on the commercial financing side in terms of pipeline, pricing, and where things can go? | Yes. This is Brett. I'll jump in there. The pipeline is improving, I think. While it's not been as dramatic, we've seen some movement in asset-based lending and factoring, whereas you go through a difficult time, and people get their end-of-year financial statements and they look at loan covenants, they have to look fo... | direct | [
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3d4f4f9c67ba8ba7f05b18f002a4dd4a | Okay. That's helpful. And then just in terms of maybe going back to card fees here. You guys announced a couple of partnerships in the quarter and a good pipeline. Just kind of any color as to how we should think about fee income growth. And I don't -- I'm not sure about [Indecipherable] depository, just given the IP n... | Yes. So those larger programs take some time to ramp up. And so as we work with those -- our partners, you'll see it ramping up over the next year. | intermediate | [
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83caaef93ad74d8b6a144d3420f6b501 | Okay. All right. And then in terms of -- one last one for me, just in terms of the reserve and credit, still pretty healthy reserve even when I back out tax. Kind of curious as to what the potential is for reserve releases or -- or any thoughts around that. | Yes. We feel very comfortable with our current allowance given what we see in the portfolio across all our various loan portfolios. And we'll continue to monitor that for the appropriate reserve levels going forward. But we feel we're well reserved at this time. | intermediate | [
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b658dedb93aa21ba20eb49b813ed9fd8 | Glen, I was wondering, just really a few of my questions have been asked and answered. Just a couple of clarification things. The 5.29% margin adjusted. Can you just go through again what exactly you're backing out? Was that just the kind of excess cash? Or was there any other adjustments you were making on that [Indec... | Yes. Correct. Just as a directional placeholder, we backed out the cash that is sitting on our balance sheet. And so that's probably a few basis points high because we'd likely -- from quarter to quarter, we do carry some cash. But that's something that we can reconcile to these deposits, especially at the indirect EIP... | direct | [
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fcb3432849c70241ff700198e5eeba47 | Right. And I guess that's kind of the next question here. I mean the whole industry, right, is kind of wrestling with this excess liquidity in the system. And obviously, I don't expect you guys run with $4.2 billion of average cash going forward. But any sense of what that number might look like as we think about the n... | Yes. In the remainder of fiscal year -- our fiscal year '21, it could certainly be $1 billion. We think it'll -- there will be a nice ramp down by the end of June from where we're at today. We'll deploy a little bit of that cash, certainly. But we do expect it to run off. | direct | [
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9e38377b53662cfea46ddf7ee465f4a2 | Okay. Just a couple more quick ones for me. One, just on the tax rate. I mean any additional thoughts you can provide on the pipeline of other kind of solar investments and that can impact the tax rate? Or any sense of where that might move over the rest of the fiscal year here? | Yes. No, we have a strong pipeline. Brad, anything you want to highlight there? Yes. I think we can do all we want to do. There's plenty in the pipeline, in the niche we try to serve and even longer-term, considering the current administration, we expect that to continue to be a good business for some time. | intermediate | [
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b5ac6e61df69e4f51d34af9019cb1dd8 | Okay. And then just lastly, maybe Brad or Glenn, any thoughts? You mentioned the trailing five quarters, I think, 63.6% on the efficiency. Obviously, a decent amount of time here now below the prior target. With H&R Block on now and some of the other growth avenues you guys have, I mean, are you at a point where you're... | Yes. What I would say is, it depends, as we've talked before, on the mix of business lines, our noncredit business lines as is typical across the payments industry, tend to have a higher efficiency ratio because you don't have provisioning or credit risk. But that said, we continue to work on positive operating leverag... | intermediate | [
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d4a332f8484500fd0a0e1c18dafa461e | Helpful. I guess just -- it's fair to think, though, I mean, obviously, the 65%, I mean, in the current rate environment, I mean, if there were to be some positive change on the short-term rate environment, I mean, there would be no offset or nothing you could think of. I mean there would seem to be a little -- certain... | Yes. Yes, higher rates will be positive. | direct | [
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4cdb5929d71f027b2ce6fb4459c7b2f1 | Okay. And then if I look at the tax advanced product fees, those were up 50% year-over-year. Was there anything that was going on that was -- you think might be impacting behavior as it relates to stimulus that would have that be so meaningfully higher? Or do you think that -- is it possible that you were anticipating ... | Wally, that is all the addition of our block relationship. We actually expected advance fees to be higher this year with the block relationship, but the liquidity that came from stimulus payments to consumers at the same time that they would normally get refunds, we believe, tempered the demand for those products. So w... | direct | [
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2dd247b99fdd94ff2bb52b197e5a326f | Okay. And that's so -- so the advantage product fees, the transfer product fees didn't benefit as much from H&R Block? | Yes, that's correct. Different structure and economics in that business. | direct | [
