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5d800d6d7bc7a1216a44e0fc531b2eac | I know you mentioned you guys are actively originating PPP loans in round two. Can you give us an update on what you're seeing so far? And is the plan still to sell all the production to the Loan Source? | So let me just give a little context to this. I obviously don't have any numbers to provide. But it seems like a reasonable possibility that after the window closed on round one, at some point, more stimulus would be needed. And over that time, Northeast has been working closely with ACAP and Loan Source to build a pla... | intermediate | [
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"fully_evasive"
] | B |
17e9317f197da03b5c6037dce7de6eb7 | What are you seeing so far in terms of forgiveness from first-round PPP? | Sounds slowly. Pat's on the phone, who is very involved in this. Pat Dignan, do you want to comment on the forgiveness, what we've seen so far?
Well, we sold our loans to ACAP and the Loan Source, and they have been processing forgiveness applications. And I think of all the loans that they have, something like a thir... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f81ed925c5f0c4201ce1398ab4dcab64 | Let's switch gears to the national purchase loan market. Can you talk about some of the trends you're seeing there? I know you guys only purchased $91 million of what you saw. So what happens to the rest of the volume? Like, do other buyers come in and scoop them up? Or is competition dried up for purchased loans? | No. No. I mean, the numbers that I went over, it's kind of typical almost of every quarter. We roughly -- well, I shouldn't say of every quarter because the business tends to be lumpy.
But I should say it differently, which it seems -- I'm not buying $98 million and I'm looking at nine or -- we thought it was excellen... | direct | [
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eb27168a91ead9bebebbcc7755a9f0e4 | Talk about credit quality. I know some of the characteristics of your purchased loans can cause them to be reported as NPL upon purchase. Can you talk about some of the trends there? I know you mentioned that this is a $6 million paydown at the end of the quarter that reduced NPLs.
But just anything that we should kno... | Yes. I want to just say one thing. I'm sorry if we don't want to -- well, first is the -- generally, it happens occasionally, but we're not in the business of buying NPLs. We're generally in the business of buying performing loans, although sometimes -- and this, I think, is what you may be alluding to, Jeff.
Sometime... | direct | [
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"intermediate",
"fully_evasive"
] | A |
e26b5dc0c4c635c7912e1f8066ec708b | OK. And then LASG originations, I should say, national origination, those were very strong this quarter. How should we think about the churn in the national originated book? And how much do you have to originate in a given quarter just to stay level? | Well, this quarter, we originated a lot, and we didn't grow it a lot. But the amount of payoffs in the -- and the risk is not always consistent. I think it tended to be a little bit higher this quarter, I think. I would say that, if we're able to continue originating at the pace we have been for the first two quarters ... | intermediate | [
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5d86cca73fea686284c3b5db38d49233 | Absolutely. Absolutely. Last question. Expenses ticked up a little bit due to correspondent expenses.
Can you talk about what those are? | Yes. We were -- we have -- as I mentioned earlier, we have been, probably since the middle of August, end of August, along with ACAP and Loan Source, marketing sort of what we thought was going to be a new stimulus package. And those are the marketing and advertising costs, primarily. You can't go to -- if you put in A... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ec9190962d2b91f44e4a72414645821d | Can you give a little color on what kind of a trial or approval path we should think about PMA, de novo 510(k)? And can the study in the UK be relevant for the US? I'd also be interested in your thoughts with the Portola acquisition and what that means for your company, at least from your mindset. | In terms of the regulatory path under the Breakthrough Designation for CytoSorb for the removal of ticagrelor in cardiac surgery, we are waiting guidance from the FDA on that particular issue, and we will give an update when we know. Regarding the Alexion acquisition of Portola, this is very interesting. Portola has th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cfe6717752891a4ba7afecf9c22f3793 | As it relates to rivaroxaban, you have an approval for a blood thinner, but obviously, anticoagulant in this situation. Is there like an in vitro study that you can do to expand your label in Europe or is that even something that you're focused on right now? Portola's product has a black box warning, and it would be in... | Some pioneering work on removing these antithrombotics has been done by our collaborator Dr. George Angheloiu, who published initial in vitro data on removing various antithrombotics and recently published another paper showing removal of ticagrelor and factor Xa inhibitors like rivaroxaban. Andexxa has a pre-thromboti... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b762a263d6593d31d9c1559ade74a7d7 | You provided an update in an 8-K, I believe it was last month. And at the end of that 8-K, you referenced expanding your -- or scaling your manufacturing capabilities. I was just a little bit curious on what we should be thinking about there. Would you be looking to establish a new facility or just add capacity within ... | We're currently operating 7 days a week, 24 hours a day to meet demand related to COVID-19. We had a backlog at the end of Q1 and orders are still coming in. We said we could supply an $80 million business and we're using a significant portion of plant capacity. We're evaluating the next level of expansion given recent... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2896d876ba25a0868664c21cf1b93960 | Can you share the average number of cartridges used per COVID-19 patient in the first quarter and the trends you saw for stocking for COVID-19 specifically in the quarter? And then regarding backlog, do you expect backlog to become a normal dynamic going forward where you'll exit each quarter with excess demand, specif... | Usage of CytoSorb has varied by center and patient. Early treatment soon after mechanical ventilation or shock development seems most successful. We typically recommend about 4 cartridges per patient, with flexibility for more if needed. Doctors often continue treatment if seeing positive responses until certain clinic... | intermediate | [
"direct",
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"fully_evasive"
] | B |
c0f51f90fb6406f3763e6ae764fa6c7b | A competitor recently discussed the possibility of seeking a permanent US approval that would allow the product to remain in the market past the emergency use interval for COVID-19. Is this something you're considering? And if so, can you discuss the clinical data you need to make this happen? | I think it would be premature to speculate on what the FDA would be willing and not willing to do. So I don't think that's something I'd like to comment on at this time. | fully_evasive | [
"direct",
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] | C |
c1c6651b5ab3121e6e60bc19da7fda4f | Just wanted to see if you can give us an update on where you were with respect to the REFRESH 2 kidney injury studies and where you were in meeting the recommendations outlined by the DMC. | We are on track. The COVID-19 pandemic has excluded non-essential personnel from hospitals, including our CRO. Prior to the lockdown, our CRO had completed most of the data scrubbing and validation for the 150+ patients enrolled. They've been working remotely on remaining data scrubbing. Provided centers can open up to... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
