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f2afdb06788b65db44f0073719356bb9 | I understand you guys are kind of casting a wide net. But maybe could you just talk about sort of what is sort of out there today and I guess how -- I guess, how confident do you think you can scale the resi part of the platform over the next couple of years, given sort of how low cap rates are and how quickly the Manh... | Sure. Yeah. So we continue to actively underwrite deals. The investment team is hard at work. And our focus area is New York City office, retail, and multifamily, consistent with what we have messaged in the past. We are pleased with this transaction. And hopefully, what this demonstrates is we are looking for opportun... | intermediate | [
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fb635dc5ec6b5745e6e6f9c9ac6e81b3 | I guess just going back to the percent lease comment, So it looks like -- I'm looking at Page 4 the supplemental, it looks like you were at 85.7% to end the year, and then you're saying it will dip and then get back to the mid-80s. Am I -- is that the right number to compare that to? I think this is total portfolio. Or... | Yeah. Well, I think, Jamie, you're referring to a leased percentage as opposed to occupancy percentage. And our current portfolio is 85.7% leased, and our occupancy is 82.4%. That's the delta between those two figures represent leases that have signed but not yet commenced. So my comment about occupancy in my prepared ... | direct | [
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92a5715b91b405d81220d7c06a56a1ef | So the $12 million termination fee, how will that flow through earnings over the next several quarters? | Jamie, so as Tom mentioned, because these are partial lease terminations, the way will be recognized is through rental revenue over the span, the remaining term of those tenants' leases which is about four or five years. So it will come through same-store cash NOI, but in a gradual pace. | direct | [
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f4e653c449b3cb10f86baa002b1e4313 | And then one of the stats you provided in the press release was that I think 17 of your 24 Manhattan leases were pre-builts, and I was just hoping to get some more color on that part. I know that's an active part of your business, but maybe talk more about the types of tenants that are going into those. Or is there any... | Yes. We've seen the most activity on our prebuilt is that One Grand Central Place due to its proximity to Grand Central. We're seeing interest from a variety of tenants really in all sectors: healthcare, finance, professional services, legal. It really runs the gamut. And we also have activity at -- where we have signi... | direct | [
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ca1026db96f6da94227581b391e8d01e | Tony, maybe just for you. In the past, you've always said when you guys do buy something, it's going to have something maybe a little bit of hair on it, where you guys can bring your expertise, setting again today to solve problems. I mean other than money, what problem did you solve at the apartments? And kind of wher... | Craig, you're absolutely completely wrong on the pricing on the asset as far as residential is concerned, and I'm happy to provide you -- we're happy to provide you with comps in the market, number one. Number two, we solved the problem of an existing partnership with an individual who wish they're an entity who wish t... | direct | [
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7486d8b78642223ff8bb1bb0ae549995 | I was just going to ask, you guys have a couple Duane Reades and street retail. I'm just kind of curious with all the headlines of store closures because of the shoplifting and other issues of that sort of. I mean how is -- how have your particular tenants been weathering this? Is there any concerns that -- any of your... | They're doing quite well. We're 91% leased. That says something about our portfolio. Our tenants are open. They're doing business. If you walk into Wolfgang's restaurant in the Broadway corner at 1359 Broadway on a typical weekday night, that restaurant is packed. As you know, we assisted some of our smaller local reta... | direct | [
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1817c38b85d182034dd108d2e54c65ee | I guess can you communicate a little bit more clearly what the company is going to do to try to lift its stock price. I don't think doing a 1031 and exchanging assets is really what the market is looking for from an active perspective. And so I think that's where some of these questions are coming from, just given wher... | Look, first of all, I think we can go through the charts and find at least one other REIT that's trading at a worse multiple than ours, number one. And number two, I do believe that there is a fundamental reality that we need to build value over time and that the investor community within REITs really looks at today an... | intermediate | [
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84b9f927aff17e0de0412bfba52de2ae | You mentioned we're out of the volume business, I think is what you said on the observation deck. And I respect and I remember you and I did a special tour of all the unique things that you've been able to develop in that experience. But at the end of the day, isn't the goal to get as many bodies profitably through the... | I think when you read the transcript of the earnings, you'll hear from my comments, what I said, we're out of the volume for volume's sake business. So we don't drive volume with pricing. We have a unique asset. We like the fact that the Observatory business, in general, has been really dubbed united as an institutiona... | direct | [
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3703e01a5f737574e199ecebb3b6924d | Tom, I know this is looking out into 2023, there's a lot on your plate between now and then. But you guys included your expectations for new leases and renewals, vacates, and unknown for 2023 in the supplemental on Page 10. And it seems like there's a larger proportion of leases in that unknown bucket in 2023 than it's... | Well, Blaine, as you've seen in the past, as time goes on, those unknowns move into other categories. And that will be the case as we approach 2023, and we'll have clarity on those unknowns, and we'll only move into another category when we have strong conviction as to exactly what's going to happen. That said, we are ... | intermediate | [
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fe8e5e3343fe4c09e40519030e631561 | Maybe just a quick question for Tom. You mentioned the concession packages being produced. Are you able to quantify that change maybe relative to pre-COVID levels? | I would say that our net effective rents have trended positive over the last four quarters, still a bit below pre-COVID levels. That said, our average lease cost per lease year for TIs and commissions this quarter was $9.25 a square foot, which is really right in line with our lease costs over the past three years and ... | intermediate | [
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f05aa83a6674a7cd00c119c64a221e24 | And then maybe just turning to sustainability quickly. Tony, you've been active on the Local Law 97 implementation board, and I'm curious what you're hearing from the new administration on -- excuse me, the new administration thoughts on sustainability-related logs in New York City. | Look, the Mayor Adams administration has been a brilliant move to bring Rit Aggarwala back. Rit was the original Director of the mayor's office sustainability under Mike Bloomberg, number one. Number two, we have had very constructive engagement, both -- I've had one-on-one construction engagement with Mayor Adams and ... | intermediate | [
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69f927bb0ea92d4b247d72e19e7ca69f | Two questions from my side, please. First, on your strong postpaid subscriber win additions. Can you talk about how many are coming from other operators and how many are prepaid customer conversions? And in general, given how strong the postpaid additions over the past couple of quarters, aren't you worried that this c... | Okay, Ivan. I believe we hard to hear the second part of the question, but let me start with the first part of the question regarding postpaid and switch between prepaid to postpaid side. As part of our strategy, we have been more focused on strengthening our bond with customers over the past years. We realize the retu... | intermediate | [