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11c80ba4788d2d0de824aebd973aaec8 | Okay. Okay. And then if I could circle back to previous line of questioning about the transfer of cash that some of these relationships. Am I interpreting, what you said, correctly when I think that you said you worked with regulators in an outside council, basically, you found financial institutions who were willing t... | I'm not sure I understood your question. Did you say -- can you ask it again? | fully_evasive | [
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b2014990f181e9eaf109faa7f77b99ca | Sweeping cash off the balance sheet? Or was this just temporary arrangements to help you out for all of the cash that you took in a short period? | There is a little bit of both. We developed the process and structure in order to accomplish that. We also identified short-term relationships that would help us with the specific EIP program issues we were having as well as some -- hopefully, some longer-term relationships that we think will help us into the future. | direct | [
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2ce78ceb17fb9892579d160bb4990b9d | Okay. And then one other circle back on the questions regarding the model and the reserve levels. I think it might be an understate to say you're adequately reserved right now as the economic forecasts likely continue to improve, it's probably going to be hard to keep the CECL model from wanting to put a greater amount... | No. No. I think that's fair. Obviously, some of it will depend on new loan growth as well if you're trying to figure out whether it'll be reserve releases or not. But yes, otherwise, I think, you're spot on, Wally. | direct | [
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26dcb4fe4ff6977eba1fac10a15a8875 | I guess I'll start with your commentary in the release where you specifically called out the strength in your health insurance vertical and the record-breaking OEP and your AEP that just occurred. So I know in the DTC brokers, the MA brokers that we spoke with, they commented a lot about -- in their fourth-quarter resu... | Right. Well, I think we saw a couple of things. One is that a lot of our supply partners did have -- we're seeing media prices go up because of the election, and so that negatively affected some of our supply partners. We did hear that. It did negatively affect some of our demand partners as well who then increasingly ... | direct | [
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5edce71155ff7db2118b4d8ffe18918a | Maybe a modeling question here. Certainly, when I look at the numbers for the first quarter and really all of '21, it seems like, at least relative to what we've modeled, the transaction value assumptions seem to be better, larger numbers, but the revenue guide seems to be generally in line with where we are. And I'm j... | Thanks, Frank. This is Tigran. So you're right to point that out. There is a bit of a mix shift between open marketplace and private marketplace transaction value that's reflected in the Q1 and 2021 guidance. Just a reminder that that business model, that deployment exists. And we created it to support our at-scale sup... | direct | [
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57cb871168b24f850d19ecb737cad019 | Just hoping you could expand a bit on some of the trends you saw in the fourth quarter in the P&C vertical and just how you're thinking about the sustainability of that as the economy starts to reopen in more miles driven in '21. | Cory, thanks. Yeah. So what we saw in the fourth quarter for our P&C vertical was just the continued strength of the demand in that vertical. As you know, if you follow the sector at all, the fourth quarter is typically a seasonally down quarter. And so just to see demand go up in Q4 in P&C, certainly for us, was not s... | direct | [
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d0f7e1661adccc547a768e1dd66528d3 | In the shareholder letter, you mentioned you expect to invest aggressively this year. So just hoping you could expand a bit on some of your key investment priorities. I think you mentioned employee hiring. And then maybe just some of the puts and takes and how that impacts margins this year. | Sure. The hiring plan is -- as you'd expect from us, is about product and technology investments. I would say relative to many other companies, those will still look modest because the operating leverage in our business continues to be high. We're also investing in the agent channel, and that requires more head count, ... | direct | [
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567f9784251038e650833e4b9a724803 | Can you tell us whether there were any new carrier additions in the fourth quarter that maybe helped growth or any other dynamics you could call out? | Charlie, no, no one notable who were new in Q4. I mean remember that we're already working with all of the major carriers in all of the insurance sectors that we're in. And so for us, the growth is really coming from growth from existing partnerships and the day-to-day focus that we have in delivering value to our exis... | direct | [
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b686b3649dd938ab32aaf61e821c27cc | I guess just on the contribution margin, is there -- is this kind of like a good run rate to think about now? Or are there -- I guess you mentioned the private versus open shift. Is there anything that would impact the contribution margin in '21? | Charlie, no, I think this is a good run rate to think about. And our guidance reflects all the kind of puts and takes that we expect to impact contribution margin. Remember, part of the driver of that is going to be mix and mix of supply and mix of vertical. So in Q4, you saw that contribution margin increase sequentia... | direct | [
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42320aa9c3f6079fae1e156aeccbf8c6 | This dynamic of transaction value growing faster than revenue seems to be most pronounced in Q1 just based on your guidance, and then it looks like it moderates as we go through the year. Do I have that right? And is there a story to tell there? Anything to focus on? | This is Tigran. You've got that right. So the dynamic there is as partners reach a certain scale, right, we're agnostic to whether they're working with us through our open marketplace or private marketplace. As they scale, we'll facilitate those relationships, and we've seen a bit of mix move to the private marketplace... | direct | [
