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0efc8e76ee4b9ceee81d5d00703bdda5 | Sounds good. And then final question. So the mark-to-market on the RIN liability costs you about $2 a barrel or, I think, $23 million or so on your gross margin in Q4. Where does that liability stand currently? Or I guess, at the beginning of the quarter, either in just like a dollar liability or, I guess, like an open... | Matt, I don't think we're going to get into our specific RIN position, but I think it's fair to assume that with the continuing increase in price that we've observed in January, February time frame that there's additional mark-to-market expense that we'd expect. | fully_evasive | [
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cf66c6ad7bd81a3b383a2dfd909a8a1f | Hi, guys. How much of Bakken crude are you running in your system? And how much can you run if you're actually operating close to 100%? I'm trying to understand if DAPL does go down and the Bakken spreads do widen, then how much could Par benefit from it? | Yes, this is Joseph. We consume approximately 15 million barrels of Bakken in our system between Tacoma and Wyoming refinery. And this includes PROB, Bakken lookalike. So from pricing upside standpoint, this will be the impact. From a physical standpoint, we are not relying in any way on the DAPL operations. We have al... | intermediate | [
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02aa28459d3f3047a2f382882ac4e657 | I mean, the question was if DAPL goes down, how would you benefit? So I completely understand. The second quick question is, you kind of indicated that looking at current margins and stuff, you expect to be positive on the cash side in refining. I'm just trying to understand your refining is pretty closely tied to your... | Sure, Manav, this is Will. I think your comment with respect to the throughput and sales driving logistics activity is particularly relevant for our mainland operations, so for Wyoming and Washington. And so I think we would expect as throughput and sales recover, that we would see normal -- or return to prior year lev... | direct | [
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3a75718706d1475880a02001c3c62d18 | Hey guys. Thank you for taking my question. Most have been answered, I have a couple housekeeping ones. On the sale-leaseback transaction, you guys referenced paying down some associated debt. I assume that's the retail property term loan. Was there anything else that you paid down with some of the proceeds? | That's correct, Patrick. It's the retail loans. And again, I think we'd expect to pay down the balance. There's a series of smaller property loans. And I think pro forma for closing each of the transactions, we expect to pay down those retail loans. And then that will be net proceeds of roughly $62 million.
And Pat, w... | direct | [
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bc5206b13a3c03c501a6871951286e13 | And what's the incremental lease expense that -- or how do we -- when we look at retail EBITDA, what's the incremental rent expense that's going to hit it? | Sure. So we filed our 8-K with the details of the lease in it, but roughly the $7 million annual lease expense. So I think when you look at the segment retail results going forward, the annual result will be about $7 million lower. However, if you looked at it on a corporate level, in aggregate, our interest and amorti... | direct | [
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476f6c49f17acce3c763b2b44360bfec | Maybe for both of you, Eitan and Dror. As it relates to COVID-19, can you give a little more color of some of the, I guess, supply chain, manufacturing and parts procurement challenges you faced? And you did mention in the prepared remarks some of the issues you're trying to do to mitigate it on a going forward basis. ... | Thanks Patrick for the question. So, there are a few levels of -- in the questions, and I'll answer each one of them. So first of all, regarding the production facilities, in all the production facilities, we are-we move to work in shifts and split turns around the clock. So, we don't see any damage to any supply chain... | direct | [
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db62f9899f0965a92bb9340405c6f031 | Great. That's really helpful. And maybe as my follow-up question, it was great to see the recent announcement of the win by the Logic customer. Obviously, that's a great penetration on your end. Have you looked at additional application opportunities? Given their strategy of using basically a copy exactly anywhere acro... | So I want to-Patrick, I want to be very careful with my answer because we are -- we don't want to reveal anything competitive-wise with this specific customer. But I think that it's a great achievement for Nova entering into this customer. It was a real battle for the last couple of years. And the jewel in the crown wa... | intermediate | [
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143bb7bf15a1cff3355b5f860a300e5a | Hey, guys. Congratulations on the nice results and outlook in a challenging environment. Wanted to follow-up on Patrick's question about the new customer, so a couple of questions there. It sounds like the wins, the applications were critical applications. But just wanted to confirm, these were sort of critical applica... | So, Quinn, I will answer the first one and Dror will take the second one. So, I can tell you very shortly that this win is on the most advanced production application for this customer in the logic advanced nodes, OK? So it's not any R&D or a small win. It's a win in the center of the activity in this customer's produc... | intermediate | [
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9174b0449e9aa877e1558e380d4c3d40 | Great. And then, just my follow-up, Eitan, you had mentioned the new materials and dimensional technologies were facing some perhaps qualification or eval [Phonetic] delays as a result of COVID. Wondering if you might be able to update us on any expectations when you think those new technologies might be able to rev re... | So, we are not talking here on major delays. So, I think that we can expect them to be recognized in the second half. | direct | [
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1d3ba478e731215dc603a23bda23ada7 | Thank you for the question, and congrats on another good quarter and outlook. And I'm glad everyone has been safe at Nova. Just trying to get a little more color on revenues, in particular, in terms of software related and X-ray characterization related revenues. Can you give us a little more color on those revenues? H... | So, obviously, we don't -- we do not break down the revenues per product line. In general, the revenues in the first quarter were a little bit more lenient to the -- with [Phonetic] more software revenues and with the products which include a little bit more products on the high end with higher gross margins. We should... | intermediate | [
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8bd5292e927597fc3a124e7ad14442f7 | Thank you. There's been some talk -- more US restrictions, especially in shipping into China. Do you see that is having any impact on your sales? | So, there are two things on that. So first of all is the old restrictions or the previous situation with the trade war between the US and China. As you know, we have facility both in the US and in Israel. And we're mostly restricted in the US and we follow that. At that time, there was only one customer, JHICC, that wa... | intermediate | [
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f17fe5bb88760615b7e707835f809868 | Yeah, hi, thanks for taking my question. I had two of them. Firstly, just to follow up on your earlier comments, is it fair to assume, if things do get worse with the US-China relations, it's only your XPS product line, which is being made in the US, would be impacted, not the optical CD line? And then I had a follow-u... | So, first of all, yes. So, most of our X-ray tools are going out from the US and they will have those restrictions. We need to learn them carefully and they will have a restriction like other US-based company. Regarding the Israel facility, so -- the Israel facility is not producing only optical CD, it's producing opti... | direct | [
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4519897634e753fb4ee3360d70e5c53a | Got it. That's very helpful. And then, as a follow-up, is there a way to parse out, your Q1 numbers, growth year-over-year, how much of that was underlying industry growth? How much of it was share gains? | I think, I would assume that most of it is related to either new products or penetration into new customers, rather than the industry growth.