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2955d38e0bbd72d2886b86972bb788f9 | Sorry, just to quickly follow up. So do you do you have a ballpark number for the annual free cash flow you expect right now or you can share that? | Actually, we prefer not to give a precise number for free cash flow generation, but you can roughly say 20% of the EBITDA nominal EBITDA, 20% to 25% of the nominal EBITDA can be expected as our free cash flow generated for this year. | intermediate | [
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037eb1f98bd2b7ea7eb1f41890cb0224 | Good afternoon Two questions as well on my side. Firstly, in terms of date for the AGM, do you have a date for the AGM? And do you believe there could be what is your view on the potential payout on earnings that you may give to shareholders? And the second question is: Did you see in the beginning of Q2, any impact in... | Okay. Thank you very much. For the general assembly, along with many other listed companies, we are on hold regarding a call for general assembly. Please also note that our government introduced 25% cap on dividends, which will be effective till end of September. So this is one side. Also, this cap overrides our offici... | intermediate | [
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da4db02fe921fdf3380ed66850c44a9d | And just a follow-up question on those 90% insured. Does it cover external events, such as COVID-19? | It covers only unemployment. It doesn't cover natural diseases or pandemic. It's not a health insurance. It's against debt and also unemployment. And we are not insuring customers above age 65. So we see very few fatalities throughout the year. Most of the compensation comes from unemployment claims. | direct | [
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2f1ea6fd39f54496ef45177363b6000b | Hi. Thank you very much for the presentation. I have three questions. One is about the mobile ARPU growth trend going forward. If I'm not mistaken, you mentioned that the ARPU growth should converge to inflation at some point. So when do you expect such a convergence to happen? As far as I believe, that in the in April... | Okay. Thank you for the questions. First of all, let me start on ARPU side and let me give you a little bit broader answer on the ARPU side, because ARPU impacts on fixed and also mobile front. On the mobile side, our mobile ARPU rose 21.5%, driven by large postpaid subscriber base and upsell effort on the back of incr... | intermediate | [
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8ea1008b36aa013b4c0b35d9d834fc99 | So we have a list of questions coming from the web. We are going to touch on a couple of them and try to address the rest at one-to-one. Some of them have already been answered. So one is related with the impact of prepaid top-ups. So what is the COVID social mobility impact on the prepaid top-ups? | Let me take care of this question. The usual online channel has an increased trend in the last couple of months. As people spend more time in their homes, we have seen a decrease in our top-up revenue from our stores. But since our top-up rate has increased significantly through our digital channel, we don't see a nega... | direct | [
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92be2137a3c241304467a4e9c3a11805 | Thank you, Murat. And one last question regarding our credit line. How much do you have in committed and uncommitted credit line? | Actually, we have utilized almost all of our committed lines, but we are working on additional committed line, and we are planning to announce it very soon. In addition to that, we have $50 million left from an ECA facility with EKN. And in the beginning of April, we have utilized $50 million from this facility. Moreov... | intermediate | [
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b02aec8e38ebffce9e074e2759e06e09 | So just to start with sales growth, I mean, organic sales down 88%, like-for-like down 82%. Can you give us some color on the delta between that, in a 600-basis-point negative impact? I mean, some of it is sort of to net new business, but if you can provide some additional color. | Hi, Lavesh. It's Adrian here. So, yeah, the reason it looks -- so we provided additional color on the contribution of organic and like-for-like. So in normal circumstances, like-for-like, as you represent, around 90 to -- in excess of 90% of our overall sales in this quarter because we have closed so many stores. The l... | intermediate | [
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a7a4a3482179548a6f92a1a367a354ca | OK. That's helpful. So just following up on the margin outlook, I mean, thanks for this helpful color on the moving pieces, especially into the second half. But then considering the lease, there was cost-reduction announcement and the fixed cost reduction of other expenses. Is there a way to think about the flow-throug... | So we don't want to provide any guidance. We feel comfortable that the range is still valid. We will do our best efforts to keep and stay as close as possible to the lower end of the range, but we don't want to provide any guidance. We have provided some guidance on cost savings, the personnel expense savings, the big ... | intermediate | [
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fe051503b719cba3d975a1b9c3c49595 | Understood. So just talking about merchandising actions for the second half, I mean, in Q2, the food and beverage penetration expanded considerably. I know some of it has got to do with the initiatives on the grab-and-go offerings. But, I mean, looking at that and looking at the inventory position in Q2, which was down... | So I think the big aspect for us is going to be continuing to focus on the food and beverage aspect of it. We've added grab-and-go uses to just about most of our contracts to date, so we would expect that to continue to be a major driver of the convenience business. But we're also continuing to look at and test and pil... | intermediate | [
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a986bceb93d0e078950769f6f82b7dd1 | Good morning. Thanks. Number one, with the $21 million cash burn rate in the quarter, is that the right number that we should think about as sustainable moving forward if this level of overall passenger traffic persists for at least the near term? Or was there something unique in this quarter that temporarily reduced t... | Hi, Michael. So I think -- so for the balance of the year, we think this is probably something we would think is sustainable. For the balance â for end of July, our cash balance was $200 million. So the implied burn for the month of July was around $4 million, which is more or less close, we did see in June. But there'... | direct | [
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82de635ffbe86baf97a0bc3bd7980433 | OK. So the net effect of that should be that $20 million a quarter is still a decent run rate to think about? | Yeah, I think so. Yes, Michael, I agree. I think that's a good number. Yes, yes. | direct | [
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1b51c5d49ecbb7608ada73ffb664745c | OK. And based on having additional few months of operating in this environment, how are consumer -- how are passenger traffic behavior -- passengers behaving differently from what they're buying? How they're buying it? How much they're spending, more importantly, that it can help inform what a more normalized environme... | So with much of our specialty stores remaining closed, it's difficult to understand how that -- I'm going to refer to that as our discretionary spend categories. What we've seen in the core convenience is a slight rise in the food and beverage because of the fact that we have added so much of it and because airlines ha... | intermediate | [
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29f5769d95caba291d38a43461f61ad3 | So if you just look at the convenience business, is spend per passenger up and by how much? | So in the convenience stores, it's up a few percentage points. Now one thing I want to talk about that because this is an interesting dynamic. Remember that when I say duty pay, that is not just convenience now, the duty-paid business includes all of our duty-paid specialty as well, too. And that specialty business car... | intermediate | [
