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83d052883a22d72b362dc41067cdddcf | OK. So I guess, it sounds like maybe a bit better going into the year, I guess, maybe relative to the 4% to 7% full-year growth rates for the company? Where do you see infrastructure shaping out relative to that? | Infrastructure should be right in that same range. | direct | [
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42ac38fe7a726f2b0d6ee496e327d3ec | OK. All right. And then maybe shifting to agg and mining, which obviously had a good couple of years. But I suppose you understood the factor of comps that this can't go on forever.
Can the order activity continue in '19, and then comping two years of double-digit growth? Does that kind of come back more to the 4% to 7... | We expect aggregate and mining to have another good year this year. The outlook for them is good. Aggregate has been good domestically. We are seeing a little increase in mining orders, too, so we expect that '19 will be another good year for Aggregate and Mining Group. | intermediate | [
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c66bdaef74bf134f1767de262ad402e8 | OK. And then maybe lastly, just on the strategic sourcing and some of the raw mats and component statements that you mentioned will be coming through in '19. Is there any quantification that you can provide, or also just kind of the cadence of how we should think about the gross margin progression through the year? | We have said in the past that we expect our gross margins to be up to 26% by the end of the year, and a good portion of that increase is due to the savings that we'll have from strategic sourcing. | intermediate | [
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54807e34a53401f8d88053386bf7d6ed | Sorry about that. Thank you, guys, for taking the question. Hey, real quick. Could you talk a little bit about the leverage I mean, obviously, not a big deal, but it is from running a kind of a pretty much a net cash sort of position, did see creep up a little bit? Was that to support projects, was that a change in the... | What was the first part of the question, Stanley?
Yes, so on that leverage you may recall that we settled with Highland earlier in 2018, mid-year 2018 and that was a cash payment. We were debt-free prior to that, but then that was $68 million that we had to settle with them for, and then we did do some share buybacks ... | intermediate | [
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e93c067b2f44351194553097044076be | Yes. I'm actually calling from Europe, so there's probably one of many things going, but thinking about both the businesses right and I think you said 18 divisions. Is that the right number now? Or when you were going through this operation and this exercise did you identify other businesses that maybe you weren't quit... | Stanley, we're getting part of your questions. I'll restate up to this point. Maybe you can jump back in and correct if this is not accurate. But question was along the lines of we now have 18 subsidiary companies, previously 20.
We have discontinued our German operation. It did not meet our return expectations. Dillma... | direct | [
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91bb700d54a35eb21171a8af1ff3ca5d | Is there any way to guestimate on maybe what sort of footprint you could kind of combine anything along those lines as from a high-level perspective? | Well, that's basically what we're trying to do, by shifting work. We're not really looking at combining footprint facility wise, but we are looking at shifting work from one facility to another where it's feasible. | intermediate | [
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7957a08d865b603312bed7840025db8d | Hoping you could talk a little bit more about kind of the expected pace of capital deployment into non-QM loans, you know, kind of how you think that market continues to develop, you know, and I guess, just talk about how MITT gets this allocation relative to other Angelo Gordon funds just as you're -- as we think abou... | Yeah. Sure, Doug. So, I think we're seeing the market come back in terms of volume. There's obviously competition out there, but we're pretty active in both. I think the competitive bulk auctions that are going on, and the team here is, you know, actively working more on a bilateral basis with some originators that we ... | intermediate | [
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29e98dde1af426a8fc6aef4a1f2db212 | Sure. And I guess just if you could talk about how you're financing those assets and kind of what â you know, kind of what sites besides you would need to consider kind of securitization financing? | Yeah. So, we're using, I would say, traditional warehouses currently. And I think we're aiming to term those out once we get to what we deem to be critical mass in terms of being able to amortize the fixed cost of any securitization, which, you know, generally speaking, we target around $250 million of loans as that th... | intermediate | [
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607d9cc37efd86537edb623f5acc30df | Actually, first question is just on room for further recovery on book value. How should we think about that? | Yeah. Sure, Bose. I think sitting here mid-first quarter, I think residential assets have largely recovered. I mean, here and there, there's probably some room. The vast majority of, I would say, the unrealized book value is going to be on the commercial side, both within the whole loan space and as well as the CMBS se... | intermediate | [
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1a05adf733ae73a42b631a722996fae3 | So, OK, great. Thanks. And then actually switching over to just the earnings power of the existing portfolio. Can you just talk about the earnings power? And also, just in terms of whether there's room to increase leverage, just how do we think about the run rate of earnings of this business? | Yeah, sure. I mean, I think we're sort of displaying that we're prudently growing the portfolio with increased modest leverage quarter-over-quarter and quarter-to-date versus year-end. I think we'll continue to look to grow the portfolio. We do think that, you know, looking at the assets that we're owning that there's ... | intermediate | [
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0f35d294f8acc0bd443ff67e45a61628 | OK. The -- and just to follow-up on the return, so, is that -- should we think about it sort of as a -- you know, sort of a low double-digit ROE on your book value? Or -- because obviously, the core earnings this quarter were much higher than that. So, I'm just kind of trying to piece that together in terms of how we s... | Yeah, I think â I think it's obviously hard to model. Obviously, the mortgage banking sector, you know, experienced, you know, generational ROEs in 2020. We all expect those to come down into '21. We don't know how far -- how much and how fast, but we would expect that, you know, to not be a repeat within 2021. And the... | intermediate | [
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86e9889d9ef02607410952425c0e44c9 | Hey. Thanks. Good morning. A question on the agency investments. You know, it sounds like the real core focus right now is more so on the non-QM space. Should we think about the agency investments more so as, you know, a place to deploy liquidity, pending loans that you can acquire in the non-QM space? Or are you guys ... | Yeah. So maybe working backwards, I think if we were to look at the agency market in the way we're hedging it with sort of a standard, you know, 9:1 type leverage ratio. We're probably at around 10. I think as a portfolio, yes, we are focusing the kind of operating business plan into -- focused on the whole loan side. ... | intermediate | [