626d6638991f86c48274b8abf69e2fc0 | On the US commercialization. You mentioned that you already have 30 active hospital accounts in the US and some facility has already started reordering the product. So I was wondering how is that handled right now and do you plan on building a separate commercial structure for the US compared to your European operation... | We've developed a COVID task force within the company. Our commercial operations are primarily outside the US, mainly in Europe but spread across 58 countries. We didn't have US infrastructure set up before the FDA Emergency Use Authorization. We've had a multidisciplinary effort with people from all aspects of the com... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4170fb351a2489c731e8de2ee16c3db5 | Maybe which indications are you seeing the biggest growth? And also, which areas -- geographies are you also seeing the biggest growth? | Of the 88,000 treatments to date, the split remains about two-thirds critical care, one-third cardiac surgery. The ticagrelor application in cardiac surgery was just starting before COVID-19 hit. We believe it's a potentially large growth area that could double current European revenues over time. Direct sales continue... | direct | [
"direct",
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] | A |
49fc1b2fb8d01d0cc739d09f908c9e04 | As far as the ticagrelor trial goes, I know you mentioned that you'll be able to give better guidance after meeting with the FDA. In terms of the patient demographic, besides those who require the emergent surgery, what about patients who can actually wait for the elimination of ticagrelor, but they might be at risk of... | The ability of CytoSorb to remove ticagrelor has been shown in lab models and human studies. It can effectively remove the drug and restore platelet function. For patient populations, in addition to acute patients presenting with an event while on ticagrelor, there are also urgent (non-emergent) cases where patients ar... | direct | [
"direct",
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"fully_evasive"
] | A |
54f1c88bf99eef0d8e035514c2dabc19 | I just wanted to -- just curious to know if CytoSorb is being tested in clinical studies on other classes of antithrombotic agents besides the factor Xa and P2Y12 antagonist? | The observational study from St. Georg Hospital in Hamburg looked at a mixed population on ticagrelor and rivaroxaban (Xarelto). Other studies have shown effective removal of rivaroxaban. This represents a viable market going forward. The top two factor Xa inhibitors have about $16 billion in worldwide sales. These car... | intermediate | [
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] | B |
a6eda6af1603acf5573bfceb0182d281 | Could you give us some color on how the initial order looks like from Fresenius? And also a follow-up to that, like are you still waiting registration from South Korea? | CytoSorb was approved in Mexico in late March. Mexico is the second largest medical device market in Latin America. Fresenius Medical Care has distribution rights there and can now import and sell CytoSorb commercially. They have a strong, motivated sales force that has made CytoSorb a top priority. They've been prepar... | intermediate | [
"direct",
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"fully_evasive"
] | B |
651ba577d79f93096e2799681c7e12a0 | Regarding the sales in the European region. We know that Germany is a strong market. But what about Switzerland, like, do that territory, do they have a dedicated procedure code for the cytokine reduction? | Germany and Switzerland are comparable markets in terms of medical infrastructure and supply. Germany has a dedicated reimbursement code with payment. Switzerland has a dedicated code but not yet the payment - this process is about two years behind Germany and requires analysis of health insurance data. Other than the ... | direct | [
"direct",
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"fully_evasive"
] | A |
4f760da011f93491772e848118d8a1a0 | Are we to expect the data from the REMOVE study sometime in the summer? | Notwithstanding potential COVID-19 delays at hospitals, all indications are that the REMOVE study is still on track. The current expectation is for data by midyear, but we'll provide an update if there are any delays. | direct | [
"direct",
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] | A |
ae38518276f013cf848c1e15ec39565d | Can you give me some color on the process of how and when the filter is used and in a way that can support and protect your objectives around data collection that supports your story going forward? | Early intervention with CytoSorb is generally better than late intervention for critical care patients. For COVID-19, some hospitals are intervening when patients go on mechanical ventilation or when ventilation needs to be escalated as patients rapidly deteriorate. We're not treating patients who are just highly infla... | intermediate | [
"direct",
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] | B |
213f978e4a589bfbc9a6192d9ccdb3e3 | I just want to revisit the comp cadence at Applebee's, if we could. And you know, I think February was slower, I'd assume due to the weather and lacking the value promo that you mentioned, John. But, I guess outside of weather, how do you view the underlying trend in the business? Was March similar to January? Can you ... | Hey, Brian. This is John. The promotions absolutely performed as expected. We kicked off the year with all-you-can-eat, a combination of proteins. As I mentioned, February was probably a bit self-inflicted in that we didn't have an overt value proposition in place and certainly had the impact that many have experienced... | intermediate | [
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] | B |
900c63f027e9d1133fa9265dcd98c74b | OK. And on Easter, could you quantify the impact that that had at IHOP, and was there any impact one way or the other at Applebee's? | Yeah, Brian, this is Darren. Yeah, we quantify that Easter mismatch impact is about 40 basis points on our overall comp sales. And, Brian, from an Applebee's perspective, we wouldn't see perhaps the same impact that IHOP would see from a quarter-to-quarter basis in terms of Easter. | direct | [
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59f07514bf59e2de88acb2819c73c5f1 | OK. OK. And on the guidance, I just wanted to confirm that that includes reiterating your comp guidance for each brand. And if that's the case, could you walk through sort of the primary sales drivers, either product or technology, or just the primary sales drivers that you see having an impact as you move through '19 ... | Brian, this is John. We will continue our multi-pronged strategy, so our culinary innovation with a keen emphasis on abundant value is of primary importance to us. We have some significant innovations coming soon here within the brand. Our beverage program activation will continue on a monthly basis, and then of course... | intermediate | [
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] | B |
93a439926d2f6741d6a40c213f498e8f | OK. And any comments on quarter to date directionally? Are you maintaining a positive gap to the industry? Any color there? | We feel good about where we are, but we really don't want to get too granular on quarter-to-date performance. | fully_evasive | [
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d4b1fc4415db62b523ad14a8ca9987ea | When you talk about the operating initiatives at franchisees and the 100-basis-point-or-so target there, can you maybe talk about some of the details around, you know, what those initiatives are and where those 100 basis points are sort of coming from? | Sure, Nick, I won't provide too much color, but suffice it to say -- this is John -- on the Applebee's front, we're well on track to achieve our 100 basis points. As I mentioned, some of that will be reinvested back into the business, in particular on the menu front. The vast majority of those savings are leveraging sc... | direct | [
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] | A |
6e7cc5789d64ddba582aead61d607c65 | Yeah. And in terms of the EBITDA guidance in range, you know, can you maybe give us some idea of what, you know, the variability there is with respect to if the comp isn't within the guidance range, is there some leeway there to still get to EBITDA targets for the year? | Well, Nick, this is Tom. I think you're seeing that reflected in Q1 with respect to both, you know, when the comps fall out of that range but earnings flow-through is still very, very strong, I think it reflects our franchise business model. And frankly, let's not forget that we do have a small portion of the business ... | intermediate | [
"direct",
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] | B |
eec9fd1fe5b6312fb05f40f36454da50 | And I know you don't want to really comment around April trends, but at least directionally, does April play a meaningful part in your reiterated guidance? | Yeah, we haven't seen anything that would warrant a change in that guidance. Does that answer your question? | intermediate | [
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] | B |
