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f8b5feb2c9fade9a335a14bdefa952ed | Okay. And if I may, just one more question for Rob with the demand environment improving, it would seem that timing would be ripe to increase the outbound selling and marketing efforts. I'm just curious to know your thoughts on how you're approaching -- you had mentioned some increased investment in sales and marketing... | Sure. It's a combination of our digital marketing investments as well as our sales team.
We're continuing -- we've been working on this continued strategy to focus by industry more and more and specialize there. So we're continuing on that path as well there. | direct | [
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e8d720de4a8fd2c797119dc6dd9d6044 | Hi, guys. Just to follow up on operating expenses. So I understand the higher operating expenses for this quarter. But can you just speak about how you're thinking about some of that leverage moving into the back half of this year and into '22? And do you have any goals you're targeting with respect to those operating ... | Yes. So I think -- we provided the guidance for this quarter that is really looking sequentially. Commented on the R&D and with R&D, we're excited to move from the work on 2.0 and start executing on the backlog of projects that we have really to help drive that customer demand and customer growth. As Rob mentioned, sal... | direct | [
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a21024c9f5de19a63b8dc2ef3f287777 | Great. Helpful, thanks. And then just also, sorry if I missed this earlier, but can you just walk through again what customer activities look like as we move through the months here, and just where you're seeing that continuous improvement? And that's it for me. Thanks. | Sure. So generally in Q1, we see a seasonal lift as we go through the quarter. It starts slow coming out of the holidays. And in January and then February, it's usually when we see kind of the inflection and the pickup. And March is seasonally our strongest month in the quarter. So we saw a similar trend this year as i... | intermediate | [
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705bf2b2f769663834a6a59d65e00044 | Hi, Jenn. You were good to give outlook into the first quarter of the fiscal. I was just wondering if you're expecting to see kind of normal seasonal trends kind of monthly kind of June, July, August as you think about the quarter as a whole? That's my first question. And then my second question has to do with HUGO. I ... | Hi, Andrew. So your first question with respect to summer impact. Yes, we do expect more summer impact this year. Travel overall has picked up, and so we do expect more this summer through June, July, as well as August. The second question on HUGO. Yes, we launched -- we launched it in Tri-State back in October 2021. A... | intermediate | [
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0f1f20cbf38abb222d4e75c378287d15 | Hey, good afternoon, and congratulations. It's nice to see the progress that you've worked so hard to accomplish. And the results coming through. Can you talk a little bit about the bill rates and the gross margin expansion. It was nice to see the bill rates are up 4%. What are you seeing in terms of pay rate inflation... | Hey, Mark, it's Tim. I'll let Jenn talk a little bit about the pay rate and if you want more quantitatively. But let me add some color to your question. When we look at the bill rate side of our business, and we've said this for many quarters that we believe that there's upside pricing leverage in our business. A lot o... | intermediate | [
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12b1c2b22698ee11d31996b017c0b5e5 | And how would you anticipate that the strong gross margins and that bill pay spread are going to evolve as we go through the year. And both in terms of like the progress that you're seeing now and then how that could end up fluctuating depending on what the macro environment is like. | Hey, Mark, it's Jenn. I can take this one. I think as Tim said, I mean, we see a lot of upside from a bill rate perspective. And this year, even though there's been a tight labor market and we hadn't really seen pay rate tick up that much. It ticked up a little bit, but essentially, it's pretty flat. So we do expect th... | intermediate | [
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fd3b76293b180e475722d9f0d123d031 | OK. Great. And then I mean the EBITDA margin expansion was impressive. I mean it's obviously the best in years, how sustainable do you think the type of performance that we ended up seeing in the fourth quarter is how sustainable is that? And was there anything that was kind of a one-time factor that ended up helping t... | Yeah. I mean Q4 didn't have any holiday. So we're going to go through -- I think in fiscal '23, we're going to go through a typical seasonality throughout the quarter. And so Q1, you're really looking at -- we're not going to achieve 15% in Q1, just given the holiday, as well as the summer vacation impact. On a full ye... | intermediate | [
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c9e825730727683a64cb25be692b7f01 | That's great. And then can you talk a little bit, Tim, you mentioned the pipeline building. Can you talk about what the source of the pipeline build is? How much of that is coming in on-demand versus project consulting? And to what extent do you have exposure to early stage companies that are going through financings v... | Yeah. I mean, first of all, the composition of our pipeline, if you think about the mix of our business between project consulting and on-demand talent this year, on-demand talent is probably -- was a little hotter this year because of some of the things that are going on with the great resignation and things like that... | direct | [
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a120509d6904327c10877340a4962b35 | Great. And then can you just give us an update on the big offices just in terms of how you feel about the leadership across the board? Obviously, it sounds like the leadership in Chicago is really standing out. But just wondering if you could talk about the Tri-State, Southern Cal, Northern Cal, Chicago, Houston. | Yeah. I mean I would characterize it as saying that I feel very strong about our leadership there. I think our big muscles are functioning well. I think you're right about Chicago. We have new leadership there and an invigorated team, Northeast and Southeast have strong leadership and have -- Northeast have bounced bac... | direct | [
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b2e1cc83b696c36959e353f467a712f7 | Hi. Good afternoon. I was wondering if you could talk a little bit about maybe some of the differences that you're seeing as far as activity from your various industry verticals, particularly if there are any -- they have been showing better strength more recently or maybe impacted a little differently on the spending ... | Yeah. Hi, Marc. I'll give some color and then Jenn wants to jump if she can here, but I would tell you that we started really focusing on healthcare three, four years ago, and we've seen that continually grow and have strength. We saw, especially in this last year, financial services and technology come forward as real... | direct | [
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92ef8ddb645cd32aa338453b105dd4d2 | OK. Sorry. I'll repeat that. Can you give us a little bit of an update as to the time frame of the investment spending that you talked about at your investor day and sort of how that might flow out through '23? Thanks. | Yeah. Marc, I think you're referring to the technology modernization projects and spending there. I mean we're in the final phase of developing a detailed road map, and we should have more clarity at the end of August. The total investment that we planned, as we stated on investor day is between $25 million to $30 mill... | direct | [
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67402a1e409d3627e57bbf1871d5ebdc | OK. Great. And then the last one for me. I was wondering, just as far as sort of how the digital transformation picture looks for maybe the scope of the projects that you're seeing, whether that's changed much from the beginning of the year or the focus that you're seeing from customers, whether you've seen any shift a... | Yeah. I think we're seeing the same kind of projects come through the pipeline. It's a lot of transformational-type initiatives, mission-critical work, competition, the desire to automate and drive digitization is not changing in our client base. I think we're seeing our projects lengthen a bit and the value of our pro... | direct | [
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391379be3dbe8de153ce8cc068cb002d | Hi, Jenn. I just wanted to jump a little bit more into the first quarter of '23 revenue guide of $195 million to $200 million. If you could just mention how many business days we have in this current quarter, I think a year ago quarter, it was 63. And then also in that $195 million to $200 million, if you could just te... | Yeah, sure. Andrew, it's the same number of business days in Q1 of fiscal '23 of 63 to 63. So it is on a same-day basis already. So at the top end of the range, mid to top end of the range, you're looking at about a 14% growth year over year. And we've already baked in some FX impact into the guidance that we're doing ... | direct | [
