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d22cc65121464b544203dad555660345 | Yes. That makes sense. I would say I think it's probably helped not hurt to shed more light on the granularity of ADTech for the market understanding your business or your evaluation. And when you get to the point of having scale with all these different energy transition opportunities, even if it's initially total add... | I think we'll probably be cautious. I like the idea of understanding what the capabilities are. But I think we're going to be conservative as always that we don't want to oversell something that doesn't have the right scale. So I want to make sure that we're misleading anybody by getting excited about the ideas before ... | intermediate | [
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c1582bc3f9bab457370d0c4c4be0c19f | Thanks. Good morning. And appreciate all the guidance and the time to hear. I wanted to circle back on to Subsea Robotics. It seems like a pretty flat outlook for the floater account baked into what you're contemplating for 2021. We'll see what the back half has in store for potential acceleration there. You talked abo... | Great question. Obviously, it's easier if it's an existing customer. It's especially easier for already on the rig. And we've been talking a lot about trying to stay on the best assets, the ones that are most likely to go to work and we've been very effective. So I think that really helps us with the new customers is, ... | direct | [
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943238b644aeea81c59c4b4e4be6e491 | That makes sense. And then for my follow-up, I think it would be tough for me to go through the working capital, especially with all the moving pieces in your outlook. So maybe from a free cash conversion perspective from EBITDA perhaps, could you just walk through now that you've reoriented and rejiggered some of your... | Yes. I think the way most people have kind of looked at it in the past Blake is going in and looking at EBITDA and kind of how you convert and then going at $185 million as your midpoint. If you look at our capex guide, $50 million to $70 million, a midpoint of $60 million, which is consistent to what we did this year.... | intermediate | [
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e2f20d73060e3e1d3a4bc8bdf0a58aa5 | Totally understood. So we have a down for 2021 because you've given such good guidance. I'm just wondering for maybe the out years. I mean, I don't want to lead too much, but if we see ADTech continue to grow in excess of the cyclicality of some of your energy segments, I mean, is this a materially capitalized business... | Yes. If you look at both IMDS and ADTech, those do tend to be more or less very light in capital intensity. So those are ones that â we do like the growth prospects, and the returns are nice. | direct | [
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e2a00948a0e0368152907586bbe02e3e | Can you speak to the revenue mix in engineered polymers this quarter between monomer, raw material pass-through, and derivatives and where that could trend over the course of 2022 as it relates kind of to your margin expectations on that business? | Yeah. Thanks. So in general, our mix for derivatives versus monomers, we expect that to continue to be more toward derivatives. From a volume standpoint, that mix didn't change too much in 2021 as all areas of the engineered polymers business grew quite significantly. But as we described over time, our focus and workin... | intermediate | [
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459f6396a7bd119634fa2e80f010e90e | Just staying on performance chemicals, could you discuss your CTO costs and importantly your availability heading into 2022 on the portion of your supply that is not covered under long-term agreements? | Yes. So we had anticipated, and we're seeing raw material cost inflation on CTO. In terms of availability, we anticipate being able to get what we planned for. That's what we entered the year believing in our outlook continues to demonstrate that. Put another way, Vincent, I mean, out of, call it, 320,000 tons of stuff... | direct | [
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497118bb7781d6e46b82e47dd489acff | I'm just wondering if there's any progress that you can share on your A&G technology? And have conversations changed at all, particularly on the fleet conversion side as we've seen fuel prices surge recently? | Yes. Vincent, this is Ed. We're actually seeing kind of great opportunities in front of us with the fleets that we're engaged with. We're engaged with over 50 fleets that range from natural gas utilities to municipalities to energy industry companies. But the challenge we're having is the same that we're having across ... | intermediate | [
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d00db24e835521bb025355a65a55322f | I was wondering what were the exact expectations for auto unit sales within the ranges of your guidance, the practice I guess, that you're thinking about? | Yes. John, this is Ed. Typically, when we're looking at auto volumes, we primarily focus on our highest value market, and that would be North America. Right now, let's say, ended up in 2021 at 13 million vehicles in North America being produced. IHS' forecast is currently 15.2 million vehicles for 2022 and so we're eff... | direct | [
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bedd89ef68b06881f7f56cbbf54d7d0c | I was just wondering if you guys had any commentary just on any exposure to Eastern Europe and the conflicts there either on the supply demand side, just have you thought about that? And what are you doing to mitigate that risk? | Yeah. I mean, look, I'll kind of take that more broadly, right? I mean, look, as you guys know, we're somewhat fortunate that we're a pretty U.S.-centric business. Europe as a percentage of sales is sort of 16%. And in fact, we went through and it looked Eastern Europe were at large. So that includes all of the countri... | direct | [
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266baff908482ede53bc7344e5f4d3c0 | Just any update on the Euro 7 mandate and when they might be officially set. | Yeah. This is Ed. I'd like to talk about Brazil first that we've got implementation of new regulations in Brazil. We feel that as it's implemented this year, we'll go from low single-digit millions last year to -- on the high single-digit millions. So we're seeing good regulatory growth in Brazil. Euro regulations are ... | direct | [
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b2bdd23dcf4a81c958b550dd33c8f84b | I guess for performance materials, did a really nice job in getting pricing. How much of that pricing flows through into 2022? And do you need to seek more pricing if the inflation outlook gets worse from here? | Yes. This is Ed. We've obviously had a very good sizable price implementation, and it kind of doubled over. We had two price increases that compounded in last year. We do have more pricing coming in this year, and we'll continue to add price across our business as necessary. | intermediate | [
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34c7e7c0505c29aeaa168154f5ac8718 | And then in terms of the guidance for 2022, when I think about performance materials, do you get most of the EBITDA growth in the second half of the year, given kind of the commentary that you still have some microchip issues in the first half. | Yeah. Mike, I mean I think of it as being sort of symmetric, right? I mean if Q1 and Q2 were strongest last year; Q3, Q4, weaker, our guidance sort of assumes a reversal of that. So a weaker Q1, Q2, with some improvement in Q3, Q4. And as I said in my prepared comments, I mean, to the extent this happens quicker or wit... | direct | [