36734d8aa0e515be273c434eb26c5a89 | Yes. Good morning. I just wanted to maybe ask if I can dig a little deeper into the comps. You're looking at trends. I wanted to see if you saw any regional differences. Also, wanted to ask if there were any shifts where you saw more strength on weekends versus weekdays. And maybe throw a little color also on the off-p... | Sure, this is Darren. I'll go ahead and start. Yeah, I would say from a geographic difference, we saw the biggest drag on our comps in the Midwest, and we would attribute that to weather. And that was -- when we modeled that out as a total impact on our overall comp sales, it was about 80 basis points overall, but the ... | direct | [
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"fully_evasive"
] | A |
f95e543cd355fa4fcb7f8cb3904ea38c | Maybe just to start on revenue kind of a two-part question, one kind of more short-term, one longer term. I mean just in the short-term, is this year any different where you typically have a Q4 ramp for sales or were there some items kind of pulled into Q2 and Q3? And then kind of the second part, longer term, I mean o... | Look, usually, as you have mentioned, the fourth quarter is usually a strong quarter at Elbit Systems from point of view of revenues, and we expect this to be the case for 2021 as well. We did see the transformation of the strong backlog growth that we had in recent years into revenues. Actually, I would say that repea... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6d55ba8b07a1324f20b8d47b6f3d0631 | Thank you for that. And maybe just transitioning to margins, I mean, you mentioned cost control measures and a number of maybe efficiencies around manufacturing. I mean, how are you thinking about the margin target? I think you've laid out a 10% longer term margin target in the past. I mean how do we think about the pa... | I think that our long-term plan is definitely underway and we started to see the positive results of our long-term strategic plan of reduction of overheads of cost, of improving efficiencies, of combining production lines and all the other efficiencies, including centralized acquisitions and so on. All of this is happe... | intermediate | [
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] | B |
074592b007a881ba78df895cc134d6bd | So yeah, second straight quarter of -- it looks by my math, sort of mid-teens organic revenue growth. And I think the last quarter, you talked about a large precision-guided munition sale to an Asia Pacific nation as being a key driver of that second quarter growth. And so I'm guessing maybe that was a big driver in th... | Our revenues are definitely impacted by various programs of this kind. This is not the only program that we are running. This specific program, it goes through the next year as well. And however, there are some significant other programs with similar characteristics that we have received in our backlog and will eventua... | intermediate | [
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] | B |
5f5824b2c74f9b26bac492ae3fc557c0 | Okay, OK. And then can we talk cash flow for a second. There is a large receivables billed this quarter. I think I heard you got -- I don't know if that's related to the PGM sale or -- but I also heard you guys say that the Israeli defense budget was approved, which I think you were hoping that that could improve cash ... | Well, the one good thing that has happened in November is that the Israeli Government has approved and department has approved the budget for the rest of 2021 and 2022. This of course has been reflected in approving all the expense elements, the budgets of the MoD in Israel, and that has translated in payments -- signi... | direct | [
"direct",
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"fully_evasive"
] | A |
41707c9d7c8c9c6a32910ea336509c36 | Okay. So that's great news. I appreciate that. Maybe I can sneak one last one in, maybe for Butzi. Butzi, a lot of news I think about opportunities for Israeli firms in general, but certainly for Elbit for, I will call it, non-Israel defense sales. I think you guys have tended to Dubai Airshow recently, and there was a... | Thank you. It's true. We participated for the first time in the Dubai Airshow. The Abraham agreements are opening new opportunities in new markets for Elbit, and I can tell you that there is a lot of interest in several countries for technology. And I am optimistic that it will generate revenues in the future for us in... | intermediate | [
"direct",
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"fully_evasive"
] | B |
72ab4480bc722b4a84cf1b6ce7c51704 | Hello. First, I would like to congratulate the new CFO, Kobi, on his appointment and wish him a lot of success. And I have a few questions. The first question relates to the operational profit and the hedge level. You have achieved in this quarter quite a nice rate of operational profit, certainly non-GAAP. And we also... | Yeah. We have hedged our shekel expenses for this year and that includes the fourth quarter. For next year, we have been successful to hedge part of that mainly in the first half of next year. And we of course are keeping track on the changes in the currency and looking for opportunities to continue our policy of conti... | intermediate | [
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66fb24a84eb0df9cdeaa0b06331314c6 | Part of next year. I decided it's my decision that it's half of next year. Okay. And the next question is actually about -- I don't know to whom it's related, but it's about removing facilities. You mentioned it for many years and now I think the time is now because the level are really -- the exchange levels are reall... | Hi, Ella. Good afternoon. As you know, we have dozens of companies all around the world, in Brazil, in the U.S., in the U.K., in Germany, in India and many other places. And we, in all these markets, it's very important to create local jobs and to do development and to do production. So we are taking advantage of the p... | intermediate | [
"direct",
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] | B |
656923fa2e6f98e11d65303b9e48207a | Okay. Thank you. And the last question was actually also for you, it's a more marketing question. Do you intend to keep in the long-term IMI label or you plan to integrate it a certain -- within the few years into Elbit Systems label because there are different sites to it? So what -- do you have a definite plan now? | It's a good question. And for that -- I can tell you that IMI have very good reputation all around the globe, mainly for mission and for land platforms. So for the time being, we intend to keep the name of the product. We would like to gain benefits of the reputation -- of the good reputation IMI is having in many coun... | direct | [
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1cb4733df3dddca4d4d9bd389b211aed | Thanks. Hi, Butzi, Yossi and Kobi. I have a couple of questions. First, regarding the sales. I see that Israel is only 19% of the sales. Do you see that a trend that Israel should go lower or it's one-time that usually will come back to the normal where it used to be a few quarters ago? And the second question is also ... | As you know, Elad, the Israeli market is a limited market. As the company grows, then a big part of our growth is international. So with all the optimism that the Israeli defense budget continues to grow, and it does, it looks like we are growing faster and our expansion is in the international market. So based on that... | intermediate | [
"direct",
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] | B |
c221eab53620eebe8f32f3536d9382dc | Yeah. So that is still at the same level? I mean there is no higher competition? | Well, the competition is essentially there. It was there. It continues to be there, and we expect it to be there in the future as well. | intermediate | [
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"fully_evasive"
] | B |
ae15aa8610b7cb8a79e6f9bc28f2becc | Maybe first off in terms of your ACS business and the comments you made about both the 5G and the 4G deployment that we're seeing today. You're still seeing good strength in the 4G side of things. A 2-part question there is, how sustainable do you believe that is? And secondly, given some of the issues with the Huawei ... | Patrick, it's Bruce. With regard to 4G, what we're seeing is we had a good first half with 4G. We believe that as the focus turns toward 5G that there will be perhaps less sales into the 4G area, less build-out as the operators and as the OEMs move toward the 5G side. And I would say with regard to the situation that I... | intermediate | [
