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fc48d8d014042be69a6d129cbcbbe4d0 | Thanks for taking my question today. Maybe just first a big picture question. The RSNs have gone through a lot of unexpected challenges between Dish and coronavirus' impact on sports and now it looks like cord cutting is accelerating in the cable ecosystem. So a lot has changed since you made the decision to have this ... | Well, we've come a long way since we bought it. We've solidified approximately 70% of the subscriber base since we've purchased Diamond. The really -- the two outstandings are really just Dish and Comcast at this point. And we think that these assets are incredibly strategic to the ecosystem. And then there's a number ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4cba0ffb3cb235750eb522f302e78867 | Thanks. And then just another one on the true-ups. I think I heard you say that maybe this is typically captured at calendar-end. Is it based on a calendar year? Are there like quarterly requirements? What I'm kind of thinking is, I would guess that for the June quarter. If there are no sports, which I don't think it's... | So, we can't get into the specifics of the contracts beyond what I said in the prepared remarks, which was that it's either depending on the contract at season end and/or calendar end. And it's not done on a quarterly basis, in general.
So, you're not going to really see the impact in Q2, assuming sports are off the a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7bad2c2b688536b869c45256b0bb42a | Great. And then just the last one. Any update on what net retrans growth might look like for 2020? Thank you very much. | So, Steve, as we said, we have suspended our full year guidance at this point until we have more clarity. Among that includes the MVPDs and whether or not you see more economically driven cord cutting, where whether or not you actually see subscribers increase knowing that, again, TV right now is one of the few enterta... | fully_evasive | [
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41e91a0497d2da67696650541e53f6bf | Could you give us a sense of the type of procedures that Auryon is sequentially growing in? | Hi, Matt. Good morning. It's Jim. Matt, we'll give more detail later, but we're really seeing a blend of above and below the knee, where initially we thought that our users that will be more comfortable with the above the knee procedures as I think the other laser that's been in the market is used more in that phase. S... | direct | [
"direct",
"intermediate",
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ecd816d250686af2dc9a70f761eaef32 | As you've seen that sequential improvement that has been fairly linear at this point. How many of those -- is there a way to parse out, how many of those sales are increases in the installed base and original orders versus you've already installed the Auryon device, two, three quarters ago, you've gotten through the in... | So, you hit the nail on the head, Matt. We're measuring all of those effects. So, exactly what you asked is a way we're measuring this. Again, this is really a start-up business within a mature operating company. We wanted to be really careful as we took on this marketplace. Our initial moves as you know is supply -- g... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
118d6ad8c5617aef342b91ceedb3259f | How should we think about -- so if we think about the mix of Auryon revenue versus the Company average gross margin as you get to scale. | Yeah. As we get to scale, Matt, we certainly expect Auryon standard margin to be accretive to overall corporate margins. As you mentioned we have those start-up costs and they're going to impact the margin profile of that business initially. But as we were exiting Q4, we were really pleased with the trajectory that we ... | direct | [
"direct",
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"fully_evasive"
] | A |
e31bbf2dc5f2ff7fd4770e480b0937ad | Comps are a little wacky this quarter for you, given what occurred last year, but if you look at a two-year stacked basis, it does look like you're seeing an acceleration of growth in AngioVac, and kind of what do you think is driving that? | So, a couple of things. If you remember, in fall of 2019, at the end of the calendar year 2019, we launched our AngioVac 3.0, which we really incorporate a lot of user feedback into that design and development of that launch. So we've got good momentum right as we launched it, then the pandemic hit in March. But we are... | direct | [
"direct",
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"fully_evasive"
] | A |
387a8caa111c006313fe6937c6337e3b | Just given your quirky [Phonetic] fiscal year end, there's always I think attention on the intra-quarter trends. Wondering, if you could just comment on trends in April and May. | Hi, Jason. As you know we were measuring Kind of same-store sales as we've talked to our investors about during the course of the year and we're watching those trends get better closer to normal during the course of the year. And as we looked at the timeline you gave, the April, May, we're closer, but that's when last ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bedd548e63d4c4556ccd343edfc011b7 | In terms of fiscal '22, what's embedded in the guidance for segment growth between your endovascular, vascular access and oncology business? | Yes. So, Jayson, as Jim mentioned, what we wanted to focus on when we gave the revenue guidance, so we're guiding $305 million to $310 million for FY '22. You're going to see $18 million to $22 million is going to be coming from Auryon, as we talked about; 30% growth year-over-year for the Mechanical Thrombectomy platf... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c42311164aaa58d4bd29daa90309707d | On Nano, when does the capital turn meaning you had tough comps this year, which makes for easy comps next year in fiscal '22, do you see a lift in capital at all? | So we're planning about to be flat in '22 to '21, when it comes to capital sales. So '21 was about half of what we saw in '20 and that's not surprising, that's when we launched the NanoKnife 3.0 System. We're expecting '22 to be roughly similar to '21 from a capital placement perspective, but we are expecting to see th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b2fd2117fa45bd48c59f9183b50566c7 | The Thrombo business, how big is it, meaning the 30% growth, what's the baseline we should use for growth? | Yeah. So AngioVac ended up at the end of the year, right around $25 million and then you can add in about $5 million or so of our Uni-Fuse. So those two together are comprising the mechanical thrombectomy base right now. And then as we launch AlphaVac toward the end of the calendar year, that will get added into to tha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
641461e791bb1c523c17b2716755a98b | Is there any way you could break out the weights [Phonetic] on margin between Auryon start-up costs, the increase in raw materials, labor, just -- and then I'd also love to know what do you think the exit rate is for gross margin in fiscal '22. | Yeah. I'd say -- we're looking at all those things. It's a great question. So if you do your walk from '20 to '21, the Auryon start-up cost, you can think of in the range of 100 basis points or so. When you put together the inflationary pressures that we're seeing, including freight costs, you're over another 100 basis... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6fd0f8d5205524cfbc46f0d080ec30cf | Does gross margin trend higher throughout fiscal '22? | That's what we expect. We expect to see that ramp as you continue to get the benefits from the sales mix with the growth products that we've talked about, but that's going to be mitigated by these inflationary and other cost pressures that you're seeing. So, we're targeting that 55% for the full year, I would expect to... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
078d8efaefdf7f080eabcfd194e78ff2 | Is the expectation that you place more Auryon boxes in fiscal '22 than in fiscal '21? | I don't think the expectation is that will place more in '22 than '21, but we are going to continue at a good pace as we find the right accounts to open up. So we will continue to be placing boxes. I think the right way to think about it would be, think of '22 is very similar to '21 in terms of placements. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
750b1541bec76bc45025073546eeef38 | Just a little more color on the question for procedures, how that works intra-quarter, again given your May-end quarter. It's worth if you could give us a little more detail geographically, is there any nuances that we should be kind of aware of if you look around the globe, irrelative to the COVID impact on procedures... | Sure. Hey, Bill, it's Jim. What we saw in the last, I'll call it 60 days or so, that the April, May timeline was at least in the U.S., if you look at the U.S. as a region, more normalization in the U.S. where earlier that we had even regional pockets in the U.S. that were spotty or different. But we saw some of that no... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