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02bf004952da3e6595205953e27557b0 | Hey. Good morning. We've seen several mortgage REITs call pieces of their preferred capital structure. I would love to get your thoughts on whether you're looking at potentially a similar move and whether you feel comfortable with the liquidity in the room on your balance sheet to make that happen. And second question,... | You know, we're always going to be looking at the best use of our capital, you know, and also looking at what is the right scale of the company. So, we'll take those two -- taking those two into account, you know, I can say that there are no current plans to call our preferred issue. And then in terms of the NPL book, ... | intermediate | [
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0692cfcafb252305168cb5004666a600 | OK. And what's the breakdown of reperforming versus nonperforming in that portfolio? | I don't have that in front of me, Eric. We can definitely get back to you on that. | fully_evasive | [
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0a0695d5d359dec144c14f96ffcdd069 | OK. And then on the GAAP book value versus adjusted book. Curious how you guys think about capital raising and the level of accretion, do you â you know, are you guys using the GAAP number or the adjusted number as a level to potentially execute more capital issuance? | Yeah. I think we've put that in in response to some investor calls we've had over the past couple of quarters, just to show, I think, more in line with some of the way some other REITs are reporting, how their preferred show up on their book value. So, in some ways, it's trying to flatten the numbers between some of th... | intermediate | [
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d8a271d09cd7f91e0440ee6dfad6c998 | Hi. Thanks for taking my question. I have two questions. And the first is actually a two-part question, I'm just wondering if I can get a little bit of insight into your thinking about maybe appropriate timing for a Fintech spinoff. What sort of metrics you might want to hit operationally before you think that's ready?... | OK. This is Shmuel. I will try to remember everything and answer your questions. And Marcelo, feel free to either step in at any point or if you want to better answer that. After I'm finished, you're welcome to do so as well. So I believe that our goal is to spin off net2phone sometime, I would say, before the end of t... | intermediate | [
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76e4474ed16adeb1f69ce97f59f556ea | OK. And some of the stuff that I've read on the traditional business, I guess, I'm curious to what extent are the free services and the WhatsApps of the world maybe impacted that less than some people would have thought. | Well, I mean, maybe so. Again, I believe that free services are, I've said this for many years, is our number one competitor, is not other pinless companies or other companies, it's free. That is our biggest competitor. And again, I think that we provide a great service to customers. The quality that you get with us ve... | intermediate | [
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f2a482170cd431997ecaf65e6ca84589 | Good evening. Thanks for taking the questions. I had two questions for you. The first was mentioned in the prepared remarks, the roughly 50% revenue per terminal increase in the NRS business has been achieved in the last 12 months. If you think very directionally over the next year or two with the various initiatives y... | No. I have, I guess, a fair amount of knowledge on the economics of how much each NRS terminal brings in. However, it really does vary a tremendous amount. I mean, hundreds of percent difference on what I'll call a store that is not doing merchant processing with us and is maybe in an area where advertisers aren't quit... | intermediate | [
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2b845469a4089cb6e6209e7de61f5ac2 | OK, that is very helpful and I appreciate all the color. If I wouldn't mind rephrasing the NRS question slightly differently, I think you mentioned in the most recent 10-K that the business is sort of servicing into the 35,000 merchants into which the Traditional Communications products have been distributed. You're no... | So not at all. I mean, I actually think that, oftentimes, people believe that we only go after stores that have sold BOSS Revolution in the past, and that's just not a reality. So a large percentage of our customers, I will say, originally when we started, came from BOSS Revolution stores. And still, to this day, obvio... | direct | [
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923818eca5becb0f5f9bd2af9377a0af | Congratulations on another great quarter. I just wanted to ask like what's differentiating the National Retail Solution from other point-of-sale companies such as Square? They're obviously bigger companies. So just if you could provide a little bit of color on that, I would appreciate it. | It sounds like you're in the business. Maybe you can provide some color. But I would say that -- I'm hearing an echo, if you don't mind muting, I apologize. I would say that a couple of things differentiate us. As I talked about just a minute or two ago, one thing that differentiates us is that we don't require you to ... | direct | [
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2e137d2bce14f090e14803a42f62f176 | Hi. If I could just give a follow-up on the NRS business. If you think about that business at some point in the future, call it, maybe three or five years, and you think of sort of a reasonably healthy merchant in a reasonably healthy market? And if you take bucket merchant services for somebody who takes it, and then ... | I really can't give you a clear answer. I mean, as I said, there's so many different dependencies. I mean, again, from an advertising point of view, like you have a store that has 3,000 people come into it today, and for whatever reason, advertisers aren't particularly interested in the city or the street or the demogr... | intermediate | [
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1ad8b4525110bf1532829d421fd01cad | Hi, everyone. Thanks for taking my questions. I have a couple. First, you mentioned the strong demand you are seeing driving by COVID-19, pushing companies to turn into more digital and throughout their transformation projects. So with that in mind, I'm wondering why you're reiterating guidance and not being a bit more... | Hi, Tavy. Yeah, definitely we are being more conservative because of this all unknown situation. We see a lot of things going on, at the same time, we do see companies that are -- especially the young companies that are struggling to raise money, and therefore we want to be in a position that if we're surprised, we're ... | direct | [
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33f6732e964963c6b6c961abf010603a | Okay, that's helpful. And then, you guys talked about the telecom market in your prepared remarks. Can you elaborate what's going on there and what are your expectations for the second half? | In 2019, I can tell you, we experienced a very good start for the year, kind of, in conjunction with the merger between Sprint and T-Mobile. The -- I think that most of the carriers pretty much put on side their strong investment on the 5G generation. And with that, we also experienced a decline of our work, of our sup... | direct | [
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208a90401a9ff292507dfa2204593088 | Okay, that's very helpful. And then perhaps a last one for me. COVID has put a lot of restriction on traveling and this is a place where you save money and you talked about your digital capacity to kind of promote to clients and so on. And, I guess, I'm wondering, looking beyond COVID and the current environment, are t... | Yes, this is definitely what we intend to do. There is always a question of people who like to travel. They will always try to travel, but definitely we will be more strict on this one. I can tell you that another thing that works for our benefit is that until today there was always a pressure on salaries. We have lots... | direct | [