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013dd63e402d123442d88eb9d23f4fbe | Your guidance for pretty rapid growth in Q1, I'm looking mostly at transaction value. And then a much lower growth rate for the full year kind of leads me to believe that there should be a good opportunity to outperform that guidance. That's my interpretation. But as we look at the growth rates you had for some of your... | Yeah. Michael, it's Steve. At a high level, I think what you're seeing in our numbers and our forecast is us starting to overlap periods when we did see a rapid acceleration, right, of investment dollars going from off-line marketing channels to online that was, in part -- or a large part due to COVID. And so we -- as ... | intermediate | [
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4e0ed4b931aee0a94bdd7f4fad7f5f11 | I guess going back to the health segment question, I'm curious what's built into the guidance in 2021 as we think about AEP for plan year '22, given we might see a return of more face-to-face sales in the agent force? Help us think through next year's AEP. | Yeah, yeah. Understood. Listen, I mean yeah, I think there'll be some of that, right? But what we've seen are online-only processes for some Medicare products. We've seen the growth of online applications and online shopping processes from the new cohorts who were aging into Medicare, and we're seeing that at higher le... | intermediate | [
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5774b54452d5a71ff659b658ed49bf18 | Can you talk about what's assumed in travel for 2021? | I'll say, at a high level, little. It's really because we do see the numbers on our side picking up. If you look at the TSA stats, you'll see our numbers going up in line with what you're seeing in terms of U.S. domestic air travel. But I think it's still too early to say exactly what the timing of that return is going... | intermediate | [
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70ccebbeb251b80e3f72da5ba5fe47c9 | I saw the rollout of the new agent channel on your website. It looks like an interesting product. Can you just talk about what you're assuming for contribution in that channel, the agent channel for 2021? And which segment that will largely show up in? | And so -- no. We're not anticipating strong financial contribution from that business this year. We're focused on innovation, product innovation. We're working with a few hundred agents already. We're focused on getting their feedback and really finding a new way to serve this important market. In terms of when you sta... | direct | [
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13c1b67058289f7f6610b421ffb3da1f | Maybe -- I wanted to go a little more on the agency channel. I mean maybe could you just talk at a high level about the opportunity you're going after there? And then as we think about the next year, I know you're not expecting much revenue, but just in terms of rollout, what could it look like, kind of what are the ke... | Yeah. The high-level story there, Cory, is that as much as we talk about direct-to-consumer, as much as we talk about insurance carriers and P&C going direct and in other sectors going direct, well over half of auto insurance policies are still sold through agents right now. And so it is an important market. It is an i... | intermediate | [
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a233159356840f98181ca5ca9c6eb5e8 | Curious if you can give us any color on the TAM of the current agent lead channel. Is that -- are there a lot of competitors there that are doing this? Or is this a small space currently that is mostly kind of greenfield opportunity that you guys are going to try to open up? Or is it both? | No. I think the best way to think about the baseline, right, TAM is to look at the publicly traded companies in our space, companies like the LendingTree's insurance business and EverQuote, and apply that percentage. I mentioned about 40% or so of the revenue coming from P&C insurance as being from agents. And then you... | direct | [
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8a0386d382107d540dc0a1a5419c84f6 | I think we understand your analytics are probably better than a lot of your peers. But when the agent -- let's just say, you put a quote from an Allstate agent. When an agent is considering lead options, I think price is one factor. Would you say that your leads might be more price-competitive versus your competitors? ... | I would say -- well, I'll answer the price question first, which is easy, which is -- I think one difference is that the agents are going to have full control over exactly what they want to pay, right? And that's not always the case right now. Usually in the state, they're price-takers. And just -- we're just not big b... | direct | [
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454a90936f5847eec62f0a0f51e3f521 | How much bulk MSR do you guys think will be coming to market now that origination pipelines are filling up again, and the faster speed's in the foreground again? How have your expectations for bulk volume changed, or what does that backdrop kind of mean for Ocwen? The second question is on the reverse servicing and the... | Sure. So Eric, look, yes, the bulk market, as we said, yes, for the first half of the year was pretty robust. And we expect it's going to continue to be robust for the second half of the year. Again, I think with rates coming down and the 10-year treasury rate coming down and mortgage interest rates coming down, probab... | intermediate | [
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d21d7865a1c891a8cb41c173fb49fc82 | It seems it's always manana, but you're talking about 34% or something like that pre-tax return on equity. Let's say it's 20% after-tax return.