066b7b6aa3027661e83ee3769c72689e | In terms of the Auryon guidance, you did $4.6 million, you're guiding $18 million to $22 million, math says $4.6 million is a little above the low end of that range. And I'm just wondering is there, is there something -- are you shifting more to disposable on less capital or why would we see a little higher growth? | Good question. I mean we had a great start to the year. Remember, we launched this product tactically in September of last year and it was a great launch. Bill, a couple of things, we're going to see. We think the mix will also shift a little back to the in the hospital mix that we originally expected. Bill, so we had ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
650d18d126b83841633cbf078a19211f | You've made a lot of investments, it seems you're signaling that the -- with the new terminology, the medical technology versus the medical devices that it's really focused on the three product lines. You've made a lot of investments, but when should we expect to see you start harvesting those investments and leverage ... | Yeah. Fair question... We're going to answer it twice. We're going to you give a quick answer now, we can answer a little later in the morning when you see our presentation coming up soon. But honestly, what you'll see is what we've talked about now. When I mentioned our investments, again they are happening in two maj... | intermediate | [
"direct",
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"fully_evasive"
] | B |
e6692a5a7698f4d74eeb498c425cbe91 | So I want to understand how you're thinking about layering in additional ships at this point. You mentioned, Sven, in your prepared remarks that it sounds like you might already be ready to launch some additional shifts at this point. I just want to dig in that a little bit more and understand how you guys go about mak... | Yes. Well, it's based on two factors. One is identifying geography that you think our audience is interested in and, secondly, really understanding the demand curve and the timing of those things. So it's a really rigorous process because, obviously, it's a big commitment to build a ship or ships, and you want to make ... | direct | [
"direct",
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] | A |
4290bc05b3f2225a157cc7ee73907421 | No, no. What I meant was later this year. So obviously, you have the three ready to go in early June. And I guess, maybe I misunderstood you, but it sounds like you're ready to actually start to think about putting additional ships back in the water sometime later this summer? | I see. Yes. Sorry, I think I misunderstood your question. My apologies. So as we've always said, there are three things that are necessary in order to relaunch a ship in a particular area. One is it's obviously a medical solution and we have that. We're requiring everybody to be vaccinated, and that's a very clear path... | direct | [
"direct",
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] | A |
6f1212a58bf57355cc84c64695296380 | OK. Got you. Thanks for the color and then I guess this will be for you, Craig. If you look at the booking trends for '22, I think if I read my notes right, 39% and 32% higher versus '21 and '20. Obviously, those are being, at least, I think they are being pushed up by the Resolution and Endurance. And I guess the ques... | Let me give you a little color rather than giving you specifics, but I can get you close. It's always an interesting question because it's not like we have same-store sales. If we didn't have the Resolution or the Endurance, a lot of these guests would've likely travel on our other ships, whether it be the Explorer or ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
936bae0687519931602553844280f523 | Understood. And if I can ask one more quick one. I guess, on the pricing front, I mean, everything that we see and everything sounds like you guys are seeing in terms of pent-up demand from your customer base looks, I mean, extremely, extremely strong in the out years, especially for a lot of the exotic itineraries. So... | Yes. So it's interesting. We have never felt it wise to sort of -- well, I'm not suggesting you're suggesting gouging, but what could be perceived as sort of gouging. We believe that our greatest opportunity is expansion of inventory rather than pushing prices too, too hard. Because at a certain point, you could fall o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8fb7b25e46a5fa988a4505b7949ce500 | Great. Thank you very much for taking my question. I was wondering if you could talk a little bit more about some of the acquisitions that you've made? And kind of what you're seeing so far in terms of interest in those properties from some of your existing customers? I don't know if that's anything you've marketed at ... | Great question. Thank you. Well, first of all, it's only been a couple of months that we've had these companies in essence. And what we've done is we are really committed all these companies, that have Off the Beaten Path, DuVine and ourselves to aggressive cross-marketing efforts, right? Because we know for a fact tha... | direct | [
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"intermediate",
"fully_evasive"
] | A |
a538b12b7b2b18e41d10b13b0af96987 | Great. That's really helpful. And then wondering if you could also comment just about the impact over the past one and a half years or so, you've had a lot of canceled voyages and a lot of travel credit that have been issued to customers. Can you give us a sense of how you're thinking about that, both from a business s... | As I mentioned earlier in my comments, right now, the future travel credit implication is in 2021 and 2022 is really only about 21% of our future bookings. So we have a significant cash opportunity still in 2022 and beyond with regards to the bookings. The majority of the bookings, I'd say, close to 75% of them of the ... | intermediate | [
"direct",
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"fully_evasive"
] | B |
a87805b88f93199e1a563d0adb601cf5 | My first question here just on the Chile growth platform or investment platform. I'm wondering if there are any additional details you can share on the pipeline of projects, you know, the scope of that opportunity and maybe even some comment or just remind us what your hurdle return rates would be in that jurisdiction. | As I mentioned in the call, we expect this to be a significant source of growth in the future. Chile for us is a very attractive market where typically assets can be contracted in dollars and has typically been a fairly competitive market as well. With this platform, what we expect is to be able to access assets and to... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f8013304143e0fa5548ff33408b4724 | And then just on the extension for the Solana tax equity interest. I'm just wondering what the thought process was behind extending it and what are you looking for there before you would go ahead with it. | So the reason for extension was mainly the financial markets. We did this in very early April and we thought it was not the right context to close the financing of that investment and we thought that we would be better off by delaying that and that's why we extended the option. It's a significant investment and we want... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
56647f1dbbdda7b61c0372200df172b7 | Obviously, on the refinancing front, you guys have made a lot of good progress recently. I'm just wondering if you could maybe comment on how far along you are with that opportunity and if you see any other imminent project refinance opportunities across your footprint. | So from my side, my answer to your question would be, yes, we do see opportunities. Yes, we can do more. Yes, we will do more and now I leave it to Francisco. Yes and David, we are looking at, we have said in the past to [Phonetic] opportunities with refinancing opportunities in Spain. We announced today the holding co... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4f0c7f7a27d8d47daeb37031d3a33925 | Wondering if you've been able to do a little bit more work with kind of outside consultants and thought leaders about whether we could move forward with words-in-noise as a primary endpoint. Just kind of any conversations you've had any more confidence you got that, that could be the primary endpoint to complement the ... | I think we have continued to talk about the WIN and shared those results with our KOLs as well as talk about the potential for that as a suitable primary endpoint.
