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98c9128253f4539fa6f794d38af20380 | Just a point of clarification on your 2021 guidance, what are you guys assuming as far as savings related to the transformation initiatives, like what are you guys baking in? | Thanks John. Yeah, so I was mentioning, we're in a full ramp up of reaching $140 million at International and reaching the EUR30 million -- sorry, $140 million at AmeriGas and EUR30 million at International. In fiscal '21, we think it's going to be about $85 million that will be generated in the fiscal year at AmeriGas... | direct | [
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e4bc476d09e3f64fc0586c4349dbaf20 | Great. And then I think in the past you guys have mentioned that, you'll be sharing some of those benefits with your customers. So just curious, net, I guess, to your P&L, like how should we think about what you're factoring in, in your guidance? | Yeah, so as we mentioned, we're taking about a third of the benefits and really applying it to a segment of our market that we look at, where the churn level is quite high, and that's really in the small commercial and residential segment here in the U.S., where there's very competitive landscape, and with our advanced... | intermediate | [
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38a53bb0b37d405e02aa3b42dc3243ab | Got it, OK. And then shifting gears a little bit just on PennEast, I wonder if you could provide an update on that, what the path forward is for that project, both in terms -- on the regulatory front and also on the commercial side? | Yeah, this is John. I'll comment briefly and I will let Bob comment. Essentially on PennEast at this time, we're working through a case and awaiting feedback on a Supreme Court case that has been filed, and essentially that's a key driver in terms of next steps for the project. We're looking for input from the Solicito... | direct | [
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d4e5f943aafee3142298ad79b77b5bf5 | Sounds like -- well, it seems like you're certainly ahead of peers in terms of cost initiatives. I mean you guys talked a little bit about branch consolidation. And Mike you mentioned and Ira you mentioned as well positive operating leverage. Just wondering your thoughts going forward, how confident you are in being ab... | Thanks. Thanks for the question, Frank. I think Valley has definitely become the culture of how we think about expenses throughout the entire organization and it's a way forward for us as to how we think about innovating and the use of technology. We've been very proactive as to how we think about that overall expense ... | intermediate | [
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7fb7d5fd5756b119bf14dc7481ff35a4 | And then just one follow-up if I could on capital. Just wondering, if you guys mentioned given liquidity on the balance sheet, you do have the potential for additional payoffs on the wholesale side. I'd imagine, it's not necessarily significant to capital levels and I think you might do further there. But just wonderin... | Yes. I think we had previously given guidance I think around 7.25% was an appropriate TCE to TA number for us. I think as we think about capital, it's really about the optionality and the flexibility that we have moving forward. I think there's a lot of strategic initiatives within the organization that we have and hav... | intermediate | [
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851f3d51f9649697bf05bd96d38774c0 | Sure. Okay. But it doesn't sound like there's a real change for the guide Ira in terms of -- you mentioned in the past 7.25%. I mean there's no change to thinking that that number is -- has changed significantly. | I don't think giving you guide right now is appropriate for us. I think maybe we'll consider it as we move forward. But I think just highlighting Mike's point, on an absolute basis, look where we are today versus where we were four, five, six years ago. It's an unbelievable basis to where we are. And you layer on top o... | fully_evasive | [
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ab81843e1935690ee7703da5df3611a0 | Hi, good morning. This is Alex Lau on for Steve. My first question is on loan growth. You had loan growth in commercial real estate this quarter and you mentioned in the release controlled growth. Can you explain what you mean by this and what you look at to qualify for this? And also, how is the pipeline looking into ... | Thanks, Alex. This is Tom Iadanza. By controlled growth, what we mean is that we do a lot of business with existing customers. People have been through various economic cycles. Historically, it's been 60%, existing customers 40% new and it's probably increased to 70-30 since the pandemic increased. Our focus is on rela... | direct | [
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992c12d6b195f70d4ed743e170c5fa09 | Thank you. And then a question on NIM. Outside of your time deposits, do you have a savings deposits at 36 basis points? And then in the last zero interest rate environment you were in the low 30s. Do you think you can go below this 30 basis point range this time around? | I won't give guidance on a specific number, but I would say this the processes that we have set up to benchmark ourselves against the market and then react quickly are probably the strongest they've ever been in the company's history. So I feel fairly confident that if the market will allow for that we're poised and ca... | intermediate | [
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02d0cf7b640c5afafb4302649b2f8f23 | Mike, just along the lines of margin, you've given some great disclosures there. And obviously you've made a significant headway on the funding side. But I think and you pointed this out one of the interesting points is that the loan origination yields seem to be flat from 2Q. Can you just talk a little bit about that?... | Yes. It's hard to predict, if we've seen a bottom, but we have implemented floors in all of our loans and that has helped on those spreads. We'll continue to do that. It's also responsiveness. Those customers at 70% they use us all the time. They've come to us because we can get it done and they recognize the value in ... | intermediate | [
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19cd545a04882040aac6478e241ac1ca | Just on your hotel and hospitality deferrals it kind of ticked up a little bit. Is that primarily around the New York area? And just do you have any latest occupancy statistics on that versus the year ago? | Yes. To put it in context, the hotel portfolio in total is about $500 million and 15%, $75 million is on deferral. The uptick is coming mostly out of Florida, which we have our primary portfolio of hotels in. We don't really have much New York New Jersey. So we're not seeing the same experience there. I do want to poin... | intermediate | [
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01d6cc11fbaf2bf5fdab2f30e7bd4273 | Got it. I appreciate the color on that. And then just going back on the margin, maybe Mike you can handle this one. Your short-term and long-term borrowings ticked a little higher this quarter. What was -- what's the driver behind that? Was it just lower cost borrowings rolling off? And then should we expect this to go... | Sure. So the short-term borrowings are exactly as you said that's some maturities there. The long-term side is the impact of having the sub-debt issuance for an entire quarter. So I think that's probably fairly self-explanatory. What I would say on the remaining funding side, the non-debt-related funding side. If you g... | intermediate | [
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de19787aace8973a55b2a1ff43a9c0bd | Good morning. Hey. I was hoping could you quantify total PPP income for the quarter? And then Mike I know you characterized the margin outlook in terms of you think you'll outperform peers. But I guess I -- perhaps that's open to interpretation. Could you maybe characterize the margin outlook in terms of whether you th... | Hey, Matt, this is Tom. I'll handle the income for the quarter and then Mike will talk about the margin again. The third quarter income from PPP was about $14.8 million. $5.7 million of that is from interest $9.1 million is from fees.
