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7a6e45e21293a1fc96e55c7763d912b7 | Could you talk about the opportunity here in accessories? I know you guys have done a fantastic job. Where is that slot? And where do you think that can go? | Yes. Well, one of the key strategies in our merchandising team is actually add an accessory. And we have made great progress in both men's and women's on advancing our accessories assortments to be much more in line with what we've accomplished in apparel. But to be honest, Eric, we still have work to do in that catego... | direct | [
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d7fe85f832d1831bc7cb58a588620b28 | Your men's suiting business has really been impressive. As you see people coming back from work, what is -- what are they doing in terms of suiting. You have a number of different patterns and the ability to mix and match the suiting. What have you been seeing in terms of trends with that? And where do you think that's... | Well, I think our -- as I said in our prepared remarks, our suiting business has been explosive. And we have an extraordinarily well-balanced assortment in men's suiting. So we are very, very well-positioned in core suits in navy, black, gray in our key fabrication, Modern Tech. We're adding color in Modern Tech.
And ... | direct | [
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810527fd3568bd5430a0ac6d07867a68 | You're anniversarying the rollout of the updated Express program in terms of the customer program. How -- are the new customers, how quickly are they ramping? And how in terms of productivity, is it the same level of productivity you're seeing from the prior program customers? | Great. Well, we're obviously seeing phenomenal success there, and we continue to bring an extraordinary number of new customers into the program. And as I mentioned, for the second consecutive quarter, we ended the quarter with the highest number of active loyalty program members. And the answer to your question is, ye... | direct | [
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01bf91c40d7c5934c1c3dfb43c90c728 | The holdover inventory from holiday that you mentioned, was that originally aimed at full price? Or was it originally aimed at outlet? | Yes. The pack and hold was originally aimed at full price. And just to be very clear, the product that we packed and held is products that we brought in with extended selling life associated with it, but the product got delayed. So as an example, if we bought a dress and we were planning on selling it for 12 weeks in s... | direct | [
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f820645890bd8e2433b7983abc7d3776 | Can you talk a little bit about your expectations for the balance of the year from a promotional environment standpoint? I'm sure that your plan has a very controlled promotional internal plan. But can you talk about what you expect from competitors? And how flexible you feel from a reactionary standpoint in the back h... | Sure. Obviously, we are operating in a tough apparel retail environment. That's been clear over the past couple of weeks. And we have seen an increase, a pretty dramatic increase, from many of our competitors in sitewide and storewide promotional discounts, going back to sort of where we were pre-pandemic, where we're ... | direct | [
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f1794cb8db140e26b409dc8729176acd | Hi. Good morning management and thank you for taking my questions. So just want to ask about, firstly, on the asset quality. I think our credit insurance provision ratios remain high at 14%, but it seems that we are back to the growth mode. So just wonder, how should we think about risk and growth going forward? And th... | Yes, we are expecting that the P2P trial program, our pilot program shall, yeah, take place, yeah, although the exact timeline is still uncertain, yeah. And so our future strategy will be that we have multiple funding sources for our borrowers from retail investors, from institutional investors and different types of i... | intermediate | [
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a59eac860ce06d0935e9865a477903bc | Hi, thank you management for taking my question. I noticed that the P2P loan volume on the Yirendai platform side seems to have picked up in October about RMB2 billion versus RMB1 billion in September, I wonder what's changed in October on the P2P funds, is there any change in regulatory guidance? Thank you. | I think there is no guidance in terms -- also our business policy working in compliance with the regulatory guidance. I think the guidance was more for the total ending balance to maintain at that level or certain trends, but in terms, our new growth, we're still below our average normalized run rate if you're thinking... | intermediate | [
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8c7a743771b6ca37310dd1de3d905081 | Hi, good morning. Thanks for taking my question. So my first question is about, so do you have an idea of -- was the revenue contribution from our non-P2P asset management products. And secondly, regarding loan volume growth outlook, it looks like we are comfortable to continue to grow our loan volume on a Q-on-Q basis... | Sure. Yeah. So in terms of loan collection, we have as we communicated early on, we have very professional collection teams and services followed by the bank. So we have a very good practice. And we do get certain impacts due to the some of the telecom pilot, but we have made adjustment to overcome those issues. And we... | intermediate | [
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c71dc05c917f1a3f01a202a1a67b3282 | Hi, thank you for taking my questions again. So it's very quick follow-up, I think I saw the -- there was one division, there was a spin-off from the company in 3Q. Just wonder if there is any more details or colors about that Division. Thank you. | I think that's a very small business, yeah, it's very, very small business. Yeah, it's actually a historical business that we have, that's only stop -- actually stopped operation in 2016. So it was just that from transaction perspective that -- yeah. So, yeah, there is very small business residues that has not been ful... | direct | [
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9dddfa55be9474c831fa7e110a94452a | Randy, I wondered if you could provide us with just a reminder and update on what the impact of Durbin will be on July 1st and outside of the two acquisitions to some of legacy Glacier? | Yes, outlook is really the same. So it does start to kicking in, in this July. And then for the first -- for 2019 about $8 million impact, and then going forward, between $17 million and $20 million is what we're estimating in 2020. | direct | [
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d40843b5c1823e2ab8b32bb0f1299db6 | And then that just -- is that related to acquisitions or just expectations for growth at the combined franchise that jumped in, because if I doubled that $8 million against $16 million... | Yes, it's a little of both. Yes. | direct | [
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070c1817ab4608158bd237e8e9a8dd47 | Okay. That's helpful. Thank you. And then outside of seasonality, understanding it was the cold winter everything that happened, was there anything unusual in fees that occurred in the first quarter? | No. No, we hate to bring up we had a long discussion about it, but it was just such a cold February with record-breaking temperatures and record-breaking snowfall and our customers, our builders tell us that when the temperature drops below zero, where it was half more than half the month or about half that month, they... | direct | [
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696b0f60ff188e38f1a18eb8a99edc42 | Yes. Yes. No, I understood. That's not a condition anyone should be working in. And then, I guess, when you think about the go-forward volume, particularly in terms of mortgage banking, how are you thinking about 2019 versus 2018? | Yes, we feel very good about our mortgage business. We're having a very strong start to this quarter, so we're happy to see that. We see refinances starting to actually pick up given the interest rates drop a bit. So, on a full year basis, once again we feel it's going to look a lot like 2018 just about the same kind o... | direct | [