I think we continue to be very encouraged by data. What was obviously key for us in our data was seeing confirmation from both the Phase 1/2 and the Phase ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f4123f9bd4000fc9b4fac08f3deb6e27 | I guess, first on 413, you had some variability, I guess, on speech-in-noise measures at baseline between the Phase 1/2 and the Phase 2a. I guess maybe a question going forward, have you thought about maybe having a hearing loss exclusion criteria going forward to try to ensure a bigger treatment benefit? I guess that'... | So with regards to the first question on the variability with 413 and the SIN at baseline, this is one of the reasons we're really happy to have the two studies, the independent studies showing a similar benefit. And that gives us a very nice data set to work from to look at some of the parameters for how we might star... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
90b6e5a8d58cdd4e98adee474e64da97 | So I have one question on 313. So the Phase 2 study is supposed to read out in August. Can you talk about what would be viewed as clinically meaningful improvement? And then also with regard -- a second question, with regard to the time since symptom onset, would you anticipate that patients with tinnitus for less than... | Pete, yes. Thanks for the question. So looking at 313, as you mentioned, the data is expected in August as we've announced today. With regard to clinical meaningful level, the nice thing about the TFI is it was developed -- when it was developed by the consortium of researchers who put the test together and published t... | intermediate | [
"direct",
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] | B |
361d6e2606d068f59df2207bb7b11c1d | I'm just wondering, in terms of the expenses going forward, is there may be a reason for whether it's R&D or SG&A to maybe come down? Or should we see the spend kind of increase here throughout the year? | Hi, Frank. Yeah. I think we're expecting the expenses to continue on a rather flat basis across the year. We're right on our target guidance, which, as we mentioned in the release, again, is the -- at least on a non-GAAP basis, the $42 million to $44 million.
So we're tracking to that. It might come off a little bit t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
49d16356454de7a81208216079c752e1 | And then on the 413 side, I know it's fresh data. But I was wondering, I think there were discussions of maybe talking to the FDA, but it wasn't set in stone. So is this the thought to have an end of, I guess, Phase 2a? Or is the thought to wait until full Phase 2, get everything together and then discuss with the FDA ... | Yes. So thanks, Francois. With regards to the FDA, I mean, I think our approach here is we do expect that we will be having some level of conversations with them prior to the initiation of the Phase 2 study. I mean, that is in part, not just due to the clinical, but also even on the manufacturing side, there are obviou... | intermediate | [
"direct",
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] | B |
bbb2c8037362274164f2d81284d4c743 | Any -- can you just remind us of the differences between the upcoming readout, the Phase 2 for 313 versus the prior trial? Anything in design that might be derisking here, maybe more severe patients or whatnot? And then lastly, in terms of -- on the tone of the FDA here, why did you guys choose a responder analysis? An... | Yes. I mean we did make a number of changes in addition to obviously expanding the population to look at patients with duration of tinnitus up to one year. So beyond the original 6 months in the Phase 1/2, we have taken some steps in the design of that study where we actually did increase the level of TFI severity requ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7ee2f9936f1cbcad71e574a7ccc7ea76 | Craig, just had a few questions for you. Let's start with General insurance. The two major business lines, transportation, your commercial auto and workers' compensation. I had a couple of questions on each one. Maybe start with commercial auto. And you mentioned in your opening comments about kind of seeing some expos... | Sure. Matt, I'd be happy to provide some color around that. So I'll talk about auto, although there are a lot of similarities between auto and comp. Certainly, claim counts are down. But the majority of our premium is exposure based, meaning the premium is based upon sales receipts, miles driven, for work comp, it's pa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6eae3961af832bb1c8b8aa3bdcfc6e3c | Yes. Very helpful. And then maybe just a follow-up on each one of those. On workers' comp, I'm pretty familiar with kind of how the premium audit process works, but less so on transportation. So as we think about your book and then getting that denominator right, how quickly or how often do you kind of get that informa... | Great question. Yes. Usually, we get the reports within 60 days, in some cases, every 30 days. So it's perhaps more quickly than you would in a normal premium audit situation where, I think, for example, on workers' comp, where that's a little more elongated as far as the ultimate audit. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
90fcefff34b4e6a37a571316f6ede236 | Right. Okay. Perfect. And then on comp, I just want to ask you a question about kind of if you could help us understand order of magnitude of industry exposures and the ones in particular being, obviously, retail, hospitality, restaurants, getting hit hard at least on the revenue side. And then the other pocket being h... | Sure. So we have very little travel, leisure exposure. We do have some healthcare related exposure. As you'll note, though, where we do have healthcare related exposure, we don't provide general liability or professional liability. So it is just a workers' compensation exposure that we would have there. And with respec... | intermediate | [
"direct",
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a7038b786c35dadfbec4196df1a02c4b | Okay. That's very helpful. There's one last numbers question, and then I'll get out of the way. Just on the little bit of favorable prior period development, 70 bps. As you look at kind of the three major coverage groups or segments, were there any was it all kind of just small movements within those segments? Or was t... | Yes, Matt, this is Karl. I would say, in the current year quarter, there's not significant movement between the three primary lines, workers' comp, commercial auto and GL. As you might suspect, workers' comp developed slightly favorable for the quarter. Commercial auto was basically neutral and GL did have a slight bit... | direct | [
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] | A |
87a2ed7dea244081bad88d31b40d3c5e | Good afternoon, everyone. I'd like to kick off my round of questioning with perhaps, Craig, you could comment on the risk management business. And specifically, the news in the marketplace about employers, for low-end employees and all of the huge numbers and increase in unemployment seems like the risk for you guys is... | Sure, Greg. Well, on the risk management business, the majority of the exposure for that business is retained by the risk management clients. So when you look at the premium that we take in, it really is for some excess exposure for the servicing of the business. And therefore, when I think about revenue challenges goi... | intermediate | [
"direct",
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] | B |
d1595cefb6b9550b37cfa74695af1ac6 | Okay. I know there's been a couple of really hot topics, and I think it's probably appropriate to have you guys comment on them. First, you do break out a property component within your General Insurance business. And business interruption usually is associated with the property type coverage. I'm not asking you to opi... | Sure. I'd be happy to do that, Greg. So just working with the financial supplement since the majority of you folks, I'm sure, have that nearby. If you look at our property writings, they make up about 8% of our overall net premiums earned. Of that 8%, three quarters of that is Inland Marine, which there is no BI compon... | direct | [
