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d9278cfc28b0b881fdc5ccd2aa6ce1e0 | The Pollo Tropical off-premise, I think you said it was 7.1%. Could you share what percent of that is delivery? And could you also just give a little bit more on the traction that you've seen thus far with Uber Eats, which I believe has a pretty dominant share in South Florida in particular? | Keep in mind, we just signed on Uber Eats when we ended the first quarter. They have been a partner, as they all have. Uber Eats, as you know, is the Number one DSP in South Florida. And we just recently started rolling out, we've guided in now into our core market, Grubhub, which is Number two. So we expect that numbe... | direct | [
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d548f16f11e47ac57bfe367bb07645dd | On the G&A cuts, obviously, very difficult decisions that you had to make. But in terms of the permanent cuts that you've made, just curious if you could share in what functions you pared it back? And just any other color on the permanent changes, structural changes that you've made, either from a personnel or maybe fr... | Sure. So I mean, we made cuts across the board in all functions and all occasions. Obviously, our focus is around making sure that we maintain the support that we mean needed to support operations in [Indecipherable] activities. And as we mentioned in the in the press release and in my prepared comments, roughly $5.5 m... | intermediate | [
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d2bb8bfe1308c1eb7a67b25312178007 | I didn't catch your last statement. When you said down 3.5% to 4%, what period was that referring to and was that referring to total revenues or Core Laundry because I'm most interested in hearing how your Core Laundry business did in the month of November and into December on a year-over-year basis. | Yeah, Andrew. That actually was our revenues related to our Core Laundry operations and the time period was throughout December. So that was the last... | direct | [
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0602d00b29dda78cc79b91c63335a342 | Okay. So, could you just give us a sense of how that compares to year-over-year in November then? | That would be similar. | direct | [
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bfd5a9168a647cbae20bfcb1eb47aeae | Okay. And last question, when did your annual price increase kick in and did it affect your Core Laundry revenue trends that you just went over with in November-December? | Yeah. So Andrew, this is Steve. We're not going to get into the exact timing. It was later in the quarter, but it's fully baked into the December numbers that we just talked about. And as we talked about, that would change kind of a little bit of the year-over-year trend compared to what a lot of the first quarter was ... | intermediate | [
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1b8d7b3f38667b5470d54af2406adfaa | Hi. I think, digging into the margins probably makes sense at this point in time. I guess if you could help us maybe a little bit, you quantified the energy, but healthcare and travel were the other two things that you mentioned. Just want to understand the order of magnitude that those had on a year-over-year basis ju... | Yeah, I would say that the quarter obviously in this environment continues to, from a cost perspective, be relatively dynamic. When we talk about the impact of the lower revenues on our cost structure, that's primarily impacting our payroll costs as well as our depreciation costs as a percentage of revenues. I think we... | direct | [
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31a74acd83e71cd1518369559f57ce38 | Okay. I mean I didn't -- in that response, I mean, I heard investing in sales. There's been some investments. I didn't hear that there is anything that you did actually to -- or anything significant. I'm sure you're always doing a little bit, but you didn't do anything significant in terms of looking at the cost struct... | Yeah. I would say that's right. I think when you look at SG&A with the initiatives and investments going on, we didn't make any major changes there to hedge through this process. Obviously on the direct cost side and service and production, those costs more follow the revenue trend, particularly on the production side.... | direct | [
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1fff43e9c0428643ff9b75755d0b92e5 | Yeah. Okay. And then, just my last question, I guess you talked about customer retention. It sounds like it was pretty good in the quarter. And I guess my question on that, Steve, is that exclusive of customers that were not in business or inclusive of customers going out of business and maybe there just weren't a lot ... | Yeah. That's a good question, Andrew. Since the pandemic has started, we've been -- and we've talked about this previously. We've not billed customers that had to be closed down because of the pandemic. So most of the revenue shortfall we're experiencing right now, some has come from reductions in wearers, but some com... | direct | [
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cadc9d24b01d484dbb3cc217a863ebe7 | Just a couple of quick ones for you guys. So, I mean we've continued to see the broader industry benefit from PPE sales to customers, given the high demand. I don't think this is called out in the press release, but did you have any material revenue from PPE sales? Is this a driver for you and is the trend line there c... | As far as PPE sales, we have had some offsetting benefits from increased PPE sales, whether it be masks or sanitizer or other products. I would say that it continues to be steady, but not necessarily surging or decreasing at this point. And I think a big question there is, what is the long-term outlook for some of thos... | direct | [
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b14db4f83e0d18ca22069c620971919c | Okay, OK. Shifting gears to your Specialty business, Specialty Garments had a pretty strong quarter revenue and profits-wise. I know you touched on in your prepared remarks, but in the Q&A section here, just anything else to call out here as we model out the rest of the fiscal year or were there just a few larger order... | Yeah, the first quarter was pretty unusual for them. Usually they do -- despite the volatility of their business from quarter to quarter, that management team usually does a pretty good job with their forecasting, but we did have one customer whose relationship ended in the quarter and we had some kind of close up busi... | direct | [
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f2445cd0b9138c1d59902a0254933e46 | Understood. Okay. One more for you here, Steve. With your net cash position now at $473 million, I was hoping you could give us an update on your plans for capital allocation this year. I see you did some share repurchase in this quarter, I think, but just a general update on your thoughts and honestly have your views ... | You're really getting some up-to-date question. It's an excellent question and probably not one I'm prepared to answer...
