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604daf6ca393df57cb9162477cf09171 | First, I wondered if you could share with us the size and complexion of your loan pipelines excluding the PPP loans, any that are in process? | Well -- Mark, hi. It's Bob Rose. I will tell you that business has picked up significantly this quarter and it's fairly balanced, well balanced between C&I and CRE. We see it in our loan committees the new-to-new is up quite a bit in the quarter, and it's actually running higher than new-to-new. I can tell you that the... | intermediate | [
"direct",
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"fully_evasive"
] | B |
904424731b91d25ebe04c80a1dc1a278 | Okay. Great. And then Carl, could you talk a little bit about your expectations for the margin over the next few quarters, including and not including -- excluding PPP income? | We'll continue to see pressure on the net interest income prior to the PPP forgiveness while we'll still see -- it all depends really on this loan growth. So I really want to kind of caution that there is a lot of activity so it depends on what gets booked during this quarter. But overall, it's going to -- a lot of it'... | intermediate | [
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"fully_evasive"
] | B |
0898f97017fa868cc798745d557dc991 | So the core margin call this quarter was what? | Yes. I'm not providing a core margin. I am letting you guys try to figure that out yourself. I said the -- well, the deferred fees of $1.4 million related to PPP loans came in during the quarter, so you take that out and say that well, that's the core margin. | fully_evasive | [
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296d82a96898a012a3ae281c87a26aa0 | Okay. Next, I was curious if you could update us on your planning for crossing $10 billion. What kind of incremental costs we're likely to see this year, next year and what -- if you could just refresh us on the impact that you expect from Durbin? | I'll take half and then I'll give Carl half. We will pass the $10 billion when we pass it. We're not afraid of it, we're not racing to it, we're not running away from it. It will happen naturally. We feel we are very, very well prepared and have been for a long time already employing the practices that are required whe... | intermediate | [
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ef0939d4ba7a5cb24c8100321e9db900 | Okay. And then lastly, kind of a multi-part question, obviously there's been a lot of consolidation in your backyard recently and some of those banks have, believe it or not, suggested that scale is really important to be competitive I guess, part one is, do you agree with that? And part two, if you could talk maybe a ... | I find it's funny, Mark, that banks of virtually every size $100 million to $100 billion all say that nirvana is the next size up for them. And so it's a peculiar thing and I think we can appreciate that it seems that in most things in banking economies of scale are reached fairly early on and are not better when you g... | intermediate | [
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] | B |
21a1b51623efa13c193c8146894336e1 | Just to follow up on where Mark was going, can you just help us think about this a little bit more so I'm looking at the Boston marketplace and I'm looking at the publicly traded Massachusetts-based bank, we obviously have Eastern they just did a deal, INDB they just did a deal and then there's you and I guess, for sta... | Well, I don't think I have changed my opinion about M&A or what I do or not do in quite a long time. I think it's fair to say that the recent deals announced in this area had a similar characteristic in that. In most cases the acquirers had special currencies that they were able to use in order to accomplish some very ... | direct | [
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] | A |
1960aaedf8c36418b8b6712dda081ac2 | Okay. That's good. And what about an MOE, how would you think about an MOE if somebody like-minded... | I mean, I think of an MOE -- I would think of a MOV the same way that I would do any deal whether I'm buying or selling. The righteousness -- the propriety of the transaction is paramount and it's got to be evident and not speculative and it's got to make sense for everybody. | intermediate | [
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d255a73f6ce2f32adfdfd1b20fb6b238 | Okay. Okay. Great. And Carl, just last question for you. Tax rate was 24.9%, I think I was using 26%, anything I should think about there in terms of tax rate? | 25% is what it looked like for the -- that's what we estimated for the quarter for the full year. It'll all depend on what happens with taxable income as we move forward throughout the year, and I think that's going to depend a little bit on what our provisions are going to be in the future as well as how fast forgiven... | direct | [
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da6f05f2ceff9a0995fb85da53d111ac | So I just wanted to ask the CRE loan yields look to be stabilizing linked quarter, can you share where the new loans are coming on right now? | Sure. So just in total for the book -- last time you guys asked me that question for the whole portfolio we booked about $328 million in originations or draws during the quarter, that's excluding the PPP loans, and the pre-book the weighted average coupon so this excludes fees and things of that nature but the coupon i... | intermediate | [
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] | B |
916ec3a47cf8b9064385cd874aa27233 | Okay. Great. And then looking over at loan growth in the core commercial loan portfolio, so ex-PPP the contribution looks like it's continued to decline over the last several quarters so I'm just curious how much of that is driven by lower line of credit utilization, if at all? | In our case, it has been driven more because we have a very high-quality portfolio of family owned and operated businesses, and we've just seen too many of them decide to sell in a market where they are reaping a lot of money and they just pay us off. I can't tell you technically how much less line utilization. Do you ... | intermediate | [
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4043e426365e8adfb7760300f6e8d0ec | Yes. Got it. Well, thank you. That was helpful. And then I guess, just looking at the CRE portfolio I assume pay downs and payoffs are also a headwind or had been a headwind there, is there any shifting in the momentum heading into the second quarter? | I don't think there is. That portfolio shrank by about $35 million, $36 million in the quarter, and you've got to add up construction and add up CRE and look at the two together. And they pretty proportionately came down in the quarter, but they are people paying, people being careful during this time, but as I said ea... | direct | [
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"fully_evasive"
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f1798987b653bb36967964acbd57a279 | Got it. Got it. Thank you. And then just last one for me. So I think you had maybe somewhere around $370 million in CD maturities during the first quarter, I was curious what the retention is around those maturities and then any -- if you have any additional color around coming CD maturities? | Sure. So -- Looking at the one page [Technical Issues] The new volumes that we had were -- $263 million were booked at a rate about 43 basis points, and that was the new volumes in the quarter. We have run off about 360 -- we had pay downs of $365 million and then new bookings of $263 million.
And the things that we'r... | intermediate | [
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6056a4d85b9ede1bbbe74ae9a60e612a | Can you guys talk about any additional sources of capital and liquidity you can potentially draw from on the existing balance sheet? I think you have some seasoned reperforming and nonperforming loan securitizations that might be callable? And can you address how active you might be in securitizing the remainder of you... | Sure, Eric. Thanks for the question. And you're right, we had three outstanding non-rated NPL securitizations and one rated RPL. We called 2017 NPL one already.