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a0bbea41452ad58bc7c58233ab39bbf1 | And then just one follow-up on performance chemicals in terms of pricing as well. Again, another good quarter there in terms of pricing. You fully offset inflation. Does it become incremental to EBITDA as we head into the first half of the year? Or is it more catch up and then maybe a little bit more incremental in the... | Yeah. I actually think the pricing overall for the year, the pricing improvement in dollars will more than offset those inflationary costs, energy, raw materials, logistics, etc. As you can see from the trajectory, essentially half of the price increase for the entire year occurred in the fourth quarter. So I think tha... | intermediate | [
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] | B |
1c2a87f416f0d4c2b9f368c2de312baa | What are you seeing in your energy business? Are you anticipating like improvement in sales this year versus last year? | Absolutely. That would be correct, yes. Absolutely. We had a great Q4. The outlook this year versus last year looks very strong. And it's as much of a matter of supporting our highest margin business and really pushing a price increase across all the pine chemical businesses, which, of course, includes our oilfield bus... | direct | [
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c839e93180095b653b20ebaa0cf86c2e | How should we think about margins in your two segments in going from Q4 to Q1 given all these moving parts, inflation, and whatnot? Are you expecting margins to improve as we get into Q1 on a sequential basis? | Yeah. I mean Paretosh, as you know, and we've said this for years, right? I mean you have to be very careful looking at our business quarter by quarter because, a, you've got that sort of asphalt seasonality that goes in. And then b, the businesses, engineered polymers is a good example. It's a, call it, $185 million, ... | direct | [
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de721c94998a0b6634ee384f3a47ba39 | With regard to your activated carbon for methane capture applications, can you provide some color as to what you're seeing there, and if you're factoring in any sales to that market in your forecast for this year? | We're not really factoring in direct sales this year, although we may get some. Our green gas initiatives are, frankly ahead of plan, and they continue to have opportunities and you will probably see us continue to invest in that business and others like it. But we take a pretty conservative approach, Paretosh, forecas... | direct | [
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0eb9a6ece7236795b90f65ae4f4e4395 | I believe in your prepared remarks you signaled you had some share gains in adhesives. And I was just wondering if you could unpack that a little bit. | Yeah. Sure. I mean, look, adhesives represents a tremendous market opportunity for us, right? When you look across the -- obviously, first off, the adhesive market is quite large when you look at all of the different types of adhesives that are out there. Historically, our focus vis-a-vis our sort of more direct compet... | intermediate | [
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edb15c74d2d27c90a0f76d5bbafa88aa | Are there new [Inaudible] upgrade programs that started in Q2 that you can -- I know you can't name them, but maybe touch on kind of some of the dynamics around those or new programs that will start in Q3 that you expect to contribute to revenues? Or is it more ongoing demand from programs that have been under way for ... | Well, it's a little of both. We did have programs that began -- one that I can think of, we can't name all of these players, but one in Q4. We had another one in Q1. Some of the growth in Q2 was contributed to by -- just those programs growing in deployment. We also have some new programs that were coming along as well... | direct | [
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6f643ae83cc72b03049992c50cfbba97 | And then just regarding the Mexico production, can you speak more about where you are in terms of the volumes and efficiencies versus where you ultimately would like to be? I guess I'm just trying to get a sense of how close to optimization you are at this point? | Yes, Jeff, it's Bryan. As far as Mexico is concerned, from a unit perspective, we've transferred by far the majority of the units that we're going to transfer by the end of Q2. We started in Q4. We've moved more units in Q1. And then in Q2, we layered on probably another 50% approximately. So the pace that we're transi... | direct | [
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3861398f3e9336b9261803569dad23ba | OK, but yet you're still -- I mean, in Q2 you put up a pretty substantial increase in gross margin. Some of that would be contributing from the Mexico shift. But it sounds like more gains to come. Is that fair way to put it? | Yes, I don't guide to gross margin but I do expect gross margin to improve Q3 versus Q2. | direct | [
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4272354555e30cb2672a62f55ae7d404 | Could you just give us the 10% customers in the quarter on what was Comcast and any others? | We have one 10% customer. It was Comcast, and they're at 16.2%. | direct | [
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9bb7f6c11494df0a0a2f4d3cff142b5c | And then in terms of the upgrade cycle in the cable broadband markets, historically or in the past you've given us some numbers around maybe the number of MSOs that have deployed or the number of subs that are covered under platform -- the number of subs covered by your advanced platforms. Is there any numbers you coul... | Yes. I can't give you an exact number of how many subs are covered, but that number probably has grown a little bit. When we disclosed that prior, we had said that they were between 150 -- in other words, 150 million-plus subscribers covered by the companies that we're working with us on an advanced platform. That numb... | intermediate | [
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de15c4c42bce2c3a95812c454f8b4117 | OK. And do you know what -- or can you share with us like what percent of that 150 million is actually in deployment versus may be still in the pipeline? | Well, unfortunately I can't. Most of our customers don't -- if we know they won't let us disclose unless they have. I think Comcast has made public comments on that. They are the furthest along. And I think today they're probably about 60% of their subs. But they started -- they were the first to go through this and th... | fully_evasive | [
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032e3cefb3267e3dfdfb27528c9333cc | OK. So, Bryan, some of your commentary around maybe some of the investments you need to make in the back half. So should we take that to mean we should expect OPEX to trend higher sequentially over the next quarter or two ? Or how should we view that versus the run rate you've been at for the first half of the year? | Yes. When I made that comment, I just mean in general. It depends on the projects because we're talking about from a long-term perspective where we may have -- we're going through cost efficiencies here, one of them being moving from California to Arizona and from Hong Kong to Mainland China for a number of employees. ... | intermediate | [
