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91087168dabc894428e6dce8ddb4fb20 | Got it. Thank you for that. And then I guess just on terminal count, I know on the last earnings call, you guys had talked about being around like 300 terminals by year-end. Is that still the plan? And then I guess, if tonnage kind of stays where it's at or kind of continues falling, do you see any potential to cut mor... | Erin, this is Darren. We're currently at 316 when we execute the Western changes here in the next few weeks. That will bring us down to 307. And then by the end of the year, we will be in the 300 range. We have capacity for profitable freight right now. We're going to protect that capacity. We're not going to give up g... | direct | [
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b568c75be09923b41db6ebf4a52f0a10 | Got it. OK. Thank you. And then if I could just ask one more. You noted that contractual renewals were kind of trending now in like the 6% to 7% year-over-year range. And I know, I guess, in April, you're seeing like 10% to 11%. I guess are you seeing any sort of moderation in pricing so far into July? I know that you ... | Erin, this is Darren. The contract renewals, when we comment on those, it's a bellwether around yield. We've seen what our yield numbers are compared to those contract renewals we've reported out on in the past and the yield far exceeds those numbers as those contract renewals true up. Taking one month, and especially ... | intermediate | [
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2bc93cbcacbf81a88cd66b39f829fa6d | Rick. Thanks for those comments. A couple of questions, as it relates to the dispositions aside from what you've already announced for 2021, what might be a reasonable expectation given what you're seeing out in the landscape? And is there any change to your cap rate expectations on what you've been selling? | Good morning, Bryan. This is Jennifer. Our cap rate expectations remained -- we've talked about cap rates at about 8% and we still believe that number. We have one property that's under -- still under agreement that we expect to close in the next 60 days or so. And we have a handful of properties that we're currently m... | direct | [
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a126dab139e2dd7a07c526b365d88542 | Okay. And that kind of brings me to my next question. As you know, I covered Five Star as well and we noticed when they reported last night, the impact of some sales on their numbers, how do those discussions go between DHC and Five Star's relate to selling DHC owned Five Star managed properties, which is there back an... | Sure. There is back and forth, senior management folks at Five Star and Rick and I and then members of our asset management teams go through the list of communities, very regularly, and and we look at ones that have -- that are underperforming where we think if we were to invest capital, the return still wouldn't be wh... | direct | [
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47cf9abfefe60301ee1ece2376e7ca26 | And then just lastly for me, is there any situation in which you would have to return any of the 10 million in CARES Act funds? | Hey, Brian. I can't really envision a scenario where we would've to return it. There are some audit requirements that will take care of, but no, there is not a lot. I mean, we still have some money sitting on the balance sheet that we haven't -- that we've received, but not recognized. So once we've met the criteria to... | direct | [
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df2e0ecdfe4fbfba22ff9299e996e7a2 | I want to circle back to the hiring stuff and the comments there around. You know hiring has grown, you've seen now market share really expand faster than you've seen in a long time. So can you talk about how those two things might be connected? And then maybe just a little bit more clarity around the attrition piece. ... | We're thrilled with the progress we've made at hiring people. The recruiting team has worked so hard, and we have just brought people in hand over fist. The reason that market share is up is because we had so much demand coming through the site in the second half of 2020 that we could not serve for lack of agents. And ... | direct | [
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11c1d695995787a4c40f4bdc9c927b6d | So your transaction -- your own brokerage transactions were up meaningfully quarter-over-quarter, year-over-year. But the partner transaction growth is still outpacing that meaningfully as well. What could we expect to get to the point where you're able to meet enough of that demand? I know you talked about June as a p... | June, that's what we've been saying now for three quarters, the past two quarters and this one that we expect to be fully staffed in June. And when we are fully staffed, we would expect the partner business and the brokerage to grow at similar rates, as website traffic increases and as more people from the website cont... | direct | [
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2ec74e0da2a1886561aaaa17931c9bda | I guess first on RentPath. As you guys sit and assess the state of the business, I know that it's obviously gone through bankruptcy and had its issues. But what type of investments do you think are necessary to kind of help it regain its footing? And kind of what would the timing be do you think in terms of an improvem... | I'll comment on RentPath and then turn it over to Chris to talk about the Properties segment. So the key investments we need to make are, first of all, just in the sales force. We want to make sure that the sales force has the data, showing that we give great value to our property management customers, and that's alway... | direct | [
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0cc562e72c237284834d786bcd8881e9 | Can you just talk about how you envision or maybe what you expect RentPath to look like maybe five years or so out? And then separately, where you think the Redfin and RentPath marriage has kind of structural advantages relative to CoStar has a little? | Sure. Well, our long-term vision is to make the consumer proposition better because that's just the mission of Redfin, to redefine real estate in consumers favor. And so the idea that we can let somebody lease an apartment in thirty minutes flat where they can use their iPhone to get into the unit and tour it themselve... | intermediate | [
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29f81a24c497a4a2d729a5c7e43197e0 | I think you just alluded to this earlier, but I just want to make sure I'm clear. It sounds like your -- the paid marketing is not fully turned along at RentPath. Is that right? | No, we're just turning it down some because when RentPath was in bankruptcy, and then it was going to be acquired by CoStar, they were really in the sort of cryogenic suspension like Han Solo at the end of The Empire Strikes Back, they couldn't change anything even though they knew that some of their paid marketing was... | direct | [
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9dc8844f9ab1211f93af30b39c27a7f2 | Glenn, it sounds like you're adding a lot more data to the site and to listings. And I'm wondering if you could talk about that generally and then especially with respect to the commission data that you're putting in the listing and how that may change the business? And then, Chris, I'm wondering if you could just talk... | Sure. So I'll address just the data that we're adding to the site. For the longest time, Redfin had this structural competitive advantage, in that we were one of the only major real estate sites that had complete MLS access. Over time, that advantage is being mitigated. And we just have to continue to invest. It's not ... | intermediate | [
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04daa7b42176c19b487bfbb4b47f35b4 | On RentPath following up there, aside from setting the business strategy, which you're obviously waiting on a new leader to help develop, can you talk about any of the low-hanging fruit in terms of cost synergies or technology-driven optimizations you think you can offer to that organization pretty quickly after the de... | I mean I can think of plenty, but we're not taking any near-term cost synergies. The first order of business is to get RentPath listings on redfin.com because redfin.com can double the audience of renters that are available to RentPath customers. And when we do that, it should be much easier to recruit more customers. ... | direct | [
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a48fb8d13df6300ae81d09f61068985a | Okay. Great. And so I mean, I guess, could you characterize kind of the R&D investment that you plan to build around that to help kind of push that forward? | Well, some of it's going to be sponsored by Redfin, so we had planned on adding rental listings before we bought RentPath to redfin.com, and we started building a team that could add that data, and we just realized how daunting it would be to go from one property management company to another and try to get 20,000 or 3... | intermediate | [