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8775a16b7b09993fda093ce38f2220c3 | Okay. And is there a possibility that if refinance volume dependent on rates obviously continues to pick up, but we might see even a little bit higher in '19 or are there other forces that might offset some of that pick up? | Well, our own -- a bit of a headwind here is just supply. So, we continue to rest within, in many of our markets lack of supply. And so -- and also labor to build is in tight supply. So that's a bit of a limiter on really over-performing against the prior year. And I think when we look at the amount of refis, rates wou... | direct | [
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7b7d4c01e6cda7014a1a036384a7a888 | So, maybe just to start on the NIM. Ron, do you have how much the accretion in the quarter was? And then maybe also the yield on the new originations this quarter? | Yes. So, on the new originations, that is north of 550 and that hopefully will continue. When you say the accretion, you're talking the purchase accounting discount accretion? Yes, that's same as it was in the fourth quarter, 5 basis points. | direct | [
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b1cecafc6703234b1b99bef75e1a0dfa | Got it. And then maybe just talking around the NIM outlook for this year. In January, you sounded pretty positive, just giving your loan repricing dynamic and how it really takes kind of the second year following rates to reprice. In the same vein though, I think most of your loans are priced off the five year. So, I'm... | Yes. So, there's certainly momentum and really upward bias. But you're correct, most of our portfolio is tied to the five-year Federal Home Loan Bank advances, and pulled the rates this morning. So just from 930 of last year, we've dropped through last night basically 50 basis points. Now we're starting to see that com... | intermediate | [
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c327e238c1a18c81b08d97f420c748c5 | Got it. And then just on taxable securities yields, I think, they were up 19 basis points this quarter. I'm wondering if anything changed as far as your strategy around the investment portfolio, with the change in rate outlook this quarter, maybe can you talk about what you're buying at this point? And whether maybe th... | Yes. So during -- on the taxable investments, we've been buying selectively commercial mortgage-backed securities. And then just going out a little bit longer with the duration, but nothing meaningful. And so the impact of that was really during the fourth quarter last year. We started buying the securities that we tho... | direct | [
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9ac14be62c46ed424e35ae240c519e4a | Got it. And then just lastly, the tax rate guidance. Are still thinking around a 20% level, just given you come in below that this quarter? Is that still good? | Well, I went back and looked at the transcript. So, what I said was, for the full year 20% would be the rate, and truly that's in connection with the fact -- when you bring on that much income from Heritage and Layton, they don't have a big unit portfolio, and so our municipal investments are trending down. We actually... | direct | [
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b3dae56c019eddca4490ff8520e2d50a | Just wanted to touch on and not to focus too much on the weather, but the -- and you did reiterate the target for loan growth of 8%. But any sense that there was a little bit of pent-up sort of potential that may be translated or pushed into the second quarter, given weather kind of a lumpier. I guess, early returns on... | No, I wouldn't call it pent-up demand. I actually think that what we're seeing is a little digestive capacity. The projects have been built. They're being utilized, they're being filled, they're being sold, but the economies are still good. But, I think, the velocity, and now there's a bit of a digestive period, and th... | direct | [
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987ae72d43b0c42b98398395e94cea4b | Okay. So, it was more -- I think, you said $615 million in pay down. So maybe just timing, it was a kind of a lumpy. Okay, fair enough. | Yes. And the construction loans paid off, and because of that both the digestive capacity and the weather we didn't see a lot of new activity start-up. We see some of it now. We're seeing some of it now, but I want to give you the right color. I wouldn't call it a surge of activity. | intermediate | [
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f1cbd87ce0ef32945edffc6a1f50582c | Got it. Okay. Other income, that line item was up a little over $1 million sequentially. I don't know, if that was a function of Q4 being a little light, but anything in that line item to note? | Yes. Gordon, it's just (Multiple Speakers) I'm sorry, Jeff. Forgive me. Just gain on sale of our OREO income, we had some income coming from our equity investments, and that can vary from time to time, but nothing -- nothing that really sticks out. | direct | [
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dac4942112559f1208aa711000def6eb | Okay. Maybe just one last one for Barry. On the provisioning level, wider net growth, credit certainly trending well. Just any thoughts on the provisioning level. It's a wide range, but any commentary on that front? | You know, as always we look at it every quarter end, and depending on our credit metrics and growth in the portfolio or non-growth, we make the adjustment accordingly, and given some improvement in NPLs and minimal loan growth. We adjusted the provision accordingly. | intermediate | [
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d966c59551a29e17697a9d3adfa6f223 | I wanted to start with a quick follow up actually on the provision question. Just as we look forward to maybe 2020 and kind of a post-CECL environment, when you guys are still at over 1.5% reserve, and now the NPA is being so low. It just doesn't seem like there'd be any upward pressure from kind of the implementation ... | Well, so CECL, we're still -- you know, we're proceeding with it, we're pulling it all together. We were starting to do our run. So, I think, it's a little early to tell. But I think, at a gut level, I think, you're probably directionally correct. But I can't tell you that we have the numbers to support that at this po... | intermediate | [
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5f44daec2970a6162c0272145b09c0df | Okay. And then just maybe switching gears to the deposit front, you guys have very good demand deposit inflows this quarter. That's been pretty light, I would say, generally across the industry with a lot of people having demand deposits go down. I know you guys obviously stayed focused there. But I was wondering if th... | Yes, it seems to be pretty spread out. And I'd have to say more core growth. I don't think there was any particular kind of one source. So, it seemed to be spread out and pretty much just consistent with our long term strategy of building those kind of brick by brick. And increased, I think, Barry has turned up the dis... | direct | [
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5ce1e131e0b30d2e020a44a0589985fc | Okay. And then last one for me, maybe just Ron on the duration kind of on that five-year loan book, is it pretty close to five years or is it much shorter more like a three-year kind of duration? I'm just trying to think about the vintage and pricing of the loans that are running off versus as you make these new loans ... | Yes, it's closer to five years, and anything, it's come down a little bit. But it's hovering around five-year duration. | direct | [
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285f28647d94d59b9e7db858faf63c81 | Okay. So, even with the decline in the five-year rate over the last six months, as you mentioned, I mean, we still got multiple years of repricing higher on the loan front going forward. Is that fair? | Yes. Very fair. | direct | [
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9f6e06171663cb973d2d8b52bc231325 | Just on deposit rates, do you happen to have the spot rate on your interest bearing deposits at the end of March, relative to the 34 basis points in the quarter? | Interest bearing. The overall core was up to and most of that was in money market and CDs. So, I don't know, if that's giving answer to your question. | intermediate | [