And I think if I understand your question on NIM, it was related to my prepared rema... | intermediate | [
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50819fe2d4911db6d149a7ebd4e05b51 | Understood. And then in terms of expenses you have 10 branches being cut in the fourth quarter. I was hoping for -- maybe if you could quantify what the expense saves tied to that are. And then just thinking about the longer-term expense outlook, do you feel like this kind of $155 million range is appropriate for this ... | Yes. So on the 10 branches that we announced that we would close and we've achieved regulatory approval correct? Regulatory approval.
Yes, correct.
We estimate the full year 2021 cost savings to be between $3 million and $4 million. | intermediate | [
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bcf1f8b0fe4d2b13aa12ffbbec00b247 | Thanks. Okay. Just a follow-up on the expense question and getting a little bit more granular on it. Just curious how specifically the professional fee line is going to trend and will that kind of stay elevated as you guys are looking at some of these technology investments and technology initiatives? Or does that come... | Yes. I'll take maybe a little different tack on it. I will address the specific question on professional fees, but let me kind of give you a little more color. It is somewhat in the earnings release as well related to expenses. So the adjusted expenses in the third quarter were $155 million. And as we said earlier that... | intermediate | [
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c5d51e3bb865ec7ebeddb5b95a68efff | Hi. Good morning, guys. Just hoping to get more color on the companion claims, the non-cat claims. Can you give me an example of what type of claims those are, and just why that caught you guys by surprise? Just anymore color on that would be greatly appreciated. | Yes, thanks, Tom. Thanks for the question. A companion claim, as we're describing it, is a claim that's filed simultaneous with a catastrophe claim. So typically, with the help of a public adjuster and/or an attorney, what we'll see is, we'll see a Hurricane Irma catastrophe claim come in, and again at the same time, a... | direct | [
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99e879c87352809d9574d8fa464b62c2 | Okay. So I just want to make sure I understand this correctly. It sounds like from a perspective of the 3-year Statute of Limitations has passed now, that claim com for that really shouldn't go up. And it's not really a classification issue that has the potential to develop further? | No, that's right. Yes, you're correct. Our goal really with everything we've done here in the third quarter, Tom, is to try to get Irma cat claims and Irma-related non-cat claims in the rearview mirror. With what we've booked here from a gross cat perspective, as well as what we've done to bolster the older year reserv... | direct | [
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aafc8457c453141d5850b564762d1750 | All right, great. That's very helpful. And then, if we could talk about just capital strategies, you guys are holding onto more cash, you're still buying back some shares, and the company is reporting strong growth. So how's the comfort level turning around the capex? I know you guys took the gains on some of the inves... | Good morning, Tom. This is Frank Wilcox, I appreciate the question. Just a reminder about our business model and how we accumulate and deploy capital. In addition to the opportunity to accumulate capital at the insurance entity levels, with our vertically integrated structure, we also have the capacity to accumulate ca... | direct | [
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f6094e666df2bf13a8bda29d4f88a9f1 | Okay, great. And then net investment income, it was a bit lower than I expected. I understand yields are coming down and holding onto cash more so -- but can we just discuss the decelerating investment income and if this is a good run rate we should assume going forward? | Yes, well, the decrease in the interest rates had an impact first on our cash equivalents and our short-term investments, as those reprice regularly. The book of fixed income, long-term fixed income, securities as they matured, or as they were paid down before maturity, were repricing into a lower interest rate market.... | direct | [
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7586ede4143daef762543e66b1dc3029 | Okay. And then I just wanted to touch on just a high-level question here. Obviously, the Florida insurers in general are struggling right now. Can you just discuss what you're seeing in the operating environment, the potential, any opportunity to take further rate increases and how the regulator would respond to that? ... | Hey, Tom, it's Steve. Thanks for the question. The Florida market, as we've commented briefly, it's hardened. We see a lot of competitors that are pulling out of specific areas around the state. Our philosophical approach to rating has never been to rate the competition, but to rate to adequacy. So we now find ourselve... | intermediate | [
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81811be6ac923743abe56767e23076ae | No, I think that answered them, but it brings up another question. As you guys try to move away from Tricounty, I've been hearing some discussion that some of the issues that are in Tricounty, moving to other counties throughout the state. Is that something you guys have been seeing too? How has that been trending and ... | Yes, we track that on a regular basis, as you can imagine, Tom. And the infrastructure that we've built to deal with Tricounty, should we experience that, we feel that we are strategically positioned to combat whatever comes at us in any other markets. Again, that being said, our rate adequacy is the key to our ability... | direct | [
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e0ec1f3580959b0a50f0b7fb68888844 | Okay, great. And then just lastly, I was hoping we can revisit the impacts from COVID. We're a lot farther into the pandemic now. Are you guys seeing any beneficial impacts, be it direct distribution or possibly less non-attritional losses, as homeowners work from home? | Tom, that's an interesting question, we get it regularly. We've not seen any peaks or valleys in claim development, claim requests. We have had people ask for relief due to the pandemic, but our policies specifically do not cover that. So we review the claims and it's maybe three digits that we received in the last nin... | direct | [
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1a2583e9db4b9d12eee02fbf4b5bb7ca | Are you seeing any impact from -- a beneficial impact from just homeowners being at home, or is it just too early to tell? | Well, I will tell you, Tom, the beneficial impact from my office that I see are the tremendous associates that we've recruited to Universal in the past, and our ability to respond, attend, and operate as efficiently as possible in these times. The technology that we've embraced for years within the Claims Department ha... | intermediate | [
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ef30fe1e0e94fcc1996a478490ec03f7 | Great. If I could just start -- in the past, you've talked about your direct loss pick and how you view that. Has there been any change on that front? | No, we -- I'm sorry. Go ahead, Frank, you go first.