And NPL -- '18 NPL one and '18 NPL two are both callable. So we're certainly looking at those. The AAA levels on those two NPL deals outstanding, I think, one... | direct | [
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] | A |
9cc934e369f92634ea499e6cf4861786 | How should one think about the trajectory of the yields in the existing portfolio at this point? I think the 90-day delinquency rate in the non-QM portfolio picks up some of the loans that received forbearance last spring. Can you give some additional color on the resolution for those borrowers? And what we should expe... | Sure. If you look at Page 14, right, the active forbearance for our non-QM borrowers is at 2.8%. So the majority -- I mean, almost 100%, right, of people who have been impacted by COVID and given relief have moved past that relief period, and any borrower who's in active forbearance plan that they haven't made payments... | direct | [
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] | A |
80d58adecd671b21a01dd8127c9adea9 | I think you said you're on track to purchase $100 million in the first -- through February of non-QM loans. I assume those are newly originated loans. Can you share where the coupon is and how the borrower profile has potentially changed on those newly originated loans versus pre-COVID loans? | Sure. So the coupon is where for the rest of the portfolio, it is a six handle. For newly purchased loans, it's down into the fives, so it's somewhere out there, low fives to mid to high 5's. And then you're seeing a wide range of rates inside there.
So you're seeing some non-QM rates get below 4% at this point, but t... | direct | [
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747a7568d0805c08efaf96b07a8274c7 | Just looking at Page 6 and 7, and Eric hit on the big thing, obviously, the NQMs. I'm trying to get a handle on it, and you discussed the securitization and loan purchase activity there well with him. But looking over the RPLs or as you now call them PCDs and the BPLs, both single-family rental and fix-and-flip. Is the... | Sure. Sure. So under the PCD loans, there are some reperforming loans there. And I did mention earlier that we do have '17 RPL one that's outstanding and callable.
And as we call the nonperforming deals as well, inevitably, there are loans that are performing within those deals. So it's a little bit of an art rather t... | direct | [
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c179abd48b1bf60baa80bae6f1fedd55 | And you mentioned there's no cheap assets out there. That's probably the most honest thing anybody will say on this call this morning. But you got to where you are by some strategic relationships that have worked out for you over the last three, four, five years or so. I mean, at this point, is part of your effort to c... | Sure. It's a good question, Steve. And I think as we like to say, everything is on the table every day. Bryan did mention that we had made an additional investment in an originator in the fourth quarter on the non-QM side.
So the answer is yes, we continue to look at additional partners and really continue to look at ... | direct | [
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] | A |
712baf970b6df375dbe29b9c7c51b0a6 | So obviously you're having a pretty incredible opportunity here to expand your presence and place units and potentially have a real long-term opportunity. But I just kind of wanted to hear your thoughts on the sustainability of this growth kind of longer term and kind of your views on the ability to penetrate that prev... | Thanks for your question, Kyle. This is Joe. So as I mentioned in my prepared remarks, I think this transformed the business. I think this is a different company than it was 60 days ago. And I really think that it has a lot to do with how many of these new systems that we were able to crack, how many new physicians tha... | intermediate | [
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] | B |
1db0d24837438876385b0b0849db6b68 | Got it. And then just wanted to follow up on the, I guess disposable utilization unit. Obviously placing a ton of units here, so just will that kind of have a dilutive effect to utilization in the near term? Or is that the wrong way to think about it? | Yeah, it's an interesting question, Kyle. So historically we typically see a turn rate of about 2.2, 2.25 in the first quarter of the year. This quarter we saw about 2.5 in the first quarter. Obviously, much of that increase was likely related to COVID-19. As we've noted in the past, we've begun to see our ED approach ... | direct | [
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2a485c678f16d23fddf120cb373fc185 | Got it. That's helpful. And then one last question for me. Obviously, I think historically you've said in terms of going cash flow positive, you'd need to reach roughly $100 million plus in revenue, maybe $120 million or $130 million. And obviously, kind of April is tracking really well and it looks to me like you shou... | Yeah. No, it's a good question, Kyle. I think from our perspective, we have indicated, it's roughly about $125 million or so to cash flow breakeven. I think in terms of this upcoming quarter, not ready to provide any granularity in terms of what that cash flow is going to look like or profitability. But the $125 millio... | intermediate | [
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8138045e6c84ebd27dc0aea1261b7c68 | Hi, Joe and John, thanks for taking my questions. I wanted to ask about the Gold ED account penetration and just growth within the quarter. Can you just talk about those accounts specifically, where you were previously and really the room to grow beyond this going forward, kind of where you are in that penetration cycl... | So Cecilia, it's good hearing from you and I hope all is well with you. I think the way to think about it is, historically, 60% to 65% of our revenue comes -- our capital equipment revenue comes from current existing customers. We also know that when we put our products, our systems into Gold ED accounts, we know for a... | direct | [
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286c92d349383334312f221e038e9c52 | Great. Thank you. And I guess just tying into that, too, can you talk about sales force expansion at the end of 2019? But then also, has this impacted your thoughts just on how you expand yourself as far as in 2020, maybe potentially accelerate that? Or how are you thinking about sales force growth going forward? | Well, as we mentioned during the prepared remarks, we're going to begin that sales force expansion. We're probably going to do it, start it a little bit sooner than what we normally would, Cecelia, only because the world's a really different place with COVID-19. And so having to interview everybody distance wise and th... | direct | [
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] | A |
8adaf2150578a92321b8be5e7293a210 | Okay. Great. And if I could squeeze one more in. Just I was curious if you could update us on your Aerosol DPC, just how that rollout is going and what kind of feedback you're hearing from the field. Thank you, again. | Yeah. I got to tell you, this is a lot -- it's almost like there's the pre-COVID world and the post-COVID world, and this was in the first 2.5 months pre-COVID. I will tell you what, I was so proud of our team. That sales force did an outstanding job at communicating this and letting customers see the value. And it's b... | direct | [
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] | A |
6d23363960005bab25c9233dfe143189 | I wanted to ask a question on, a tremendous April month, curious whether you're starting to see the demand slow at this point, whether you think there's a couple more weeks left of that. Just curious what the very near term week-to-week trend is at this point. | Well, I can tell you the very near term through the end of April was $19 million and change, right? I don't think that we're prepared to comment any further than that, other than that, we're going to keep paying attention to our capacity and making sure that every customer need is going to be filled on our end. | intermediate | [
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] | B |
