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a7bce80cc3bb9d13f1a7ab57fc8dcd2f | Hey. Hey, guys. Thank you for taking my question. Congrats on the MVCs for 2024, really healthy numbers, obviously, implies a pretty big pickup in production by Hess and therefore, flowing through Hess M. Just curious, as you think about capital spend needs for '23 and '24, and I know you won't give guidance on that fo... | Sure, Michael. Thanks for the question. From our perspective, our compression is really phased with the development. So when we made the decision back in '19 to go and expand the Tioga Gas Plant up to 400 million cubic foot per day, that brought our total processing capacity up to 500 million cubic foot per day between... | direct | [
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fe82ef39bc0eca028f5891f74f700329 | Got it. Thank you for that. And then just kind of one quick follow-on. Can you remind me, and I listened to part of the Hess call, what's the timing Hess is thinking about for the fourth rig? | Sure. So the timing that Greg mentioned in the call was really looking at 2023. So the plan would be is that if prices hold, and as Greg and John mentioned, there's over 2,100 wells -- well locations that are available for future development at $60 WTI per barrel. So from an overall inventory perspective, economic inve... | direct | [
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d0d2e104a9a2f200cd2ac293ab81eef6 | So I wanted to start with expenses. Certainly relates to the difficulty in predicting a close of the outstanding issues. But as it stands today, can you update us on your expectations for professional fees and the broader expense base? | Well, I'll speak kind of generically and then maybe Karen can get into some specifics. But generically, it expected that as these major issues get unwound that -- and what are predominantly legal and consulting fees at this point, those specific items should diminish. The additional or the kind of the unknown cost that... | intermediate | [
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6522a58659e9357ae33789e7f87a56fa | Have you started to see a slowing of paydowns in the loan book? I mean, relatedly, it's always tough to forecast, but are you expecting a lower rate of decline this year relative to 2021 in the loan book? | Well, we haven't seen it yet. And to some of the decline, obviously, is encouraged on our part riskier. I'll speak to the commercial side first, riskier deals that were able to get refinanced elsewhere. We continue to be happy to see those go, because we're just not set up and not qualified or confident in many respect... | intermediate | [
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72c09bea98bf57214b7ee84af961e736 | In that same vein, can you share with us any scheduled advantage repurchases and when you might be able to recapture the remainder of that mortgage repurchase liability? | It's a little hard to guess, because they were all securitized. So we had dates, which I think one of them was already passed, and we didn't get the loans back. And I think the next one was initially beginning in July. But again, they were securitized.
And if they break the securities, which is what we anticipated, th... | intermediate | [
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49fabb59119f264c9d53cfd42a4d972d | Can you remind us how much is left in that allowance at March 31? | Sure. There's 2.7 million left in that allowance. | direct | [
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df8b00a21adff125caae1389396c606b | And then just lastly, can you help us think about the excess liquidity? Should we expect to see some incremental securities purchases in the coming quarters that utilize the large cash position? | I think that's probably a fair assessment. We're trying to be judicious in that. Obviously, just an increase in liquidity rates will be beneficial to us, because they were virtually nothing for certainly most of my tenure here. And we'll selectively look at some securities of the incremental yield advantage is worth it... | direct | [
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034e10a7c9f19b9f4ac94ecf4e992c57 | Kind of following on the same vein as the next question. So if you think about just the expense base overall, obviously, there's a bit of noise that kind of gets to a few line items. So a different way of kind of asking the question. Let's say, everything is free and clear from the DOJ, the OCC, what would be like a co... | Yes. I would say we'd probably be down about maybe 20% from where it currently is. | direct | [
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13b2761e4d584ee0e6b875ebd706bcd4 | When you think about the reserve relative to the overall loans, obviously, you have made a lot of progress by selling the hotel loans. Credit overall is getting better. And then kind of juxtapose against that, you have loan portfolio kind of paying down holistically. So when you think reserve relative to portfolio, is ... | Well, yes. I mean, just as the portfolio continues to shrink, I mean, assuming it does obviously, the reserve statistically becomes stronger on a percentage basis. There continues to be, I would call it, heightened risk on the commercial side. And at least let's take the -- what's in the non-accrual on the advantage lo... | direct | [
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ad1c12db11d5b7a1597f93312eaede03 | So you've been doing this whole banking thing for a couple of years. And you just think macro-oriented -- not necessarily Sterling specific, is there anything on the macro front from a banking industry that you think is a little out of balance at maybe potentially pricing or recessionary risk? Or anything that might be... | I think, on the entire space, I mean, what continues to concern me is that -- I'll take the Fed chairman's old line about irrational exuberance that happens on the loan side, especially as rates were down very low. There was a lot of aggressive lending in kind of esoteric businesses or very low cap rates, high LTVs. I ... | direct | [
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063588e4b6ddf1a3b65c85d5218a6040 | Can you share with us your policies on teenager in-game indulgence protection? And also how should we think about the impact of the recently introduced new policy that minors cannot play a game during the weekend? They can only play the game at a specific time, i.e. 8 PM to 9 PM from Friday to Sunday. What's -- how sho... | Yes. I'm sure many of you have read on the news about the new anti-addiction protection measures that the government has issued on teenagers underage kids. There are some very prudent requirements such as only three hours a week is allowed to play games. As one of the largest gaming companies in China, we're in full su... | intermediate | [
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9b1c6328f1f4c3bdd9cd69f86de9dd4c | I have two questions. One is the new regulation for online game boost, particularly to limit the exposure for the underage. While the short-term financial impact will be limited, how should we think about clearer cultivation going forward, and will that limit the longer-term or medium-term potential for games growth? T... | Yes. On the first question, we think that the healthy wholesome growth of our children is a top priority for the nation, for the government. And as a company, we need to think about our social responsibility. We need to think about -- think long-term and for the greatness of the society so we are interested in -- in ma... | intermediate | [
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f524ff8e95435aa5fc3a99f44db4bdb7 | My question is related to the strong game pipeline in the second half, including Lord of the Rings, NARAKA BLADEPOINT, Harry Potter, and Nightmare Breaker, etc. All of these games are very strong titles. How should we think about the game revenue growth and the contribution from these games, especially starting in four... | Thank you, Alex. I'll answer your question directly in English.As you may know, NARAKA BLADEPOINT was already launched in the summer and we have made another major breakthrough on Steam platform. This -- again, this is not only a new genre game but also a new achievement. I think very excited to witness. Next month is ... | intermediate | [