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"fully_evasive"
] | B |
83a87da8bbe972ea0504e25c9de59b0d | Great. That's really helpful. And maybe as my follow-up question, on the PES business, you talked about the vehicle electrification still being somewhat soft on the demand side of things. I guess from a big-picture perspective can you give a little color on what you believe the catalysts or the inflection that's needed... | Thanks for the question. On the x-by-wire or vehicle electrification, again this is internal combustion engine automobiles going to stop/start and so forth as well as the other systems, air conditioning and so forth, going to electrical motors. The situation is really related to numbers of vehicles being produced and, ... | intermediate | [
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3bd55d1db69c5a93d3f888673e2fe18b | Great. And maybe final question from me in terms of kind of the management of your different facilities and the different businesses to help the gross margin profile. Mike, that's been a key initiative for you. Can you, I guess, give a little color on how you adjust both the manufacturing changes within the businesses ... | So there's a number of initiatives under way. First of all, we're really pleased with the performance of ACS. If you recall, if you go back probably 6 quarters or so, we had some operating issues there. We focused on them. We've improved substantially in that business. And we've carried that model forward into the EMS ... | direct | [
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] | A |
a5d148b6f5869914f975cfd2593dcafb | Yeah thanks for taking the questions and guys. Congratulations on the strong revenue performance in ACS in the quarter. The first question is really a clarification. What I wanted to do was understand some of the comments, Bruce, that you had when you talked about guidance. I think at least once, maybe twice, you talke... | I think there's a little bit of one in the same, right? I think some of the things that we're seeing in the macro certainly are impacting the order book. And as a result of that, I think we're, again, being somewhat cautious in terms of in beliefs that some of those trends will continue, at least for some short period ... | direct | [
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469ea683fea18758f1a9378f219b3934 | Great. That's helpful. So moving on to the first question, Bruce, you noted that there was a consultancy that identified that potentially in China there's demand for 800,000 base stations in 2019 and 2020. My question is, as you speak with your customers and the OEMs that are out there what's your sense for 5G base sta... | So the consultants and contact obviously with OEMs, we're looking at approximately 200,000 base stations in 2019; 600,000 going forward in 2020. From a capacity perspective, we think we're in good shape as this ramps. Over the last couple of years we've added about 30% additional capacity into the ACS business primaril... | direct | [
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"fully_evasive"
] | A |
7190b439689e2237036bc7d6cd8d3113 | And is there any visibility that you have on that 600,000 for next year, Mike? When do you expect to hit the inflection? Because on a quarterly basis there's clearly a very steep ramp coming at some point. Do you have visibility into that yet? | No, I don't think we have that visibility, Craig. | direct | [
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] | A |
0be544f22ac60253d098bab72fbd920c | Okay. Next question. Both you and Bruce addressed some of the issues that are occurring in PES that relate to gross margins. My question is this. So we've been executing on operational and yield improvements in PES and it's proven elusive thus far, although there have been some exogenous challenges. But can you just re... | So I would say again you're right, Craig, on your initial observation, right? The improvements have been elusive so far. We believe, though, in the last quarter or two we've developed the right recovery plan. As Bruce had mentioned, we are frustrated in some respects by the pace at which that is moving. And so we have ... | direct | [
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] | A |
7801618d3e38e447781dc82011889c1c | That's helpful. And then lastly, Bruce, just summarizing the situation as I think I'm hearing it from you with your automotive exposure across the 3 segments. It sounds like where you've got internal combustion engine exposure it's just the unit headwinds that we're seeing globally in the different markets, and some of... | Yes, that's absolutely the way we're seeing it, both in the PES business as well as the EMS business on the EV/HEV where we have some very nice share on the battery side in EMS. So yes, we're very pleased with the uptake that we're seeing on the EV/HEV side. | direct | [
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ca871520ccdfb1c7e9d4d87923748461 | Good afternoon gentlemen. Thanks for taking the questions. A lot of ground covered, obviously. Just wanted to talk about the cadence if we look at kind of the 3 buckets of, one, wireless; two, auto; and three, industrial. Maybe the cadence of orders and demand as we exited May into June and into July and the early part... | So I think, as we talked about, the automotive, let's say the conventional automotive is where we've seen probably the bigger impact, along with industrial. Both of those are areas that we've seen weakness, I would say, or headwinds. On the wireless side, certainly through the early part of the quarter here we've seen ... | intermediate | [
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b10236cef7e12e7965d57c22dd4c85b2 | Helpful. And Mike, I think you alluded to this in your commentary, but as it relates to the 2020 goals, you mentioned H2. I think that was the first time. So should we think of the 19%, 20%, the 20% operating margin, 39% gross margin as kind of a run rate exiting back half of 2020? Is that the right way to think about ... | Yes, it is. I think that's the right way to look at it. | direct | [
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6b396b773c35744aed8ed49b51134315 | And lastly, it's one of those things that comes when it comes, but Bruce, maybe just talk about the M&A pipeline. The balance sheet continues to get stronger every single quarter given the cash generation. I know you've got a lot of internal stuff that you're focused on, but what are you seeing? And what's the likeliho... | Well certainly, as we've been very public about this, we have teams working on this and looking at opportunities. I would say we're probably going into this a bit more cautiously than we had maybe a year ago. Given that we're seeing some weakness in some of the sectors, we want to make sure that we understand fully the... | intermediate | [
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6f0e568f5275708635ddfa47be78ba1d | Can you help us, one, kind of understand how Teams pulls in additional products behind it, number one? And number two, the connection between kind of Teams and how they get a broader base of frontline workers into the story for Microsoft? Because I think most people think about Microsoft as like an information worker s... | No. Thanks so much, Keith, for the question. That is absolutely right. And I think I've commented on this earlier as well in our calls, which is we built Teams as essentially this tool that brings together multiple capabilities. It brings together chat. It brings together meetings, collaboration that is office collabor... | direct | [
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03f54542fc16921f451ed86345faef58 | Amy, do you see a sustainably different post-COVID expense profile for Microsoft as it relates to real estate footprint and T&E levels or -- and maybe, Satya, you could perhaps comment on this as well. Are you expecting a fuller return to the office and fuller resumption of business travel over time such that, that exp... | Maybe I'll just talk about broadly how I think both at Microsoft as well as what we are seeing as this return to work. I think the key thing, Mark, we just think about is there will be more flexibility in terms of time, where they work, even the sites people work because I think the expectations have changed. We obviou... | intermediate | [
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fba76be842bdfd7f2cbb07ab622f40d0 | Thank you. Thank you, Hui Zhang and Simon. [Foreign language] Thank you, management. I have -- and congratulations on the solid results.