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] | A |
9307f52e4c8fa5b85b490d5cf189b7f7 | Okay. And then the other piece, it's popped up recently, would be around force majeure. And I'm curious about your portfolio, if you have any clauses, force majeure clauses in there,etc? Maybe you can speak or opine on that briefly? | Yes. So for our on our surety business right now, in particular, there is the force majeure clause. And we've done an extensive look into our surety business in particular. And therefore, we think that we do have some protections there. And thus far, we haven't seen any increase in claim activity on our surety policies... | direct | [
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] | A |
a6b44d24d80380be4ed078970e70f838 | And the surety business, within the categories you identify on page four, which where does that surety business flow through? Is that the financial indemnity? Or is that the other coverages component? | Yes. It's under footnote 2, which is financial indemnity. | direct | [
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] | A |
9cdefdf9aafce758adf92feb9da9b5d4 | Okay. I want to pivot ever so briefly. Carolyn, the while I know you spoke positively about the first quarter results, it certainly seems like order flow has meanwhile you may have ended the quarter on a decent note. It seems like it the rhetoric in the marketplace has come to a grinding halt. Can you provide us any so... | Well, Greg, right now, when we look at our current orders, they're keeping pace with where we were during the second quarter of last year. While the refinances have certainly grown, we just don't have an indication of a slowdown. Our revenue and our orders are right in line with second quarter of last year. | intermediate | [
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"fully_evasive"
] | B |
d57849ded10b135754f16b663f628940 | And so you would expect the trends of last year to continue beyond the second quarter? Or is it just you think there's just a wave of refinancing because of lower rates? Or... | Yes. We're at an all-time low, yes, on mortgage rates. I just think it's too early. A lot of it's just going to depend on how long this pandemic goes, when people are able to get back to work. It's so early in the process to really tell what the full impact will have on us. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d619356a6c9a91a4906dd608db725ee2 | And can you just remind us of the percentage of direct versus agency? | 85% of our revenue is comes from agents, our premium revenue. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b4e89b2f85589e552771b8b138a88971 | Okay. Great. I guess the final question I'll have will probably go to Karl. Karl, I know you spoke about the change in the unrealized gain and loss as a result of fluctuations in the market as of the end of the quarter. But then you also gave us an indication of where that unrealized loss position how it recovered sinc... | Craig Greg, I do not have that broken down on a book value per share basis. I mean, it should be a simple matter. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
7105fdcfd9195165cc4a1adc4e3c8030 | So is it based on your comment that the unrealized loss that you booked in the first quarter would be reversed in the second quarter if the books were to close as of yesterday? Is that correct is that how I read your comments? | Well, the first quarter, the change from year-end was $962 million depreciation. That's now recovered to $175 million unrealized gain. So a swing of almost $200 million. So that divided by roughly three million shares would get you to the answer. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6f587d058f6a77f92a9a35dfc223ae35 | I couldn't help myself. When I look at the run-off RFIG business. And I look at the dispersion of risk enforced by policy year with the majority, 41% is categorized as 2007. How is it that these mortgages from 2007 haven't paid out their full or paid up and covered at least the 20% or 25% threshold for that you surpass... | Your question well, I think the answer is that there's not a remeasurement unless there's of the loan-to-value ratio, which would result in dropping the MI coverage. I think it stays in place. | direct | [
"direct",
"intermediate",
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c9f365e302f69d88bfe1a4956c2f2da3 | I was hoping to just -- you mentioned just the tenders that are coming up in Europe in calendar 2Q 2020. I was hoping to get any more details you can share just about how the demand funnel is developing and where it sits today, for one?
Two, maybe we can just start there. And I mean just what I'm really after is just ... | Sure. Hi, Josh. It's Ed. So Josh, to this point, we have not seen any tenders come to the market in Europe. But what we are seeing is that some of the account are starting to prepare for the tender process. And as I said, during those remarks, we expect to see some of those tenders starting to become active from Q2 onw... | intermediate | [
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665c596dc2eb427a34a6cbd74a59a731 | I think you announced earlier this year that you had ordered more MosaiQ systems from your manufacturing partner, STRATEC. I think there was in the order of 20 plus MosaiQ systems to add into inventory. How should we think about MosaiQ inventory as you head into this commercialization period? And how many systems you m... | Josh, we have -- you're correct, we have ordered 20 plus instruments. Those instruments will start to be received in the coming weeks and months. And that inventory will leave us very well positioned to respond to any tender opportunities or any other opportunities that arise over the coming 12 months. So we feel that ... | intermediate | [
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4a06ffa433b77aea22a58d67a0086e07 | Just on the commercial team for Europe, it has been in place for a little while. Can you just give us an update on what their activities are currently and how they're out there? Are they able to market the MosaiQ system and the Expanded IH menu in front of CE Mark approval? You already have CE Mark approval with limite... | Yeah. So our team are in -- yeah, they're in constant dialogue with the market. We also again remind you back to what Franz said about the real opportunity of the COVID-19 tests was the ability for our commercial team, and that's the entire commercial team; the sales force, the support or the other field service engine... | intermediate | [
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4c9b99faa1ab488ae4dd057a389fc9b3 | My last question just on the U.S. field trials for the Expanded IH2 menu or microarray. I understand that COVID could cause some challenges in terms of the pace of how the field trials and the tests are run. But I think it might be helpful just to help us remember, in normalized times, how quickly could a U.S. field tr... | Yeah. Thank you, Josh. In terms of the field trial, in normal circumstances, we were allowed three to six months for a field trial. For an immunohematology field trial of this complexity where there's a significant amount of manual comparator testing, it's very difficult to rush the comparator testing and many of the s... | intermediate | [
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5c5a1c5af835c743a559c256ff216052 | My first question is a follow-up from what Josh asked earlier about commercial readiness for MosaiQ transfusion diagnostics in Europe. I was curious, what are your assumptions in terms of how the pandemic plays out? Are there -- Is it contingent on the vaccines being available or do you think that once there is approva... | That's a little bit difficult to speculate on that because we are not deciding on the laws and restrictions and guidance from the various jurisdictions we are working in. What we see, as Ed was already alluding to, is that tenders are indeed coming up in February -- sorry, in second quarter of 2021. That might change, ... | intermediate | [