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b9892dba723c1aa1fb9083e553c7b821 | Yes. Ron, I guess, what I'm thinking about is just with the Fed on hold, from here is there less pressure to price up at this point. And may we start to see some stabilization of deposit costs, and do you feel that because you're still below the market you're just going to need to continue to kind of play a little bit ... | (inaudible) whole -- in all our markets we're at a very interesting point, where, yes, the Fed has signaled stable, probably no change to possible decrease. Yet at the same time, banks in the market are -- many of them are loaned up, past the 100% loan to deposit and need deposits. And so that's a bit of a headwind. Bu... | intermediate | [
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9c48bbe6ad353e6dc14e14b1c3d20525 | Great. And maybe Barry as well on just the discount on the loan portfolio that we can adjust the reserve or gross it up this quarter for acquisitions? | Okay. It's $24 million. | direct | [
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4cc2021ed42d9e0f568276fe4a2a499f | Hey, Randy, in your prepared remarks you talked about having optimism on forward trends and credit quality for your markets. And I'm wondering what markets and/or data points you're using to kind of support your optimism? | Well, two things. I'll let Barry follow, but I mean our NPAs, we continue to improve with NPAs. A lot of these projects are being sold to developers who intend to develop those properties. I think that's very positive. They're buying at a very attractive price, but then most are -- they intend to make investments into,... | direct | [
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a568cb0aee4a1d78fcf0cfed1095872c | Okay, great. Another question was, can you remind, what the magnitude of the seasonality is within the non-interest expenses? | Let's see. So, non-interest expense for the first quarter, we usually see a bit of an uptick because all the reset of the comp hits really that starts to hit in the first quarter. So, that's pretty typical. I think, what we saw this quarter is pretty much what the past pattern has been. | intermediate | [
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754bcba59ab5ae7187f0dfe95bc45d6f | Can you can we start off and maybe you could talk a little bit about the landscape of potential retail opportunities as we kind of look at the second half of the year. Does the PCT sort of rate relief program and maybe some of your lower estimates around peak demand in Texas, maybe take some of the pressure off of the ... | Yes. So well, I mean, no I will say that definitely, the bar is higher because of where our stock is, and we believe that [Technical Issues] significantly on their value. Having said that, we are monitoring all the opportunities. I mean, as you said, I think the environment has changed on the M&A side. We continue to b... | intermediate | [
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d16e673a35e88c6d776d55c538d4fd76 | And then just can you, Mauricio, give a little bit more specific on your conversations with the agencies on an IG upgrade? I mean, are they getting more comfortable around the business risk profile and the Retail segment? I mean, clearly, what you're displaying today is the sustainability of the model. And just going b... | Yes. Well, I mean I turn it over I will turn it over to Kirk because he's had very direct conversations with them. But what I will say is, I mean, I think we have executed well on the on our platform and demonstrated the stability. And once again, this year provides us a tail event that further demonstrate that stabili... | direct | [
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1ca363e001dd7d321fc5cf82be71b709 | And then just lastly, on pursuing additional portfolio rebalancing for the East, West segment. Any can you just provide a little bit more detail there? | Yes, sure. I mean I think it's I've said it before, our Generation assets are close to bulk packets. Very significant locational value. We've recognize that. And our goal is to monetize and/or optimize the value and maximize the value. So when the time when we have more clarity on the plans, we will communicate to all ... | intermediate | [
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02899c162a9ce922596d927c072213cc | Excellent. Thank you. Hope you are well. Wanted to follow-up on perhaps let's talk sensitivities about the retail business here. And I know you all have illustrated the success of the integrated platform, but I'm curious as you see residential sales trending up here even relative to commercial and industrial, how do yo... | Yes. So I feel comfortable reaffirming the guidance range that we provided to you. I think that we're monitoring and we're seeing how quickly the economy reopens. And that's going to inform what happens with our customers and customers load.
I think we wanted to show what happened in April, and it's pretty significant... | intermediate | [
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5057da73e37394ecef5da49f12df7955 | Got it. Fair enough. And then moving over to capital allocation, and I don't mean to belabor this point, but do you have sort of a definitive point in mind that you could speak to around when we get the capital allocation update and how you think about growth versus buybacks? I mean, [Technical Issues] clear as where t... | Yes. Well, I mean, first, I think we've made really good progress on our capital allocation. We have fulfilled our commitments with our new dividends. We are ahead of pace on our share buybacks. I mean, I think in the last call, I said we're going to be very programmatic, but I'm not turned deaf and I see the significa... | direct | [
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d81d3b154b80bf0ea1073ddfa472ceeb | All right. And just to clarify, the last question here. With respect to attrition and bad debt trends, any concerns on that front? Obviously, you're reaffirming 2020 on balance, but I just want to be very specific about those two pieces? | Yes. I mean, cost of payment items like bad debt is something that we are monitoring very closely because of we have many customers that have been impacted by the COVID-19 and they are in financial hardship. We've been working very closely with the PUCT to put together a program to provide relief to those customers. We... | intermediate | [
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2fdebebb7d71e1a94e41d02c3540b249 | Congrats on the good results and the increased disclosure is definitely helpful. I wanted to talk about renewables opportunity. I know you didn't sign anything new up. But just given the potential distress and challenges that some of the smaller developers might have, would that potentially create an opportunity to act... | Well, I mean, at this point, our focus is on our capital light strategy. I mean, we've been there, done that in terms of the ownership. And I at this point, I prefer the strategy that we're executing. As I said, we didn't sign any new PPAs during this time. So I think that should give you an indication that this thing ... | direct | [
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becd4cbb47fac08ee3d3d8223308088c | Understood. I respect that. And then just shifting over to the residential demand and just the overall demand outlook that you provided on slide six, which was helpful. I guess I'm thinking if residential demand would have remained strong throughout the summer and maybe into the fall as just we see more people at home ... | Well, I mean, without talking about where you are going to be in the guidance or not. I mean, I think it is important to recognize that our portfolio in Texas is primarily residential customers. And we have seen actually an increase in demand from those customers. Now as you go into the summer, just recognize that perh... | intermediate | [
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3293f8c8a27501fbb7aa01ca75ea0cb0 | Thanks for all of the update. I just have a question on the new integrated modeling portfolio data. I think given that you are net short in ERCOT, can you just help us sort of reconcile the positive sensitivity to power prices? And just how to think through that on an integrated basis? | Yes. Well, let me just start by saying that we're not net short. I think that's I've heard that a couple of times, and that's a common misconception.