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2e8d25bc5d3097ff16e0507e7661b65a | And, Roger, my last question is, as you go out to talk to airport operators and even airlines, what do you think the consensus is on the number of years it will take overall passenger traffic to get back to pre-COVID level? | I mean, most of the indications right now are pushing toward the consensus between what I've seen and what I've read. People I've talked to are indicating that 2023 is kind of the year of the return to 2019 passenger levels. Now, I say 2019 passenger levels because it's going to be an interesting dynamic to see how muc... | direct | [
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ce54551f8d377b9ea70e33a5a4e34acb | Great. Thank you so much. I just wanted to confirm, Adrian, your comments on the month of July. I saw in the press release you talked about passenger volumes in the second half of July down around 75%. But I thought you said also that Hudson's revenue in July was down 75%. Did I hear that correctly? | That's correct, yes. So July to date, it was the full month of July, but July to date, we were 75% down to prior-year levels. | direct | [
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a2aab3190b56ef906f932e7c0e839c7e | OK. So running maybe similar to, I guess, slightly better, if the first half of July -- I don't know if you have the first half of July passenger volumes. Were they meaningfully different from the 75% decline? Or was July relatively consistent throughout? | I can't really â I think the first half of July on the passenger accounts was boosted by the July fourth travel. We saw quite a boost in both sales and passenger levels during that first week or two, and then things kind of leveled out. So right now, the overall month trend, as I said, to your point, we are trending sl... | intermediate | [
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e2379f88932699860747925377de7d8b | OK. Great. So we could use that. If we sort of watch that data come out regularly, we could use that as a kind of a rough proxy, it sounds like. | Yeah. As we mentioned last quarter, it has been a very, very good benchmark and weathervane for our business, yes. | direct | [
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6c18a7eb5652cd945d9bfdca134f9de1 | Great. OK. Wonderful. And then I wanted to ask about the $140 million to $160 million risk savings that you've got. Can we just sort of take that, divide it by four, and apply an even amount to each of the next four quarters in order to get to that annualized savings number? Or did you experience any savings from the r... | I think you can use it for this year, for the next two quarters. Next year will depend on the recovery level of the sales. So should the sales bounced back dramatically, then we may need to hire some additional employees. So the savings may be a bit different, but the revenue will also be higher. But I think for the ba... | direct | [
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b52892f9110dfa3063a1546838c0e1db | OK. Fantastic. And I apologize if I missed this in your follow-up. Did you mention the -- or quantify what you received from the U.S. CARES Act so far here in the third quarter? I know you gave the second-quarter benefit do you have maybe a July number for the third quarter that we could think about? | No, we didn't mention the July number, and we have received $4.5 million for June. So as we move forward with our reduction-in-force program, the subsidies will obviously go down because many of them are reimbursing us indirectly for the benefits we offer to the furloughed employees. So I think the number for Q3 will b... | intermediate | [
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06ad92c16e6e9a88ac0cf66cad791bf1 | So, last quarter you guys highlighted some potential project delays from a supply chain shortage of concrete. Did that impact your business in the third quarter as well, and if so, could you quantify it for us? | Yes. You know, we've talked about the cement shortage and how that affected ready mix concrete in the last earnings call. It turned out, in Q3, it wasn't as impactful as Q2 was, and really it wasn't a meaningful impact for the quarter. Now, we have had other supply chain issues with steel and other supplies on projects... | intermediate | [
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6a9b668743d0ef344ddab1c6314f547e | Would you say that those constraints relative to last quarter have gotten better or worse, or are about the same? | I would say that they are about the same as what they were in the last quarter, and we see them steadily improving. | direct | [
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9716078c5b3dfdc7dd81ad7a2701c1f6 | OK. So, not getting -- not actively getting worse. And then as it relates to the uncooperative weather in Texas and Colorado and Arizona, I apologize if I missed this in your prepared remarks, but any estimate how much that impacted your fiscal third quarter, pushing revenue out in the future quarters? | Yeah, hi, Tim, this is Ian. It never -- we called it -- I mean, in our prepared remarks, we largely called from that weather element. It was probably about $2 million of revenue that was impacted in May, but -- I mean, the catch-up was almost all recovered through June and July. It was maybe about $500,000 of revenue t... | direct | [
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2b910d7ef57421dc98376848842e650b | OK, that's good to hear, Iain. One more from me and I'll pass that along. You know, on this Hi-Tech acquisition, I guess two parts here. Number one, was this acquisition multiple for the business, was it in the normal range of what you typically expect to pay for a company of this size, or have acquisition multiples in... | Sure. So, with the Hi-Tech business, as you know, as we look at business, as we look at four times EBITDA, or 1.25 times the value of their concrete pumping assets, or the average of those two, and the Hi-Tech acquisition threaded the needle on that, so it was right in line with where we expected it to be. And as far a... | intermediate | [
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28351c882451f85373a43677440b1f8b | Bruce, can you talk a little bit about the rate? You mentioned being opportunistic and pushing that higher. How much should we think the rate increased over the course of the quarter? | Yeah. So, our rate increase over the quarter was a little over 1% for the quarter. Now, we really started getting hit with the fuel cost early on in the quarter. And as you know, about 50% of our work is work that we've pre-bid, and so we already have agreements and we don't have the ability to get the rate up on that.... | direct | [
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4cdf2dffec6b4607b9197760e4a71654 | And when you think about kind of the capex as a percent of sales, should we think about that -- I don't want to get too far ahead, but thinking about that in similar terms next year. The reason I'm bringing it up or brought it up is you mentioned the U.K. running near capacity. You talked about a lot of the infrastruct... | You know, our utilization rates are still in the high 70's where we target about 85%. So, we have quite a bit of capacity to go before we have to start adding organic units. So, I think for the near term, I think, the percentages we've given you in the past, you know, that 10% to 12% of revenue for capex are going to b... | direct | [
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27f8aac82fc8801e04ad7e8e1e7954b0 | Perfect. And then lastly for me, single-family continues to be quite strong, any concerns about some of your builders being able to find land to put down the pads, put down the roads, etc.? | Certainly. In certain markets, that's becoming tighter and tighter. But the pricing on houses has gotten to the point where they can afford to move into some of those properties that were unaffordable prior, and so I see that still moving on. | direct | [
