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1228c6ebd086c1dcec2aaf1340979043 | Perfect. That's what I thought. That makes sense. And then last one for me. I guess, did you disclose what specific programs will be supporting with these two new regional physician groups? | It's our total cost of care management solution, which is focused on the clinical side and the clinical work of reducing the total cost of care on the total premium dollar for Medicare Life. So it's sort of a $10,000 annual per-member number that we run at, and it's a total cost of care clinical solution. | direct | [
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5c370dc724de6739aa88358ff1dc37bc | Yeah. This is Cal Sternick on for Charles. A question on NCH. So it looks like you guys have been having a lot of success there on the payer side with just the oncology and cardiology solutions. So curious if there are any other high-cost, high-acuity practices that you're exploring to maybe expand the NCH platform? | Yes. Sure, Cal. It's Seth. I can take that. We are thinking about it. Right now, we're very focused on cardiology and oncology because we still have actually quite small market share nationally, if you think about the number of lives relative to several hundred million life opportunity. So the first opportunity is just... | intermediate | [
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62e4105152675cccdc14dcfe685cd4ea | Makes sense. And then I know with Centene and Molina, they both have a big presence in the exchanges. I'm curious if -- and with any of the other payers you guys have as well, if there would be any benefit to the business from the special enrollment period, which could add new members or anything from enhanced subsidie... | Cal, this is John. So we do have individual business on the platform. And so certainly, if there were a bump in membership there, we could be beneficiaries of that. I would not expect that to be significant. It's a reasonably small portion of our business, but we do have individual members on the platform. | intermediate | [
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89093ddc7c824bc0a202c139868778de | Hey, thanks for the question. This is actually Matt Shea on for Sean. Seems like we've been hearing more about specialty management on earnings calls. Curious if you see the competitive environment changing meaningfully and how you kind of think you stack up against other programs in the competitive space, maybe CVS' o... | Yes. Matt, it's Seth. So I would say we have not seen a meaningful shift in the competitive landscape. The focus of our work is very deep, obviously, around oncology and cardiology. There are some other players that I would say are broader. eviCore might be an example. And our work tends to be differentiated by our abi... | direct | [
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02bc1e80f1057f50dc66cc79eb9c59fc | OK. Good to hear. And then with the recent Blue Cross Blue Shield Board addition, did that play any role in expanding the partnership with Blue Cross Blue Shield Texas? And maybe stepping back a bit, how should we think about further penetration with the Blue's plans? | Yes. I mean, it's interesting. We have, obviously, a couple of Blue relationships now out of, I think, 36 total. So in general, the way to think about it is that there's close to 100 million incremental lives that are available that we want to do our best to go serve that community in that network. We're building credi... | direct | [
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b99f6d9d1ecdf739edd88fa36d9a76e5 | Hi. Congrats on a good quarter. Can you maybe talk a bit about the impact that COVID is having on your book of business and your selling efforts? Is there more pressure on state budgets, for example? And is that pushing you into the Medicaid market and they continue to be receptive? Any thoughts there? | Sure, David. So I'd say, in general, the COVID impact is pretty modest for us overall. On the sales side, the increased pressure that you described on the budgets, I think, will help some over time. So that's probably a slight positive going forward on the kind of performance side and our ability to execute. COVID adds... | intermediate | [
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29455695db4aab4b19770296d470f65e | OK. Appreciate it. And I hopped on a bit late. Sorry if you covered this. But with the Molina in-sell potential for New Century Health, have you sized that? Like any thoughts there? | We haven't sized it. I mean, we're live in Kentucky. We're going live in Washington soon. They obviously have -- and that represents a reasonably modest portion of the total lives. Again, kind of like the Blue comment, I'd say right now we're focused on doing a great job for them as a partner. And as we do that, hopefu... | direct | [
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a185dbabfd72c1677e135e125353c3ec | While you're rent collections have improved. They remain a bit behind industry averages. Could you please talk about that? | Look, I think that the question really drives down to the heart of what we're seeing across our portfolio in different communities. And on its face does not relate the real strength that we've seen across the portfolio. You know within our smaller retail holdings in Houston and Columbia, we've seen collection rates at ... | direct | [
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672b6d7708e9c26fc91a9c9964d020ae | Going out to Ward Village, the curtain wall. I mean you guys have been speaking about this for several years. I think in total it's up to $120 million or so. What gives you guys the confidence that the GC has the liquidity to actually pay you guys back for this cost? | It's a good question, Alex. But first let me start by just saying there. I don't think we have a tough business. I think we have some tough analysts, but our business is not tough. I think that we're able to create a lot of value, and do so in pretty simplistic ways. But to your question, look we see plenty of sources ... | intermediate | [
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7825d7616fb4ae7e267cb9c842a3677b | Collectively. If I understand you correctly, their liability insurance, their bank accounts like everything about them your side, your lawyers feel confident that the 120 plus million will be paid back to you in full or as close to full as possible? | Yes. Throughout the range of different ways that we could recoup those costs. We do remain confident that we will recoup those costs. | direct | [
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6e1f254aaeb305c7ea2f66cd7cbd2421 | But just based on the fact that this is litigation -- we should just expect that this thing will continue on for a few more years is that a fair way to think about it? | Unfortunately, Alex. One of the side effects of the pandemic has been the massive backlog in the court system and in Hawaii, more so than most places given how long the island was shut down and those cases that have the most critical nature have been moved up and are getting done; in this case, unfortunately is not fal... | direct | [
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3c18191d983e9a21e6926425ada32856 | Given the accelerated reopening, really down the Sunbelt market. You know you guys spoke about hospitality, there is the $8 million from the Aviators. So before we analysts as you say, we give you guys a hard time get too carried away, what are some of the real incremental changes and you mentioned the land sales picke... | Well, look, I think at the end of the day Alex. We always look forward and we look through to those metrics that we think drive increases in net asset value on a per share basis. And to your point, those metrics are how many condos we're selling at what price. How many acres of land, we're selling at what price per acr... | intermediate | [
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34d820352b76a5f45c4809f86e0a3eb2 | It sounds like David in some the land sales are obviously up this year. But the way from a modeling and thinking about your business. The hospitality, the Aviators, and the remaining retail that should sort of grow this year, but we really should think about next year these items being back to sort of full force, and t... | I think there's going to be a combination. So I think your point is accurate, Alex. But I'll add to that and say that we should see a meaningful return of the NOI of those assets that have suffered the most as a result of the pandemic throughout 2021 and we're going to add to that the new developments that have come on... | direct | [