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4b5dbab73e97d983f6e4e87002a014d9 | Got you. That makes a lot of sense. And then just a clarification question. In terms of -- realize that there will be more antibody testing demand once the vaccines are available, but you're seeing demand in the U.S. and I think less so in Europe. Is that largely to do with more convalescing testing in the U.S. versus ... | Yeah. It's convalescent testing, as you correctly pointed out. That's the driver. But the issue in Europe and also in some other countries is there is no guidance under what circumstances should an antibody test be performed. There is no protocol at this point in time. I think the entire focus right now in this active ... | intermediate | [
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73f00b3bc7546911a4996b579b1702fb | Got you. And then lastly for me. I think Ed mentioned, and I think you just alluded to as well that you're focusing on the core transfusion diagnostics business. You're able to develop antibody testing fairly rapidly for COVID. I was wondering, what about antigen testing given the sensitivity of your platform? Do you t... | Yeah. Maybe I can -- It's not on the menu. I think Ed was already expressing that we are not developing further COVID test for the time being. Unless the situation is changing, then we can be flexible, but this we have not planned. I think I personally believe PCR testing or antigen testing should be done as close as p... | direct | [
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f76b0e470af586e831a5db60f584a81c | Got you. I want to turn to another topic. Just the DraftKings deal here that you announced. Obviously, sports betting being such a big opportunity here for radio advertisers. I mean do you see either at the local or national level, maybe the calculation changing for how aggressive do you get in terms of going after the... | We're actually pretty aggressive. And actually, we have quite a number of major teams carried on our radio stations play-by-play. We have a number of big sports talk radio stations. We have a -- even have some specific sports betting stations, The Gambler is the name of them, where we run them. And then we are doing th... | intermediate | [
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8d4138d1ded24b62b8b0a19187c8d021 | Just starting with the energy revenues of the $45 million in the quarter. I know you mentioned kind of benefited from production and prices. Could you give us, I guess, a sense maybe if current prices hold where they are, just kind of what sort of the revenues could look like this year, just given, obviously, you're ki... | For Q1, we did have a higher than normal revenue number for energy. Part of that number came from revenue from prior periods. If you adjust for that prior period revenue, the number for the quarter would have been closer to about $40 million or so. So we had about $5 million coming from -- really it was wells that were... | direct | [
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b6d5ddf07588af4fba0a1abf9ee25d32 | And I mean should that -- I guess, with this production, is there anything when I think of the longer-term guidance, where this is sort of a more temporary benefit for this year? Or is it -- should we not expect that? | I would say within the -- when you look at the quarter, again, there is the benefit of that prior period revenue that I would not expect to continue going forward. In addition to that, we did have a good quarter, production or volume-wise. But we continue to think that our guidance is still relevant that we provided at... | direct | [
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23230f303e368124fd92e8ef2467f175 | Okay. Perfect. And then just a final question on Hemlo. I know -- I guess, it was around close to 12,000 of GEOs in the quarter, and there was around a 4,000-ounce benefit. I think you talked about last quarter like a 20,000- to 30,000-ounce contribution. Makes -- and I know you mentioned that, I guess, the NPI should ... | I think it's still too early to narrow it at this stage of that 12,000. Obviously, as you said, there's 4,000 related to prior period. Right now, I would say we're probably going to end up in the middle of that range. But because it is an NPI, and costs do impact the payment, and as expected, there should be lower prod... | direct | [
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8f624397849bbbf0fa62cbd2cccbe9a6 | Thanks. Just looking at the Vale transaction and guidance, just so I understand clearly. So in the second quarter, you're planning to accrue production that would have started from January, is that correct? | Yes, that's correct. Because we didn't own them until April 16, 2021, but we're entitled to payments for production from January 1. So for June quarter end, we will be accruing six months' worth of production or sales. | direct | [
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4c98b821ce28d2c28bee54a9753b6b5d | Okay. And then the guidance for the -- I forgot what the exact number was, 25,000 to 35,000 ounces. Did that assume production from Jan or from April? | That's a full year's production, January one to December 31. | direct | [
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7c539ad02fa5f5902389d259c7de62dc | Okay. Understood. And then on the sort of lift shares, thank you for that disclosure. We've always had this large short-term investment dollar amount that we could never understand what it was, which looking back at that deal, it looks like those shares were acquired -- just started to be acquired at least maybe 5-plus... | Josh, we think of the investment really just as a royalty holding. Labrador Iron Ore income fund is run with very little G&A. So it's effectively just a straight pass-through of that interest. So we're very happy just with the current position we hold. But stock has traded very well. And so not looking to acquire anymo... | direct | [
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6cd445e736f9f5eabb2b3e3616898382 | Maybe my first question is on LatAm, Latin America, here. Certainly, the COVID-19 situation isn't great in LatAm, and a number of your assets or royalty and streams are in Latin America. For example, I think there was a bit of an outbreak at Antamina. Could you maybe comment on your understanding of the situation right... | Cosmos, you're absolutely right. The -- Latin America has been heavily impacted by COVID. Of the assets, the only outbreak we're aware of is at Antamina, but we haven't heard anything yet in terms of that impacting production either through the first quarter this year or through the rest of the year. So to date, as far... | direct | [
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861e2b10cc3c6cc797101ef1c141b352 | Okay. For sure. Maybe now moving from Antamina to West Africa here. You made a number of acquisitions in the past quarter. One that didn't really get a lot of attention was Seguela. But I think it's actually one that could have good upside potential here, although it's really small. But I guess my question is in two pa... | Cosmos, this is Eaun. Yes, you're right. It does cover the mining license, which covers all of those targets and prospects. | direct | [
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63824a580ac90d5e0c7f755ad63532a7 | Great. And then, Eaun, are you getting more excited now with the proposed acquisition or merger of Fortuna Silver and Roxgold, potentially now with Seguela being part of a larger company? Do you see more upside potential from here onwards? | We love the deposit. It starts and ends in terms of geology for us. And the technical team really liked it. And so we were very happy to partner with the team at Roxgold there. And we're also very happy to see Fortuna now come into the picture. Bigger company, lots of potential. And we hope to maintain good contact and... | intermediate | [