Krish, it's Eitan. So, it's a stronger quarter in a very cyclical environment. So, you can imagine that both the market share and the position was strengthening a lot during thi... | intermediate | [
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f46a09a5697658aceae9088e6c4cb22a | Hey, guys, thanks for taking my questions. Just curious if you could quantify the amount of revenue that was impacted in Q1 due to supply constraints? | So, Jaeson, we -- the impact that we see on the supply chains are -- the most of it, it's maybe delays from one quarter to another. So we don't see any capability that was damaged so far by the supply chain. I think that starting from the crisis in China somewhere in January, beginning of February, we started immediate... | intermediate | [
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3a56b997e94f9787fcf7702fad969992 | Okay. That's helpful. And looking at the opex line, understanding sort of the moving parts in Q2, should we expect this sort of elevated level to be consistent throughout the remainder of the year? Or is this sort of a near-term bump and then going back to more normalized levels? | No. So, as I mentioned, we are increasing our, I would say, redundancies across the world to ensure delivery and customer presence. So, I would say this is a new level, and you should see across the second half maybe low-single digit growth every quarter starting Q3 until the end of the year. | direct | [
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7e9b8c309645eaad6f8b416f2fbddc33 | Hey, guys. Thanks for taking the questions. Brian, maybe one for you. In regards to the wider revenue range this year, I appreciate some of the volatility there given the size of the pipeline. But can you provide a little bit of color, maybe at the midpoint, of how visible your revenue is for the full year and then may... | Sure. So at this point, Ryan, we've got about a 10% bogey that we've got to go and win at this point, so to get to the midpoint of the range. And in conversations with Kevin, and I'm sure he'll expand in future questions today, we feel pretty good about that number based on what's in the pipeline. We've got a number of... | direct | [
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ed2d55ff9d003acfe675616240fbdbc6 | OK, that's helpful. And then you talked about one of the potential things being conversion within your current client base. Is that when you referenced converting MTM to EMTM? And if that's the case, can you talk about what the type of momentum you're seeing in that specific opportunity? | Thanks, Brian. Probably, what's building -- this is Kevin Boesen. But what's building in that pipeline from a conversion standpoint probably more than a traditional MTM to an EMTM is new programs by Medicaid and commercial payers. There are some Medicare plans that are looking to add the MedWise or the EMTM solution to... | intermediate | [
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14a9a3a1af972faf60890815671d5b59 | Thanks for the question. I wanted to ask about the payer deals you signed in the fourth quarter. I think last call, we talked about Magellan. I know you mentioned Blue Cross Blue Shield of Arkansas, which was, I think, a new disclosure. So I was hoping you could talk about that relationship and sort of the nature of th... | Sure. The Arkansas, Blue Cross Blue Shield contract is something that came through the PrescribeWellness side. Their interest is in working specifically with community pharmacies to deliver services. It's very much gap in care closure focused, so leveraging the community pharmacists to provide more support for patients... | direct | [
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5840fc48f7058abdd7a3ac997232be46 | And then as a follow-up, Calvin mentioned getting MedWise licensed by more pharmacists as one of the key goals for 2020. I was hoping you could talk a little bit about the ability and the willingness for pharmacists to pay and kind of how you're thinking about the pricing model given that it allows pharmacists to parti... | Matt, this is Brian. We already have some pharmacists that are licensing the platform, as you know, with some of the at-risk provider groups that we're partnered with, but that's more on an enterprise basis. And the goal that Cal outlined was to have more pharmacists, more so in the independent pharmacies, license the ... | intermediate | [
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359b9c17d7d3400878306ab8a67f0ec6 | Hi. Thanks so much. So just to continue on that, you also said, Brian, that you're going to use the licensing model more than the full outsourced model based on the demand that you're seeing. Can you just expand on that a little bit as to why that trend a how that impacts your economics? | I'll take it first, and then maybe I'll turn it over to Kevin. I think that we've continued to see interest from at-risk provider groups and those health plans that employ pharmacists with using our platforms and licensing those. And we're expecting that that trend is going to continue. We have that on a very limited b... | intermediate | [
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bd05122ae80781bca94573f67d938379 | OK. And does that change your economics at all? | Sure. Over time, those relationships are going to be SaaS-driven, very high margin. But certainly, in the longer term, going to play into how we expect this business mix to shift, and that's ultimately what's going to lead to us being able to achieve those longer-term margin targets of 40% to 45% and EBITDA margin targ... | intermediate | [
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459d2d561785d7d7cebd80907c62eaf1 | OK. Got it. And then just one on the cadence, the seasonality in Q1, we haven't seen revenue down Q4 to Q1 before. Can you comment on that and what you expect the mix to be between products and services? | Sure. So typically, what we see is Q1 is the weakest quarter from the MTM offering standpoint. This is where they're qualifying a lot of their members. And we did have a strong second half of the year, which, as you look toward to the first quarter, modestly down, but we do anticipate that that's going to ramp pretty s... | intermediate | [
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f2862695003fb31ce6826c756d63a425 | Good evening. Thanks for taking my questions. I guess maybe just to follow up on what Sean was just asking about, maybe more specifically for the PACE business. It sounded like last quarter, you guys talked about signing a lot of business. You expected some of it to launch, I think, early in 2020. Can you just give us ... | Hi, Jamie, this is Orsula. Well, our cross-selling certainly has begun. And with regard to existing what's already signed, last year at this time, we had about eight new clients and expansion scheduled. At this point, we have over 20 for 2020, so exciting year for us. That is made up of client expansion, new client sta... | direct | [
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78e663f4f99cc2b14375375f3423446b | OK. And then just maybe specifically because I think a lot of us think about this. I think your commentary is kind of like holistic, thinking about what you're doing for just PACE organizations, but a lot of us think about it along the products and services lines. Should we think about maybe the product revenue or the ... | Jamie, the way that -- this is Brian. The way that we've modeled it out at this point is a pretty consistent growth rate for the PACE visits throughout the entire year, although there is an opportunity to see some of that accelerate in the latter half of the year. But what we've currently modeled and guided to is about... | intermediate | [
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aca4e258d5643efa5e3d72928d038013 | OK. And then maybe my only other question was just PrescribeWellness contribution during the quarter. | Sure. So it's Brian. PrescribeWellness, maybe just even to recap for the year, and I don't know if Cal or anybody else has comments on the PrescribeWellness performance, but I think the business has really done significantly better than we had expected when we completed the acquisition. So we're all extremely pleased w... | direct | [
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a0ca2b6e7a505d7e96c48a16c834b9ee | OK. And that's after the interest expense, correct? | That's correct. | direct | [