Going to ask, this quarter on how has our entrusted shipment program progressed since its launch last year? What are your future rollout plans for this program? | [Foreign language] All platforms continues to grow. We have seen gradual changes in the shipper competition with a broader range of small to medium size drop shippers choosing our platforms. So we introduced our entrusted shipment program to better meet their needs and conducted our initial pilot testing in June last y... | direct | [
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5fe7134be7ff4830785e2ee084b60cf0 | [Foreign language] Thanks for taking my question. The platform for future GTV and a number of fulfilled others both maintained year-on-year growth in the fourth quarter, but quarterly -- quarter-over-quarter gross declined compared with the same period last year. So, what are the key drivers of this decline? And how do... | Thank you, Charlie. This is Simon Cai here. I'll address your question directly in English. The year-over-year growth in the platform's GTV and number of fulfilled orders in the fourth quarter was primarily attributable to sustained increase in market penetration, as well as our platform's fulfillment efficiency.
As of... | direct | [
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58257505a90ad26442b3128aa7f7c3db | [Foreign language] I'll translate it myself. How did a user composition and the user activity change user first quarter '21 and is a medium average freight matching time in December dropped to below 10 -- as mentioned on [Inaudible] what drove the decrease? | Thank you, Brian. In terms of user composition and behavior, there was no obvious change in the past quarter versus Q3. Despite the impact of multiple external factors, our trucker and shipper MAUs remained steady. In the meantime, our existing users continue to exhibit strong stickiness.
For Q4 shippers -- shipper rem... | direct | [
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601bc17c72266ef2f75b707b33f61a65 | Thank you for taking my question. [Foreign language] I just have one question here. Have you seen any significant change in the competitive landscape? Seems the suspension of new user registration in the fourth quarter. | Thank you. We have not seen any substantial changes in the FTO market's competitive landscape since the fourth quarter, and effective FTL Network typically involves a highly complex and dynamic combination of millions of shippers and truckers and hundreds of thousands of transportation rails, making it very difficult t... | direct | [
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8ba46d1ae57fb5f3785f9e016c994047 | Rick you mentioned the backup quarterback comments. I think Brady coming in for blood so several years ago I think that worked out all right. I think we're in good hands. | No I would say this is more like blood so going in for Romo. | direct | [
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b414b6da7cd2e0eca1df63dea13d6635 | In the shareholder letter I noticed the cash balance you guys mentioned as of yesterday that was $81 million. I think you ended the quarter $173 million holding company cash. And then picked up the $120 million or so of the CDAY shares sold a couple of weeks ago. It looks like a pretty big deployment there. Was that ju... | John this is Bryan Coy. We entirely paid off the margin loan in October all $200 million of it. | intermediate | [
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35fce9a7993cf30f2fd25f44877f357c | Outside of the CDAY monetization you guys did a couple of weeks ago it looks like you got a couple more coming. You got partial Legendary Baking so and then you got the Triple Tree bill. You guys have been busy. I think you're always busy but just curious about the expected gross proceeds from those deals and any other... | John this is Bryan. Proceeds we'll get this year on that will be probably less than $50 million all in. We've got some earn-outs that will come in the two or three years ahead and another I think combined with all of the properties in there you mentioned maybe another $5 million to $10 million that will come in January... | direct | [
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74497ba23589adb1174e5b1a723159f9 | Help me a little bit high level about the investment strategy and just kind of the way you think about it going forward I mean you guys were very heavy in SPACs late last year. And then the latest large investment was back on the private side was Sightline which looks like a really enticing type deal. Is that a shift i... | We're opportunistic investors if you go back and look at 2020 I would say in 2019 as we told this we were going to do what four SPACs and have two of them deployed and two looking that would have been a surprise to us. We're not we're going to get these two that we have open. We're going to get those deployed but I'm n... | direct | [
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ab57f795781414091ba14605fc19a332 | As far as the SPAC comment you made there's still a SPAC that hasn't found its target yet right? What should we expect there as far as the confirmation of a deal or an announcement of a deal on the ASC? | ASC we've identified and have had discussions with a number of very attractive targets. We have identified a number of others. People are still wanting to talk to Bill and partner with us. And we're going to be patient about it in part because we've got plenty of time. We the ASC is not even a year old yet. And we're a... | intermediate | [
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9fb562c36a4a079e3f72aea74152a69d | As far as capital the private investments now you also have a buyback in place. How are we thinking about maybe shareholder returns versus alternative investments out there? | We're in a spot. I kind of let me I want to answer your question but I want to twist it just a little bit. We've got presently we have two backstops out there. And we are we have the resources to satisfy those backstops. And within the next few weeks we're going to have a much better picture of the extent to which thos... | intermediate | [
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43ee9cfce2055bc5f630dca2f85b57ce | In the past you guys have kind of called out you pointed to Alight as one of the top risk related return potentials out of the portfolio. Obviously it's had a really good move. It's good to get past the leaseback event and all that stuff. It feels like it's got a lot more to go but considering that move and then consid... | That's just me and not Bill and not Duke and not Bryan. But I still love Alight you can see the results you go look at what they reported this morning. They are just knocking the thing out of the park. We love the management team. It's a big idea. I do think they're going to get a rerate. I do think they're going to hi... | direct | [
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d698790f90ebb153cc44dde0a5e1ebd1 | I have a couple of questions on 812. First, congrats on the earlier designation by FDA, so you can launch in Q2. I assume then you'll have lots of time before you hit back-to-school season, which is, obviously, when a lot of the switching goes on. So to that end, in your prepared discussions, which I assume must be pre... | David, I think I got most of the questions. I'll try to hit each one of them. As far as discussions with the payers, of course, I mean, now it's at a much higher intensity -- level of intensity because we have a much clearer sight as to when potentially the launch is. I mean so far, the discussions have been very encou... | intermediate | [
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a0dce389aa1ed563af65a122a6d82bea | So just a couple. So first, on SPN-830, and I apologize if I missed the commentary earlier in the call, I joined late. But can you just elaborate on the some of the specific things that need to be hashed out with the device. And I guess where I'm sort of going with this is, is there any human factor work that you have ... | Yes, sure. Starting with the pump regarding the refusal to file. As we mentioned at the beginning, when we got it and we got a little bit more clarity about what is really specifically in the list that is in the RTF, it's a list of a lot of different things, documents, reports, data to be presented in different format,... | direct | [