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9714453ab3d51a2d661e7a94790d8e24 | So my question is regarding the game NARAKA. So just wondering what's management's expectation for the game? Regarding the revenue model, what kind of the revenue will come from -- what percentage of the revenue will come from the copy-based and item-based revenue model. And then also how should we see the longevity of... | Thank you. Thank you, Natalie. They also come from two points. Yes, so the game right now, we've got the mix of copy-based sales and also in-game purchase. As of today, the items -- the in-game items that we've created have been very attractive to our players, which have caused a very encouraging sale of in-game items.... | intermediate | [
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112dd24c8fa7ee6a55e0894a71ba08aa | My first question is about Harry Potter. Given the game is going to be launched worldwide, just want to get a sense of our expectation for this game in the domestic market versus the overseas market. Any color about our marketing strategy, the way that we attract users? Any strategy can be shared, I would be grateful. ... | Thank you, Thomas. I will answer your first question on Harry Potter directly in English. And William will comment on your second question. For Harry Potter, it is set to launch in the greater China area on the 9th of September, which is about nine days from now, highly anticipated. Given the strong popularity and glob... | intermediate | [
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918d4937afc9ae7c93be51c6222efa53 | We have two questions. The first one is on the tax rate. We understand that certain Internet companies couldn't get the approval for -- to enjoy a preferential tax rate of key software subsidiaries recently. So just wonder if NetEase would see any impact to the tax rate? And then secondly, regarding the overseas game m... | OK. Thank you, Eddie. Well, in the interest of time, let me answer your two questions directly in English. Firstly, on the tax rate, this is, in fact, not a new development in our 20-F issued earlier this year. We have already disclosed that there will be certain tax policy changes as announced by the tax bureau earlie... | direct | [
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81ae75e37713c915db9ff4ca41df78ae | My first question is regarding the user growth. First half, the user growth is very strong. May I know -- can you share with us the quality and retention and the user profile of the new user growth in first half and about the second half growth and also next year, what is the key focuses of your strategy of user growth... | [Foreign Speech] I will translate for Mr. Chen. Last year, we have reinforced and reaffirmed user growth will be our key strategic focus and we have been carrying out the strategy efficiently going through the first half of this year, and have made very positive progress.
As for the new user profile you asked, there i... | intermediate | [
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b7f7a6a078c53a056997fe34392245cc | My question is actually regarding your game business, which is quite solid in the second quarter. I wonder could you share more color on the performance of Princess Connect!. Specifically, what's your expectation on the longevity for this game?
And secondly, can you give us some update on your game pipeline? Any game ... | [Foreign Speech] Regarding Princess Connect! Re:Dive, it's like we expect this game will be having very long life cycle, and we expect this game to last quite -- to quite a long period. And for this game, our -- in many aspects, it has broke the historical record. In terms of pre-registered number, we have over 6.5 mil... | intermediate | [
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d3b6b5d1665238674bddb2a8604b0838 | I have a question on advertising. Our ad revenue growth actually accelerated on a year-over-year basis from -- in the second quarter. Should we expect the ad revenue to sustain such strong momentum in the second half? What are the key drivers behind? Is it brand advertising? Or is it because of performance advertising,... | [Foreign Speech] Overall 2020 is still full of uncertainties and lots of vitality. However, under this challenging macro environment, we still delivered a pretty good advertising growth rate at 108% year-over-year.
[Foreign Speech] So Bilibili has a video platform, we are one of the biggest beneficiary in the overall ... | intermediate | [
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e2289920104277eacdb0ed011ccb91a6 | Just wondering what are the major difference in terms of operating know-how and the roadmap between live streaming business and all the core business. Should we consider live streaming as a business that requires some time of incubations and will reach an inflection point on user adoptions? If that's the case, how far ... | [Foreign Speech] Live broadcasting business is, as we mentioned earlier, has always been a part of our content ecosystem. This is not a singular commercialization avenue for us, but also an important part of our content. A live broadcasting also provides a very good avenue for our content creators to activate and retai... | intermediate | [
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48f856d5a238e570c2f3d491a604de85 | Maybe first on the hotel loan sales, I'm wondering whether are there plans to kind of further reduce your concentration in hotels and maybe even retail CRE? I'm just trying to get a sense for whether or not those two portfolios might shrink over time through run-off or potential sales, or whether or not you're willing ... | Matthew, we are very closely monitoring the hotel/motel and retail portfolio, and we will remain prudent in managing the risks associated with these portfolios at acceptable levels. In terms of additional sales of hotel/motel loans, there could be additional sales, but additional sales would be one-off determined on a ... | intermediate | [
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5e136b5bfca0ff8d1eb600a8bdbabd2b | Okay. And then just on the C&I reserves, down to 73 basis points, can you give us a sense for what's driving that? How much lower can that ratio go? And what do you believe is the appropriate coverage longer term for C&I? | Sure, this is Peter. The coverage on the C&I portfolio is reducing. We are seeing a lot of our customers actually showing a lot of improvement. So as we are able to substantiate that improvement through this economic recovery, I do anticipate that there could be further releases in that sense from the commercial C&I si... | intermediate | [
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3106d01aca90cdf444a88b5805e6091e | Okay. And then on the SBA gains or the premiums associated with that line item, it sounds like premiums are healthy. I don't that's a big surprise. But as you get beyond October or the end of September, and into next year, I guess, how do you think about gain on sale premiums in that business when that enhanced governm... | We believe that the current SBA premium levels will sustain for the time being, even after September when the government's additional subsidy ends. We sell only the guaranteed portion of the SBA loans. And looking at the excess liquidity in the market and the few investment opportunities, SBA products are still -- will... | direct | [
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912cfc0660ad9bed6f07c361bdd09bce | Okay. And then just last one, your thoughts on buying back your stock given where you're trading on tangible book. Is it still too early as you work through some of this credit? Or, is that something you could consider? | Well, based upon our current stock valuation in the market and our strong capital position, we are very seriously considering capital deployment through share buyback in a very near future. | direct | [