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22ab1bc6586c4109bdace1e6a10e90d5 | Afternoon, gentlemen. Thanks for taking my questions. Congrats on the great expense management. I was wondering if you could talk a little bit to your S&G cost this half, please. | So basically, we managed to save on the SG&A. We saved something around $1.1 million, $1.2 million compared to a -- if you look versus the first quarter. A significant part of that savings relates to kind of the current situation, not something that necessarily would last for the months to come. I would assume that we ... | direct | [
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b44443ed4b83a686b660d5894716ac7a | Can you talk to your headcount at the end of the June quarter and what your expectations might be, given prevailing circumstances? | Headcount didn't change much. We're at around 2,600 employees. I can tell you that today we have something around 150 open positions that we are trying to fill up, something, let's say, 70% of that is in the U.S., 30% are in Israel. So with that, we feel pretty confident with our ability to continue the momentum that w... | direct | [
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1e9be5236ef644fb4bf149c7ddf9b573 | Okay. Listen, the overarching trend appears to be that professional services are becoming a greater and greater share of revenue and I was wondering if you could kind of talk to why you think that's happening. Is the software development side of your business just less attractive to customers or just finding greater de... | Okay, so I'll divide it into this -- your question into two. One part is that every now and then we have renewal of -- or a new sale of our software piece, and apparently this last quarter, it was less than the comparable quarter and therefore you see some decline in the software. But it will probably change next quart... | intermediate | [
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0945a8bbffedbe60ce2d5c75acffc0df | Okay, thanks, Guy. Can you -- I guess, can you extend that and talk to what you see going forward in M&A? I mean, you guys have a ton of cash still. I know you've been very, very careful about picking and choosing and I know all your investors appreciate that. I was just wondering if you're thinking about becoming more... | We definitely look for such companies. For now, we don't see yet a decline in prices, multiples and all companies are still looking for rather high multiples. Look at the capital markets, companies are raising money like if it was papers. So we don't see a pressure on companies that want to be sold, to sell their opera... | direct | [
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603ddc3939fd3e037fb6415b775c6ee5 | Okay. Do you foresee maybe getting deals done over the remainder of this year or early next... while -- before the COVID thing sort of gets resolved? | We do have few companies in the pipe, like in quite advanced situation. Hopefully it will be closed. | direct | [
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00660309a9992ae0bf6aab21481feccf | Okay. Can you speak a little bit to the R&D activities? I noticed costs there were down and I'm kind of wondering, number one, what are your clients asking for and what is your R&D development focus? | R&D development is focusing again on kind of taking the wave of the low-code back wind that we have, so going more and more kind of smart editor, Weebly, Wix, ease of development, all around that and a lot of cloud-enabled, I mean, cloud with us for the last 10 years or more, but really becoming more and more cloud-nat... | intermediate | [
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34e5b5d87364004ba48251e1bfc3d786 | Okay. Any insight on the cost side of that? It just seems... | Most of that -- most -- I'll tell you, the headcount didn't change. It even grew. So most of the cost-cutting happened because we shifted between 2019 and 2020, some of our R&D efforts from Israel to India. So that takes off the cost on one hand, and on the other hand, we also, during the corona time, had some people t... | direct | [
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216cdbf86237751d0e48557006eae8cc | Okay, [Indecipherable]. So should you kind of expect things to bounce back to more historical norms in the quarter? | Yeah, something around the $3 million. | fully_evasive | [
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911ef5ac282e398d29fe9d0a7a6f1c45 | Hey, guys, congrats on a really nice quarter, great execution. On the professional services side of the business, any specific verticals you guys want to highlight as kind of having offset the telco decline? And then number two, any further comment you guys would want to give on the dividend? Thanks. | In terms of the sector that we managed to compensate with, it's basically the finance sector where we are very strong in, the healthcare -- we had some improvement on the cyber security. Companies are utilizing our people, we have around 40, 50 people that are working around the cyber security and we found people are t... | direct | [
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25002dea9262f2c3db7b27bd6901ddc3 | Yeah. Okay, that's helpful. Just on -- so kind of on a go-forward basis, we know that the mix is favoring professional services increasingly and we really see it clearly in the gross margin. I mean, where do you guys see the gross margin on a normalized basis? Is it closer to the 30.5-ish than 31-ish or is closer to 32... | It's closer to the 32%. | direct | [
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5eb74564efa37f74b4cb0035e50732b4 | Hey, this is Ted on for Maggie. So I think in the press release -- and you mentioned it at the top in your prepared remarks, you said you're gaining traction with new and existing clients. Can you add some color around the new logo additions during the quarter? And then also in your prepared remarks you talked about pr... | I think -- I don't think that -- mentioning new logos and I'll tell you why it's something that we feel that will give you any more color about the business. First of all, 80% of the business is pretty much relying on our existing community on one hand. And on the other hand, we don't have -- if I look at the kind of f... | intermediate | [
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39b57146d87bafbcfec245f78ea79f47 | Hey, Asaf. I dropped out there for a second. Could you clarify some of the numbers you mentioned earlier in the call? So you said excluding telecom you grew 24% year-over-year and 17% excluding Neteffects, and 8% organic, did I hear that right? | Yes. I said that 17% was due to the acquisition of Neteffects, because we didn't consolidate Neteffects' results during the first half of 2019. And in 2020, we consolidated during the full period. So 17% of the growth came from that and 7% came from the organic activity, if I exclude the decline in the telecom sector. | direct | [
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81def1a0e94235fa9cb41086acea61da | Okay, thank you. That's helpful. And then looking toward the back half of the year, is there any seasonality that we should consider this year? And how would that compare to 2019? | We do expect the second half to be much better than the first half, basically due to the COVID impact over the first half, if something doesn't change dramatically. And basically, when you look at our performance over the years, the second half was always better than the first half of every year. | intermediate | [
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bafcbce50cad30c1aef2f820b7e36b40 | Okay and then just related, I guess, to the holiday season this year between Q3 and Q4, any comments there? | No, no, not something special. We have the Jewish holiday season in -- during April and Q3 is kind of the full -- basically a full quarter that we have in September -- the -- again the New Year holiday season here in Israel, but this is a -- and last year it happened on the fourth quarter. So there would be a shift bet... | direct | [