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dee7c189be29c39fa2d4003fd84b354c | This is Nick on for Annabel. I just wanted to go back actually to, I guess, the adult data that came out last year. We haven't really had a chance to talk about it with you guys, but we definitely thought that, that data was pretty impressive, especially when compared to Strattera in adults. I guess we're wondering wha... | Sure. So on the first question with the adult data, I mean we were equally impressed with the data on the product and very excited about the results in the Phase III. Obviously, it's very unfair for me because it's not a head-to-head trial with atomoxetine or Strattera, but we really like what we saw. We -- the profile... | direct | [
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4b6ace8d3087ca6f13f2b654ad5370e8 | On the Vera Bradley guidance, what are your thoughts on the pricing relative to channel in terms of what's incorporated in the low to mid single? And then on the topics, you gave her a lot of great details on both supply chain and privacy. What's ahead for risk factors for both? Have those conditions stabilized and wha... | Yeah. Thank you, Oliver. In terms of guidance, as we think about revenue growth at Vera Bradley and price increases, we do expect that the pricing increase overall for the entire assortment will be close to the overall revenue growth. So another way of thinking about that is the primary driver of the growth will be thr... | direct | [
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f766301989f3be03f231ed1f775a7ece | And then in your remarks you had mentioned, you wish you had increased prices earlier. It's not very easy necessarily for you to change prices given your distribution channels. How will you approach price increases across the portfolio as you look surgically and measure elasticity? And what do you think the market appe... | That's great question. And you're right, Oliver, that changing the prices definitely is not easy for us, just based upon how we deliver, the diversity of our supply chain, and the fact that most of our product is continuation in style. So it was one of the reasons we were not quick and we didn't want to respond too qui... | direct | [
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d900d97e0e28ae0d25c47b213d16c346 | Rob, on the channel strategy at Vera Bradley, what channels do you see the most opportunity as you think about outlet relative to your retail and wholesale partners? And then last question, you have a really strong position in terms of capitalization. I know you mentioned potential dividend, but what's on your mind reg... | Thanks, Oliver. I think in terms of distribution, what I would say is a few different things that we have going on. One, we do think that the factory division, our e-commerce business, and even e-commerce wholesale, so places like Amazon probably provide the more outsized growth. But we do believe that full line still ... | direct | [
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3bb37ed54bd7bd0538db7fcff052b3b7 | Could you talk a little bit about -- so your logistics is going to remain an issue, so what are you -- steps that you're taking to ensure kind of that -- the stores have a continued flow of product and that product is there in the depth that it can be? | So, Eric, we are looking at opportunities, as you know, to airfreight some product in as we look at in-stock levels. And stock was challenging in the fourth quarter, so we've been looking at airfreight -- additional airfreight above and beyond what we spent last year to get to a better position. We're also looking at u... | direct | [
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92393d641ef17c25e86d2ae454df1ce5 | When you look at the collaborations, I know that you ramp those up at Pura Vida and to, I guess, some extent at Vera Bradley. How do you look at keeping those fresh, making sure that they're relevant, and if they continue to bring in the customers you wanted to? | It's a great question, Eric, in terms of collaborations and keeping it fresh, part of it is making sure that we're looking at these partnerships, and a lot of them have a very broad access in terms of IP licensing. So as you think about the different franchises, whether it's Disney, as you think about the world of Disn... | intermediate | [
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a63b52f571454e4dc393890e6a0fff63 | And last question, over the last basically three or four years, you've kind of changed pretty much all the fabrications at Vera Bradley. What should we be thinking -- and you've talked about it based on [Inaudible] done that. What you're thinking about the next round here as you kind of lever kind of basically creating... | So in terms of -- you're right that from a fabric innovation standpoint, we have done a tremendous amount of work over the last couple of years with introducing reactive, cotton reimagined, performance twirl. And we feel that gives us a really good base from a fabric innovation standpoint, and we'll continue to do some... | intermediate | [
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5b65f68f5c973d6cc5f0592ab0516754 | John, as far as GSP goes, could you describe the magnitude of that on the headwinds? If you said them in the prepared remarks, I missed it. In other words, there was a magic wand tomorrow, it gets passed. What would be the tailwind to gross margin in the near term? | Yes, about a full point of margin to the company if it gets passed. Obviously, if it's retroactive, all the way back to the duty we paid last year. We would pull that out, but it could be about two points worth of benefits. | direct | [
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36e8cc0e7dd144f0cc8a5cf4727ad3f2 | And also, if you provided any quarterly or partial year guidance, I missed it. Could you go over how you think the sales and earnings will be weighted through the year? | Yes. So we did not provide any quarterly guidance, given some of the volatility in the world right now. So ultimately we're sticking with an annual guidance number. | direct | [
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697fd5404d8b5abc200c20d3b32e5392 | Rob, you mentioned in the prepared remarks about strengthening the marketing teams, I believe, at both Pura Vida and Vera Bradley. Can you talk a little bit about -- is there anything else that you can do? I know it's a little like pushing on a string, given the fact that, one big marketing door has closed. But are the... | Thanks, Steve. So, first of all, to clarify with Vera Bradley, over the last couple of years, we have been building up the marketing team, not only the team but the tools, the processes, the analytics, and we've continued to see really nice results from that. Now what our plan really is to do is help to take a lot of t... | direct | [
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19842d0e32f70af8290ca0c3197bf692 | So I have couple of questions here. The first relates I guess, to the charter business for CLX+, maybe actually three different questions as it relates to that. We've obviously been seeing the charter rates coming up a lot, I mean people are paying $40,000 a day for narrow beam Panamax ships, that a year ago only cost ... | Okay. Ben, I'll take a crack at the first couple of elements there and Matt will supplement. So, I think your main question was around the trend that we're seeing in the charter market and how much coverage we have. And no doubt all equipment, not just vessels, but all equipment across supply chains have increased in t... | intermediate | [