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04fe7b7fda4b23e08bd3096c488b6df8 | Paul, there's been a ton of focus domestically on the uptick in churn among the MSO customer base. And you can kind of think of that doing one of two things, it could cause those customers to pull back or it could cause those customers to accelerate their next-gen plans. So my first question is what do you think that u... | Yes, we still have a number of them to come because the -- essentially, what's happened, I'll answer the first part of your question first, the churn has always been a common term used for subscription broadcasters since the beginning of cable and particularly over the last couple of decades. The churn increase is prob... | intermediate | [
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7667e692c1f946fa0a1a44518834c9ff | And you mentioned some new product activity at IBC. Just give us just a little more detail on what's the incremental innovations that you're going to have customers focus on at IBC? | Yes. Well, we're working on platforms for or systems for all different software platforms. We do see some emerging platforms that will probably be more popular among the medium sized to smaller sized operators. As you know, major operators typically will build their own interface, but some of the medium sized to smalle... | direct | [
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9a9146ddfc43c791dfc8204d488c178b | Nice recovery in free cash flow. To what extent is that kind of systematic? Now that you moved production to Mexico, is this improved free cash flow something we should expect for the next few quarters versus maybe any one-time factors that happened in Q2 that led us there? | For the rest of the year, Steve, I expect to have positive cash flow from operations. And I wouldn't bank on $24 million each of the quarters. In Q2, accounts payable went up a decent amount. But I do expect the back half of 2019 to have positive cash flow. So I think we're on the right track. | intermediate | [
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361af76c03f3908e0ebff068fe7938e4 | And then just big picture, that shift of U.S. volume to Mexico, kind of what does that save you in dollars of inventory? You, by not having to have it on the water, may be able to turn it faster. | I mean, I think we should be able to get our churns in the 4 to 4.5 range when all is said and done with the move to Mexico. | fully_evasive | [
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a8bb7edfb41afe645be910d2c6cf78af | OK. And other than doing kind of what happened in China, which is -- just need more experience running on all these SKUs to get the gross margins up, is there anything you need to do to the facility or anything else that needs to happen to get to normalized margins out of Mexico? | No, I think it's similar to China where we made the comment. It's time, time and experience. So like I said previously, we went through this similar situation in China, and we had -- there were some bumps in the road and we improved. And right now, we are manufacturing very efficiently in China. So I expect the same in... | direct | [
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684239b0ab5640cda169b1b9d990971d | If I heard correctly, you're mostly done with the rollout of six VGTs. As you look through your portfolio, does the focus now shift toward replacing some of the underperforming units, both at the existing and the acquired locations? I guess the question is, how do you think about that opportunity? | The -- we look at the opportunity to replace equipment on a constant basis. It's something that we do literally weekly evaluating underperforming equipments in specific locations where maybe in that particular micro market that certain pieces of equipment is desired, and we therefore look at where -- what is the demand... | direct | [
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d3975ec61c3ae6a3fbbd9437f1ed9aef | Are there regions or a portion of the portfolio that may be underperforming or under indexing relative to the broader part of the portfolio? | Yes. I mean the State of Illinois is many different -- has many different demographics. And there's obviously stronger income levels and stronger demand in certain markets as opposed to others, and that may be because there's lack of alternative entertainment options. It's been one area versus other. As an example, the... | direct | [
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209aadc15f932a6f7507a1e2829f70cc | You kind of touched on it in your prepared remarks in terms of the new license issuances, which also unsurprisingly dipped last year due to COVID. Do you get the sense that there is maybe a desire to catch up on your organic commission front and the need to generate tax revenues? | To be honest, I don't know exactly their motives, but they have done their best to try to go through and authorize as many applications as possible. Even in today's environment, they're somewhat restricted due to their workloads, and they've got a tremendous amount of workload with the new casinos that they're still tr... | intermediate | [
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293d14277752589e8f0cab1f343c0aa8 | As we see new state markets legalize video gaming, what kind of gives you new confidence that Accel can get early player operator in those markets? | Greg, as we look at these markets, a lot of them were pretty active in working with the legislators or working with the local business partners in those markets. We historically have been a great business partner to the local operators in markets. And we think that historical success and that reputation of being a good... | direct | [
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e339b1d43801e2f06de2dddaf5341e56 | You talked about seeing a good number of M&A opportunities that you mentioned. I wanted to ask, I guess, are those mostly Illinois focused? Or are they new markets focused? And then maybe how have those opportunities changed since the last couple of quarters? Are you seeing more? Or is it maybe a little harder to find ... | First part of the question is we continue to look at Illinois opportunities, but we -- our focus has really broadened into new and legacy markets. And I think to the second part of your question, those opportunities are as good or better than they were a few quarters ago. The uncertainty during the heat of the pandemic... | direct | [
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99e33e6b580d6f23812123c2780a86f4 | Margins were pretty impressive for the quarter. Can you talk about what you're doing on the cost side and the level of sustainability for these levels moving forward? | Yes. Thanks, Steve. The -- a lot of the -- was due to the -- obviously, increased revenues. So the incremental revenues come at a much higher margin. On the cost side, we haven't been in a cost-cutting mode. We're more in a growth mode. And we are continuing to invest in systems, people to ensure that we can grow both ... | direct | [
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d5aed183c4665ac5fd54e9226a666b6f | Now that you've been in Georgia for about a year now, can you talk about what you've learned in the market and how big you view the opportunity to be there? | So Georgia has been an interesting year. We feel very strongly that it's -- that it can be a very successful market on a long-term basis. And we've invested in kind of building our infrastructure, working with the state on a pilot where there's -- where you can use a -- you cash out with a redemption part. And where we... | direct | [
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c3d9e4e7077c6cd18f10a09606d41010 | With respect to your guidance, I guess, you have July in the books here. I was wondering if you could kind of give the puts and takes on what it might take to hit the bottom or the top half of your guidance range for revenue for the year? | Well, basically, where our current run rates on revenue, we think will be on the higher side. So it's timing relative to the lower side, it all depends on how we're investing, as Andy mentioned, whether it's internally for building out the Illinois infrastructure and/or for the national platform. So based on current ru... | intermediate | [