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46b1c6517c0eb235742126310dde05ef | I wanted to ask -- I don't think you quantified it on the diesel specifically. I think you gave the amount of diesel increase, but not the dollar cost, and just maybe how that weighed on the gross margin if you can quantify that just for the quarter? | Yeah. Hi, Justin, this is Iain. So, on the fuel price, imagine it went up almost $1 from $2.40 a gallon to about $3.40 a gallon year over year. So, there was about a 40% increase in fuel price year over year in that quarter. The dollar effect on the quarter was about $1.5 million. | direct | [
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f4cd78e9170ea38136ffbc91642cf4d5 | OK. So, the second question, just -- I wanted to clarify on the acquisition, I guess it's an acquisition. The HT construction that you called out that was in the quarter, is that a business or did you literally just acquire equipment there, and so it's more of a capex purchase? | This came through, there is a fairly large general contractor in Southern California that started buying equipment in 2014, and with the idea that they would go after the infrastructure play. And after, you know, six or seven years of running that business, he's decided that it wasn't for him. And so, he offered that p... | direct | [
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a55ad30259972ee4b4b43b9f8be2ebe6 | OK, all right, that makes sense. And I guess just maybe the last question I have here is on Eco-Pan, given the stat in the past about the growth of the number of pans in the field just as kind of a leading indicator, what was that increase in the quarter, just so we can kind of think about the trajectory there? | Yeah. The increase in the quarter was largely around the revenue increase. So, the pans in the field counts continue to improve and align with our organic growth and revenue. | intermediate | [
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16b78daa8469b94206bc610e491f2799 | Just wanted to start with the CIPP in North America, clearly a very good quarter on the trends here have been quite good, but just given how you approached it both execution wise, safety wise, just curious, if you're seeing any share gains there, whether it's on crew work or on third-party tube sales. | I think in the quarter, we probably very modestly increased share. But really the overall market through the first half of the year was very strong and we certainly maintain share in terms of our orders. But I would say in terms of market share, it was up moderately, modestly. | intermediate | [
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860707003188dd2bdede22d9b52b4e50 | Maybe just turning to Energy Services and then you mentioned the price concessions and it sounds like that was more with one customer in that large turnaround, but just curious, do you anticipate that you'll have any issues calling some of that back or was it fairly well understood that that was kind of a one-time deal... | Yeah, I think, let me clarify something. We had a large turnaround that we did at reduced prices, but we also reduced prices at several of our large customers. During the -- to help them get through a very difficult time. All of those price reductions have a sunset on them that we've agreed with the customers. I don't ... | direct | [
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65283ddbb058f9e352ca6b8be25cfe36 | Maybe last one from me, just on the acquisition strategy, obviously your balance sheet in quite healthy shape, I mean, should we still view this as, it would be more of a bolt-on acquisition or something technology wise, rather than a sizable acquisition that adds a new area to the business? | Yeah, absolutely. Yeah, we don't see it changing that strategy, we are constantly looking for bolt-ons and for, we've got some gaps in technology, we'd like to fill. This may be a good environment to be able to find some of those, but our strategy is absolutely to build up our core businesses and not expand outside of ... | direct | [
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1839be3f5ca153cb98b7b8ce40fb7f18 | Chuck, I appreciate the opening commentary on budget, but I kinda wanted to dig into that a bit more. When you look at the sort of the core Insituform business through, previous periods of economic contraction, can you talk about how utilities or municipalities maybe prioritize dirty water sort of versus drinking water... | So, we looked at -- certainly looked at the time frame of the last recession in 2008 through 2010 and it's hard to draw really good comparisons because of the stimulus packages that included -- which included water and wastewater infrastructure. Certainly, during that time period, Insituform had several really strong y... | direct | [
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d739d16dcff6c366cb8b7aece78943f4 | Is there anything that going from -- it seems like headlines right now more than anything, but in terms of talk of infrastructure stimulus, I mean anything that you've read through from that might fall down to your business. | So I don't know enough about exactly, what's their -- there is a lot of talk about infrastructure bill. We always do our planning based on not having one and our outlook is always based on not having one. I really don't know where all that stands and wouldn't wanna comment. We try to track a lot of the discussions thro... | intermediate | [
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c4faf886524712c702c6180a24ef6463 | Maybe just on the Infrastructure Solution segment again that -- I'm trying to understand the components driving the much improved margins, presumably some of that is all the actions, you guys have taken really over the last few years, I'm just wondering if there's other element, fuel cost savings, labor cost savings, t... | Hey. Brent, this is David. I'd say it's a combination of all of that. Certainly, the actions that we've taken in divesting the international operations have ultimately improved the overall profitability of the business. We're certainly taken further actions to take as much cost out of the business as possible, while at... | direct | [
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9851685967890e7413ce374880e24ae5 | Maybe last one for bit, the cash flow was really fantastic this quarter, obviously. I just want a quick -- the working capital benefits were predominantly associated with the Energy business and then it -- if that business picks back up, I mean, how much do you think you have to give back there? I'm just trying to get ... | Hey. Actually, a very little of the working capital benefit during the six months was related to Energy Services. Most of that benefit actually came from the Corrosion Protection platform and also from the Insituform North America business. Significant improvement in our DSOs which liberated working capital, but there ... | intermediate | [
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98634145d4629383855f0844eaf8e36a | So I guess my first question and you kind of talked about this a little bit on the call, but when I think about the impacts of COVID it seems like one of the biggest changes has just been the shift at least in terms of daytime population from big cities like New York and DC to more suburban usage and so I'm just curiou... | Good question, I guess that I'm going to give you about a five part answer. The first thing is, Noelle, is that the sewers are all gravity flow they're not pressure and if there in use and their leaking, they have to be fixed and so there is no, the fact that the flow through to sewer might be down 10% or 20% really do... | direct | [
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e1b1259f43823b9865195e7271202713 | And then just given that we're seeing kind of a margin shift in terms of the segments from 2Q to 3Q and you noted a lot of the reasons why. But it does feel like there is quite a -- there are quite a few moving pieces. Maybe you could just talk about how you're thinking about the kind of longer-term target margin profi... | I would expect the Infrastructure Solutions platform to be north of 12% to 13% longer-term. For the Corrosion Protection platform, we're targeting high-single digits. And then the energy Services business somewhere in probably the 3% to 5% range.
