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0e3eb15caadb623828f1e55db5c783ae | Hi. Thank you. I thought it was interesting you mentioned your strong relationship with General Motors, including the multiple CCS and CT awards in 4Q and how they've been sort of quick to embrace your new technologies. I remember the work you did with them regarding -- you remember the greenhouse gas credit stemming f... | Good question. Thanks, Ryan. No, I think, the EV space, just to answer your last question first, we're getting a lot of interest on the EV side with ClimateSense. That's the most interest thing. I mean, the value proposition of range extension and extreme temperatures is really compelling. So that's the number one driv... | intermediate | [
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b6d67974627124056f446f5b2c53d342 | Okay. That's helpful. Thanks. I'm sort of hearing that maybe luxury battery electric vehicles could be a good first place to start with ClimateSense. I wanted to check in also on the 2021 outlook just in the context of the semiconductor shortage issue, which, the guidance looks unchanged versus the preannouncement on F... | Yeah. I'll answer your last question first. On the direct side, definitely it's an impact to us. We do source semiconductors for several of our products. That's ICs, microcontrollers and motor drivers are the three most predominant one that we are struggling with. So far, we've been able to get through it with some exp... | direct | [
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4143295baf72fbbbbbdf55e419dfe293 | Can you maybe talk about the steering wheel heaters? Obviously this is something in the past that was more of a -- or considered more of a, I don't know, commoditized item, but this seems like this is really starting to really take on some advanced technology. Maybe talk about that and some of the opportunities for add... | Sure. Well, I wouldn't call it a commoditized item at all, I think it's still a luxury feature. In fact, if you look at it from a take rate perspective, it's significantly lower than our CCS and heat take rates, just in general. So we still think there's pretty good opportunities for growth, just in the steering wheel ... | direct | [
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ab59202ee3d0208d4a9fa29b5f85fb11 | Got it. And just last question on medical. It sounds like you expect growth in 2021, but how should we look at that from first half versus second half of the year, given some of the deferral trends that you guys are seeing? | Yeah. It's a tough space right now, to be honest with you, because of a couple of reasons. One is, of course, the electric procedure reduction overall has a direct effect on our product utilization. And hospitals are struggling a little bit more financially, so capital expenditures are down at hospitals. And then, the ... | direct | [
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277ea24f35343ca000fcc903a39c2074 | Clearly some I think, optimism in the tone of it as it relates to future fund flows. But perhaps you could about elaborate a little bit as it relates to conversations or dialog with kind of the consulting community, and gatekeepers and perhaps LPs that sort of is this driving some of that confidence. | Sure. So. I think the simplest way to say this, and we tried to highlight it with this kind of 12-year view. We were in the business of raising capital into Multi-start funds and other funds prior to the firm issues, and we, I'll say, won our fair share of market share of those flow dollars.
And for a long period of t... | direct | [
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4c07b77d0bc176c3e9cb74d14d2faaa0 | OK. That's helpful. And then I wanted to expand a little bit on the operating leverage comments both from your press release and prepared remarks. And if you could maybe just sort of help us frame that against quote-unquote, no material change in expenses.
Should we think that that rate of expenses or at least operati... | Thanks, Gary. So I think when you're talking about core expenses, again, we don't anticipate there being any real material change from the guidance that we had given last year around core expenses and from our experience this year. In terms of starting to see that operating leverage, the first place you're going to see... | direct | [
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77f735794e6a43eb3bf458258a819db6 | OK. That's helpful, and then just one last one, if I could. Clearly the timing issue is complicated and perhaps just sort of a function of the size and structure of your current business. But is there anything that you, just you could sort of take away from the past two years in terms of philosophy and process as it re... | Dava try to answer it differently if she wants, but I think you nailed it with the second part of your question there. At our current scale, it's just magnified. The way we do it is the way we've always done it, and the way that I would say the substantial number of our peers, albeit most of them at this scale are not ... | direct | [
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844c16d83e4dc29be022788ab223c8cc | I'm interested -- starting with the net interest margin and the net interest income outlook, how -- appreciating the guide you gave for the $3.15 to $3.25, how do we think about net interest income dollars? There's a lot of obviously moving parts, so maybe PPP contribution, how much of that is in the numbers? And maybe... | Yes, sure. Chris, on the PPP, on round one we still have about roughly $4 million of deferred loan fee that we expect to go into interest income once the loans are forgiven. It's slow going for us, so we assume it would be spread out between Q1 and Q2. And then in terms of -- Chang gave our loan guidance of 3% to 5% lo... | direct | [
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d391f9e579b0fa1ce35e6d6f1089f8a6 | I'm interested -- two parts, the appetite for more buybacks and also you gave the solar amortization, wondering if you had the low income as well that you expect for 2021? | Yes. So on buyback, I mentioned in the third quarter call that we're hoping to authorize the -- get approval for $75 million buyback, and so we're working on that. And then on the low-income housing, it's roughly $6 million a quarter, so $24 million for 2021. | direct | [
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1acb7c20fdd70c41ccb890c349605142 | I just wanted to ask, in terms of the brokered CD runoff, is there an additional amount of runoff in that book -- or rather how much is left, if any? | It's about 7 -- on brokered CD, it's about $700 million. We may runoff a few $100 million. It depends on the extent of core deposit growth in 2021. But the constraining mix for us is our liquidity ratio, so we're trying to maintain a reasonable amount of on-balance sheet liquidity. | direct | [
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f7cce2c56446c2c758b9608b1329b6b4 | And I missed the CD maturities that you noted for the first half of the year or the first and second quarter, if you could... | Yes, I'd be happy to repeat that. It is, see, $2.6 billion in Q1 at a rate of 1.45% and $1.1 billion in Q2 at a rate of 0.68%. | direct | [
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d5d947e0c75d6c9614b8259bb8aac49e | And what -- at that renewal rate, what is your, I guess, target for retention of those balances? | We're hoping -- based on 2020 activity, we're hoping 80% to 90%. | direct | [
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3397f11a7cfc550c72a12c58f5cb5405 | The -- within the margin, I think you mentioned the prepay fees and recoveries of four basis points. Did that also include PPP related net revenue? | No, it does not. | direct | [