0f13a389e4a31ecc7adbc13515cf32c7 | And then when it comes to ordering the can [Phonetic] flow units, we certainly heard a lot in the headlines about federal stockpiles of ventilators and states moving ventilator supply around. Is that something that Precision Flow could become a part of in the future? | I don't know about whether or not it would be something that the government would want to explore. I can tell you that for our money, we were very focused on getting our systems into the hands of clinicians that were experiencing major patient surges at the moment. And so that's how we were able to prioritize that. I t... | intermediate | [
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] | B |
71f281b4c64273726f6f5aa749d48e97 | And then one for John. Understand that you made great progress on gross margins despite some of the headwinds. Do you have any ballpark estimates for how much impact to gross margin some of those headwinds had? | Yeah. Probably not going to break it out specifically, Marie, but we did have a nice tailwind, obviously, in the form of increased volume, which provided incremental leverage on our fixed cost of manufacturing. That was nice tailwind for us. And on the flip side, we did have headwinds in the way of paying overtime for ... | intermediate | [
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] | B |
d850974717d0f41e83d9dcc484b05458 | First, you mentioned that sales incentives were up during the quarter. I was wondering, if you could talk about how those incentives trended sequentially? And also, if you could talk about any other trends that you're seeing in pricing power in your markets. | Sure, I'll take the first part. This is Jim. Jed might want to add some more color to it. And build jobs[Phonetic], our margins were up. We had to increase sales incentives on specs, which pushed our gross margin down slightly. But as you can see, what we gained in that delta was picking up a huge block of revenue. So ... | intermediate | [
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5e38ec3d0ab6651521c5e8dab2f6c9fa | Okay. And so just to clarify, you said that the incentives were up quarter-on-quarter, but you expect them to, kind of, trend down going forward. | I think, it stabilizes a better -- I think we're going to maintain about the same here. I think on the spec side of the business, they'll probably be better. | intermediate | [
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] | B |
5f97be5b12c73af9e63904770c69a854 | Okay. All right. And secondly, when talking about Trophy, you mentioned that it's off to a wonderful start, and I was wondering if you could give a little bit more color there and maybe give how many closings Trophy contributed this quarter. | Yeah, Jed could really add a lot of this. But let me take a step backward for you, because a lot of people don't realize how long it takes to really get where we are. And we made the decision to bring Stewart Parker. We really done a wonderful job getting Trophy off the ground. That took place about a year and a half a... | direct | [
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] | A |
5e7b118c1ca3756b77f22a4b593e900d | Just another one on Trophy Signature. What was the contribution from the new Trophy openings to your overall order growth in the quarter? | Yes. We don't give detailed disclosure on that. I would tell you that it was modest that our -- because overall, every single one of our team builders experienced monthly absorption growth on a year-over-year basis. Providence Group and CB JENI were great contributors. Trophy is doing a great job because of those seven... | fully_evasive | [
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bda9bf931ff1c94dd519921dc28508aa | Got it. And then it sounds like the community count openings for Trophy are going to increase in 2020. Is that predominantly in Dallas and are there other markets that you're operating in, where you think it makes sense to expand this type of product offering. | We are looking at two other markets right now. | direct | [
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] | A |
1669d729df12a3f8c119faf206154084 | Okay, got it. And then just on backlog conversion, really strong improvement in the quarter. Is that -- do you think that's kind of -- that 60% is kind of a new run rate or returning to a new run rate or was there just some inventory cleanup that led to that improvement in backlog conversion? | Well, Ryan, we really don't look at it in terms of a conversion rate, I mean, if the conversion rate has a calculation after everything is done. But if you look at the run rate that we were experiencing around 400 more or less units for five quarters in a row. And specifically, if you look back at Q4 of last year and Q... | direct | [
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241dd07f862d5f4b840c4ab585167041 | Okay, got it. And then just one last one on the M&A environment. How's deal flow[Phonetic] looking in and what's your appetite for adding another team builder to Green Brick versus organically expanding community count. | Well, that's really a great question. And we've looked at a number of builders. I just got through looking at two builders, and we have definitely concluded that we are much more interested in growing organically for one reason, one is culture; and two, is that we are not willing to pay the blue sky or the premiums tha... | direct | [
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6ff80969f8ac6b151eebfec30c12ddae | Hey. Maybe for Will or Jeremy. Can we get some color on the increase in non-performers this quarter? It looks like they jumped fairly meaningfully. Thanks. | Yeah. So I -- as I try to note. We had really two principle things that occurred. First, we had the adoption of CECL, which accounted for about $13 million of the change in non-performing loans, that really driven by, as you know, the gross up of the loan balance and then the movement of the prior discount into allowan... | direct | [
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4493c74bbdb8708a769aeeee8310016d | Great. I'm sorry, if I missed that. And then I appreciate the color that you guys provided on the kind of at risk categories or exposures. Can you give us an update on what the credit statistics there look like in terms of what percentage are non-performing and then maybe what percentage deferred and stuff like that? T... | I think, as we're evaluating these portfolios and we're in the early days, we had not seen at least through the first, I'd pay through March and even to some extent in the early April we've not seen some significant delinquency emerge in these portfolios as customers were making their March in many cases their April pa... | intermediate | [
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eb1d41cfcbd4b6483f33c771238cd788 | That's helpful. Maybe just one more for me. I just wanted to touch on the margin and specifically with and without the PPP program. Is it fair to assume that just given the number of rate cuts, and I know you guys have tough floors and appreciate all the color there. But is it fair to assume that the core margin we sho... | Yeah. So on our 2020 commentary slides, on Page 22 we reaffirmed the purchase accounting accretion is not going to decline, that's on a schedule basis. Those loans are running off and we expect that to decline 20% to 30%. We are seeing as you'd expect based on falling rates, as well as relatively flat yield curve press... | direct | [
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1d818e01b66864b0e201af3daa19d9c7 | Wanted to start, just as a follow-up on the TBA business. You mentioned the $20 million fair value I guess mark-to-market impact there. Can you provide any more detail on that? Because typically when 10 year rates move down that typically expands. So just wanted to see if there was something idiosyncratic and then any ... | Yeah. What occurred is, we have in certain cases fixed delivery prices that when prices declined materially, we were -- that the pipeline -- the hedge was kind of under water. So that's the nuance there. As we -- as prices have recovered, as I mentioned in my comments, we have seen, I think overall trading activity in ... | direct | [
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9408fa8259ecc76d20147413f8378df4 | Okay. So there is some hedging present there then, because I thought before it was unhedged and then you're seeing a rebound and valuations there, so you're -- you would expect that to not really be a hit to capital. | Yeah. We are providing a hedging for the housing authorities. And as we've had gains in the past, this was -- you take a snapshot at March 31 and that was the impact on the value of that heads, because we have a contract to purchase the loan at a later day.