And we're excited Noelle because we would expect even with maybe some of... | direct | [
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171cbbc2960ad34e9e007176a0b09e1b | So Ken, given that this is the first time you've broken out the digital piece of the business, I wondered if you could walk through a little bit more of a description for folks relative to the target market for that offering, who you view as the comps, possibly the orchestration layer and how that works? | Sure, George. So really, the focus of digital is really in what I would call the enterprise and mega enterprise marketplace. We're tend to really be focusing primarily on the -- what I would call the Global 1000 and the Fortune 500. That's really been the legacy of the group for many, many years.
And as more and more ... | direct | [
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0a46b71c2999dcdce451cfdade205c24 | Have you done anything relative to marketing, your ability to drive these very high NPS scores? Does that make its way into your sales process? | So it makes its way into our sales process as it relates to the references that we give to prospective customers where they can contact our references and see the impact that we've had on their Net Promoter Score. What really hasn't been done and at some point in time probably needs to be done is SAT metrics, which inv... | direct | [
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8bdcc352213896ba3cd579ea022c3746 | So the earnings contribution from Clarios is a bit lower than we were expecting, even if we kind of back out that inventory write up. I suspect there might be some extra costs or some inefficiencies associated with the change in control of the business, but can you help us understand how long these extra costs will sti... | Hi, Devin, it's Jaspreet. I'll answer your question and then Cyrus can add to it. So you're exactly right. We closed the acquisition of Clarios at the end of April, so the current quarter results have two months of contribution, and it's hard to kind of annualize two months of EBITDA to develop an expectation for the y... | intermediate | [
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3222d92f6b9165fcbcd3b8c2a4b48b80 | Okay. Okay. That makes sense. And maybe switching to Westinghouse, can you help us better understand some of the lumpiness in earnings that we're seeing at Westinghouse? I think you're highlighting some -- or a decline in fuel assembly shipments. Just wondering if there's more to it. We thought Q2 was seasonally a stro... | Sure. So Westinghouse continues to perform very well and kind of in line with expectations. We did mention in Q1. The Q1 was exceptionally strong quarter. There were some fuel shipments that would have been revenue EBITDA in Q2 that were pulled into Q1, which helped with the strong performance as well as contributions ... | direct | [
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3d3ba70ad9b459add36ae8d1fe1ad812 | Okay. That's helpful. And maybe just sticking with Westinghouse. So we saw that you acquired a smaller nuclear-focused engineering firm in Canada. I know it's small versus the overall Westinghouse business, but are you able to speak to the benefits of this transaction? And do you expect to do more tuck-in type deals fo... | We do expect to do more tuck-in type deals. It is very small, but it gives us a foothold in Canada, and it's a country in which we want to grow our business, in the longer term. So there's nothing immediate. In the longer term, we could pick up quite a bit of business there. But we needed physical presence here, and th... | direct | [
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39c9fe21ae6d15c3ab9b399049fd0718 | Thank you. Good morning I think the first question is probably for Cyrus, and it's just on the back of your shareholder activism comment. Do you see a greater opportunity set really surfacing just given the rise in shareholder activism, creating really dislocations in the market to a certain degree and really reinforci... | Well, we do -- and look, this -- we've now bought 4 companies that we would never have bought but for this activism. So it's very tangible for us. We're now proactively going to meet all these activists and letting them know who we are and how we could be helpful in situations and proactively going to meet companies wh... | direct | [
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654a529afb5615e2878bd6f433afc8af | And do you see that as really being complementary to the traditional approach that you've had where you've approached companies really proactively with carve-out proposals of businesses that you've liked? | Highly complementary because as you know, activists have a much shorter time frame in mind than we do and some investors do, so we think we can provide a solution to help boards and shareholders deal with these issues. | direct | [
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d723df447fb7766e0b23ba9141a683cb | Okay, that's helpful. And then maybe just on the quarter. Gains were pretty outsized in the quarter, but that's really a core part of your capital management program of buying businesses, fixing, them, making them better and then disposing them at some point. I guess on a longer run basis, and this isn't really a quest... | I can't give you a number. Andrew, as I sit here and think about it, I can't give you a number. I'd have to think about that. But I think you should expect it to be a regular part of our business on an annual basis. We should be generating gains all the time. It's just part of our capital allocation. So year-to-year, w... | intermediate | [
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164e20b504c4fc6fd51e8a499939bbf5 | Hi. Good morning. My first question was the equity offering that you had just completed. I just wanted to get the thought process in terms of the size of capital that you raised. Is it kind of thinking about what the deal pipeline looks like on, say, a 12-months outlook, 18 months, and obviously, recognizing deals that... | Yes. Geoff, I think, 12 months, 18 months is not a bad guess if I really had to guess, but it's really lumpy. And it's possible, we go through a year, maybe even longer and do nothing, right? It's possible. It's also possible we -- three things come to fruition all at once, and we spent all of this money sooner than la... | direct | [
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efa6a8d971c7b55ee3f84e44abd1f278 | Okay. And just the other question I had was on Multiplex. It sounds like -- just based from the commentary, I mean, I think you've talked in the past, the U.K. and Australia, those businesses. The issues that you've kind of had in prior years have been resolved. The Middle East, is it fair to maybe characterize it's in... | Yes, so I'll start with the Middle East. Things are much better. And every quarter that goes by, things get further in the rearview mirror, although we can still see them in the review mirror, let's put it that way. So I want to be a little bit cautious, but it's much, much better and all the projects that we had issue... | direct | [
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aa82722f11b545a0a71a86ac377767f7 | And -- sorry, just one last thing. Just in terms of the strategy on Canada. Is that something because you've done some projects in Toronto that, that recognition can carry over if you're looking at doing projects in Montreal or in Vancouver or whatnot? Or is it kind of having to really build those relationships, not fr... | Yes. Look, our real focus is the greater Toronto area for now, and that's where the business is focused. | intermediate | [
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29e9d5b04b0a40a22dbb8dcdc4876c06 | Thank you. Good morning. A couple of questions for you. First is, trying to get a sense of how cost of financing is impacting the way you're approaching acquisitions today? And if it's resulting in additional competition for deals? | Well, look, I think we've been -- I would say, we've been in a favorable financing environment for many, many years. So from that perspective, the environment has been competitive for many years. And even when -- unless you're talking about the credit crisis, the environment's always been fairly competitive. I don't th... | intermediate | [