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93c9dd9f59bd6b1067c783c997be5c7e | How much in the way of PPP-related revenue did you have in the quarter? | It's pretty small. We believe it's around $600,000. We're amortizing the fee over 24 months and then as there's forgiveness that -- for the loans are forgiven, that unamortized fee is -- goes into interest income, it's about $600,000. | direct | [
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ec9bf3a05bfe01ced3ea42e676bbc80e | 3% to 5% loan growth outlook ex-PPP, can you describe the pipeline and how it looks today maybe relative to a year ago or last quarter and the source of growth that you anticipate putting on? | Sure, Matthew, I think our guidance on the 3% to 5% loan growth is mostly looking for stronger C&I increases in the outstandings. We've added a new C&I team and several other strong C&I lenders and relationship people. So, we're really kind of focused on the C&I side of the business. We expect some modest CRE growth as... | intermediate | [
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db7f2084020d54f97a38aeba1a153be1 | And then just on the uptick in criticized loans; was that just a function of some deferrals that have kind of -- that you've just migrated and are waiting for them to start making payments or is there something else to it? If you could just give some color there. | I think there was one hotel loan. Are you talking about substandard or special mention? ... I think it's mostly -- I guess we're more focused on the substandard loans. But my recollection is that there was one hotel loan that was downgraded in the third -- in the fourth quarter and then there was another one that was d... | intermediate | [
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3882f46ad2abbd5b093ba79c488fcee7 | And then the last one for me was just around the decision to no longer pursue these solar tax credit investments, I guess, your decision there. | Well, it's mainly because of the change in administration and the uncertainty as to corporate taxes. So, as to the corporate tax rate as well as President Biden, when he was running for office, his tax program included a fairly steep -- I believe, it's 15%, minimum tax -- corporate minimum tax. So, we're already -- wit... | direct | [
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8cd127832a53ff632121d49fa36a6408 | I wanted to start with a follow-up just on the solar tax credit question that was just asked. Just on a stand-alone basis, is the IRR or return characteristics still strong enough where it would be of interest or it is just more of the kind of uncertainty going forward? | Well, Michael, we estimate it adds about $0.06 to EPS per year, a little bit more in 2020 because our -- the deployment was much faster than we expected. So, the -- but it's really -- until we're clear on the Biden Administration corporate tax stance, we don't want be trapped at where we're paying [Indecipherable] a mi... | intermediate | [
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9541fd5ac896ef70fd5f113a636e0875 | And maybe switching to just kind of the various guidance outlooks, I think the loan growth guide was ex-PPP, but just wanted to be sure that's excluding both rounds of PPP. And then same with NII and NIM guide, does that include kind of the fee recognition acceleration that you were talking about or is that exclusive o... | Yes, the loan growth guidance is 3% to 5%. It does exclude PPP round two. I'll defer to Heng to speak to the NII as well. ... Also round one forgiveness. And so, it's just core loans. And then in our budget, we put in nothing for PPP round two. But that fee -- the remaining fee from round one is in the NIM guidance. Ch... | intermediate | [
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8ec89a783b8602cf32e671ae1b8a1c01 | And maybe just last one for me on expenses, kind of ex the tax credit pieces, it sounds like there was some interest in hiring, wasn't sure if you had some levers to pull on maybe the branch side with a lot of branches closed, kind of getting a view of what that may look like. So, just any color on puts and takes for e... | I think the objective here, Michael, for us in 2021 certainly is still going to be a challenging year and COVID is not going to be any time be -- any far behind us. So, we're looking to still continue to control our expenses where we can and obviously, the biggest pieces are the -- sort of the employee costs as well as... | direct | [
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503a20bb3dd2a624e830a3989b375946 | Just wanted to start with a follow-up on -- on the tax rate, you mentioned 18% to 19% that will have solar tax credits in the first half of the year. How should we think about the progression of the tax rate through the year? Should we see it lower in the first couple of quarters and then kind of ramp up in the second ... | Well, I'm happy to say, it should be constant on the effective tax rate. You make the forecast at the beginning of the year and you update it every quarter end. So, we're funding out our 2020 solar tax credit funds. So, we know -- so it's in our 2021 forecast because it's [Indecipherable]. So, it should be flat through... | direct | [
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69679b6c24e68e6f08749c3244b52c61 | And then on deferring CECL, can you talk about why you guys decided to push it out again? Is it just, given all the uncertainty it's easier to work on the older modeling for that? And related to that, you guys had the reserve release this quarter. What's the outlook for potential reserve releases here under the old met... | Yes, on deferring CECL, it's our current intent to adopt it as of January 1, 2021. The law is -- we believe it's flexible as to what year you adapt. In talking and consulting with outside auditors, that's our present plan. And the day one charge would be as of January 1, 2021. So, we think the pre-tax day one charge wo... | intermediate | [
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f523c80c234097cd3ac76c9ffddb9b89 | And what about in terms of potential reserve releases, do you guys feel as if you're kind of properly set with the reserves ratio that you have now or do you think there's room for additional releases? | Well, we don't know because it depends on what happens to the Moody's forecast in the first quarter as well as our net charge-offs. But our day one adoption number is based on the December 2020 Moody's forecast. So when we adopt CECL, that should be -- it should be what the model says the number to be. So in terms of r... | intermediate | [
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cdbe6e9f5cc5ac59417780020d67696d | And then shifting to the net charge-off that you mentioned about $8 million in the Hong Kong branch, can you talk about just what happened there and remind us of the size of that portfolio over there? | Well, the Hong Kong portfolio is about $240 million and this was a credit. We can't name customer names, but this borrower in Hong Kong, the -- for some of the larger industrial companies, there's different -- if they're [Phonetic] having a line funded by different banks that look -- the custom in Hong Kong is that eve... | direct | [
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fb2af52c8df7a32358481b99ec4748e9 | And then the last one for me is a follow-up on the net interest margin. In the fourth quarter with the 3.12%, are you able to comment on what the sort of exit net interest margin was at year-end or maybe for the month of December? | Yeah. We can give -- I mean you have the day count issue because December is a 31-day month and the other months were -- there's the 30-day month there, but -- let me find it. But it was trending down. So, December was -- 3.15% was the NIM. | direct | [