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2910c159998e857610f68bbdf1eb018e | Hey, good morning. Steve, if I'm not mistaken, the drop in occupancy this quarter was the smallest Q1 drop in Q4 in at least the last 20 years. Could you talk about some of the factors that led to maintaining that occupancy and whether this means that maybe we finally turned a corner and could start to see occupancy re... | Well, Greg, as I said in our last quarter meeting, the leasing activity started to pick up in the fourth quarter of last year. And we're seeing that momentum continue now, represented by a number of new deals that we've done in the portfolio. Some exciting new stores are actually going to be opening up this quarter tha... | direct | [
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f03446ec8c8a4470d5681ec4418109c6 | Okay, great. And then, with the rebound in foot traffic, are you starting to see a similar recovery in tenant sales as well? | Although we're not reporting our tenant sales right now, we know anecdotally that the retailers are reporting better-than-anticipated and better-than-planned results. But obviously, with the increase in foot traffic, we're anticipating the sales will rebound, as well. What we're looking at right now, we've got some var... | direct | [
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50108e1ecb6c5e2c52e1c0a68ab1b614 | When do you think you might start reporting the tenant sales number again? | We'll discuss that after this call, but hopefully, shortly. | fully_evasive | [
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21e21e44eef6ab92932cc4b19ebe162b | Thank you. So first, could you provide some more color on the decision to keep the guidance range unchanged and maybe walk us through some of the factors that are offsetting the dilution you previously expected for the ATM? | Hi Katie, this is Jim. As we said, obviously, the equity issuances under the ATM had a dilutive impact of about $0.04 a share. But we also had in the quarter a reversal of the deferred rent reserves that we had carried for 2020 ramps. That was about $1.6 million, so that's helping offset that. Just based on our current... | direct | [
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4609a16858f945b8220f015f1b7fd25b | Okay thanks. And then, how much of a priority is it for you to continue to lower leverage from here in your discussion with the rating agencies? And what's your appetite to raise additional ATM proceeds just yet? | Well, Katie, we're so pleased that we put that ATM program in when we did, at the right time, and was able to have a great execution in issuing the shares and using those proceeds to bring down our leverage. And I think our net debt-to-EBITDA had climbed into the low 7s, and this debt paydown basically improves that by... | intermediate | [
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901039bd0c6cbd0445a75d9c86cf07fb | Hi, good morning. You guys mentioned that you're making an effort to increase the other income, I think, from things like sponsorship. So can you give some details kind of on this plan, where it is today, and where you think it could be in a year or more? | Sure. Good morning. With regard to other income, I mentioned on prior quarters we've added a Executive Vice President, who's handling our property operations right now. One of our key focuses, particularly in the field, was to empower our field teams to help us through short-term leasing, marketing partnerships, as wel... | intermediate | [
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5f49349ad61276aedc623801b58103b9 | Just clarifying on that short-term leasing, is that included in other income or the rental revenue? | It's in the rental revenue. | direct | [
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4cb10b1442db20e4e83e72a950a718ee | Okay. And then on the operating expense side, they are down versus the average of 2019. And I know you just mentioned that managing expenses is a focus of yours. So I was wondering if you could go through to what extent you expect these savings could continue and whether lower occupancy may or may not impact your NOI m... | Hi Caitlin, Jim. I think, first, just keep in mind, we still are operating under reduced hours. It's been at 80% reduced. I think we just now increased that to 90%. So first quarter might be a run rate, maybe a little bit higher, going forward, but I think we're certainly encouraged by the teams that we're putting in p... | intermediate | [
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ae32bf395ff007b9d18f3d5df1db7ffb | Hi. Good morning. This is Ravi Vaidya on the line for Todd Thomas. Saw the updated G&A range. Can you please break that down into the various investments that are being made into the platform? And how much of these expenses are recurring versus one-time? Would we be able to see this go back to historical levels? Or is ... | So just from a top line G&A, a lot of that expense is investing in people. So some of the investments that we've made, I mentioned earlier, the executive Vice President that joined us to manage property operations. We've added to our team somebody to handle our development on a going-forward basis who is also going to ... | intermediate | [
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e984518b03fff603135635f08838e2a6 | Okay, thank you. And just can you please provide an update on the Nashville project? How is pre-leasing trending? And are we still forecasted to break ground later this year? | Yes. Look, the Nashville project, we're turning the marketing back on. A lot of our retailer partners are able to travel again. We've got a number of site visits planned in the next coming weeks and months. And we control the land. We're optimistic. But again, we're not going to break ground until we hit that 60% leasi... | intermediate | [
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655a52b5b542cc735937e83777f5e40e | Good morning. Thanks for taking my question. So first question, I guess, is regarding the leasing spreads. Encouraging that the negative spreads are getting smaller, I suppose. But Steve, can you comment on when you think that lease spreads will basically be flatline? Or when will they turn positive, in your view? Can ... | Well, I'll give color, but I'm not going to give guidance, Floris. But with regard to color, look, we're encouraged that we're moving in the right direction. We're narrowing the spreads. We still have a lot of work to do. We got unprecedented levels of space back last year due to the accelerated bankruptcies from COVID... | intermediate | [
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c890984e3b4d261fd369bf1089abc0c6 | And then, as I think about some of the potential upside here as well, can you remind us again what the typical impact is to NOI converting temp tenants to permanent tenancies? | Well, our typical long-term deals are fixed-rent deals with triple-nets and a percentage rent kicker. They're longer-term. They're more secure. And once again, we're seeing a lot of that long-term lease activity take place right now. Hopefully, we'll announce some more real exciting deals in the next quarter. But our l... | intermediate | [
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ead0523bbdd0dab3cc17a746a2f58919 | And my perspective is more on the mall side. And typically, converting a temp tenant to permanence, and going from a gross rent to a net or more of a net type structure, you could see an uptick in NOI of 25% to 35% on that space. Is that the kind of thing that we could be expecting on your 8.5% temp tenancies? | Well, again, we're not providing guidance on rent. But what I can say is that, with the increase in traffic levels and with the sales improvement, we feel pretty good that our rents will follow. | fully_evasive | [
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9889a676044267edcab755e343fb1ad1 | Good morning. Given many of your properties are near popular drive-to travel destinations, what is your outlook on domestic tourism heading into the summer months? And to what extent could this drive sales for your tenants if tourism does pick up? | Well, as we saw as early as third quarter of last year, our drive-to tourist destination shopping centers were extremely popular. With very little else to do, no sporting events or concerts, etc, our open-air shopping centers seemed to be the go-to destination for a lot of folks that were doing traveling in those parti... | intermediate | [
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39beebbd7444ca941d8559b06b5965c5 | Hi. You talked about 8% of, I think, square footage, or tied to shorter-term tenants. How does that 8% number compare when you think of it on an ABR basis? Is that portion that's shorter-term in nature, is that smaller than the 8%? | Yes Mike, this is Cyndi. So it's 8% in terms of GLA for tenants is going to be less ABR than 8%.