The uncertainty here, but it's a very good question and one that we're going to continue to look at. As far as our overall plans, I mean, I think we had shown a willingness to start buying some sha... | intermediate | [
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e4f9db8a7cb2bc08764433c29d80a8bd | Can you talk about TRUaire and kind of what you're seeing in the competitive landscape in this supply chain pressured environments and some of the other challenges that this macroeconomic landscape presents, and how this may offer some opportunity for TRUaire to flex some of its competitive advantage versus some of its... | Yeah, Chris, this is Joe. Thanks for the question. Yeah, we're really pleased with the TRUaire business and the integration thus far. Two things that we have said about TRUaire in the past, which are really helping us at this point, one is their fantastic reputation for customer service and so being able to continue to... | intermediate | [
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b34ca8a8d4bf9c2570348eed9436f829 | And one follow-up on that as we think about the balance sheet and this new revolving credit facility, as we look at the business from an organic investment perspective and also from an inorganic investment perspective in the different attractive end markets that we have such as HVAC/R and plumbing. How should we think ... | Well, I'll address that strategically and then James can address it from a balance sheet standpoint. But I -- listen, we don't want to take anything off the table from a standpoint of opportunities. As you know, we have a pretty disciplined approach with respect to risk adjusted return analysis of any opportunity that ... | direct | [
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2dd9fc2636bdf98838db6482a959624d | And just one last quick one, on your last comment about the ERP system, is there a roughly right expectation for when we should expect that ERP system integration to be completed? | I say we have that yet. We're truly in the planning phase. We spent kind of the first quarter of, of TRUaire getting fully integrated. And as you may recall, we just flipped the switch on the RectorSeal ERP back in November. So, we kind of made sure that we were walking before we started running. That system is running... | intermediate | [
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6fda3f2ea36024a937c9c8eaa253b29e | My first one, is just on the gross margin that you're expecting in the June quarter, I think, you might've mentioned that they would increase sequentially. I'm wondering, is that just the normal seasonal increase that you're seeing or is there something more to it compared to what you would see in a normal season eithe... | Okay, Jon I'll point to two things. First of all, you always had some seasonality and that just gets started in the fiscal fourth quarter, fiscal first quarter, the HVAC business is really ramping up and that's where our higher margin products are. So yes, there is some seasonality there. The comment we made about the ... | direct | [
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be206a2080040f96c70ca669455271f4 | I was just trying to get a sense of also, maybe as you look at the rest of the year, compared to where you were standing in January, you said you manage your gross profit dollars as opposed to the margin percentage. I'm wondering, do you see that with the stronger demand versus the installation, your profits will be on... | You know, I'll tell you -- I'll say this, I'll say pricing is certainly up. So the top line I think is certainly up. In terms of profit dollars I think it's a little early to say there, we're protecting the profit dollars. I don't want to by the way say we're not always looking at margin as well, but we want to be sure... | intermediate | [
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fda49b789e1bdaf329bba0949502431b | Just on the architectural business, I think you mentioned it would be a little bit weaker this year. Is there any quarter that you can point to that would be -- from a P&L level before these projects that you were bidding on start coming back in? | You know, it's hard to get that specific, Jon. It's a great question. I think, my first day as CFOs was a year ago on the same call, and I think we were already talking about that air pocket coming in. The team did a great job with the leadership continuing to push which quarter that is out because they've done a good ... | intermediate | [