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e51c538a8b1997cd4393340f669a10c3 | Okay. And does it change the way you think about the mix of capital you use in financing deals and/or acceptable takeout multiples? | Well, the way we look at acquisitions and capitalization on a deal-by-deal basis and the way we think about it is what's the safe level of financing for the particular business. And what we're focused on is putting nonrecourse financing in place, long-term maturities, little-to-no financial maintenance covenants whatso... | intermediate | [
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0447f79e1353a3b5d9d251a7c1d7866a | Okay. Second question then. So as part of your new disclosure on significant subsidiaries, you highlighted six significant subsidiaries. Ultimately, what do you think is the right number there to think about in terms of significant subs? | Look, look, I think that will continue to change as our business evolves. And if the business gets much bigger then it may be 8 very, very large companies and the ones we've listed today may no longer be so significant. So what we're trying to do is give you some ability to look at the business on an overall basis and ... | intermediate | [
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90c15d1fa3839c6fb3e8e21a4a7b9e85 | Okay. I guess maybe -- let me rephrase the question and try again. Like how do you think about diversification across your portfolio and concentration risk and the drivers of value? Like there's a point you must have in your mind where you think the portfolio is optimized? Or put another way, sort of, on that efficient... | We don't actually have any targeted diversification. What I would tell you is just the nature of our business is that we see many different types of industries and you can see that in our portfolio today. Many of our businesses are global in nature. I suspect you'll see more and more of that. So there will be a natural... | intermediate | [
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4c8005f9676c80e40abbb8674bf41500 | I guess where I would like to start as maybe with a shorter-term question here, trying to understand kind of what's baked into your 2021 outlook. I appreciate the color on EBITDA. Can you maybe give us a little bit of context of how you're thinking about equipment rental revenue growth? Kind of what's underpinning this... | Yes. Thanks, Mig. I mean, the guidance for 2021, we're really looking at continued momentum in terms of closing the year-over-year gap in rental volume in Q1 and then we're running into sort of year-over-year growth in volume in Q2 and Q3 with soft comps from COVID and looking toward sort of stronger growth running int... | intermediate | [
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3184f14c5c0c320ba14c132a3fc4108f | So if I understand this, you're saying that rental revenue is going to be up, but not quite to 2019 levels. But I'm presuming it's going to be up higher than what the ARA is forecasting for '21. | Yes. I think we sort of mentioned that in the commentary that we've got a -- we see an opportunity to grow faster than the overall market in general, just given some of the strength in our business. | direct | [
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b92382a316571934694f741c5ba8303e | I see. And on the CapEx component? | In between sort of 2019 and 2020 levels. So we've got a healthier environment. We're going to invest in growth in the fleet. We took a lot of fleet out in Q4, and just dry powder available with the free cash flow that we generated last year to be able to invest in any areas of strength or equipment categories where we'... | direct | [
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58194a3c94d50d1ff56ccf5ca24c12cb | Right. Well, so that's kind of the thing that got me scratching my head a little bit as I was looking through your slides, right? You're talking about 10 to 20 new locations. This is, give or take, 3% to 6% growth in footprint. But obviously, you're exiting 2020 with your fleet down 6%. If you're going to be opening th... | Yes. I mean, we're kind of looking toward, as I mentioned, somewhere in between 2020 and 2019. So we haven't touched on $800 million worth of gross capex for a long time. And I think your math might be a little bit off in terms of how much fleet at greenfield consumes. So they don't necessarily -- or at the beginning o... | direct | [
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0cc1121e4e10f6c8694ce45b976fb63f | That's very helpful. And then my final question is sort of a longer-term question. As you talked about penetration of the rental industry as a long-term driver. But I'm sort of curious, as you're looking at the next cycle here, and you look through the mix of your business, contractors, industrial, infrastructure, gove... | Yes. Good question, Mig. We kind of believe we are well diversified across our industries and across the customers that we serve. And quite frankly, we're pretty optimistic about all of the industries that we're in or we wouldn't be there. If we felt it wasn't space that had ample room for our growth, regardless of whe... | intermediate | [
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fd6591243f561d65bcde0ce4b0e62f4e | So first question for me. I'm curious if you could just talk a little bit more about the Champion deal that you announced. I'm curious if you could just talk a little bit about the market opportunities for M&A as the year progresses, given the fact that you did lower your net leverage target. So just trying to balance ... | Yes, good question. Champion was a business that we looked at that expanded our capability in Houston focusing on local contractors, whereas our more traditional business focused on our national account and government business in that marketplace. Also, it added significant geographic coverage footprint in portions of ... | intermediate | [
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498d4f9060b5f8c2a920f4a33da5bda0 | Right. So given the fact that they are in Houston, obviously, we've seen some headlines about severe weather in the area. Maybe just any color on the impact that you've seen over the last week from severe weather? And what's kind of embedded in your longer-term view from a potential opportunity after everything falls o... | Yeah, Ken. This is Aaron. I can comment on that. Yes, it was a crazy weather week. We have 35 or so branches in Texas, and we have branches in Oklahoma. So they got hit pretty hard. Some branches couldn't open for 1 day or 2 days. I talked to our Regional Vice President recently last night and trying to get some of tho... | direct | [
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ef17c07adbfdfcff98bdf74d974b67de | Right. Makes sense. One last one, if I could just squeeze one in. Just going back to Mig's earlier question, I think you made the comment about improving margins on the better cost structure. Can you just remind us, are there any returning cost actions that we should be aware of in terms of the new EBITDA guidance? And... | Right. Yeah, Ken, good question. So obviously, there are costs coming back in the dramatic sort of cost-cutting that we did in Q2 and the curtailment of a lot of activity. Those costs start coming back. So T&E starts getting back or starts normalizing, I guess, in the back end of the year. The payroll costs and the cos... | direct | [
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4eb837e3766c355142129368478ec78d | This is Ashok Sivamohan on for Jerry Revich. Regarding 2021 EBITDA guidance at the midpoint, what level of price increases does the guidance embed? And how is that tracking in the first quarter? | I mean, we don't really speak specifically to pricing. I think you can sort of see if you sort of look at the chart on Page 11, Page 14 or 15, 16, here we go, 16. I mean, it's been pretty -- we've done a really good job in terms of managing price. So we haven't dropped below. We haven't -- it's been 80 bps for the last... | intermediate | [
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7cac734e4a34f18eca644e999ff9249a | Great. And you mentioned the plan is to invest aggressively in the ProSolutions business in 2021. How should we think of the business and its potential to sustain meaningful growth in 2021? | We'll continue to invest in our ProSolutions and specialty businesses. And on just a normal quarterly cadence, we expect very strong double-digit type year-over-year growth there as well. And then when there's events like we're seeing this week or natural disasters, right, they'll respond to that and we could get some ... | direct | [