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f03806e17306766ffa722e36b39b610d | You've mentioned it in your prepared remarks, the backlog is pretty strong right now. I was wondering if you could just give us color on kind of where it sits now versus maybe at the end of 1Q or even faster levels like in 2019 or so? | Yes. I would say that we're actually gaining momentum with our backlog. And part of that is due to the fact that we're seeing businesses start to reopen for new ownership in businesses that have closed as we've kind of -- people have kind of moved past the kind of concerns around long-term effects of the pandemic. So I... | intermediate | [
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537699ddb816c498979c6799c76f428d | Just questions on Leaf River here, you mentioned accretive, is there anyway that you can give kind of a range that's embedded in your guidance for that? | Yeah, Travis this is Pat Migliaccio, we've indicated it's nominally accretive in fiscal year 2020 after taking into consideration the dilutive impacts of our equity issuance. I think, if you think about this from a long-term perspective the guidance we provided is I think about this. In terms of a double-digit ROE, but... | intermediate | [
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722fdefb538ada0c47acb8d27bab2a4c | Okay. Okay, and then when we think about strategically, was this just an opportunity that you saw come up at a good price, and good growth potential good return or is this something that you see is more strategic for the non-regulated segment, perhaps expanding more projects down there in the Gulf Coast or other LNG ty... | Hey, Travis. This is Steve. I think we've shared with you before that we've been in this market for quite some time looking at midstream assets, especially in certain areas that provide for growth and where we think there is some significant future opportunity. Leaf River fit that on all counts, so we're able to make t... | intermediate | [
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a458d6606a8a250e702be9f04178aa0e | Sure. Okay. And then just one real other quick one here, the contracts you mentioned that 80% contract that -- what's within those contracts just in terms of variability? Is their price exposure or volume exposure? And what's kind of the sensitivity around those contracts? And then also on the uncontracted part? | Travis, they are traditional contracts where majority of the dollars coming in are fixed demand charges. And then the portion that isn't contracted are taken to the shorter term market. So I would imagine one year, maybe less type time-frame, park and loan type transactions. I think it's a typical mix for storage facil... | intermediate | [
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a9569dbea73b2e3e47e7848c5bc183b8 | So just one question. The incremental equity that you guys announced for 2020, I think some of it was shifted from '21. Have you provided any kind of -- is there any sort of question if we get PennEast gets further delayed? So as we sort of think about your projected balance sheet metrics like FFO-to-debt, has the incr... | Sure. This is Pat Migliaccio. So I think it's fair to say that the equity issuance contemplates PennEast in it and should that result in a delay that would provide us a little bit of cushion in the future. | intermediate | [
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cb699ae9af08e94d3636a475933feb1b | Okay. I just want to confirm, is the equity was not solely attributed to the Leaf acquisition? A part of it is building a cushion, if there was a PennEast delay? | Yeah, so if you think about this from the purchase price, Leaf River purchase price was $367 million. If you looked at roughly at 50-50 debt equity mix, break that down, was $140 million and so the balance would be, what I will call, regular way equity needs that would satisfy capital expenditures for PennEast and/or A... | direct | [
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7245d7c131ac0d2637cf5de3d6714cae | Can I just ask. Pat, what's the level of cushion, right? So if can you just give me a little bit of a sensitivity toward sort of what your balance sheet capacity is, especially when you look at your credit metrics, FFO-to-debt, assuming that, let's say, the PennEast project gets a further delay? So like I guess what ha... | Shahriar, as you can appreciate, there are a number of variables that go into that, not the least of which is energy services performance of any year, because that's going to impact our equity side. So I don't know that I can provide you any more specific guidance than we already have today. | fully_evasive | [
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611cb954e19b0dbc77cabe55b26de4b8 | I was hoping you could dig in a little bit more within pharma. The two campaigns or programs that you added intra-quarter, when might those start? And then as well, you went over some of the new opportunities within Patient Affordability fairly quickly. And if you could go over those a little bit in more detail, and if... | Yes. So I'll touch on the two pharma programs that Mark referenced and that we referenced on the last call that were added in the first quarter. If you recall, Pete, we talked about ending the year with eight, but adding back two, getting back to 10. And so those two programs that we referenced, one of them is live, bu... | intermediate | [
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e2f3274f78928330b22d0eddc1695845 | Got it. That's helpful. And then whether this is related or not, I thought I'd also heard you said you had started offering digital banking services enabled by the PaySign Premier Card, did you say for corporate accounts. So that would be like for travel or per Diem. Is that correct? | Yes. Digital banking services around very similar to the PaySign Premier card that we're offering. It would be it's being offered to other businesses. And that could be I mean you could think of that in the way of insurance companies or other companies that might have a need for those types of services for distribution... | direct | [
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8845189e6db0553bf71403328e6dde53 | Got it. And so generally, onetime use cards? Or was those reloadable? | Those would be reloadable in most situations or onetime. I mean it depends on the opportunity. | intermediate | [
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5492c376d6b1ad73f362484066030391 | Can you talk about the gross margin in your in just the plasma segment and how it compares to the last quarter when you noted you had some less favorable transactions that led to a bit of contraction there? | Yes. Give me a moment to take a look at that, Austin. So we did see an improvement in both revenue conversion rate and gross margin for plasma in quarter one relative to quarter four. So we are seeing some normalcy there. We see a what's interesting is, typically, we see a slightly lower revenue conversion rate in the ... | direct | [
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] | A |
2701355fd5673d9e31c9121d29d0443d | Got it. And I think I heard a comment on blood working with blood centers. Can you sort of clarify what you meant when you mentioned that, and if it means you're partnering with other kinds of donation centers? | Yes. In relation to blood collection and blood product collection centers, those are just some new product lines that have come into our pipeline and something we're pursuing. So those are opportunities that are available to the company. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