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a25a8205c52114ae91eb7f781ea28c46 | And then next, I guess all my questions here are, when we think about, and Matt you talked about the congestion and it's been talked about all over the place and on the West Coast, really all over the place. But you do have the sort of advantage of your own terminal space and a lot of other things. But are you guys exp... | Yeah. I would not say a 100% bypass it. What I would say is that, we have the ability to control as you pointed out our network. We got out early on ordering additional container equipment and chassis and other things kind of before everyone else realize the potential strength of this market and we have been acquiring ... | direct | [
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20c0018adac9793cee60e08f72ab0269 | Normally in June, you guys have like clockwork increased your dividend by a penny. The world's a little different now in terms of actually for you guys being a whole lot better. Any -- and I appreciate that it's a Board-level decision, but any thoughts at all as to sort of how you're thinking about the dividend or mayb... | Ben, yeah, thanks for the question. So I'm not going to comment specifically on the dividend, of course, we'll have something to say in that in June after we have our Board meetings. But big picture, Ben, I'd say -- I'd reiterate our capital allocation philosophy. It's important to us to maintain our equipment and our ... | intermediate | [
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56cc75abe2aaabd0953ec74b54313e95 | Just moving to the commentary about April. Can you just kind of remind me, I know April was kind of a big month in terms of the changes that happened in the market, but is that -- is there a way to normalize the thinking in terms of what you're seeing now for the quarter? I mean I would assume that April was kind of a ... | Yeah, it's a good question, Steve. This is Matt. I think what our views, of course, we're lapping some of the bad news early in the second quarter. And so, obviously, the second quarter will show likely some favorable comps, but mostly due to lapping the bad news. And our up -- for the domestic trades, our expectations... | direct | [
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bbb635d124e3d332988139e8d088ec58 | And then maybe just on China, I think that you guys go to rate negotiations or rates get renewed around May, and I'm just wondering, is it the same process for CLX and CLX+ and is there any early thinking on that in terms of what you're hearing from customers and things like? | Yeah. So we -- yeah you right, the beneficial cargo owner or BCO contracting cycle typically goes from sort of May 1 to April 30 those conclusion, those are largely done at this point. Matson realized a significant increase in that portion of our business that is BCO. And for the non-vessel operating common carriers, m... | intermediate | [
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7b126610516a74fabb34a9ab40800f0c | Okay. And then just maybe, I am -- maybe just make sure I understand. So, I mean in terms of the rates that were in place kind of last year, you talk about what on the kind of rate portion or rate renegotiated portion of the business. Are those relatively stable? So if you negotiated the rate kind of ahead of things, k... | Yeah. So the first thing I would say is the annual contracted freight is quite a bit less than half of our overall market today and last year as well. I would say, typically the dynamics you saw it was up and unique to Matson, but typically, of course we honored the freight rates that we put in place last April. But it... | direct | [
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af2100435ba841207d3251481ab16dfe | I wanted to ask this earlier but I didn't want to monopolize I think. Just quickly talking about the logistics business and there were some commentary in there, the Span Alaska business was going -- it should be experiencing some of the similar volume increase relative to the first quarter as the whole Alaska market do... | Hey Ben, it's Joel. It's about roughly, roughly half the spend, and it's not meaningfully different between operating income and EBITDA. | direct | [
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92c0da90747481bd71e46780f920e6af | Okay, that's helpful. And then again, sort of sticking with the logistics side of the business and focus a little bit more on the truck and intermodal brokerage. I mean, obviously things are pretty -- it's wild at the moment. Can you maybe talk through what you're thinking there from a corporate strategic standpoint? I... | Yeah. First of all, we see it as highly complementary to our ocean service business and as a portion of our business is that which is handled by Matson Logistics that moves that cargo to the West Coast to Hawaii, Guam, Okinawa then similarly, that portion of our China freight, that is destined for intermodal inland loc... | direct | [
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dd836855bf1448becb94b9e33dcbb2ad | Okay, that's helpful. And then lastly from me, and this is the honest to goodness, last one. I might have missed it, did you give any color as to sort of what you're expecting for SSAT in the second quarter? | I don't think we said anything with regard to the second quarter, but we did say that we expected a very, very busy environment in volume to continue to benefit the joint venture. Obviously that SSAT is a business with relatively large fixed costs and a more volume that you could put over those terminals. It has a very... | intermediate | [
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e2adb13efc21c8be973410feac075a32 | Right. So implicitly at least do good as you did in the first quarter, is that fair? | Yeah, we didn't put a number on it, but we think it will perform well. | intermediate | [
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655ef530e96381add66545fa524138db | I had two different questions, please. First, on impact on product mix and price realizations, and secondly, on M&A, please. On product mix, I remember last quarter, I think you spoke at some length about the impact of weak aerospace while energy volumes weighing on your mix and on ASPs. You're sounding a bit more opti... | Yes. Hi, Seth, this is Jim. Good to hear from you. I'll talk about your second question first on the M&A front, then I'll flip it over to Karla and Bill, and they can talk about individual products. But from an M&A standpoint, the pipeline is full. We've looked at a lot. I believe we've looked at over 100 this year. No... | intermediate | [
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a11c19b727a6dac9865e4be830d6f3e8 | Hey, thanks. Good morning. Happy new year. [Indecipherable] capex for 2021, should we expect a couple of hundred million this year? | I believe we said in our comments it's about $245 million. And yes, it's like in the past, Phil. It's a pretty good division between growth and maintenance. As we've stated before in the past, we need about $90 million -- $90 million to $100 million a year on what we call maintenance, but it's really not maintenance. I... | direct | [
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6a8440db0ba910d65d127dad6a5bd871 | Okay. Thank you for that. On the auto side, that business, given your tolling, tends to be just in time in a lot of the businesses from what I remember. So with some of these shutdowns, which are just interim base intra-quarter, what are you seeing there? Are they telling you to stage less material while they take this... | Phil, it's Bill. What we're hearing so far, the mills are continuing to produce. So some of the shutdowns, we still think the impact from the chip shortage is going to be minimal to our business. But we are probably storing more material today than before. And we think that they're going to be a bit in catch-up mode go... | direct | [
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71b255d8193d8acbd3484368a8d2c2bb | Okay. And then my last one here, Bill, is a good segue because you mentioned chips. What's the pipeline look like for you all on the semis side because you're obviously dealing with a lot of new capacity growth and your business tends to favor more of the newbuilds versus the consumables? But what are your customers te... | It does, Phil. I agree with that. We -- I think we said that our outlook, we think it was going to be strong for the -- through the first half. For the first time, I think we could probably go out beyond that based on what our customers are telling us. I'm seeing some forecast where they're looking at double-digit grow... | direct | [