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5958c4c05302c5077765a947c71939e5 | Okay. Okay, thank you. And then last question from me. Can you talk about the health of the CVS relationship and where you stand with that? Thanks. | Basically, I can tell you that business are good. We are improving our operation with CVS, we have more consultants working on the job for them. We are growing the business versus 2019. We are happy for the business that we are getting from CVS and we are happy to support their growth and expansion as well. | direct | [
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51cb7a0bf98c9248d031340e7c105040 | Great. Thanks. And Ken -- and -- I guess, I understand that the agreement with the Commonwealth of Massachusetts is an agreement in principle, but the press release mentions a contingent loss. Are there any other elements of that that you could kind of tell us about in terms of anything that you're going to have to do ... | No, I can't really discuss the agreement in principle what we have with the Commonwealth of Massachusetts beyond what's disclosed in the press release and the 10-Q. | fully_evasive | [
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52bc03831b32533baa79d0780a5aed2c | Okay. The 10-Q mentions also an additional CID from the CFPB that was in March you had kind of back and forth over the back half of last year. Is there any kind of updates that you can give us there? | Can't really provide any commentary beyond what we've disclosed in the 10-Q. | fully_evasive | [
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b313de4d2fdd1de807665b4f85f1803e | Okay. In terms of the collection percentages, you said that in the quarter that your expectations for 2018 through 2020 actually improved during the first part of 2021. But the collection expectations for the first quarter of the year actually deteriorated. Is there any way to kind of explain how that happens, like wha... | I mean for the first quarter, it's down a tenth of percent, which is pretty much flat. So it doesn't surprise me, it'd be flat with our expectations. If you're referring to the fact that it's lower than previous quarters, our initial expectation it really just depends on what kind of business we're pricing. That initia... | intermediate | [
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e7ca8f084eaba132115f41f21c4f0400 | Got it. Thanks, Doug. I actually did not know that. Similar sort of thing on the -- as you discussed kind of the spread between your forecasted collection rates. And that I think Ken that's what you were referring to the forecast collection rates are a bit lower in 2021 and the advance is a bit higher. In the explanati... | Initially we have an expectation of what we're going to collect. And as we gather more information from month-to-month, our forecast goes up or down generally based upon what we learn. But what we're talking about there is our past business has performed a little better than we initially thought which has made the spre... | direct | [
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a725af1c2e7cae35db68205ea08b069e | Thank you. Well, first I just want to congratulate Brett for just a tremendous run and a tremendous job creating value -- tremendous value for shareholders and a real pleasure being a shareholder for the last 23 years. Secondly, it was noted in the press release the collections were much better in the month of March an... | I mean Randy, that's a hard question to answer. I mean it's -- we really can't calculate that or quantify that. Clearly, if the collections had come in higher ratably through the quarter, we would have done better, but if collections continue to come better, that will help us next quarter. | fully_evasive | [
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0601a00d934b78b8717772e82970e210 | Okay. And then finally, the press release noted that unit volume and originations were up 25% in the month of April through, I guess, yesterday or something. And that's against a negative 7% comp. What would you attribute that strength to? | A lot of that really has to do with the comparable we have till last year. The first part of April last year was a pretty easy comparable basically due to stimulus. So while it was a good run for the first 28 days, it's really an easier comparable. That's why we included the comparable to 2019 in the release.
If you g... | direct | [
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7d626d27dc011992e879657f720a8021 | Hi, everyone. You've mentioned in the past that stimulus programs have helped originations and active dealers in a given quarter. Can you give any color as to the degree that the most recent stimulus package helped this quarter's results? And I'm wondering if you're also still feeling a benefit from that stimulus packa... | It's hard to quantify the impact of that, but it's very likely that stimulus is having positive impact on both collections and originations. If you look at our experience over the last 13 months, we've done better when there's stimulus and not as well and there's not. So we don't have a quantification of that though. | intermediate | [
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094eda9009acf918f0a35c823a15c96d | Could you just confirm that you're still in full agreement with the contract manufacturer on what needs to be done and how to accomplish the additional process qualification work? | Yes. I can confirm that. | direct | [
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9b37f18b9a0af19aba86efabd724e026 | You mentioned some capital-efficient work that you can -- that you're doing to prepare for commercialization of DefenCath. Can you maybe give us a little bit more detail there on what the work you can do over the next few months, and how it's capital efficient? | Sure. So clearly, in my pre-prepared remarks, I talked about the preparation for launch while trying to balance and conserve our cash burn, so that we have enough dry powder at the time we're ready to launch DefenCath in the U.S. So, we've really focused on a couple of key initiatives. And you've heard me in previous c... | intermediate | [
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] | B |
94c1212c1b0c8a5533e021f27743d90a | Regarding the process, qualification of vials -- and the vial filling process and the manual extraction studies, did those require production of new batches of DefenCath? And if so, will you need stability data from those new batches before you can submit the NDA or during the process of NDA? | Yes. As I've explained, we need to do some, as you said, process qualification and then you need to validate that by generating additional batches. And part of the program for any manufactured batches that are intended for commercial use, are to put those batches into a stability program and to generate stability data ... | direct | [
"direct",
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] | A |
b0bcfa2f765d1f6fe2d8d014f1cec203 | Those new batches that will need -- for which you need stability data for. That's a 12-month stability data? | It's a stability program that goes on for many years. | intermediate | [
"direct",
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] | B |
6f3f669d336811e58de147b298137811 | Right. I see. And those can be submitted during the NDA review and post? Or how does that work in terms of -- I just want to know if this is going to be a rate-limiting step or ultimate approval? | No, it's not a rate-limiting step in FDA except update to stability data. | direct | [
"direct",
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] | A |