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c1cbbe18eb50723bdc524156547d371a | Hey, Kevin, how are you? I want to follow up on Matt's question just on the buyback. Could you remember -- could you remind us what is under authorization? Whether you have to go through the approval process again? And also kind of how you're thinking about your binding ratio, because I agree the buyback book value see... | Well, we do not have any authorized amount at this time, but I don't think it is an issue. And our Board has always had a share buyback as a consideration as part of our capital management strategy. And as I said, the current -- our stock valuation in the market is so low. I think this is a no-brainer question for us. | intermediate | [
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8796cbf376417820e5a49341c26587ff | Okay. And then in terms of the loan growth question, given some of the intentional strategies and the headwind, some of your peers have bought open market purchases of residential mortgages to add some duration. Is that -- I know that's been -- the resi book has been a portfolio of growth for you, but does that at all ... | Sure. As you know, we actually utilize our excess liquidity by purchasing mortgage product. I think $96 million we purchased for this quarter. But going forward, as part of the excess liquidity strategy, which is actually depends on our organic loan growth, but I think -- and also utilization of our line usage, we will... | intermediate | [
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8fb96ce6c434ce3ce92c930a9398dae9 | Okay. And then maybe if I could just sneak one, and just make sure I understand the guidance on Slide 14. So the loan growth flat to nominal, that's on a reported basis. That's not excluding the PPP, right? That's reported? | Well, so we expect the PPP balance to reduce year-over-year. So excluding PPP, we will have some modest growth, but including PPP, I think, it will be nominal. | direct | [
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19a9ebb02315301746420c2f471e6e21 | Thanks. Good morning. Just wanted to ask about the CRE originations in the quarter. Very strong, certainly, much more than last several quarters. Can you talk about kind of the areas within CRE that you're seeing the production buffer? | Well, we have both CRE and C&I originations very strong in the second quarter. And in terms of CRE, we are really trying to focus on lower-risk areas in the current environment like, multi-family, gas stations and owner-occupied investment properties. And other than warehouse line relationships, I think, we have a very... | direct | [
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66fc1943a8f293970413181a4f0c39b8 | Okay, thank you. And in terms of the guidance for, again, on sale of loans, would you expect to have some degree of sale of single-family as well, in addition to the planned SBA loan sales, or should we assume for modelling purposes that that's the only gain on sale that you'll be generating next couple of quarters? | Well, gain on sale income would be primarily coming from sale of SBA loans. And the level of gains will be similar to the ones that we reported for the second quarter. At least for the third and fourth quarter, that's what we expect. And in terms of gain on sale of our mortgage loans, the first quarter number was a lot... | direct | [
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f16751407cdfcda3122395dcc337975c | Okay. Great. And then just last question for me. In terms of PPP, could you give us the average balances in the quarter for that loan segment as well as remaining fees to be recognized? | Sure. The average balance for PPP for the second quarter was a $662 million, and the fee that we recognized for the second quarter was -- it broken into like a three categories, as you know. Actually, just fee itself is two categories, the one forgiveness, and second is just normal amortization on top of the third one ... | direct | [
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609b66082eab6c6cd0d76b412c20fafd | Hello, everyone. Congratulations on a good quarter. Just two quick questions. What do you anticipate the tax rate going forward for the second half of this year? [Indecipherable] maintain itself between 24% and 25%? And then the second question is, under what type of scenario might you potentially increase your dividen... | Yeah, let me answer the tax question first. We expect about 25% of effective tax rate as the run rate, at least for the rest of the year. And dividend related, I think, there is a number of moving part or contributing factors for us to consider, change from the $0.14 per quarter. Obviously, our earning power, which we ... | direct | [
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00c095f8c1ec2a82d7803bf78553936e | 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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54565621a64abe6ba2193c1f0b90d49a | 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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910ae5085dbdf5a45dcc9ebfbb822c47 | With how high the forfeited sales partner position income was in this quarter. Is it fair to look at that and think that it shows how derisked you guys are as a Company for loans that go 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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d33772dbe5bbf2695a6a19842032d059 | 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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c8a5436afa5c40d60eeb387ce8e11a5b | 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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4c60be8a633a8f594c424b485889c3ea | Hey, just wanted to get a sense if you can provide some insight on prepayment activity for the balance of fiscal '21. And maybe if you can compare that to the origination that you're expecting to deploy given your balance sheet as we move through the year. | Yeah. So this is Jerry. So for Q1, we have line of sight of about $20 million. If you look at last year's prepayments, I think there were about $120 million for the year.
Our portfolio, obviously, has been growing. So we could potentially expect it to be a little bit higher than that this year. But as you know, in the... | intermediate | [
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f2614b79953e00a199cf5974d8aebf11 | Got it. And as far as the cadence for originations, do you think you'll start to get a little bit more aggressive kind of given the level of leverage that you can achieve to get to your target? Or would you say it'd be at a more moderate pace? | Yeah. That's a really good question because, today, we're looking at pipelines in the $800 million to $1 billion of transactions we're looking at. You don't have to go that far back where that pipeline might have looked at more like $200 million to $300 million. So the activity in the marketplace is significantly eleva... | direct | [
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e955c5acfd9c67707677df265861420c | Great. One more for me, and I'll hop back in the queue. I find the announcement on the platform expansion fairly interesting. Can you maybe give some more detail on how you expect the Horizon BDC to benefit from the platform expansion with Waterfall Asset Management? | Yeah, sure. One of the features of many BDCs in the market have are multiple platforms, and having that is beneficial to the public BDCs, where you -- as we mentioned in our prepared remarks, it gives you access to larger deals but also provides further diversification at the public BDC. And so that was a strategic ini... | intermediate | [
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868c6752e995499131223b9d3bb55f44 | Hey. Good morning. Congrats on the additional fund close outside of the BDC. One question I did have on that.