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dec23206449639c566a4443683752d4e | I have a couple quantification questions. I guess the first is on the commentary around adding back in transportation book premiums. I apologize if I missed it, was there -- was there a quantification of that. So we can get a more normalized growth rate in casualty? | Randy, this is Todd, there was, it's $23 million. If you look to the -- adding that back to where the negative premium we produced in the first quarter of last year for transportation was $23 million. | direct | [
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21113a4aeb60bdd43f3f5a696f88cd23 | Got it. And then -- on Craig's comment that your rate increase was lower, beta, I guess, did you -- did you provide actually a number that, kind of an absolute number of what blended overall rate increase was? | Well, I'm sure we disclosed last quarter, what the rate increase was by segment in that -- so, I mean I'm happy to say that, I mean, I guess last quarter for casualty, overall, I think we had 11% in the quarter. I think, we had 8% this quarter. I mean I wouldn't get too caught up, because there's obviously -- we're rel... | direct | [
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d0cf7c762828c77b5837c13e1bb4c230 | No, I mean I think -- yeah, I think that some of the data earlier this earning season was maybe past peak, but kind of too early to tell, but it's still very good rate versus loss cost trend. And I guess if you could just expand a little bit on what made it lower beta. I think that would be helpful. | Sure. I mean I did talked a little bit in the casualty segment, for example, the public D&O business, I mean it's unlike it's third straight year of double-digit rate increases that up from, I won't soften that's too strong word. I mean that we still got a double-digit rate increase that they just weren't quite of the ... | direct | [
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] | A |
f32d013488c2923efc35ad67ea2291a1 | Good morning. Thanks for taking my question. Couple of quick ones. How are you thinking about the short-term loss trends during the unprecedented economic recovery? And on a related note, aside from monitoring actuarial claims, what are some of the data points or metrics that you look to, to kind of determine whether t... | Derek, this is, Todd, I'll start out. I mean, as far as your first part of the question there on the short-term trends, I guess I would just in how we considered, I would just say we don't. On the actuarial side, and Craig can certainly comment further, but on the actuarial view, the reserving view, and we talked about... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f4dca17b4e01ac05d9c1d310d5efd866 | That's very helpful. And my second question is, you have some large reserve releases in the casualty segment, what accident years drove that? | Derek, it's Todd. It's fairly widespread. I mean, I think you'll look you know, 17 to 20, you're going to have some a little bit earlier than that in spots. But, 18 to 20 on several, some 17, so it's fairly widespread. GL was a product that was fairly large in the quarter. It was probably more 17, 18. Transportation wa... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0280ae3a5c58fea3c44842b355e085ed | Yeah, good morning. I'm glad to see RLI continues to set a high standard. You're the first insurance company to ever use the word mahalo on earnings calls. So kudos for that. On to my questions. First of all, it's just a numbers question. I just, maybe I've even asked this before. But in your press release, at the top ... | Mark, it's Todd. If you look at in that table it was a new addition, although those would have been in our queue, you would have the similar type thing. We're showing the net in the bullet, right. It's the net increase, total increase to underwriting income. So there will be expense impact, those types of things that w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7d6ed17d555c41d0a2ea8afc92daec68 | Got it. That makes sense. Okay, because you reconciled that in the past that there's been expense aspects to it. And so this kind of clear isolates the loss ratio impact, from the total EPS intact effectively. | Yeah, something we had done. We've broken those out in the queue, but there's been some requests to have this broken out in the release. And so we added that table. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b89234d369903c6629b56cd6237db6fc | Got it. Okay. Thank you. The second question that I had on really just, I guess it relates to maybe some of the comments, the operating comments. I think it's correct, whether it's unclear whether pricing is peaked or is near peak or whatever. I guess the question I would like to ask is, are you seeing any change in co... | Yeah, Mark, this is Craig. I mean, it's very difficult for us to see through to I mean, obviously, we have much deeper knowledge of our own business than our competitors. And, it is well harder for us because in every one of our businesses speak our diversification, but almost every one of our businesses, if I list the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7f601358383a0d947c4c11a5ad37102 | Hey, good morning. Hoping you could just peel back the onion a little bit on the winter storm Uri losses. I mean, it was a modest number for obviously, a very big industry event, but just curious if there's lessons learned from even just kind of, I assume a lot of that's Texas, but even kind of geography within Texas? ... | You know, the most interesting thing I found out is, you know, in Texas, they don't have shut off valves, as many of them in buildings as we do, where we were. So I think that was. I mean, I don't think there was anything COVID-related that we had challenges with. I mean, we've dealt with Hurricane since COVID. We've d... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
549f2c35b82c6477721b1a090122fc3b | OK. That's great color. And then maybe just a question on the guidance. I mean, I think if I'm doing my math correctly, it would imply that there's a sequential step down in production in margins. Maybe talk us through that. Is that just seasonality? Was there something in the third quarter that was a bit of an anomaly... | Yes. What I would tell you is Q4 is setting up similar to Q3 and what we said last quarter was with our guidance for Q3 was that, hey, look, there's some upside here. And we contrasted that to the prior year where we said, look, there's not a lot of upside. This is what our guide. And we don't think that there's a lot ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
911726bb0aa64d3eec47a32ddea3fa42 | Great. Really helpful. And then just secondly, I guess could you just provide some further color on AmTech. I guess, how quickly you've been able to integrate it, how quickly it's been able to kind of ramp? And just how much it kind of benefited your ability to increase production volumes during this quarter? | Well, we've been benefited by the fact that we were in AmTech and really helping to run it going all the way back to last August. And so we were able to start putting some of our processes in place even back then, as we helped them to become better. With the acquisition, I think we were very well staged to very quickly... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ec9da23b30b05e45a15a23e20dda32c8 | Hi, good morning and nice quarter. Thank you for taking my question. I guess, I'm mostly curious to hear what didn't go as expected this quarter, because it looks like things really turned out quite a bit better than was anticipated? | No, I think you captured it well, it was a blowout quarter. It's hard to imagine why our stocks were set. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
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