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3276e61f555d9a6e49533c64870af9e4 | I hope we can dig in a little bit on the retail rent collections, you guys were kind of the high 70s this quarter. I think if you look at most of the other shopping center REITs. I think that they were anywhere from kind of the low to mid 90% on rent collection, I imagine that Hawaii is what's dragging that number down... | Sure. So big picture. Our three largest drivers of retail are Las Vegas, Ward Village, and New Orleans. Las Vegas led the way with a 94% collection rate, incredible performance. Those assets like Hawaii and New Orleans that are impacted the most by travel and tourism had lower collection rates and Hawaii, was at 64%; a... | direct | [
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f8876a76b3257ebfffd5c66face589a6 | I guess maybe an order of recovery. Fair to say that Hawaii probably expect to recover quicker than New Orleans, cruise ships are slower to come back? | My only hesitation in agreeing with you Jon is the dependence on international tourism on Oahu, which may come back at a pace at the same or slower than cruise ships, it's really tough to predict. | intermediate | [
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116c899716ec2bc8326be5ede61d2c0e | And then I guess if we think over the next year or so. Do you expect to collect the rent eventually that was uncollected over the last year or should we just kind of write it off? | Look we're pushing to collect every dollar that is due to us that has not been paid and a lot of those rents have been not collected, but deferred and will be paid back over the next several quarters, next several years. That's assuming that those tenants make it and it's very tough for me to predict which tenants will... | intermediate | [
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bf497d62953bee29110f817f9b5d9039 | Good to see the Aviators play the first game in a long time. Can you remind us what the NOI upside there is for a full return of the Minor League Baseball season. | Yeah, so in their first season in existence in 2019, we did about 8.5 million of NOI. Our guidance this year assume that they broke even and while we opened and so far we've been able to host all of our games, we've done so with limited capacity at about 50%. We're hopeful that over the next several months, in the next... | intermediate | [
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9f8b241f60232e53a97c16acb6eb4476 | 250 Water Street, you guys are approved to kind of move forward there. Can you maybe talk about the development yields you guys are underwriting toward and when you expect to be stabilized on that building? | Well, look, while we may have received the approval from the landmarks commission. We have just started the official ULURP process and that's a process that will probably take us through to the end of this year. So for me to comment on a potential development yield, potential profitability, sales per foot on potential ... | intermediate | [
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71de2455cb391acdc99cc029f3306d05 | What's the safeguards for the sold contracts at Victoria Place, where the buyer does not walk away in three years? | We take a hard deposit of 20% of the purchase price, and that deposit can be used toward construction. So, we feel very good and if you go back historically speaking over the past 30 years. We've seen very little volatility in the underlying values of condos. In fact, during the global financial crisis, prices of condo... | direct | [
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7315dedb4cd17e36bbc605a278dd70f2 | What is currently missing from the Seaport that the Tin Building opening is such a big deal in your comments today? | Look, I think that the Seaport has a handful of things that we're working very hard to make sure that we're doing to stabilize that asset that's including finishing the Tin Building that includes finishing the leasing of the fourth floor of the Pure [Phonetic] space and backfilling some of those retailers that unfortun... | intermediate | [
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e00783d3b226df016e03b59383bc1ebf | Mark, can you talk about whether there is a pipeline of additional deals that would cause you to recognize revenue on an annual versus a quarterly basis? Like what happened in the March quarter, and if so, if there's any in the pipeline, what are you assuming in terms of conversion of those in your guidance? | Yeah, great. Thanks, Katy. Right now we see a few deals like this in Q2. We don't have line -- I don't have line of sight in the pipeline as to what deals in Q3 or Q4 could go that way. And we'll have to wait to see what happens in Q2, but I do expect we'll see a bit of it, given we're seeing strong interest from our e... | direct | [
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f5f6a6f7db559e8a11df4c81d9ba9103 | Okay. And so that, in your guidance, you assume that some of those converts and you get an annual revenue recognition. And then can you just provide a little bit more detail because I'm not as familiar with the accounting treatment of what is the element or characteristic of these deals that are causing you to recogniz... | So, under revenue recognition rules, there are a variety of factors that can result in other than ratable recognition correlate right? Whether it goes to in the on prem world, what is the right to use the software? What is the committed amount of consumption that's involved with that? Is there hardware involved? Becaus... | direct | [
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887e99a3dd6121925a3ae2b6a8ab7728 | And is this the first time that you've had revenue recognition of deals like this? | Yes. We rarely had anything other than ratable in the past. Other than perpetual, but these has nothing to do with perpetual. | direct | [
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976230624a48a067353158b3e4b83c01 | Mark, I got all the adjustments that you spoke about. So, even if we take out the $0.16, because of the timing of the transactions, you're roughly at $1 in earnings on the first half, but if I look historically, second half versus first half, even taking into account some of the headwinds that you mentioned from share ... | Yeah, so no, Wamsi you're right. So, right now, given the annual recognition that flowed into Q1 and out of the remaining quarters, I mean, not across Q1 to Q4. So, you know, revenue is not happening on these deals in Q2, Q3, and Q4. You know, I don't have line of sight today in the pipeline as to what deals might go a... | direct | [
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92f15c1ace155cb2e5eaa796cc5f918b | And then Steve, your 18 million in incremental sequential public cloud ARR, you're guiding roughly in the same range out of top that you would have been able to drive a little bit of acceleration now that you have, you know, a little bit more resources dedicated to this. Maybe can you share some thoughts around, you kn... | Yeah. Hey, Wamsi, how are you doing? We are really confident in the annual guidance that we've issued o fat least 100% growth year-over-year. We've got real confidence in that because we're seeing our customer existing customers demand for Teradata in the cloud and having interoperability between the environments. And ... | intermediate | [
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04a253e8974bafd352043f92284dd2b7 | Hey, good afternoon, guys. My question for, I think, Mark, you know, just looking at Q1 ARR that was flat sequentially on a constant currency basis, I think that's comparable to what you did in Q1 last year, obviously, last year was a challenging year with COVID, but, you know, felt like you saw, kind of much stronger ... | Yeah, thanks Tyler. If you look back even in my tenure, we've had it be flat to slightly down in Q1 beyond not just 2021, but years prior, as well. Clearly, a big headwind from a sequential was FX, so that was a huge impact this quarter. So that was part of it. Second is just Q1 tends to be the lowest bookings quarter ... | direct | [