That's obviously a pretty sizable fund relative to the BDC, which will definitely have, I think, an impact on your guys' investment strategy going forward. I was just wondering, are there any other funds outsi... | Currently, yes, that is the only other fund outside the BDC. | direct | [
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6a00019a9b689852bd6f5bb42edfaf09 | OK. Got you. And then you guys mentioned in your prepared remarks the amount of capital being raised in the VC markets today that, in combination with just the kind of elevation of valuations in that space, does that create more competition. And does that result in venture debt potentially being a less compelling produ... | So the short answer to that would be yes. We definitely are seeing, in this environment, competition from equities, whether it's public equity or SPACs or even private VC funds. It's hard to ignore the correlation between very, very large VC funds raising lots of money and then the size of investments, in particular, s... | direct | [
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83f5524070d92916baeafd9aa1829741 | Has that resulted in you guys having to change your terms or structures materially on the deals you're doing versus where you were maybe in 2019? And where does the landscape look like from a competitive standpoint? | Yeah. From a -- not from a pricing standpoint. I think pricing has held up, and you can see that in our first-quarter results. Pricing has held up very strong.
There's always this perception of risk relative to the markets that we serve, and so that's always used to kind of keep pricing relatively stable. There's alwa... | intermediate | [
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725a89f793ba93741a947ba888cf333f | For the dry stack project, you stated some materials arrived late site. Is everything now at site? Or are there still things that are en route or not even shipped yet maybe? If so, what exactly are you waiting for? And I assume, price-wise, this is a nonissue because pricing was locked in. So the -- that large-scale in... | Speaking to the latter comment first, it's not going to be an impact. I will tell you that what we are waiting for is an embarrassingly small piece of equipment. We had some piping that was delayed. It is back-ordered and should be delivered sometime in the next month or two. Unfortunately, the supply chain issues are ... | direct | [
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617291539e9309541885874e1ea61cfe | But that pipeline doesn't hold up construction of anything else. | Construction is effectively complete. We're literally we're at the 95% level. We have to hook up some pipes, and we're into commissioning. That's where we are. | direct | [
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534b79ed3063f9b1f963f61d4dc901c5 | And then just finally, on the Aquila deal. Allen, you sort of went into this big level in your prepared remarks. In your release, you list a late in the number of closing dates, so we're looking at a month on now. Just out of curiosity, and I don't know how much color you're willing and able to provide in the public se... | There are two or three conditions precedent to closing that we control. I'm not going to go into specifics Heiko, but they are well in hand. From a capital markets perspective, there will be a shareholders meeting on the 17th of November, followed shortly thereafter by a court hearing whereby with the benefit of a posi... | intermediate | [
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36d7d3008686b17ad3b8611bbb98c7d0 | You touched a little bit on -- in your prepared comments about encouraging results regarding the potential to increase higher grade mineralized material in the Switchback vein. And I was just wondering if you could expand on that a little bit more. Is actually new veins that you discovered there? Or could you share a l... | Sure. You may recall that Q1, we had some ground control problems in Soledad. And we have implemented new mining approaches in Soledad to reduce dilution, improve ground control techniques. But in addition to that, I indicated in my remarks that we've undergone a -- are in the process of undergoing a major review of al... | intermediate | [
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92311fc1cf308e0b7daaf1ae99327bff | I'm curious what you're -- if you have a sense on what your budget outlook for 2022 might be regarding exploration efforts outside of the Switchback vein system. In the press release, you've indicated spending roughly $6.6 million year to date. And I was just wondering if you're doing any -- planning on doing any extra... | Quick answer is no. If anything, we will expand our exploration efforts in Mexico. The Back Forty is a discrete project at this point because of the stage of development. We're into detailed engineering studies, met studies, modeling, and working on the feasibility. So, there will be no funds diverted from Mexico for e... | intermediate | [
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caa7748419332a694041bd9e7df026fb | On the Gold Recovery Project, will the regrind help in zinc recovery, as well as gold? Or is that completely separate? | That is completely separate. What we're going to be doing is, we're going to be taking -- how do I phrase this? We're going to be taking the reject from the zinc circuit. So, effectively, you've got material going in, you've got the zinc concentrate produced and you have tailings, which historically would go straight t... | direct | [
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aa4edbaf2bb87c34451a47b939880f1d | Right. Yeah. So, basically, the initial processing of this ore has removed the majority of the zinc that you can on an economic basis. Is that right? | That's correct. So, what we are treating is the reject from the zinc concentration process. | direct | [
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eae4643d0f76e7f10cd3c5c35bf0627f | In thinking through the reduced 2021 capex forecast, can you elaborate on what's been deferred into 2022 versus what is simply reduced or eliminated? | We have not eliminated anything, James. The major contribution to the shortfall on capital in the current year is because we are, to be very honest, behind in our development. You'll recall the ground control issues that we had in Q1. Those necessitated diverting development capabilities to bypass certain areas and dev... | direct | [
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7e631348aa86f3660921649f4ed45e47 | In regards to the Back Forty, do you have any updates, Allen, on the permitting application timelines? And also, do you anticipate any further need for dilutive financing to take the project to construction at this time? | James, let me answer your questions in conjunction with some questions that were sent in. It all deals with the Back Forty. I'll deal with the latter point first. We are not anticipating any dilutive financings in order to build this project. Our estimates at this point would indicate that between cash flow from operat... | direct | [
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9763811c9a52bedf88d35e18ab380c4f | Do you have a sense, Kim, of what the new pro forma G&A expense will increase to? Or what level of increase we can expect post the acquisition of Aquila? | Yeah. James, thank you for the question. We've looked at it, and we actually feel strongly that we're going to have a lot of efficiencies and synergies that will develop. We don't have a budget for G&A next year. It will be a slight increase from our G&A this year, but we should be able to achieve a lot of efficiency. ... | direct | [
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2f3dcf545d48613e168ea3abfd731c70 | I may have missed this on the regrind. Do you expect the gold regrind benefits to actually begin in Q4 of this year or Q1 of next year? | We will start seeing some initial benefits next month. There will be a commissioning period. So, while we will see the impact in November and December, we will see the full impact beginning in Q1 of next year. | direct | [