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07d7e39f3e087c6b77c3108814a91ba3 | I want to ask as it relates to the '21 outlook. You talked about, on the Trade side specifically, elevation margins as a result of the strong demand back solid merchandising opportunities. Can you help us think about weighing that very constructive backdrop against a lack of crop carry? And just kind of how you're thin... | Sure, Ben. That's a really good question. And things have changed pretty dramatically over the last year, as you guys have been following along with us as the market rally, led by primarily exports to China, have inverted the markets in corn, wheat, and beans, caused a tightness of spreads which has eliminated carry an... | intermediate | [
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b356a4775e66cc3f79985da187e3d3fa | On the capital allocation front, you guys have done a nice job reducing long-term debt. Obviously, working capital is higher with higher readily marketable inventories. But as you think about deploying capital from here, can you give us a sense of when you look at growth capex opportunities and the relative return prof... | Yes, Ben. This is Brian. Great question. I would say from that perspective, it's probably a combination. I think when we think about even our trade group, there's a lot of places where we're looking at what we would call asset-light type investments that would be nice growth opportunities that would give us an opportun... | intermediate | [
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ff6a731d00842fe90918d2cb0962e7ac | A couple of questions. First is on the trading of vegetable oils as well as the co-products, cornfield, all that stuff, how much profitability does that add? How do we contextualize that in terms of the outlook? Is this a needle-mover? Is it a marginal? How do I think about this going forward? Just because I think it's... | Yes. You're right on with that, Ken, is that we think long term, it's a needle-mover, but short term, not so. We've been positive in earnings, but they're not big enough to call it a needle-mover near term. Now the increase in corn oil value, because that just shows up in our crush margin, right, so that's a nice benef... | intermediate | [
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3765ad7ff2cedd9e9571198b1d98783c | And then in terms of the Trade and Grain group, when you envision it -- again, I just wanted to clarify. When you thought about it, obviously, you don't have the elevation -- the forward market on the wheat, the carry on the wheat, but on the flip side, you have more on the elevation and grade on the product in corn. D... | Yes. I think you got it right on there. So elevations have stayed high, and we think that's going to continue. We've also had good volatility that creates merchandising opportunities in the interior, even disruptions like this week with weather. You got to move around that and make things happen. So we like that kind o... | direct | [
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0e4fed30f95856b9aa47e7966d3061e5 | And then my final question is, when I think about the ethanol side as well, when you put it all together, I know there was a $300 million EBITDA bogey. Does that still seem attainable even though ethanol is a little bit lighter, but the grain is still better? Is that kind of -- so kind of a squishy balloon where it all... | Yes. I wish the balloon squished that easy. But let's go back to -- we first set the goal in 2017 in December. That was our first Investor Day, when I stated we have a $300 million run rate end of 2020 goal. And at that time that, that was kind of bold and aggressive. The good news was our EBITDA went from $157 million... | intermediate | [
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fe1795299ac34f5092f38c156228e06c | So just to push back a little bit on Ken's question as well. I certainly understand the volatility that is really going to help you. We know the elevation margins are really good, but will we need to see a change in the inverse futures curve with new crop to really give you a good positive increase in trade earnings th... | Yes. I think you know, well, Eric, I think that we've seen the merchandising opportunities and the margins we've been making on all the product lines we're trading -- we're pretty optimistic for that to continue throughout '21. So that feels good. We mentioned that -- I don't see the inverse softening until we ever rea... | direct | [
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0328ca72bb42ef124cae258b70b48b84 | And then my next question is on Rail. That business is obviously -- is kind of maybe bouncing along the bottom here. I mean I think you were pretty conservative on how you're looking at it for 2021. What could happen there that might improve the outlook for Rail? | Yes. So we've had -- we have good movements in grain, which is nice for our business, and intermodal has picked up. But relatively without seeing a really good recovery. So a widespread COVID economic recovery package and booms in other segments, including chemicals and plastics and housing and other things that could ... | direct | [
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74571288561f52f9ab33e3c0af5ddb7b | The setup for Plant Nutrient this year is really good. Obviously, we've got really good crop prices. Farmers are going to spend the money to maximize yields. We're going to see some acreage increases, but you didn't really talk that much about margins. I suspect that we could get back to some margins that we had in the... | I think I'd be probably on the optimistic side. And the problem is we just don't know because we've seen such a strong rally in fertilizer materials here in the last 90 days. So yes, we've had a big increase in farmer income and in commodity prices, which sets up really nice for fertilizer, but fertilizer prices have r... | intermediate | [
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14f62ff3d4e60cc184aee425551118e0 | Can you quickly comment on where you think the inventories are in the distributor network for fertilizers? I recall back a number of years ago, The Andersons was actually way too long in their inventory level. Where are you with -- I know it's mostly a pass-through business, but have you bought forward at all for your ... | So simple answer to you is one word is tight. So the marketplace is very tight with shipments, and it varies by product type. But we normally make a pretty good program ahead of schedule with our key suppliers, and we expect that to run normally. So we don't have any -- but if you wanted to get really long today, you w... | direct | [
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c2a44703bb0d111785bfc46f27679e7b | How do those variables make you think about your maintenance schedule coming up here in the spring? Should we expect a material shutdown? Or is this going to be kind of a return back to normal maintenance that you saw in 2019 and prior? | Yes. I guess the good news of being around the Ethanol business for about 25 years, we've seen some pretty cold winters. And also if you scrimp on your maintenance shutdowns, it always cost you later. So we are going to be very prudent about our maintenance shutdowns and get those done on schedule as planned this sprin... | intermediate | [
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9309b21ac32195d2c6ab67dba66f33f8 | And I guess my -- you kind of touched on my other question, but curious about kind of the status of the ELEMENT plant here that continues to move toward being fully productive and fully integrated. Any updates on the outlook for that plant here over the next couple of quarters. | Sure. The timing of this cold snap didn't help us. So be candid, because we're working on our approval run for California, and you have to have a 90-day period for that. But we're feeling good about -- the plant's been running. We're in the -- starting the trial for the California Air Resources Board, the LCFS program.... | direct | [
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2f95667b2f55ba3e3b64583ee4d8409f | So thanks for taking my questions and congrats for the strong results. I have two questions. Number one is about our SME loan products. I saw we had very strong Q growth in our SME financing. So just want to understand what is the APR loan size unique economics about this SME financing products? And what is our loan vo... | Well, you're absolutely right. We see a significant growth in our SME business in the first quarter. As you know there are two -- actually two types of SME product in the market. The first type actually we view is more related to consumer finance product. Most of -- a lot of peers they extended the existing consumer fi... | intermediate | [