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00497a79f0c5075b2fae22ee9c9d939a | Great, and a follow-up for Steve. Maybe we could talk about your win rates and just overall positioning in the cloud, it seemed like you rattled off a lot of wins, and some of them for snowflake, but how do you feel like win rates are trending? And then, you know, were there any deals that that maybe you hadn't forecas... | Tyler, we're seeing really great interest. You know, in the examples I gave, we had winds and retail entertainment, healthcare, distribution, manufacturing. So, we're, we're really happy with how we are taking our message to our customers. The other thing that's working well as our consumption based pricing models, are... | intermediate | [
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f618fae82b4f8cbc156d8de461cdb8ea | Great. Thanks for taking my question. Could you talk about what you're seeing specifically, as it relates to the COVID impacted industries? Now that vaccines are inside? I see that consulting was better than expected this quarter. Would you say it was partly a function of the reopening and recovery in these industries? | Yeah, I'll take that question. Yeah, I think like most technology companies, we're seeing an uptick in the digital transformation programs and projects that organizations are executing. You heard in my prepared remarks that we are seeing projects with some of the airline companies coming back online both in terms of, y... | intermediate | [
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540b43d79f3d3486627d142237b5c97b | Great, thanks for taking my questions. First one, Steve, you named a number of customers migrating from on prem to cloud, is there, you know, what's most common moving a small portion of workloads or a big portion or, you know, all the workloads to the cloud, and then the customer starts a cloud migration? How long doe... | Yeah, so, we are seeing a mix Derrick in terms of customers that are moving their -- they want to move their whole system on to the cloud, and customers that are moving certain workloads, you know, we continue to invest in on prem capabilities as well. So one of the things I talked about was having access to native obj... | intermediate | [
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d9051ceb95551d4537cad1cb1ae00b83 | Hi, good morning. Thanks for taking my question. Nice to see the improvement in the quarter. Perry, I was wondering if maybe you could talk a little bit -- just give us a little bit more color maybe on the gross margin and SG&A versus your original expectation seem to have come in much better than you originally expect... | Thank you, Susan. So let me start from the gross margin bit. Initially, we had expected a gross margin rate of 430 basis points contraction and it came in at 280 basis points contraction compared to the initial expectation, that is better by 150 basis points. So that improvement compared to the initial expectation is d... | direct | [
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6ed3431a40fa9f7fa1b9a83c6c301b24 | Got it. That's really helpful. Thanks for all those details. And then maybe just one follow-up. Matt, you talked a little bit about the touch, read, react strategy. I know Express has always been known for their touch, read, react strategy. So I guess I was think kind of curious maybe if you could talk a little bit how... | Sure. The one big thing that we're changing with that strategy is we're effectively bringing in more forward season goods early in small bulk quantities and it's important to note small bulk quantities. So we did some of that last year, we've accelerated that this year. So when you get into, as an example, June and Jul... | direct | [
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d6207ee12f7c1ac73d3727b646a956dd | I just -- I have a couple of questions. On the inventory content if you feel like the investments by category are better aligned for the second quarter and therefore perhaps you could see further improvement in the business? And also the levels seem a little high Perry as compared to your comp guidance, maybe you could... | Janet, I'll take the part of the question on the inventory. While our inventory grows, if you look at the (technical difficulty) it's above the Q2 comp guidance. We have taken aggressive actions and that was at the beginning of Q1. To ensure that as we enter Q3, our levels of inventory will be more consistent with our ... | intermediate | [
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e4828e1410a939944bf39358301942cd | In April, could we assume that comps turn positive and maybe you could give us some outlook on the top business and how progress was made -- if progress was made there in April, maybe some thoughts on the denim category and what opportunity might lie for that business from a macroscopic (ph) area? | So Janet when you look at the comps overall we had seen sequential improvements going from Q1 into the back half of the quarter. April specifically was positively impacted by the Easter shift as well as the overall trends of the business. I cannot really comment in terms of the specific numbers on the comps.
And then ... | intermediate | [
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9d02ec6d1608b2d64bf511d9a81f462e | Hey guys. Congratulations on Tim. I'm looking forward to working with him. Can you give a little bit of insight just, you know we've talked about the women's tops business for a while. I think that you guys mentioned about including some more fashion. I guess, is this true in the wear-to-work area, as well as on the ca... | Yeah. 100% it's both on the casual and the dressy side of the business. What we do know is, we are seeing customers voting for new silhouettes, both on the woven top and the casual knit side of the business. And frankly, one of the things that we are now focusing on is more fabric diversification. I think we've gotten ... | direct | [
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d46a70b86cea0e655e8ecfdc3d65f691 | And have you seen the customer move more quickly on the bottom side. You have a lot of focus on the higher rise, a lot of waist high details in your store. Have you seen the customer gravitate toward that fashion on the bottom side that's giving you read-through to where you're missing it on the top side? | Yes definitely. On the bottom side, particularly in dressy pants, the silhouette changes have been significant which gives the customer a reason to come into the store to buy for sure, also on the denim side we're seeing some of that as well. And obviously when the bottoms silhouettes change that also impacts the top s... | direct | [
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23dfb6b5141bf443191a37283d728b79 | Hi everybody. Good morning. I got a little bit late so forgive me if you've already addressed this, but can you talk about your direct exposure to China sourcing that may have already been covered. And then secondarily, inventory plans for the back half of the year sort of particularly from units and then Perry if you ... | Sure. Thank you Adrienne. So I'll take the tariff question and Perry can handle the other questions. Obviously, our Q2 guidance reflects the impact of the tariffs. Longer-term, we are aggressively working to minimize our exposure to China. So there's two things we're doing right as we speak. One is working with our sou... | intermediate | [
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0dceb138dd25aaac7c9bb2da6cb7f2cd | Okay that's very helpful. Yeah it's nice to see those sales bouncing back Matt. Can you also talk about some of these alternative programs that you're offering in particular the rental program that was instituted I think during the -- it started during the first quarter if I recall correctly? | Yes. So we actually launched that program in early October of last year. So it's -- and it's focused on the women's side of the business. Basically what I would say about that, from a percentage standpoint, it is -- percentage growth standpoint, it's growing very rapidly but it is a very, very small piece of the busine... | direct | [