When we go into the current year, we're perfectly balanced between Generation and Retail. I mean, we obviously are going to try to optimize these two assets that we have... | direct | [
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8c23c45f06193d9ec370862610b2d127 | No, very helpful. And we'll spend some time on the new disclosure. Thank you for that. Can I just follow-up with one other item. Mauricio, you mentioned this kind of the bad debt number of $50 million. Should we think of that is that just an ERCOT number? Or is that a the portfoliowide number? And should we think of th... | Yes. No. I mean, it is for the portfolio as a whole. And when I say onetime is because this is very specific to the impact of COVID-19 to customer payment-related items, which bad debt is one of them. So yes, you need to think about it as for the entire portfolio. And yes, this is a onetime COVID-19 related. | direct | [
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ea6c18a0e06e6f298ab82258630aabfc | So we kind of discussed a few potential items on the commercial side that show signs of improvement. I'm just curious as to what is the company's view on the most important factor in driving future growth. Is it adding more top 100 facilities? Is it improving penetration in those facilities. Whichever you think is the ... | Yes. Gil, happy to take that. Yes. I think you nailed it, but we've obviously got to a significant portion of those top 100 right now. Those 60 organizations that we have now seen in order from. And of course, we've seen an 18% reorder rate from those organizations, which we're really happy about. But the overall depth... | direct | [
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e58ceed74051a701c2c31e30749c1de1 | And considering that several of your clinical studies have completed their enrollment, should we expect a slowing in R&D operation expenses moving forward? Or just kind of remaining flat? | I would expect it to remain flat. The studies are enrolled, but we will have data processing. We'll have just a number of things to close out studies, so I would estimate them to be around where they were for the second quarter and continue that going forward. | direct | [
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38fcad298c02412442bb3de8c64971fe | So for TNBC, has the change in treatment landscape impacted enrollment in the first-line TNBC Phase 3 trial? | Yes. Thanks for the question, Kaveri. This is Jack. It has not changed the enrollment time line on the Phase 3 first-line TNBC. That's a global study so we've got an enormous number of sites outside of the U.S. The ADC combination study is solely a U.S.-based study and since Keytruda's approval at the end of 2020 -- or... | direct | [
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c13661cc02f466d4ef70eda47a4fd74c | For TNBC, do you expect in the use of Keytruda in the neoadjuvant adjuvant setting to impact trilaciclib efficacy in the first-line setting? In patients who previously received and progress on this immunotherapy. | I can take that one. We do not. Based on the mechanism of action of trilaciclib and its impact on various aspects of that cancer immunity cycle, we think that there is a potential that we could work even in patients who have previously received an immune checkpoint inhibitor. | direct | [
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e810c4986acce2b4ea22ce2bf5896c2f | Andrew, you made a comment about July and then you made a statement about some sales initiatives, and I didn't quite get what those sales initiatives might be. I wondered if you could make a statement about if you could, about what those new sales initiatives would be. And then two additional questions. Raj, on the Pre... | Yes. Obviously, in oncology, patient flow in the summer months can come a little bit, and it does appear to have been affected by some trends in patient flow and perhaps healthcare staff availability as well for various reasons. I did mention a couple of the initiatives that are underway. And so the first is just that,... | direct | [
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cfcaf1a62552820966d75fe739335397 | I was just curious if you have any data on potential off-label use of Cosela? | We get information that has quite a significant lag on it because it has to come through claims sources. So I don't have a lot of information that pertains to the second quarter. But I would estimate a single-digit percentages of off-label use. | direct | [
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78f9586eaaa8c9637ebe10996d43ffb9 | And then, Andrew, you had mentioned earlier that the majority of -- you now see a majority of live versus virtual sales calls. Maybe you could just review with us the importance of that. And do you expect this to continue going forward? | I do anticipate that it will continue going forward actually. And the big advantage, I think, and maybe on a little old school in this, but when an oncology salesperson who is competent and capable and is engaged with the product goes into an office, they're not only calling on a prescriber, they're calling on the nurs... | direct | [
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3eb80c44b79fae1b6c08ecb280e9ca1c | And perhaps my last question for you is just you mentioned a lot of positives going on during the launch. Wondering what sales headwinds that you're seeing and what potential solutions that you have to those headwinds? | I don't think they've really changed too much. I think it's converting the awareness of the product and the willingness to prescribe into identifying a patient. And we've been really pleased actually to see some real-world data recently presented at NCCN, where it really showed the burden of myelosuppression, which is ... | direct | [
"direct",
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d82fc1fd71fa8b291b728cd82877c393 | Congrats on the progress here, especially on the clinical side, it's impressive. A couple of questions on the clinical side. For the ADC combination study and the bladder cancer study, I know the primary endpoint is PFS, but thinking about myelopreservation in those settings, anything we should know, there are nuances ... | Yes. So we will be looking at the outcomes of myelosuppression, so neutropenia, anemia, thrombocytopenia. Starting with Trodelvy that it does have actually quite significant rates of neutropenia. So we feel there's an opportunity there to show potential improvement, which could translate to better tolerability of the c... | intermediate | [
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06a656bbdee61f2dd89e5653e1a684d0 | Just to double check, it's a secondary endpoint, but you'll be able to track for statistically a benefit. | Yes. Sorry, David. Just to clarify, it is a secondary objective and there's no alpha sign. So it will be descriptive, but it will be important additional data as we evaluate myeloprotection across different regimens. | direct | [
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c24697b903ea2417e61374770a4c8a60 | Just a question on the trilaciclib MOA study, the mechanism of action study. Kind of what's the win scenario there in your opinion? And how might that change the view of, say, Preserve 1 versus some of the efficacy studies that have been cited on this call. | What we've shown previously in preclinical studies as well as with peripheral blood analysis from our clinical studies is that the impact of trilaciclib is in the T cell compartment largely. So we'll be looking at effect on CD8-positive T cells, T regulatory cells, but not just the numbers by immunohistochemistry, but ... | intermediate | [