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286b21bba11a046eba6a8c0ad9706c59 | Of course. And then on the flip side here, now that it is within a bigger company, could you, Eaun confirm with us, I believe there's a buy down right at the Royalty. How that works and -- within a larger company now? Do you think that buy down is going to get exercised more so than previously? | Sure. And so a little bit of background. There was another pre-existing royalty that existed on the properties prior to our transaction, and it had a 100% buy down. Our deal would allow the company to buyback half at a predefined price effectively equivalent to the price at which we bought in. And that was an arrangeme... | direct | [
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2f01ac32ef542ed97f4d3b5040fc5570 | Of course. Maybe one last question here. And coming back to Canada here. As you mentioned, Paul, in your opening remarks, there's been a new discovery made by Agnico Eagle and Yamana at East Gouldie at Canadian Malartic. I haven't gone through your entire sort of asset handbook yet. But I'm not sure how much you can co... | Thanks, Cosmos. The royalty claims that we have at Canadian Malartic don't cover the full property position. We've got -- I think, it's five separate claim blocks that we cover into a bit of a checkerboard. One of the claims covers what is our understanding that the center of the East Gouldie deposit. The extensions th... | direct | [
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5c9ba0c02f4bd5c955e9a55674107bc0 | Hi, good morning. I just have two questions, both related to the 5-year guidance. There was a comment made earlier in the call today about Sudbury potentially being lower than expected. And I know originally when you gave that 2025 guidance, Sudbury, the assumption was it was going to continue out then. Is that still t... | Brian, it's Sandip here. Sudbury, yes, it's going to continue mining on the McCreedy West till 2026, is the current life of mine plan. As we highlighted at the end as part of our year-end, it will be at half the rate it was for 2020. And so if you look at Q1, it's on pace for that profile. So it's within our expectatio... | direct | [
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7a7ed945d987006ee9d6eca4e440c1f7 | As I think about traffic and its improvement in 4Q, and I understood that was across kind of all channels but I'm assuming the majority of that was TCDC. To that point, as we think about TCDC units, down 3% year over year and broadly kind of trailing traffic growth through 2020, how do we think about Deal Builder and d... | Regarding the TCDC unit growth or situation for Q4, down 3%. It was driven some by the macro elements of what's going on out there with new car inventory. Some of our retail partners, big retail partners reported their Q4 unit numbers not too dissimilar from what we saw in TCDC. So we're excited to see the traffic's up... | intermediate | [
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28e9e51367f9b5b14ba521fea7a4c38f | First just looking at your dealer churn in Q4 over Q3, I guess, I would have expected that to stabilize if not actually add net dealers in Q4 as the inventory situation improved following the COVID shutdowns early in the year. Did you see something different? Or were you surprised? And would you expect that you'd be ne... | Yeah. Thanks, Steve for the question. I think the churn situation on our dealer network is certainly under control. We were unsure what to expect in Q4 from dealer churn being our first quarter without USAA, and at 1.5% we were glad to see it stabilize. Part of our efforts there will be to begin to bring on new dealers... | direct | [
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83c8012053b9776de7be18a576901915 | And then over the last, I think a couple of quarters we've seen a lot of the automotive OEMs announce some of their own sort of homegrown digital retailing solutions be it new or used. Do you have a viewpoint on that? I think there's been probably a half dozen of them or so. Is your view their sort of trying to cut out... | Well, many of the digital retailing capabilities you talked about on the OEM side are the same ones that are working at the dealer level to build out the dealer capability. So, we're in conversations with all those software providers. We think our ability to integrate with them is going to be key to our success as we g... | direct | [
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e2b41b8a71615cd482b972381306f4cc | And then lastly for me and I'll toss it back in the queue, as it relates to your balance sheet, it's obviously substantial. You bought back a little bit of stock. It sounds like you're putting the brakes on that. What is sort of the thoughts going forward with that balance sheet in terms of reigniting growth? I mean, i... | Hi Steve. It's Jantoon. I think it's all of the above. Really it's the optionality that we have. I think the balance sheet is a strong balance sheet. The company has a lot of opportunities going forward both internally and potentially and externally. And so our ability to deploy that capital efficiently is -- we have v... | intermediate | [
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03075e92f73a59ba4633745e775ab5a7 | I guess, two for me. One, what percent of dealers -- or what kind of disclosure do you give on the dealers that are really engaging with the kind of digitizing their business, performing a bigger piece of the transaction online maybe all of it online? And then the follow-up is really just on -- I think you gave a perce... | Yeah. Thanks, Nick, and I'll start with that question. We've seen a major shift and a major acceleration from the dealer's perspective on digital retailing and the processes they need to put in place. And that was one of the residual effects of the COVID pandemic. There was certainly acceleration that went on there. An... | intermediate | [
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061306ac92e69469706dfa1d2a3b4f91 | Hey, good afternoon. Good evening. Thanks for taking my questions. I just had the first one on the first quarter of EBITDA guidance. I mean, you had $6 million in EBITDA in the fourth quarter. And that kind of excludes the USAA more of a baseline number to work off of. You talked about some additional expenses here in ... | Sure. Let me -- thanks for the question. So let me start with the four -- so Q1 to Q4. So, from Q4 to Q1 you effectively have a sequential decline consistent with typical seasonality, so it's number one. And if you then think about your expenses being variable and fixed right then fixed really in Q1 you have -- you can... | direct | [
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4da5211c12fb57698fd758bad15169c7 | Got it. And just as a follow-up to that, can you remind us what's the mix today fixed versus variable based on the restructuring you've done so far? | Well, I would argue that probably the largest part of the variable is sales and marketing. | intermediate | [
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12e282350ce2ec367f68f40b809a25f1 | Got it. Ok. That's very helpful. And just on the capital deployment with the cash on hand just to follow up on one of the previous questions. One of your competitors recently made an acquisition in the online wholesale space. Is that something or something along those lines that would be of interest to TrueCar? Would y... | Thanks for the question, Rajat. Rajat, this is Mike. Regarding the potential investment opportunities, we kind of got a jump on our competitors with two of the investments we made back in 2018 around DealerScience and our Accu-Trade investment which we've been working on for two years kind of enabled us to get to where... | intermediate | [
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a5136d3482a6a321391af1926ebc6f5c | Great. Thanks for taking my questions and welcome Jantoon. Congratulations on your new role. So a lot of my questions have already been covered. I guess a couple still remain though. So on OEM incentives, nice to see that come in ahead of your expectations. Just curious how we should think about that going forward, I t... | Yeah. Thank you, Marvin. And I'll start with the first question. And we -- I'm sorry hold on a minute. I'm sorry Marvin, I dropped there for a minute. Just connecting back -- remind me of your first question again? I'm sorry. Yeah. Yeah. The OEM business we did see good signals from it in Q4 and a lot of that was drive... | intermediate | [