Mike, the shorter-term leases will pay lower rents. But just remember that it's also a lower capital investment for us. It gives us a chance to cash-flow the property. And they're all over the board, and some of them reall... | direct | [
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3f808d38a7d491484d973cfb38fa88e3 | Yes Steve, you mentioned a couple of times that you're looking at sort of selected growth opportunities. Maybe expand on that a little bit. Just trying to see where sort of the potential upside that can come to your portfolio as we think about the long-term here. | Good morning, Samir. Well, look, we're not going to make a practice of talking about things that we're looking at until we're under contract and we announce them. But we definitely think there is great opportunity. I've mentioned on previous calls that 1% of the nation's retail is outlet, and we think there's certainly... | intermediate | [
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3cbbd1ff1e484eb21f5c81367865964c | In terms of the Brownsville project, can you talk just a little bit more about the history of its development. Why now? And as we think about the mid to high single digit EBITDA multiple, what are the parameters in terms of execution risk around that? Will it be in any part underpinned by third-party commitments, for e... | This is Karl. We've been contemplating this project for a while and felt like now was the right time to do it. And the project is really based on three pieces of our business. So the first one that underpins the foundation is our current fuel distribution footprint. We already sell a lot of fuel in that market, both di... | intermediate | [
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f34d0312ee9dd8c5781d1d55ce16c2dd | Got it. And in terms of that specific market, what is your view on Mexico recently passed fuel permit reforms, given their effort to curtail private foreign competitors in favor of strengthening their own state owned enterprises? | Yes, obviously that's something we've been watching quite a bit. And for us having a U.S. asset on the border supported by a strong U.S. business is a good way for us to have that support underneath and then still go into the Mexican market. We've talked to a number of potential customers already, Mexican companies, as... | intermediate | [
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148be9e0390ba11048e52a0727089b75 | And lastly, just in terms of the pricing product prices for a portion of the first quarter in recently, clearly, a lot of this likely has to do with the elevated RIN costs. Can you just remind us how RINs impact your business? Are you the blender of record for most of your volumes? In light of the Supreme court current... | Yes, I'll take the last part first in that I don't know that I have any crystal ball that's better than other market watchers on exactly what the RVO is going to be for this year. But I will reiterate, we've said in the past that RINs prices are really baked into wholesale margins. We've seen more volatility and moveme... | intermediate | [
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724feb550c66c41676c6cfe92c490a0c | On the 7-Eleven make-up payment, I know you won't get into specifics on the contracts, but just high level, if the payment were about $13 million last year, and really that only had COVID hitting volume at the end of March 2020. So now we have a full year of COVID-related volume translating into only $18.5 million on t... | Sure, John. The way that I would think about that is that clearly 7-Eleven volumes that we supply to them were off, consistent with everybody's, volumes were off. I think I stated that in last few quarters that we didn't see the volume we supplied to them off as much as the rest of our customers. I think if you're comp... | direct | [
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255fd6c7b8300ec9733aa5883fb491b8 | Okay. Understood. And then, one of the other trends are developing on the J.C. Nolan pipe, I assume you're starting to see those volumes come back with the rebound prices. How much of an effect did that have on the overall volume declines in either direction? | Yes, you're right. As we've seen over the last couple of months, and you guys can track this as well, you see some of the recounts that's coming up. I call it some slow and steady increase in our diesel business out there. That combined with our other business out there is so off more than the average of our entire por... | intermediate | [
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327f7ad24c55e9fb5cf39559de9f5a52 | Firstly, I appreciate the thought the consumer digital adoption slides were interesting, so appreciate that. Switching gears -- on the -- I guess, as the industry moves toward more reserve release, you continue to grow the reserve. I just want to kind of check in with that. And I think you touched on it a bit. Maybe it... | Yeah. Well, Jeff, let me start and Mary can cleanup whatever mess I create here. But I think it's clear and it's well documented that Hawaii is lagging the rest of the country a bit by unemployment and near-term, I think, recovering prospects. It's just going to take us a bit to spool up here. So I think that plays a b... | direct | [
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bb73ea027abb661936e085d7dcd73045 | Okay. And my other question was on -- I just wanted to make sure that cost savings from that branch consolidation, the most recent rounds, was included in the guidance for, I think, being said flat to up 1%? | Yeah. It is, Jeff. And just to kind of show you how that breaks out. About half of that savings is FTE savings, a portion -- a small portion of that has already been achieved, because obviously, the branches are prepared for this action. They've taken their own hiring approaches. But the majority of that savings, you'r... | direct | [
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e754941cd5f1f8721e625706f27c65a6 | Okay. And I guess, it's -- this word blurs the line a little bit. But in terms of kind of your digital investments and looking forward to more to come if you were to kind of optimize the branch network, as you have for years I suppose. And in your statement, that it's kind of never ending. I guess, in the very short ru... | Yeah. Probably more on the evolving side. So, we will -- with these closures, Jeff, we'll be down to 50 branches. And more probably more meaningful for your analysis is, if you go from 2014 to today, our branch footprints down about 26% by square footage from back then it was 312,000. So we are approaching, I think, wh... | direct | [
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d51aa82639afc6003a6fc01957dd5904 | Just following up on the consumer thing like we've been talking to bank investors. So, it was timely that you went through this consumer strategy. Like should you be doing more, Peter, like should we -- should you be making more investments in accelerating some of that understanding that you've been very disciplined on... | Well, it's a good question and it is the right question. I can't think of a project that we have pushed the red light on, because it would just create too much expense drag on our operations. So, we've actually looked at it the opposite way, Ebrahim. And that way is to really identify the things we need to get done to ... | direct | [
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1d9fd85b23ea9a3f793a620f73fc0d5d | Got it. Understood. And I guess, just following up on, Dean, I wanted to just better understand the margin outlook. I believe last quarter, you had a guidance for 6 to 7 basis points compression. When I look at the 2.54% versus the 2.67%, it was 13 basis points. Just talk to us in terms of how much of that excess compr... | Yeah. The additional liquidity was about 3 to 4 basis points. So when you adjust for that, it was -- we would have been down maybe a basis point or two more than what I had guided to. We expect to deploy as much cash as prudent. We're still putting money into the investment portfolio. But that serves as a liquidity dou... | direct | [