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75d323cfd9fd3c511704f55db1c84cf0 | I just wanted to clarify the commentary around CECL adoption. My reading of the press release is that it will be the earlier of the year that starts after the national emergency was terminated or January 1, 2022. But it sounds like you just said you're adopting it January 1, 2021. Just wanted to make sure I'm clear on ... | That's correct. CECL for larger public banks such -- as it's viewed as preferable accounting principle to the incurred loss model. So, I think if you if you [Technical Issues] earlier than the federal law allows, it's not discouraged. | direct | [
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b64b83d68e08cce5ba40864cb12d951e | But there won't be a requirement to go back and restate 2020, [Speech Overlap] correct? | That's correct. That's our understanding, yes. | direct | [
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cb8de23d603e9ccf783708b7fd4ddd6f | So, on the net interest margin with the 3.15% to 3.25%, clearly at the beginning of the year when we get the forgiveness that's going to boost the NIM and then we're also going to have the benefit of the CDs repricing, but as we think about exiting 2021 in terms of the net interest margin, are you able to comment what ... | Well, I mean, the hope is that it's the highest at the end of the year because the PPP forgiveness is -- it's a few million a quarter. And if you have a full year of loan growth in -- that's there on Q4 and you have a full year of CD repricing, you should be at a pretty good point NIM-wise. | direct | [
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00a10f1489c451c9e352c4e6d72fad7d | Firstly, you had mentioned for the BARDA contract, this next procurement is upon the data from rabbits expected in the second half of next year. I'm wondering if that would trigger the second procurement. Or is there any other before then and that's the only one that we have visibility to in the timeline? And then seco... | So yes. So thanks, Ed. Yes, your statement is correct that the data readout in the second half of next year regarding the pilot rabbit treatment efficacy study is in relation to the next procurement or what we refer to sometimes as the second procurement. We're still in discussions with BARDA over the definition of pro... | direct | [
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da7ddee3a90a332f24618cb4202674f3 | Could you share with us your current strategy or thoughts for the commercial allocation for Nuzyra in Europe? And also, my second question is, currently, what percentage of those scripts come from the off-label use? | So, Suji, I'll take the first part with regards to Europe. As you recall, when we actually submitted our MAA, we utilized the exact same database that we used that was FDA approved. And EMA requested a second pneumonia study. And thus, we are conducting that second pneumonia study. Because of the fact that our analytic... | direct | [
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89a6b2c76b504556e26d81e3d07dd1f0 | Apologies if you've commented on this, but maybe, Adam or Evan, you could comment on the physician access for your sales force. Is it normalized at this point? And are you expecting any potential wobbliness with regard to that as different COVID variants kind of course their way through the system? If you commented, my... | No. I sort of mentioned it in my commentary, Bert, hospital access is still not where we would love it to be, which is back to where it was pre-COVID. It's still restricted quite significantly in some parts of the country. It's geographically dispersed. And it's really difficult to predict where that's going to go for ... | direct | [
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1d243dae210d169129862534d5d984cb | Just one more related component. So you commented on it earlier, I think, with regard to the resistance data that you're providing. Is that resonating as it used to in days of old with different antibiotics? I'd love to just hear how that's playing out in the field. | Yes, I can answer that because I've been to some recent advisory boards. It's fascinating, but actually in the pneumonia space, because there's not been anybody in there, the physicians are blissfully unaware of how poor the susceptibility is for strep pneumo, for example, with the oral antibiotics that they prescribe.... | direct | [
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7ac996cc9750543b58be360a285255ed | Hey guys. Great quarter. Can you disclose what the total number of transactions were in the quarter? And what the duration of the loans are that you're seeing right now? | During the first quarter, the total number of transactions was over 5,000 nearly -- over 5,000. And the total loan origination volume was RMB2.8 billion just as we noticed, and it was a significant increase compared to the same quarter of last year.
And the average duration of the loans we have facilitated during the ... | direct | [
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62a5e3fe3bdc5f0975c3b62be031e16b | Okay. And then the interest expense you guys reported was quite a bit lower than what I was looking at. What was the -- can you give the average rate you guys were paying on your loans in the quarter? | So, the interest expense mainly consists of the interest we paid to our trust partners. And if you are speaking of the 12-month duration capital from the trust companies, it is around 5.5% to 9%. For capital that's duration is longer than the year is around 9.5% to 10%. | direct | [
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622b38177d7fde755dfa93215f4837ac | Okay. All right. And then the -- with the forfeited sales partner position income that you reported, do you think it's fair to look at that and say that shows how derisked you guys are on these loans through your platform? | So if you look at a measure on our financial statements, there is a provision for credit losses. And if we look at -- if you separate the collaboration model and the traditional facilitation model, you will see the provision -- the provision for credit losses as a percentage of the revenue. Under the collaboration mode... | direct | [
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930ee9cdd62c8af24049b22a46d4f98e | Okay. And last question, do you have expectations you can provide for origination volume for all of 2021 and 2022? | First of all, the year-over-year growth of loan origination in the first quarter of 2021 was mainly because Q1 last year, China was heavily -- under heavily effect of the pandemic. So there was a significant increase in this quarter year-over-year. But as compared to the fourth quarter of 2020, when we -- during which ... | intermediate | [
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ce7554d57e6d6599957eebca932cc0a8 | Hello Mr. Li. I noticed that in your balance sheet you have around $330 million of cash and that number is actually higher than your market -- than your market cap. So is that number -- could you -- is that number -- could you elaborate that number on the balance sheet of cash? | So we had cash-on-cash and cash equivalents, if we present that in Renminbi it is around RMB2.2 billion. And that's the number you said in dollar. So in my part of introducing the financial results of the quarter, I also had a part mainly introducing the cash and cash equivalents and restricted cash.