1c1a5d6f7fae4c8db3824f936275a8bb | Just wondering about the potential for an FDA inspection. I know you guys are hoping you don't get one, but want to be prepared for one or at least make sure you're -- you do everything you can so that your third-party manufacturer's prepared if you get one. Is it possible for you to give us a little bit of historical ... | Yeah, I'm not sure what you're getting at. There is an abundance of information in FDA's database from warning letters where FDA has gone in and inspected manufacturing facilities. So it's obvious the kind of things that the agency looks for when it does an inspection. So that certainly can provide you with a historica... | intermediate | [
"direct",
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] | B |
94982dc49ab3015a400cc5b0f9b29bb4 | I know last quarter, we talked about your interest in exploring a pediatric program for DefenCath and that you had submitted a clinical protocol. Just wondering if there's any updates on that? | So we have submitted the pediatric protocol, and we will only have an update once we have the NDA for DefenCath approved, not prior to them. | intermediate | [
"direct",
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] | B |
63641cd4347ab2f5e0b377964b4e9a78 | Has the FDA given you any update on whether or not an on-site inspection will be required as opposed to a review of new records submitted? | Thanks, Dan. I'm sure where FDA will review very carefully. There's a new information that is submitted and probably based on that review, decide whether or not it has questions that would necessitate submission of additional information or whether it needs to conduct a remote interactive evaluation and/or an on-site i... | intermediate | [
"direct",
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] | B |
8d288dbcda025af4da8a53d73d44301f | To your knowledge, has the FDA engaged in any remote interactive evaluations? And is this still a possibility? | Yes. I think that's an important question. As I said in my prepared comments, the agency as a result of the pandemic may continue to have travel restrictions that impede travel for on-site inspections. So I've been very careful to talk to industry experts and the fact that FDA has not withdrawn its guidance document on... | direct | [
"direct",
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] | A |
ffcbed9b991b5e35ff72299fd2a9d8b0 | I see you filed a universal shelf and new ATM program today. Can you explain why now on the timing? | Yes. Yes, sure. Thanks for the question. Well, we certainly -- and we currently have enough cash runway through 2022, as we described on the call, we believe it is sensible from a corporate finance perspective to plan for the future, given we are approaching what we hope will be a pivotal year ahead for CorMedix. | intermediate | [
"direct",
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] | B |
b709a62ce1f4b81220bc7344ae389777 | Question was on -- the first question was kind of on visibility in booking windows and I know for your business it's always inherently short, but even a little bit of direction can matter, right. So I'm curious as to whether you saw any lengthening in the admittedly short booking windows of stuff booked in the first qu... | Yes, Chris. That's a great question. The booking window continues to be very narrow. As we've discussed on previous calls, as we move through the pandemic, the booking window narrowed further compared to historical results over the past, let's call it two to three years and results today, continue to stay in a very nar... | direct | [
"direct",
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] | A |
62bef072777f7956411765888853e6d3 | And then could you give us maybe a little bit of a sense for, right now, or historically how much kind of delta there is between weekend or leisure rates and weekend or weekday in more commercial rates? Is there any way to kind of triangulate that? | Well, I don't have the daily rates mapped out in front of me, but certainly as you think about weekends, as I mentioned in my prepared remarks, we've -- since the beginning of the spring break travel season, we really have been able to drive fairly consistent rate growth on weekends. And that's really reflective of the... | intermediate | [
"direct",
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] | B |
75d29173729b4a34a1670076fb581e5c | And then maybe can you talk for a minute about labor. There has been a lot of headlines and a lot of questions on all the hotel calls about what you're seeing in terms of hourly impact on availability of workers, but also kind of expectations for hourly rate? So any color there would be great. | Yes. Yes, Chris. There has been a lot of discussion, both across the industry and obviously on calls around the labor issue. We came into the pandemic as an industry with the labor shortage and that labor shortage has increased. Obviously, the industry has done a lot of things similar to what we're doing. For example, ... | intermediate | [
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] | B |
6f4d05e44acf8d2aaf521580e4245bb2 | I appreciate the color on some of the more recent April trends. You discussed the 62% occupancy, which is a nice step-up from the recent months and quarters, but how does that compare to 2019? And I guess, do you see a path if we sit here, six months from now, do you think that there is a possibility that you're back t... | Well, that tends to be the question right? And if you think about the way that occupancy is laid out, what you'll see in our Q, once that has crossed the line, there are some charts in the document the layout, Jan, Feb, March and April and show 1920 and '21. And what you'll see in there is that the 62% in April for 202... | intermediate | [
"direct",
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] | B |
feb9d87335b375622c455c4395f16261 | And then one on asset sales and obviously you've had impressive progress on that front. But I guess not to say that you're a seller of assets in the core markets. That's not what you guys were trying to do but, how do asset values compare in the core markets versus the non-core markets? And I guess where I'm going with... | Yes, I mean, so obviously, we're working down toward the 105 core assets in our portfolio. We did provide a little additional color on our prepared remarks around how the core has been performing, but the reality is the core portfolio does get valued a little bit differently, as we've talked about, the non-core portfol... | intermediate | [
"direct",
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] | B |
f976e6f554f6099c51a410cc1cd3fd9c | Hi. Good morning and congratulations on the progress, especially with TEMBEXA approval. So I was just wondering with regards to the BARDA -- with BARDA, just -- we now have a new surge in the Delta variant and so forth. So are you aware of any shift in their priorities potentially from earlier in the year? | No. I think the short answer is that where they had a pinch has been in their contracting group. And I don't think that that has been impacted by the sort of the recent activity or the recent surge in COVID, for sure. We have an ongoing contact and communication with BARDA, just based on our ongoing kind of relationshi... | direct | [
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] | A |
0f87e2e2b8ade29b2d9b20f93ac7a795 | Got it. That's really helpful. And then with regards to the DSTAT program, are you actually able to comment or shed any color on the enrollment numbers and accrual rate at this point? | Yeah. It's probably still too early to identify enrollment trends as we're still activating sites. And then I don't tend to get in the habit of getting quarterly updates on enrollment numbers, but our expectation at this point is that we would have that analysis of the 80-patient first assessment in the second half of ... | intermediate | [
"direct",
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] | B |