Book value is 49. That would imply like $10 in earnings or something like that, or close to it. We're not reporting anything like that. I realize June was a pivotal month.
Bu... | OK. So good morning, Lee. Look, we do think June was a pivot point for the company. We do have our road map out there.
But again, if you look at the June results page that June Campbell, our CFO, had talked about, you can see that the quarterly adjusted pre-tax income based on June's results is about $38 million. So o... | intermediate | [
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843ddc547b7b53c3e24ab06dc1594b8e | I want to pin you down to specific. You have been saying all along that you expected to earn 20% or 15%, whatever it is, on equity in 2021. That would imply like $10 in earnings. OK? We don't have anything like that for the first and second quarter.
Basically -- hold on one second. I'm on a call. Please call back. I'... | Lee, our guidance was for low double-digit to mid-teen after-tax ROEs mid-2021, and we're -- that guidance has been consistent for the entire year and we are reaffirming that guidance. | intermediate | [
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a3c81219937a2ce4762a1f9d47de586c | Secondly, it seems to me just reading from afar that most of your competition is funding themselves at a 4% rate. You took on some very high-cost debt. How could you be an effective competitor relevant to your peers with such a high cost of debt versus what they have? | So, Lee, no question, no doubt about it. Our cost of corporate debt is higher than our peers. But we did include in our earnings supplement, and June covered it a little bit our -- we fund ourselves largely with asset-based financing, secured financing for our MSR servicer advances and warehouse, and that has proven to... | direct | [
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3e2bce4a6e070a428f4abdecb953ccb8 | In terms of your liquidity position, your stock stays at about half of book value. From my experience, if you can earn the kind of returns on book you're talking about, we should be selling at a premium to book value. Do you have any flexibility in terms of buying back cheap equity? | Lee, look. The board has always focused on capital allocation. Our priorities right now continue to be driving growth in the business to get the scale and cost advantage and leverage that we've talked about in terms of our key objectives for the year. Given our leverage is relatively high, corporate leverage is relativ... | intermediate | [
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1115ec3779f9c381e0cfc75713b3582b | I was wondering what kind of synergies you guys expect to achieve in your reverse mortgage business once the RMS acquisition is completed. | Yeah. Marco, the reverse platform we're picking up from RMS -- again, I just want to reiterate, is a terrific platform, great people, great technology. We're excited about it. Reverse mortgage servicing is a little bit different than forward mortgage servicing, but there are functions that are comparable.
And the -- o... | intermediate | [
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a7258d236b4d8c599c9026a3fe22b09b | Can you give us an update on how the TCB integration is progressing? Last quarter, you guys indicated that there was a potential to gain roughly 200 new correspondent sellers. | Hey. Good morning, Drew. Yes, look. I'm really proud of both our team and the TCB employees that we hired.