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6ac46d47b13316e7f6d525c9e2d9007f | OK. And then in the 2020 guide, did you make any assumptions about the expanded CVS contract? | At this point, we haven't. So should that come through the way we hope, that could put us at the higher end of our guidance. But at this point, the midpoint did not assume a significant contribution from that new contract. | direct | [
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0873dc91706c4de4d382a74f06454d1a | And why is that? Is that it just takes time to get that thing going? | Yes, Steve, this is Kevin. It does. So that contract is to help and work with CVS, approach payers with the opportunity to provide and use us for additional services. So we're in the process and CVS is in the process of talking to their payers about what makes the most sense for 2020. So we just haven't forecasted that... | direct | [
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21d5fd08fd9becae6e18d45e6896cf2d | Thank you. Brian, I don't know if I got the numbers right, but just based on the PrescribeWellness contribution in the quarter, it looks like service revenues may have been flat year over year. So first of all, am I getting that right? And if that is right, perhaps, you could explain why the organic growth rate deceler... | Sure. David, you do have that pretty much right. At this point, if you do recall, we had forecasted about $6 million worth of revenue from the CVS contract that was canceled in the third quarter for Q4. So we had really planned for that to be staffed during that time frame, and so we had pulled some of the work forward... | direct | [
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fff0b3575a1dde0493de6fbd3c330693 | So basically, there was a $6 million divot from the loss of CVS on the service line in the fourth quarter? | That's right. | direct | [
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844e54c3f5efabcbe060f1af9d6bd4b0 | OK. And how does that play out then as 2020 progresses? Does the new contract start contributing in a way that that growth rate improves in the first quarter? Or do we still have that headwind since you pulled forward revenue last year and we're not fully ramped yet in 2020? I'm just trying to get a sense of what to ex... | So there's going to be some pickup related to PrescribeWellness for Q1 and Q2. But on an organic basis, I would say that there's going to be modest growth in the first quarter, somewhere between, let's call it, 5% in Q1. And so we are starting to build off of that base. but that's an appropriate expectation. | direct | [
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7c8cdf4fb3aa76e4f6038d774dd92405 | Got it. And then as you look at your guide for the year, I just want to make sure I understood you correctly, where you talked about that you needed about 10%. So does that mean -- to hit the midpoint. Does that mean you have visibility on the low end of the range today and that, to get to the midpoint of the range, yo... | That's right. And just to put that in perspective, when you look back a year ago, where we were and what we guided, we were somewhere in the 5% to 10% range. And now, this year, we're saying we're going to be closer to 10% at the midpoint. So this is not an unusual place for us to be. We have a little bit larger of a b... | direct | [
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58c566ab9c9bd21686468809026f01eb | Got it. And Kevin, just while you're on the line. I know you spoke a moment about the pipeline, but can you give us a little more granularity of kind of what's in the pipeline that could close in 2020? You don't have to obviously name names, but just give us a better flavor for the type of revenue that's in there and t... | Yes. I was going to give the names, but then you said I didn't have to. So what we're seeing in the pipeline, we're heavily focused the sales team on the expansion of MedWise in the payer space. So the majority of what we're really focusing on is the EMTM type of model in different markets. So the majority of what we h... | intermediate | [
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2683aa17a9627113e86815c390befa7a | Hi, everyone. Good morning. Jim, first question on the dividend that you expect to make and burn again in the coming quarters. I assume that that would entail continuing the incentive fee waiver. So would you remind us on the policy or approach you have to that? And then do you see BlackRock in a position I think that ... | Thanks, Finian, and thanks for the questions. Yes. Obviously, there's a lot of different variables that come into the deployments and the earnings. Obviously, I think Q1 was a good example with the 11 new deals that we were able to deploy into and consistent with the strategy of diversifying into more first liens. Obvi... | intermediate | [
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2ec166f6e2b9b97f97f7f1eb30aa8343 | Good morning, everyone. Thanks for taking my questions today. Nik, you referenced some deal activity that's occurred so far in April. I think you referenced 20 companies that you've deployed capital to. I was wondering if you might be willing to put some size around that for us and give us a sense of how you expect the... | Yes. Yes. Thank you, Melissa. A very relevant question indeed. So if you look at Q1 where we deployed $56 million across 11 new portfolio companies and before that Q4 where we actually deployed $62 million, that pace of growth deployment is very, very consistent with our desired pace and we believe we're going to conti... | direct | [
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cc70fa9904d34063c5e4b89ef0582560 | There is seven hotel-related loans over $25 million. Could you just kind of run through those loans? Are they nonaccrual watch list? Any shared national credits? And just give us a little more color, given the relative size of those seven loans. | No. No, no, they are not of the hotel relationships. I think we've only got on over $1 million in substandard at the moment, Terry, and that was before the COVID pandemic. So overall, the portfolio is pretty strong. Nothing in terms of snicks, shared credits or participated credits. Doug, I don't know if you want to gi... | intermediate | [
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50d17a8b4386fa734a271d85fdf5f6a5 | I just wanted to understand the thought process around reducing the dividend. I mean, you build the reserves significantly despite the lack of CECL adoption. Just talk to us in terms of how we should read into the dividend reduction relative to your outlook in terms of the EPS power that the bank expects to generate ov... | Yes. Look, I'll kick off then hand over to Mark, Ebrahim. Really, part of the decision process was just given the uncertainty at the moment, Ebrahim. As you say, asset quality metrics for the quarter while not where we or mark would like them to be, have been pretty stable. We have really only, I think, seen one downgr... | intermediate | [
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7c5c6b7d1e90f0335b007a6a12b001c3 | Question maybe for Doug on the newer nonaccruals brought in on the quarter. I wanted to see the transition of those. Are those progressions from previously identified credits? Any new problem credits, anything that was tipped over by COVID, just some detail on the new credits in there? | Sure, Jeff. Within that sector, there was one. They were all previously classified in prior quarter and that went in. And of the segments they were in, one was in the hog sector and the other was in primarily healthcare, but all had been on our radar in a classified risk rating previously prior quarter end. It was abou... | direct | [
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852f1d491c57eb29884d88f0f93e7ae1 | There's a lot of stuff you get asked about the numbers, but this is your first call and just 30,000 feet, what do you want to change at Great western? And when you look at it, where do you see the opportunities? What do you want to do differently? We understand near-term credit headwinds, but what do you want to change... | Yes. Thanks. And for me, this whole first eight weeks has been an amazing journey in terms of just getting a chance to see how the organization handles stress. How people step up and how we've rallied. Historically, Great Western Bank has focused on having a very strong efficiency ratio. And you look at the numbers and... | direct | [