bef64333675b4cefa0242c21a8395493 | Got it. And just one more for me. With regard to the ONC201 program, there was some -- there was a presentation at ASCO on paraganglioma study, the IST study. So would we -- in addition to -- obviously, the top-line data is coming out of the registration cohort. Will we see more from the other study [Inaudible] on that... | Yes. So the updates from a clinical standpoint will come from really two things. One is the registration cohort, and the second I referred to was essentially this other group of patients that we're following that sort of meet all of the criteria of that cohort, except that they have disease outside of the midline struc... | direct | [
"direct",
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] | A |
1a06e2eac7f8155503d7862c2ad35b26 | Good morning, and thank you for taking my questions. The first one on ONC201. I mean, we are going to see the reanalysis of the whole pivotal cohort later this year, but we have already seen a good group of patients that have had responses in the blinded review. Is there anything different, I guess, between the analysi... | Yeah. So let me handle the first question about the change in the -- or any change in the analysis, and I'll let Josh and Allen talk about the non-midline patients and how those might be incorporated, and how we anticipate that to transition to a potential label. The first question relates to the analysis of these pati... | direct | [
"direct",
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] | A |
476f1fda111fc0c52a234179a9d806a5 | Hi. Good morning, everyone, and congratulations on all the progress. Just to elaborate a little bit more on the ONC201 data, what would be the median duration of drug you anticipate by the time you will have the database closed? And any thoughts on how you're trying to probably improve on getting more responders if you... | I'll start that, and maybe, Josh, you can chime in, too. One way -- if I understand your first question correctly about the median duration of drug, the last patients to be enrolled in that or included in that 50 cohort would be on drug for more than a year. So you're probably at that 14-plus months, so close to a year... | direct | [
"direct",
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] | A |
32159645d8db3df8d5811c5a3feb2554 | Just a clarification on 201 analysis. You mentioned there will be a group of reviewers. Can you elaborate on that? I guess how many reviewers will be involved? And can you talk more about how the process will work? | I'll give the real high level, and Josh or Allen can give a little bit more detail if it's helpful. But I think it's important to start by remembering that this RANO criteria is -- it does go beyond just an imaging assessment. It's one of the things that I think is important to remember about RANO criteria. These respo... | direct | [
"direct",
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5d8b0cc89d10f58665dded9242fd1864 | Got it. OK. That's helpful. And apologies if I missed this at the beginning of the call. But for the TEMBEXA procurement contract, based on your conversations, do you have a sense of whether BARDA is taking a longer time because of administrative backlog? Or are there other gating factors involved that you can comment ... | Yes. My sense is that it's an administrative issue and one that, as I mentioned, based on the conversations that we have and which are ongoing related to the open development agreement, our expectation is that we need to be ready at least for a potential shipment into the stockpile later this year. So there's been no c... | direct | [
"direct",
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] | A |
535f985f6cbfb686e66562f0dc41f1ae | Got it. OK. And that's really helpful. And maybe last question, just wondering if there's any new perspective on potential on using MRD as an elevated or prioritized endpoint in your AML phase 3. Have you had any new conversations with regulators or even experts on the topic that you can comment on? | I'll start that, and maybe Allen can add if I miss something. But the only thing that's really changed in recent months is the announcement by Kronos that they are using that as primary endpoint for their AML study. It's in a different patient population, so there's some differences that probably lend itself as more ac... | direct | [
"direct",
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] | A |
e50c8227d7c6bdeb4f7d7c3cfc561b36 | And then just on M&A., a question. You guys continue to have one of the stronger balance sheets out there. And again, I guess my question is -- to see deals you want to see maybe for sale or -- I guess maybe just give us -- just overall, and I'd like to say, hey, are you still seeing anything out there? But more your t... | Yes. I mean, I think as you think about -- let's talk about North Dakota. It's not a bad proxy for a fair number of basins. There really haven't been many deals of any size in the last several years.
Bid-ask has been too wide. That's just been the reality. At one point, quite a few players out there. There's a lot of ... | direct | [
"direct",
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] | A |
d551fc2b75ec59bfd05fbdc463dfa472 | Thank you. Two questions for me. First off, in regards to the $300 million to maintain flat liquids volumes in 2021, how much of that budget is earmarked for the Marcellus? And how many DUCs does that envision in the Bakken at year-end 2021? | Thanks, Adam. We would assume a similar kind of spend profile in the Marcellus. There'll be some rounding there. I think it's got granular, maybe a little bit higher, but relatively flat, but a little bit higher than the Marcellus.
And then I think we'll probably stay away from an exact number relative to DUCs. But I ... | intermediate | [
"direct",
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] | B |
4d88cf9c620102af026d1f8e36ab67cc | First one is that with the recent price strength in silicon metal and ferrosilicon, how can we think about when that improved pricing is going to flow through the income statement? | When you consider silicon metal, where we have price agreements, which are indexed, there is a quarter lag. It's also true that a large part of our business is on fixed yearly pricing. So the net effect of an index price rise doesn't cover all our silicon sales. Our alloys business is still far more indexed, and the la... | direct | [
"direct",
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] | A |
e84635712fa6808b3aada8f18706615f | With the silicon metal, what's the mix between the index and the annual contract? | Well, approximately 70% is annual contract, but then not all the 70% as fixed price for the year. | direct | [
"direct",
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] | A |
7f2e1a00eaa93d1791c7d737418d82fc | And then can you talk about how the contracting environment was on a year-over-year basis? Was your pricing up or down? Was it flat? Steel environment is obviously very different in this time of the year than it was a year ago. So you can just talk about how that environment is? | Yes. Well, as you know, I have a short tenure with the company about one year. But in this year, I have seen quite a lot of volatility on pricing. Maybe let me start from silicon as a reference. Silicon price last year started at good levels. And then due to the lack of demand of second and third quarter, the index pri... | direct | [
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] | A |
a055a760e1e7cc16af2dfe2c26ee1530 | A question for you on the European CO2 credits. What portion of your 2021 projected CO2 emissions do you have covered? And then what dollar amount of credits are you going to have to expend so that you're covered on your CO2 emissions for 2021? | Yes. Thank you. Nick, for the question. This is Beatriz speaking. As of today, we have a part of the CO2 allocations that we need already in our balance sheet if this answered your question. It's true that we need to purchase a certain amount of CO2 rights as of today. And what we are trying to -- what we are planning ... | intermediate | [