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8e071faa8c574e930311a01b287739b5 | Just, can you talk about the strength in HVAC/R and plumbing demand, just given where we are between vaccinations and work from home and housing shortage, how long do you see that tailwind continuing, is it more a secular thing or is it more temporary just based on all the things that are going on in the world today? | The honest answer is Jon, we don't know for sure. It feels more secular than short-term to us. As we've always talked about the installed base matters and it feels like there's expansion in the market, housing prices going up, provide financing for house improvements and expansions of people's homes, which need to be a... | direct | [
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5ebc644cac5b61f3cd512ff6afa48704 | Can you go into a little bit more detail on the type of net lease retail tenants that are requesting deferrals? And I think you kind of quickly went through the couple of months what deferrals you expected in millions. But to what magnitude do you think that those deferrals might increase from here? | Hey, Bryan. It's Todd. So, we're typically seeing the rent deferrals in -- a large portion of them are in the movie theaters, in the fitness centers, the tenants in industries where the operators just shutdown at least for the near term. We also are seeing a lot in the casual dining as well as some of the quick service... | intermediate | [
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30112381a98f90df70520c122bbe23ca | And are you still seeing April rents trickle in as we move through May? And as it relates to the deferrals, are you requesting that the tenants provide you with financials in order for you to ascertain their ability to pay back? | Yeah. We -- the first -- to answer the first part of your question, yeah, most of the April rent collections I think we've accounted for. We've -- again, we've collected 45%. 42% we have deferred. And then there's another 13% where we're currently negotiating some kind of blend and extend with tenants where we may end ... | direct | [
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9cbad6a2b94fee9a3a862cb1e62792ac | Okay. And lastly and probably most importantly, when the security deposits for the hotel operators, namely Marriott and InterCon, run out probably in the second quarter -- I know you guys noted in your prepared comments what Marriott's contractually agreed to pay, I think you said 80% of the minimum rents, and InterCon... | Well, Bryan, my crystal ball is not any better than yours. But the beauty of our large portfolio transactions is that we've pulled, in the case of Marriott, over 120 properties. And with IHG, we pulled 100 properties. And they're well-branded, well-located hotels that typically perform well under normal circumstances. ... | direct | [
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ead4b87d00265f4cd08231ad9ca19136 | First question, Anders., yu mentioned, I think it was 3.45% is the long-term interest rate assumption under GAAP SOP, that's a bit lower than most other companies in the industry but it's above current interest rate levels, any perspective on whether or not you might change that assumption heading into your 3Q balance ... | Morning, Tom. Yes. So look, I think, first of all, our long-term rate as you said is 3.45, I think that's--If you compare ourselves in the industry, I think that's a quite conservative assumption. Now obviously rates right now are lower. We are going right now through the process and see what we have to update and we c... | intermediate | [
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2403ea63f381d2e0f05f84ed399c4dcf | Got it. And then just on the distributable cash flow update, so that got a bit better under all the scenarios over a three year basis. I know you mentioned the 50% to 60% capital return target, does this change your view? Now there's differences between capital return and actual free cash flow you generate, does this c... | Look, I think, -- I mean first of all, I mean talking about the VA cash flows and the main message we want to give here is, I think we are on track. I think at NIC, we firm doesn't have a meaningful impact on our ability to generate cash but it actually a more economic framework that we really like. But I would say it'... | intermediate | [
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a1faec0e42ed42982dd85780e22e428f | Hi, good morning. My first question on kind of building upon the capital returns. You guys have $200 million left under your authorization for this year, you did just upstream a good amount in July. So I am just trying to get a sense if there are some offerings from AXA? Whether be the ability to maybe go above that 50... | Yes. So look, I mean, first of all, I mean many things here come together. So first of all, we have $200 million left from our authorization which brings us pretty much in line with the overall target of 50% to 60%. As you know we paid out most of it but $200 million is still a sizable number.