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18602885203fd245b1351bd4ae507539 | Got it. And just separately in terms of loan growth, and obviously you probably see a little bit more of a pickup in the economy in the back half. But Peter, any thoughts around like where you expect loan growth versus some more runoff during the year? | Yeah. So, I think -- so we got 3.8% loan growth in 2020 net of the PPP, which I thought given the insanity of the year was a pretty good mark. A lot of that came from our commercial mortgage team, construction ramped up. And the great thing about the construction side is, those are effectively essential projects that h... | direct | [
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8e86380fc669294b72df4981421d68af | I just want to touch on the non-interest income guidance. Curious like what does that assuming for mortgage banking revenue? I think it's safe to project that? It'll be less this year than last year. But what does that assume for being on sale? | So, a couple of things. So we did have a pretty extraordinary quarter -- fourth quarter. The gain on sale was pretty wide, was over 4%. What we're seeing recently is, it's coming down to below 4%. And then, we built in a little bit of maybe conservatism based on volumes that if interest rates were to rise, we could see... | direct | [
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d8c53545e5173641408615cef0522243 | Got it. Okay. That's helpful. You've covered most of my other questions. But the other one [Phonetic] is some modeling with tax rate. I was kind of surprised to hear it near 23%. Is there anything in that causing it to rise from where it's been the last couple years? | The guidance was 22%. Yeah. Couple of things there. One is that we expect income to be a little bit higher this year. So that kind of pushes the effective tax rate higher. The other thing was, there's some exploration of some grandfathered reductions that expired in 2020. So, in 2021, we won't have that. | direct | [
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5a532632bd629fe797ab47f3554accb9 | I wanted to talk about the margin a little bit more. And just see, when you think about your forward contraction, how draconian are you being with that? Meaning that, are you assuming some pretty low reinvestment rates, the cash into securities? Are you assuming, just really high levels of liquidity remain on balance s... | Yeah. There are several things. I mean, one is just kind of to take the liability side, we are kind of coming to the, I would say closer to the bottom of deposit rates. We've been managing that lower quite a bit. And I think the opportunities there are a little bit limited. On the asset side, we do have quite a bit of ... | intermediate | [
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2fa15aba57cea22f940aa6b6eb488a9e | Peter, last question to you, I just wondered if you could maybe help us think about what you actually need to see in terms of reconsidering share buybacks, dividend increases, just how you're thinking about that more broadly? And I realize there's a lot of unknown. Thanks so much. | Yeah. I think your last -- your last part probably highlighted it. And there's just a lot of unknowns. So, the idea of raising the dividend, that's a space where we try to be as conservative as possible and making those decisions as in, we only wish to make one way decisions there as which are increases. So I think we'... | intermediate | [
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c59c5f2f1e223800778d952121053c7d | Are there any anomalies to be expected in the academic calendar redesign in Q2, Q3, Q4? | Yes. So I think that's a great question. As we have said, the anomalies related to the academic calendar redesign are mainly related to our new enrollments and we will not be reporting new enrollments as we have discussed. From a total enrollment perspective, as we have said, they are more reflective of the underlying ... | intermediate | [
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baba9cbd660ad1ee2d673ecc1d66e0e8 | Do each period, Q2 through Q4 have equivalent number of enrollment days? | No. Actually, they don't. The enrollment days, because of the academic calendar, Alex, and as you alluded to it, we did have significant swings. So the enrollment days won't be aligned. They may have these variations. But like I said, we will focus on total enrollments and the impact on those enrollment days on total e... | direct | [
"direct",
"intermediate",
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] | A |
86122fc12214ccec4df8d2c0fa01754a | How have retention trends been faring? | Well, and I would just say that, Alex, they've been steady. But obviously, as we continue to be cautiously optimistic of the impact of the pandemic, obviously, there's things that impacted as you go into it, and as we've gone through it. And now as we come out of it, obviously, we'll continue to monitor that. It's rela... | intermediate | [
"direct",
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21ad1bf4949cec649d7eaf6fc66192c3 | So I understand the moving parts is as the economy reopens, so do alternative opportunities for your students, and that could affect retention? Is that correct? | Yes. That's correct. And again, I said it's hard at this point to really monitor that because it's too early in the process. But as I said, we're cautiously optimistic. But we'll, obviously, if that does impact them, we would -- obviously, our effort would be to adjust any operations, if necessary, if and when that hap... | direct | [
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02d76d2dae049b130a98b2dcf854aee4 | I'm really interested in these shorter duration programs, the workforce development programs that you're referring to. You said that you have identified a few program areas. I think you've said in the past before, it's in the technology space and the healthcare space. Does that continue to be true? | That's correct. There are others we're looking at but those or where you see a lot of demand, yes. | direct | [
"direct",
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] | A |
25410ab699cb98b5ca1a2128ecd0f09b | And then would these be offered through both universities or independent of the universities? | Right now, again, it is through AIU. And obviously, as we learn from that and then the idea would be to also then offer them at CTU as well. There's nothing preventing us from doing them on a stand-alone basis as well. But right now, they're offered through AIU. | direct | [
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] | A |
b588a4a13aabedc78df01b5b0fd1481c | And because these are not degree programs, these would not be title for eligible programs, correct? | That is correct. Again, you do have the option depending on the length of programs to offer them eligible for title for, but we've chosen not to, we think that again, these are very concentrated programs that allow people to reskill, upskill and at the same time, with the idea to try to minimize the amount of debt that... | direct | [
"direct",
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] | A |
80a3a1530018a2be0f9da52b019a5ab8 | And just order of magnitude, how many programs are we talking about here? five or 10 or more than that or less than that? | It start with just a handful, whether that's three to five programs. But then again, you -- that would grow into as you -- again, as we learn through the process, but also as demand itself kind of dictate that. But our ability to develop them quickly is something that we feel that we've had a lot of experience as far a... | direct | [
"direct",
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] | A |