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f8d9dfb779a25d2b8082c7a66668d712 | A lot of moving parts in the income statement. But just another big picture question, how do you want us to think about the pre-tax, pre-provision trajectory? It seems like fees are a little softer, expenses a little higher. We understand the margin pressure, but anything you want to call out or slide for us in terms o... | Thanks. Look, John, I think you got the moving parts there. I think around the NIM, I think there will still be a little bit of softness. Obviously, it was exacerbated a little bit the quarter by the emergency cut. And then on the fee income line, piece mortgage seasonally will be better next quarter, which is always a... | intermediate | [
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3cd9e45d83bdc3b3bc8478cbfc737855 | Just a follow-up question, John, on the expenses for the quarter. So the uptick in the OREO cost and maybe a few hundred thousand dollars of excess or maybe something like one-time commentation costs. So if we kind of back some of that out, is the run rate of around $61 million for maybe this quarter, looking OK, recog... | Yes. You've got to the underlying, Andrew, sort of in that $61 million to $62 million for the quarter. Yes. So that's the good base run rate to move off. And then in subsequent quarters, we'll just have to see how we go around anything we need to do around impact to COVID and the like. But yes, that's a good baseline r... | direct | [
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14c8942222601a255c1573f52b657d2a | So my question, just looking to get a little bit more details on the amount of loan modifications and dollar amounts associated with that and as well as the PPP activity, what you guys expect to realize on loan fees related to that? | Loan mods? Yes, around loan mods, Damon, it's at the moment, and it's pretty fluid, as you appreciate, it's running at about 12% of the portfolio. So it's about 400 or so around the portfolio, it's around $1 billion, $1.1 billion, which runs about 12% of the portfolio based on information a day or so ago. Yes, it's aro... | intermediate | [
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72a6064c81174efd2e46bd742a8e02c3 | I see that you provided deferrals to 450 loan customers. And what is that in terms of loan balances? And what percentage of your $1.4 billion of loans that are COVID-sensitive, those are in deferrals? | Yes. So the dollar amount, Janet, it's about $1.1 billion. And of that $1.1 billion, about half of that is in relation to the the hotel and service industry portfolio, which, as you would expect, that's been 1 of the portfolios that has slowed more significantly. So that's about half of those requests. After that, ther... | intermediate | [
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6cb53ceefdde57792b046f51440a67d6 | Just following up on the reserve build, like if I have heard this correct, like between the reserve build in the quarter and the discount on the fair value mark, your reserve ratio is about 1.68%, 1.7% at the end of the quarter. Just talk to us since, obviously, you're not going to adopt CECL toward the end of the year... | Yes. Look, we haven't rerun our CECL numbers based on the updated economic conditions as yet, Ebrahim. From our economic provider, they came in late March. And obviously, there was a lot going on this quarter end. So the focus was to get the numbers right for sort of March. So look, at this stage, don't have an updated... | fully_evasive | [
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9b5849431cf7f5eaed43ef4b8f95c9d7 | But ex CECL, should we see significant reserves continue? Or do we need to start seeing a fair amount of credit? Like if you start seeing credit migration, which I expect you will in the coming months and quarters, will that lead to continued ramp-up even under the incurred model? Is that a reasonable assumption? | It's a good question. Look, we feel we've been pretty significant in terms of our stress of the economic factors that go into our portfolio. So we feel we've taken some pretty strong measures here. Really, it's just going to be a function of the environment. If we continue to get worse, yes, you may see a reserve build... | intermediate | [
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475588ef0ce1615b603ca03105a3250a | Hi, good morning. You actually have Eric Ruden on the line for Peter today. I guess if I could start off, Stephen, maybe at MC. I'm just wondering how the mix that you saw for sales in this quarter compares to what you're seeing in the current order environment there, looking to the back half of the year with geography... | Good morning, Eric. There was a little bit of pressure from that. Certainly right now at the recent order strength we've seen, has been back to strengthen the Asian market -- China in particular -- which as we've discussed before is on the margins of somewhat lower overall margin business. That's certainly part of the ... | direct | [
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d845de69aef8b2b1faefbfbe52467d05 | Okay. And then in terms of rising input costs, how does what you're kind of looking at for the second half of the year compared to what you've already seen have been managing through in the second quarter? | It certainly is still increasing in the first instance; and secondly, we certainly didn't see even the current level of elevated costs for the full first half of the year. So, we're in an environment where we see increased pressures. We also -- as we've discussed previously, it takes a while for some of these rising in... | intermediate | [
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64630ec87d0c543bc72cfe2a5cb35284 | Okay, that's helpful. And maybe just one quick one on AEC. Appreciate the details on the moving pieces around the destock there. But is the $60 million to $65 million we kind of talked about as a full year headwind for 2021 on the inventory destock still the right number. It sounds like 787 is going to be a headwind fo... | Yes, certainly, but the number is lower right now because we certainly don't face the F-35 decline as I indicated. So the destocking them for the year is somewhere and around about $50 million at this stage. | direct | [
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e641b12e7dd062a7abd3d39d44defeeb | I had a couple of questions. Machine Clothing continues to kind of do better than we thought it would when we're looking at a longer-term framework. What do you think is the right annual EBITDA is, adjusted EBITDA for the Machine Clothing business? Are we in a new paradigm where we're just going to be up $200 million p... | Yes, it's pretty hard. We have that discussion internally quite a bit. It's pretty hard to look out with a crystal ball and say what it's going to be, but it does feel like it's gotten to a better level and operations have been holding up really well. So, we're going to try to keep it at that level. | intermediate | [
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936cf15df3d678dbf1715354f62a20c4 | Okay, got it. Secondly, just on the F-35, so, what actually changed? I'm just curious, is that the full $50 million variance on the destocking that you -- $65 million goes to $50 million, is that all F-35? And sort of what changed in the last quarter? | Maybe just a little color and then Stephen can add the financials. We did work with our customer, Lockheed and we got improved order flow in the quarter that helped with the F-35 production rates to keep that more level-load on the factory, so that we weren't actually reducing as we have expected when we spoke in the l... | direct | [
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b44d57ddf4c312e3713f096475553e56 | Okay. And with the F-35 change, does that effectively prevent or mute the growth we might otherwise see in 2022, in 2023? Because when we look at their planned production -- said differently, their planned deliveries, I think it's 139 this year 169 next year and then stabilizes in the 170 range two years out. So, are w... | I wouldn't jump to that conclusion just yet. I think we got to get a little further along here to figure out what 2022 looks like. But yes, our production goes through a mix of new aircraft as well as sustainment use. So, I don't think it eats into the future aircraft program.