I was simply going to say that it hasn't changed from what we previously announced. | direct | [
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a213a959efb4c0d5183c0ca32cc9dc73 | Perfect. Can you just help me reconcile the direct to net adverse development? Just trying to understand. I think Michael will be a piece of it, Irma would be a piece, but is there anything else? I'm just trying to get from the 136 down to the 31 -- or the 30, sorry. | No, you're right. Irma and Michael would be the largest contributors to that. | intermediate | [
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e7e2f6b627b7593c3c571d72d617ddc4 | Okay. Got it. On the cash component on your balance sheet, I was just wondering, how much of that cash is at the holding company? | Well, that's disclosure that we do annually through our 10-K. There are financial statements at the end. It's not a number that we publish in the interim, Bill, but last year, the amount was between $80 million and $90 million. | intermediate | [
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048031ecd672d8b832136f13a17c1885 | Got it. That would -- that's year-end 2019? | That's correct. | direct | [
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95288f3c0dbbb106e56b39e93fff8746 | Okay. And just following up on one of Tom's comments, is there a leverage ratio that you think about writing at the sub level? | Are we talking about debt? | fully_evasive | [
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9712da19915a36726b1483e65b4b8295 | Sorry, underwriting leverage -- I apologize -- premiums to surplus, and how you think about what you're writing at. Is there some tools that you can have? | Yes, there's several measures that we monitor. We monitor gross written premiums to surplus, net written premiums to surplus, and of course, RBC ratios. And we do that in order to maintain regulatory standards, but also to support our ratings. So yes, we do constantly monitor those measures. | direct | [
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19efa8f115fedf51a615af04c4809a05 | Yes. And would you say, where you are right now is in the -- if you think about advance, where do you think you stand right now in terms of what you like to write at from a leverage ratio? | Well, those are annual figures, so we're looking at that in conjunction with our forecast for the rest of the year. We have had tremendous growth from opportunities in the State of Florida, and we recognize that we need surplus in order to support that growth. And we have, in the past, infused capital from the holding ... | intermediate | [
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75e73a468bdedd6a45059178bbd711c2 | Now did you downstream anything in Q3? | We did. We infused $44 million from the holding company.
And Bill, this is Steve. We still have funds at the parent. We're very comfortable with where we sit from a capital perspective. And our ratios, as we sit here today, are better than they were at the end of 2019 and Q1 so generally. So we feel good about where w... | direct | [
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e2e4c070f583543e7b4b72b1f761e425 | Great, both those commentaries were very helpful. And I might've missed this, Jon, but what are the number of open Irma claims? I know you had 2,000 new ones, but I think at the end of Q2, you had about 450 and I was just wondering what the open claims were on Irma. | Yes, open Irma claim count as of 9-30 was 418, so that number, it sounds like it went down just a little. But obviously, we made progress on the new claims that came in during the quarter. | direct | [
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2f2a0da69198bddb2df0c35b8d272353 | Yes, OK, yep, yep. And in the past, you've paid a special dividend. I was just wondering when does the Board meet to review that, or what's the process when you think about -- review the dividend? | Yes, Bill, that's part of our ongoing capital management strategy that we employ and the Investment Committee will meet. We have a Board meeting this week. The Investment Committee met last week on some matters, and have discussed it. So we're in regular discussion. We generally like to get us through the hurricane sea... | intermediate | [
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8c735a433aabca43c081319552ea1107 | My first question is around ancillary revenue performance. Can you elaborate on how that trended over the course of the quarter, especially relative to the prior quarter? And what type of ancillary growth you're embedding into your forward-looking guidance? | Yes, George, if you look at what -- if you look at the progression during the quarter, actually, February was a tough ancillary quarter, or tough ancillary month, because of the amount of snow that we had across the entire country. But I think when you look in total, we actually saw an improving ancillary profile vis-A... | direct | [
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e1a09ef99f13c3fd79d3a42abba5c138 | You mentioned investments into your sales force as being a key growth driver of organic growth acceleration in the coming quarters. Can you perhaps talk a little bit about your plans there, what the hiring plans are, what the plans to drive sales force productivity involve? And how much of a lift to organic growth you ... | Yes. In Q2, what we were able to deliver, which we delivered 10% organic growth in snow in 2000 in Q2. That was primarily based on the first kind of initial results we've had from that investment in salesforce. Some of the productivity elements that have helped that performance, really an integrated CRM that allowed th... | direct | [
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cad5d08ff9d7dae20bcb5d4f5f1b2ad7 | I thought you guys are in a place where you have a heck of a lot of labor out there, too. And I wanted to know what you're seeing out there in terms of your ability to keep people? What you're seeing in the wage rates as a result of that, if anything, and how you're managing through it as we get into the busy season he... | Yes. Great question, Andy. And we're not immune to what the country is seeing across the board on labor. This is our big hiring period, right? March and April, May, we bring on thousands of employees as we get into the green season of the business. And we have been able to bring thousands of employees into the business... | direct | [
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9a4fc55977692249a64da5e792fbeffb | I just thought maybe my follow-up question here would just be trying to get a little bit more context on the guidance, given that you've done a little bit more M&A since the last call. I think you said, Andrew, on the script, that now you've put in, this year you've closed on $100 million worth of annualized revenue. J... | If you look at it overall, since our last call really, we've only closed on the Birch acquisition that we just announced, because we announced several beginning period January of 2021. If you look at our forecast right now, the $100 million that we referenced out there in total for this year, about 60%, 2/3 or so is go... | direct | [
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3cabd8dcb32eece0d8512848115d675c | So one of the large equipment distributors in your space recently reported results, and they're expecting to get really strong pricing this year, up 3% to 5%, which is higher than normal. I'm wondering if you could talk about inflation expectations on the large cost inputs in your business, if that's accelerating and h... | Well, most of the material cost inputs we have in the business, Tim, are priced in a pretty short window to when we actually acquire material, right? So when you talk about landscaping material that we buy, it really goes into, most of those are ancillary services. And those ancillary services are bid and priced usuall... | intermediate | [