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841b1d0b55fcce9ea3a9b76cefa7fe4a | And secondly is about our tech exports business which is the ICE. So just want to understand what is the difference between ICE and our other capital-light [Indecipherable] products, what is the take rates and what are the bank partners for these products? So I observed that our reported loan volume definition change t... | For your second question about the ICE products, as you can see full name is Intelligence Credit Engine products, it's focused more on the smarter marketing service. As you see, we have accumulated around a 100 financial institutions due to the very long-term cooperation with them, we know their preference and their th... | intermediate | [
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2b400ae7ecf14b09988aa881070a3b1e | Basically two few questions. One is [Technical Issues] between ICE product and other product, certainly take rate is different. So, what will be the long-term strategic thinking on the loan allocations? | Sure. Richard, let me address your funding question. First of all, the diversification of the funding source is always the goal we're pursuing and we will keep that. Secondly, for KCB, as you know we have prudent relationship with KCB, it's better that KCB as a showcase and to demonstrate to other financial institution... | intermediate | [
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3bae13c91acc02768b6d31b4abd2359a | Hello management, thanks for taking my question and congrats to our solid results. So, today I had two great questions and the first one is regarding our strategic partnership with KCB. So I will notice that the KCB has become the largest institution partner in terms of the loan facilitation volume. So could you please... | Yes, you're right. As you can see in terms of business volume, KCB already become our largest partner. As mentioned in the prepared remarks, in Q1 JMV [Phonetic] cooperated with KCB totaled RMB18 billion with loan balance RMB13.3 billion. As we further advanced our business initiative with KCB, we expect to see this nu... | direct | [
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eca7b255b77944371947eec5589e594f | And the second question is about our progress on the SME loan business. So given our SME loan business has been way on track, so could you please elaborate more on how much contribution comes from the SME loan in terms of the loan origination in 1Q 2021? And how much contribution it will be by the end of this year? | Second question about SME loan, as we mentioned that there are two definitions about the SME. For the broader definition that is consumer finance loan related to SME management. In the last quarter, this product contributed around 30% to 40% and we expect to see this number rising up to around 60% to 80% at year-end. F... | direct | [
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cb02daadbbc59ac9434de1f53822c180 | Two questions one is about follow-up question on the SME loan facilitation business. I would like to understand the sale of secured -- the sale -- SME loans with collateral or secure SME loans and unsecured SME loan so far up to maybe April? And how do you compare the asset quality of SME loans relative to the consumer... | So in fact, our SME customer is lower than the overall market, about 70% to 80% of overall levels and we use the door for managing -- to control the SME product which means that the enterprise class business owner and the use of the [Indecipherable] product otherwise we will operate more owners that individual customer... | intermediate | [
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017b029baf206a44175c4cf0f728dac1 | And second question is, could you just tell us why we have a rise in customer acquisition costs in Q1 on a Q-o-Q basis and what will be our outlook on the trend of customer acquisition cost for the rest of 2021? | As we show it market before that, when we actually conduct our real operations, it's not as easy because the way we are looking at, if the ROI, return on investment of customers we look at. As for in the first quarter, we believe we successfully conducted the better customer acquisition strategy is demonstrated by high... | intermediate | [
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b648576fd8d564fd4c3c72bc2c9ccd57 | Can you just help us understand the magnitude of the supply chain issues that are at play, both in revenues and gross margin? Can you quantify what those are on those two line items? | So the supply chain constraints are about $1 million impact, if you may. Both the raw material pricing, net of price increases and the supply constraints contributed to about 75% of our gross margin comparison to Q1. So about $1 million mostly from shortages and raw materials. | direct | [
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1b808709649df0e1b16ea01eac527b51 | You had talked about enjoying a benefit in the second half from higher volume and favorable mix on gross margin. So the question on the volume point is, where do you have better demand visibility in the second half? And to what extent -- is it really the -- potentially the fourth quarter return of the UTIS business and... | Yes. It's a combination of both the reasons you mentioned, Craig. Second half tends to be, as you know, particularly Q3, stronger for our portable electronics business. And we are generally seeing an overall lift in many of our markets, general industrial, EV continued through and even exceed in the second half. That's... | direct | [
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ab7e2b5eb8186f125ecb54954360049e | It certainly seems like you've engineered the portfolio and the team's got the business very well aligned for an array of strong growth drivers. And the company is committing $70 million to $80 million in capital spending to provide the capacity for growth. The question is to what extent does that capacity start to com... | So it kind of channels in over the course toward the end of this year and then as we move into 2022. So we see, certainly on the ceramic side, some increases in capacity coming on stream. Of course, the recovery of UTIS also brings back some more capacity back on stream, and the investments that we've already announced... | direct | [
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73e2c8837c8cd6629acc6b83d577f075 | Got it. And can you quantify what magnitude of capacity that would give you beyond where you are today? If the business has capacity that's some degree above current revenue levels, how much could the $70 million to $80 million add beyond where you are currently? | It's -- that's an interesting question. The way that we look at it, this capacity as we look out over the next couple of years gets us in very good shape with the growth trajectories that we see. So the 30%, 30%, 40% growth in EV/HEV in both sides of the house in both the ceramic side as well as on the PORON, on the el... | intermediate | [
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9d71e00dd79fb7454d526c34e3ca5066 | Just wanted to clarify -- thank you -- the $1 million impact. That's Q2, that's the impact that we expect for Q2? Or that's what we saw in Q1 from the supply chain challenges? | That's the impact for Q2. | direct | [
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2de54248394b4bed68cda5bafb93cc66 | Okay. Okay. So it is pretty modest. That's helpful. And then maybe just talk about the broad recovery in industrial. Is it gaining momentum from your perspective kind of sequentially over the first four months of the year? And are there particular end markets or geographies that you're seeing recover faster? | So on the industrial side, so we saw a broad-based recovery quarter-on-quarter in our EMS business. So there's -- it's just broad-based there. But we're also -- we also saw it on the ceramic side of the house with motor controls, but also the laser systems and so forth, power modules for laser that continue to rebound.... | intermediate | [
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5678f721dd8f00993bc0069fd16d12ef | Excellent. And then we talked about it a little less these days, the wireless, maybe just talk about the outlook there. And more generally, are there any areas of your business where we should be thinking about H2 volumes lower versus H1 that would offset any of the strength that you're seeing across really most facets... | Yes. I'll take the second part of your question first. I think we see sort of broad-based impact of the economic recovery across many, many of the markets that we've talked about. And then laying on top of that, we have the EV/HEV dynamic that's propelling growth in those high 30% to 40% kind of numbers. In terms of th... | intermediate | [
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6574e9cecaff5fb076fd676d542bd1af | Yeah. My question is that the management has announced the share buyback plan last year. And so we want to know what's the process of the share buyback plan so far. | Let me take this question. Thanks for the question. Yes. We announced a share buyback program last November.