2c69e6816d6249d71c94b429d7920b6a | And again, they don't result in degree, but do they result in some sort of certification or a badge that could be displayed on your LinkedIn page? What are you thinking? | Well, the idea would be that they lead to, obviously, some sort of professional certification. | intermediate | [
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] | B |
7fa7db508b7c76f1bf407965b445daa4 | And you expect to begin offering these by the end of the second quarter? | That is correct. Yes. In fact, we've already started the process, and we're starting to have enrollments already. We have not started to obviously deliver them yet, but we're generating enrollments already. | direct | [
"direct",
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] | A |
4734a871aa4ccfdeba98bec255328169 | What are you thinking about on the M&A front? The Trident acquisition was a home-run. Clearly, we've had a change in administration. Are you looking for other title for granting institutions or programs? Are you looking elsewhere to diversify revenue? And how active are you in that M&A process today? | The good news is that like it's all of you. And there are -- we feel very optimistic because of the opportunities that are out there. The industry itself is -- it's a complex industry for someone who's new to the industry. And so I think the number of buyers that -- of these schools and/or training or certificate compa... | intermediate | [
"direct",
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] | B |
c8ce758968aafd5ec2f855f6b5cbb412 | Just wanted to ask about the impact you expect with the current proposals for free community college on your current student population as well as any impact to your growth outlook over the next three year to five years? | Yes. Good question. We like, I think everybody, continue to listen to what is -- what we're hearing is being proposed and obviously monitoring the process of getting those things actually into legislation. I think that, again, the community college students, although there is, I would say, some overlap, but not a lot w... | intermediate | [
"direct",
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] | B |
b5ef5d012cda099a4aac642723e447bf | And I wanted to ask about as well your -- an update in your corporate partnership channel. Obviously, the pandemic starting to abate, and we have companies certainly seem desperate for workers. Are you having more dialogue on potential opportunities? And do you think that channel is improving for the next year or two b... | Sure. Again, and I thank you for asking that question. As you know, with our last call, last quarter, we mentioned that we are making a significant additional investment in that channel. And the reason being is, one, we see demand, we see the value there, the retention of these students are better. And again, we've had... | intermediate | [
"direct",
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] | B |
d0651e32f249f4f14b55b7bccf73ed3e | You're talking a lot about the margin delta between AIU and CTU. Can you just go over the keys to closing that gap and any reasonable timeframe for that? | Well, it's hard to put a timeframe on it because, again, I think the two universities have a very similar profile and that their institutional accreditation is similar. The types of programs, there is some overlap, similarly priced as far as tuition. So -- and certainly, the potential is there. But again, depending on ... | intermediate | [
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] | B |
d54482183700fd288dad768dde690f39 | You put up good enrollment numbers, but just given what we're hearing from some of the other companies in your industry, can you talk a little bit about are you seeing any pick up on the competitive environment? And maybe for you guys, maybe just within one or two of your programs within your broader program mix becaus... | That's a good question, Greg, very valid. Not really seeing, at this point in time, a big change in our competition, I would say, institutionally, but also at the program level. I will say this that your programs do ebb and flow as far as those that are growing or those that are not growing, depending on really what is... | direct | [
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] | A |
bed4e6c0c3830aaa146f37a1de7cbf15 | And I guess within that topic, has there been any kind of inflationary pressures in terms of your marketing costs going up just in order for marketing costs? | Sure. Ashish fell free to comment on that. But that's been relatively stable. But Ashish, anything I missed on that? No, I think that's fair. None that we have seen so far, Greg. | direct | [
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] | A |
0f9c57b688dee04b20a58b7f3ac66ed5 | Can you just help me understand how much the price increase that you guys levered in January is going to impact growth this year? | Yes. So I would say it's going to have the strongest impact in the first quarter as people are hitting their annual price increase, generally happens in the first quarter. In terms of the total impact, I would say it â
It's going to -- I'm going to step in because it's actually a complicated question this year. As I m... | direct | [
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5d15e5fd12ab740cf9c96c3d439f45d4 | Yeah. And maybe -- I guess maybe you could talk a little bit about what you're seeing through Q1 and through the middle of May here in terms of annual versus monthly. I think what we're all trying to figure out is, we're coming off of two kind of squishy bookings quarters in a row. How much cushion is there coming thro... | Yeah. Understood. Well, we've got a number of things we're looking at there. We think, first off, again, we're seeing -- we couldn't have done better with that price increase is how I would say that.
We saw no material impact on logo attrition and have had our best month in terms of logo attrition that we've had in, I... | intermediate | [
"direct",
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] | B |
ab894025224c174b1a3e959cc9a5154e | Yeah. I want to start on the product side. Congrats on getting those two initiatives kicked off, both the SharpSpring Ads and the Instagram social marketing tracking. Curious to know on the lack of an Instagram integration, was that more about -- did you have people actually leaving SharpSpring because you didn't have ... | Yeah. Good question. I think it was -- I don't think we saw people leaving. I think none of these are absolutes, right? I'm sure we lost some customers because we didn't have Instagram, to be clear.
But what I think the most pronounced impact was either people who were looking to adopt our platform, and we weren't abl... | direct | [
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] | A |
da9bc07c0765effa47d06f20c2dc3d5b | OK. Then a couple of questions on the model. The revenue for SharpSpring is highly predictable. You guys were up a little over $300,000 sequentially. As I look out to where consensus is, I see another incremental $300,000 step-up from where you just prior to Q1. But I think you talked pretty loudly vocally about invest... | Sure. So the short answer to your question is yes, we are. We're seeing the quarter -- we're seeing really solid signs, which is early, right? As those of you who've been following the business know, when you spend the dollars in one quarter, it really is affecting the sales in subsequent quarters, the next quarter, an... | intermediate | [
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7d8b209212a9a6599ade579183698947 | OK. All right. And then shifting over to the -- I just kind of want to take a step back in time and go back to the second quarter of 2020 and maybe the third quarter of 2020. Curious to know, Rick, if you've done any analysis on those cohorts. So these would be cohorts that, believe it or not, were new customers during... | Yeah. I haven't done that. I haven't looked specifically. I certainly didn't know you were going to ask that particular question, so I can't speak to those two cohorts with specific knowledge.