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5d3895b7d61158178bb87e38f324b7f4 | What kind of pricing are you expecting to get this year, Andrew? And can you talk about how that kind of compares to last year? And how that compares to pricing you'd get in a normal year pre-pandemic? | Yes. I mean, last year, I think when we talked about it, we were, pricing was basically at 0 or actually slightly negative when it comes to scope and kind of look at the overall top line when we saw what was happening in 2020, OK? This year, we're back to kind of more of a normalized approach I'd have to say. And as Jo... | direct | [
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df33dc92116aac9236f50c546a685203 | My question is just around maintenance adjusted EBITDA margins. I guess they were -- they're sitting at 13.5%. Could you maybe talk about as ancillary comes back? And you did also mention $8 million of incremental costs in the second half. When you look at all the puts and takes, how should we think about that margin t... | Hamzah, I'll start, I'm sure John will have a few things. You're right. I mean, I think we've said this in prior calls, that as we believe things would come back in ancillary, the reality is some of the cost containments that we had during the pandemic will start coming back in. And John talked about that, right, would... | direct | [
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adc9a822e88f86413386d01089b5f737 | As you guys look at your maintenance end markets, which seem like corporates are 40%, HOAs are 34%, somewhere in that range. Are there other verticals or white spaces from an end market perspective that you think you're underpenetrated on that could be bigger verticals for you? I know you compete sort of on the higher ... | Yes. I think when you look at the overall marketplace, probably the least penetrated vertical and actually the biggest opportunity for the industry, frankly, is education. Because if you look at in general, Hamzah, education has outsourced books, books and food service to secondary or outsourced suppliers. They haven't... | direct | [
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5cee96c6634c161dce1f4060dd20d13f | I wanted to start, can you give us an update on the rollout of HOA Connect and then the feedback and results you've been getting to date with that exciting product? | Yes, absolutely. HOA Connect, we've actually seen continued adoption. We've added dozens of properties using HOA Connect within the last quarter, and we think we're going to accelerate that as we go into the summer. In fact, what we've done, Bob, and this is really a testament to what we can do, is that we've taken som... | direct | [
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266a4fc9e46a5959487db2f2a3777c8a | You spoke about the M&A pipeline, and typically, there's seasonality to acquisitions and you are kind of done by now. But I think you mentioned there may be more in the back half of this year. Could you talk about your thoughts on acquisitions over the next six months? Or do they kick in again in fiscal 2022? | Sure. Yes. Acquisitions are something where we -- it's interesting, our pattern has tended to be yes that we have a lighter closing of acquisition deals in the summer. Although, I would have to say the largest acquisition we ever did was the Groundskeeper, which we closed in May. And that was May a couple of years ago,... | direct | [
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589bea6d75d023d3462d479b3c5aac50 | First question is a quick one, just to clarify the $100 million of M&A expected in the year. Is that a gross number, and then you have to net off the $25 million from the divestiture of BTC? Or is that a net number already and you're really expecting more like $125 million of contribution and then you take off the $25 ... | Yes, it's a good question, Judah. It's -- that is a gross number. So if you took, and I'll just use broad numbers, there's about $100 million, about 1/3, so about $33 million coming from development and then you need to take out $25 million to $30 million when you set the past on Tree from that number. | direct | [
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f659f94888a857b15781e5810d9af6f1 | And then my other question is just around development. I mean you guys talked about the fact that 2Q was expected to see softness in the backlog and you're expecting some more stabilization over the course of the year. Can you just remind us what exactly caused the increase in the backlog softness in 2Q? And what you'r... | Absolutely. And what we saw -- when we saw development softness occurring in Q2, we started seeing it peek through in our fiscal third and fourth quarters last year as just overall architectural activity, construction activity and overall forecast on building that we saw out there, those new projects and the contractin... | direct | [
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dc77c08c055e4cb6766939cc19beaa64 | I appreciate that you're not going to want to give full year guidance at this point, but the second quarter revenue guide was quite strong, I thought, relative to what I was expecting, particularly to the first quarter. So can you help me frame out how you're thinking about that trajectory into the back half of the yea... | So let me start, Hunter, and then I'll let Jose add some comment. So I think, as we have mentioned in the past, it's really very, very difficult to predict the future under the present conditions that we're dealing with, including travel restrictions by many countries and shifting demand patterns. And that's why we're ... | direct | [
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13d6a9fa9165132999a9b6df3f7eb915 | Just one or two quick ones for me. I was intrigued, Pedro, you mentioned the kind of inability of Miami to do point-to-point, especially in that region. But what sort of competitive trends or opportunities are you seeing for Wingo? And then the second question, if you could just refresh my memory. You guys were running... | Yes, that is correct. I'll start with the second question. So we've operated a 6-bank hub since... Yes. Since 2011, we've been operating on six banks. We've obviously reduced all of that since the pandemic started. But we're going back in June. By the end of June, we'll be back at six banks, or at least, that's our int... | intermediate | [
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0fbff98b8a9859f7a8109989a48c6069 | First, having this kind of a -- a little early to tell, but can you please provide some color on the path to recover your profitability levels after COVID? How should we expect yields to perform in light of lower corporate demand and perhaps with weaker FX and higher oil prices? How are you going to pivot from low marg... | Yes, Pablo, this is Jose here. So I would say that in -- we have to take a basis on where do we think -- what's the path to sort of bring our revenues -- our unit revenues from the place where they are today into a lower dilution and how we will match our capacity to sort of that revenue environment. So I think that, i... | intermediate | [
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ea6268b456e56eb5c02ac3d5f4a9fa57 | As you look across the -- as you look across your portfolio markets in light of travel restrictions and reopenings, which are getting better and easier to predict and which are harder to plan as compared to the 1Q commentary that you laid out earlier in your press release? | Yes. So right now, for example, there are very strict restrictions in places such as Argentina, Chile, Venezuela, Cuba, even some in Panama for South American travelers, not flight restrictions. But then these other countries I've mentioned, in most of them, flights are actually restricted. So it's anyone's guess when ... | intermediate | [