And Secondly, as you sai... | intermediate | [
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cb90a53a1048c8f429512801d43c4f22 | Okay , great. And then in protection pretty strong quarter, you had mentioned kind of there was an upward bias to kind of the prior $50 million or so of earnings that you were targeting on a quarterly basis. Could you just give us a sense of kind of where you see the earnings of that segment coming in now on a quarterl... | Yeah, look, I think, first of all ,in the past we always guided you to around $50 million. What you clearly see here now is that the GA optimization and our expense management is really coming through. Now as we told you, it's not a $100 million in the long run but it's going to be higher than the $50 million that we p... | intermediate | [
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12632bf7a9d38b47c16d4aae8b3b2928 | Thank you very much. Good morning. Anders, I guess I just -- I'm unclear on your commentary, you said we want to support them with access, so should I take that to mean if they were to come out and do a sizable offering, you would consider materially greater buyback, not committing to anything but you would consider a ... | Look I think what I can confirm you is that I have to cash now for the next nine months, we have it in-house. I think that's what I can tell you today. We have to authorization of $200 million but we actually have to cash for the next nine months and I think that's the situation we're in right now. | intermediate | [
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a76feeaf4290098e56032dde167f2fb3 | Got it. All right, I'll read but I want to read into that one. And the group retirement business where I think the bulk of it is 403(b) --in our model, we kind of noticed basis point or two down tick in in fee income. And yes, flows were positive this quarter but next quarter you mentioned Anders the seasonality, so ma... | Yes. Hi, Andrew. It's Mark Pearson here. Look, the 403(b) business for the last six ,seven years and end of the year positive, you're right, there is some seasonality in quarter three but we've got a good first half of the year. In terms of pressure. I think it's about to understand the business model here. It's very m... | direct | [
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9f2287e25b7eb76c4915a85905500a73 | Hi, good morning. When I look at the cash flow scenarios and compare the three year distributable earnings to the lifetime cash flows and assets, I guess if you have the three year number, it tends to be, in most of the scenarios is around 40% of the lifetime total it seems pretty high. So I was just wondering if you c... | Yes I think, I mean the main reason really is that these are two different methodologies that we actually look at, the three years is really what we call distributable earnings and then the lifetime is discounted. So there is a different methodology but I think what it tells you is that I think the business is actually... | direct | [
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7ab082b3abb10830ba463439935b1c9b | Got it. And then a couple of quick ones . The 30.45% SOP discount rate, do you assume a spread on top of that like a risk, spread or is that the actual discount rate being used? | No. this is our reversion to the mean assumption on the SOP for the 10-year treasury. | direct | [
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274b4d5f95d7ac418bc367213ea0629e | And then just last one, can you disclose what the mean reversion interest rate assumption you're now using under NAIC VA reform. I know you gave us the cash flows under different scenarios.
but what the actual mean reversion is interest rate assumption is in the CTE98 calculation now? | Right, under the new NAIC V reform we have a mean reversion but it's actually a moving average that's pre-defined by the NAIC and as of now it;s 3.5% and I think it will also stay by the end of the year, 3.5% of even if rates move it will not change the mean reversion and assumption. | direct | [
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9c33407f3f0a8973e3ee227ed9e7d523 | Thanks, good morning. I wanted to go back to the present value of cash flows of the VA business, it looks like based on the appendix the VA assets of $15.1 billion are quite a bit higher than where they were, I think at the end of '17 which is $12.6 billion, I want to understand what caused that change? And also as on ... | So I think the most importantly, I think we all have to understand that the CTE number itself is very market-dependent and the difference really from what we showed you in the S1, to what we show you today is really market and the up and down gets then supported by the hedging program. So if you have, let's say, a drop... | intermediate | [
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b5df9159315b6bb332798fea0faab419 | And then, Andres. I think in your prepared remarks you talked about maybe some changes that you'd be making to the VA cash flow disclosure, can you just give us a little insight in terms of what you're thinking there? | Yes look, I think first of all when we updated the cash flows here, we said, let's just do one more time these cash flows because they were out people have been understanding and that show that the impact of the NAIC reform is not material to the cash flow generation. I personally don't think it's, in particular the li... | direct | [
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07250b51ca980b0d30aa5ad25b7f25b5 | And so you're seeing for the company as a whole as opposed to just the individual and group VA businesses? | Right, so we are going to come back and we want to talk about it but basically that's it. Yes. | direct | [
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5065365f45677ede509d53334567a0fc | Hi, good morning. First question I had was just on the added I guess note in the press release and in your comments that you might assess opportunities to reduce volatility, I'd just be interested in what's kind of is, should I read that is a change in approach or an increased interest and potential solutions to unlock... | Good morning Alex. So I think what we showed here is when we looked at the VA cash flows, is that actually the new framework is more sensitive to markets but at the same time it recognized as more the actual hedging, I think that was an important point here. So we actually have a very, I think I would say very good hed... | intermediate | [