Yes, Gautam. We clearly don't do numbers,... | intermediate | [
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59200ab849e2c1225e63c981e63cf835 | Okay, got it. Last one before I turn it over. Just on the LEAP program. So, you talked about the 1B. Any updates there on sort of when do you expect to have inventories and balance with no excess inventory, if you will? And you also mentioned that all three facilities are ramping up on the LEAP. If you could just expla... | We are gearing up the production in the facilities and obviously the A320neo program is going fast. That comes out of sort of the destocking phase into more alignment with production of new aircraft long before them. 737 program does. So, we are ramping up all three facilities as we look into next year. It's relatively... | intermediate | [
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02f07ff69e20e38939601e5ad31aebf8 | Hey guys, good morning. Thanks for taking the call here. Maybe just one on Machine Clothing. I guess with some of the orders you're seeing and thinking about the rising input costs. Are you able to potentially pass through some of those costs? I think you alluded to most of the plan of attack was going to be on the pro... | Yes, it's a good question. We are working to see if we can pass through cost. It's a mixed picture because we have some contracts that are longer than others. So, price negotiations come up over a period of time with different customers at different time. We are looking at that as we go into next year. So, we will work... | direct | [
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6f38e8c877fc9497995614a935078765 | Got it, got it. And then just maybe one other one on the engineered side. When you think about the LEAP program, obviously Airbus has put out some specific color on where they want to take production. Assuming a path to 75 and assuming the MAX program, are you guys set on potential capacity and the ability to meet that... | I'd love to have that challenge. We've done a good job of working on the facility as well. Things have been slower here over the last year. So, improving productivity, improving our throughput as production ramps back up, we believe we're in much better shape than we were even in 2019. So, yes, we are hiring people. Th... | direct | [
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f0fc59bceb96cad5d0a6eaf8ee226c13 | Got it. And then last one, you obviously lift the guidance, but the second half clearly looks to be weaker kind of across the board, revenue, EPS, EBITDA. I know you're not going to talk 2023, but we've got weakness in the second half, but presumably as the world begins to recover, travel recovers, we should see a step... | Yes, I think on the MC side, our third quarter, typically we look at as a little bit of a softer quarter with the summer slowdowns and favor companies are getting equipment to do downtime maintenance. They would have already ordered that in the first and second quarter of this year. So, we look at the third quarter as ... | intermediate | [
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6131aeeb0ce79928487e27ab9f092ab0 | Hey, guys. Could you clarify a little bit? Just a little confused on the impact of 787 on the business. Meaning that it looks like there is a chance here that Boeing might not deliver any 787s for a while, maybe not till the end of the year. How does that flow through the business for you guys? | I guess as a start as we've communicated before, we've been running the 787 line just warm enough to keep it going. It's such a low level of production. We don't want to lose the capability, the talent, the people and keep operations running and doing that with our channel customers. So, it's in a very, very low level.... | direct | [
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3715cb59b5ab6501102bdc6c47185e16 | Got it. And then maybe just one follow up. If Airbus were to actually get to 70 A320s a month, are you guys set up to handle that? | Yes. Look, Bill touched on this a few moments to go and that we certainly need to staff up with operators in our facilities. We brought our headcount down as our production volumes decreased. It's obviously very competitive labor environment right now. It's not just flipping a switch, there's challenge in it. But we ce... | direct | [
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5bfca23664edac70840bc49c2fe80dc3 | Yeah. Good morning. Thanks for taking my questions. I guess the question is if we think about the model here on the fourth quarter, obviously, the onboarding costs related to Quorum was for the sequential step down. As we think about the full year on '20, and we kind of put those onboarding costs into reference along w... | Yeah, I would say -- Charles, this is Joe. The way we should think about the progression of EBITDA from a phasing standpoint or from a ramp standpoint over the year is generally in line with the ratios that we saw in prior years. Now what underpins kind of that progression? One is seasonality on cash collections. And s... | intermediate | [
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0b575a3c787997b4408c89cd75226a8a | So I guess is the better way than to do it is to think about, if we think about presence in AMITA, early in the year that have started onboarding, as now we get into maybe the third or fourth quarter for those contracts compared to Quorum. Is it possible then that kind of as those onboarding cost structures fall off, t... | Yeah. You're definitely going to see, just on a quarterly basis, the quarterly contribution stepping up as a percent of total EBITDA guidance over the course of the year. And the two primary drivers on that modeling is one, seasonality of cash flows. We see higher cash flows just as a general matter, industrywide as we... | direct | [
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3c9ccff6f64ae9ca803be9a2265ac12e | OK. That's helpful. And my last question would be, when you guys acquired Intermedix, you had talked about the assumptions for growth there being sort of flat. Now that you kind of integrated, you've launched it, signed a new client at the end of last year, what are you building in specifically for Intermedix in the gu... | Yeah. We still have very modest growth assumptions on Intermedix. I would characterize that, Charles, as a conservative bias in our estimates. With Vijay joining and now mobilizing and preparing our broader physician offering for growth, as we look medium term, I wouldn't even characterize this as long term, but as we ... | direct | [
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d0a1032965be84bd393440c6db5e8c2b | Thanks. And just to clarify a little bit. When you talked about the deals in the pipeline. Should we look at this new -- the physician group you signed last year, $700 million NPR. Is that sort of the average size of these type of deals? And is there sort of a TAM that you can give around what this kind of opportunity ... | Yeah. I don't want to characterize your average deal size in the physician group, as we sit today at $700 million NPR. But what I would say is there's more deals like APP than there ever has been, and we would only expect that to continue. The second thing I would say, Charles, when you think about $7 billion, we see $... | intermediate | [
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839efbfbb6069b31aef8e873ebb722fa | Hey, good morning. Thanks for taking the question. The first one I have was just on the pipeline, I was hoping, Joe, or maybe Gary, could sort of give us some color on the makeup of the current pipeline. Does it look more or less like the $4.1 billion you signed during 2019? And then if you had any comments you could o... | Thanks, Matt. This is Joe. So as we noted in prior communications, coming out of Q4, we're encouraged by the number of late-stage opportunities we have. And the way I'll characterize late-stage opportunities is they're past and impact assessment. So an impact assessment where we've gone in and spent time with the custo... | direct | [