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f17e69c981f35b94af0bc6226f233aae | Congrats on the great progress in the quarter. Just two quick ones on the Cosela launch from us. First, on the new sales initiatives. How long do you think it will take before you'll see an effect on quarterly sales? So do you think we could see an effect over a quarter or two, do you think it will play out over a long... | I think we're not in a position necessarily to provide too many predictions there. What I would say is at the account by account level, we can see rapid improvement due to execution improvements. So we'll be looking for that account by account. As to how it ladders up quarter to quarter, I don't want to second guess th... | fully_evasive | [
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376802ec565666487364b314a693c605 | And then the next question I have is just, does anything in particular distinguish the last handful of top Cosela accounts that you all haven't reached yet? Do these represent bigger systems that are more difficult to break into or something else like that? | Yes. It can be a variety. So sometimes they are accounts or organizations that are completely no seal access to commercial, and they can be a mixture of academic and community in some cases. And those ones, we always knew would take longer because there's just many, many fewer shots on goal. In some cases, it's organiz... | direct | [
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38f575a39a67ed97fe92c00aa3543010 | Hey, maybe we can just start on the margin, Mike. I appreciate the 2 basis points to 4 basis points guidance. What does that assume in terms of potential rate cuts. It looks like there's pretty high probability, we get one in October as well as thoughts around the ability to further reduce deposit costs, and if you can... | Sure, we'll be glad to Michael. So as we think about the fourth quarter, we certainly have a couple of headwinds to kind of overcome. We kind of called out in the numbers that we had had 5 basis points of interest recoveries this past quarter. Certainly, we continue -- can continue to have some level of interest recove... | intermediate | [
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e1880357f9bf961e28f6060c2c40f9fa | Mike, that's great color. Maybe just as a follow-up, because we've heard on a couple calls this morning. Can you just describe, just overall the outlook for the energy portfolio? I know there was a charge-off this quarter. You guys appeared to have pretty healthy reserves, but can you just give us high level outlook fo... | We do. We actually built those reserves a little bit this quarter. But I'll turn it over to Chris, to look at and give some -- some color around the energy book.
Yeah. So during the quarter, obviously we had one-off charge in the RBL and we did have a little additional migration in the criticized loan levels. We don't... | direct | [
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e76290268c77262e9edb4068570466df | So the issues that you're seeing, are they -- are they marginally unrecovered credits from years ago on the service side or, are these really new issues kind of popping up at this point or is it just kind of legacy issues that are just resolving themselves now? | Yeah. So most of them are more legacy-related credits. None of the newer credits that were -- that we booked in the past year or two really presenting issues for us. So we're just continuing to kind of work through some unique issues with those individual credits.
Michael, this is John. Just to give you a little more ... | direct | [
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a1e65d60355e28f7b056e698e4ded72a | Mike, maybe I wanted to start with expenses. You really good cost control this quarter, obviously fee income continues to do really well for you guys, which typically also mean, some higher expense quarters, but it didn't play out that way this quarter. Just kind of curious, kind of the puts and takes on the expense si... | Sure, absolutely Brad. So, so, yeah, a good quarter in terms of our ability to control expenses, expenses only up about $1.2 million. We kind of called out the biggest negative for the quarter and that was the $1.7 million increase in ORE expense. And I think the materials do a good job of kind of calling out and expla... | direct | [
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63346cdb937021e4330113612726d604 | And maybe bigger picture, do you think with the NIM compression that you expect you'll be able to continue to generate positive operating leverage as you move out over the next several quarters or is the revenue environment is such that it will make it more challenging? | Well, certainly it's a challenging with the rate environment and we kind of talked about. Our NIM guidance for the fourth quarter, we have again a full quarter's impact of September rate cut and then we're assuming the Fed does move in October. As of right now, we have no additional rate cuts, projected for the rest of... | direct | [
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9bbbf97bf5e4cae534f0d010e66ff049 | Okay, great and then one last follow-up. Does your NIM guidance -- does that include impact from any additional accretion from MidSouth or any recovers there? Would that be above and beyond, kind of that 2 basis points to 4 basis points of compression? | No. We have some level of accretion kind of built into the fourth quarter numbers. At this point, no specific recoveries though for the fourth quarter. | direct | [
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4927bded408d92a9aac7f6368fea99d0 | I want to start on the fees. Obviously, good quarter on fee income. I think MidSouth will bring over a few million dollars of fee income in the fourth quarter. It just looked like the 10% full-year guidance on fee income growth could be a little conservative. Can you just walk us through some of the various lines and h... | Matt, this is John. I'll start and then Mike can add some commentary, if he would like to. The fourth quarter -- lets first talk about those things that have the potential to diminish and it's purely seasonal. Once you get past the middle of November through about the end of January, typically mortgage transactional bu... | intermediate | [
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dd2142b96785db84ebfbce790cfcadcb | That's helpful. And then what about the impact from MidSouth? I know that the portfolio has been shrinking and you've been closing some branches. Could the fee income run rate there also slow, compared to what we've seen over the last few quarters from MidSouth? | There is a couple of moving parts. It's a good question. It's worth noting the -- the Hancock Whitney's fee income penetration of revenue is right at 27%, where MidSouth's at least for the second quarter, which was the only close quarter we've got to refer to was 23%, so there's a fair number of products that have not ... | intermediate | [