485077221011cf8945d4fa4e28a311f1 | Got you. And one last question, if I can. Can you you mentioned that, I think, the pipeline is robust for plasma and pharma. Is there any more color you can give to form a contract as you did last quarter, kind of maybe anticipated signings or closing? | Yes. Probably not. I mean what we can say, and we don't like to talk about things until they occur. We indicated to you, when we did our call last, even though we hadn't closed the first quarter, since we had that slight delay in the year-end call, we mentioned to you in the first quarter that we signed new pharma two ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
31eb14bb0150a4fe678c00492c254ba0 | Okay. Could I get a little color on the what you expect for your SG&A levels to kind of grow this year on a year-over-year basis? | Understood. Understood. Yes, I haven't rolled up into a consolidated line. So let me just back let me take a look specifically at SG&A. I have to make sure I give you halfway decent direction on that. Nothing mysterious about that. And actually, I was going to say 42.5%. It looks like it's about 42.6% at the moment is ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
947147a630982e44eaaa790c4586426e | Okay. And then can I ask a little bit about the competitive environment for the plasma? Your main competitor is having some, I don't know, maybe financial difficulties, it looks like. Is anything changing there? Do you see plasma centers unhappy? Or I mean I know you've gathered quite a few last year. Can you talk abou... | I mean I understand what you're saying about our competitor that is having the problems. And I can't really speak too much to that at this point in time. I mean we're going to do what we always do, which is continue to go out and try to take market share. In relation to pre-empting that with anything further, I think w... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
10eed8e17da1a277bd8b63a289a7ee64 | Okay. So you can't comment if it's getting easier or harder to take market share? | I mean, right now, I don't think it's currently making too much of a difference. I'm sure that it's not wearing well on our competitors, but, yes, I don't have too much else to say about it. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e3ccd83c33bf936a0b6f403a876de4ec | At the very end of your comments about growth for the year, did you say that you expect similar revenue growth year-over-year as in 2019? Is that what I heard you say or not? | No, similar gross margins. We expect to see continued growth and as a separate statement, similar gross margins to 2019. Revenue growth, I think we haven't changed anything. If you go back and look at the prior call, we gave a range on guidance for revenue growth. That was about all we said. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d06ea93e48e88058e9fd665cd4a4ffc5 | Just a couple of quick follow-ups. Could you give us a projection, maybe a range of what we might see in terms of net new plasma centers this year. You have some in the contract. If you can talk about it, and, if so, kind of the timing that they might come on through the year. | Yes. Don't have a projection. As you know, we added, 32 to 40 centers, something like that last year. This year, at the moment, I think we're sitting with 287 centers, 10 pharma programs and four other programs. So that's where we sit right now, at 301 combined programs. Difficult to project. We would be guessing. Ther... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7aa09fcde1da68c0492e79d4bc8b1a2 | Got it. And just in terms of the decline then in terms of when you were talking about plasma in April, I believe that was a revenue figure was down about 15%. And so would that be almost exclusively units, number of units were down the same amount as revenue? Or were there other changes in terms of revenue conversion o... | Yes. I didn't go back and look specifically at the conversion rates for the month of April last year. We did look at revenue. We did look at the current conversion rate for April of this year. We did look at the quarter and the fourth quarter and the quarter last year, but not specifically at April's conversion rate la... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
84a27dfe4456763260e695a8fd90dc9d | So that's good. And so, Mark Newcomer, you're the only one on the call, I think, who has a reference for the financial crisis. But historically, when you've seen spikes in unemployment and a slowing economy, has that generally resulted in core volumes coming through the system? And if so, does that have any effect on t... | I mean there are several factors that change the compensation that they're giving. I mean whether or not it's specialized plasma and things like that, it's quite possible that it could raise some of the prices that they're offering as they try to collect more plasma, and they try to I mean it's a very competitive marke... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bdaa9d319dea7d3b98ee8ace2082ac70 | Can management share with us the COVID impact on supply chain and consumer demand across business lines, especially in Shanghai where the headquarter is located? And what are the key assumptions behind our second quarter guidance? So looking forward, what are our expectations on the second half of 2022? | During the quarter, the impacts of the pandemic were limited to several provincial capital cities, including Sichuan, Tianjin, Changchun and tier one cities such as Shanghai and Shenzhen, with a stronger impact on offline recycling business. We consider this quarter's results as only a cross-sectional view of the pande... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b3605eef8e3c699a765582d62963c0a9 | I would like to ask how is the progress in the first quarter of our city-level service integration, as it was the strategic focus of the company mentioned for this year, but we are facing a new macro situation, which you see in challenging economy and also the risk of pandemic new wave. So we would like to know like if... | Thank you. We will be even more meticulous when assessing market conditions. Considering lockdown restrictions are still in place in some parts of China, the impacts created by the pandemic are ongoing. Therefore, we will increase our focus on cost management, efficiency improvement and healthy cash flow this year.
And... | intermediate | [
"direct",
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] | B |
1577fc2d1d29fba38616e73dff76c76a | In the PR sharing, the management mentioned the new recycling policy of the industry. Are there any specific business plans to share with us? | OK. Thank you, Jin. So I will take this question. In Apple, since they issued the first guidelines for electronic product refurbishment, which for the first time clarified the boundary of engaging in compliance refurbishments, including the source of goods must be legal, the purpose of repairs to the stores, the functi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f9532cfb11277b228ab9bbd08746eb7e | We saw some [Audio gap] longer term? And if so, how are you planning to reduce the impact? | I'll take this question. In the first quarter, especially since March, we see that OEMs are facing greater downward pressure on new phone shipments, and the replacement cycle is also expanding from about a year to more than 20 months now. But we do have several advantages against downside risk.