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1e4fc8cb0ffb944e48cc352f7f9b3db6 | Got it. That's helpful. And one on the SCI acquisition and that opportunity. I was hoping you could conceptualize this a little bit for us? So it generally had something like scheduling kind of work at a traditional health system? And then what does SCI bring to bear? How is that automated? And then within your existin... | Great. So let me start at the highest level. When we think about what is in scope, as you define the revenue cycle, we solidly include the scheduling portion and the order referral portion at the start of that process. And so with that point of view, we've consciously, in the majority of our end-to-end contracts, contr... | direct | [
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622f754f1b89e6fb87f90a3c8ce47854 | Hey, thanks. Good morning. Good finish to the year, guys. Just a follow-up on R1 Professional. I understand your penetration is low in the market, your competitors solutions are suboptimal, you're seeing an increase in RFPs but are customers looking urgently to replace these systems? Or is there still a fair amount of ... | Yeah. I think the great thing about our offering is what we see is as consolidation has occurred with the physicians, those consolidating organizations, really looking for scale leverage. And at the end of the day, that's what we're able to do, building off of our historical approach and our historical value props. So ... | direct | [
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2d993d3bba8c136a6766f8a38d7484ea | Looks like you had pretty solid renewal activity in the first quarter. Was it potentially [Technical Issues] or is it a requirement of more and more renewal activities? And this is for the Software segment. | For the Software segment, I think we can state that it's a combination of both. Some people had really such economic difficulties last year that they postponed some renewals of maintenance, for instance, or annual licenses. Despite the fact that we did very well on the recurring income side, we could have done better, ... | direct | [
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6ba963c09b259b4460708af0bdb1cf7b | The commentary on the sequential growth from second quarter to fourth quarter, but more specifically for Manufacturing. Your level of confidence here, if I heard this correctly, is being driven from [Technical Issues]. Maybe can you talk about more, like r what exactly is driving the confidence? | Yes. Yes, you're right. I mean, we referred in our prepared remarks, we referred to the activities of ACTech and RapidFit, two activities that really are, to a very large extent, active in the automotive sector. So if we look at the orders that we're getting in and at the backlog that we -- those two activities are cur... | direct | [
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6e2a9f61f7800369ee7881c8c0514eaa | So one of the items you talked about were -- as the year progresses, how much of growth are you expecting from pent-up demand or, in other words, growth that was not done in 2020, that's been delayed, the pent-up demand [Technical Issues] should likely [Technical Issues] any color on that would be helpful. | Actually, we have a strong belief and good indications that this is going to happen this year. However, the quantitative amount we cannot express at this moment. That is why we give a qualitative, yes, forecast because it's very hard to estimate at which rate this is going to happen through the entire year. What we can... | intermediate | [
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85455541592a3b019d8eab4a34c77273 | And is there anything [Technical Issues] Medical field, in the prepared remarks, you talked about kind of demand from medical field. So any further color you can provide of that would be helpful. | That will, to some extent, be the case, but I think this -- we expect lots of actually genuine growth within our Medical sector. So genuine growth, not only coming from delayed orders of last year, for a very simple mathematic reason that last year was actually a very good year, where we showed albeit moderate growth c... | direct | [
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6c83cb7a5d444f5ca3506ee6814c6300 | Hey, so quick, I guess I was most interested in Fried's comments about the cloud offering here. Could you talk at all about like the timing of these launches? Has it started to contribute to revenue? Or this is going to be a 2021 story? And then I'll probably throw a few questions out here just because the meet you guy... | Troy, this is about new products. We announced at the end of last year, and that we are taking in better tests with customers during the first half of this year, but that only will be going on sales in the second half of the year. So the overall impact on results, well, this year still be limited. I hope this answers y... | intermediate | [
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86a7073a1b7533965431c9ebbf1d4aa0 | Software revenues were up 7.8% sequentially, but sales were up 40%, and I get that that's deferred revenues. Can you talk about what's driving that? Is that going to be additive applications or is that the Medical stuff? | Yes. The 40% applies really to our technical software. So the additive manufacturing software. And again, I think there, we definitely had some catch-up operations of people that postponed some purchases during Q2 and Q3. | direct | [
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fa2061f5e86bd8608ef470d2c10e10d8 | So some of the system companies are talking about an upcoming inflection in end part production. And I always view that as good for your Software business. So does this tie into this 40% growth in deferred revs? Do you agree with the comment, Fried, that we're starting to see an uptick in in-product applications? | Yes. Troy, we are -- and we have always been very positive about the future of 3Dprinting. However, you will -- we can only talk as we have been talking to before about what we call the slower evolution. So the inflection point that is often mentioned is never a sharp inflection. It's a steady -- that steady growth tha... | intermediate | [
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c37d03162f5c9e27de04e9a51f5f59dd | First, just want to start -- this past year, as well as challenging as it can get it seems with UAW strike late last year, COVID shutdowns more recently. I know you're not giving specific guidance and understandably so. But directionally, is it reasonable to assume the key financial metrics can improve year-over-year? | I think by -- the first quarter being now let's call it somewhat unpredictable, and being shut down for really the first half of the quarter, I think we're destined not to have as good a year as we had last year. Now having said that, once we get to more normalized production and we don't know when that's going to goin... | intermediate | [
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8f34227533a14c4c054fe862629df78c | As we think about maybe a good segue, as we think about the current quarter we're in, to Q1, maybe any commentary on the COVID impact and what you're seeing kind of the production schedules for Q1 relative to Q4 and how much COVID may be impacted each of those quarters? | Well COVID hit the tail and well, really six weeks into the fourth -- Mid March. Yeah, Mid-March starting a little bit. And that was simultaneous shutdown of customers around the world. So the impacts are -- and then really continued until just a few a few weeks ago. And as I said in my prepared remarks, none of these ... | intermediate | [
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13dc3563c4454d2cabefc18b52ff4ae7 | Switching over to interface, can you break down the benefit from the major appliance program launch, which was good to see versus the higher legacy data solution product? And then secondly, is $19 million-ish revenue that you had in the quarter, is that a good run rate, kind of thinking about the new appliance program ... | The $19 million, correct me if I am wrong Ron, also included our auto launches. Correct? It did, yes. So we're sitting here at -- on the interface. We were at about $60 million for the year last year. So yeah, I think that would be -- with the new launches and everything and full launch, the data solutions were up a li... | intermediate | [