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03acefa040bcde670c1b950b1f30a1ab | I appreciate you giving us the deliveries for the balance of the year. But could you also maybe give us some of the corresponding capex around that and also the capex and deliveries for '22? And as related, what do you think the balance between these and owned would be? | Yes, Ray, the capex for 2021, including the airplanes that we were already taking delivery of, so talking about full year total capex, it's going to be around $450 million. And that's -- most of the aircraft, there's a portion of it that is cash capex that is associated with maintenance events and IP investments, etc. ... | intermediate | [
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844a86b4181ec7bc2f8c9b059ee811ef | Hey Jose, Pedro -- Joe, my one question is just a modeling question here. Obviously, the tax is basically zero. And I'm just curious whether or not have you taken a valuation allowance against your deferred tax asset to the extent that now you're not going to be booking any tax credits? Is that what's going on forward?... | Yes. Yes, it's a timing -- the specific line that we put into the fourth quarter was a loss carryforward that got booked. That usually gets done at the moment where we have a clear visibility about the performance of the entire year, so it's done toward the end of the year. So it's just simply timing. So the difference... | direct | [
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07a442f33680134acccd87af30623e39 | I'm just kind of curious relative to your kind of what you're seeing from a selling standpoint today. How much of your kind of current ATL is in terms of vouchers? And kind of what percent of that -- what you're selling today is in the kind of the form of vouchers? And somewhat related to that is, kind of curious if yo... | Yes. In terms of ATL, normally, the vast majority of the growth that we saw -- I think we had a growth in the quarter of about $5 million in the ATL, and it's purely -- I would say, most of it is cash coming in. So we have the majority of it is cash. There is a portion, but it's a minor portion, it's a subsidiary vouch... | direct | [
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2bf30d11a12dd7c79c00a728c3c378b8 | Just a question in terms of the traffic recovery and the city pairs or routes. So which markets continue closed at this point? And what's the expectation to opening -- open them? And perhaps, is the expected recovery maybe more driven by the reopening of routes, or by increasing capacity of -- or at the existing routes... | Yes. So I mean most markets are open, but some, as I mentioned before, are very restricted in terms of how many frequencies we can operate. So markets such as Venezuela, Argentina, Chile and others I had mentioned before, they have restrictions that don't allow us to operate more than a few frequencies per week. Wherea... | intermediate | [
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b8586d45820c41921ae0ec47347933cc | Pedro, you mentioned in your prepared remarks that you think fewer markets will be able to support point-to-point post-COVID. Can you just elaborate on that? Kind of why do you think that? | Well, yes. Our hub has always distinguished itself by connecting a large number of small city pairs. Over 70% of the city pairs we connect have less than 20 passengers per day each way. Post-pandemic, we expect city pairs that have enough traffic, that don't fall maybe within that 70%. But even some that do, that pre-p... | direct | [
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c7ea1eea9f9dea180231bf19e9c57a82 | Jose, maybe just following up on Pablo's question. Can you remind us how you're thinking about kind of cost structure post-COVID? I think you had previously said you could get back to pre-COVID CASM ex, with 80% of pre-COVID capacity. Is that still how you're thinking about it? And then just a clarification on the endi... | Yes. So the first question, Joe, is we think that we'll get sub-6 CASM by the time that we are back to pre-COVID capacity. And I think we'll be back to our pre-COVID CASM by the time that we're around 80%. Yes, that's still very much our target, and we're relatively confident about that target. And we've been making a ... | direct | [
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93d917252a5d4f9e36005805be43b3da | As you think about adding cities back to the network, how will you think about adding them back? Will it be a focus of VFR or leisure traffic, cities first? Or how should we think about the shift in mix away from business travel and to more leisure and VFR for now? | So yes, an interesting question, because the cities we've added are, of course, our stronger cities or stronger destination. And those, in many cases, include a significant business travel component pre-pandemic. But we're adding a lot fewer frequencies than before. So strong business markets like Panama, Bogota, for e... | direct | [
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7558c22eb806155e553c11531e6d4e90 | And then the other question I had was, as you're thinking about getting back to profitability, how should we think about the return of capital plans? Because for a long time until the pandemic, your dividend was an important component of that. And obviously, with the pandemic, that's just not the case right now. So how... | Yes. So we haven't changed our dividend policy. We're just missing the profit part of it. And even though I want to talk officially, because we have to see how things develop, but I would expect that once we have the profit component, the dividend policy will kick in. We have strong liquidity. We're in a strong overall... | direct | [
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14f90a468146249c80302809422fc125 | Good evening. It seems, as has always been the case with this market that everything changed today. We saw the mortgage name sell-off, we saw all our credit sensitive names rally etc. Do you think there is something really durable going on here that could alter things like payment speeds and MSR values? And in your own... | Hey, Henry. How are you? It's, Jay. I'm happy to address that. We think that a valid or credible vaccine will definitely have a meaningful impact relative to rates. We've also felt that current results around the election, that could also trigger higher rate environment just given what we think around the absolute leve... | intermediate | [
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e196af5fb3996036f53812473a7180cb | We're at 3%, if you're getting a mortgage today depending on how you talk to, you're paying 2.90% to in the 3s, low, low 3s, the 30 year fixed. Then if you have super credit, you are refinancing a low L of a high LTV, how's -- you're going to do much better than that? That's why I say, is it 3.5% or is it 4% that reall... | Clearly 4% does. With respect to 3.5%, somewhere between 3.5% and 4% has a decent impact, but we would air on the higher side of that just based on our view on origination relative to margins primary, secondary spreads, etc. | direct | [
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e6c219d50174b4f47ca6954c95363593 | Thanks. I was hoping you can give a little more detail on what happened with the deferred tax asset, how much was the write down and what -- was that related to certain assets offsetting the servicing liabilities or something else that was calculated differently? Thanks. | Sure. I'll let Mike take that Kevin.