"direct",
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] | B |
e5a5fc34485a73f2fd904394835dc61d | So of your 2021 emissions, how much do you have credits for? And then how much are you going to have to spend so that you can get all of your European production done? | Yes. So as I mentioned, we have part of them already in our balance sheet in a percentage basis, that may be something that I can disclose not in dollar value. And again, the issue is about the timing because we're going to be getting the new allocation in June 2021, and we need to repurchase the CO2 by the end of Apri... | intermediate | [
"direct",
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] | B |
d122453d0adf73933d6213e2c102fd86 | How about this? In terms of the $30 million that you monetized, I believe it was at the end of the second quarter, beginning of the third. What percentage of your 2021 emissions did that account for? | Well, there is a relation between the two processes, but let me put it like this. So the ones that we sell in 2020. Right? It was related to the consumption in 2020. Right? The work that we're going to be allocated in 2021 would be based on the future utilization of our plants. So I don't think you can connect the two,... | fully_evasive | [
"direct",
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"fully_evasive"
] | C |
e0555b56a84640b217752ec9b674ab9b | OK. But there's a disclosure that you accounted for a CO2 accrual of $6 million. So the accrual of $6 million for the fact that they are more expensive now, however, you're going to be spending $6 million more than you would have in addition to some additional amount. So you could be spending -- if you sold $10 million... | Well, you need to see -- I think the best way to answer your question is to look to the evolution of the CO2 prices on the last 12 months. So it's true that the prices have been increasing from, I would say, EUR 27 and it has been going up to -- even up to EUR 40. As of today, we are at EUR 36 per EOA, right. But this ... | intermediate | [
"direct",
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] | B |
56708307b47af8534149fdc0772b1ce9 | Yes. And then a question on the asset closures. When you're exiting the Niagara facility, are there any environmental remediation liabilities that are triggered? And then do you have any sense of what the cash exit costs are going to be? | Yes. In case we have to shut down Niagara, we have already estimated a couple of million dollars, nothing more. But at this stage, we do not expect to completely shut down the facility. We have some alternative options that we are considering. | intermediate | [
"direct",
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] | B |
125b9b0f03da3031f67b71fb496a28b1 | Yes. And then a final question on the production costs. Are you seeing any inflationary cost pressures across the manganese, silicon metal, and ferrosilicon side? And can you talk about the ability to pass this through? | Well, for sure, we can see some of the raw materials moving up. Manganese ore has moved up a little bit market-wise between Q1 and Q4 last year. Coal is moving up slightly, up versus quarter four last year. These are the two main ones at the top of my mind. | intermediate | [
"direct",
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] | B |
622e91b790e43687e6bf396664eab8ed | Maybe just starting with capital expenditures, how much do you intend to spend in 2021? | Hi. Good morning. In 2021, our CAPEX level will go up compared with 2020, but we don't provide the figures, but I can tell you that we're going to be increasing our CAPEX expenditures as well our business expense in 2021. In 2020, we have been spending $30 million of CAPEX. And we're going to be going above this figure... | intermediate | [
"direct",
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] | B |
7d525611e117cce9a3c5942c8f570e57 | OK. If I can ask that maybe just another way. How much -- is $30 million your maintenance level of capital expenditures? Or did you underspend on that? I'm just trying to gauge what's the magnitude to be -- | No. No. For two years in a row, we have spent around $33 million, $34 million of CAPEX. And this number is the number that allows us to operate our current asset footprint in a safe way. In this CAPEX, there is almost nothing related to growth or nothing to process improvement, while related to the KTM initiative that ... | direct | [
"direct",
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] | A |
67564c8072cd0b7c4e9e4560a6a89974 | OK. That's helpful. Then on inflation or just cost inflation, can you give us a sense of what headwinds you're seeing on freight and actually not even on shipping, but shipping availability? I'm hearing there is some log jams with logistics? | Well, as you know, we have limited business in Asia. And yes, we see some inflation due to some ancillary raw materials that we need to buy, mainly for our foundry business that we buy from Asia. This is the main inflationary costs that we see. So I refer this to this move and to magnesium purchase, but it is not somet... | intermediate | [
"direct",
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] | B |
834056094af9ce3af37099a45e4a7865 | OK. And then with the centralized procurement group that you created, when should we start seeing the real benefits from those? This year? | This year, yes. Yes. It's more -- I have -- it's going to be as a slow ramp-up because most of the supply agreements were negotiated in Q3, Q4 last year for this year. But so we focus first on centralizing the organization. But now we are working on capturing some values, for example, on the purchase of certain service... | direct | [
"direct",
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] | A |
9e4ec4505cd7aec78e1c4bbd83de0383 | OK. And then final for me, just as we think about -- I know you said prices are moving up on the indexes, and there's going to be a little bit of a lag when should we start seeing a more meaningful rebound in volumes? Will that start occurring in the first quarter? Or is that maybe -- | You are seeing a rebound in volume already in quarter four. Right? If you look at the volumes, our commercial part in Q4, the volumes were substantially higher than in Q3 for all the three major value centers, and we have not been out destocking. We have kept the price at the same level or pretty close to the same leve... | direct | [
"direct",
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] | A |
7cadabbff1586f35d170ae0ae13bb121 | I wanted to ask about Japan sales. You mentioned the new medical product had exceeded initial expectations, can you elaborate somewhat on that and how sustainable should that improve demand base at more just a first quarter phenomena or should we expect that improved momentum to continue into the second quarter and per... | This is Dan. I'm going to let Japan to let me just say that it tracked to me more of what other products in past introductions have done. It's really too early to tell, it's really only been out 2 weeks. So to go ahead and forecast on 2 weeks is a little too early to tell, but I'm certainly optimistic that the field fo... | intermediate | [
"direct",
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] | B |
c7bf6d2b471fba758d4bfe37ce92dd81 | The second question is just on US sales, understand broker driven sales are holding in better than agency sales. It's possible to get some quantification behind, how much better I think with brokerage and group becoming much larger part of the strategy [Indecipherable] to helpful to understand how sales are trending al... | I think it's probably best for Teresa and Rich to handle that. But you're in the premise of your question is correct, broker group driven sales will hold up better under this environment than agent driven small-business sales for sure. So Teresa and Rich.