So it is -- just to reiterate, we are hedging that -- we are ... | direct | [
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034a189f64598699bc95143a06d60c6b | Okay. And maybe another one on Hilltop Securities, just the expense levels were better than expected, the count in that revenue is down pretty considerably, is that sustainable or is there something episodic in that number? | I think the count in that revenue has been down, it's really more of a function of makeshift as a business, than it is anything else. | direct | [
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] | A |
1ff650d4df1be21e4820a1decda9e30a | Okay. And then maybe lastly just on the servicing portfolio. Can you just talk about the impact of kind of deferments within the mortgages that you service? And then also you mentioned that you're going to build that servicing book. I assume that's just due to market dislocations and the ability to sell the servicing a... | That's correct. So I think it's worth noting and we noted in our slides. We did execute a sale in the first few months of the quarter, which was a positive that was about $19 million of MSR value. So kind of closed the quarter with a $31 million MSR, which reflects about $3.5 billion worth of serviced assets, we have a... | direct | [
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a41b0cc51cae3b188668ffda1fa138d1 | So could you give us a little more color on the two Houston based real estate loans that went into the non-performing bucket, maybe the size and what type of CRE those are? | They were office buildings and again, the aggregate size with about $15 million total loans. | direct | [
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a11948a344dd16c59725d49120d9fe6d | Okay. And was that related to what's going on in energy or unrelated? | I think Houston is being impacted by the oil price declines and overall demand. So as we tried to call out the energy specifically -- our energy related portfolio, we had not put in our kind of pandemic portfolio, if you will, because we're calling that a little bit different, but Houston in particular is being impacte... | intermediate | [
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57c2b75aa1459ec1634b56283f7ffe9b | Okay. And then, I think most banks have been earning roughly a 3% fee on the PPP loans. Is that roughly where Hilltop's up? | I think that's reasonable estimate. | direct | [
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097cb263f10982b81c302162fc8c2ab4 | All right. And then just bigger picture, Hilltop's Chairman, Jerry Ford has a pretty good track record over decades of buying some attractively priced assets during times of stress and uncertainty. If you look at Hilltop today, you clearly have excess capital. You'll have even more excess capital after the insurance co... | I think first and foremost, we're going to continue to be patient and work on our own businesses. And then when the environment presents itself, we're going to be very aggressive. | intermediate | [
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71712d80c7fae6760e46d504a7d83144 | Could you just disclose what the overall LTVs are on average for your CRE portfolio? | I think the way to think about it is as we work through the different asset classes, not specifically referenced the ones we've called out on our package, largely that's both relevant. But for our -- and I'm going to give you the underwriting kind of max underwriting LTVs and certain other portfolio is going to be bett... | intermediate | [
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addf208ae61169f1fe34b9272fad3999 | Okay. That makes sense. And moving to the mortgage business, historically PrimeLending has been very purchase focused. I'm wondering how from a marketing standpoint, the business is shifting to focusing more on refinances in the more immediate term? | Well, I think it's just been what the market's been given. So, I think the nature of being purchase focus is the nature of being real industry veterans that are embedded in our communities and are able to add that sticky business when the refi markets not. And when the refi markets been like it has been, they're going ... | intermediate | [
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32645947240f897b7e23aae4fb83cf2a | Yes, I asked the gain-on-sale margins through April, what they're looking like this month after the Fed came in and the bond market changed? | Yeah. I think we have seen a constructive improvement in gain-on-sale margins through the month of April. We expect that to continue through Q2 based on what we can see and kind of how the market is performing today. So we do think gain-on-sale margins have gotten a little more constructive here as the market stabilize... | direct | [
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e43bfd462e46f8665e98850b9e9bce47 | All right. And one last one, just any high level thoughts on what you think the municipal finance business will look like over the next year? Obviously we're in a very weird situation. Number of issuance due municipalities need more debt, less debt, is there going to be delay in a big wave? Just what your bankers are s... | So we saw a pretty good start for the year and then the March activity was notably weaker. And we had expected a very strong municipal year for 2020. And we do think that the second half of the year has a good likelihood of being reasonably strong. But until stability returns, I mean, I think that you're going to have ... | direct | [
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609ee2ffc76f8a8ff05e8674f584359a | Hi. Thanks and good morning. I want to circle back on the discussion around mortgage. You gave us some good commentary around gain-on-sale expectations. And I'm curious at this point, given what we know -- what are your thoughts on volumes? Do you expect mortgage volumes to peak in the second quarter and fall beyond th... | Yeah. I think from a mortgage volume perspective, and I think your crystal ball reference is a good one. We are -- as I think I mentioned, we are expecting to see a higher percentage of refinance volumes. As I mentioned in our kind of 2020 commentary, we think purchase volume will be under some pressure until citizens ... | intermediate | [
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14e94c051497d9de033cb396661d471e | Okay. And then going back to the loan modification discussion, I think, Will, you mentioned the expectations are that the number of modification requests continues to rise. I'm curious if you've seen this so far in recent weeks. I know you disclose the amount of modifications as of April 23 on that Slide 4. But do you ... | Yeah. I'd say as March 31, it was a pretty small number. But again, you were a couple of weeks into it. But it has -- we expect it will continue to grow as the shutdowns continue to persist and depending on the pace of recovery. So if you could take one of the -- some of the most impacted from a hotel perspective, we'v... | intermediate | [
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caf39115a5dc203427e34a39bc791c15 | Okay. That's helpful. And then last question from me. You mentioned that the Houston portfolio previously, just remind us how big that portfolio is at this time? | I got it here, I think -- well, the Houston portfolio total assets is under $500 million. I want to say off hand that I've had in here about $480 million.