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561b56951e79085ab531fce7356e64bc | First, Julie, I just want to acknowledge and appreciate all that you talked about for the work that you're doing to close the digital divide at Cable One, so thank you for that. And on two related questions actually to that. One, it's a little hard to tell exactly what your organic footprint growth is, but I know a lot... | Sure. Thanks for recognizing what our associates are working hard to do in these communities in small cities and large towns, Craig. As far as edge outs, I don't know how much I would want to divulge about what our plans are. If you think about it, wherever we're edging out, there is some other provider. There's really... | intermediate | [
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ea9589e904d7298437fcda14322e6cbf | Great. Can you walk us through the next steps with Hargray? What sort of incremental investment do you think is necessary? Can you give us an idea of where they are on the commercial side? They've got some network throughout the Southeast outside of the territory. How should we think about that as an opportunity going ... | Sure. So I think from an incremental investment standpoint, on a -- from a relative purchase price standpoint, this one is pretty low. I think we're guessing that it's somewhere in the $30 million, that is much more just alignment in common technology from a capital standpoint, incremental that will be spent over a few... | direct | [
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c1b10630b357919ab08a8669d23e72ab | Well, just I'd love to characterize the fiber networks that they have on the commercial side. I mean what are the -- how much fiber they have outside of the network? And how can you capitalize on that, and what your thinking is for that part of the business? | Sure. So they have a -- I mean they've got a pretty robust fiber network that's more of a -- throughout a great deal of Georgia going over into North Florida. With the acquisition of Anniston from us, increased their Alabama presence, working its way over toward Atlanta. 40% of their customers are -- 40% of their homes... | intermediate | [
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52d5eb1937eb62dc067fc675cc86c249 | First question is on Fiber to the Home. Over the last few months at analyst days and earnings calls, it seems like some of these telcos are indeed at fever pitch. In addition, PE and infrastructure funds. I know you guys overlap with AT&T, who's been pretty vocal about it. And CenturyLink, maybe to a much, much lesser ... | I'll start with the Fiber to the Home question. And so we do -- our largest -- we pretty much split our footprint with AT&T and CenturyLink. We have less than 10% of our homes past have an overlap with Frontier, so that's not an overwhelming concern. AT&T does have fiber. I mean our footprint is -- 20% is competitive w... | direct | [
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95534207674e88a3f1be4a21c3ffe0eb | Julie, maybe you can go again into that April strength. What have been the drivers there? Is that stimulus money? And how has May been so far? | April continues what we've seen, quite honestly, from about -- from the start of COVID, quite honestly. I mean it's just -- it has not let up. The same things that have been in play since mid-March, April of last year are continuing to drive growth. We see people coming to us from literally everywhere, and I mean every... | intermediate | [
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d1fe0b7dabac849c49e4b51565a1b33d | Okay. And you talked before about what the uptake looks like on plan -- prices on plans above your basic price point. Can you update us on that? | My apologies. So 78% in the first quarter of this year, 78% people sold in took tiers above 100 megs. Currently, our total subscriber base, 59% of them are above 100 megs. So it's not just selling that's driving the higher take rate on tiers, but current folks upgrading as well. | direct | [
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8570ecca09427197d040666c5e6afb94 | That's great. And then maybe last thing, just digging into the Fidelity integration a little bit. What do you expect on pricing integration? Have you done that yet? | We have not done that yet, and I would expect exactly what we saw out of NewWave. NewWave's prices are exactly the same as Cable One's right now. Their ARPU, let me just put it that way. The prices and ARPUs are the same as legacy Cable Ones. I would expect the same thing to happen with Fidelity. And the only thing I w... | direct | [
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1327ba35d464acfe4182fce482876935 | Maybe just first on the M&A front. After Hargray and a few recent acquisitions and some minority investments already in the pipe, do you expect to find more M&A opportunities in the pipeline for the next few years? Or should we expect the next couple of years to be more about integration, organic growth and some of tho... | Well, I mean I think we're always looking for opportunities to deploy our balance sheet and to grow on the strategy of broadband in rural markets, and so we'll keep our eyes open for that. I think, clearly, with what we have with Hargray and what we have with Mega, we've got large deals ahead of us. And so I would anti... | direct | [
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aa34974cd30a67185baa2120ce6f3fac | And then a competitive one because it's one we've heard a lot from investors. We're getting asked whether or not you see T-Mobile's fixed wireless product as being a meaningful point of risk. I thought that data point you just gave about 59% of the base above 100 meg was very helpful. Can you just help us contextualize... | Certainly, stay very close to what T-Mobile is doing, but also understand that they need to do the investment in 5G in order to take care of their own customers and their own cellular network. The needs of customers are clearly being driven by much higher data use rates and I really think this product will be able to p... | intermediate | [
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c3a5088c4a4bde5cafdb7f920eca679a | Steven, one for you. Could you update us on what you expect from the contribution from -- for Hargray, either in the second quarter and the first full year of the acquisition? And then you mentioned a timing difference in the video rate increase in your expense increase. Could you elaborate more on that? What would hav... | Got it. So on the first question, needless to say, we won't give guidance on what they're going to contribute as we don't give guidance in general. But what I will say is you can go back and look at what we talked about their fourth quarter annualized numbers being. And obviously, they continue to grow nicely. So it's ... | intermediate | [
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c97d072821d6532ed81701d467105307 | Great. Thank you very much. Really impressive to see continued double-digit growth in the customer file. Is this a business that you think can continue to be a double-digit growth business for the next couple of years? Just curious how you think about translating that growth in customer file into your business over the... | Alex, we've had this as a strategy, I don't know, since the end of 2016 and to continue to grow new customer acquisition, and we're very focused on growing it with look-alike customers. We think there's a big market out there several times where we are today and that there's a lot of opportunity for us. So, obviously, ... | direct | [
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3af360fa3d874f0eafac0aadcf60b68f | Great. That's really helpful. And then, can you talk a little bit more about what you expect the outfitters business to look like on the other side the of pandemic? It sounds like you're really focusing on small and medium-sized businesses, whereas it seemed like, over the last couple of years, there's maybe been a lit... | Well, I think you got a few different things in there. As we've discussed before, the outfitter business is really made up of three different components, and they were impacted at different rates during COVID, and we do anticipate the recovery being different coming out. School was definitely the quickest recovery. You... | intermediate | [