So among that RMB... | direct | [
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377bd203db165968b6cf52bdca458798 | The pace of the residential broadband adds to the quarter, 12,000., a great result on an organic basis. How sustainable is that, and especially when you think about the EBB programs and potential further federal support going in the future? | Phil, it's Julie. I'll start out with that. I mean, I don't have a crystal ball. I don't know what's going to happen with the pandemic or with schools and certainly, the impacts of those things going forward as planned versus not would probably impact our business. But I feel pretty confident. I mean, we sort of pointe... | intermediate | [
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183b3ab557c7a2a5847c7b73e7004d34 | Debt-to-LQA-EBITDA 4.1 times. How do you think about that coming down over time? The rates you're raising money are amazingly low. I think it's all Stevens' doing. And does that make you more comfortable with taking a little more leverage on than you were in the past? | Well, I think doing what we did probably took to a leverage level that we hadn't anticipated before that. And I think a big part of that was just where we were able to borrow and what we're able to put in place. And clearly, I think we probably look at the converts as quasi leverage just from the standpoint of -- we cl... | direct | [
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ff9a10948023012e0917289df7f2a868 | Walk us through a little bit more about what you're getting with Hargray and what can we expect kind of the trends with those subs? And in particular, talk to us a little bit about the extensive fiber network that you get with that and how that fits into your mix and what you think the opportunity is to drive business ... | Sure, Frank. I'll start off and Julie can add in. I mean, I think, first and foremost, we get a company that looks very similar to ours in a lot of ways from the standpoint of the type of markets they serve, the type of associates that they have and kind of their focus on associates first and then customers in the comm... | direct | [
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3a0f1e127f57f20766abdb72000d4159 | And then just a follow-up with the Mega Broadband investment that you have. Can you walk us through sort of the -- again, remind us the time line of the optionality you have and what's the soonest that you could potentially take a larger stake in that business? | Yes. So we have 1.5 years time window that begins at the end of the first quarter of 2023. So starting in 2023, toward the end of the third quarter of 2024, we have the option. There's a time period within each of those quarters that we can notify them that we're exercising it. And then obviously, there's still approva... | direct | [
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20c6f3e499e00228a55b21c8711f8a0b | I wonder if you could just talk about the competitive dynamics that you're seeing in your markets, particularly sort of growth markets like Boise, Idaho, for example, there's been so much talk about fiber expansion and people like T-Mobile doing fixed wireless broadband. What are you seeing in those markets in terms of... | That's a big one, Craig. So right now, 24% of our footprint has a provider that is offering at least 100 megs. About 14% of our footprint has a fiber provider in it, so relatively small. What do we see? We do see some encroachment of smaller -- not usually bigger, but smaller mom-and-pop folks wanting to get into the b... | intermediate | [
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649dabdf45fccb16e8640660c66d3445 | I want to follow-up on Craig's questions for Julie. So Julie, in markets where you have fiber competition, can you talk about the sophistication of your pricing construct, where you're able to price services on a market-by-market or even street-by-street basis, how common is that today?
Secondly, can you talk about th... | All right. Sure. So fiber competition, there's AT&T in the Southeast. And then there is -- well, they have a teeny bit in Texas as well. And we have a provider called ALLO in Norfolk, Nebraska, which is one of our smaller markets in the mid-West, and TDS starting up in Boise. We do have, in the past, in order to drive ... | direct | [
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3c0d3f396a6ec560faabc4984c8bfe72 | Julie, last quarter, I think you talked about on the call that subscriber trends had continued to be pretty strong in April. I'm just curious you had a good subscriber result for the quarter. Is that kind of consistent through that? And any commentary on how things feel kind of coming out of it into this period of kind... | So sub trends, like in the discussion with Phil, I would say for 2021, the year started out very strong. And we -- I mean, the first quarter was very strong. April was very strong. May and June were better, as you heard. I mean, I think we were 31% better in this quarter than we were in 2019 in this quarter. So obvious... | direct | [
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d7d53c676c4afb827642afe723b44160 | Maybe just if we could take that into penetration. I've historically thought about penetration as maybe being a little bit lower in your markets than some of your peers. But as you're seeing these strong trends in the sell-in at 100 megabits, the gig sell-in, the impact of EBB, do you have a little bit more headroom on... | Yes, I do think that is the case. I mean, as we look at customers that are coming on now, who are they? They have a credit profile that's very similar to our current customers. So again, I mean, these are good quality customers. Many of them are making a choice to come to us from other providers. Could be DSL, could be... | direct | [
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eab2a84eef9663972608f3ac4cb021ee | The jump in the February sales was pretty notable relative to like the previous levels back in the fall and then broader trends we've seen, but I would have expected more headwinds just given the brand's significant exposure to the Western states that have held on to the mask mandates a bit longer than the rest of the ... | Well, Alex, this is Paul. It is a notable impact as the restrictions begin to roll off. And you're correct, California kind of led the way, and we had restrictions in Washington state and Oregon and also in Illinois. There were some pretty strict restrictions in Cook County and then some smaller markets, but we've seen... | direct | [
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6cbc086cfe9e03f927ecbe598a7bb1a8 | Got it. And then just a question on the loyalty program and the digital bordering assets. And I mean, red royalty is pretty large. I mean the membership base relative to your size and peer group, and kind of interested. You touched on some of that, but if you could expand further on the opportunity to leverage this mor... | Well, the -- first of all, we're very pleased to have gotten it out the door, so to speak, in Q4, both the new app and then the improvements to the overall royalty program. But I think that just a few of the things. The first thing around the new app, it just makes the whole ordering process much smoother, much more in... | direct | [
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ca926e2ece2e8dd3a4fd32ab351ce5b1 | OK. Thank you for that. And just two questions on the '22 outlook and the $80 million to $90 million adjusted EBITDA forecast. And one, I guess on -- if you could quantify the impact from omicron in the first quarter, how that maybe set it back at all, if that was material. And then just assumptions that you have under... | Yeah. I'll start with omicron. I mean it's incorporated into the range that we provided as part of guidance. We saw an impact in December initially that carried forward pretty much to the month of January, and then we started to see trends improve as we've already indicated. I would say on the dine-in business, Alex, k... | intermediate | [
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78f1c4a03fdac65fbcf5578d0ffbb02e | There was a comment that was in the release talking about margin pressures persisting into fiscal '22, but the trajectory improves year over year. I just -- I want to clarify. Are you guys talking about margin pressures versus fiscal '19 versus fiscal '21? What should we be thinking about maybe kind of sequentially exi... | Yeah. I think what the intention of that language was really to demonstrate that we would see higher inflation in early 2021 and through -- or 2022, excuse me, through the mid part of the year because we had very low costs in 2020 at the same time period. And then as we got to the middle of the year last year, we start... | direct | [
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38f4c4fdbab00083ab8ac6081295e602 | OK. Great. Thanks, Lynn. And then maybe to flip it around to the back side of the year, I know there was a comment that you're looking for restaurant-level margins in '23 to equal what you generated in fiscal '19. Can we talk about maybe what that implies for an exit rate? I'm just trying to figure out how much of the ... | I would say we would be within a percentage point in terms of the fourth quarter exit rate compared to the 2019 full year margin. | direct | [