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f553a569860b5efa8605e2ff2a5f00a6 | Got it. Okay, that's helpful. And then just as a follow-up, I appreciate the details that you gave us on Slide 8, that talked about the remix of the loan portfolio. It looks like the last few quarters have a pretty high correlation with the prime rate. I'm showing the new loan yields prime minus 25 bps on average are s... | Well, that's a tough one. I think it's fair to say we are still -- even in Q4, excuse me -- Q3 and even in late Q3, even with the rate reduction in September, we're still booking business at a positive gap to portfolio. Get two or three more rate decreases that certainly becomes more challenging and so we still believe... | intermediate | [
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16e1fc8d954768f44ab8d4e2266bfaa4 | And I wanted to ask a question on growth. It feels like we were expecting kind of mid single-digit growth rate, excluding MidSouth going into the back half of the year, and now we've got mid-single digit even with MidSouth. And so, can you just kind of talk about some of the growth dynamics in your portfolio, where you... | Catherine, I'll go ahead and start, and then hand it over to John for some color. But specifically for the fourth quarter, when we think about growth in terms of the guidance that we've given of mid single digits average growth year-over-year, we're looking at specifically as probably something between 4.5% and 5.5%. S... | intermediate | [
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ac6636eaaa0b53478120ffdef35801a7 | Okay. That's really helpful. And then maybe one other question on buybacks. You announced a buyback, now that MidSouth has closed, can you talk a little bit about how aggressive do you feel, like you'll be on that buyback? Is it more managed with the capital levels or how price sensitive you are with that? | Catherine, this is Mike. So obviously, we disclosed that the board increased that authority to the $5.5 million and what I'll say about that is, certainly we intend to exercise that authority and I think you'll see us do that over the coming -- coming months. | intermediate | [
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13af58c184ba6f1de5ecc9b4375f46ae | As always, you do a great job of outlining why you're so enthused about the long-term outlook. That said, I'm actually going to focus in a bit more on the quarter and the full year 2021 outlook and then I'm going to try to sneak in a third question on the long-term targets. So starting on the near-term, within core rev... | Doug, first of all, thank you for being on the call. And I'll give you a part of the answer then pass over to Han for the rest of it. And I'll deal with the specific question regarding the ingredients revenue in the second quarter, and then talk about the consumer for the second half, and then I'll leave Han to talk ab... | intermediate | [
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597bdd26fb3aa640beca614734141c01 | Okay, that's all helpful on the quarter and on the mix. In terms of what's embedded into guidance. Listen, you guys sound great. And clearly there's a lot of momentum here, I think that the biggest pushback we get from investors, at least on the near-term outlook, and by extension from folks who aren't as enthused abou... | Doug -- I would tell you to two things Doug. In -- I think you hit one of them, right? We are seeing a very strong recovery in brick-and-mortar. We're expecting that to stay I mean, we're not assuming at all stage, because we think there was a bit of a reaction or kind of a big bump, as consumers were able to get back ... | direct | [
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e8eee131e92f5de2c3e3001c56b01ad7 | Okay, super helpful. Last one, and then I'll let others jump in. Longer term as we think about the 2025 targets, I just -- I'm curious, can you get there with Squalene derived products it is -- are to those targets require expansion into other areas, other engineered organism lines or anything like that? Or is it as es... | Yes, on the consumer part, I think there's two parts of those numbers, right. There's the $1.4 billion on consumer. And then there's the ingredient and technology part. On the consumer part all of that is based on the current brand portfolio. So not any new brands, not any expansion in new ingredients. And it's really ... | direct | [
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e1415c476e024e55b4a0f706a7e92199 | Could you just highlight the key gating items for the board has commissioning and ramp that you're watching for one just really be able to track that process, given the potential impact on gross market as you go forward? | That's a that's an even wider question. I think he spends his life going to sleep and waking up dreaming about the Barra Bonita plant. I'm assuming you're talking about Barra Bonita Colin that --
Yes, Colin good morning to you. We are really focused on the commissioning to basically verify every one of the operating s... | direct | [
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ce1246e858c637fba5760f4eaa2ee419 | Perfect, that's super helpful. And then just in terms of the scale up on the operating side, and the organizational capacity as you guys think about this 2025 target. And having brought in these new brands, how should we be thinking about opex both from an R&D perspective, but also, from an overhead perspective on sale... | I'm going to leave that one to Han to comment. And the only thing I'll say is, a lot of people think of the new brands as all additive costs. Actually, they provide a lot of efficiency, because we're able to like in formulations, we've built a world class formulation organization, we're making that even more robust. An... | direct | [
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6d173c934184f37ece40e7f17a9cb673 | Good morning. So on -- can you flush out your thinking on hyaluronic acid, some of the other players in synthetic biology have entered and then exited that market. So what is Amyris doing differently? | He Lauren's, good hearing from you. I think a few things. Number one, we've got a built-in need across our brand portfolios. Number two, as you know, several of our partners are significant players in supplying these products to the industry. And we wouldn't target if we didn't have a clear view in significant channel ... | direct | [
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d3021a9e53d1860cb26e49839ab09c5f | Thank you. Good morning, guys. Can you give us some sense contributions from Biossance As I said, for the second half of the year, I think the guidance range for the second half is $150 million to $155 million revenues. How much of this is Biossance and Pipette -- | Hey, Amit good having you on this call. I think we had provided some view about Biossance and Pipette full year, I think we said that Biossance was heading for about $105 million of revenue, and about $160 million or retail sales this year. And I can confirm that that's on track and looking very robust. And then I thin... | intermediate | [
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2eb5c741dbe26df0ac417d43f613a9bc | Good morning, and thanks for taking my question. I just like for a clarification in the guidance. Can you say whether or not the $400 million revenue expectation for the year does or does not include any potential further portfolio management transactions? | Craig, this is John. It does not include any assumption of any portfolio transaction in the second half, that portfolio meaning us selling something.