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d91717d853d61967da8d588bd545cdf8 | Yes. Thanks. Good morning, everyone. So I guess I wanted to just follow up on the affordability question, Joc, on phosphates and on your own kind of affordability metric that you published. We're now above long-term average. And just trying to think about where you would see an upper limit to that and especially if you... | Thanks, Adam, and welcome. There's certainly a relationship between crop prices and how people feel about the imports. But as you say, support payments from governments and whatnot have done a lot to keep farmer incomes at least stable. And yes, while we're pushing phosphate and potash prices -- probably not potash so ... | direct | [
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8f13427e56f3f410a8bf5e17da3b21be | Yes. I just wanted to hear whether or not you saw any impact on phosphate imports during the month of July, following the countervailing duty petitions. And just ask for an update on your gypsum sales out of your gypstacks in Brazil. Any update on that? | Sure. Thanks, Steve. First of all, yes, in July, I believe the imports were low in July. I have to get an exact number and get somebody to get back to you on how much that was down. But our understanding -- and we did talk to a lot of customers, and our understanding is, certainly, the importers who are importing eithe... | intermediate | [
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d89a6953c8d7c0ceac84ac461a438a58 | Great. Thank you very much. So you already mentioned you expect Chinese DAP exports should be down, I guess, 600,000 tonnes or so and that you don't really expect a much on a year-on-year basis in terms of Tunisian availability, which is fair. But there have been a few mines over the last couple of years that were kind... | Yes. Thanks, Chris. I think materially, it is all about what's left of the Saudi ramp-up. And assuming they reach their -- I think 2.7 million tonnes was their target for 2020, and there is some debottlenecking and other projects that OCP is expecting to do. I mean, those are still yet to come and maybe a little bit of... | direct | [
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e34b3b2deedbce178d2402c2bf384831 | I have a few questions not in order here but I just thought to ask for an update on Trident. You announced that acquisition in March. You said at the time that it was going to be closed by the end of the year. What milestones do we have to satisfy to get it closed by the end of the year? What are we waiting on? And the... | Okay. Well again we're still very excited about this opportunity for us. And as we mentioned really we're just working through the final approvals of both the Department of Education and the Higher Learning Commission which as you know the Higher Learning Commission approval has to take place before the Department is a... | intermediate | [
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7a8c6b6b0aeafd5d530c2d4322bd8c6f | So I know the intention is once closed to combine the operations of Trident and AIU. And just looking at the profitability of the 2 universities that you own today CTU and AIU obviously CTU has margins at least in the most recently completed year close to 30% while AIU in 2018 was mid-single digits. What's the differen... | Well that's a great question. I think our main focus has been with AIU is to obviously make sure that they have and we believe they have the high level of quality operation and academic infrastructure as well as programs and they have that in place. And so now again I think it's just been a matter of execution and scal... | intermediate | [
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0be69c1d4d62a55bbb31c265e97a11c9 | Yes definitely. I mean it absolutely has improved. Is there any structural reason why AIU particularly integrating Trident couldn't over time move to a similar margin profile of CTU? | Well yes there's always that possibility. And I think that one of the things that was very appealing that as you know from the profile of Trident is there are a number of graduate programs and there are doctoral programs. And I think if you look at the programmatic mix that exists in AIU I think that enhances that and ... | intermediate | [
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23c3c23796a198e870e92c1a28180bfb | Great. Now you referred a few times on the call in your prepared comments to corporate partnerships. I'm wondering what are corporate partnerships as a percentage of total enrollment either for CEC in total or by university. | Alex this is Ashish. So we did not disclose those percentages for this quarter but what we have said is last year during our year-end call we did say that CTU is about around that 16% range for total enrollments come from corporate partnerships. And we are seeing continued progress and we hope to update on that toward ... | intermediate | [
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79b41bf4dfe1159989b1de00628db24b | What's the character of corporate partnership? Is it a tuition discount? Is it -- are there more than one ways to be a corporate partner of a CEC University? | Yes I think -- yes there are multiple ways. I think the #1 driving factor though is the quality of the education and the level of student services that you provide to their employees. And it may range from being listed as one of their approved universities or one of their preferred universities to accessing -- maybe ac... | direct | [
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fca86ea3c05add925cb4f5ad7e89b336 | And then I would assume lower student acquisition cost because of the corporate relationship and longer -- and as you said better retention so better lifetime value from a corporate partnership to student? | That's correct. Yes. | direct | [
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3708374cd01f0fb6e17d221f157109a4 | Got you. And last question based on cash. You have a ton of it finished the quarter with $312 million. Even after the $30 million FTC settlement you're at $280 million. Based on my estimates you're going to generate $100 million in free cash flow next year. You're going to put -- even if you executed on the entire $50 ... | Yes. I mean I -- first off I agree especially with your last statement it does continue to be a buyer's market out there a lot of quality institutions out there Title IV and also those that are education related. And obviously I think it's very prudent to continue to look at that. But our #1 goal still is to continue t... | direct | [
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55d903be255acbfbc1ab432b8de1e2ba | Todd I think earlier on the call you mentioned sort of the tech spend winding down. Can you just give us a big picture of sort of the life cycle of the tech spend when you guys really kind of started to initiate ramping up the investments you've made when it may have peaked and kind of when we've started to see it tail... | I mean we continue to invest in technology. We started there about as we said a few years back that coincided with the completion of our teach-out schools. And we started investing in technology. And really speaking it's an ongoing spend and we continue to invest there. So there are not necessarily peaks and troughs in... | intermediate | [
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f3db471484533385f95fb1e7b3d8c2eb | Okay got it. That's helpful. And then just one final one. I appreciate all the color earlier on bad debt. But can you just kind of give us what are the key drivers that move bad debt in your -- I guess in your view? I mean is it really retention? Is it sort of the financial aid? I know you're making a lot of initiative... | Well I think there's -- it is a very complex actual process because it's not only that there are things you can control and things you can't control. An example would be for example there's a change in the level of verification of your students that the Department of Education is implementing. That -- there's more veri... | direct | [