Hey Kevin. So we calculated the deferred tax asset the same way for the past few years and with the sale of our Ginnie Mae MSRs, after the sale, after it didn't produce the sort of reduction in the DTA that we were anticipating, we began to dig into what led to be an identification... | intermediate | [
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9833380179cb0e27227b626474aea859 | Okay. And then does this have any impact on the taxes you're paying right now or you're going to pay in the future? | No, it doesn't. No. This is purely a deferred tax item. Has nothing to do with current taxes. | direct | [
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2c26ac4db14336ede3723bf146e70fd1 | And how much -- can you --how much was the writedown? | Broadly speaking, Kevin, it was of the total book value drop, about a third of the drop was performance related and about two-thirds was related to the DTA. | intermediate | [
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a3ce1ed19a4017cd1cb6c3d9b6ed5fdd | And then the CPR in the servicing portfolio is running much higher than the RMBS portfolio. Is there any desire to attempt to match those more or try to get this closer together just given the economic hedges that they naturally provide? | There is definitely a desire as I think I said in my notes that we're looking to the bigger market share on the MSR side of the house. But I will tell you this, again to my former comment to Henry, all of these guys that are looking to go public aren't looking to go public with a statement to the market that 2020 is th... | intermediate | [
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e932e0603d02b0ac57074088296d458e | Hey, guys. So on the $1.1 billion of MSRs, can you just talk a little about the acquisition? This bulk purchase or to the flow sale and then what kind of multiple did you purchase it at and is it all new production MSRs? | So it was all flow and again I think it's relative to our size -- relative to our size run-off and where we wanted to be all things considered, relative to our view on rates prior to today or the election. That was the number we are comfortable with historically with the understanding that clearly we want to continue t... | intermediate | [
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8e8846604048641c45f39f729277d207 | Got you. That's helpful. And then, so is that $1.1 billion during the third quarter, or how much of that is subsequent to quarter-end? | That's all just third quarter and I can tell you [Speech Overlap] Fourth quarter has been pretty good so far. | direct | [
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ddbe708a723f8626c5503af70367e795 | That's helpful. I'm just kind of going off of that. Can you provide an intra-quarter book value update? | I would think of the value down somewhere between 1% and 2%. | direct | [
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849f54d51259cdebdebc0cef3b25329c | And then another question, just given your cash balance and your kind of outlook for speeds any investing environment, how do you think about buybacks and the use of capital just given your outlook for speeds, not necessarily but [Indecipherable] you're trading on book value? | So the MSR is really where we think about the most related to cash. We've maintained that we have desire to maintain a strong cash position going into the year-end. And as you may or may not know, the fourth quarter is always the largest relative to resourcing advances that required to be paid relative to [Indecipherab... | intermediate | [
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33c0ab991f7e0e5afb74be5796ceba07 | Hey, thanks. To follow up on the question about the deferred tax asset writedown, can you say what the remaining size of the DTA is after the write down? | Sure. It's right about $20 million. | direct | [
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a54369afdc2c5d4055293581dcd2bd74 | Okay, got it. Thank you. And then I guess as you follow-up on the previous questions about MSR acquisitions, as you think about the size of that portfolio going forward and we're prepaid speeds are, are you guys expecting the MSR portfolio to continue shrinking over the near term or do you think higher flow volume or m... | So our goal I think going forward is to -- is to stem it with [Phonetic] new acquisitions. That would be our goal on a go-forward basis and to the extent that we have some opportunities to buy MSRs at a level that we find compelling that would be above that. I think we would be in a position to do that too once we get ... | intermediate | [
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1fad0fe38ea2a405268eb8ce066cf51d | Got it, OK. And then as you guys are making new investments or reinvestments in the agency book, can you comment on what kind of coupons or what stories you like in the spec pool market and kind of where you see levered returns on new agency investments? Thanks. | Hi, Trevor, it's Julian. In terms of the coupons that we have been buying, I think we've been, like some of the other REITs playing dollar roll income. So we've been buying 2s and 2.5s in the portfolio. I would say the majority of our Ts in the portfolio are all TBA at this point. That return is probably mid-teens. In ... | direct | [
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7e1020ae9401a47dbb04eada19413e60 | First question just in wealth management, Ron I know you're going to be opportunistic about recruiting financial advisors and you're not going to force anything. But you sound -- you're pretty upbeat about what 2019 could look like there. And I think that's kind of important to the growth story here. And so we'd love j... | Devin I never put out numbers like that in terms of number of IPOs or number of recruitment. That's -- it is just not something that we do. I will say that as I said in the past calls, that we had muted activity in the way we approach recruiting during the DOL time. So with fiduciary standard for reasons that I've expl... | fully_evasive | [
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dc9935dbd042d98fd954a6ebe75b920e | Another question here just in the bank, I know the part of the opportunity to spend NIM over time is increasing the percentage of loans within the mix. I'm just curious just given some of the volatility in the quarter with spreads and maybe increasing concern on credit, even though we're not seeing much, is that still ... | For your last questions first, is yes, we are using the existing yield curve. We're not trying to project changes in the yield curve. A lot of our NIM expansion as I've said on the last call is more on the liability side, as we've swapped more deposits we were able to replace Federal home loan bank borrowings and CDs w... | intermediate | [
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fbd37871ced7e42ef914b9041dab17aa | Last one here on capital and on the share price. I agree with kind of your sentiment on the stock and hear a comment that there's not really a better use of capital at the moment in share repurchases. So I'm just curious how kind of M&A opportunities, particularly in wealth management fit within that. There's obviously... | Well we're -- as I said we're generating a lot of cash. We increased our dividend. And the hurdle rate is we'll look at acquisitions as we always do. And we look at acquisitions as the acquiring of future cash flows. The hurdle is really simple. It's when I look at acquiring future cash flows and then I look at our own... | direct | [
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cd873558a00fee6fc434017add5e2b19 | So I guess my first question is -- good IB result which was encouraging given some of the market headwinds this quarter. And your public fee backlog is actually up pretty significantly year-on-year. Just wondering if you could speak to kind of what you're hearing from corporates? And sort of is that the primary driver ... | We're starting the year and we're starting the year as you just noted with -- you're looking at it I guess a different way, but you -- with a nice backlog and a nice backlog of business. And as I said, I think that what I'm most encouraged about is the type and notability of some of the transactions that we're doing. A... | intermediate | [
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43176b48fb1cf32d03905d2dc75ed71a | And then just on the bank growth. You noted that you grew the bank over $800 million in the quarter. And a lot of that was noting that driven by some of the increases in client cash in the quarter. But just given some of the strong growth we saw to close out the year, is -- there is $1 billion in bank growth for the ye... | No, that's a good question. If you want to look at how you deploy capital, as we've said, we can do dividends and we increased our dividends. We can buy return capital to shareholders to stock buybacks. And I've indicated that that is a attractive option at this point. We can do acquisitions which I've said has to clea... | direct | [
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1db29123f378b1fa4b5d23f39d94be0f | And just on the trading outlook. Results in the quarter showed some better momentum. Just hoping you could update us on the outlook for the year, just in terms of equities given some of the pressures from MiFID and then on fixed just given the flattening yield curve impact on any of these? | Trading spend is been a challenging for a few years now. And we were certainly not projecting a robust growth in trading. I don't think anyone else. As it relates specifically to the next quarter we've seen and it'll be interesting to see, but we've seen seasonality in MiFID actually almost flip-flop that's what we thi... | intermediate | [
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1500026c1ac48fbe5fcdaeb50258405b | And then one last real quick one. I think you noted that the expectation is for deposit costs to continue to increase even assuming normal rate hikes from here. I was just wondering the extent to which that's embedded in your NIM guidance for the year? | I think what we're saying was that we haven't seen a lot of activity in the last rate increase. And I expect there's a little bit of a lag effect there. After that occurs, based on the Fed's most recent statements. They're -- we have projected deposit cost that are in line with what the Fed is projecting to do, but not... | intermediate | [
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8ff8b5350c20a4b8634e1740ae151621 | First I was hoping to zone in on the liability remix and the opportunity you guys see it yourself. So can you walk us through I guess maybe the pace of CDs rolling off of the course of 2019? And how that's going to be replaced with the balance sheet deposits? And just a reminder in terms of the cash rebalances where th... | Yes. I'll let Jim answer that.