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b64db3a74dbff36e5671464d5c5b8ba9 | In terms of what we can expect in terms of Q4 and beyond, what should we anticipate the throughput rate to be on a steady-state basis going forward? | As you're aware, James, the budget rate or the planned rate for this year was 1,500 tonnes. That was done very consciously. What I can tell you is it will not be less than 1,500 tonnes, and we are looking at the potential for increasing that next year. Beyond that, I really can't comment because, honestly, I haven't se... | intermediate | [
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cc9080861d43a2a466913032c966cf2d | Congratulations on a very, very strong third quarter. I mean, you were only $1.8 million revenue less than Q2 despite this 12-day shutdown. So, what do you attribute that to? And do you see this strong operating performance directionally continue this quarter and into next year? | Really, there's three factors. Commodity prices helped. We got back into areas that have, as I indicated earlier, good widths, better grades, so higher productivity and more metal going to the mill. But the third factor realistically is -- by far, the most important factor is the operating team in Mexico has done an ex... | direct | [
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4114114c7255e5ef2007d316ed543375 | Do you think or still feel that you're on track to achieve your 40,000 to 42,000 gold equivalent ounces for this year? | We are, Ron. I'm comfortable with that guidance. | direct | [
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8f59af24d6f2b56d269954947266188d | You're certainly showing a significant increase in higher grade mineralization and certainly down-dip extensions on the Switchback vein system. And I think you've called this now the three sisters. Could you maybe update us on what you think is there? | OK. I'm going to address that question. But first, the down-dip to the southeast on Switchback is just a continuation of the existing system. We've drilled down -- we had significant intersections, 80 meters below the existing workings. And what that potentially gives us, and I'm being very careful about the words I'm ... | intermediate | [
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7c591a246387a1a7d76acf901f3c2d91 | Good evening, Thomas. Good evening, Paul. I guess, my first question is on interest and interest sensitivity. And I know, Paul, you gave us the sensitivity to the 25 basis points move, but I was just trying to see if -- when and if the Fed get to 50 basis points or above, I know you share that completely with customers... | I can take the first one certainly. Yeah. Our fully interest rate-sensitive credit amount to about 14% of the total credit, about $11.2 billion at the end of the quarter. So that can give you an idea of the portion on which we can fully capture any other rate increases.
And to the second, I would turn that went over t... | intermediate | [
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9b0eef04c543c6def30b8e088e17402f | Understood, yes. And the -- if we got -- I'm just trying to understand if we looked at last rate cycle, your net interest -- your NIM expanded dramatically. And if -- I'm not saying today, but if the yield curve changed dramatically in a rising rate scenario, wouldn't we expect some NIM expansion because you would go f... | It's not because we were not further out. I mean, we went out maybe a year. But it's mostly because the first half percent is a huge amount of money on $85 billion of free cash we're seeking in them, customer cash. | intermediate | [
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3af4f4fa7f668ac758965c599952248b | Got it. Okay. My last question would be, Thomas, you've talked about regulatory issues. Any -- have your views on payment for order flow of what -- any changes to market structure that you could -- that you're at least bracing for or think could possibly change over the next 12 to 18 months? | So, I cannot foresee any change because basically this has been the business of Wall Street for 200 years now, namely customer order comes in and the firm trades against it, right? Now, all that is happening with Schwab [Phonetic] on the wrong side [Indecipherable] on the other is that they are two different companies.... | direct | [
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5c684424d00b9d3086cbd0fbd7faaacc | Thanks. So, just a follow-up on some of the account metrics and the growth numbers that you guys cited in regions continues to be very strong. I believe last quarter you talked about China and Hong Kong being slightly weaker. But -- so just curious if there's anything underneath at a country level or other areas where ... | China continues to be weaker, even weaker than [Phonetic] in the previous quarter and I mean [Indecipherable] to practically nothing. And Hong Kong is just itself may not be as strong as it was a year ago, but would sort of continues. Otherwise, the Europe, especially Eastern Europe, the Middle East and South America, ... | direct | [
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61e17b3423a679f4ae8c72068ac64777 | In the profile of the customer being added today, any kind of material difference or change than what you've seen historically? | Well, in the mix, maybe there are some smaller customers, but we also got larger customers in there due to our institution networks such as the prop trading firms and the investment advisors. So, overall, there isn't a substantial difference in the mix of and the size of customers. | direct | [
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ae0ed9fb208927699bbf60ee7b437336 | Hi. Good evening. So, Thomas, if you look at May and June metrics specifically, I think you're running around 23% or 24% annualized account growth rate. In the past, you had said you thought the account growth would kind of normalize toward kind of maybe high 20% or around 30% range. But it seems like the trajectory of... | My best guess is 30%. I'm aware that May was lower, June was also lower and although not 23% [Indecipherable] like 27%. But my best guess going forward is 30%. | direct | [
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d4178e4140892945dba359315c2a5139 | Okay. And second question is on the elimination of the monthly inactivity fees. I think we probably asked about this for a long time a lot of the analyst community. So I'm wondering can you help us understand why you thought now is the right time to eliminate these fees. Do you think that could impact to your account g... | So it is not saying that traders -- new traders and existing folks that decide to hang up their hats for a while and not trade. And so they have been doing this -- they closed their accounts. And then in order to save the inactivity fee, and so they come back a year or two later, but they won't necessarily come back to... | intermediate | [
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e432ace02ef1c56d8d16e6082892a022 | Understood. And then, just maybe my final questions on securities lending. Just down from a record first quarter but still grew 70% year-on-year, the revenues there. I guess, when we think about the current sec lending environment, would you still think that this is an elevated revenue level, or I guess I'm asking if t... | I can comment on it, Thomas. Sure, I mean, as we always say, it's driven by both -- as the customer base grows and balances grow, it is driven by higher -- short balances and greater inventory to lend. But it is most particularly driven by stocks that get hot in the marketplace. And for some period of time, sometimes v... | intermediate | [