Correct. | direct | [
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7927aa54f168d4317ae466d52c894931 | On the revenue outlook, Joe, you mentioned high degree of confidence in your NPR target. Maybe digging into that a little bit more, you've said before you've been very active on the RFP front, including a handful of several large one. Can you give us a sense of how those are progressing? Are all of them still active, h... | Yeah, thanks, Sean. Just a couple of comments to provide additional color on progression of pipeline. The first thing is, I would say, linking to your question, I would say, yes, the RFP activity is active and we are progressing that nicely through the different phases of the pursuit process -- commercial pursuit proce... | intermediate | [
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47807bdd5e1de016a24a0afff99691b9 | If we think about the cross-selling opportunity across the other parts of your current base, can you give us an idea of what proportion is currently using all the components of your PX platform? Maybe just kind of how we should be thinking about the size, the potential around cross-selling into the other parts of that ... | Right. Yeah, the way I would describe that is with our two probably most mature deployments, that being Ascension and Intermountain. And Ascension and Intermountain have a little bit different strategies as it relates to their visual intake, but we're pretty penetrated with this announcement on Ascension across those t... | intermediate | [
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128da23088ba6573d3d7a64a1d0d8cbb | I understand the acquisition of VisitPay, but I was curious if you all could provide any detail on VisitPay's financials itself? Like what exactly are you acquiring financially? Is this the company that will kind of -- what kind of revenue should we start building in? And EBITDA -- is there other large EBITDA losses, c... | Yeah, what I would say, Don, is I'll just use the full year basis. So, we look to -- if we look to 2022, we would expect this business to do about $41 million, $42 million in revenue, and we would expect it to contribute conservatively $7 million to $8 million in EBITDA. As Rachel mentioned in her commentary, this busi... | direct | [
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6caebe08daf738dc1ea59fd5af55a295 | VisitPay has been around for a while. I think I'm just looking at their -- not familiar with them obviously. But it looks like they have some nice logos on their website of different health systems they work with, some of which are RCM's clients, and some of which are not. Can you just talk about kind of any maybe clie... | Yeah. One of the things that -- as we looked at the different targets in the patient payment ecosystem, one of the things we really liked about VisitPay's platform, is they've actually served some of the most sophisticated health systems, and you can see that in their logos, as you referenced on. And from our vantage p... | intermediate | [
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1100905eeb90df852a6b2a0ed0a1625b | I was hoping to hear about how you chose VisitPay among the many payment providers in the Health tech universe. And just, given some of your prior investments on the patient experience platform, what nudged you closer to buy over build? | Yes. One of the things -- as I mentioned, one of the factors for us choosing VisitPay was, they have demonstrated value prop into our target customers. So again, that was without a doubt a factor in terms of our calculus. The second thing is, we have had an opportunity over the past couple of years to have a part buy-s... | intermediate | [
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68910032a305978f3cac14b42d72c637 | Just given this acquisition and the extended extension contract, how does it change your relationship with Phreesia, if at all? And you know that Ascension is still interested in expanding the hardware component, given kind of the changing views on that with COVID? | Yes. I really don't want to get into -- it wouldn't be -- what's been my perspective to get into Ascension strategies from an IT standpoint of hardware. But I would -- what I would say is, we're very focused on solving a very complicated problem, which is and I'll keep referencing this the integration -- the seamless i... | intermediate | [
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b0d3457c5e26049b4d756172b6f0b31d | Did you talk about the client overlap with VisitPay, in particular, maybe quantifying the market opportunity of cross selling into your base and vice versa, maybe RCM into their base? And up to this point, do you have any of your own patients functionality that maybe is going to be replaced, either self-developed with ... | Yeah. So, let me first cover -- just give a little bit more color on client overlap, VisitPay serves Intermountain. So we work with them in that setting. And as I mentioned before, they're partially deployed at Ascension. We will fully deploy the platform at Ascension. And then, in our captive book of business, outside... | intermediate | [
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150731a2a825fd44deade1ee845e3f88 | Hey, guys. Thanks for the questions. I guess given the duration of the business and the visibility you guys have, you had to step down in 3Q in the bookings and then kind of, I guess, that flowed through into 4Q. I'm just wondering, you talked about getting this business back throughout the year. Why wouldn't it come b... | Yeah. Luke, thanks for the question. We saw weakness quite suddenly at the end of the fourth quarter. It continued into January, although it seems like we are through that now. So our view is that -- two things happened to us in the fourth quarter. One was due to omicron, our own internal capacity; and then the other o... | direct | [
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1e5db560790e63035a43ece755d029d7 | Yeah. And I just kind of -- just a follow-up on that. I mean because it's really early in the year, and it just -- to not think that you're going to get it back. What gives you the -- like what's the -- is it getting pushed out to '23 now to do the regulatory stuff? Or is this business that was lost? | No. We didn't lose any bookings, but we have seen the lengthening of time from -- particularly from a number of customers from their database lock, which is really what kicks off this type of work for us. It's possible this will reverse during the year, but we're -- we kind of have to call it the way we see it with the... | direct | [
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ddbd4b49db2960571f83c1bd699ae039 | Hey. Thanks very much. Just following up on that. Andy, can you remind us what's the percent of your revenue that is regulatory services related as opposed to the other buckets? Maybe now that you've got another full year, if you could just sort of give us some of those main categories as you have in the past. That wou... | Sure. Thank you for the question. The mix this year in terms of revenues was 30% software, 40% biosim services, 30% regulatory and access services. So it's fairly consistent with last year, slight mix shift toward biosim services. | direct | [
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6a1f628b1ce9a430570bbd04c2e9e842 | Got it. Thank you. And then should we be thinking about the slowing that you had in Q4 as sort of a push into Q1? In other words, would you assume your Q1 might be even a little bit elevated? Or we -- should we assume that, kind of, given that the omicron surge carried through a chunk of January, Q1 would be sort of sl... | In putting together our guidance, we incorporated the second point of view, given the data that we've seen so far in January and mid-February. We're starting to see some pickup, but certainly not a push into Q1. | direct | [
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5cfc7bd85d63926d4c97840f6107d7de | Got it. Thanks. And then one more. Bill, this might be for you. There's been a lot of anxiety about kind of smaller biotech-oriented clients being under pressure, not having the same sort of funding momentum. Can you remind us how big of a chunk of revenues come from biotech? And are you seeing any change in behavior f... | Yeah, we've been aware of a lot of comments about that, but we haven't seen it in our business. So our biotech business was -- grew quite nicely through 2021 and even in the fourth quarter in terms of our bookings. And I think our view is that there was a couple of quarters of slowdown in biotech funding that came afte... | intermediate | [
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32d10eeaab5f523bcc17342513a1fc6e | Great. Great. Thanks. And then can you give us a number about roughly what percent of revenue come from small biotechs without sales? | Yeah. We don't disclose that number, but it's a small percentage of the overall company revenues, 50% of the revenues come from the top 20, so it's not a major fraction. A healthy biotech that's having some success given the type of work that we do becomes a more significant customer, but early stage is a small fractio... | intermediate | [