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bbcfdbdfb6517daa42078b903e26ca45 | Curious what you can say or what potential or maybe you have content worked already. But some of the newcomers and EVs; so Nikola, Rivian, etc, anything you can comment on those? | I can't comment exactly what the programs are. We have Rivian programs and that's actually a key focus for us. And then we are -- and I am asking someone to look up what we're doing with the other. Okay. We are working with both of those. Although I can't tell you to what degree. We got our hand slapped by another cust... | intermediate | [
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6f426a9ca0a2ada2a3eae8b8abfc0e65 | Your commentary regarding the sort of erratic order environment from customers, and not as surprised, but could you give us some view in terms of whether you think there is some inventory work-down that's happening, or is it more just a question of your customers trying to understand what their end demand is, and that'... | I would say the latter, and if anything, what we've seen in the initial restart here is inventory replenishment. Replenishment there, looked like we would be able to normalize it, but our view to navigate in an erratic demand. I don't want to minimize it, but I don't think it's any more complicated than that. Now deale... | direct | [
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e9110e9c964327d5fbc2d875188d4af4 | Well, thank you for that. And if you look at, I know that IHS is calling for significant production growth in Q3 -- calendar Q3, just on production and factories coming back. But how do you correlate to actual production, in terms of when you see orders start to uptick? | Very good question. We have the benefit of customer releases. And normally in auto, where weekly and monthly releases are very reliable. And perhaps as you go out three and six, months they get a little softer. But we've seen tremendous volatility in even the weekly schedules, which is what causes us, I guess, concern.... | intermediate | [
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29496ab1af4d90f75901924c9b91cd69 | Okay. And your lead times are at normal levels right now, could you remind us what they are? | I mean, it's just in time -- back on demand. | fully_evasive | [
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f9f67c3987dd60bd0d2eb6351043b8bf | So there was one topic, I mean you kind of touched on it, but didn't mention too much about. I was wondering if we can just dive into it, and that is chassis availability. Have you been having any -- has that been a big part of the challenges you've been facing? And do you anticipate having to, at any point, really cur... | Yes. I mean, certainly, chassis availability, the lead times have really grown. There's several manufacturers who have announced they're going through some temporary shutdowns. The chip issue we're all hearing about that's affecting the auto industry is certainly affecting chassis deliveries. Fortunately -- I mean, we ... | direct | [
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4de1683495dc1f19027ef6b3421e1c8b | Got it. And just curious, have you seen any company -- any customers come back with any cancellations from the backlog? Or has anybody threatened or actually switched brands to other companies? Just give me some of your thoughts about, is everyone kind of in the same boat as Alamo right now? | Yes. As I said in my comments, I mean, everybody is pretty well in our same boat. And we don't -- I mean, yes, we have not lost any orders. That's -- like I say, I mean, our backlog is -- it shows. And yes, I mean, customers want the product. But I mean, I don't think anybody's in any particular better shape than we ar... | direct | [
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fd320139611f35af86d7d521ff90581e | Yes. Yes. Got it. And then in an environment like this, if folks can't get new equipment, do you anticipate seeing, especially in Q2, more parts and service activity than you have seen in the past? | Yes. And we are seeing it. Any time that it usually is following a sort of a year of economic downturns and all parts tend to hold up better, and they have held up better, and we're seeing a little bit better. But yes, there's supply [Technical Issues] But yes, they are holding up well and a little bit better, and I ex... | direct | [
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dc1341085e1ad831aaead362d875eac1 | Okay. And then we've heard some good, positive comments from other companies that are public on the tree care world at the moment. Can you give us an update on how things are going at Morbark specifically? Any good positives or challenges there in the demand for that product? | Yes. Morbark is -- probably has one of the largest increases in backlog of any of our units. They -- as you said, tree care products are holding up well. The demand, there's growing and new, diverse demand for those types of products, and we are very much experiencing that. So yes, we're very pleased to have Morbark pa... | direct | [
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3f9664dd65db9ec43b9a29e75469f6ff | Just one more on the $452 million backlog, how much of that would you consider extended? And is that extended portion still growing? | Yes, it's still growing. And I mean, like I said, normally, we like about a quarter's worth of backlog. We're certainly well beyond that. I mean it's between -- it's not like two quarters, but I mean, it's -- but that's why we're going to -- we're picking up a little bit R&D spending -- I mean, capex spending to bring ... | intermediate | [
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a0e0c1ae4bf253714684c6da5e26cfc3 | Got it. Okay. That's helpful. So industrial revenue was down 7.9% in Q1. Probably not easy to do, but if you would look to kind of break that out between lower demand from state, local and muni governments on the one hand versus things like logistics and supply chain and weather and COVID quarantine. I'm just trying to... | Yes. I'll let the guy who runs our industrial division and will soon run all of Alamo Group, Jeff Leonard, answer that one.
Yes, that's a really good question. There are several things going on in the quarter that you should keep in mind. I mean, one, last year was a national election year. And this election was not s... | intermediate | [
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97516ecd7aad90c888caf05583cac079 | In terms of the supply chain constraints, I know you mentioned like a crisis mode on the chassis supply. But is there any other particular components or parts that are more of an issue? And are there any specific product lines that are being impacted more than others? | No. I mean it's pretty well fairly broad-based as far as problems go. I mean -- and so yes, chassis -- steel is pretty well available and things like other kinds of raw materials. It's more the manufactured stuff, I mean, like I say, chassis or gearboxes, drivelines, those kind of things. But interesting, like the comp... | direct | [
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05d534d56d7b7cd0b4755e8edb07f20a | All right. And then the acquisitions in 2019 were a little bit before my time. So I was just trying to get a sense of maybe what the projected revenue and EBITDA contributions for those acquisitions were at the time. What were they doing and maybe where we are relative to that now? Just trying to get a sense of this id... | Well, first of all, I mean, if you just took the three acquisitions and a 12-month sales level, they would have added almost like just 25% to our top line. We don't usually give margin information by it. But I don't know, Dan, you...