The total addressable m... | direct | [
"direct",
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] | A |
a4aacbfa08a92e4d876ccf9aba9df2be | I guess on the PROPEL study, that seems as if that was delayed, just wondering if you could kind of talk through that, whether that's kind of good news delayed or just an abundance of caution? | Yes, sure thing. Peter, thanks for the question. So one of the good things that happened in that study is as COVID kind of ebbed in Europe, we saw a very fast rate of enrollment from European sites. And what that did is over the last two months of 2020, we saw very, very rapid patient accrual. And we enrolled approxima... | direct | [
"direct",
"intermediate",
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] | A |
d075fc079ea2f2408a78c9e095d6fcf6 | Congrats on the collaboration with Merck for the combination study in squamous cell carcinoma of the head and neck. I was wondering if you could comment on the role of HPV in that disease setting and whether you expect to see different levels of response to BEMPEG in patients who are HPV-positive versus negative? And a... | Sure. Yes, thanks for the question. Very insightful question. So one of the interesting things about this tumor type is, as you've looked at the presentation of the disease with time, it's kind of changed, right? And so there was a time when the majority of patients were smokers and you saw this associated with lifesty... | intermediate | [
"direct",
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] | B |
ea91a7f21782b8b547b8456246d1f9c0 | Did Merck see any of the PROPEL lung data that you're generating with PEMBRO in the context of the talks on the head and neck study? And can you remind us of the PEMBRO monotherapy benchmarks for each of the PD-L1 expression levels in PROPEL? | Jessica, look, Merck certainly spent a lot of time vetting BEMPEG before they entered into the significant collaboration. I mean, remember, they're going to be providing drug for a 500-patient study, and while you can't be precise on the number of vials or the exact amount, that's somewhere between -- somewhere between... | direct | [
"direct",
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] | A |
1c120b7c3b1ed70873d4bf8cf650033a | I wanted to maybe turn back to your collaboration with Merck in head and neck. And specifically, with regard to your identification of front-line patients, I think the market data currently shows that PD-1 therapy is in excess of 50% already in the front-line setting. So I was wondering if you could maybe first comment... | Sure. Yes. So thanks, Paul. So roughly 80% to 85% of patients with head and neck cancer actually have PD-L1 positivity. They'll have a combined CPS score of greater than or equal to 1. So it is very immune sensitive. And it's a tumor type that already has a pretty high baseline of positivity. And then what we found fro... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
06b72d19c96998b4df7b8510703eb82b | So my question is really around the CMC for 358, do you expect making 358 to be as complicated as BEMPEG a couple of years back? | Sure. Difei, thank you for the question. So the 358 molecule is quite different than the BEMPEG molecule. So on the one hand, it is also interleukin-2, right? So in terms of the kind of fermentation, that's all the same. But the PEG is completely different. You, for example, you know that the PEG is releasable in BEMPE... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c48b3b13c1490e6d87c44fe3154bbfd5 | So JZ, I think you reminded that kind of the melanoma study and kind of talked about kind of the immune profile a little bit. So just wondering, so for the five patients who had 100% tumor size reduction but did not qualify for CR, in terms of their durability and PFS, did they look more like a CR or like a typical PR?... | Yes. Andy, thank you for the questions. So let me take them in two parts. So the first thing that we've noted in the melanoma data set, as we reported at SITC, it was a very long PFS, right, 30.9 months. And actually, when you look at some of that distribution, for patients that had very, very deep responses, either th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1cae4943d71a76a15c56c44a1ed43ae5 | Just a quick question on the 358 program. I guess as you expand that into -- beyond lupus into these different disease settings, like how do you think about dose, a dose schedule of 358? And is the Phase I informative here? | Sure. Yes. Ben, thanks for the question. Yes. First of all, the Phase I study is indeed informative. It basically gave us a lot of information regarding the relationship of dose to the induction and the degree of induction of regulatory T cells. It also gave us information regarding how high you can go up, where you ma... | direct | [
"direct",
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"fully_evasive"
] | A |
2fe9bb7ad12c3f28262d3c11afc5f4d9 | I was wondering if we could do a bit of a retrospective on fiscal 2019. So you ended up generating $132 million on EBIT guidance, started the year at $135 million to $145 million. But in thinking about bridging those two numbers, there was a much more substantial material cost headwind that arose as fiscal '19 went on.... | Yeah. Hey, Joe, it's Mick. I'll kind of take a stab at the material cost impacts and then let Tom comment on the operations side.
So, in fiscal '19 it was a combination, just as a reminder of several items for us and I think others. The first was the direct impact of the tariffs and net of any recovery that we got fro... | direct | [
"direct",
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] | A |
d5f683151fa8f2910d8310f179aeccbe | And then -- Those are helpful. Can we have a similar conversation, just in terms of what's contemplated in the 2020 outlook. It sounds like Vehicular operationally should be better in 2020 relative to 2019. Unfortunately, it seems like later in the year we're going to see a receding in volumes from some of the commerci... | Yeah. Joe, it's Mick. Yeah. I think we'll run through that. There's a lot there. You've covered, but it's good that it's kind of laid out, we see it. So, back to VTS, yeah, I think we see the same market dynamics. You guys are seeing the challenge, biggest challenge in the VTS area right now is not seeing that market l... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c7c2a00d9ee9f150aa420fba2fec728f | Okay. Great. Specifically on HVAC, based on a lot of your commentary, it seems like the share gains that took place in fiscal '19 that's sticking based on the order book and you maybe continuing to grow market share. Is that a fair characterization of what's happening in that business? | Yeah. We definitely gain market share in fiscal '19 over '18, which was also as strong year, specifically on heating. And we're really seeing it pick up on UK from a precision cooling and chiller standpoint as well, where we're gaining share in those regions with the data center business and related products there. So ... | direct | [
"direct",
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] | A |
a43120fa6eae9325d701910e63449a23 | And so, I'm thinking of the trend for that business. When you start to compare against 15%, 20% revenue growth in the second half of 2020. If you're maintaining that market share, even though, of course, there is probably growth moderation. Would you expect to be down year-on-year. It doesn't sound like if you maintain... | Yeah. No, we think we'll be up slightly maybe not quite that the jump that we had last year to your point, because of the share gain and we have that same look forward, but we expect to be up. | direct | [
"direct",
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"fully_evasive"
] | A |
723a09ae1b79a8a4db1b31c0e2e6ef0c | Okay. Great. And then my last question, more of a housekeeping item. How much of commercial vehicle business is still left to roll off in Europe? | Yeah. Europe and there's a little bit in the US on service, approximately $40 million, Joe, in fiscal '20.