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145ec2aafdd5428107be10274ffc6c3b | Good evening, everyone. Maybe just a follow up on Kyle's question on the monthly activity fees. Any estimate in terms of how many accounts have been closed to save on the activity fees maybe over the last year or two? | I would guess about 25,000 accounts a year, but that's a guess. | direct | [
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cea5319fc4d1ce820b3e0929e8b98e7d | Got it. And then, I think it was yesterday you announced new pricing over in Europe. The standard pricing, I guess, started in Western Europe. Maybe just some color just in terms of what was the catalyst to introduce new pricing scheme. Any estimate in terms of financial impact? | So, there is no financial impact to speak of. But competitors were advertising these simple rates. Our issue was that our rates were not so simple. And so, we're not going to say that it's EUR3 or GBP3 or 3 -- whatever your currency is. And so, it competes well with other folks in the marketplace. | direct | [
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fc669cbed0fda31fa36f0e6e2325a646 | Want to get one more in, Thomas. A quick one, I think. Paul, could you define fully paid securities lending versus just, I guess, margin loan lending. And then, also do you think that just because we're trading in the US markets almost 50% higher levels at 10 billion shares a day versus 7 billion in 2019, does that mak... | Well, certainly the greater inventory we have the more likely it is that we have more shares in the high rate stocks to lend. And this feeds on itself, as Thomas said, as our low rates attract more margin lending. That frees up those -- that body of stocks for us to lend. On that, we earn 100% of the revenue because th... | intermediate | [
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03ad61de8e8797afd13940b3f8da2050 | First one is just a quick one on the DUBLIN data readout expected mid 2021. Just wondering if you can say if you submitted a placeholder for a late-breaking abstract at ASCO? Or could we expect to see a press release around ASCO? | Thanks, Maury. This is Lan. Thanks for your continued support. Yes, so we don't have the DUBLIN-3 data yet. So -- and the breaking the finish time was March -- at end of March. So the answer is, you will not see any data from DUBLIN-3 in the ASCO meeting. We're guiding the market as midyear. | intermediate | [
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4ad01dfd0df353deafb2fb888ee95f80 | Got it. And will there be anything on bone pain, dose intensity or quality of life? | So probably, I should give this to Ramon on the bone pain and other quality for life standpoint. Ramon? Yes. Yes, we have. Yes. Thank you for the question. Yes, we have an abstract accepted on quality of life as well with the combination plinabulin plus pegfilgrastim versus pegfilgrastim alone. And yes, we have other o... | direct | [
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800f1cae34aee33cc0d2b35bdfba7ed1 | Got it. Okay. And just a last question on -- just wondering what the latest is that you're hearing from payers regarding launch price in light of the positive Phase III CIN data alone or launch price that can also be supported by positive DUBLIN Phase III data showing the anticancer benefits. I guess, how do you think ... | Well, thanks for this fantastic question, Maury. I think this question -- the best answer is from Rich. Rich? Thanks, Maury. So our market research continues to show that on its own, the CIN benefit in combination with G-CSF, as I said on the call, is robust. They like the profile. They like the opportunity to reduce t... | direct | [
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996c31d97e6e8f64f4cec5bb7458d441 | I guess first one for me is just trying to think about how are you thinking about launch readiness, particularly in a scenario where you get accelerated review and could be in a position to launch in the second half of this year? And thinking about that versus the cash and cash burn commentary, obviously, I can appreci... | Well, thanks, Jason. Yes, this is a very key question. As we finish the successful NDA filing, it is an indication also based on the breakthrough definition of the regime. So potentially, the NDA approval is coming soon. So that is a key question on the commercial readiness for us. So Rich and his team has been working... | direct | [
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1fe416501b27980cb0ae543c787c954d | Great. And then just -- obviously, the next big topic for you guys, DUBLIN trial and topline. Will we get ORR and PFS data as well with the topline update? And the reason I ask is, we've seen some data for second line I/O TKI agents. And obviously, the markets are going to want to compare your results to those approach... | Yes. Thanks for this great question. So DUBLIN-3, we don't have the data yet, right? So as the data is coming, then we will decide how to present this data at the right time, but I do see your point. For comparison purpose, probably it is also very important to show ORR and PFS. But of course, we have to make sure the ... | intermediate | [
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cd89fca29ec4b6cfb1cc1698b4e8d13f | Sure. Sure. Okay. Yes. Just I guess as a commentary for us, at least in the markets, how we're going to start to look at that data? And then I guess last one for me. Just ahead of ASCO, can you just remind me the rationale -- I know this was an investigator-sponsored trial, but the rationale for small cell lung? I thin... | Yes. Thank you. So I think I should turn this question to Ramon to start. Ramon, I think you have instrumentally started this small cell lung cancer study based on plinabulin's immune benefit. Yes. Thank you, Lan. So the rationale for adding plinabulin to nivolumab and ipilimumab in small cell lung cancer is that for s... | direct | [
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3378e4caaa7e018f5379355ce24ee491 | Okay. Thanks for taking my question. Congratulations on all of the progress, especially a very stellar 2020. So I have a question for Rich. Actually, I'm happy to report to Rich that cinryze.com had actually showed up on my personal Twitter. So congratulations on a very successful outreach campaign. So the first questi... | So Andy, great question. So when we think about -- when we look back on historic norms for G-CSF utilization. So again, we're partnered with a G-CSF to elevate the standard of care. So we look at how G-CSFs are used, and this is a fundamental question for us. So everybody talks about, are you going to be covered? What'... | intermediate | [
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290c5c589780387bcfdd9b592127954c | Yes, that's very helpful. Thank you. I look forward to that discussion in the future. So I guess this is a question for the team. I think if I remember correctly, I think Elizabeth kind of provided the guidance that the [Indecipherable] likely happen in 2022. So I just wanted to make sure that, Rich, I think you kind o... | I think it all depends on the timing of the approval. So I gave the Coherus example only to give a framing for it because if we're going to wait to hire our folks, so we don't have to give them the offer. They have to accept. They have to give notice, etc. We have to train them. So you're talking about a month or maybe... | intermediate | [
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1e57f8bb37b77d71d37dc0307a935894 | Good morning. Management. Thanks for taking my questions and congratulations on the strong results. This is Vicky Wei on behalf of Alicia Yap. So my first question is our Opera gaming. So I want to ask, what is the strategic target for Opera gaming in 2021 and management comment on the competition landscape of the onli... | Yeah. So it's Song Lin. Maybe I will just -- just comment a bit. So just to comment of course is it's new for us as we just announced the acquisition in January, but however, I would say that we have already demonstrated the strength of Opera on gaming by the GX -- by the Opera GX, which are -- gaming, you have 7 milli... | intermediate | [