We are actually in the process of continually buying back the shares at a speed that we consider appropriately so far. Our plan is to continue such buyback -- share buyback programs. In later periodic reports, w... | intermediate | [
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c5347794cd480c072943b5e54f219edc | Greg, you just touched on having a little bit better visibility on the regulatory front. Just wondering, if there's anything around the corner that you see on the regulatory front or if kind of what we see is what we get for the time being at least? | Well, I should say we've had -- I should probably articulate and said that we've had some better results on the regulatory front. Better visibility would be something I would say be less apt description. I think we are -- the GCI team has done a good job managing it. I'll let them comment further if they'd like. But it... | intermediate | [
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b7f9323e0c35b3b99bd74db2a19cdfc2 | Are there any-are there any planned actions regarding the GCI LLC bonds? | When we have actions we will be sure to let you know. Nothing to account today. | direct | [
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5d96a4dd5283aa22fb36518e669f9f1a | And, clearly, the value of the network and the broadband network, specifically, as a backbone, for 5G, is now obvious. Is that correct? | I love the way you say it it's now obvious and I hope you're right. But I think I don't know if it's now obvious. But I think hopefully it's being proven and I agree with your thesis. | intermediate | [
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3c66d9d8604e9edfc27e2b8caa1f052d | Did I read correctly that the team from GCI will stay and continue to manage the business and there's not going to be any change? | Yes, you read that correctly. | direct | [
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7e46a14a05a54f7f6c2b4a2f7e91ee4c | I have one question on the competitive landscape, and then another question on the potential cuts to the OBL physician fees. So maybe, Scott, I'll start with the competitive landscape. I mean, obviously, that's top of mind. You alluded to it in your prepared remarks, but just wondering if you can give any color on how ... | Thank you for the question, Danielle. I think what we are seeing is that the IVL product is really expanding the marketplace. We are seeing some crossover, albeit limited, and in accounts where IVL has launched, we have continued to grow, and we've continued to get our cases. So, if you looked at our results over the c... | intermediate | [
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f7b33908c10649f7f7b66675da7ce576 | Okay. That's helpful. And then, I don't know if this question is for Ronda maybe, but just on the proposed cuts last week, I mean, we'll see what happens in the final, I imagine there's still a lot of pushback from the field on these. But how did you think about, this has been an area of growth, but it's been an area o... | Yes, Danielle, I'll go ahead and take that. I mean, as you can imagine, there's a tremendous amount of energy. I think we were not expecting to see a 22% decrease by any stretch. But there is a history of some of these more dramatic proposed coming out and then the societies, physicians, rally, they reevaluate the info... | direct | [
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b3fab324c80e7c47245f0f74e51a3d8c | Maybe just asking one on international here. How is the European launch tracking relative to expectations and relative to the Japan launch? Were you able to get 40% share in a couple of years? Is that kind of the trajectory you're on here? Any idea of how much share you've been able to get in a shorter amount of time t... | Yes. Thank you for the question. We're pretty excited about the progress in Japan and in Europe, particularly in the last quarter. And the physician reception, I will say, in Europe has been exceptionally strong. We're pleased with the efficiency of the training. We're pleased that we're able to do this so successfully... | intermediate | [
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82258140d50515bca36e6d04c51c6172 | Perfect. Thanks. And then maybe just on COVID a little bit. Just as COVID kind of cases drop-off in certain regions, are you seeing a reversal in any of the market dynamics that happened during the pandemic? Like maybe cases moving back away from sort of the OBL environments? And then last quarter, I think you also sai... | Thanks, Ian, for the question. Regarding the inventory management, what we had done during COVID-19 was to build up our inventory, really so that we would have a safety stock and protect against the possibility that we may have an outbreak in one of our manufacturing facilities. And as we build up that inventory stock,... | direct | [
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1d125777ee14e7b226438349af3296de | First one, just on -- in terms of the backlog commentary, that was really helpful color that you all provided. I guess the question though is, DO you get the sense in talking to your accounts that they treated all of their backlog or is there some backlog that you're kind of expecting in the next couple of quarters in ... | Yes. I would say that that is very similar to our circumstance. I think we just saw throughout the quarter that consistent kind of improvement, that most likely came from the rebound of some of these cases. Most specifically in peripheral, we saw that in the lower acuity claudicant patients in our -- in hospital segmen... | intermediate | [
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907ea4fbdadd3e86066956981ec20edf | Got it. And then we've also been -- maybe some from med tech peers as well, we've been trying to get a better sense. We've heard both ways in terms of pronounced seasonality. I know you all had talked about expecting seasonality, this is pretty typical for your first fiscal quarter, but there's a lot of talk and rumors... | Yes. Thanks for that question. I do think that we typically see seasonality in our business. And I can't say that it's more pronounced than it has been in the past, but we are anticipating a relatively traditional summer season, and that normally impacts our business in Q1. The July and August time frame is normally a ... | direct | [
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24966eb589168be1a1e384fcd44775d1 | Got it. That's helpful. And if I could just ask one last one. It might be helpful in terms of the CPT Editorial Panel Meeting, can you all just remind us of what the catalysts are coming up after this next meeting. I think that's happening next month in September. If they decide to move forward with it, what are kind o... | Thank you, Brandon. The process is actually rather opaque. It is a process that remains cloaked in confidentiality. And in fact, we really won't be able to share a whole lot about this process after it gets started. But at least regarding the specifics of what's been proposed. In terms of timing, what we expect is that... | direct | [