As you've been stating, of course, we have some new model launches that are starting to prepare for North America with recent business wins and good core activity still going on with European customers. So -- thi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
276cf3abe7c2a303e38f561d016ee4ea | Okay. If you here let me with one more, my two last question. On the automotive business, so you've obviously communicated this to the market. I'd imagine you're having conversations with customers, what has been the feedback on the decision? Is it having any ramifications on bookings activity that might influence ulti... | Well, let me handle the first part and I'll make sure I understand the second part later. So the first part is, yeah, we're in discussion with customers and, obviously, they're very curious as to how this is going to proceed. Clearly they are staying close, nobody is necessarily taking us off any player platforms. But ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
afe0c2cf11edcb0039b2f894047259e8 | Starting with the CTWS integration. I think you made a reference to an accelerated process out of COVID-19 or some impact there. Could you speak a little bit more to that impact? And maybe how the opportunities have changed from where they were a year ago? | Sure thing, Richard. Thanks. It's been nine months since our close, and I would emphasize the cultural aspect of the integration is really ahead of schedule. I think most would agree that the cultural integration side of a combination is just super critical to the long-term success of a combination such as this. And th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
70a4580d139e9f1dd3e41ddd40e75ad4 | Got it. And then I believe your GRC filing in California was due last month. So I just wanted to check in there kind of what you see as the major requests in the upcoming rate case. Particularly, I think you alluded to, on one quarter, potentially looking to address that water supply issues that are impacting your resu... | Sure thing, Richard. I'll make an initial comment, and if Jim has anything he can add, that would be great as well. Richard, actually, our next general rate case filing is the final filing is due on January four of 2021, and then our next cost of capital proceeding isn't until March of 2021. And so we have not yet fina... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1a0588a3a9db70b7f4342f2101f6e08b | Good so on the $0.03 of COVID expenses that you singled out, are those I was thinking you're tracking them in those memo accounts for future recovery, but until you actually get it, you just can't book the offsetting revenues. Is that right? | Yes. Jonathan, this is Jim. That's right. In at least three of our operating utilities, we have got an authorization to capture those costs in trackers at this point. And in the fourth, we've gotten an indication that we should be tracking them so that we have an opportunity to have a discussion with the commission at ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f7dcca8835535e9c7876b37f781d76f2 | Okay. Great. Any updates on the AMI deployment request in California? I think it was a Q4 decision anticipated there, but didn't know where in the docket we were on intervenor's position, stuff like that. | Jim, I'll start, and if you have something to add, please do. But Jonathan, that proceeding, we feel, went very well. We're continuing to work on it. We are hoping and would expect a fourth quarter result. We're really pleased with our business case. We think it's exceptional. And with state water budgets looming in 20... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
db3e62f48ead202cb7eb3b9614193398 | So in terms of those conversations, is that potentially something that could lead to a settlement? Or has the prospects of a settlement kind of passed? Or was there ever the option for a settlement? | Yes. Jonathan, there's there definitely still remains opportunity for settlement, at least with OPA. And of course, there are other parties that would be involved, including the staff at the PUC and WRATES, a local advocacy group. So we remain very open to settlement, if that can be done. And if not, we do think we've ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
80998b76c763cce6c1624b214be8060b | Okay. Great. And then I think the plan in Connecticut was to file a base rate case around midyear. Has that been filed? Or kind of what's the updated plan there? | Yes, sure. We will be providing further color on that in the third quarter, Jonathan. We have not filed yet in Connecticut. We would anticipate filing probably in the next six to 12 months, and we're looking forward to getting that accomplished. As you know, we had a stay-out that expired on July one this past year. So... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1f0b8a627d1f7ce1d721efd89a6029e4 | Okay. And then bouncing back to California. I've seen some reports about customers receiving abnormally high bills recently. Any thoughts on what might be going on there? I know you've had some billing issues and disputes in recent years. | Yes, sure. I can definitely talk about that and turn it over to Jim as well. I mean basically, Jonathan, what occurred was because of the pandemic, we put a pause on meter reading. So we estimated bills for a couple of months until we were sure that our employees could be safe out there reading meters. And as you proba... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7e13be1daba61cbf0209667641500793 | Okay. Yes. So I mean, has that like put some additional pressure maybe on like the bad debt expense that you're tracking and stuff like that? I guess that stuff hasn't flowed through the accounts receivable enough to really do that yet, but. | Yes. So I'll start, Eric, and maybe you can play follow up on some additional information on it. So in California, Jonathan, we read the meters or we estimate the meter reads, as the case was during the pandemic, on a once every two month basis. And in Connecticut, we actually bill quarterly. And so in our view, the pa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ad5d13a7af20e192642213b3067d76d9 | I wondered if you could give us a sense for what rent collections look like today for your multifamily book, both for rent regulated and non-rent-regulated what you're hearing anecdotally from your customers. | Yeah. Hi, Mark, it's Stu. Generally speaking, you have to look at it really on a granular basis on it building by building level. Because we have customers that are -- that are not in deferral, and that's -- the vast majority of our loans that are collecting rents fairly normal pre COVID in terms of their actual collec... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3dfa6922d09d5ec563ff56c10d0ab46e | I was curious, the yield differential between business banking loans today and your core sort of multifamily commercial real estate stuff has really collapsed, the difference between the two. So I guess I'm curious, does that mean you'll probably do more traditional multifamily stuff again or not necessarily? | So, Mark, there was a bit of a mix shift this quarter because we did more of the back-to-back swapped loans. So it's not really a apples-to-apples comparison. So we're putting on floating-rate assets on the balance sheet that have a fee income component associated with that. So in this quarter, we did around $150 milli... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1ed280053b7de7f4b410ccd40a69f6ab | I think you said there was $875 million of CDs that were scheduled to reprice [Indecipherable]. Is that in the third quarter, in the back half of the year? | No. It's -- it's the second half of the year.