What I can tell you is we look at every monthly cohort. This is how we run the business. And what we're seeing is remarkably c... | intermediate | [
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18d2f128c3e18c6ed75e124267840703 | Thanks for taking my questions. I have -- yeah, I have two of them. Let's start with the multi-tiered pricing changes that are going to come later this year. Given that you sell predominantly through partners, how does that affect or impact maybe the pricing arrangement that you have with them? How does it get pushed d... | Sure. Well, you know, I appreciate the question. When it comes to partners, I want to make sure that we're deferential to partners and that they don't hear about things that affect them and their business through our earnings calls and not us communicating with them. So I'd rather -- what I can tell you is our partners... | intermediate | [
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] | B |
881fa30dcad5a8e3a70ad26cce3472d5 | Got it. Quite helpful. And then I guess from a -- a follow-up question, you're bringing on a new president. You kind of get a high level of, obviously, his background on what he's going to do. But do you expect Suaad to bring in many changes necessarily to your go-to-market strategy? Or is there something in his experi... | Well, I mean, look, I'm super impressed with Suaad. I'm really happy that he's joined in the team. As all of you know, we built our business in Gainesville. It has been a wonderful place to start a business, and it's been a key to our success.
We have a couple of hundred dedicated employees. It's a college town. The p... | intermediate | [
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] | B |
22246a835648f0e3435e81018e7c7197 | Now that Tencent increases your holding in Bilibili in the quarter, what are the areas you guys will further collaborate? Can you guys elaborate on the partnership of the next couple of quarters? Then secondly is on advertising. Can you guys give us an update in terms of the advertising progress, any metrics such as [i... | Alex, thanks a lot for your question, I'll take your question. So, in October, we are happy to announce we have further established a strategic collaboration with Tencent, specifically on the animation industry as well as jointly gain operation.
On the animation collaboration front, we are going to exchange and purcha... | intermediate | [
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] | B |
3457cd13528e9e9209a9afb4dfbc51b8 | Two questions -- the first one is about your paying memberships. Could you talk a little bit about your strategy to grow the membership program not just in the near-term but perhaps into 2019? Then the second question is about your internal revenue. It's quite interesting to see a different revenue actually coming down... | So, from earlier this year in Q1, we started to monetize through our premium membership a subscription model of our business. We see the progress for the last three quarters is very strong and very healthy.
So, for example, a majority of our premium memberships are from our yearly subscribers or monthly automatically ... | direct | [
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] | A |
dbbc5a507954223cbc860d962b7a67e9 | My question is regarding the MAU target. Could you give us a reassessment of your current MAU target for 2019 and 2020, given your content offering is much more diversified, you have partnerships with Tencent and other parties inside and outside of China and user behavior data is very strong and a step up in marketing ... | As for the user growth trend for the next two years, we'll be still consistent with what we have communicated. So, by year of 2020, we're looking in on average MAU of ¥140 million to ¥150 million and by 2019, an average year over year MAU will be ¥110 million to ¥120 million.
So, Mr. Chen's estimate is as the plat... | direct | [
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] | A |
d34c3727cdc279fe171880213babbc7f | First of all, can you give us a brief update on your view in terms of the regulatory issues in China? We understand that [inaudible] streaming platforms have been banned for a while. So, I'd like to know if you have any incremental thoughts since it's in quarter earnings call on the regulation issues. Also, we heard so... | The question, I think, is a question about content security. So, this year, we have done a lot of work in terms of reinforcing our content security infrastructure that includes to do a full comprehensive review of our existing content library on our platform as well as increase the headcount in the content auditor team... | direct | [
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] | A |
18aa01aba1db7b31f778deb82eeb5a1a | The question is related to the margin trends -- so, if I look at the margin, it's slightly down. I wonder what's the reason. Is that because live broadcasting was increased and taking more portion? The second one is what's the trend going forward? That's the number one question. Number two is about the two games. I won... | I will take this question. For profit margin, [inaudible] margin is 18%, mainly because we have some incremental costs for bandwidth costs and content costs as well as the contribution for our [inaudible] revenues that are decreasing, mainly because the revenue for games in Q2 and Q3, they are a bit lower than Q1 and w... | intermediate | [
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] | B |
9d1a07405497437501637534bb39dfa2 | Greg, given your position in the cable industry. Can you give us your thoughts on what if it turns out, looks to be a sort split government with a Democratic administration, could mean for cable, particularly in the areas of -- on the M&A front-end valuation? | Well, I suspect anything that looks somewhat like the current regime is probably pretty good for cable. Cable has done a -- in my judgment, an excellent job of supplying broadband connectivity during the pandemic and admirably increased capacity and increased number of lines and handled the growth in upstream and downs... | intermediate | [
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bc4a05eb3a6980a098f807957edf0020 | The first one is just any update on the discussions with Charter about increasing the cap on the equity ownership there. And if not, are there any other mechanisms available where you guys would have to take a take a tax hit on selling Charter shares you get back under the cap? | So we are in discussions with the company and Directors about modifications for cap. And I think those are probably be productive. But I want to emphasize that our tax rate, if we were forced to divest shares because of the nature of how we hold the stock effectively be treated a dividend treatment, and our tax rate wo... | direct | [
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2b45cff2dad20e323489c67ff8a533ad | And then one more if I could, just around fixed wireless and Verizon continues to be optimistic on 5G Home and soon T-Mo will roll out a pretty aggressive plan with its home internet offering. And just curious Greg, whether you have had a change of heart around fixed wireless as a competitive threat direct at cable? | No. I mean I don't think there is -- Is more competition a positive? I think the table has shown, it's very able to operate very well during this time. Cable has done a great job of cloud and connectivity. Cable's is going to extend its footprint into new regions, partly fueled by RDOF. So I think cable done an excelle... | direct | [
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] | A |
f7c0dbb6660502b3093d8a1558f9a3e1 | Wondering if Alaska Communications' privatization might change any dynamics in the market or do you have any thoughts on it in general. | This is Brian. I guess, I'll take that one. We would expect some increase in the competitive nature of the market. But we will have a long lead time. It will probably be several years before they are able to -- I mean, it'll take them a while to close and they'll have to make substantial investments. I would expect we'... | direct | [
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f4adfcb85f68cc7190fe157abd4e31d7 | Ajit Pai, despite being a pretty libertarian guy at various points has really talked about how the cable industry had an almost unfair advantage with the small cell topology. And it's really wasteful just from a U.S. economic perspective from everyone else to do these duplicative builds.