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1045ba3b0581e22a08bc38de29a9f217 | Jerome, can you please provide your thought process on reopening product categories which you'll invest in? You've mentioned that comfort will be a little bit more sustainable, even as social distancing guidelines are reduced. Is it -- do you think there will be a tad bit more, for a lack of a better phrase, dress embe... | Well, a couple of things with that. We think that from a return to the office standpoint, it's not going to be the same as what it was before pandemic. I think the Monday through Friday, nine to five workdays are gone. I think that most companies that I've talked to, quite honestly, are thinking some sort of a hybrid m... | direct | [
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798f6c60fe4d4f2c075f95acb8149b22 | Can you talk a little bit about Europe being up 38%? During the quarter, obviously, you're optimistic about some of the initiatives there. Could you be specific about what those initiatives are? I'm assuming that there's an attractive tail on that, at least 12 to 24 months of what would be at least above-average growth... | Sure. We changed management there a couple of years ago, and their new strategy had really been to get everything aligned globally. What I mean by that is we had done a lot of special product for our European and our Asian markets, which we thought it's just going too far away from what the brand is. And as we continue... | direct | [
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1a736c03da82d0362d8016ef1874433a | Jim, when will the warehouse management system be fully operational? | Well, it's going to be a multiyear implementation. We talked about the first phase. That should be up and going by the end of this year, but the entire thing is going to take over the next two years. | direct | [
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98823af4afe3ddaf11cf19588ee79ab7 | Just wanted to ask about the margin profile. I know we talked about 14% to 15% EBIT margins for the year. Just any update on that, Amar. And then on gross margins as well, what's the outlook there? | As noted in the last quarter's call, we are going to continue to guide the Street one quarter at a time. Now if you look at our Q2 guidance, the midpoint of our guidance implies that the operating margins in Q2 are about 12%. But also keep in mind, as I mentioned in my prepared remarks, within our second quarter, we do... | direct | [
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d763c6e79a54f3df705e0f3ea90c1492 | On the strategic review, it sounded like there was an inbound inquiry that came in. Which business was that that got that inquiry? Is that a smaller piece of the business, a larger piece? Just trying to get a sense of what that business unit was. | Right now, we can't provide specifics due to the ongoing nature of our conversations, both internally and externally. As I mentioned in my prepared remarks, we're addressing two markets that are very attractive, and we're really organizing around those two markets. But I can assure you in terms of strategic alternative... | fully_evasive | [
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f0e563d9b340f2d1d9b7f90fe97f15f2 | I was wondering if you can give us some color on the demand environment. I guess just given the more kind of challenging macro backdrop, are you seeing any impacts out there on client decisioning? Any color here would be helpful. | Yes. Sure thing. So let me take that one, Amar. I'll talk a little bit about the economic environment in general, and then I'll sort of transition into the demand environment that we're seeing. And I would say just kind of upfront while there are near term headwinds in the economy such as supply chain disruption, the w... | direct | [
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4f4e3fbb49829fc36234c6816b7fd2a7 | So maybe go in a little more detail on the dip that you're forecasting here for the operating income in Q2. What's kind of causing that sequential decline? And then, if you don't end up selling the whole company, give us a little more color on what does the reorg look like? What sort of things will you be adjusting goi... | So I'll take the first question. And Kevin, you can address the next one. So Ramsey Frank, in terms of the dip, sequential dip in our operating profit, we did about $112 million in Q1. It's going down to about $95 million in Q2. That's the midpoint of our guidance, and that's mainly the investments that we are making, ... | intermediate | [
"direct",
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] | B |
e1f3f303b14128f45503304851840a7e | Got two parts here. First, I want to ask the incremental investments in the June quarter focused around expanding delivery capability and the BT account. More broadly, you potentially win other large deals. You mentioned to multimillion dollar opportunities in the pipeline in the second half. How do you think about the... | Yes. So let me take the first one, Bradley, thank you very much for asking the question. To give you a little bit of more specifics on investments, so you're absolutely right. We are making investments ahead of the demand that we are seeing, mainly in cloud services. As you know, there's a lot of demand in cloud servic... | direct | [
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abadd57cfc2351e9abe876b76b2c458f | I was wondering if you would be willing to kind of bucket how much of them are going into the three areas, i.e., the cloud investment, the go-to market and for BT? And I think you just said we should kind of expect the same level into the third and fourth quarter. When would you expect to see kind of the revenue return... | Yes. So let me start with the last question first. The revenue return on the investments are typically fast. It's within three to 12 months -- three to six months. It's a very fast return on the investments because we need to build delivery capability ahead of the services where we can deliver the services to our custo... | intermediate | [
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756a1556a5ead5f13ca86a4755ffbcec | How should we think about cash conversion in the second quarter? | So I will just talk about cash conversion in general. As you know, we had a very strong cash flow year in 2021 with all the improvements we drove, and those improvements are very sustainable. And long term, we expect cash flow from operations to track to anywhere between 60% to 70% of our operating profit. For example,... | intermediate | [
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efe88d6c133a051c0ceb3fb8dca0ac65 | Yeah, hi. Thank you. I've got a couple of bigger picture questions, but first maybe, Dave, to start on the topic of really the near-term momentum in the business. It was helpful that you outlined the direct sales trends by month and some expectations. But could you maybe first just talk about the total sales trends you... | Yeah, Jon. How are you doing? Can you hear me here? Great. Yes. Well, in total, you know, we were trending very close to where we landed on the full quarter. It was really quite a shift between direct and the retail stores through that period of time. But we were trending higher than 20% early in the quarter. And then ... | intermediate | [
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0fd9703b96d6feba94e031524314f997 | And any perspective when you look for it, obviously, tougher total comparisons in Q2 and Q3. But it sounds like from an advertising perspective and maybe even a product availability perspective, you didn't have all of the tools at your disposal in the first quarter. So how do you think about near-term cycling those tou... | Well, we're prepared with the marketing plan to do that, and that's where we refer to shifting ad dollars out of the first quarter into the second quarter, and that's going to energize our period that we're in right now. But, you know, we're still going against at this moment some pretty healthy offers from a free ship... | direct | [
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9719c505450c7d01af1a35e86876083c | OK. Thanks for that. And then, Sam, welcome, had a bigger picture question as you've obviously had a limited time in the business today, but curious to hear a little bit more about your initial assessment really of the store base and how you're viewing the omnichannel capabilities, including the systems in place and th... | Yeah. Jonathan, how are you? It's been a little while since we've spoken. Yeah. So it's been just about a month now, and as I said in my prepared remarks, spending the majority of my time getting to know the team and better understanding where we are relative to many of those topics you just mentioned. So when I think ... | intermediate | [