Everyone's done a really good job. We've substantially completed the operational integration. We've stood up and launched our best efforts activity. And we've integrated, I think it was over 200 clients, about 21... | direct | [
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db50c0a6480dc2ab7efd12afcae5c6bd | Could you help us understand the guide around comfortably in excess of 1 billion pound per month? And you were telling us that the year '21. But I guess it lends itself to quite a wide range. If I was to take 2022 consensus and thank the net interest income, I mean, that number should be about 11.5 billion, I think so.... | Yes, sure. Absolutely. I'll just sort of start by saying that the interest rate that we were looking at is one of the factors which we incorporate into our guidance. And so that I'm comfortable the total income is above that 11 billion pounds.
The degree to which it will be above is driven both by the magnitude and im... | intermediate | [
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6cf4c443187ec7b5184fe1dbf550433b | That basically is a simple one which is given the AIB announcement today with another 6 billion of trackers moving across. Is that change your guidance on Ulster Bank in terms of withdrawal, costs, disposal losses, and so forth? And second question on capital, and you've seen the direct buyback already, you've still go... | Great. Thanks. And you will let me let me take the Irish question. No change to guidance, obviously.
Really pleased with the announcements today. And I think just continuing progress with our guidance on costs and disposals remain unchanged. But I think good momentum there and pleased we could announce that today.
Bu... | intermediate | [
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6f1b26330265c5ec5b45eba8fe7d1c56 | I just wanted to I was hoping to get a little bit more color on on your 40% pass through point. And I was wondering if you might be able to tell us, you know, what deposit beta assumptions you might have made within the retail as well as the commercial deposits separately. I'm just interested in your disclosure around ... | Great. Thank you. On the M&A, no changed to my approach as my my preference is distribution to shareholders. If there's anything of compelling shareholder value and strategic rationale, then we would we would look at that.
I think if you look at what we've done so far, things like the metro mortgage book or we recentl... | intermediate | [
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496f3425e35de315573c007cbe11d500 | Just on the SiriusDecisions sales integration, I guess can you elaborate on, I guess, what the direct activity is? When you say it was more tightly integrated, is it the sales targets, the comp structure, the managers? I guess I'm just trying to more specifically understand what change you made, I guess, versus how you... | Sure, Tim. It's Kelley. So in terms of the changes that we made, we essentially when you look at how SD's sales organization was structured, there were different teams and or groups that aligned to current selling motions. So for example, there might have been a team that they would call vendor in geo and were largely ... | direct | [
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10ea4c1f24967c017743aafe4269099f | OK, and is it still the case where you described that the former SiriusDecisions salespeople are still selling SD and Forrester is still selling legacy Forrester products? Or is there a blending here where they're -- is anyone selling something different than I guess they were selling in the past? Or is it more about m... | Yeah, so it's to date been mostly about managerial structure. So anybody who was selling Forrester previously is still selling Forrester, same on the SiriusDecisions side. But what we had been planning to do, and I think the structural move is going to help accelerate this; was we've introduced four different collabora... | direct | [
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5646e716b58bbaf7d0a6b01380db0738 | OK. That's helpful. And then I guess the last question on this in for me, just the impact on, I guess, the outlook for this year. Are you anticipating or trying to be conservative that this could cause a disruption to the sales momentum on that side of the business? Or is this something we've actually seen, I guess, du... | Tim, it's Mike. I would say it's a couple of things. First, by accelerating the move, I think what Kelley is doing which she did very effectively with our customer engagement model, she essentially as things open up as we had attrition, we're not automatically filling. I think we're assessing and her approach has alway... | direct | [
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f9c9da1e873c85a48e356563c84dabc5 | Is the comment that the sales attrition is back to normal now? Or it's, I guess, improving versus Q1, I guess when you say it got better in Q2? | Yes. It is improving. So it is down to roughly 27% at SiriusDecisions.
At SiriusDecisions.