I'll let Rich answer, but I'll just make the comment that yes t... | intermediate | [
"direct",
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] | B |
efece121e02a8aae070ad03e894c5c94 | I saw a headline the other day that Japan had been [Indecipherable] required masks in their preparation to try and host the 2021 Olympics. Assuming that where to go through, I know previously you talked about joint marketing and product campaigns with Japan POS, is there the possibility of some increased marketing expe... | Yeah, we will have Koji or Koide San address that. I would tell you that if what your question is do you expect to build some form of marketing campaigns surrounding the Olympics. That is not in the plans and not normally what we would do. What we are doing however is building marketing campaigns around the launch of o... | direct | [
"direct",
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] | A |
31e1f32bd244474ed616de93ba91de09 | The wellness program you started in 3Q 20, is that still in play because I think last time you said it would carry over a little bit and how should we think about cost of that. | Yeah, it is still in play in the sense that there is sort of, I'll call it a tail to it, if you will, in other words, we did the mailings. We saw, as you recall from last quarter spike in some of the wellness claims which be blunt and anticipate because we believe the pay-off of that, it is not only persistency, but al... | direct | [
"direct",
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] | A |
37ca45e9c2fcc36981b0c4bc989dc4f0 | I wanted to go to the Japan benefit ratio. I think you had said that some of the improvement lower than expected results or better than expected result was due to reserve releases. How are you guys planning for benefit ratios as you think about a world where the economy opens up again and maybe we see more people in Ja... | Let me kick it off at a high level and I have thought to fill in the blanks as well and specifically for the fourth quarter, we had a reserve release of about JPY7 billion. That is a higher than we would normally incur in a quarter and we estimate that lower the benefit ratio by about 30 basis points in the quarter, an... | direct | [
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] | A |
476bb19b72edf7fd6963bee2ec24b936 | Dan, you had commented that you're optimistic about a recovery in the second half. How much of that is just due to sort of recovery in face-to-face sales versus some of the things that you're doing to try to improve the penetration of the direct to consumer or the digital virtual sales. | Well, I think it's a combination of both. And of course you're going against much easier numbers, especially in the second quarter and so that within itself makes it easier, but all in all, we have been working on trying to find ways to do less face-to-face and more virtual and we've been preparing for that and it just... | intermediate | [
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] | B |
12b26e0b1e2b6cc5987705edcfbe6c4b | I want a just big picture, you talked about risk adjusted return on equities and you look at your slide deck on in and you have great track record of ROE, we've seen a number of other large insurance companies sort of get away from earnings per share guidance and focus on sort of setting ROE target. So given all the ch... | Greg, I think we will be operating in a fairly stable environment. We obviously are running at fairly high capital levels and that is putting some pressure on ROE as we go forward. And so it makes it somewhat challenging to continue to sort of operate in the strong ROE levels that we have been in the mid teens. Like fo... | intermediate | [
"direct",
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] | B |
4845d33450b1e5871d6ab3d6bd856e8e | The second question is more in the weeds. But I know in your prepared comments you talked about now that covered. You got a year of covered under the belt, you're looking at reserves, and using the data sort of set the reserve levels and I'm just curious, both in Japan and in the US, how you're reconciling one year's r... | I commented a bit on this in my script and Max commented on it. Look, it's a very interesting science right now for valuation actuaries establishing reserves particularly incurred, but not reported reserves. These are practices that these models and so called completion factors. If you want to use the technical languag... | intermediate | [
"direct",
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] | B |
7c685ff79b8cc73ae6e74a5b9bb37160 | Quick question on fourth quarter revenue. It seemed a little soft versus expectations and just by my model excuse me, it seemed almost completely due to HAPS. I thought the expectation was for half revenue to be kind of stable year-over-year but it looks like it was maybe down about $18 million year-over-year. Was that... | So, Steve, this is Wahid. Thanks for the comment. In regards to your question, obviously, we're very pleased with the record fourth consecutive year of profitable top line growth, both organically as well as inorganically. And we're also positioned extremely well for fiscal year 2022 with another year of consecutive gr... | intermediate | [
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] | B |
be1a42e4d8859ced79ea70035bb65af5 | Hey Wahid, on the export for the Switchblade 300, could you maybe talk about -- you mentioned that there were others that were interested. Do you -- when do you expect to see potential orders there and maybe what's the path forward with that program? | Sure, Peter. So obviously, we're very pleased with the performance of our TMF business last year. It's been a growth year for us and they will continue to be a growth year for us next year, as Kevin and I outlined some of that growth toward next year. In terms of the export license for Switchblade 600 -- Switchblade 30... | intermediate | [
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"fully_evasive"
] | B |
204960b973101da7ec18eecfbf262309 | Yeah. Yeah. Just as a follow-up to the Switchblade 600 comment, you mentioned that was being incorporated in some Navy vessels or at least the initial award. Can you talk about if there's any interest from other services including the DoD? | Sure. So, we made a lot of really great progress in fiscal year 2021 on our TMS product line in general. We secured a number of awards for LMAMS contract, which I mentioned in the tune of $45-plus-million in my remarks. But also the export license for Switchblade 300. In terms of the Switchblade 600, we received a coup... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
48100f3f0c18dbca1d4792681a73283d | Wahid, just the -- can you give us the organic growth assumption embedded in the FY '22 revenue guidance? | Sure. So we'll provide more color when we get to our first quarter earnings. We're still in the midst of the integration of the businesses that we've just acquired, which all are going really well. I'm not sure if we're going be able to break out our specific product line growth by that time, but we will keep you updat... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
95f2a7cb9ad6830e2c288325ec0ffbbd | Is the organic growth greater than 10% at least? | We will provide the specific details later on our first quarter earnings call, Joe. But we feel pretty good about the growth of our businesses. And another key point that I would mention is that by these acquisitions and the growth of our product line, we're really a very well-diversified portfolio company now. We've g... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c86901f715dfa16d53bd77c9d336ec20 | Yeah. I wanted to dig first into Arcturus, and it seems like the run rate for your fiscal first quarter -- or, I'm sorry, fiscal fourth quarter consistent with what you've guided to after the third quarter but maybe a little bit lower than the run rate when you acquired the business. How should we think about that busi... | Sure. So, Ken, in terms of the Arcturus UAV, we're very pleased with that acquisition. Obviously, the actual close of that deal happened quite late in the quarter, somewhat later in the quarter, and so the contributions on the revenue was not very significant. For fiscal year 2022, we expect that business to grow, and ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5465dd15f226d631df7d711da56a95d4 | Okay. That's great. And if I could on the fiscal '22 guide, the total guidance implies roughly sort of flat EBITDA margin in '22 over '21 As you get a greater contribution from some of the higher margin businesses like Arcturus, is it fair to say that much of the headwind would be coming from lower half revenues or is ... | I think we were acquiring these businesses. We're putting them together. I think we've tried to do our best on estimating what the margin percentage is. I think over time we'll see more leverage there. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
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