Just under $500 million total loans. | direct | [
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b0d52945eb08544c271cccc51e87dd61 | So you mentioned about the treatment duration being a matter of months and slightly ahead of what it is now in fact DLBCL and -- but thinking specifically about the second line and the patients you treated so far. Why are physicians not considering the data when they -- when they're treating patients. So it seems fairl... | When we look at the duration of treatment, James, physicians are used to using short-term duration chemotherapies. As we introduce Monjuvi, which is an immunotherapy, and as they understand how immunotherapy acts, they're beginning to see that they can extend the duration of treatment so that the patients can get the b... | intermediate | [
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172d31cc897a13064d19fb3fc8c65a57 | And if I could just have a very quick follow-up in terms of the NCCN guideline impact. I mean, to what extent do you think this could accelerate Monjuvi use, and was this included? Or was this impact potentially included in your peak sales guidance? And do you think this will help with the treatment duration point as w... | Hi, James. Yeah. We see this as a positive advancement. This is an additional endorsement and validation recognizing Monjuvi as the only preferred nonchemo-based immunotherapy for second-line patients. As we continue to increase our penetration second line and create this behavior change with physicians, we do anticipa... | intermediate | [
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b02d8e5d596fc614d070334fe7ea6645 | So just a follow-up on the last one about the NCCN guidelines. I guess any thoughts that maybe this might point us toward the higher end of guidance for revenues for 2022? And then just a quick one. I thought you guys were going to start the combination trial with plamotamab this quarter. Is that still on track? | As it relates to the NCCN guidelines, again, we see it as a positive development. And we continue to be positive on the growth that we expect year-over-year growth and to end up within our guidance for this year. Yeah. With respect to plamotamab situation, we are expecting actually to enroll the first patient in this c... | intermediate | [
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a2c2843dd3b6c1273701640008c3987c | First question was on the sequential decline mentioned in Q1 from JV. Can you comment on the factors that are going to drive the decline in Q1 and then the increase in Q2? Is it just COVID or other factors recurring that we've seen that's caused some of the quarterly fluctuations in the previous year? And if we're look... | Yeah. Thanks for your question, James. On your question about the sequential decline, I did mention in my prepared comments that we did benefit in Q4 about $2 million from inventory dynamics and also clinical trial purchases. So that's simply not going to recur in Q1. So that would be a reason for a sequential decline.... | direct | [
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f7517f4f73aac53c7b79e1d868584a4a | Let me start off by circling back to the time duration for Monjuvi. Can you provide an update as to what you see currently as average duration? I understood it was around three earlier in the year. So I'm just wondering where it stands today. And do you see a trend in that duration is increasing since. Then on peak sal... | Hi, Suzanne. Yeah. As it relates to the duration of treatment, you're certainly in the ballpark, and we do see our duration beginning to increase as we continue our penetration in the second line. And as prescribers see the benefit of using an immunotherapy versus those traditional short-term chemos that they've been u... | intermediate | [
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e6ff817abb149f51c5e0f01447ac68b1 | I disclosed by inside the share of the tafasitamab R&D expenses was down more than 40% in 4Q. So could you possibly let us know what could be driving that given the key trials in frontline DLBCL and in Mineral for FL ongoing the decline looks a bit odd. So just trying to marry up that. | I'm not sure I understood the question correctly, but you're asking about the R&D expense to collaboration with Incyte and what's driving the expense recall that we have a co-development arrangement where MorphoSys pays 45% of the development and Incyte our partner paid to balance 55%. There are two major pivotal studi... | intermediate | [
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08f174723e92835be090e2d89d4e8ea4 | Just on Monjuvi, just to kind of push a little bit more on the 2022 guidance. Could you potentially just talk to the various moving parts that get you to the higher end of that guidance range relative to the lower end? And then just on the peak sales guidance, could you just help us understand the ramp from where we ar... | Yes. Absolutely, Rajan. Thanks for the question. So on your question about the Monjuvi 2022 guidance and what would get you to the upper end versus the bottom end. Well, regardless of the range, I think it always comes down to three variables, and how we think about it as patient persistence, patient starts, and then o... | intermediate | [
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8c74755d32b4effd5f57454d7e2e6682 | So I have two questions. First, as -- can management give us some guidance in terms of the year-to-date operation results in terms of, for example, like new client addition, geographical breakdown on assets and also turnover rate? And second, this is about the overseas markets. Can management give us some guidance in t... | In terms of self-clearing, so far we have already migrated dollar value around 40% of our U.S. stock holdings from our U.S. stream business partners to our own clearing house in Dallas. And our target is, we try to complete this migration toward the end of the third quarter, because we want to ensure the stabilities an... | intermediate | [
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17989d458e19ba52708f78905e880459 | First one is about your user mix, AUM mix geographically. I appreciate that management just mentioned a very clear guidance on our user acquisition targets in 2022 and the specific regional breakdowns on it. But if we just take a longer time horizon strategically for the next three years, would you expect the overseas ... | In terms of the marketing expenses, you're right. It is highly correlated to the market conditions as everybody can understand. For 2022, we do expect our CAC for each new paying clients will be in the range of around the HKD 62,500 or something. And internally, we will have different parameters to evaluate the effecti... | direct | [
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a40ee49593e80f88ee08e85411a974d7 | My first question is that, when will we launch our digital currency trading services? And my second question is that, among our paying clients, how much were acquired via ESOP? | For the second question, actually the new paying clients contributed by the ESOP channel just account for less low single digits for the fourth quarter. Of course, you can understand the IPO situations, the market was not very strong in the fourth quarter and also year-to-date as well.