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3bf62015d253eaf179742184e260a3f1 | I have a couple of questions. Dave, I'll start with you just on near-term dynamics. I think you mentioned you see inventory and think of sales demand, but a lot of the comments suggest that was not the case in the first quarter and that's the reason for the marketing dollar shift to latter quarters. Do you indeed have ... | Yeah, I guess let me start there, Jim. You know, we do think that the marketing dollars are going to drive -- support the top line, but we're reallocating it into -- a portion of that into our emerging brands, which does take a bit of heavier lifting to build the brand awareness, and the efficiencies that you can gain ... | intermediate | [
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29e287104fc8b8601b5a1ee7283e12dc | Very clear. Thanks for that, Dave. Then, Sam, I wanted to ask a bigger picture question of you, I recognize it's early days in your tenure there, but you did make a comment about exploring opportunities to broaden brand reach while maintaining integrity. I remember with Finish Line, you had the initiative with Macy's. ... | Yeah, sure. Thanks, Jim. Yeah. So a couple of things I'd say. One is, as Dave just mentioned, you know, we're starting to I believe transition and appropriately beyond just Duluth Trading Company brand and really into multibrand. And so, you know, today, we've now got four different brands that we're beginning to focus... | direct | [
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0852a63a4d7cfc46c25f74fb68549c76 | Great. Thank you very much. Just curious, the sort of the scale back in marketing was pretty profound in this quarter and you kind of came in ahead of sales expectations. You made a comment there about sales per customer. I'm just curious if there any learnings as it relates to, you know, channels of advertising, capac... | Yes. Sure, Dylan. You know, this quarter is typically a quarter that, you know, allows us to address any overhang of inventory and it's our lowest gross margin quarter. So, you know, despite the improvement in gross margin year over year, you really -- if you go back a couple of years, we're still at a low -- lower gro... | direct | [
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da66c303016b6e72ec3987c421768ef1 | Yeah. No, it does. Thank you. And then, I guess, just kind of curious about, you know, maybe this is a question for everyone on the call. But, you know, you mentioned there -- which is why I feel I can ask about it, sort of rethinking the retail strategy, it's early days but kind of maybe what points you think you can ... | Yeah. I'll start and maybe Sam can add some points on that. The Tractor Supply expansion to 100 points is that we'll have a display in 100 of their stores in the next, you know, in the next month. And, you know, they're, you know, they're not large displays, there's still, you know, four items of our Buck Naked with th... | direct | [
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665a63557dffac847ccbbeac20a53a45 | No, that's much clearer. Thank you for that. I guess it sort of leads into a question and if I -- if I'm allowed here one more. Just around sort of the product launches for this year, you know, as you kind of lean into the success you're having with some of these 40 Grit and Alaskan Hardgear. Are there more further pro... | Yeah, Dylan, we've got, you know, in our core Duluth category, we've got some product launches, a new underwear line coming out. And, you know, and really, where we're seeing a lot of success is taking, you know, taking some of our core fabrication and applying it into new items. And that's playing out within our women... | direct | [
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2f5f168bd04e3f89b8803af8ecfb68c8 | That's great. Does the Best Made launch come with any sort of change? I -- sort of back to my original question, change in marketing. I mean, one of the things about that brand was always its catalog and how successful they were with that. Are you kind of thinking about how you message that brand a little bit different... | Yeah, we're talking about that. Obviously, you know, the digital will play a critical role in that. But at this stage, I don't believe we're talking too much about catalog. I think, certainly, I think in totality, there's a significant digital opportunity for us. And certainly, within Best Made, I think that there -- t... | intermediate | [
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060c0abd89643e75f7ed7e33649002e7 | Could you give us some timetable for the enrollment of the IIb study in NTM? And then secondly, your confidence with regard to further government, military, or other procurement, I'd just love some additional thoughts there. And then last but not least, as you contemplate further portfolio product expansion, as you've ... | We will be providing a much more detailed update on our NTM study in an upcoming meeting that we'll be announcing soon. We've said that based on the size of the study and the numbers of patients in this population, we expect about a two-year enrollment process for that study, Robert. We are extremely excited about the ... | intermediate | [
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f4ddc20fb8f0845dc4e2e50c34286b18 | Can you remind us of any deliverables needed for that second procurement that you expect later this year? | So we're excited that we achieved the first procurement, certainly continue to exemplify BARDA's commitment to advancing the program. We continue to plan for this second procurement in the second half of this year. As we've continued to state, the future procurements are tied to ongoing progress of the program, there's... | intermediate | [
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0f8e73d682c0608195cfdfc7eb949ab5 | We kind of had a bit of an abnormal cap season this year with everything with COVID. How are you guys thinking about the next cap season? Do you expect something closer to normal or do you anticipate that it's still going to feel a lot of this COVID disruption as we start heading into next winter? | As we look at the success of the vaccination program throughout the U.S., we're very excited about that with regards to our commitment as a company to provide resources for improving health across all populations. And what was interesting was that the public health measures that were instilled during the COVID pandemic... | intermediate | [
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c1b268041f4e0cb20ce653a584f6e18c | Can you talk about -- you mentioned stockpiling opportunities in the U.S. or at least, government opportunities in the U.S. beyond the initial contract with BARDA. Do you see opportunities with international governments as well? Would you need to have approval of Nuzyra in those countries before you could have those di... | We are continuing to pay attention to what's going on around the world with regards to antibiotic incentives and -- which includes some potential for stockpiling. You've probably read some of the European countries are thinking about doing some of those activities now as well. A precursor to many of those does require ... | intermediate | [
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e3c50147c123eb00e59df4cdf03724d0 | When do you expect to share the trial design? | We're planning a meeting in the near future to really review in more detail the NTM study design, so that's coming shortly. And I think Ben will provide more information once we're able to share the date of that meeting. That all being said, Suji, I think that there's opportunity here for us to really be relatively inn... | intermediate | [