Sorry. Yeah, at SiriusDecisions, Forrester is lower than that. And that is ironically that was about where we hit when we moved into the customer engagement model, Tim. So I think any time you have a big transition, people are ... | direct | [
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a8cb6da1d791cedb678d44ee7166a90f | Yes, hi. Following up a little bit, in terms of your modest change in your guidance; how would you say how much is related to FX, and how much is related to the issue of the attrition of some of the salesforce? | I would say FX is 20% to 25% of it, and the balance is related to SD. So FX is real. It's there. We've had an impact year to date, but we've been able to overcome. But we're just looking at it. So I would say, you know, the 20% to 25% is foreign exchange, and then the balance is really the impact of the SDPL product an... | direct | [
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c3dd0fc36e33dc63619424b8487d78b1 | OK. In terms of when you have some attrition in the salesforce and you're trying to figure out how to build it back up, how long does it take for you to think that you'll get back to kind of a run rate where you originally hoped to be? | In terms of the SiriusDecisions reps, I think historically it takes around a year to get to a place where folks are fully productive. Again, we're hoping to expedite that through both leveraging some of the learning, training and management tools that we've been leveraging here at Forrester, along with the collaboratio... | direct | [
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16484d82266f5a7fc8a9c60ee05fcc4f | OK. And your pro forma operating margin for next quarter guidance is a little bit lower than what you just posted, which was very good. And is that really as a result of kind of what you're factoring in with the salesforce? Or is there something else about something else, seasonality or something else? | Well, it's -- You know, I mean you've got revenue that's below events too, right? Then that was we had a big boost in event performance, right, in Q2. So there's a drop-down in revenue and that's going to have a corresponding effect on margin, just because you have a certain level of fixed cost built in. So I think tha... | direct | [
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96d4656b9cadf3973e9d9d40769c16e4 | OK. And then with the CX cloud and what you're building up there, and integrating all the different products, can you just remind me what you're saying about where that stands today and how the future outlook for that? | Yeah. So think of it this way, Allen. The first version of -- which we are now calling FeedbackNow. We're calling that FeedbackNow. The first version of that of course exists. That is what we acquired when we bought the company FeedbackNow. And that's the physical devices, which are the inputs into this very at this po... | direct | [
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8255d210fbc281fdbe3efd5d000bbfbf | OK. You mentioned two products involved in certification, the customer experience, and security. How do you think about the opportunity on the security side? | You know, we are launching that because our clients are leaning on us to do that. I mean it's really a very demand-driven launch around Zero Trust. We had some Congressmen and generals in here recently talking to Zero Trust in the military. It is -- Zero Trust is moving very, very quickly to become the philosophical st... | direct | [
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de6b8ec5f75c9f9ef27e08c39fd6f46d | OK. Thank you. My last question is just I've been hear -- seeing some kind of mixed messages in the market of what overall tech demand is or what the outlook is going to be. Are you sensing or what's your view of what you're seeing for overall demand for technology consulting and your services? | You know, Allen, our projections are still healthy. I don't see -- we don't see a pullback yet in tech. It may shift between categories, but we're not seeing that yet, both in terms of our own analyst, Andy Bartels, who looks out and monitors tech spend across the broad spectrum. And similarly, and I can let Kelley tal... | direct | [
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ac0e862c51483f40fc57e1e9914fe886 | Yeah, most of mine were asked. I'm curious. I think last quarter you said that the turnover at SiriusDecisions was mostly from junior people -- relatively junior people. Is that still the case? Any color would be helpful. | Sure, I mean I think we've seen a mix of turnover. I would say overall, the SiriusDecisions salesforce is a bit more junior in terms of number of years of experience than the Forrester team. So it has been a little bit of a blend across some of the different pockets. So I don't know that it's skewing one way or another... | direct | [
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f980001cd79ea24889dbb13c8145318b | And then Kelley, on the Forrester side was the performance in the quarter sort of broad-based or were there any regions, sales regions that stood out either way? | I mean, I think we saw a relatively balanced performance which is what we've been trying to drive here. I would say our Asia Pacific and international business team has been one of our most consistent performing double-digit growth areas, and a region that we will continue to invest in. But we're very pleased with the ... | direct | [
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21a1ce781a75b4cdb7acba4495676239 | OK. And Mike, what was the contribution of SiriusDecisions in the quarter? | To what, Vince?
Oh, overall revenue? They probably run, yeah, 22%, 32%.