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b971c09c1c56f7bee1f2024b15b89af6 | Perfect. Congrats on the quarter. So Scott, let me start out with a generic business question. We see the overall numbers, but maybe if I can drill down one additional step, what are the utilization metrics, specifically on the coronary side, U.S. versus OUS, you all are seeing, i.e., these many accounts, these many ch... | Yes. I think in particular -- well, first, thank you, Suraj, for that question. But in particular, we are launching outside the United States, really in almost all of our markets using what we refer to as a peer-to-peer training approach. And that allows us to utilize remote technology, train and educate a local key op... | intermediate | [
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39727b521642450e4e291d923c098dfe | Scott, I'll quickly throw two other questions. One is, if you could give us an update of the appeals process with IBL? And the second thing is, at this stage of the case, are you sales guys picking up any price elasticity of demand, i.e. OAS versus IBL in the field because that's a huge price differential per case righ... | Thank you, Suraj. The update on the IPR appeal process is really the same. There's been no change. We are still awaiting a decision on all three IPRs. We expect to hear on at least two of those by the end of this calendar year and then the third, probably in some period over the course of the next coming year. So, that... | intermediate | [
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660f3671d5e1ed5b2488fb19f9fb0192 | Thanks, Scott. Just quickly, can I ask one more question? Scott, at least this is anecdotal, have you seen in the field any cases where the physician says, you know what, I would have used IBL, but I've used OAS or vice versa? Is this too early in the game, maybe we're talking a bit? And the reason I ask is, subliminal... | Thank you, Suraj. I think most definitely, we have seen cases that have converted from what were thought to be IBL balloon case is back to orbital atherectomy cases. And the fundamental reason behind that is largely due to the stenosis of the lesion that's being treated. So, if you think about this interventional cardi... | direct | [
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b25ebe89faa2d6fcb00b9aaa2f2da4e3 | A couple of questions here. First, as far as the demand trend, I think you said manufacturing was down like 15% to 25%. Do you have overall weather-adjusted demand by month and how that progressed through the quarter? | Hey, Andrew, this is Robert. So I'd say what we saw in April and May was the low points. But here in June and July, as I indicated in my prepared remarks, we saw commercial and industrial down maybe about 3% and a lot of that was largely offset by an increase in residential sales. So that's the more recent trends we're... | intermediate | [
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5234e878988abe599f5946d57c27722e | No, I understand that. I guess I'm asking more, was it a step-up in demand when the states reopened? Or has it been sort of an ongoing continuous improving trajectory? | I'd say it's more of a step change when you look from May to June. And I think a larger part of it, as you indicated, was largely to reopening the states. But yeah, from May to June, it was quite a bit of a jump. It's a little bit leveled -- levelized off at this point from June to July, but a lot better than we origin... | direct | [
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b62f80c6b459bca9d60dd79b87c5344a | Next question is on the IPL debt issuance. You know, first of all, very impressive coupon at 2.3%. You walked through the proceeds -- the use of proceeds and all that.
But I guess I'm asking, it was upsized, right? The first-quarter slide deck showed up to $300 million and you actually raised $400 million. Can you jus... | Good question, Andrew. Thanks. Yeah, as we got into the deal, very strong market demand for that debt issuance and we utilize that, obviously, to capture that lower interest rate. To this point, we've used the proceeds largely for two purposes.
One is to retire $200 million of debt in June that was expected to be matu... | direct | [
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57bfaa015ff0f4e45636fc838eab93e2 | Got it. Hard to believe that payment is coming up already in just a month or so. Then one last one, if I may. The -- I wanted to go back to the option that some of your neighbors in Wisconsin had to buy ownership slices in West Riverside.
I know they have a few more years to decide, I believe until '24 and '25. But I'... | Yeah, you bet, Andrew. So you've got the timing right for that and we've assumed that there will be options taken in -- in our plan. I won't speak for the potential co-owners. I'll let them address that.
So nothing to add on that besides where our plans would assume that they take an ownership interest and I think you... | fully_evasive | [
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d0b212a3f16162beeaa0ee6da778743b | It's Julien here. Thanks, guys for your time. If I can follow up on the last question a little bit further. You all obviously are changing your forecast after a pretty meaningful swing in your expectations.
What does it say about your cost latitude and flexibility? Especially, if for instance, let's say, things turn a... | Yeah. Good morning, Julien, thanks for the question. I'd say we're very well prepared going into the second half of the year. The employees have done an amazing job of identifying a lot of different opportunities to reduce cost for our customers, a majority of which are sustainable, others are temporary in nature.
But... | direct | [
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30486c79673638029ca441dc8c63591a | Got it. Excellent. OK. And then you -- just coming back to the last question there super quick, if you don't mind.
You always have seen a pretty big swing as have some of your peers. But I'm just curious, can you more explicitly define what your Q3 and Q4, like, normalized trajectory would be to reconcile with that 2%... | Yeah. Julien, maybe I'll start to share a bit. But you know, I think earlier, we had looked at around 5% to 6% total year impact. And I think, as Robert said, it's maybe looking more now like in the 2% to 3%.
We had planned for a slow and steady improvement in the back half of the year, nothing right now that would ca... | intermediate | [
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8aee0c2e1ef07893694e9c97466426f5 | Yeah, indeed. Well, let me try to summarize this, if you don't mind. Are you effectively -- do you have latitude to be in the upper end of your guidance range? How about that? Given that -- | Yeah. You know, I -- what I shared, Julien, as Robert noted, we've taken a lot of actions in the first half of the year reducing cost and help offset lower sales, so that's kept us solidly at the midpoint. But what we take a look here with the weather trends that we've seen here in July, we would see that helping us tr... | direct | [
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fbb7b166f909bc8f1b1c0e0b93ffd749 | OK. All right. Fair enough. And sorry, one last one here if I can.