For the crypto business, we are ... | intermediate | [
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6406643531cbec5a1a80b04082613473 | I would like to ask two questions. The first one is regarding our business in the U.S. I would like to know what is the new about -- what's new about our customer acquisition strategy in the U.S. market? And what's our next move for business growth in the mid to long-term? And secondly, doing our business expansion in ... | For the overall count increase on 2022, we do look for another 20% year-over-year growth. This growth will primary be deployed into our R&D functions and also the international market development. The reasons behind for putting more staff into the R&D, yes, we want to do a very significant system migrations, i.e. from ... | intermediate | [
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b5e26bd89bdb7246faffd181ecf9ac85 | So I have question regarding the newly announced USD 500 million repurchase program. Is this accounted for roughly 85% of the cash outstanding by fourth quarter 2021. So, is it because you didn't see much cash needed -- much working capital needed for future investment, or do you see that you can continue to generate e... | Since our IPO, we have conducted three round of equity financings. So alongside with these fundings from the share placement, together with our user returning generate every year. At the end of last year, you can see our total net assets reached over USD 2.7 billion and then we do think our capability to continue to ge... | intermediate | [
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d4587da21648915f1a9e1c3823fc39ea | Just a couple of questions from me. First, the $7,200 impact -- positive impact on the video subs from the NewWave billing system conversion, was there any impact on data or voice subs? | There was not. It's just accounting mechanism of bulk units, where they were counting them as one and we counted them based on the number of, say, an apartment has got 200 units of the bulk, we would have counted them as one and -- or they would count them as one, we count them as 200. | direct | [
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d6114e538b8beeb32a6428b4ae135662 | Okay. And then on Clearwave, the $6.1 million of revenue, is that a reasonable run rate? And could you give us any type of color on the EBITDA contribution in the quarter? | Yeah. So I think it's reasonable to the extent that it wasn't a full month, we closed on January 9th. So if you pro rate that essentially then that's a good starting point for where we're headed as that business continues to grow. | intermediate | [
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8d9125e6b48b5a5019f061356bd2cbea | And any color on the EBITDA contribution. I think the margin should be higher than the... | Yeah. I think -- I mean, I think that's -- the only real guidance we've given on that is that it's higher margin than our existing business. | intermediate | [
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25b554179a3e247369a8568a6e51120d | Okay. And then lastly just on a couple of the other expenses. I think you had said $10 million of rebranding expense to be done evenly throughout the year and you were a little lower than that in Q1. So should the rest be ratable over the remaining three quarters? And then system conversion expenses, when should we thi... | So, first -- Stephan, it's Julie. On the rebranding expenses, we said we'd spend between $9 million and $11 million over a two-year period and that would be inclusive of legacy Cable ONE and NewWave rebranding. Rebranding expenses will pick up as we go through the rest of this year with the bulk occurring in 2019. When... | intermediate | [
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d4e947207b7132bab52f1fc45c941821 | Yeah. Hi. Julie, I'm wondering, if you could just talk about the broadband growth rate acceleration you've had, as particularly from about a year ago. For a long time, there was a recognition that the demographics of your footprint and the rural nature of your footprint might be holding back growth. It certainly doesn'... | You bet, Craig. I think that we've already started to do that, that is close the gap as we are growing penetration. There are -- as there are in most things, there are a lot of things that will contribute to this, it's not just one thing. We have been doing marketing for a long period of time, all aimed at our 100 meg ... | direct | [
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d77bf78a8a2b8312ca42296be7d74951 | It does. And I'm assuming that with the Sparklight change that there will be -- you'll be introducing all new marketing and new messaging along with the branding? | Right. And just the amount of marketing pressure as well is going to help.
One nothing I might add to that too is I think just giving usage continues to go up and the importance of whether it's over the top or others that they use, the DSL we compete against in the number of our markets just isn't nearly as relevant. ... | intermediate | [
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77a698c8f442d9f7b2f5c73509bfe6fa | And can you disclose what that level of service is? I think most of your larger peers have talked about 250 -- or 230 to 250 gigabytes per month. Is yours in a similar range? | It is. Our average usage at the end of the quarter was 290 gigs. We're experiencing between 30% and 35% growth in data usage. A couple of stats related to pricing and packaging is that our sell-in above that 100 meg standard level is about 50%. So 50% of the customers are taking the -- new customers are coming on-board... | direct | [
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86a122d916ccdd2e15008f2702dc2003 | Hi guys. This is Maddie Schrage on for Brandon. I was wondering, if you guys could talk about the overlap that you had with Fidelity and what the competitive positioning looks like for Fidelity today. And just to follow up, could you talk about the integration costs you expect to incur from Fidelity this year? Thanks. | Sure. Maddie, it's Julie. Fidelity, if you think about a doughnut, there's sort of a hole in the middle of us, they're in Missouri, Illinois, they're in Texas, Louisiana and Oklahoma. So they are just like an all around Cable ONE markets. Their competitive footprint is smaller than either legacy Cable ONE or NewWave. I... | direct | [
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f940f4bc285818ed144427246a1c5243 | Do you know -- you do -- what you would expect for integration costs next year then? | Capital. So, you're talking operating or capital or both?
Yeah. I don't think -- I think we're going to -- we'll probably talk more about that as we get closer to closing from the standpoint of what they -- similar to NewWave what our capital integration costs will be. I don't think we expect a lot on the operational ... | intermediate | [
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d79ac911b218fa337325c6b2eaf64644 | Hey, guys. A couple of follow-ups maybe. You -- I think, Julie, you mentioned that video was the best since 2013. But excluding the one-time step-ups from the apartment changes, it looks like it was worse year-over-year. Did I miss that? | Yeah. I don't think that's what she said. We didn't say video was the best. We talked about churn being the best and I think the highest, HSD connects -- or highest HSD growth since the spin.
Not surprisingly, I didn't say anything about video.
(Multiple Speakers) It is -- I mean, it was greater this year than it was... | direct | [
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bb600d6f639449af2aab1324d3da12ce | Perfect. And then can you help us understand the impact of Clearwave on the commercial ads and EBITDA? If I assume revenue of $6.1 million at a 70% margin, that's about $4.2 million in EBITDA. Can I then assume there are some cost-cutting synergies on top of that? Is that reasonable? | Yeah. There will be some. I mean, clearly, we never did this transaction for synergies, but there will be some synergies from a standpoint of even just being part of a larger company and scale and things you get. And so there are some synergies in there. There were also some tax benefits in there as -- at least, as we ... | intermediate | [
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365ef53b54bdf0fccfbd1f2f6e2e5045 | Okay. Can you -- and maybe it's already out there, but can you remind me how many business broadband subscribers came over with Clearwave? | It was 2,400 customers.
2,400.