We're consulting yet. We're getting this one in one minute here, Vince. It looks like it's about 24% roughly. | direct | [
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61ab63db399d6e24e99b1b25e0c63b7f | Thanks, good morning. Hey, I just want to start kind of push back on the no guidance. I mean, we've seen pretty much every consumer-facing company give some level of guidance for 2021. And I understand we're still in a pandemic, but I've got to think visibility is improved at least over the past six months to give you ... | Yes. Bill, this is Brandon. I'll start off on that. And a couple of things. In the spirits industry, not all of our peers are giving guidance. In fact, some are still refraining for the exact reasons that we shared. Additionally, some of our big profit drivers, primarily in our brown goods side of our business. The ord... | intermediate | [
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654430b690db806c0617c82d65759ca8 | So is there a chance that your ex-Luxco earnings to be down this year? I mean, there's always a chance. But I mean, is that what you're seeing that there's some risk to numbers? Or just directionally trying to understand, you seem very bullish on a lot of opportunities, but it's again, tough for our to get our arms aro... | Yes. No, I think that's a fair pushback. But I think for all the reasons Brandon stated, we're just not going to give guidance at this point in time, Bill. We do still continue to believe we've got tailwinds in both our Ingredients business as well as our Distillery Products segment. In the past, we've said we expect t... | fully_evasive | [
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602cd418f2475061efa910aca386c903 | Okay. Well, turning to one area where I'm pretty sure you have very good certainty on the industrial alcohol side. I think you said that's pre-sold a year in advance, and it runs at capacity. And I also believe that you went through the kind of pricing negotiations and contracts over the past quarters. So can you give ... | Sure. Yes, we have pretty much completed the pricing cycle in Q4 of last year on industrial alcohol. Keep in mind, Bill, we do not price or contract 100% of our volume. We leave a certain percentage open for the spot market for various reasons. We did see improved pricing during that contract cycle like we thought we w... | direct | [
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dc02ef60d7f4d40b920d29b9dfd618d2 | Okay. And then just to the brown spirits on the aged inventory. With the Luxco deal expected, how does that change your view on the aged use of the aged inventory? I mean, at one point, you had a plan to kind of work the inventory down, which I think is still moving forward. But to the level which you want to move it d... | Yes. It's a great question. I think the way we look at is the highest and best use of the inventory. So obviously, the best use of it is in our own brands. But as we've talked about historically, we have put away whiskey to support the growth of our own brands, and we'll continue to do that. We remain obviously very co... | intermediate | [
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1ebccf8b8a8361f9d52488c3373fe818 | Okay. And then last one for me. Just any more color on just the timing of the Luxco? You said first half. I mean, should we assume that safely sometime in the second quarter? I didn't know if there's anything that -- why it would take six months to close, it seems fairly straightforward transaction. | Yes. I mean, it's the typical things you have to go through. This deal is going through the HSR process as we speak. And we have to go through a number of regulatory matters with the TTB in the states on licenses and permits. So we're deep into that process. We certainly don't see anything at this point in time that wo... | intermediate | [
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60d14887227b36018e5e90fb07627471 | Great. Thanks very much for taking my question. Dave, you mentioned in the prepared remarks that your sales team has really changed strategy. It sounds like a whole different approach to selling whiskey that has been successful. Can you talk a little bit more about that? And in particular, I mean, it seems like for yea... | Sure. Yes, Alex, I think we talked about the change, if you will, in our selling process for, I think, the last three, four quarters now. And yes, it's definitely gaining traction. And we've had a number of new customers come into the fold, a couple of pretty significant multinationals have come into the fold in the la... | intermediate | [
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80ef631cc1cc5e2098da85c9623391a0 | That's helpful, thanks. And then as you think about what you just mentioned with a lot of your bigger customers kind of making some of these catch-up purchases to fill holes in their inventory. I mean you guys deal with so many different customers. I imagine you have a pretty good view into sort of the overall landscap... | Yes. I mean, as you know, Alex, our customers don't tell us that. So that's part of what creates the uncertainty that Brandon was speaking to earlier about visibility of customer order patterns. But I can tell you what we've seen play out this past year is, if you'll recall, when the pandemic first hit and on-premise l... | intermediate | [
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38a3962f14b5732f4c8bc6690c8abe1f | Okay. Fair enough, thanks. And then my last question, I guess, in the release, you guys break out specifically some of the onetime costs around the management transition and the M&A due diligence. Can you give us a little bit more color on the financial impact of the fire and your Atkinson facility? Is the net impact t... | Yes. Good question, Alex. So, to answer the last one first on this dryer, you got it exactly right. So the $4 million in change gross profit impact we saw from the dryer was offset by the receipt of roughly $3.5 million. And you will see that play out at the gross profit level. So that's where you'll see that. Again, w... | direct | [