Obviously, with the first wave here, you're putting some capital -- it seems like it's accelerating, if I heard you right, from '23 into '21 and '22 to the tune of $350 million. So that sounds like a net increase in your outlook, at least from a timing... | Yup. I think you've got that spot on, Julien. | direct | [
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9ef07b8fdf41768ad41890f8c093e566 | I wanted to ask on the rate freeze approval in Wisconsin. I think we got some intervenor testimony there earlier this week. But just kind of what -- what's the remaining path forward here? Were there any issues with what the intervenors put out there? Can you settle? And when will the commission weigh in on this thing? | Yeah. Michael, thanks for that question. I'd say we're very encouraged by the progress we're making with the 2021 customer rate stabilization proposal and we currently expect the decision from the PSCW sometime later this quarter, could be as early as later this month. And generally, overall, we saw support for the pla... | intermediate | [
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287896153aaaa39ca23e833b4a5b806c | Great. Thanks. And then my second one was just on -- it seems like with this Clean Energy Vision you guys are laying out, the continued transition from coal toward renewables, and just curious how you're thinking about the recovery or regulatory treatment of the coal and rate base that you have as you work through this... | Yeah. So I'll give you a little picture of the past precedent. So we've had a few different examples in both of our jurisdictions where we saw slow recovery of coal plants that we retired early. Both states have approved both a return of and return on a full recovery of those facilities.
Those facilities generated wit... | direct | [
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24e87a04a1dc4cb0679168136e9b42cf | OK. Maybe if I could just follow-up. I think you just said that the past precedent, we were only talking tens of millions of dollars, I mean, it sounds like these plans going forward are probably materially higher than that. So does that potentially change how -- how regulators might be thinking about how they get trea... | Yeah. You know, Michael, you've got the magnitude right. I think as -- as we look at some of the larger facilities, they certainly have a little bit larger balance. But you know, as we filed with our Clean Energy Blueprint, all of that factors in to show a net customer benefit for our plans going forward.
So certainly... | intermediate | [
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9168140a5c9f28451a3c3d077e2aa33d | Asia-Pac, looks it was down this quarter more than the other regions. Any color there? Just a small number that bounces around or anything, in particular, going on? | Yes, Mark, it is a fairly small number. We did have a fairly sizable deal last year on a direct end-user that's not replicated this year. And [Inaudible] down on maintenance. | direct | [
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4e30b548153573c2a0c8bc5d97a410d3 | So Kinvey -- I think you said there were 10 new customers for Kinvey. I know you're doing a bit in healthcare there. And so I'm curious if you can give us any color maybe insights into, they had a good start in the healthcare vertical I think even before you guys bought them, but then I think you guys said there wasn't... | Hey, Steve, good to hear from you. So we added 10 new customers this past quarter between Kinvey and DataRPM. You are correct that Kinvey had healthcare customers, some healthcare customers already. We since then have actually launched a new offering that uses Kinvey at the center of it, which we are calling the Progre... | intermediate | [
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39f8cfa5bfbb146c393651da0dc61d63 | Paul, starting with you, with respect to the revenue guidance, the $4 million increase for foreign exchange that you are expecting in fiscal 2018 actually suggest that your revenue guidance is coming down here, I was just wondering what's driving the thought process here behind the lower revenue guidance? | Yes, know Mark, I think in my remarks I stated that we're not changing guidance for the incremental $4 million. As I said, earlier in Q1 we had an $800K favorable variance, right, of which $4 million is part of. The rest of that currency is really projected based on the exchange rates and given where we are in the year... | direct | [
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1d77b0f291d1078ef1660a5c127024b0 | And then, Yogesh, the OpenEdge direct business, that continues to struggle and continues to offset the positive performance we are seeing to the ISV channel and I was just wondering if there was initiatives under way or things you are thinking about to turn that around to the direct business? | Yes, so Mark as you know in the direct business that business is actually lumpier than the indirect business because sometimes customers want to expand and they buy more licenses and then other times they don't. So we've had certain periods when certain customers have decided to expand their business and we have seen a... | intermediate | [
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42dc05bad9fc015cba60b094df5dac8a | On the ISVs, the two ISVs that are beta testing, the data RPM product for you, is there anything new to report on that front this quarter? | They continue to work with us. They actually are not just beta testing, they are actually working with us to go to market and integrate it into their products as well as go-to-market to their customers, Mark. So there our product is available, it is not in beta, it's generally available and they are out there with, and... | direct | [
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e37e3eef0129336a5999ae283d4cde33 | Just curious what the impact guide from the shift in the conference was to the sales-and-marketing line in Q1 in dollar terms? | Yes, I'm not going to provide you the dollar term, but I think if you look at, based on the guidance that we provided for Q2 and where the expense level is for Q1, there is a slight uptick as a result of that. | fully_evasive | [
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5c1378deb4761a119a6725b612184fb1 | And then just on the cost-cutting, is there any more steps to go in that? I mean most companies always in the seventh inning of a cost-cutting program. Is that how you see yourselves now? Is most of the work done in your minds? | So, Glenn, as we've said right all along, our job is to continue to run a very lean operation and we've continued to do that. We always are on the lookout for opportunities to make our business more efficient. But we don't really see significant changes. I mean, after all, if you look at our guidance, we are guiding 36... | direct | [
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0b9473e47a33f50a57827fe02da88ac8 | You called out the Canopy deal. So I just had a couple of questions around that. One would be, I was wondering if you can quantify kind of the time-to-market benefit, if any, that they enjoyed from kind of deploying your tools. And then, secondly, what was the competition for that deal like? Who did you see in the mark... | Hey, Matt, thanks for the question. So two-part question. The first part, in terms of value that they saw and the pace at which they were able to deploy. The project from the time they signed up for it to the time they went live was a matter of months, somewhere between four and six months with all three of the initiat... | direct | [
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61d5db2300d7b6db9e5335e02f5a9233 | If I might ask a quick follow-up, when the competitor that I guess you effectively displaced or was displaced earliest, was that selected prior to your owning the Kinvey asset or is it a deal that sort of you participated in, didn't get, and then came back to you? | No, that was before. That was before we got Kinvey. | direct | [
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96666e050930f2b8907decb6a1e1f25d | First is regarding the chip supply position. Do you think because of the depression in cryptos, some chip capacity may have been released and that may be easing out the chip shortage that automotive industry is facing. Are you seeing something to that effect? | I'm not good enough to answer your question there, Trip. I'm not a big crypto fan. Hate to say that. You know, they got you. So I don't follow that very closely. I know it's very depressed at this point. And I don't know the relationship with that. I'm sure there are some with the chip shortages issue. So sorry, I can'... | fully_evasive | [
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5e26742f7b58052fa9a8060dd54206fb | OK. That's helpful. Thank you for that. And then I wanted to ask a question on the patent sale. You said you would explore options as they come in. I just want to know like whether you guys are actively looking for other options? Like are you actually going back to other bits you had in your initial process or are you ... | No, no. Not at all. In fact, we're being approached by others. I'm not actively looking for or starting from square one. As I said I want to make sure that the shareholder knows that we're not just stuck with one option, but we do expect to see, and we would like to see the previously announced deal with Catapult to ha... | direct | [