Yeah. Which I think is about right number for broadband too. | direct | [
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cb122507715f0e6b19166d628c93d7e0 | Thank you. And also, I believe, Julie, you introduced some more flexible promotions in some markets. And can you talk about what the impact of that has been? And has much of your improved subscriber momentum come from those markets or has it really been across the board? Thank you. | Yeah. So what we've done is more market-based pricing. So pricing isn't standardized across all markets, it's mostly standardized, but there are a few outlined markets that get different offers. So I would say, that our growth has come from across the board. So the markets that get more flexible promotions tend to be t... | direct | [
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eb6392ca4451d29a5d05bec6d1ecb72e | Okay, great. Thanks for taking the question. One of your peers recently announced a service, which I think essentially acts as a low latency service for gamers and remains to be seen whether that's marketing or something that's useful. But given some of these new activities, where low latency maybe something that you c... | Zack. It's Julie. Low latency is certainly something that the team here discusses. We do see it as sort of the next frontier now that speed has certainly been won by operators like ourselves and others. There is nothing that I can discuss about any sort of new service related to that at this time now. | direct | [
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3ce1b7c8e568e4007206ffe166d22403 | Okay. But just to follow up. Do you think that low lately as something that can be monetized like speed has been? | I think there is a possibility. Yes. | direct | [
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6f9dfca68ec13381a5f5353c9992e385 | Got it. And then one for -- I mean -- either for Julie or Steven. The -- you've done two very different acquisitions, one in Clearwave and one in Fidelity. And I guess, given what you've seen with both of them, do you -- if there were no capacity constraints and you had every deal available to you, which of these two d... | So, I think it's interesting that we're close to Mother's Day. Zack is asking us to pick which child we like best.
Yeah. And what every mother would say is both. Is that right?
We like both for different reasons.
Yeah. I mean, I -- and I think every deal you do has its uniquenesses to it and both of these were -- I ... | intermediate | [
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c360dc98ac31b70efe2ebfa3ec6d4d0c | Got it. That's helpful. And then, I guess, one more in Fidelity. I mean I'll try this a different way. But with NewWave, I mean, there was some incremental CapEx there. Do you see Fidelity's network as meeting as much incremental CapEx as NewWave did or is there less sort of upgrades to be done there? | Well, Fidelity is a family owned business. So in that respect, they look somewhat different than NewWave did as PE-backed. So that is one thing. But the next is we're going to -- in large measure, we would like the networks to be standardized, so we want Fidelity to look like us or us to look like Fidelity because we'l... | intermediate | [
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9374d84f6825cce6634abaa997101c28 | Firstly, interestingly, in your phase one disclosures, we saw grade three systemic events in the lowest dose. And also, this was in older adults. Can you hypothesize why the lowest dose saw grade three events, but not in the highest dose. And then, secondly, another competitor flu mRNA vaccine has shown less promising ... | Yes, the full data readout, I think I have alluded to on a number of occasions, especially on the reactogenicity data. It is a one to one for all of the constructs that is in the one vaccine at this stage, not disclosed exactly the number of constructs and the valency of the vaccine. But to answer about that relative c... | intermediate | [
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bebe17298cad32e6868fdbce93e7db16 | Great. Thanks very much. Congrats on the progress. And maybe on the COVID-19 vaccine, on slide 11, I think you showed some preclinical results on a multivalent vaccine in the mouse model. I'm still looking at the beta/delta bivalent against Delta versus Omicron is actually more immunogenic against the Omicron than Delt... | I mean, on the mice data that you referred to, it's pure speculation. At this time point, I think what I would extract out of it is that there is a likelihood that the prudency of having a vaccine that contains the beta strain would be more efficient against the Omicron compared to the Delta, which is obviously how the... | intermediate | [
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2d2152bbb0b4d58852752c114e4885d5 | Great. Just a follow-up on the German government contract or tender contract there. For the 80 million doses, is that just the COVID or does it specify any virus types? It could be other flu or other things. Can you clarify that? | It's in there, right? It's the whole -- it is the learnings from the current situation in the pandemic situation where the government wants to have access to -- as fast as possible to vaccine. So it could be any, I would say, flu or COVID-19 or anything else for that matter.
Therefore, it is so important that there ar... | direct | [
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b463d4cc5c53c5f63e106671d845c713 | Hi. Thanks for taking the follow-ups. I have quite a few, sorry. So the first one, sorry if I missed it, but the unmodified flu phase one that's completed enrollment, can we expect to see the immunogenicity data this quarter? Are you holding that until the data from the modified RNA trial is available? And I had a broa... | We are not planning to -- eventually, we are obviously planning to release the immunogenicity data. But as I also alluded to, we go together with GSK, assess whether we can get all the way with unmodified or whether we will have to implement modified. The ultimate answer to your question about what is the benchmark goi... | intermediate | [
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1d4c4d90f657e4178af6ed036510cf9d | OK. Great. And then, you said you had clinical trial material for the modified candidates already produced. I guess, maybe this gets back here the entry just made. But are you planning to move forward with a single modification? Are you going to try multiple modifications? How does that look at this point? | I'm not sure that we have disclosed that. I will have to let Franz or someone else address that question.