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ba47b5d2549a66332c22876685bbc1f5 | So I'd like to ask first about leasing, which looked very strong. I noticed your new leases, you did 32 new leases. Where are those coming from? I mean, I know your general strategy. Could you be a little more -- give us a little more detail on what sort of tenants you're tracking to your new leases? | Hey, Michael, this is Dave. Thanks for your question. Yeah, we are very pleased with the rebound in our leasing activity. As you mentioned, we've seen -- from an activity perspective, we've seen the third quarter coming back to kind of the first quarter in pre-pandemic level. We've had good activity and then good sprea... | direct | [
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29099083467a567aad3bc96d99b74945 | And then the second area I want to talk about is your bad debt/uncollectable revenue, you -- as you said, you reviewed all your tenants, I mean, very bottoms-up. What's on the tenants that you talk to when you go through that process? What is their outlook? I mean, are they pretty optimistic about what's going on? Or h... | I'll start and Jim will probably give some overall comments as well. I think it's obviously a fluid and granular process right now. I think, we are seeing a lot of pent-up demand in our markets and people kind of coming back in toward the restaurants and other areas, schools are open in all of our markets. Most of thos... | intermediate | [
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31275cf1504228d1b3c1ccd85c493782 | Okay. So given you -- that there is pent-up demand and there is some optimism here, what -- your bad debt reserve cost you $0.03 a share this quarter, do you see that fading away fairly quickly? Or... | Yeah, I think we are seeing improvement. I mean, our bad debt on collections for the third quarter were 90%, up from 81% in the second quarter. Obviously, there is predicting the ultimate -- when we get to the end of it is very difficult, but I think we are very pleased in the positive trends we're making. We don't wan... | direct | [
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] | A |
6fa753b7e6e852630dc0a2b46765ff0c | Can you give me some additional color on what specifically is within the entertainment bucket on table -- on Page 27 in the table? Is that mostly movie theaters or any other categories there? | Yeah, hey, Craig. So entertainment makes up about 2% of our leased square footage, about 2% of our annualized base rent. The tenants in there, we've got, I think, we got one movie theater, we've got some -- we've got one large, I can think of child kind of entertainment venue, we've got some local theaters. So probably... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0dc786a55f14b7d57b8ee07346bcf221 | Got it. And I just want to double check on the expansion of your line of credit capacity this -- from last quarter, I think it increased about $12 million. Was that due to some improvement in NOI sequentially or was that because you paid down the $9 million mortgage or something else? | Yeah, so our credit facility availability did improve this quarter by about $12 million. That's a result of the two things you mentioned, one is our NOI is a little better, obviously with greater collections. And then we did pay off one mortgage loan, which allowed that property to be unencumbered and therefore include... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
255730bec815d46848248750aeb777b3 | Okay, got it. Jim, I feel like early on, you worked hard in assisting your tenants in garnering government support and I think in late first quarter you said that about 40% of your tenant base had reached out and do you have a sense of how many of those tenants actually were successful in getting into programs such as ... | Yeah, in terms of the PPP, we've had very, very good success. I'd say upwards of 80% at least and it really paid off because they -- these are small business people, and when I say small just in square footage size, usually their net worth is in excess of $1 million to $5 million, but they just -- they are not attuned ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9fa4ef00520b520a9bf762ae2077ca7f | Got it. And so what was -- somewhat unique with your collections process over the past couple of quarters is that you've got new collections. I think in second quarter it was 81%, you deferred 5%, this past quarter you got 90% and you deferred 3%. I guess, with the bucket for example this quarter of a 7%, kind of, are ... | Yeah. So, I think, as I said earlier, it is a very fluid process. I think our business model has shown very well and one of the things about our business model is we have probably a little more hands on debt. We're not spread out like some of the others where we focus on markets. In those markets, we focus on specific ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d5ff44bc732830a993f2338b2492dd91 | You talked about the strength of your Arizona and Texas markets and communities, wondering if you had any metrics that you could comp the performance of those properties versus pre-COVID levels, whether it be foot traffic or revenue, anything to give us perspective there? | Yeah, I think that's a good question, Aaron. I think a couple of metrics, one is just the leasing activity obviously is a metric we follow to see the demand from ultimately consumers driven -- consumers then drive demand of the tenants. So we've seen our leasing activity back to kind of pre-COVID levels in the quarter.... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
da8e877d5e5d6eba2f573bd9c14e527f | On the collection side and I guess it does to ultimately leasing side as well. Obviously, 90% very strong, stable through October. Are there -- Is there structural impediments, given the tenant base or the size of space that you have at your communities that will make that last 10% being significantly harder to sort of... | Yeah. Great question. Yeah, we've made -- we're pleased with the progress we're making. As you said, we've 90% in the third quarter, up from 81%. Obviously, now the goal is to get that back to normal, up in the high 90s. There really aren't any structural impediments. I think we're very well positioned with the tenant ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
299da98d57f2afc519dc20f741027c1d | And then on the Pillarstone portfolio, looks like occupancy drops. Is there any comment around that we -- how we should think about performance? | Yeah. The Whitestone still has an ownership interest in eight properties that are kind of non-retail properties that represents, I think it's about -- it's a small amount for us, I think for the quarter it was $200 million impact to earnings. So I think that portfolio ultimately, Pillarstone has some plans to develop a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4e766b7bdbb50457043556b9e4b08545 | Let me first, Ron on the core margin outlook, I think you said down 7 basis points in the upcoming quarter was that on a reported basis or on a core margin basis? | That would be a core adjusted basis. So, if you look at the benefits that we received in the second quarter PPP loans, but not accruing of loan interest capture and reduce the first quarter for the same ideas, you'll see that the net interest margin is down about 7 basis points. So, first quarter, [Speech Overlap] unde... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e5ca1dfe16fe26f409100cc81ac4410e | I'm guessing it's about $190 million, but is that right? | For the quarter, I guess, here we go -- $254.435 million. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8be8300aa6be399624b1e61da7aa603c | And then shifting gears to on the deposit side of things, do you happen to have the spot rate on deposit costs at the end of the quarter? | So, cost of deposits. I believe we're within about 2 to 3 basis points from the average for the previous quarter. So, we'll continue to see the benefit of the time deposits repricing lower, but that rate of change has become very, very small quarter-over-quarter down, like if you measure first with second [Indecipherab... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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