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50b9b2ffdf87bca1f85456cb248f1db4 | How many additional sales force do you expect to add to support the indication in the primary care setting? And second question is, when do you expect to see the full impact of the expansion of sales force to the community on the sales? | We expect to see the real impact of the expansion in the latter half of this year. This field force was obviously recruited in the first quarter. It's just getting up to speed as we move into the second quarter, and the full impact will be realized in the second half. But early signs are extremely encouraging, and we'r... | direct | [
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74e07fca618d801f357b5829f2de535e | With -- I think you had started engagement with the primary care physicians back in February. It's been roughly three months now, and I know that you're expecting hopefully in the expansion of the label later this month. Maybe discuss for us a bit what you're hearing as you look to expand for the all-oral cap in the co... | We're really encouraged with what we're seeing. All signs are good. And we're pleased with the uptake, the feedback that we're getting on the skin side is very simple. Physicians are desperate for a really good once-a-day oral drug that has MRSA coverage. And we're absolutely sure based on what we're seeing that we wil... | intermediate | [
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6e72d5bf6f10cfcff9e168ec3f8b287d | It was really impressed to hear about the very large growth in customer counts for both QVC and HSN and I guess, I'm just wondering how we should be thinking about this. I mean the revenue growth from QVC certainly seemed, certainly seems fine in Q4, but I guess, I'm wondering why revenue perhaps wasn't up more conside... | We're not seeing any heightened churn in our existing customers. So, our retention rates of existing customers as you know, have been highly stable over time and continue to be stable. So, it's really just more a matter of, in any given year, new customer classes are very small percent of our revenue. So they don't eve... | direct | [
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] | A |
5f1ac41eb9dc124bc8e959ae49031d4d | And then, just curious, the International part of QVC sounds like it had a much tougher quarter, did the International business participate in that big, big upswing in new customers as well or was that primarily more of the United States? | The big growth was more than the US. International did grow, both the US and International grew their total customer base, new and existing over the course of the year and International had fairly good performance in new customers. It wasn't as pronounced in Q4 however. | direct | [
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e0b1a81cfcbcd364b7f0b16edb60bf8c | I guess, first off on the margin front, can you just outline the key headwind going into next year? And then on the flip side, the tailwinds, when do we see the benefits from your efforts around product mix? I guess that changes and/or just sort of trying to manage that? | Well, I would think about it as there is a headwind around performance marketing which we're committed to, we're going to maintain a tight financial screen on it, but as long as we believe it as healthy long term payoff we want to invest in performance marketing. So you saw us ramp it in '18 and will continue to ramp i... | direct | [
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8af48dd1865ee67e44471880caa86171 | And then you commented on some deceleration at QVC US in the fourth quarter, can you just talk about the cadence of the quarter and the level of deceleration you saw? | We saw and I think, not unlike other retailers who reported similar results. We definitely saw the slowdown in the last 2.5 weeks of the year, we had kind of a double impact, we bought our sales below where we were anticipating they would be, but also those tend to be fairly high margin time periods in contrast to Blac... | intermediate | [
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] | B |
c6b7c6425babd36a07e90dc8291ab570 | Is there anything you think drove that deceleration or was it in terms of consumer distraction or just sort of what your promotions were anything like that? | It's hard to speculate on the driver certainly, you had a lot of consumer distraction at that time with the shutdown and other external noise, but, I also think you saw customer that was really responding to -- that -- this sort of intense holiday gift giving time periods around or gift buying time periods around Black... | direct | [
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0455bf48097cfb71760190c4ca4118c1 | Maybe, following up on Heather, on margin, as you think about the evolution of the cost structure and what you're trying to sort of solve for on the acquisition front and the digital product front. How far along are you at the end of '19, so we could just better understand the rate of change in 2019 versus 2018, especi... | I would say on the, -- Eric, on the customer acquisition front, you'll see continued increase in performance marketing spend if it's delivery. So, we'll constantly revisit it. We laid out at Investor Day in November, a kind of framework for the performance marketing is today and what it could be by 2021, 2022 and so I ... | intermediate | [
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5219b7b8040f0208bc66b7d1f0c39de6 | I guess, first, I'm trying to maybe see if there is some linkage between some of the comments you made. On the new customer front, how much of these new customers are driven kind of, through TSV's particularly within some of this lower margin products and I guess for maybe some of the new customers you introduced earli... | There's definitely a linkage, right. So, we tend to bring in new customers, first, they're heavily weighted to our digital platforms. So, as we lean into performance marketing, obviously, that's meant to attract new customers and they're going to typically buy from our digital store and they're going to be more attract... | intermediate | [
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be052a935996eee38497e883ee6989e1 | And just as a follow-up to -- to that point, when those -- when the kind of newer customers that you introduced earlier in '18, when they may be introduced through the final through points marked digital are they then turning to the video product over time? Are they engaging in the beauty product? I'm just trying to un... | Effective quality is consistent, we maintain that in lots of different ways, but it tells you that a -- that those customers are definitely branching out in buying across the full range of products. Now, it is true that new customer that comes in through digital will likely have a higher propensity over a long period o... | direct | [
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d50eb80f594085c36fc1c015c055d40e | I wanted to see if I can put one to Jeffrey Davis and you know, given your background coming from brick and mortar, and given the momentum I think in retail generally and among the consumer toward click and brick, with brick and mortar guys getting better online and Amazon moving into brick and mortar with things like ... | Great question. One of the things that attracted me quite honestly to a Company like Qurate was the idea, that it is different. It's a third way to shop. It's the opportunity for this Company engaged with the customer in a way that brick and mortar and quite honestly digital historically has not been able to, which is ... | intermediate | [
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e9c5b6ff95dbd155e88baba9eb9e5fd4 | But do you think that there's a need to have a brick and mortar relationship, Amazon is working with calls -- I mean do you think there's something like that, that would be important, helpful over time to be able to check that box? | There is always different relationships that you can look at strategically, it has to fit well within your own. So the dynamic of what your business stands for. If you think about the returns process and the interaction with the customer, there's always an opportunity to think about how you might be able to do that dif... | intermediate | [
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b59e4696dca32ff9ee8df9d699813f6f | So, one more question on the new customers that came in from, I guess mostly from performance marketing. If you could just talk about the type of customer that's coming in are they younger, is it different geographies, different parts of the country, are they less affluent.