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abcd330e4b78e8659b7faca07c2c4401 | That's very helpful. Thank you. And I believe you talked about -- and I think, Paul, in your verbal comments the room to take price, but I think in the release you talked about an actual plan price increase. Can we talk maybe timing and magnitude on that? | Yeah, I'll start, and Paul can chime in. It's going to be in the mid-single digits based on at least what we expect right now. We typically take pricing two times a year. We're taking it in a little bit more of a blended way in the first half of this year. And then likely in the fourth quarter, we'll take another -- or... | direct | [
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b4657ef993efb97a261458a7adb8e045 | OK. Great. And then just one final one, and I'll jump back in the queue. The SG&A guidance, the $145 million to $155 million versus, I think, $123 million in 2021. What's driving kind of a little bit of a step function up in spending on those line items? | A few things. One is we are planning to spend more in terms of advertising and selling costs. We really muted some of our marketing efforts in 2021 as we were challenged with staffing and some of our other jurisdictional challenges. So we'll try to get to more of a normalized spending rate in 2022 from a selling perspe... | direct | [
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c2e009b6e2abc00a5f1dfdef5b5d7428 | I wanted to go back to the quarter-to-date improvement that you're seeing on sales. And just to make sure we're all on the same page, could you give us a sense of where average weekly sales are currently running exiting omicron? And maybe also remind us what normal seasonality would look like as you move into the sprin... | Yeah. I'll start with normal seasonality. We see a drop in seasonality in January and February, and then it starts to pick up in March and April as we get to the spring months. And then in terms of average weekly sales -- sorry, Brian, I can't remember the number. I have to look at some of our details here. So average ... | intermediate | [
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256bccc758780702e4de6f73b34d9bd5 | OK. Great. That's helpful. And I want to ask on the staffing front as well and specifically your hourly staffing levels. I think you said around 85% of par levels exiting 2021. And I just wanted to -- if that's right, I just wanted to clarify if that par level, is that the same as in 2019? Or can you frame where your c... | Brian, this is Paul. No, the par levels are -- depending on the volume of the rest on anywhere from 10% to 12% higher than 2019, and that is taken into account the stickiness of the off-premise business. And then obviously, the trajectory that we're beginning to see in the dine-in businesses I mentioned a little earlie... | intermediate | [
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db2620744bc9efc60679499e586fe869 | Yeah, yeah. Understood. OK. And then just lastly for me on the commodity front. And sorry if I missed it, but what was your year-on-year commodity inflation on the basket in the fourth quarter? | It was roughly 9%. | direct | [
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4254d196662820ea16090b0d32005b4a | OK. And Lynn, as you think about the mid-single -- mid- to high single-digit guide for the year, what's that cadence look like first half, second half? And then could you also give us an update on the percent of your basket that you're currently contracted on? And any items of significance that you're currently not con... | OK. Well, as it relates to commodities, we believe we'll be in the low double-digit to mid-double-digit inflationary comparison in Quarters 1 and 2. And then it drops down to more of a single-digit increase in Q3, and then we think it will be flat to slightly negative in Q4. From a basket perspective, we have the major... | intermediate | [
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9a27750639c3fd7ded6a29b058e13e55 | Hey, thanks. Just one quick follow-up. Obviously, real success over kind of the back half of the year with the LTOs. And you talked about continuing Cheesy Bacon Fondue into Q1, which is plus operationally. Have we juggled the LTO calendar because we're continuing that product? And I guess, Paul, if you were looking an... | We did juggle the LTO calendar slightly. In fact, in a couple of weeks here, we'll be bringing out the next LTO. And from a qualitative standpoint, the Q2 and the Q3 LTOs, I'm extremely jazzed about. I think that they're right on the mark, and I kind of don't want to quite give it away yet because it's also going to be... | direct | [
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349b7edc37a0ccc51ef9375106b556ba | That's great. And can you remind us what we're running for kind of menu item count now versus where the bread was pre-pandemic? | Well, we took it down about 35% pre-pandemic. The one thing, though, that I'd certainly be upfront about is that adding Donatos pizza into locations as we will through the balance of this year into next year, does add a few. But we have today no intent of driving that number back up because we think the performance of ... | intermediate | [
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3f556da1915998e4359d67552dea1822 | That's great. And the final one for me. You talked about the success with the virtual brand as a sales layer, and then I think you mentioned that you're launching a licensed virtual brand also. Any details you can give us on that, either timing-wise or maybe concept or what's going on there? | Well, I think we'll be, certainly by the end of Q2, fully launched with the licensed brand. At that point, we'll be better -- in a better position to give more detail about it. But overall, obviously, you saw the contribution rate in Q4 at 8.4%. So very happy so far with the performance. I think there's more legs there... | intermediate | [
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cb0683af93630d1cf02fa7903e82a321 | Barry, I really appreciate the details you provided on labor management initiatives to improve recruiting and reduce turnover. And certainly, your performance has surpassed many of your peers. I wanted to ask about another staffing matter that could have long-term implications of the industry. I think the federal gover... | Yeah, it's a good question, Tao. And the answer could be a lengthy one, but I'll try to summarize it in a pretty straightforward way. I mean first and foremost, there's -- we know very little, right? There's been just an overall kind of impetus to look at this. It will begin with a long-term study that will take a full... | intermediate | [
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ec6956fb3150107860569899a22179ed | My second question is for Chad on Standard Bearer. In the prepared remarks, I think you mentioned you are in active discussions with like-minded operators. Could you talk about any quality or traits that you're looking for in your operator partners? Are these going to be smaller, regional operators? Or would you consid... | Yeah. Thanks. It's a great question. So yeah, I mean, I wouldn't say the size of the operator is necessarily a factor. I mean for us, it's going to be kind of, as Barry was saying, I mean, I think it's operators that see the post-acute space much like we do. And I think cultural alignment will be important as well. Jus... | intermediate | [
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ebf74de9a1c61509600064035b2b8ebb | Wanted to maybe just start -- first question, just going back to the proposed CMS Medicare rule for FY '23. And just interested in how you're handicapping what you think ultimately probably ends up to be the likely outcome. I mean, I would assume maybe we end up with like a two-year phase-in of the PDPM recalibration c... | Yeah, Scott. And just a reminder, I think it's sometimes confusing when you talk about the year that starts. This is the rate starting October 1, 2022. Obviously, it's the two components that we're really looking at that positive that I talked about in the prepared remarks, the 3.9% increase and then the parity -- prop... | direct | [
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e963d8e6b547fcf83f510e534e82dc0f | And then maybe just as my follow-up question, it could be helpful if just on the staffing dynamics if you're able to give us any insight on how the sequencing of hires and turnover sort of played out over the course of the quarter? And any early observations you can give us on the staffing dynamics that you're seeing s... | Yeah. Great question. So we obviously we track it very closely, and we're looking at it for a number of -- from a number of different angles, both in terms of agency usage and we call it kind of net hires. And so we -- certainly, the winter was -- has kind of been the toughest. It peaked for us in kind of January. And ... | intermediate | [
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5005a7987fba2c88c136678df15b4ef3 | Just interested on your current thinking around occupancy and maybe how you're modeling it internally in your outlook in terms of -- would you -- should we expect that absent another new severe variant coming into the picture that, that generally will just see sort of progressive improvement in occupancy sort of play o... | Yeah. Great. Thanks, Scott. Great question. And that's a good question. Seasonality, we expected last year to see some of that happen. It didn't necessarily. We saw a steady improvement even through the summer, which was very unusual for us. We're on our fifth quarter in a row of consecutive improvement in occupancy. M... | direct | [