Do you think, as you pointed o... | Look, it's nice that the FCC commissioner thinks that we have the right technology. I believe Charter's goal is to serve its customers well and for the benefit nation having more ways that people can connect is not a terrible thing. I think we have an excellent service and an excellent network with a lot of capabilitie... | intermediate | [
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13c943fcbaff2901fc6ed86f2d17af8a | Quick question, I'm kind of new to the story, so just wanted to get some color around the $575 million convertible note, with a 2.75% converts due 2050. Just a little more color on what that transaction is and what that all means for the cap structure? | I think with respect to the convertible notes, first call date is in 2023. And so as we take a look at the ability to refinance those opportunistically between now and that date, we need to watch the Charter share price and determine what the best window is. | intermediate | [
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] | B |
5da401ae75f5b416c2738248b67fd698 | I have a question related to Charter's network. I believe this past quarter, over 80% of individuals essentially self-installed, which clearly is changing the economics of servicing an average customer. Could you just walk us through what does that mean in terms of the economics of managing the network on an ongoing ba... | Yeah. It's a great question. I think if you look back two years ago, we were something like 38%, sub 40% self-install, and during the most recent quarter, we were as you noted, over 80. That's probably a couple of things, one that is a great testament to the work that the Charter team has done on improving self-install... | intermediate | [
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] | B |
4d1c725c50da4dac3765fe112ea5103c | If I may just -- to follow up in terms of market share penetration. We were running at Charter just about 50% of the homes passed. Where do you think ultimately because of the quality of the service as well as the quality of the install and now having the call centers essentially in the U.S., what kind of penetration o... | I'm not sure that Charter management has set that goal or we have that forecast. I know -- I've heard Tom Rutledge believe that ultimately if he get to two-third penetration, but I didn't see they had a timeframe for that. But I appreciate the BHAG, the Big Hairy Audacious Goal that is because that's obviously a lot of... | intermediate | [
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] | B |
d58e81c2d7a4c64c08b24b6ece3b333b | Support levels, etc. Can you give us any hint or just current order trends and just your general view on sentiment. It seems to us used pricing is holding well, and it's not a disaster. And then if I may, just the strategic one will be your commitment to 80/20. You've had a lot to manage through in a crisis. Is that re... | Thank you very much. I'm sorry, I missed the first part of your question because you only came in on my line just at the end of it. I've got the second one on 80/20. Could you just repeat the first one? | fully_evasive | [
"direct",
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] | C |
5718361420f02a33dede90f393a36ec7 | Yes, sure, Suzanne. Sorry. Just your view on large farmer sentiment on current order trends. Used pricing seems OK. There's obviously a lot of headwinds. So I just wanted to have that sense in the U.S. and Europe. | Thank you so much. So yes. So as you've probably seen in the numbers, we're seeing the kind of smaller vehicles, particularly in North America, coming back a little bit faster than the larger vehicles. Partly, we think because dairy farmers and others are recovering a little bit faster than others. But we are seeing ac... | intermediate | [
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] | B |
272f30f507d58ecd0d74e4d9cfef766d | Okay. Perfect. And then I'm sorry, you said except on the very top end on tractors, you've seen strong order trends given up in July, just to clarify? And I'll stop. | Yes. We've seen I mean I'm looking, particularly in North America, where as you probably know, kind of if I look at tractors, for example, they've come back very strongly, particularly in July. We're seeing quite a big uplift. That tends to be stronger on the smaller side, and it's a little bit weaker at the kind of to... | direct | [
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] | A |
71ea2e1cb866c57a7972b2dac536a5cc | Thank you. Good morning, good afternoon everybody. The first is on the cost-cutting measures. If I remember correctly, in your last call, you mentioned $1 billion of savings. And during the speech today, Oddone talked about $500 million. So if you could elaborate a bit more in order to understand what measures are stru... | Thank you very much. So on the kind of cash savings, the $1 billion number was for the full year. So as we look at the first half, we've reduced expenses and cash outlays by about $500 million. And that's really a combination, as we said, as kind of cash measures and cost measures. What we're now looking to do is to co... | intermediate | [
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] | B |
634a18ccf03877fce77a310d8358735f | If I may, the second question is on the cash burn that you projected during the last call. It was a radically different outcome. I understand better volumes than initially expected. Is there any change in net working capital payment terms or anything else which could be, also in this case, structural? | Oddone here. No, there's no change in any payment terms or anything. Actually, the better working capital came from lower inventory at the end of the period, better results and, frankly, higher speed of sales recovery in the last part of the quarter. | direct | [
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] | A |
74fc3e465cc04580c169ac5599274cde | Hi, good morning everyone. Thanks very much for all the end market and operational details, it's very helpful. I wanted to ask on channel inventory. If you think about that at a segment level, what your comfort level is with current channel inventory relative to end market demand expectations, if you think you're now s... | Yes, thank you. Thank you for that question. Yes, so as I've mentioned in the prepared notes, we've actually reduced channel inventory across all of our different business lines in this quarter, which was something that we very much aimed to do. And as I also mentioned, as we've kind of ramped up production, we've done... | direct | [
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] | A |
7e652004b4e7e69dc35ed80a6fef769d | And so does that mean that in the back half of the year, you expect to produce to retail demand? Is there any need to actually produce beyond retail to try to refill some of the channel inventory, but just kind of how your production aligns with end market demand in the back half of the year based on current kind of un... | Yes. So our expectation as we go through is we will where we can, we'll produce to retail demand. We think that's a very kind of healthy way to operate. However, we do expect there will be some need for dealer restocking as we go into the last quarter but it'd be quite selective where they need that. But we think that ... | direct | [
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] | A |
c61a4aeb56cbc760cdf4e37f3352d2a3 | And then a clarification on the cost and cash measures you've taken of the 1/3 plus that you're talking about. Can you talk about how much of that is on the expense side and how that compares to the 2019 Capital Markets Day and what you've talked about in terms of cost out? Is that all incremental or does it include so... | So some of that includes some of those plans. So what we did was we sat down at the start of the crisis and we looked at all the things that we had announced in the Capital Markets Day. And we accelerated all of the elements of the plan which we're going to reduce our costs, because that would both help us to deliver t... | intermediate | [