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49cec3e0753fba9ae05a51a3590c6a99 | Firstly, can you talk about the current capacity you have in your CDMO business, where you are in terms of the utilization currently, and how is that utilization in terms of your 2024 goals? And secondly, can you just elaborate a bit more on the visibility you have into delivery into the strategic national stockpile? W... | Thanks, Brandon, for the question, and thanks for joining the call. I'll take the second question, and then I'm going to ask Syed to talk a little bit about the capacity that we have in our CDMO network. So first of all, on the SNS deliveries, we don't see any change or interruption, if you will. It's pretty much busin... | intermediate | [
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"fully_evasive"
] | B |
31f29fd2180becbd63eff7c3434479f7 | Hey guys, good afternoon. Congrats on the partnership with J&J. I just had a question on the $135 million value. You know, is there how are you getting there, and is there any incremental details you can provide on that, as well as the long-term commercial agreement? And then, secondly, just on NARCAN, I mean, I apprec... | Sure, Jacob; thanks. So on the J&J agreement, the $135 million, you know, I think Syed summarized it well in terms of the $135 million essentially is an enabling investment for us to get to large-scale readiness for their product and to have a validated manufacturing process in place to potentially manufacture a produc... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
19480a03a54613bc55ccfd48a6d589bc | Great, thank you for the questions and congrats on all the progress. I'd just love to get your perspective on maybe just a bigger-picture question and I realize things are changing so rapidly, but just, you know, how do you think the COVID-19 pandemic will just shape kind of the government response and level of prepare... | So on the, you know, the broader question of the COVID-19 challenges and the government response, I mean, clearly, the work that we've been doing for now over 20 years I think is reinforcing of the fact that preparedness and response is critically important. I mean, the work that we've done for years and years and year... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0b514a08c09dcf5eaf70e3bc2e745357 | Thank you.A question about your hyperimmune product: great that you're able to go directly into Phase II. Since you're working with NIAID, can we expect that this will be a randomized clinical study, given that the outcome you're hoping for is to be able to get EUA? | Laura, do you want to weigh in on the on some comments on what the clinical trial looks like?
Sure, absolutely. So the clinical trials that are sort of at the protocol stage right now and about to get started are going to be random controlled clinical trials, and certainly, the data coming out of those are anticipated... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
308f0a18099ed2fe23e7c6efaa49e1a0 | Okay, and then, since you'll be treating hospitalized patients initially, what do you need to do to make the leap to be able to provide it to healthcare providers who are at greater risk? | Sure, I'll answer that question, Bob, if that's fine.
Yes, please.
Okay. So I think initially, we're very focused on trying to reduce that impact of the people already infected with COVID, and certainly looking at the sever hospitalized as being one of the greatest needs. But as well, the people who are early in thei... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3b7262603fc35dcac917bb0fd8b11c55 | Just a final question on this topic. Once you start the Phase II, how long do you think it will take to get an answer? | You know, at this time, I think our timelines are really dependent on getting the product into the clinic quickly, and then we'll look at the recruitment timelines in order to give a better estimate. Obviously, we're focused on trying to go as fast as possible. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f554a5b519a9ba9624b56ea9d67821a | Great, thanks for taking my question. Maybe just following up on the J&J agreement, can you quantify how much of the $135 million for the kind of first stage of the deal contributes to 2020 revenues versus 2021 or something thereafter? | Sure, Jess. Thanks for the question, thanks for joining. So, I hope you can appreciate we're still sorting through the revenue recognition potential for the $135 million. But our best estimate today, Jess, is that around 25% of that $135 million contract value will be recognized in 2020. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
97859c2722b0cb26e66044d3220c52ea | Okay, great. And then, as we think about the potential contribution from the subsequent commercial supply deal you're negotiating with J&J, is there any kind of framework you can provide to help us think about that revenue contribution going forward, obviously if the vaccine is successful? | Yes, it really depends, Jess, on how much of a commitment our partner wants to make to manufacture doses. I think you've heard J&J say that they would like the ability to have a U.S.-based manufacturing capacity of up to 300 million doses annually for their product. So, until we get really through the next phase of the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
40ad70e8a09d7812716e3a71e4df677a | Great. Maybe if I could just sneak one last one in, should we anticipate ACAM deliveries restarting in the second quarter, or could that skew into the back half of the year? | Yes, our guidance that Rich described, both for the year as well as Q2, that $270 million to $300 million, assumes that we will resume shipments of ACAM2000 in Q2. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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