So over the -- over the course of the next six months. | direct | [
"direct",
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] | A |
a76bffa3682faf8dc3032318de64d7ae | And those realistically reprice sub 1%, I assume. | Well south of sub 1%. I mean, our highest rack rate right now is 45 basis points. So we'd expect -- typically on the CDs, we see around 75% retention. So, we'd expect to retain around 75% at 45 basis points to 50 basis points and the remaining 20% odd, we can do with borrowings, which right now has a cost of 40 basis p... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f714ef26766ad1d03837a2ceb76aa9d3 | We should expect stock buybacks to continue in the third quarter or will be precluded because of the merger from doing more buybacks? | So, Mark, so, in the prepared remarks, I mentioned that we suspended our 10b5 plan on July 1 with the merger announcement. So, obviously till the shareholder vote, we'll be out of the market, given some of the rules out there. So we're not in the market right now and do not expect to be in the third quarter at this poi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a4a5d0ec19e5e32a5cc48edd7e3165eb | Just a quick question. Obviously, you guys have been very successful in layering in some of these additional commercial loan products, the back to back swaps or so. Just curious, maybe what your outlook is for continued growth or level of commercial swap loan fees heading into the back half of the year. | Yeah. I mean, obviously business is still very strong. We're seeing -- we have a very nice pipeline. I think this quarter was extremely strong. I would expect that our swap fee income would be -- would revert back to similar to first quarter, but still very strong and we still have a very good pipeline and we see that ... | direct | [
"direct",
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"fully_evasive"
] | A |
4629fd8f644fd7f19eb527148ea1fa2c | I was wondering maybe you could, it sounds like there could be some -- several items sort of impacting the reported margin next quarter. I was wondering if you could just walk through some of those headwinds again a little bit more granular, and then as that sort of imply a relatively flat to down margin here for the t... | Yeah, I'll start with the core basis, Dave. So, in the prepared remarks, I did say that with the CD repricing opportunity that we have and our deposit costs, which on a spot basis, the deposit costs at June 30 was 73 basis points, which already is lower than the cost of deposits for the full quarter of 88 basis points.... | direct | [
"direct",
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] | A |
67af2952058ddf67e1c06f5425a50af5 | Just sort of broke out the amounts reaching the end of deferment. Just curious, some of the more recent conversations here. Any sort of insight in terms of sort of the procure [Phonetic] rate that you're expecting for this next tranche that are coming off their first initial [Indecipherable]? | Well, we are certainly expecting at least a similar migration. What we are seeing is positive shoots in terms of New York City coming back to life. We're obviously entering phase 4. And you can -- you could see in our reports that even COVID related industries are beginning to come back and pay. So at a minimum, we exp... | direct | [
"direct",
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"fully_evasive"
] | A |
64e914939d0f920026b8f6f934a72f2b | I just wanted to start I guess with loan growth, and maybe for the second quarter, how much of this quarter's growth or origination activity had come from the pre-pandemic era and just how the loan growth pipeline and the composition of that pipeline is going forward? | Yeah. I mean, as I mentioned earlier, we are still seeing quite a bit of business and a very strong pipeline. We had originally given growth guidance earlier this year and we are comfortable with that current guidance. We expect originations to hold. And so we're -- at this point, we're very comfortable with our origin... | intermediate | [
"direct",
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] | B |
7b36b97c05777e30eb7b7c3f3ae4f866 | You noted that I think just over $100 million or so were PPP related deposits, but obviously overall deposit strength this quarter was extremely strong. Have you seen any of those PPP deposits roll out as we head into the third quarter or any of the outside strength this quarter kind of start to fall off as customers d... | We expect that. I mean, clearly over the timeframe, we've actually deposited almost $325 million in deposits. And as Avy mentioned earlier, those numbers at June 30 are down to $104 million. And the purpose of those PPP loans were for people to use that to pay employees, etc. So we do expect that to continue to trend d... | direct | [
"direct",
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] | A |
5b1d13fb958affd31f4b523e5849b205 | On the service fees -- and obviously they impacted by customer activity and branches being closed, etc. during the crisis. How do you see those rebounding in the second half of the year? | Well, I mean, at this point, service fees truly are a function of transactions, and it's also a function of the amount of deposits that customers are keeping. So we have significant customers that have higher balances. So we're seeing less in terms of analysis fee income and access charges, etc., because they have the ... | direct | [
"direct",
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] | A |
3e75c9fc77215bee649dec9b3595e412 | I've got a question actually about the merger. I apologize if it's a little off topic. But my understanding, and correct me if I'm wrong, is that both parties are taking change of control provisions. And I didn't think that was customary in a merger of equals when the parties taking the change of controls are maintaini... | Good morning, Howard. All that information, I'm afraid you'll have to wait for the merger proxy to have the background for that stuff. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
5570147a6937cf18f1614d5922c5ac2c | So that hasn't been publicly announced either way? | No, Howard, it has not. | direct | [
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"fully_evasive"
] | A |
082aeac0a796494f6a56f512a74b0aca | Can you talk about your view of the traditional watch category and where you see that going in the coming years? It would be helpful to understand your perspective on the category in general, as well as consumer demand, particularly as it relates to the pandemic? | Yes, it's very interesting to see the changes in the wash consumer globally. There are three things that we are seeing. First, we're seeing an increased demand in the United States, as we mentioned earlier, and the business is healthier than it was before the pandemic. We have some accounts that are seeing a double-dig... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4da936882f331e962b533d0b25580b0a | Can you talk about the demand signals you're seeing across all of your channels, e-com, wholesale and third-party partners? And where do you see that going as we head into the second half and holiday in particular? | First, the most important demand signal we're seeing is broad-based strength in traditional watches across channels. And in Q2 in the U.S., we achieved positive sell-out comps versus '19 in our core channels, including traditional wholesale, licensor boutiques, e-commerce and others. The reemergence of traditional watc... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6ca3713437a78e6944c2a6fb5a097a2e | Could you provide some color on the sales and EBITDA guide you provided today? | Christine, yes, sure thing. From a sales perspective, Q1 and Q2 fairly better than our expectations, driven by outperformance in the Americas. And that helped to offset some of the ongoing pandemic pressures that we saw in other parts of the globe that are slower in the recovery from the pandemic. When looking at the b... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4f228ba4e4501643b288ba1309bd396d | Sunil mentioned macro headwinds around shipping and wage inflation, which are well documented. Can you provide us with some additional granularity around those factors, how it's impacting thoughtful and how you're planning for that? | Certainly, Christine. On the shipping front, we are seeing minor disruptions but nothing really material at this point. Most of the shipping disruptions, other companies are reporting, are due to imbalances in ships and containers in the ocean trade channel coming out of Asia. Our most significant product categories, w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f0655b97542625475628c3b7b263eef | Hi, thank you fo taking my question. Just wanted to, first, dive into your guidance and how -- your EPS guide in particular. It would just imply that on a flat -- on a sequentially flat revenue guide, you probably have to see a significant dip in the electronics marketing margin and possibly even premier. Maybe you cou... | Sure, Param. I'll take it first, and I'll pass it on to Tom. So what we saw in the back half of the quarter was a falloff in the catalog space. And as you know, lead times are coming in significantly. And then there's a migration, as I pointed out in my remarks, from the catalog space back to broadline guys, which impa... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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