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4f32249fefef45eb58a24b8a38e5d610 | And 1/3 of the $1 billion or 1/3 of the $500 million that you think stays out? | I was referring to 1/3 of the $500 million, but we will take exactly the same attitude to the cash and cash containment reductions that we're taking in the second half of the year. We will aim to keep as much of them kind of permanent as we can. | direct | [
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] | A |
17b938328d19abb5ea075a16e554ddbf | Yes, thank you very much for taking my question. I have a question on incremental margins. So I understand you don't want to give us any guidance on profitability. But is it fair to assume the same level of the incremental margins for the second half as it was in the first half, so around in the 30s? | Well, I think we're still seeing the market evolving in the second half as I was outlining at the kind of end of the prepared statements. But I think if we assume recovery conditions to remain broadly in place, we think we see I think Ag will have a slight incremental margin in the second half of the year. And I think ... | intermediate | [
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] | B |
7f456b27560b8a7ea33fed301084ce2d | Great, thanks and good morning, good afternoon. Can you just talk about what the order book looks like for the IVECO electric truck in Europe? And I know there's obviously a plan for 2021 delivery of that truck. I'm just wondering when we could start to see that JV making a material contribution to earnings. | So as you say, our plan is to start producing the electric vehicles from 2021 and the fuel cell vehicles from 2023. Material earnings, we're not yet kind of releasing projections on kind of what that will look like over time. We haven't actually opened the order books on those, as you probably know, although given the ... | intermediate | [
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df629428b2fb9529fdbedfbef221aa08 | Okay. Fair enough. And then in terms of the spin-off, maybe I'm reading into the comments too much. But do I sense that there's a little less uncertainty now in your view of the timing compared to last quarter when kind of raised the possibility they could be beyond 2021? | No, that's not changed. So I think what we said last quarter was that it would be 2021 or beyond, and that remains our position. As you can imagine, it depends very much on the conditions in the end market. And we want to be sure that at the point at which we do the spin, we are spinning two strong companies. And we so... | direct | [
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"fully_evasive"
] | A |
527ab48f5abc9b976889d540dd2ede88 | Hi, good afternoon. Congratulations on great set of results. I have two questions left, please. One is on precision farming. Can you remind us what the current share is of precision farming in overall Ag? And as you look three to five years out, with increased penetration, where do you expect this to be? And associated... | So just on the precision farming side, we don't release separate data on the kind of precision farming side. But what I can say is, across all the elements which I talked about in the prepared remarks, the kind of fleet side, the farm side, the field side, what we're seeing is a significant take-up in demand from farme... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
f9e4b359161ea869224732a714e1924b | Hey, good afternoon, guys. This is Grant Smith on for Jack. So, could you all provide a little bit of an update on July trends and how the month went relative to your expectations? And maybe are you seeing any change in the pricing momentum in the market? | Grant, this is Darren. I'll start with the pricing momentum and let Dan comment on the July trends from the script and others. From a pricing momentum standpoint, we've seen good consistency, good discipline in the LTL industry as a whole. We're pleased with our strategy and what's developing from that. So, we've got a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8228e8ca80a080177c72d2742f0ff29c | Yeah, great. Thanks for that. So, again, looking into the third quarter, can you help us think about how we should look at the sequential progression of operating ratio and what that normal seasonality look like? And would you expect that to underperform or outperform seasonality this quarter? | Yeah, sure. First, let me say that I'm pleased that we were able to improve our operating ratio on a year-over-year basis for the fifth consecutive quarter. We did have $3.2 million of net gains on property disposals during the quarter, and we also had roughly $7 million of favorable adjustment to our insurance reserve... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
78c74f70fff4080370a999458c5ac6f4 | Got it. And last one, probably for you, Darren. When you look across the LTL industry, most public comps have at least a high 80s OR, and you have a unionized peer that generates a mid-80s OR. Clearly, there are a lot of things that need to happen to be able to execute on a mid-80s OR. But when you think about what you... | Grant, this is Darren. And as we don't give guidance, I will make some comments that One Yellow and all that we've talked about with One Yellow and the reasons for pursuing the superregional network rather than having a holding company and four separate brands starts with the customer. It's what the customer wants from... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
89ff2c90861fb9a1fb1ec5b4849733ff | Everyone, good afternoon, and congrats on all the progress here. You gave us some good color on the capex puts and takes for the year. But maybe as we think a little bit longer term about where your fleet is and some of the rationalization that you can do in P&D and the line haul network, can you maybe help us to think... | Hey, good afternoon, Bruce. This is Darren. I'll start with that one. A big piece of One Yellow is asset utilization and moving that in the right direction where two tractors, two trailers at the same customer. As we eliminate those pieces, then certainly, our appetite for equipment will diminish over time because of u... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6b5de26091e47372a5b7a810ec1f4868 | OK. That's really helpful. And maybe another one for you, Dan. As you think about where the debt is right now, you're a bit over $1.5 billion, and as you think about that level of debt and where you've come with EBITDA and then what might be happening here with the rate environment, is there an opportunity to pursue a ... | We've certainly made some progress in terms of improving our financial performance and, as we've talked about, growing into our capital structure. As a result of that progress so far, with the current cap structure of $1.6 billion, our leverage ratio is now less than four times for the first time since 2019 when our to... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a89e6665a104134e102d84ce52d126f9 | OK. Great. And then maybe just a last quick one here. As you think about converting the network via One Yellow and some of the move from maybe a national footprint on a lane basis to more of a regional or superregional one, is there anything to think about, you know, as far as the yield dynamics, you know, length of ha... | Bruce, this is Darren. When we think about the superregional piece, we're still going to have a significant transcontinental operation. We'll have over 10 facilities supporting the transcontinental operation just like we do today. What we will have is different. And then the shorter length of this haul, we will have a ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
184927ca998370619f79760b8f8419dc | Hi. Good afternoon. This is Erin on for Scott. I guess, first, you had a pretty large spread between growth net of fuel yields this quarter. I guess I was hoping you could talk a little bit more about the impact of fuel in the quarter and just what you're seeing so far in 3Q. | Yeah, Erin, this is Dan. So, for the second quarter, diesel prices were up roughly 70% compared to last year. So, that resulted in our fuel surcharge revenue being up between 85% and 90% year over year. So, that's what really drives that gap including versus excluding fuel. And of course, as we've all seen, fuel prices... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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