In our 10-K you'll see kind of -- some of the amortization schedule with deposits. But I will say as when you look at the cash balances on balance sheet at year-end, the bank had about $1.3 billion, $1.4 billion of deposits. A large chunk of that is going to be replacing borrowings and C... | intermediate | [
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74d0088b6809aab1123440dc11534dac | Got you. And to get to my next question. So, Ron you obviously talked about a very strong recruiting pipeline. Can you expand on the sources of the growth and maybe help us think about what that means in terms of kind of customer assets that your pipeline currently represents? | Well I mean, again I don't give numbers. But I don't like doing that as it relates to any numeric goals on deals or recruitment. But just look him over time, you add -- when we add advisors they bring client cash, they bring AUM, and they bring revenue, that's why we do it. We're going to be -- I think the major messag... | intermediate | [
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20dba4c91edf08a52be36721a2bb776f | And then the last quick question, really just a bit of a timing clean up. When you guys talk about a pretty robust pipeline in investment banking, both I guess sounds like ECM and to some degree DCM. Any impact from a government shutdown we really need to consider. So later Q1 and then really kind of ramps up in the ba... | No. I think there's -- I mean there's no question that the government shutdown delayed deals. So I would expect that you will see -- across the industry, you will see first of all what otherwise we have been you're going to see less equity underwriting revenues just merely because of fact that the government wasn't shu... | direct | [
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5dcde8f5644f51a1dc703b4efa416be9 | As you probably know there's a lot of attention being paid to credit and credit quality these days. Given the credit quality really just remains outstanding kind of the across the board everywhere. But in light lot of that, I'm wondering if you guys could just maybe take a minute and talk a little bit about the profile... | Well I think our C&I book is -- I understand what you're saying Chris, and it feels like we might be late in the credit cycle and what's going to happen. But I just point to our NPAs which are 14 basis points. And our overall review of loans, we are like every bank, we review loans, we categorize loans. We look at what... | intermediate | [
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ed3335ef9ba505675efbf35f188450cf | Okay. I guess an unrelated question on the topic of MiFID. I think a lot of people are characterizing 2018 as kind of a year of discovery for this regulation. Wondering, if you'd agree with that statement? And if you do, what do you think the impact of this might be as we think about 2019 and beyond? And as it -- as yo... | Well, I'll go with your first comment which was -- it was a year of discovery. And it'll be interesting, I could see how it evolves. I don't think anyone knows yet other than, I still believe it'll be under some pressure. A lot of it will depend on the SEC's approach to the characterization of our research payments. As... | intermediate | [
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785ccfd7dbf7c56717e4aaf61121eda5 | Just wanted to quickly touch upon your EBITDA guidance for 2020 and '21. With almost approximately $370 million EBITDA already in the books, the 2H guidance seems to be very conservative. I understand you guys have assumed zero third-party volume assumption for the balance of year, but we have also seen approximately 1... | Yes. Maybe I'll start off with just addressing the third parties, and then I'll hand it over to Jonathan to address the financial aspects of it. So, yes, we had a very strong first quarter, and it even continued into our second quarter from a third party's perspective. We averaged about 11% in the second quarter. Looki... | direct | [
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7fa3a91021edc6928804317ad331c0a3 | Got it, guys. Thanks. Thanks for the color. I mean, I just wanted to touch upon there on the 2021 guidance as well. So a couple of things here. One, the base of 2020 EBITDA guidance looks to the upside. So if you assume the top end of guide of $700 million -- $710 million, and then there is an additional opex increment... | Yes, sure. So as we look to our 2021, I mean, just in terms of the numbers, we deferred $20 million of opex and maintenance capex gather across both of those from 2020 for the turnaround. We had spent $12 million this year. We'll expect to spend through Q2 and Q3 on the turnaround. Some of that work will be preserved, ... | direct | [
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bd489c5662034661eb8f6f581726babd | Great. Thanks, guys. Thanks very much for all that. I just want to quickly touch upon the FCF debt. So you guys have about like $750 million of FCF generating in 2021 and '22. And looking at -- you will have a substantial cash flow, even after your distributions. Just want to understand your capital allocation strategy... | Yes. Maybe let me start off with the -- on the M&A side, and then I'll hand it over to Jonathan. So I mean, I think what we've said is we want to be very focused on our acquisitions. Bakken is our priority. It continues to be our priority to support both Hess and third parties. In particular, we're looking for opportun... | direct | [
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af0263181a2b7937cbfc190f28df177e | Hey, just a follow-up on that last question there around M&A. And John, you mentioned Gulf of Mexico. I know prior to COVID hitting, it sounded like you guys were getting fairly close to doing something there. It sounds like something you're spending a lot of time on. I think since then, that's been stabled a bit. Just... | Yes. No, thanks for the question. And there -- I would think both aspects of that are good. We really never put the pencil down. I mean, obviously, with COVID hitting in some of the economic environment impact, that obviously changed a little bit of direction for us. But we continue to see high-quality assets in the Gu... | intermediate | [
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a6ebd371b9bfef963e126930759fd85a | Great. That's helpful. Second question, also a follow-up on a previous one. I know you guys obviously are being conservative here in the guidance. But just sort of moving that aside, could you just -- maybe just give us some specifics around some of the discussion with your customers? One of your peers in the Bakken wa... | Sure. Yes. No, we continue to maintain very good relationships with all of our customers. I mean, obviously, Hess, we're very integrated with Hess but also the other producers in the basin. We have seen -- I mean, as you look at it, and I'm sure you guys look at it, too. But as you look at the weekly rig count, it's pl... | intermediate | [
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56642ce2dbdaf926f850edcd314f2a15 | And last one is the obligatory DAPL shutdown question. Just curious how you guys are thinking about that potential? Is it an opportunity or a threat for you? Any thoughts on that would be appreciated. | Yes. I mean, look, the DAPL uncertainty -- and I think Hess addressed it in their call earlier. Obviously, Hess is continuing to ship on DAPL. We're monitoring or Hess is monitoring the decisions of the court with the stay. So that's obviously playing into it. But we've really been -- not that we've been planning for t... | direct | [
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67c8760114670d22fa8f22453d783ff9 | Hi, good evening. Glad to hear, you guys are doing well. First question I had was on J&J, you mentioned in your script that inventory with high going into Q1, because of COVID. Any update on where that is at the start of Q2? | Hi, Jim, it's Mike. Yes, we did see inventories continuing into the first quarter, but we -- that wasn't that big of a surprise we alluded to that a bit as we are coming out of last year given the storms and the COVID spike at the end of the year. It does not as you noticed, we didn't change our expectations for the ye... | intermediate | [