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45b0841fbf0a46a25b399086eb4d295c | Wahid, thanks for giving us kind of an initial sneak peek at fiscal '22. I think it's obviously helpful given all the M&A efforts that you've talked about, but obviously you had to come up with some sort of basis of what the operations would be. I think when you came into fiscal '21, you had a 60% visibility kind of on... | Thanks, Peter. Sure, as I mentioned on my remarks, this will be the fourth consecutive year of profitable double-digit top line growth and our core businesses before the acquisitions are also within our guidance range. In terms of fiscal year 2022, given the significant positive impact of these acquisitions on our busi... | intermediate | [
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ce267a180117f6f6417c7ac1ee4622bf | Just as a follow-up if I could on just related to the Switchblade 300 to the first allied nation. Obviously, we've seen in the past how you've been able to just kind of continue to expand the opportunities with your core UAS platforms internationally. Does this follow a similar path or is it something different just gi... | Sure, thanks Peter. Yes, the short answer is, absolutely yes. As I've said before, first and foremost, the international market adoption for our Switchblade -- the entire family actually just not the Switchblade 300, but now also the expansion into our Switchblade 600 and other variants definitely represents a equal if... | intermediate | [
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75b2cb3008001c75d9d57697c9c79aea | Just wanted to ask a little -- just a follow-up on Peter's questions, for both fiscal '21 and fiscal '22 in your revenue guidance, are you assuming kind of some incremental -- you touched on this Wahid a little bit in your opening remarks, but are you kind of assuming some incremental headwind from international small ... | Actually, what I mentioned in my remark, Pete, is that in general, primarily because of the COVID pandemic and the restrictions that it has placed for our domestic and international customers to travel, to come for acceptance tests and flight demos and do trainings, we have seen some delays because of that restriction ... | intermediate | [
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e6e6ccadf1f6825dde3be6bd6d8ff76f | Just on that HAPS, it sounded like the test events are coming along nicely. You're going to make some improvements. Should we expect kind of a new contract at some point for kind of the next kind of uprated Sunrider [Phonetic] in the next couple of quarters or so. What's the right way to think about that? | Yeah, so as I mentioned on the remarks that both companies are committed to the long-term value creation opportunity of the HAPS and what value it brings and how large of a multi-billion dollar market it is going after and attacking. In terms of the short-term, we are working with our partner. We've had five consecutiv... | intermediate | [
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53531bf4a9441b0d9cc1c94c1140996c | Wahid, I wanted to just first ask the guidance -- the initial look at '22 implies some nice margin expansion, but does the guidance imply maybe a step down in the margins with the contribution as a percentage from Arcturus as you have that for a full year? | Hi, Ken. I would say that we're very, very delighted with the potential outlook for fiscal '22, both in terms of our core business and the acquisitions. Overall, I would say it's very much in line with what we expected and the progress that we're already making so far with both MEUAS IV program, which we announced an a... | fully_evasive | [
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4eae2ab657175b77e62a9c7c824c60fb | And if I could, just a follow-up on the FTUAS. What should we expect in terms of the next milestones or timelines and can you give any more sort of any more detail around the the demo flights a few weeks ago and how the system performed? | Sure, so this was actually a formal invitation by the U.S. Army to conduct a demonstration. You know, all the key selected players to come in and demonstrate their capability. This was primarily to see how far along and mature the solution sets are from various competitors as well as to inform them in terms of the requ... | direct | [
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408a92f0dd2c82c083628acb2eaa114c | Over the past three months, there has been increased investor appetite for next generation based technologies. Many investors view AeroVironment with Sunglider in this next-gen space category, can you discuss the competitive environment for Sunglider and how your aircraft stands versus others that are pursuing the same... | Louis, so great questions, let me address both of them, well, one at a time. The first one in terms of the competitive landscape and the value proposition of our Sunglider versus all the other near space alternatives and competitive platforms. I can tell you that both our partner, strategic partner and ourselves feel q... | direct | [
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5d2b94d0365af41340c4f0c87f49933a | Does the preliminary fiscal 2022 guidance assume any contributions from those three program competitions that you referenced like such as the Telerob explosive disposal competition, the long range precision fires mounted or the FTUAS, like are there assumed contributions from those competitions in the forward guidance? | So, Louie, we will provide you with a lot more details in our next earnings conference call when we go into detailed summary of our outlook for fiscal year '22. We believe that the current preliminary numbers that we provided you because of the significant strategic moves that we've made that has an impact on our next ... | fully_evasive | [
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c1ad7283b89f3f1e51708faed3a4a1ef | Wahid, yeah, sorry to kind of beat this one to death, but I think it's what folks are kind of focused on a little bit and just to clarify, you said that absent the acquisitions, you would have come in at the low-end of the FY '21 revenue guidance, is that right? And then can you just quantify how much organic revenue g... | Joe, as I said on my remarks that yes, if you look at our original guidance that we provided at the beginning of our fiscal year '21 about a year ago from now, our organic businesses, our core businesses that you referred to it as that would still be within our guidance range although on the lower-end. Again, that's a ... | intermediate | [
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a06e1010d2316ee65df3d0b61d7ca981 | Okay and the organic revenue growth implied in the FY '22 guidance? | We will be providing those details, Joe, as we said on our fourth quarter and full fiscal year earnings conference call coming up in the next one. At this point, we've provided the amount of preliminary information that we can based on what we see. Keep in mind, we still haven't closed one of the acquisitions, we still... | fully_evasive | [
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7add8aa3655b099fb3d7884bcd9b55b9 | I guess to start let's talk about the rebranding cost there seems to be a lot of questions on that. The $3 million pulled out was that incremental to your typical run rate of marketing? | Yeah, it was Phil. We originally said that we would spend between $9 million and $11 million on the rebrand for legacy Cable One and NewWave and we've spent about 60% of that so far right on schedule. | intermediate | [