Well, we did disclose at the time of the -- we closed the Morbark acquisition, we dis... | intermediate | [
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832d068eada2883950843945c00a1909 | Okay. And then when you look at maybe the synergy projects or the efficiency and integration projects you have around Morbark and the other two, have you quantified kind of a number around what you hope to achieve from those? Or maybe how much -- how many like incremental basis points of margin leverage you might get f... | Yes. Again, we certainly have internally quantified it and internally have targets and goals. We don't usually give much of that publicly. Though we had said even like in Morbark case, their actually operating profit margins were higher than our average operating profit margin. So I mean, like I said, even doing nothin... | intermediate | [
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a7083288e2c2ed7b3f847e72db64b701 | Could you provide a bit more color on your sugar hedge strategy going forward? We saw hedges for the current crop ramping up this quarter, right? But we're still a little bit below than what we imagined it would be. So it would be nice to hear how this been evolving already in July, August? And also -- and maybe even m... | We are positive for sugar prices. And this is because there are some countries that are important suppliers of sugar that are facing some problems. So we have dry weather in Thailand. We have the yellow virus in European Union and we have a draught in Brazil that can be partly compensated by the high TRS, but not fully... | direct | [
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0fd10381a9459ab6388c3ff0881e7104 | Capex is obviously down year-to-date, probably due to all of the initiatives taken, as you guys said, by the Company to address the pandemic and its impacts. But also, there is a part of this reduction, which is probably related to the fact you guys were already entering the final phase of your five-year expansion plan... | So regarding this capital allocation and the less capex that you are seeing, that's part of our structural plan as we've been talking since three, four, five -- three years, four years ago of our five-year plan. 2020 was the year where we were finishing our five-year plan. So most of the growth investments that we did ... | intermediate | [
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"fully_evasive"
] | B |
d128414ff4a3fadcaf02660f27696248 | Your strategy of doing sort of a lower crushing in the first quarter of the season, I think was very different from what we saw in general for the Center-South, which actually had a very strong start of the season. So wondering what was the strategy there? And I suppose that obviously, the crushing is accelerating a lo... | As a consequence of last year's dry weather, we have reduced the crushing pace in the second quarter. And considering the impact of the COVID-19 and ethanol demand and price, we thought it was an appropriate time to do it, giving more time to the sugar cane development and to reduce our harvesting costs, adopting the M... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4cf759bc12f3e43b45552343d8067b4d | If you can quickly discuss with us the valuation of this land relative to the typical assessments and the appraisal you guys do every year. And if you still expect to sell more land this year, how is the liquidity of the market? Do you think that was kind of just a one-off thing? Or you feel that the market is improvin... | As we mentioned, the land sale has been at a price that is 23% above the Cushman valuation, that is an independent valuation that is being done every year, but more relevant or the more relevant thing is that we are seeing that the market has become much more active. We are receiving visits to our farms from different ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4250714276cb8419d2ab3ccf9f48b66c | So the first one I have is in regards to your strategy to accelerate the crushing rates in the second half. I'm just wondering here trying to do some back of the envelope math. But what kind of -- what level of ethanol are you expecting to reach in the second half in order for your strategy to be successful? And second... | So regarding the ethanol price, we think the outlook for ethanol has substantially improved through the quarter with oil prices bouncing back to $40 per barrel levels, better prospects for demand and lower production by the Center-South mills. From the peak of the restrictions in April, domestic prices have increased b... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
aa3934184426a6c3e4be79b3212e94ab | You only sold a very small part of the farm, right? Is this an area which you were not using? Or are you going to have to do any kind of leases in other regions or even do a leaseback in the area that you sold? I'm just wondering here the rationale to sell this land right now -- the small part of the land right now. | Yes, it is a small part that was sold at a very attractive price. When we see that attractive price is where we think, going forward, of the return of the capital of that land. And so, the IRR that we obtained going forward, maintaining that farm at that price was not enough attractive. And that's why we reallocate tha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1cfde013bcf2df4dc5cc3a9b0135a8cb | It seems given the current scenario that this year, it will still be a difficult year for you to pay dividends. Is there any kind -- do you have any views of when we could be starting to see shareholder returns as a dividend payout? When could we expect that to happen? | As we've been explaining in our last years, I would say, today, that we are focusing on return capital to shareholders. That's how we've been approaching this five-year plan that 2020 [Phonetic] so this year that we are going through was going to be the year where we start to see the free cash flow neutral. And in 2021... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6384aa0b07936fab8b08bf75d7bc6c58 | First, can you walk us through your outlook for the second half of the year, specifically for your farming and land transformation business? I'm just looking for some color in terms of how the seasonality and changes in sales pattern, if any, would shape up your first half versus second half EBITDA split? And can you a... | Regarding the farming and land transformation, for the second semester, in order to understand the cycle of the farming and land transformation business, in this semester, we are finishing all the harvesting activities. So as Charlie explained in detail, we are at the end of all these harvesting activities that were ve... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c56d26167e2e8bbf0ccd7a76e0b0202c | Can you give us some color on how much of the cost reduction in the sugar business was a result of currency and how much was due to your negotiation and other cost-saving initiatives? | And then regarding the cost reduction on the sugar and ethanol business, I would say that in general terms, we continue to focus in reals to reduce costs. And that's something that is happening. The level of reducing costs in real is relatively small in terms of percentages. But while we are reducing costs in real, all... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
437ae1189aeeccfb16101057168b265a | I heard your comments on Europe, and I'm curious, just to unpack that a little bit, is the recovery, you feel like, a function of just it was a low bar in 2019? Or is Europe feeling actually quite strong on an absolute basis? And any more context you can provide around what you're seeing in hearing in Europe as well wo... | I think there are two things going on with our business in Europe. One is that, as always, it's somewhat random when the specific deal closings end up falling. So we had a very good year in Europe in 2018, we had a very weak year in Europe in 2019, and that really largely has to do with just the timing of various trans... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e39bf91a3b4af5d0a72f0c29fa960d53 | The comment about the market underestimating kind of the earnings potential. When I look at consensus for 2020, it's about $1.70. And that would represent a reasonably good year for Greenhill just if you go back over the past handful. So I'm kind of curious how you guys think about earnings potential and if there's a y... | I mean I can't be more specific and pointing at the specific numbers, of course. But look, I would say I don't think there's really any past period to look back to. I mean what's changed about the way our firm has evolved in the last a couple of years, really, is that, number one, we've got this very substantial capita... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f19a64cd803c7eb5d7a289d261dee93c | So just to maybe say it a different way, if I think about kind of the revenue potential, you have more MDs today than you've had in the past? Is the view that there's more revenue potential in the firm today than historically? Or am I not catching that right? | No. I would say definitely. I mean, historically, we've never had a really substantial size restructuring team. I think in Europe, we've never had a stronger team there, notwithstanding that last year was a difficult year. I think the team in terms of breadth and depth is better than it was even in the precrisis years,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5750e88b58fa22b6af7989cfb72816cd | Scott, if you could just first start on the revenue result this quarter, just wanted to get a little bit more color on kind of the areas of strength by region and by type. It sounds like it was a good contribution from the non-M&A advisory businesses. And then it would also be helpful if there was any pull-forward acti... | Sure. Let's start with the last part of the question because it's really the easiest. There was nothing material that was pulled forward in an accounting sense or even in a sort of things accelerating and getting done more quickly. I mean, frankly, there were times in the quarter we actually expected it to do materiall... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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