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b3c0dc878a78663ee95c326a80fb9a8f | Hi. Could you talk about your success? You talked about, Bill, the enterprise release on Pinnacle 21. And I think part of your strategy was to see what conversion you could encourage from the free accounts, the freemium accounts to enterprise customers. Could you just give us an update on where that stands and what you... | Yeah. Thanks, David. Pinnacle 21 performed in the fourth quarter almost right down the fairway with what we had expected when we did the acquisition. We obviously spent the quarter getting to know each other and integrating. And as we go forward this year, there's opportunities for cross-selling with each -- with each ... | intermediate | [
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4b7026c512b09607eb14acbb91e2a5bb | OK, thank you for that. A little bit of a corollary, I suppose, or another version of John's question on mix of clients. Could you -- I think it's logical to us that your biotech clients or your mid- to smaller clients lean more toward services. Services are going to naturally be lower margin than a pure software purch... | Yeah. I would say that for a small biotech, it's profitable in terms of the value that we're bringing to the biotech. For a large pharma company, we can run the projects more efficiently. So I don't see a mix shift in terms of margins from shifting from what we look at as the top 50 versus the -- or the Tier 1 versus T... | direct | [
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feef5bae3f09fd962548bd1f5382cb71 | I was just going to say, related to Project Optimus and maximum tolerable dose changes in philosophy at the FDA, do you have any thoughts on -- I mean, I listened to your webinar the other day that your colleagues put on. How quickly can this have an impact or an influence over customers' changes in the way that they p... | Yes. So the FDA has already started to encourage this. And as you said, we had a quite large webinar talking about it the other day. We have already started projects related to Optimus. So I guess the answer is that the half of -- maybe half of drug R&D spending goes into oncology overall. And probably a similar fracti... | intermediate | [
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17c836a898adc77046b3da2b08fa7801 | OK. And would you view that as new revenue that's incremental revenue, not, say, cannibalizing something else that you do for those clients? | Yes. No, we see this as a new revenue opportunity for us. Look, the -- a lot of biosimulation focuses on optimizing the dose between safety and efficacy. And oncology customers have been at one end of the spectrum for a long time, right? So they -- if you're going to give the maximum tolerable dose, then sort of the do... | direct | [
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efea980ccb574ca030b71bfa8acbb547 | Hi. Good afternoon. It's Derik De Bruin in for Mike. Just a little bit of clarity on how should we think about the step-up in revenues from Q4 to Q1. Or are you expecting flattish? I mean historically, I mean, given the two quarters, it's usually like a low single-digit step-up, is what you've seen is that something --... | The -- we have -- we're looking at, I would say, more like low single-digit step-up. | direct | [
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57519b83f7a40729ec84b2c54103f458 | Great. And as we look at opex, you talked about retaining people and doing like that. Is there any incremental headcount spend, opex spending, SG&A spend that we need to sort of incorporate relative to what you had said on the Analyst Day? | We continue to invest in our commercial organization, our sales and marketing efforts, and we also continue to invest in our corporate infrastructure in terms of opex. However, no difference from the assumptions that we provided at the investor day. | direct | [
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7e223a6d5439df532733c515715b3597 | Great. Thank you. And just one other one. I mean just reiterating no cancellations, it's all push out and you're just being very conservative based upon what you see at this point in the year. | We had really no significant account -- we had no cancellations. We had actually quite healthy bookings in Q4. We did see some of the same slowdown that we saw in December and early January. As we moved into February, that seems like things have picked up, though. Bookings are healthy, and we didn't lose any significan... | intermediate | [
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"fully_evasive"
] | B |
f576f6acd5b00eb6fd49d4b8d1c8341c | Yeah. Thanks for taking the question. I just wanted to follow up on some of your comments around the workforce. I think you mentioned that there was increased attrition toward the end of the year. Could you just give us some more color on some of the drivers behind that dynamic and what you're seeing so far this year? ... | Yeah. Thanks, Vikram. So we saw quite low turnover through -- in 2020 and through the first half of 2021. Like a lot of companies, we saw some increased turnover in the second half of 2021. If you average it over 2021, though, it was probably at or maybe even lower than our historical average. So I think it might have ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3f84469d0a300d1329a742c3ab93723b | OK. Great. And then I apologize if I missed this, but could you clarify what the fiscal '22 revenue guidance assumes for growth rates across biosimulation, market access and regulatory? I think you gave some color on those different components at the investor day, and I just want to make sure we understand the new rang... | Sure. In terms of growth rates, it would be high teens, mid- to high teens for the biosimulation and low to mid-teens for the regulatory. The difference being, historically, they would grow with similar growth rates, but the delays are having the greatest impact on the regulatory side. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
12753f9271750a36074734a0ebbe9eab | If I can kick off please with regards to your commentary on automotive demand. It sounds like to date the impact in the disruption hasn't been so significant for your business, but might be getting worse in the Q2. When you think about that mix impact, what's the implication from margin perspective of selling in the sp... | By the way thanks for the question. There is definitely a margin improvement on the spot business versus the contractual business in the automotive customers that we have.
Except to add on to that, to the extent it shifts the industrial, we would expect that to be a benefit as well. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
75230234b7cdee4313ddf840e8d19eaf | Okay, thank you very much. And just a follow-up, can you give us an update on how the annual order contract negotiations progress? I think in kind of the last quarterly call, most have been settled but perhaps not all of them. Given the increasing strength in the spot market is there any opportunity to go back and try ... | Yes. So we do have some automotive contracts that expire at the end of the first quarter we're in -- were negotiated and completed, starting for the second quarter and they were favorable to our expectation. In regards to the existing contracts in place, that activity will start later this year typically starts late Au... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fbc4389cc29821eabeeee00cf1274926 | Okay. And you wouldn't find an opportunity to go back and try to renegotiate with January contract at this stage? | No. We made a promise and a commitment and we stick to it. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9e998496d2e23b15b560ac09d9072154 | Okay, it's very clear. And just one more question on the ESG side, your comments in your prepared remarks expiation to reduce greenhouse gas emissions by 10% this year. Can you give us, bit more color on that and in terms what the base year is for that, is it year-over-year? And also what are the key drivers you can ex... | Sure, Seth. That's based on our 2020 emissions, in our reports. So we would expect that 10% improvement of 2020 and it's primarily driven by the manufacturing footprint actions that we have previously announced. And we plan to provide more color as we -- the year progresses and our targets for the future. By the end of... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
78da444120a7915aea2bb4dd70b0167b | Just a piggyback stuff question on pricing and mix, it was a headwind in the first quarter. I think relative to the fourth quarter, $6 million. With your spot increases and opportunity shifts, and model tons to do industrial and you did have a very weak mix, it look like in energy. Do you think that the first quarter o... | So we do expect the mix to improve based on the demand going in the second quarter by market. I will tell you that quarter-over-quarter the major influence was from a mixed price standpoint -- was more carbon versus alloy grade and also we had a strong defense ship sales level in the fourth quarter that didn't repeat i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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