And second part to that is, going forward do... | You know in the main, I would say the demographics of that customer that comes in to performance marketing is broadly similar to what we see in the rest of the (inaudible). And just to put some context around, the folks that come in directly through performance marketing its probably about 25% of our new customers. So ... | direct | [
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ad16bd419235f6472af0c6dfb576b224 | First off, I wanted to drill in a little bit more on the national originated portfolio that showed some fairly nice growth this quarter. And last quarter, you talked, Rick, about some new strategies to try to retain a portion of that portfolio that was rolling at a pretty fast clip. Is that what's driving the growth is... | I think the growth had to do was mostly with the volume that we originated in the quarter. The runoff was roughly the -- roughly the same as it's been in the past, a slight improvement. That's a process, as I indicated in the other call, trying to retain those loans. It was not something that was going to happen in one... | direct | [
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3e9cd083701224e579b1f915a5849eaa | Is that, Rick, the first time that you're going to have actual boots on the ground permanently in Florida and in California? | Yes. And that's excluding our foray into 7A hotel lending, which we're not doing. But yes, for our national lending, it will be the first time. | direct | [
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6e4c3449576db7b2300b6ddcf0886163 | And are there additional markets beyond those that you're looking to kind of get boots on the ground? Obviously, it's shown some tremendous growth, and it seems like it's got a really nice runway ahead of it still [Inaudible] -- | Yes, there are other markets we would be interested. Texas is a great market, would be for us. And we'll see we have a lot of capital now. One of the things that will be worth pointing out, though, on the capital, one of our new directors, Bill Mayer, who I don't know if you know, Alex, but he was head of banking at Go... | direct | [
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7a3d829495f6901e4a1c315870c8a9ef | Yes. That's great. And then just switching gears to the purchase market, which has been sort of, I don't know, I guess, an average quarter this most recent quarter. And maybe it didn't pan out exactly as we thought it might have a year ago, not necessarily a bad thing, all things considered in the world. But one thing ... | Well, there's certainly, historically, as you pointed out and know, mergers have historically created the opportunity for purchases of loans to buy the combined entities. They frequently want to get rid of some of the loans for various reasons. So there is that opportunity. I'm reluctant to make a suggestion or a proje... | intermediate | [
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db619ac764db1a57f6444f2bf6d5af65 | Great. Another question just on the buyback. You guys did some buybacks this quarter. Sort of makes a lot of sense, below tangible book value, above tangible book value, still makes sense depending on your capital levels. But based on the fact that you guys have been growing tangible book value so quickly and there's s... | Well, we do have a lot of capital. I think there are two schools of thought on -- let me back up before the two schools of thought. So the absolute best thing we can do with our capital is leverage it and grow our loan book. That math is compelling. We have room. As of June 30, we have enough capital before we make ano... | intermediate | [
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480df1393f5b7601a6f8d161a359d7aa | OK. And then last question for me on the originated I was asking earlier, the originated national portfolio, what are new loan yields at today? | JP, do you have the number for what we -- what was the yield?
JP Lapointe -- Chief Financial Officer
On Slide 3, the originated loans for the quarter, the 114 million, at a weighted average rate of 6.36.
Alex Twerdahl -- Piper Sandler -- Analyst
Great. Thanks, JP.
Rick Wayne -- President and Chief Executive Officer
... | direct | [
"direct",
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"fully_evasive"
] | A |
1facae1f4e8e7ab5edcdf649aebbb1d9 | On the buyback, Alex touched on it. In late April, you increased the authorized buyback from 600,000 shares to a million shares, of which you bought slightly under 200,000. But I noticed the buyback expired on July 21, three months after you increased it. I think in the past, when you had the buybacks, that lasted a ye... | Let me clarify that. In July, we increased the buyback from, I want to say, 600 to a million, and it was also extended until July of 2022. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
73edb727881a959e833772247c351ae2 | I guess that was the first time and you kind of explained it under Alex's question. So the first time I saw you buy shares back at a premium to book value. And that's -- I would take that as a very strong vote of confidence going forward. I don't see another way you could take it. Were you able to -- you bought -- I th... | We haven't said anything about that. So I think we'll have to wait so we have another call again in October. But we don't announce -- we don't announce activity in between quarters on the buyback. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
8abc2ccce4fd5d59cf9c742d61a46779 | OK. That's fair enough. And the only other question I had was the great quarter. A lot of it had to do with the PPP, obviously. So begs the question, how many more quarters do you see the earnings being affected by this? I think the PPP is winding down, basically, right? | Well, yes, the PPP has is essentially done. It was completed for loans to be made -- substantially as of June 30, there could be a true that -- maybe it was May 31. Was it May 31 or June 30? I'm getting confused now. But a few loans could trickling, but it's essentially done on the -- I would not expect any meaningful ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
03f7bc35b70620ec3e0db5f38bf3cb01 | OK. Understood. And finally, how many branches do we have open at the present time? | We currently have nine branches, and we have filed with the superintendent of banks in Maine that closed a very small branch that we have in Harrison, Maine, which we expect will be approved. So we will have eight branches sometime starting in the fall. | direct | [
"direct",
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] | A |
0eef4f386ebbfbf5691e89976de1bd27 | Right. And I was going to ask whether you plan to open any additional branches. So I guess that could still be a valid question, I guess. You just closed a small one that wasn't that significant. Do you have any plans to open another branch or two? | We're actively trying to develop and increase -- develop is not the right word, increase our core deposits in the main community, both through our branch network. The ones that we closed over the last year or year and a half, we closed two branches. One we had in Lewiston, Maine when we moved our corporate offices and ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
77720723d2b174584bc6919ebfb283d4 | I wanted to ask about the new growth initiatives and two-part question here, maybe one for John and one for Dan. First part is does your guidance assume that the aggregate revenue contribution of these new growth initiatives will be enough to offset the 4% eBay headwind in 2021? And and then the second part is among th... | John Rainey: With respect to offsetting the headwind from eBay, the fact that we're expanding or better said that our projected guidance suggests that we're expanding our operating margins would certainly indicate that we think between the momentum in the business and the additional initiatives combined that we can off... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7e877821fad1aa10fc3425b8a17eda38 | Look, your expectation for adding 50 million net new actives in '21 was clearly an impressive number when looking at 72 million you guys just added. And then the pre-pandemic normalized level is around 35 million, I think, per year, right? Does that -- I guess, first, does that underscore the incremental adds, your con... | Yeah, Yeah, Darrin, I think when we look at the cohort of net new actives from last year, it's clearly incremental people coming on, the -- over 50 demographic, 50-years-old demographic, one of our strongest growth vectors that we've had. So you're really seeing new demographics come onto the platform. But what's reall... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
69a11959521dbb0ff0bac5720864b63f | Could you discuss the drivers of operating leverage, both at the transaction expense and the other opex level? And in particular, are you seeing a sustained volume net shift toward the branded PayPal wallet versus Braintree and P2P benefiting transaction margin, as well as the continued funding mix shift toward debit? | Sure, David. You packed in a lot in that question. So let me just -- I'll take them in reverse order. We still are seeing elevated levels of debit, and that's consistent with what others have said across the ecosystem, though not at the levels that we saw in 2Q and likely driven by the impact of stimulus measures at th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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