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2fba0d1f125fad3758daeb64f5797c04 | Maybe to start with some additional color on the flow-through. But can you talk to the expenses with SG&A and DOE from branch openings and bringing on Champion, how that factors into the expense base in 2021? | I mean, neither of them have a material impact in terms of percentage of revs or actual gross dollars. We're looking at, say, mid- to single sort of -- mid- to high-single digit, if I can get my words out right, growth in DOE and SG&A in 2021, as we sort of move back toward a normal cost or a more normalized cost envir... | direct | [
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95c88b4bd3860b78ef795b8c193f33ee | Excellent. And then also to understand net leverage target being lowered. Maybe kind of go into more details on why lowering it, especially in the midst of increasing greenfield openings and more openness to doing acquisitions? | I think it's really just a continued improvement in our sort of free cash flow profile. We've got a big pay down this year in 2020 with the reduction in net capex. And we really just don't see any big need in the sort of mid to medium term for any usage of cash. So we're going to continue to be free cash flow positive.... | direct | [
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27b2fc8da7c4c7d0e5da767ed437e234 | Great. And then one more to quickly follow on this topic is I think you mentioned cash -- excess cash flow in absence of acquisitions and outside of general capex going to debt reduction already near the low end of the range. I guess, I'm just thinking with the EBITDA and operating cash flow coverage of interest expens... | Yeah. Look, at this point, we believe the best investment for the free cash flow in this business is to invest in the growth of the company, whether that be fleet, whether that be new branch openings or some bolt-on M&A. And I think our liquidity position and our cash position sort of reflects that, and that's what we'... | intermediate | [
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b8749b0603709560951e4c9c0248cdd2 | Hey, thanks for squeezing in for the, the follow-up here. I just had one more qualitative question here. I'm just curious, obviously, the guidance is -- looks pretty optimistic here for 2021 in terms of the EBITDA. Can you maybe just talk a little bit about what's giving you confidence on that outlook? Or just provide ... | Sure, Ken. This is Aaron again. As we finished out last year, sequentially, as we rolled through the quarters, we got stronger and stronger. So we can see us kind of getting even during '21. And then when you look at our end markets, some projects that were just postponed last year, we anticipate are going to be coming... | direct | [
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91a3a364c105e25c3ea60afd955852d0 | Right. You mentioned the alt energy renewables, obviously, I think potential for infrastructure, whether it happens or not, is on a lot of people's minds. Do you have any commentary or color in terms of how you're thinking about capital deployment actions? Or any actions you might have to take if something is passed? | Yeah. Ken, look, I've been a bit reluctant even to sort of include any infrastructure bill or spending into anything that we're doing. And I really don't think we have any of that forecasted into our 2021 plans. And if a bill was fortunate enough to get through this new Congress and administration, there's really no sh... | direct | [
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6816fe4dc91100d1ee0f0feabbffebb9 | For my first question, we talked a lot this earnings cycle about trends here in the US, so wanted to focus on the international ops for a second, can you talk a bit about the month-by-month cadence of performance for Canada and Poland? Has it been fairly stable since their respective reopenings? Have you witnessed any ... | Pretty stable right, Erwin?
Yes, pretty stable and very much in line with the various measures. So when we -- as Peter mentioned before, in Canada, we still have -- for a long time still have restrictions. People have to wear a mask or produce a test for vaccination. That, of course, limits the speed of growth and the... | direct | [
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3c5eca46406fbe1d7cc2746c56abb64c | Any update you can provide on the Poland sale? And then on the M&A environment, you've talked about in the US, how does seller expectations feel relative to kind of we're not focused by Q2 earnings? | In Poland, the sales process continues, it runs, but it runs quite slowly. Several parties are showing interest on an on and off basis. But we are finding a way, these operations are pretty valuable. They produce nice results. And overall, they're getting like smaller and smaller relatively because they are now about 9... | intermediate | [
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0260468e5528e02d2fd0106beaee70a6 | Understanding valuations tightened a little bit, and you've always been sensitive on that front. It seems like through earnings season, the larger companies, you mentioned one of them have been increasingly focused on sort of the virtual gaming world and spending larger amounts there. I mean, could that open up baskets... | Yes, we're starting to see that, absolutely. And yes, the online business does play a role because, surely, most of the larger companies with a large footprint throughout the US, they want to have at least one property in a state to secure an online license in that state. But should they have more than one in the state... | direct | [
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adf2db9f0d5a2cdd6dff0e06f57e8cff | Maybe looking at the US reopening, is this sort of that reincarnated? And are you seeing anything that would give you the sense that we wouldn't expect those same sort of tailwinds to be sustained like they have here? And maybe just a tad on energy prices for the portfolio in general, both domestic and in Canada of tha... | Yes. I think I guess I tried to say earlier, further growth will be fueled by easing the COVID restrictions, which obviously is not our hands and is a function of the development of the numbers there. But that means upside potential because we would really think that these restrictions should be there forever. And so w... | intermediate | [
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574cfe7414f10969bfce4e50b7a7251e | I would like to just -- I think most of the question was answered, but I was wondering if you could put a percentage basis on the amount that social distancing still can restrict your ability to earn full amounts of money on all your casinos. Do you have a possible percentage that the business would increase if this wa... | I have numbers in mind, but I think it's problematic to speculate on that. It's really hard to say. I mean, one way to look at it is looking at our pre-COVID levels, and that's -- we look at it, the first goal is to kind of revenue-wise, to compare it to the pre-COVID levels and then creating to surpass them. And at th... | intermediate | [
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255c13747c3f547d7aeb2a478d376128 | A few weeks ago, one of your competitors, Boyd, provided an interesting statistic, and I don't know if you guys could do the same thing. But they said their labor force had been about 24,000 before COVID, and it was now about 14,000, and they expected that only 1,000 or 2,000 people would have to come back to run the c... | No. We don't have that off-hand, we could try to get it to you later. | fully_evasive | [
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4d5e30891b8f26c8228a11b069793132 | And just the other thing, just looking at -- I know you guys don't have very many sellside analysts, but the Street estimate on FactSet for this year is $66 million and for next year, it's $88 million. And I'm looking at your numbers, so you guys have done $91 million of EBITDA in the last 12 months. So what -- is ther... | Yes. No, I think they wanted to be conservative. I'm sure they will update their numbers after this quarter. But other than that, Colin, we don't give guidance. So it's... | direct | [
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811b5a1e1f56adb868b698b4c38437d4 | But is there any significant reason that Colorado or Missouri or West Virginia would have a worse year in next year than this year? | No, we don't see any significant reason there.