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0633b5e32cae52ada783848f6d607c5d | All right. And I know you don't want to get too specific and I'm not going to push your full-year, but historically, Q2 is generally up from Q1, I know you said you had some other product sales that might not be coming in -- as high in the rest of the year. So do you think that's enough to change that trend? And you th... | Yes, Jim, this is Mike again. So one of the things that we've tried to do here is recognize the COVID dynamics and signal that we do expect the second half to be bigger than the first half just as COVID is expected to lift further in the second half. That being said, there are normal dynamics, where the second quarter ... | direct | [
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c7bff63e70c8858b76ee704fc445407c | Okay. And then on the operating expenses, R&D looks well about -- well, I would expect it to be as you know, it's a little bit higher. Is that the new base level that $18 million? Is that what we should assume going forward? | I'm sorry, Jim. Could you repeat the question. | fully_evasive | [
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a05b73355b5605b681bd04b5eb64ea63 | [Technical Issues] one-time expense in the SG&A expense was $18 million, a good baseline for SG&A expense going forward? | I'm sorry, I didn't hear. Thank you. In terms of the SG&A spending, one of the things we saw from Q3 to Q4 is Q4 was little bit lighter than Q3. And there was just in timing at year-end based upon incentive compensation accruals. And so if you look at the trend from going forward to Q1, there was generally normal growt... | intermediate | [
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6c529274b1159da8f6383c4cc804c88c | Okay, and then the last one for me is on inventory, it's down about $3 million in the quarter, sales were up. Is that a function of the -- your quality inventory being sold off? Or is there some other dynamic there? | There's really nothing unusual going on in inventory. There is really nothing unusual there from a trend perspective. One of the things that we've been trying to do is just make sure that we have adequate inventory to meet demand, but there is a different mix and different things that are happening from quarter-to-quar... | intermediate | [
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"intermediate",
"fully_evasive"
] | B |
39c3d99e59dbcd8fe4afbe927895b936 | Few questions, I guess, Cheryl, I may have missed this at the outset, but did you speak at all to your estimates in terms of patient volumes for sort of the key parts of your business. What you're hearing out there? What you're estimating in terms of relative to pre-COVID levels? | Yes. Yes, let me speak to that. So what we're seeing a definite recovery globally, but kind of moderated by COVID and especially in different countries and different regions where we are seeing COVID spikes happen over time. I think, if I could speak to the US for a second, I think that there is a pretty strong trend o... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c78c288bdac10aea8e9aba81889afba2 | When you guys talk about the longer-term goal toward '24 and you talk about sort of mid-teen topline growth to get there. How much of that mid-teens top line growth assumes, sort of, new product introductions and revenue coming from, sort of, that channel. Because I mean you guys, I think you long something like seven ... | Yes, it's a great question. I would tell you, if you look first of all, at the first couple of years here we've got ahead of us that, that's going to be primarily around commercial execution and commercial excellence of products that we already have, some of which we've only just recently launched. So, they haven't rea... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1ed77ad6761dff36b16f5e9da42b4b2c | Okay, I guess a question for Mike. The cash flow from ops basically round numbers you guys, sort of, had about $2.5 million of positive free cash -- positive cash flow from ops and overall for $2 million of free cash flow in the first quarter. And then second quarter you sort of gave all that back and then some? I gues... | Yes, I mean, I think we demonstrated last year that we even during the challenges COVID last year, we generated positive free cash flow and we expect to do the same this year. You saw it in the first quarter, we had positive adjusted EBITDA of $4.8 million and I think that's a pretty good indicator. There was some timi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
81979ffeb8d1bf9bdcb7ee991b8bba55 | Can you hear me OK? | Yes, we can, Nicole. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3901c73ff66e6e7d454ac92d08b6e2fa | I wanted to ask a couple of questions just about the nature of the concepts. I'm thinking about the Taco Cabana improvement specifically. And could you talk a little bit about that being maybe more suburban in terms of locations and maybe more influenced by dinner patterns, both of which will be holding up in the marke... | Yes. I would say we've been consistent from sales improvements from what we had before. Again, that was again being driven by the new oil in the State of Texas. The only area, I would say, that is lagging a bit behind and has nothing to do with anything else, it's Houston. And as you know, Houston is not only hit by th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fc1641a2df769d546f364f74313ee03e | I mean, I was just kind of thinking back to the beginning of this story, maybe as a public company. And it was always the unit level economics were strong, and that was the basic premise. And there's a home court advantage for each brand. So could you talk somehow and let us understand core versus noncore or by vintage... | Sure. The sales trends right now per portfolio is pretty much consistent. So it's not just core of or land being down but it's pretty much across the board. And again, as you know, because the revisit the profitability margins are much higher here in core than they are outside of core portfolio. On the Taco, I would sa... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f64d7df4b983b145b7918fc2df17f286 | I wanted to start on the sales performance at Pollo, if we could. And Q1 seemed to play out about as expected, but it seemed that April worsened maybe a bit before starting to recover and it seems to be lagging the broader industry recovery we're seeing. So I'm just curious to get your perspective on what may have driv... | Yes. Great question. At Pollo, versus BlackBox, improvement is right there and within our market. We're not doing well as the we [Indecipherable] is doing. Keep in mind, in South Florida, before this happened, 25% of the [Indecipherable] were living at the poverty level or below. it is right now. So that's why we're pu... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
688b8647b3df869af79ed0268e95695f | Rich, could you give some perspective, thinking about some of those dynamics you just mentioned, could you give some perspective on quarter-to-date? How variable has it been if you compare South Florida to Orlando, Tampa, some of the other markets? Could you give any perspective across the individual regions? | I can give you a top line. They're pretty consistent on the sales decline, and there's not much difference if you look at Northern Florida, Central Florida and South Florida in terms of the range being down around 30%, 32%. We kind to are close there right now, and we're working on that. But no, there hasn't been a sig... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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