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73792462d43765c39e27070da3c943c1 | On your managed care revenue growing and that becoming a larger piece of the skilled mix. Can you talk a little bit about your managed care contracting and how that's progressing and the willingness of your managed care payers to acknowledge the higher staffing costs you're seeing? | Yeah, maybe I'll start and then Barry can add some color. I mean, I think this is something that we -- as you could recall, we've been working on a really long time. Those relationships are both simply [Inaudible] at a national level, but the strong part of the relationship is that local level, that local operator, tha... | intermediate | [
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9c5b4f5ac67f95cd5f869db320cfb1f6 | And then separately, just with the expectations for rising interest rates, is this any changes at all or any impact on the way you're thinking about your growth strategy, whether it be changes in your triple net lease term rates or your capacity to -- even though you have very strong liquidity, any capacity to potentia... | Yeah, it's a great question, Ben. I mean, we certainly keep a close eye on it. And I would just say we're going to just make sure that we're in line with where the market is, especially from kind of the real estate side of things. But really happy with the terms of our new credit agreement there is kind of a, I guess, ... | direct | [
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d4b85fe1fd54d9f6c04e29bcb9744857 | Hey. Good evening, guys. Just two quick questions. The first one is about broadcasting. I think, Charles, you mentioned that there has been some synergy from using the influencer, as well as broadcasting. Wondering if you have any operating metrics or financial share -- to share with us on the performance of broadcasti... | So, we have quite a -- like, I think on a daily basis, like dozens of influencer to broadcast. And then there is probably 10 or 20 that we -- actually using our platform to market. So there is a -- so these are the live broadcast, like we're using general push to market about 10 broadcasts. And then we call it a value ... | intermediate | [
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19572338c1e66a9e9db343cc5bcff9b7 | Hi. Thanks management for taking my question. I think, first, I have a question about the 3Q brand advertising guidance. Given that is a negative 3% to positive over 10% sequential growth, I'm just wondering under what circumstances would we expect to hit the low-end and the high-end of the guidance. And can you commen... | Answer your second question, we don't have -- you mean international advertiser?
So for international advertising, they actually increased their advertising. Yeah. It's actually better. So to answer the second.
Your first question, I think the -- a wide range of -- the range, right, of the forecast, it depends on rea... | intermediate | [
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3a1c3372edd2787866a93405d9acffd6 | Hi. Thank you and good evening, Charles and management. Thanks for taking my question. I have two questions. One is that following the closer integrations of your ad system and also the sales team between the Sohu Video and Sohu Portal. So, could you elaborate and help us to understand more the future prospect of Sohu ... | Yeah. We have now a clear strategy for both our key application, that means the Portal -- the Sohu News App and Sohu Video App. Well, we have other H5-based [Indecipherable] Sohu and also PC that's another -- but our focus really on the Sohu News App and Sohu Video App.
On the Sohu News App, the product innovation wil... | direct | [
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cf7834190478db1f5013d5320bf79538 | Bill or Megan, can you talk a little bit about the renewals that you completed in the first quarter? What's the cash lease spread? And can you provide color on the base rent and how the TI build-outs kind of will roll in the numbers in the rent streams over the next few quarters? | Good morning Michael. So as Bill mentioned, there were four renewals in the quarter, the buildings we referred to as Treasury Parkersburg, DEA Bakersfield, ICE Pittsburgh and DEA Sterling. It's an interesting cross-section of the portfolio. Those four leases we are expecting. two of them do have tenant improvement allo... | intermediate | [
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83fb10da3b9e828d86c0a9c02f31192d | And can you talk to us about the TI budgeted and maybe explain how that rolls into the rent stream? I guess, once you've built out those spaces, that's going to add rents to the base rents over the next few quarters. And how long will that take to complete those TIs? | Sure. So as I said, Treasury Parkersburg and ICE Pittsburgh do not have any TI allowances, so those spreads would kick in on day 1. And we don't have a perfectly clear crystal ball, but it's our expectation that, in Bakersfield and Sterling, that we would also be able to have the tenant improvement completed prior to t... | intermediate | [
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bd967e01c684374f4e1739f87fcd4e79 | Okay. Great. And then, I guess, Bill, can you talk a little bit about your FBI field offices? I think you highlighted that there's 12 that Easterly owns today. I mean, does that provide you incremental synergies with that in the ability to really maybe to complete more deals or sign leases with them? I guess what type ... | Yes, more Michael, I think it does. I think that at the point, we're now at 12, the FBI certainly knows who we are. I think we're very pleased with how we run their buildings.
And what I think we're beginning to see, as I mentioned before, is there's a number of projects that we'll do it one building, at the governmen... | direct | [
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a5121d4e8ac29279a8f5e06efbb36b62 | Okay. Great. And then I guess last question. Can you talk a little bit about the deals that Mike Ibe is pursuing with the GSA build-to-suits? I think that you highlighted in your prepared remarks that he's pursuing -- I don't know if you put a qualifier on that, though, is multiple or several. But is there an expectati... | What I'd say, Michael, is it really hasn't changed because, as you can imagine, the federal government does move at a glacial pace when it comes to a lot of these opportunities. But I would continue to say that this FDA laboratory program, which was slowed during COVID, luckily, we got everything we needed to get done ... | intermediate | [
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26eb57893b0f6b4ad31f16310f5b1076 | Hi, Good morning. I'm wondering, I mean, you described that you've already underwritten the assets that you're interested in the GSA inventory. So the pace of acquisition, or the fulsomeness actionability of your pipeline kind of depends on the sellers being willing to sell. Do you see anything sort of globally that ma... | Good morning Merrill. That's a great question, and I think absolutely is the answer. I think you've got a number of factors. I think, first, as you know, most of our buildings are owned by individuals. And I think it's no secret out there that we're going to see some sort of change in the capital gains rate. There migh... | direct | [
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6385bb768b0af6f19f16bf123a5ff1f6 | Hi. Goodmorning everyone. If we annualized the $0.33 you reported in the first quarter, and considering that you could exceed your $200 million acquisition target, you talk about the pace of activity so far. That could get you to the top end of the guidance range, and sure, even above it. Just wondering if there's anyt... | Hi, Good morning Frank. Obviously, very proud of the strong quarter we put out. I think as we look at the remainder of the year, we continue to work on the pipeline. And we've never thawed from COVID-19, a pandemic before. And so it's just the approach that I took in terms of approaching our Board and getting approvals... | intermediate | [
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af406c0ea6c4042c2022e623cb89b7d9 | Okay. Great. And then just want to touch on the leases that expired in 2020. There were three of them from last quarter. It looks like two or three were renewed on a shorter-term basis. Just curious what happened with the last lease and your expectations to renew the other two on a longer-term basis? | Yes. So last quarter, those three, one was DEA Vista, one was DEA Birmingham. You'll note that the GSA, if you're sort of nearing the end of a renewal process, they can oftentimes get into what's called a holdover position, where they'll just stay in a month-to-month situation while they're waiting to get paperwork sig... | direct | [
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c21d0da2b7d0bed383ddb7704989ce48 | Okay. And then just one last one for me on your Atlanta FDA development project. It looks like the completion date got pushed back by quarter and costs were slightly up. Yes, it may be just a minor detail, but is there any additional color on what drove this? | They're in the design phase. They're working out the final set of requirements and drawings. And so it pushed a little. Doesn't change the future trajectory.