We think there's still upside. | direct | [
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0e3179c7aaf9e3660d99a506aa3dd805 | As you look at M&A, would you look to use or continue to use a REIT to possibly go bigger? And I guess what would your optimal OpCo/PropCo structure look like? And where would you want to bring leverage? | Yes. Our goal is to grow, not only in absolute revenue and EBITDA numbers, but also in property size, yes. And with regard to PropCo/OpCo, currently, we have three in the US that we acquired from Eldorado Resorts on an OpCo, two in Colorado is PropCo, most in Canada is also owned by us. So that's a good mix. And we can... | intermediate | [
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473403f384e2146a07e8171a67921a3a | Obviously, Poland outperformed, I guess, at least our expectations in the quarter, revenues were actually over 2019 levels. You talked about that your consumers outside of Warsaw were the ones that kind of outperformed in the quarter. Can you kind of talk about where the casinos within Warsaw sit, just kind of thinking... | There is two in Warsaw at American Hilton Hotel and the others are outside of the country. And historically, the Warsaw market is -- in absolute numbers much stronger than the six outside of Warsaw combined. So any uptick of the Warsaw properties has a meaningful impact on the overall Poland numbers. Erwin?
Right. And... | direct | [
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c534631cffaa0062c8720b63ae36623d | I was just wondering if there's any update on the Poland strategic review process. Is the company sort of committing to the region at this point? Or any discussions there? | We have said that Poland has become a non-core operation for us. It is, as I've mentioned, about 9% or less than 9% of our consolidated EBITDA. And consists of eight small operations. So while it is generating very solid EBITDA and cash flow for us and very high returns on our investment, we strategically do not have P... | direct | [
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7dbb2d473c5c71337c5038aed961dd26 | Given your asset or investment mix is becoming more weighted toward less cyclical or defensive industries that tend to have more stable cash flows has there been any consideration for adding debt at the corporate level? | Not today Devin. We may well draw on our corporate facilities to facilitate our ongoing acquisition activity. But at this point in time we haven't considered that. | direct | [
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"intermediate",
"fully_evasive"
] | A |
d203464e98472183a582131beb44e5e8 | Okay fair enough. Maybe just switching gears to Teekay. I think Jaspreet touched on this but just looking for an update maybe on the investment in terms of what's left to do on the refinancing side. I know there's been a lot of activity there. But also what kind of operating improvements and growth opportunities that y... | So look maybe I'll let Jaspreet speak to the financing. But on the growth opportunities management team has seen opportunities from time-to-time. The business has been capital constrained to pursue them. We will in all likelihood put more equity capital into this business deleverage it. And as those opportunities arise... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fe1dc07f853659a6ef621a9c33223d09 | Okay that's helpful. Maybe just one last one. Look a lot of the other Brookfield entities have been a lot more active in India recently. Is this a focus market for BBU as well? | It certainly is. I will tell you over the last number of years we have looked at several opportunities. We just haven't found the one that fits and can work for us. But I can assure you we continue to look at opportunities every day there. So we do hope to be invested in India in the near-term. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1cf9f9743c38daad0dcf4d46dbcefc11 | Hi good morning. Just -- I apologize I got in a bit late. But on the Genworth transaction I think you guys in the release mentioned closing early 2020 but you originally were hoping end of 2019. I'm guessing it's just the delay from Canadian regulators that Genworth Financial announced a few weeks ago around privacy co... | Yes. Look our team is all over this and working hand-in-hand with Genworth U.S. And we're hopeful to come up with a solution. But we're confident this is going to happen. It's just a matter of is it going to happen this year or early next year.
It's just we're waiting for regulatory approval. I know that Genworth the ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
006834cee65c4e60851a874990d9e928 | Okay. It's been a little bit hectic with earnings today. But I think if I was reading right you've got $1.1 billion of cash-related liquidity at quarter end. When you factor in though the pending Genworth BrandSafway Teekay and North American Palladium that kind of brings the pro forma cash kind of closer to zero. Just... | Yes. So I'll answer that Geoff hi. So I think the way to think about liquidity for BBU is really all of our resources that we have available. Today we have about $2.8 billion of liquidity. We increased our credit facilities this quarter. So we brought them up of the bank facilities from $1.5 billion to $2 billion.
And... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
55b65ed2d1be0157718b085c8149b779 | Okay. And just the last question and you kind of answered it with your last response. The increase in the credit facility I mean you've done this I think a few times since the spin-off. And it sounds like from your response maybe part of it is because of this. You're very active on the investments. And relative to wher... | Yes. Look the size and scale of Brookfield Business Partners has increased a lot since our spin-off. And just the size and scale of the transactions that you're seeing us doing has increased. So the credit facility really we want to make sure that it's kind of aligned with what we're doing in the business and available... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a3761df7dea0b0612a447ff1be027ca9 | Hi good morning everyone. Some high-level questions on how you're looking at your portfolio strategy. You've talked a little about how capital recycling has led to the sale of smaller businesses. You're replacing them with larger global ones. How do you think about the level of activity you can sustain within BBU in te... | Yes. Rupert I'll answer your last question first. We are targeting 15% to 20% returns and that has not changed irrespective of the size of the transactions we're doing. Sometimes it's actually easier to earn a return out of a larger company than a smaller one for various reasons.
And as for our activity level I think ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8be69ff8ae5ebf51b314e05d4b2f3ba4 | Okay. Very good. And then on the second half of that so you're looking at larger businesses and also global ones. And you mentioned that you would take a look at investing in markets like India but it sounds like your portfolio is becoming more global just by the nature of where those businesses are operating. How much... | So look if we cut through our portfolio what we -- and you look at our investments over the last few years sort of half of them are North American-based. The other half are spread among Brazil Australia the U.K. And we've done a little bit in India. I think we'll be a little more active in India going forward. But I th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
64038399eb9839454d0ec71628f52920 | So I suppose at this point your exposure is not so significant that you need to think about limiting it in the future? | Yes. No. We certainly don't have a limitation. We have a couple of great investments one large one small one in Brazil today. We have some loans in India today that we've made.
We do very much want to invest more in India. We made the investment into Ouro Verde a small rentals company industrial equipment rentals comp... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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