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57298562a1fc2b3debe6c6bcdfa8c006 | Good afternoon. I guess, just a few questions, obviously, on the subject of the day of the month, on that matter, on the supply chain. And Sunny, you mentioned you expect these problems to persist through the year and I think that's what most companies are saying. And I think you also said that it seems like the proble... | So let me get started, and then I'll ask Sam to add more color to it. First of all, the demand for us has been broad-based, and we've got a very healthy book of business to, that we can deliver against us. The constraint here is being supply chain. And on the supply chain side, there are two types of constraints. One i... | intermediate | [
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db2aaa48af20271353880d309feb6bb6 | That's fair. And what about new orders, it sounds like demand is strong across most of your modalities on both sides. And everything is just getting pushed to the right. Do you feel like eventually, you lose some of these orders? Or is it just that we're just chasing business for as long as these supply chain issues co... | Larry, everyone in our â- others in our space are also having similar problems. So we're not losing share. But at the same time, we don't lose these orders. These are designed in products so they just moved to the right, and we just have to manage customers' expectations. So that, at this point, losing orders is not a ... | direct | [
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8163426dc2332ca53520310704fc7d75 | And you mentioned some â- it seems like some more supply issues in â- maybe on the tube side. Is there any difference or is it, sounds like it's on both medical and industrial, but do you have â- is it â- obviously, medical is a larger piece of your business. Do you feel like the disruptions are sort of fairly evenly b... | Yeah. So I would say that the supply chain issues are a little bit more pronounced in the detector side of the business versus the tubes when you look at it on the product side. But when it comes to Medical versus Industrial segments, I think they are largely similar because demand is strong in both those segments. It ... | direct | [
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4e8ed9859f0258219e9f22455b76cfc0 | Perfect. Sunny, so let me start out with a different version of the supply chain issue question. But you don't have to ration product delivery given component shortages. How does the decision matrix look like? | Yeah. So Suraj, great question. Of course, here and there, we do have to do this. Obviously, what we are trying to do, it's a multidimensional issue and not a straightforward answer. Obviously, everybody wants quite a bit of product, but from our side, we try to make sure no customer is lying down. So there is a degree... | intermediate | [
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a386558fcfcfb4dae104d762117c56eb | Got it. Sam, one for you and then one for Sunny, and I'll pose both of these together. So Sam, one of the tenets of your P&L optimization was eliminating $25 million of inventory. Just given you do have a visibility, if I remember correctly, six to nine months rolling visibility into orders. So obviously, that helps yo... | Sure. So Suraj, I'll answer your question first. So in terms of inventory, the $25 million reduction, that was our goal for last fiscal year. We achieved that and we were able to make a lot of improvement there in terms of efficiencies and a number of other things. At this time, what we are doing with raw material proc... | direct | [
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e4b67bd95da35a5a75584277d9a5facc | Hi. Good afternoon and thanks for taking the questions. I think everyone agrees it's only a matter of time before the supply chain issues get resolved. I don't think anybody is sure if that's three, six, nine months from now, but I think everybody thinks it will happen at some point. So my question is, when you do get ... | So let me start. The price increases are â- were not intended to be temporary or just temporary pass-throughs. These are increases to the base price. So we, yes, we do expect them to stick. And we will see the realization of that, as Sam said, ramping up through this year and going into next year, we should see the ful... | direct | [
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53020e0b86ebb18e3d1de36f888dfa0d | Yeah. Well, I guess what I'm trying to get at is if we look out to fiscal 2023 and beyond, I mean those targets that you put out previously for gross margin, do you think they will be achievable? | We certainly hope so. Obviously, we need to know supply chain and all of those, but we certainly would target them back in soon as this environment improves. But obviously, we do not know right now when and where we would be achieving those, but that certainly remains the target. Yes. | intermediate | [
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16fb2a0588905785d1e7aba2a3248d0e | So, in fine papers, your sales were down sequentially $7 million, while EBIT was flat. So obviously margins were up. And I'm just wondering, we attribute that to better productivity or falling pulp? Because it doesn't sound like the machine closure really is a benefit till I guess Q4. | That's correct. The idling of the paper machine won't have an impact until Q4. We saw improved cost positions clearly as pulp came down the stickiness of the pricing actions that we had in place before us. This is actually the first quarter where we've started to see an improvement over our pulp cost increases from the... | direct | [
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9295221397ab74851fd8f53a8dce4f86 | Yes. Because it occurs to me that of your peers who also buy market pulp, the benefits really only just started to accrue and should accelerate. So is it fair to say that that would be consistent with your view and the way it should follow through? | Yes. I think so. You would love to believe that as high as it goes up, it will come down. I don't know. A minute exercising isn't the same thing as a minute doing something you enjoy. So on the going-down side, I believe we're going to have continued improvement in overall pulp. I also think it's a very challenging vol... | direct | [
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cdb0e8c4458fe28313e91e86f3296052 | So does that mean we can start to see a modest revenue trajectory absent some kind of unforeseen currency move that I wouldn't be able to predict? | Yes, that was my half full guy, and I've said I expect that from that standpoint because I think the impact that Asia had on us, the significant impact that the Asia volume had on us of this year, we're starting to see that being mitigated. So our expectation is that the impact that we've had from Asia will likely be c... | direct | [
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2dcb75e390b2893397eb0d57d77b3931 | Okay. And just to try and parse out that $10 million tailwind. As you recover costs that weren't recouped last year, I mean, is that separate of pulp? And then can you -- I mean, it sounds like -- trying to sound like an analyst -- give us the cadence and the split between the two segments? I mean, how much was capture... | Yes. So my $10 million that I'm referencing is the difference between the increases and the difference in selling price. So, last year we had $32 million increase in pulp and we recovered $22 million in price. So then I gave you an IOU, this year we're going to come in with significant price movements to make sure that... | intermediate | [
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c3562fbdf69eb98f428f7020d15c9179 | All right. And then finally, obviously, Q4 is seasonally weakest for Technical Products, coupled with the maintenance down in Germany. So stay tuned for 2020? | That's correct. I mean, Q4 is -- we're not done yet. So we'll run all the way to the end of this one. It is definitely one of our weaker periods from that standpoint. And as a reminder, we always take our down in Germany in the fourth quarter. So it's just more of a reminder of the activity than anything else. We expec... | direct | [
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63266047b7e5a90e717af1489d3c6d8f | Can you be a little bit more specific in terms of what your expectations for input costs are in Q4 and also your ability to hold prices? Given the prospect of further moderation, when is your next price change expected to be? | Yes. So, Jon, we know you for a long time. So you know I hate pulp prognostication mode. But we are definitely on the decline. So if you look at -- actually if you look at this year, our pulp pricing actually this year and even go into next year will still be higher than we were in 2017. So I'm expecting pulp to contin... | intermediate | [
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9c5fddf67d99387845d8cacb3c118248 | Okay. Got it. And just to expand on that, are you seeing that increased competitive pressure yet? | There's competitors out there every day, Jon, from that standpoint. I think where we are today, we're holding on to pricing where it makes a great deal of sense. And in certain areas, yes, we've had significant pressure on pricing. But my expectations is net-net of all of that, margins will continue to enhance fourth q... | direct | [
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7292a890d7706151014e48ab67eb04b4 | Okay. Great. Thank you. Just in terms of freight costs -- I know there has been an issue for you over the past two years. As you look into 2020, I was just wondering how much do you pay out in marine freight every year and is there an expected impact from this roll-in of IMO 2020 and how that might impact shipping rate... | I don't know the marine rates off the top of my head because -- which would you, right, that it must not be very much because otherwise I would have it sitting in front of me [Indecipherable] almost nonexistent in fine paper and very low from what we pay anyway going into 2020. So I don't expect that.