We're always happy to let the government figure out how they can spend more money with us to build a better building, so we always were patient. | intermediate | [
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c7bf61e7cc127fb2e1917683ba8b2179 | Okay. And then still no additional clarity on timing on the lump sum, right? | That's correct. It's still our strong desire. And we do believe we'll be successful, as we were in the past, in FDA Lenexa on receiving progress payments from the government, but no finality there yet. | direct | [
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1294b79e46ec0341396f6286a1b77e00 | The bridge looked pretty reasonable for 2025 and the cash flow is coming through. The one question I had is your assumption for price-cost was neutral, which is pretty reasonable. But you're adding a fair amount of capacity on the CRB side, I think it's about 10% for the broader industry. Your ability to kind of keep t... | Yeah. Thanks for that, Phil. Why don't I take a cut? I'm going to split those apart. I'm going to talk about CRB and then we'll talk about FBB here because it probably warrants a deeper discussion in terms of what that is for some of the investors that may not be as familiar. But in terms of CRB, I think the distinctio... | intermediate | [
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e90b7d7963abe59aa55edfa1da0a30c0 | Assuming you achieve your targeted deleveraging in 2022, your stock does not seem to be barely reflecting the growth potential of the company longer term. How, if at all, could share repurchases factor in the capital allocation in 2022 and 2023? | If we're not appropriately valued, we'll buy back the company. I think it's just one of those things that we -- you've seen us do that over time. It's one of the tools that we have available to us. And so, we have a forward view of the company. And the investment community will determine the value of it. And it's a too... | intermediate | [
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81116b9e3cd6a25a000e588ec89e6a0b | Can you update on prospective Texarkana conversion, and applicability of new K2 board for wet strength packaging and with digital printers? | Yeah. Thanks for that, Mark. I appreciate the question. In terms of Texarkana, we had talked about doing that project this year. We're too busy. We need all the SBS that we have right now to run our business. And if we were to take that machine down in Texarkana and do that conversion, we wouldn't service customers. So... | intermediate | [
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598bfc0ece1877856bccf4cb68a0cbd6 | Just on beauty and healthcare. I guess, first, I recognize that it's pretty small and you guys are pretty new to the business. One, is it a long-term business for GPK? And two, if so, where could it eventually grow? I know it's only kind of 4% or 5% of the business now. Could it be kind of a 10% of GPK in the future? | Yeah. So, thanks for the question. And you're right. Right now, it's a bet. Think about it as a bet. But we were thrilled to get it when we acquired ARP, because, you know, Steve and I have been making cartons a long time. What we know is that you just don't try to make, you know, healthcare and pharmaceutical cartons ... | direct | [
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4268f66f5d724401403f4020589f6ae1 | What do you think is the potential for additional unprofitable paper mill conversions to profitable paperboard mills to be announced, similar to the Verso announcements? | You know, that's a tough question for us to answer. I mean over time, you do see conversions. And I know when they happen, it's like this big shock and awe and for good reason because people worry about the supply and demand dynamic. But what you have to remember, as I said in my comments, is how much money you're goin... | intermediate | [
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8f93786b0437083657db16ea38605d5b | While you talk about the high percentage of fiber-based packaging that is recovered, the amount of CRB as a total of your revenues is still relatively low, and so most of your products are reliant on virgin fiber. Can you talk through how this links into your sustainability goals? | Yeah, I really appreciate that question. Thank you for that. And if I can go back in one of my favorite topics here. Maybe you can kind of click through that the circular economy -- it's core to our strategy. It's core to who we are to have both virgin and recycled, you know, mills. Because really, what we do is, as I ... | intermediate | [
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fbd1dc50392063f8f66a22022593ca93 | Just thinking about inflation, if it reverses either second half of this year or '23, how should we think about kind of your price-cost spread there? And if you could kind of differentiate between the RISI-based contracts and then cost-based model contracts. Thanks. | Yeah. So I guess the high-level answer to that is supply and demand is really what drives pricing, you know, at the end of the day. So, as we continue to drive 100 to 200 basis points of growth or the 300% that we've driven over the last couple of years, you saw 2% more paperboard last year generated, you know, in Nort... | intermediate | [
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ac5623731e537a6e810d28726e7eedb3 | You mentioned with 729, two trials that you're intending to start, I think you said in the second half of the year, sort of combination trials. I'm wondering if you could give us a little more detail on the intended design with those. In particular, have you chosen one or more doses, perhaps the 60- or 90-milligram? At... | We haven't released the details at this point of what those two additional Phase 2 studies may look like. But obviously, we are exploring potential combinations with both investigational and other approved agents and, obviously, try to exceed the number of drugs there by two. So we're looking at three or more drugs in ... | intermediate | [
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e00b31e77a1a18fe3c3e6a9ecd50b357 | Just to remind us, for this year, are you expecting to release any new data of results from any ongoing studies? | Yes. So this is Bill. And I will refer everyone to the last slide in our corporate deck, which was refreshed and updated, is on our website, went up this morning. There we list out what we expect to deliver this year. So we're talking about additional data from the 60-milligram multi-dose cohorts every four and every e... | direct | [
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5b29f8735ee34da957c6807226b3dd96 | I guess more of a big-picture, long-term question on 729. I mean, we have a pretty good idea in terms of early data, the impact that RNAi interference targeting can have on some of the biomarkers. But as you kind of think about long-term development plan, what sort of data would you be looking to achieve on a biomarker... | In terms of -- let me just go to the -- summarize what we've seen with RNAi so far. So I think RNAi have been shown to, obviously, lower S-antigen also, HBV RNA core-related antigen, E-antigen. And I think we probably have one of the most robust data showing that 729 can also reduce HBV DNA in a very robust and rapid w... | intermediate | [
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3812d79f2455fef00e53db33fb43ce14 | So maybe on the same line of thinking on the triple therapy, just two things stood out to me that you are doing an open-label study, and also the number of subjects 60, just looking at other trials, look different. So I'm just curious how you think about data disclosures here. And again, the off-treatment cure rate tha... | Yes. Thank you for the question. I think you started just by making reference to the clinical collaboration with Assembly. And you correctly pointed out that that's a Phase 2 study with 60 virologically suppressed subjects with HPV. And essentially, it's comparing the triple, 729 plus vebicorvir plus a NUC versus 729 p... | intermediate | [