We are working on our technology platform with GSK. And what we want to bring into the clinics here is really the same construct on the RNA level than with the chemical modification known to start the clinical tri... | fully_evasive | [
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0a77a63a0202458877c69d4388e7cf10 | Sorry, I have a couple more. But with GSK stepping away from their self-amplifying RNA programs, based on their earnings call, can you just verify that this was totally unrelated to CureVac, you had no involvement with the self-amplifying mRNA -- RNA, sorry? | Yeah. I can confirm that we have no involvement on GSK's position on GSK program. Yes. | direct | [
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78eacacd51c3cd3764291d55ed77d002 | I see. Great. OK. And then, sorry, one last question. But any updates on the Genmab collaboration? | No. Nothing what we can right now talk about. It's an ongoing collaboration. We are working on our work packages as defined with our partner, Genmab, but nothing to report so far. | direct | [
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9871f3d6ba1d150c2c09f21dbcb41b48 | Hi, everyone. Thanks for having me on. I wanted to start with a question on the STG side. I'm curious what your sales force is seeing and hearing on the ground in your markets as it pertains to SMBs. They've been called out as being perhaps most impacted by what is going on now. And also, curious how important those sm... | Well, I'll let Rob Weisbord comment on that Comment on that, as it relates to the Local News division. My take is that the SMBs are getting hit pretty hard, probably, much harder than the larger national advertisers. And I do think it's not permanent. They will bounce back when things return to normal. But so, I'm goin... | intermediate | [
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f1435273b38f18d2470593e27b1fd454 | Okay. Got it. That's helpful context. If I could ask one question on the Sports side, Lucy, I think as you were walking through all the numbers, it seems like the 1Q distribution revenues were a little lighter than your guide. I apologize if I missed this, but what was the main factor in that? | Yeah. So we -- when you think about, say, the Sports side was a little bit negative, the news side, Local News side was a little bit positive, and in aggregate, we were pretty much right on the guidance. It really it's just a matter of within those markets the difference in the churn versus what we had estimated. So ag... | intermediate | [
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277c2bfdd465c651316774f565098cb0 | Okay. And if I could ask one last one and I appreciate the time. Just bigger picture, does the current environment have any impact on your upcoming distribution renewal discussions, I think, particularly with Comcast coming up this summer? | So, we don't think that will have an impact on those negotiations. As we mentioned, that will occur, and we'll have more news on that likely this summer. We do expect sports to resume, more than likely sometime this summer. And so, we also think from the data we've seen that there is going to be a very large pent-up de... | direct | [
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c75ef87bb2ed87cd6ebdf9f7fea42306 | Great. Thanks. Good morning. Chris, really helpful additional color on just sort of the economics on the DSG side. Just curious, I know you made the Sports comment and for what it's worth, Chris, we just heard that the Virtual Kentucky Derby got a four rating. So, if that's not pent-up demand for sports, I don't know w... | Well, I would refer back to my prepared comments in terms of everything that we can say without violating our agreements in terms of confidentiality. That gets into pretty good detail about how the payment flows work. And in terms of what we're expecting, look, we don't know how many games will ultimately be played, bu... | intermediate | [
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57052a81fab9e398008bdbd6621c1352 | Okay. That's helpful color. And then just on the STG side, the TV side, I think if you pull out other, your core is kind of down a little bit north of 39%-ish at the midpoint. I know you said 32% to 39%, but that might be including other. I'm just -- from category perspective, I know you guys once called out education,... | Yeah. So, actually in education, we've seen a lot of companies, lot of colleges, universities, trade schools, going to advertise their online classes. So where the traditional universities are now going virtual, those that have specialized in online have stepped up their marketing budgets. And so, we are in position as... | intermediate | [
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3a26892d2ae9a8c7be84ad34c2a5053d | Rob, can I just -- just on the auto, just because you mentioned it before, I mean, historically, when you've had to shut down in production and its reopen, I know we've talked about dealers, but usually you have kind of a big OEM ad campaign, is that something you guys are anticipating, hopeful of, in maybe kind of Jun... | Yeah, we are anticipating. So part of our give back to the community, we've been very focused on the give back from an on-air standpoint is campaigns that we have run that We Are Open and we have focused in most of our marketplaces on the automotive groups, the local auto groups, the regionalized groups to promote that... | direct | [
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] | A |
9b084af83d67be82fa7ead5a69838fd7 | Thank you. Chris, long term does the current situation with lack of live sports impact the way you think about distribution? I guess, meaning, is there a consideration to move more aggressively to a streaming distribution model? And if so, how could STIRR play into it? And then, I guess, sticking with distribution and ... | Sure. So look, I think it's inevitable that we have more streaming/direct-to-consumer offerings over time. We're already -- we've already been headed in that direction. And so, that's certainly going to be part of the model going forward, but we don't do that at the expense of our existing distribution partnerships, we... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a7630d7346b0eb5f37ea5204e1380abd | Thank you for the questions. A couple here. One, if the sports were to be off a little bit longer, can you talk about the cost savings you may be able to achieve at the Diamond at low -- above and beyond sports rights? And then I've got a couple more. Thank you. | Well, the primary cost savings for Diamond beyond sports rights is the production expenses and those will fall away. Beyond that, we have tightened our belt in numerous areas like travel and entertainment, open positions, things like that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
005bd8970a32c199c2c7f6457fd6cf2a | Great. And on the point that you'll be fine in any true-up for minimum under deliveries, how should we think about that? And I know it's early, but would assume maybe a net outflow when all is said and done between sports rights reductions versus distributor giveback? And just want to confirm related to that, that you ... | Sure. So I'll deal with the liquidity question first. That's a pretty simple answer. We are fine from a liquidity perspective. We're not concerned there. And then in terms of rebates, as I mentioned, we think we're likely going to be head into a situation where there is rebates. We don't know the magnitude of those til... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b4983611d840c777ec470c1f141be5a5 | Okay. And I'll end it at this. Your cash balance at Diamond, I think, is $483 million. You talked about securities prices at the other silo, but at Diamond, in context of that cash and some of the comments you just made in terms of potential givebacks, how do you think about all of that in the context of your current b... | Sure, Avi. So, I'll take that one. So when you look at the securities across all of our -- both silos as well as our equity, they're all trading at discounts and we view that as a liability management opportunity. We did buy some of the Diamond bonds at the end of the quarter at a deep discount as well as the equity. A... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
277aa58850e6e620a76222f9427a6a28 | Hi, good morning everyone. I hope you guys are well and staying safe. Just I had a couple of questions about the Diamond side. Chris, you suggested that on the true-ups, you perhaps will see some. Any idea whether those would be in cash? Can you spread those out over time? Is it something that's purely negotiable given... | It is not negotiable. In fact, there are contracts on both sides of the equation are quite clear. And the reason why it's -- this -- you might be wondering, who would have anticipated such an event? Well, this has been anticipated mainly because of strikes and the potential for games not to be played. And so, the contr... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
043206988a5d75944727361b0258a91c | Okay. And then I wonder if you could touch on the YouTube deal, given -- I guess, they didn't take all the RSNs, didn't take YES. And just curious is this just a short-term fix? Or is this a template for future deals? Kind of how are you thinking about that deal specifically and more broadly for distribution? | Yeah, YouTube, we'll have to see. They were -- they're under a lot of cost pressure to make that offering breakeven. And so, it was really a cost exercise for them. And some of the RSNs, they ultimately didn't take were the more expensive ones in the larger markets. So, that's what really drove the outcome there. I thi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
078ca05835fa04f90efdd0e5a0eec611 | Okay, great. And just last question. How many bonds did you buyback at the Diamond Sports entity? And Lucy, in terms of financing alternatives, would that include perhaps exchanges to capture discount at the Diamond Sports entity? And thank you for the time. | Sure. So, Davis, we paid about $2.5 million for almost $5 million of face value and that was on the unsecured notes of Diamond. And then really, as I said on the financing side, we have a lot of proposals in front of us that we're evaluating. And again, once we know the path that we want to go down, we'll let everybody... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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