But as a reminde... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5e90a7c0d6dc816a63f62750a8f83325 | Okay. Great. And then, Bonnie, I think you mentioned a timing impact in premium packaging. Can you size that and if you're expecting that to rebound? | Well, Jon, we typically expect that we have mid to high single digit growth in packaging and yet we didn't have any growth in the third quarter. So I would just say we still have the same annual expectation for it. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1fbff96ee93eebda57fd0ffc5c5714d0 | Okay. Great. What was the year-to-date? Just if you have that. | I think it's kind a low single digit [Speech Overlap] low single digit.
So this is a business that's very -- we've talked about in the past, used that real technical word, lumpy, as it follows orders from that standpoint. We're trying to make sure that as we communicate our expectations for the category that we take a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6165b2c80c19e0dc15ee28c5714a2ba1 | Okay. Great. And then Bonnie, one last one. What should the normalized depreciation and amortization look like as we go into Q4 and beyond? What you'll have at this accelerated pace [Phonetic]? | So once they lap that? [Speech Overlap]
[Speech Overlap] get that out, I'm thinking $30 mill [Phonetic].
I'm thinking, $30 million.
Well, that was just depreciation, not amortization.
That would be another $8 million. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6e0339d5ad2ddb4d706ab1ca831333f7 | Hi, guys. Morning. Congratulations on the quarter. First, if I can, just a housekeeping one, maybe for Gerhard. The income tax looks like you had a $970,000 income, not excise tax expense this quarter. And then obviously, Southern Technical paid the $1 million dividend and I think that was probably a tax distribution f... | Hi, Robert. This is Gerhard. Thanks for the question. And you are absolutely correct, that is a tax distribution, and so there is a corresponding offset for that dividend on the balance sheet. Look, it's very difficult to predict how that investment will perform. But I think our expectation is that to the extent that t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
226b0552397b0f863e9047ea7fa7faac | Got it. I appreciate that. And then just kind of bigger picture, and I'm not going to carve anything you say here instead. On deployments and repayments over, let's say, the rest of this year, less so the next month or anything like that, what are your expectations? We've been hearing this -- I mean, it sounds like the... | Robert, it's Jason. Thank you for the question. Generally speaking, I think we're quite constructive on the opportunity set that we're seeing today. Certainly, volumes in the middle market are up. Sponsored loan volumes are up. Unitranche volumes just hit a record in the second quarter in terms of issuance, which is a ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
eb22b7f9952e120477d381cc36fec3eb | I really appreciate that color. And kind of tied into that, which is the next question. Your deployments this quarter, LIBOR floors on everything, looking through your portfolio, they're about 100, where there's a floor. OID of 1% to 3%,, which looks pretty healthy. So while the spread, your commentating here, the spre... | We haven't seen it much, Robert. I think our experience has been that the other components of what we're trying to drive return off of have held up, as you said. I think in some cases, we are seeing pressure on the floors, perhaps down to 75 bps in certain situations. But for the most part, we're having experience wher... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5ed6ab308cc1145306004d49edc60036 | Nick, you mentioned the 14% to 25% expected early on securitizations. Can you just remind us what the prior range was, and kind of where you see returns on the loans that are on the warehouse lines. | Of course. So previously we'd stated 14% to 18%, which probably tracks what guys have been quoting for a pretty long period of time. On the warehouse lines, we still see quite very low double-digit [inaudible]. We have had a decent amount of benefit from negotiating better terms on those.
And as mentioned in the script... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
008cf7731dd1e52876e906d74d92a97d | Got it. And that return for a further securitization, is that on duly purchased loan? I mean, I guess how does this spread widening higher cost of funds impact the loans that you transition them from the warehouse to securitization today? | Yeah, of course. So that takes into consideration, really, so that is more forward-looking. So it's where we've been acquiring loans, call it, for the vast part of the first quarter entered into the new quarter. Now obviously, looking backward, the mark to market losses on the loans from the spread widening, that given... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ecbe12ecaeff5b567d71c5b7488fb343 | Got it. That makes that make sense. And then just to make sure I understand, slide 13. So our call made the $3.1 million per quarter.
Does that $3.1 include the MSR gain? So if you strip out the MSR gain, would that be kind of a small negative for the quarter? | That's correct, Doug. If you look at that slide, the $4.4 million? That being backed out is essentially the MSR mark during the quarter permitted. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c15aa182696507b4f4ddbbe7c0b92086 | Got it. I guess how do you think about the profitability, both on kind of a true operating basis, and then also, kind of on a core basis, as we kind of go through 22 and obviously, the world has kind of changed for originators. | Yeah. I mean, I think what we're trying to highlight on the earlier slide is we continue transition the share of origination toward agency products. So obviously, agency margins are challenging. They probably aren't going to get materially better anytime soon, and so as we invest in.
The pipeline, if you will, and gett... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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