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1557fc1a27728777d8ef4eb0c81ac851 | PD-L1 oral inhibitor, any color you could provide on time to IND? And just a high level, why to scale out the use in cancer, for example, maybe by a partner if you don't want to do oncology? | So look, we've made great progress in that program, and I'm very excited and optimistic about achieving a clinical candidate nomination in the foreseeable future. And as I said, from discovery, it's hard to give a specific timeline. We want to make sure we bring forward the very best compounds. So we're clearly doing a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3c80f0a71722d44083b8a150a39b130d | And lastly, on the Genevant-Moderna litigation, can you just remind us what's the next step there on the appeal to PTAB decision that was in July last year? What should we watch out for next? | Yes. Let me tackle that one. And then, Dave, you can chime in with any additional color as well. But you're referring back to the patent case that was announced last year where there was a challenge against one of Arbutus patents and was found in our favor. And I think as we described at the time and subsequently in ou... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
3b6e0b37b5ba1c03e8cde87419fc1e4a | I guess in the set of two Phase 2 combo studies slated to start later this year, can I actually speculate on what are some of the investigational or approved agents you're thinking you could potentially cure with 729? I think we're all aware interferon maybe something. What are some of the other agents you're thinking ... | Yes. Good question. I mean, I can say that we want these three studies to be somewhat different so that we're exploring different combinations going forward. I mean, clearly, we have not said today what those compounds are going to be or could be, we've just said either marketed or investigational. And I think the best... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
26677115493ff1126db06c600fc4834f | Any additional details on the RNA destabilizing you can provide? I mean, are you targeting the HBV RNA itself? Are you targeting a host protein? Any additional details? | So we've actually described pretty extensively some of the mechanistic features of how the molecules that we are working with work. Look, they do specifically target HBV RNA, and they target it via a mechanism that engages a host protein that's critical for stabilizing the HBV RNA poly (A) tail. And so by inhibiting th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
713c164c45bd57511818e7fc8721081e | So with the upcoming data, from the 60-milligram multi-dose at eight-week intervals and the 90 at eight- and 12-week interval, can you just tee up for us how many doses you expect to report on in each of those cohorts? | Well, I mean, let me just, I mean, articulate the question again. I mean, how many doses we're planning to report for both the 60-milligram every four and 60-milligram every eight weeks. As we pointed out in our guidance, so I mean, without counting the doses, I mean, the goal will be to be able to report end of therap... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5a62877324aac5f57b8a66e48cbd4dbd | Thank you for your introduction. The question is for Mr. Gabbay. I wanted to -- if you can share with us a little bit of your priorities and focus areas for the upcoming -- of the upcoming half? And in general, what are your main priorities and objectives to achieving the strength in the second half? | Well, a very good question, and nice to meeting you. Well, our priorities are first of all completing the Golan acquisition and to actually to enjoy the benefit of the synergies from this acquisition, and it's going to happen very soon. Second is the rollout of the 5G and 4G generation. I mean, we have to rollout this ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
500196b3f84f2fa77520c9614a286c9a | Hey, guys. Thanks for taking my questions. First of all, I just want to dig into the backlog. If I am not mistaken, typically that converts in six to nine months. Is there anything unusual that would maybe change the time frame on that? And how should we be thinking about that? | Thanks, Greg. That's a great question. We expect our backlog to be delivered within this fiscal year, augmented by the order production within the year. We do have some long-term construction contracts that will stretch beyond a fiscal year. I don't have the percentage of long-term versus regular backlog, but we expect... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
27114c05ae578ded6344434f85f60770 | Right. And then just -- you touched on material, labor and transportation and inflationary pressures. And I was just curious did you see any of that in this quarter in the gross margins you put up? I know you got the benefit on the warranty side, but have we started to see those pressures or is that something that's pr... | We started to see those situations magnify in Q4 of FY '21. And we believe that they will continue on throughout this fiscal year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1e5eda082462bdf98170b482865106e6 | Okay, great. And then just one final one, just on the capex, it's a pretty big bump up to $25 million and probably above the pre-COVID. So just kind of wondering what some of the puts and takes in that number are? Is some of that a catch-up from the leaner capex this year? And just how to think about that, maybe that a... | Yeah. I would say that there is some catch-up. We really reduced our capex spending in FY '21. And so there would be some things that spilled into this fiscal year as well as we see growth within this fiscal year as well. What is the run rate on an ongoing basis? It seems like this might be -- last year was quite low. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c6b42960bde82036f4806b5783379bd0 | Just a couple of clarifications on some of the CpG 1018 revenues. First, Michael, I think you said 40% of the supply is planned to be delivered in the first half with the remaining amount in Q4. I just wanted to confirm, that's, I guess, the Valneva collaboration? Or does that also include the CEPI agreement? And then ... | Yes on the latter. So the projection with respect to the split was specifically with respect to Valneva. We expect that 40% of the planned deliveries will occur in the first half and then the remainder in the fourth quarter. With respect to CEPI arrangement, that is a loan for us to produce the material and have it ava... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3c3fafcd68b5e009b79dbefb28489ebf | And then if I can also ask about kind of the discussion yesterday at ACIP. I'm sure there's only limited things you can say, given it's ongoing. But the committee members seem to be pretty positive, in my opinion, on universal recommendation and not really eliminating it to any age groups. I guess, if the positive vote... | Well, yeah, exactly. There's a -- we're going to have a couple of looks at it, right? It's going to progress through June and then to October. So we'll see how it's progressing. I think it's important to understand that we've been preparing for success for this product from a manufacturing perspective. So we've made co... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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