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a5d24241e1bcc273dce5318f707ba776 | Okay, And then in terms of the spending I'm surprised that -- given that you are spending a lot of money in marketing a year ago and that drove the 3Q sub-numbers in '18 that the rebranding spend didn't have any impact on 3Q subs this quarter. How should we think about that? | Well the rebranding is about brand not acquisition. So it is spending money on things everywhere from office redesigns to uniforms to on-air getting people do understand that Cable One is now Sparklight. And what does Sparklight mean. And that's across all of our lines of business from broadband to business services wh... | intermediate | [
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029495584baa62728d9c046719a74786 | Well OK. Last one on this topic and then I'll let you go. But when we pull that out the margin the growth sequentially was really strong. So is this a good run rate sort of jumping off period going forward? Or is there anything else going on that would make this abnormal? | No, I think what we would say is we have continued to see margins expand as we have continued to execute on the business strategy and we expect that to continue. There's always one-off in any given quarter and timing of things. So for instance in the first quarter when programming rates increase has happened before you... | direct | [
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7d24161bc117aa6033606ece889bbc3a | On the NewWave usage-based billing front so rolling that out this quarter. I guess how should we think about the ARPU trajectory based on the rollout of that? I mean is there going to be sort of a sharp acceleration there? Or is it going to be more muted? And more like the trend that we've seen? | Zach its Julie. I think what we'll see -- and it did just rollout at the very last week of the quarter. So we're going to start seeing the results throughout the fourth quarter is exactly what we've said. We're going to continue to move NewWave to look like Cable One. So you would expect to see their ARPUs which have b... | intermediate | [
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aad259366f1dddd63ecf76b44ee14450 | Okay and then more high-level one. Just as we continue to get sort of fixed and wireless industry convergence I'm wondering if we can get your updated thoughts around how you sort of view your ability to bundle wireless and your offerings through an mvno relationships like Charter and Comcast and Altice are doing. | Well my first thought is I'm not sure if I want to comment about it at all. I don't think that the MVNO model right now is something that we find a large interest in giving the margins and the amount of work and growth and opportunities that we have with our existing business right now. But we are always ringing into a... | intermediate | [
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b7efb298981ca518892930db02e77f4f | That make sense. And then the last one for me. Just on the new planned penetration any update you can give on that? How is that trending? Accelerating? Deaccelerating? A hard number would be great. | Yes, well -- so I'll -- the number I'll give you is still over 10%. It is slightly accelerating. I think the interesting thing that I took note of is that the higher speed that our consumer takes the higher the percentage of unlimited selling. So that is to say if you take our gig service the percentage of customers th... | direct | [
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"fully_evasive"
] | A |
660c2e970b9a6b50a9c5c6735bbfcaa8 | So with Fidelity closed this is I think the first time in a while you haven't something pending. Can you update us on your use of cash? And how many more Fidelity-ies you might see out there if you were to find attractive acquisitions? | Sure, I think we would say that we're always out looking trying to find what's next. Definitely we didn't spend a lot of time this summer necessarily looking at that because we were 100% focused on the integration process. I think we are further along on this one than we would've been on say where NewWave was one becau... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
eb9a729319c82d8056ed17ff114f3fab | Okay. And if something doesn't jump off the screen at you right away any update on the capital return policy dividend share repurchases? | Yeah, I think our capital policy is pretty set which is we're opportunistic whenever it comes to share repurchases and we plan to have a very predictive dividend. And so I think I would tell you that we value the flexibility of our balance sheet and the opportunity -- knowing the amount of the opportunities that are ou... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
80d1420739a6e982d1a0bdb88dbaafdc | Understood, and then I guess lastly the system conversion cost. Can you remind us how much longer those should be in there and the potential dollar amount? | Yes. So I think what the run rate you see is probably going to be consistent through the middle of next year. And that's limited. Yes go ahead. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
07e3911b185e281b85cdd3578f0f79c1 | I will just stay with this question of acquisitions for a second Steve. How do you think about your capacity to do acquisitions now that having had some success with a string of them? What kind of size and frequency do you think you can bite off? Assuming you can find the targets who are willing to take the currency? H... | Well I think one the first -- the part to the question you asked as part of yours is the most relative part is what becomes available and when. I think we will have an increasing capacity to be able to do more just because we get bigger and the deal sizes become less of the total company and we get better at it all the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9445a76798238b21c8460d4169e4c5f0 | And and is there a sense that you could do something larger at this point? Having done relatively smaller ones at this point. Is there a sense that you've now proven the model to be able to do a deal that -- with larger size acquisitions? | I think it's probably more about looking at each and every deal and figuring out how it fits into our company. Part of the beauty of what we've done is they've been a nice size test to where we can take it and we can apply what we do and it doesn't get in -- it doesn't interrupt running the business day to day. And so ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8c13195756c39d915ab93a2a5a80330b | Just wanted to touch base on some of your lower priced broadband products. What's the current take rate with those? And how are you feeling about marking those? And then just curious on the various platforms you've got native on your setup boxes. Are you promoting or pushing any streaming services like put Netflix up w... | Frank its Julie. Our lowest-priced broadband service has very low levels of take rates very low levels. We do market it but what we find is when people call in the price of the next level package up for the value and what you get seems to draw people into that next level to the starter package which is a 100-meg packag... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7dee810ae3f2391124054449b655678b | Julie question for you. What are the steps that you need to take to make Fidelity look like Legacy Cable One? And how long do you think that will take? And then maybe if you could talk about the customer growth rates from Fidelity that would be great. And then 1 for Steven. You mentioned synergies from NewWave programm... | For Fidelity if you take a look at the deck that was posted we're talking about an integration time period of approximately three years. And fidelity is a fantastic acquisition for us. We will do the very similar things that we do with NewWave. We will be working on integrating their network with ours. We'll be spendin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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