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0b4b22f40f9816d0e9c4469e6e7aac90 | Got it. And so that would, in general, would that reduce the cash flows by adding costs associated with adding hedges or I guess the other piece of it is the SCS product you're writing. Could you talk about how adding the incremental AUM there can help as a hedge offset? I think that probably helps you with effectively... | I think two things, first of all, as you know our majority of the hedging program is really dynamic program. So there is no explicit cost related to that and we really just have to statutory overlay where we have option cost and the thinking is more in particular under the base case if you do more dynamic hedging and t... | intermediate | [
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c074292353ff2b9324ce097dc373f676 | Good morning and thanks for taking my question. I just wanted to ask first few more on sales. So the SCS products has done pretty well in the strongest sales quarter. First, how does it and how do you envision the competitive environment as other companies get into this product category? And then also on interest rates... | Hi. It's Mark Person. As you said we had strongest quarter ever in SCS despite the competition. Yes we see competition coming in but what we'd like to say is I think we have to think about not just the product, the product is easily copied but the distribution model We had really really is a competitive in knowledge fo... | intermediate | [
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af774a0324a7ade34c7296df607f17dc | Okay and then on employee benefits obviously there is some positive industry trends that right [Technical Issues] but I would consider that to be pretty accommodative to grow this business about quickly , would you consider any backdrop rather positive for growing this business and I guess what you envision the employe... | Yeah. And we agree with you, we like the business. I think as you know from a standing start, we've gone out with a very good technology platform that's our angle. We also have the ability to market into the segment of the market which is 500 employees and below that has better margins for us as well and we're really p... | intermediate | [
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8fae0085f05da86242c7288917cf0937 | Hi guys, can you hear me? | Hi Laura.
Of course, Laura. How are you? | direct | [
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c91b95ed12a9edd7c959113610cdd8d7 | Great, well. Thank you. So maybe a couple. I member Rentrak used to have a big political quarter. So I'm wondering what you think the political advertising is in 3Q and maybe 4Q to-date, for Comscore. And then secondly, one of the things -- I'm also wondering, Greg, for you. How much of Comcast costs will end up being ... | Thank you, Laura. I'll start out with political and then I'll hand it over to Greg on the cost question. Political was clearly an unusual year. The Democratic primary started out what I would call "normal", where the candidates were looking for our segments for highly targeted TV. Then the throws of the pandemic happen... | intermediate | [
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c3eadb7a7b4784d90b8dd77f9b5a83e6 | Hey. Good afternoon, Bill. Good afternoon, Greg. I came on a little bit late, so I apologize if I missed any of this. Maybe first question, just around digital -- housekeeping digital mix as a percentage of our Ratings and Planning. Any update there? And just, maybe this is for Bill, but digital kind of -- we've talked... | Well, there's a lot there. On the strategic review, that one's easy. We can't say anything more than is in the press release. But thank you for the question.
On digital, we're seeing what we had predicted, the bottoming out. We had 100% renewal with our enterprisewide clients that we believe will continue into 2021. O... | intermediate | [
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d415cad8926a96ac9eceb0d3590fdfe0 | Two questions. First, what impact do you think IDFA is going to have on your business? And the second one is with respect to this new pivot on cross-platform measurement, when do you think we will start seeing revenue coming out of cross-platform? | Well, is the IDFA first. It's going to have an impact on the industry. We think that we're positioned well because of the data assets that we have including in our panel in digital. So we're optimistic there that our solutions that we're working on, and we'll talk about that more in the future, are the right solutions.... | intermediate | [
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dd4404b597e58c27d4bc13d56f26fd75 | Thanks very much. A very quick one on the strategic partner and maybe this is something you can answer. Is this is going to be the same investor you had before, or a change, given that you had so many issues with the previous or the existing investor? And then my two sort of fundamental questions. The first one is, you... | I'll let Greg take the financial ones. But the top one that you had on the strategic review, as I appreciate the question, we cannot comment further than what is in the press release. If you...
Second question was about kind of contracts being opened up with pressure and advertising. As I've said before on previous qu... | intermediate | [
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e329afa5fabb0c3e2b89535c556a00ba | Okay. Maybe just one last sort of housekeeping one. Can you give us a sense of the contribution from Data Plus Math this quarter? Just how much was that? And is that expected to ramp considerably? Is that one-off or is that ongoing great? | We don't provide specifics around any one specific product or solution. What I would say is that -- Bill mentioned, we're excited about that relationship. It's generating revenue. And we think there's opportunities for us as we move forward to continue to enhance that. | fully_evasive | [
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af85dbca2a3d5c431bd0d1c4884ead68 | Dr. Lu, I wonder if you might give us a bit of a more detailed status upgrade of the integration on the operations side with LSC? You I think mentioned in your brief prepared comments that you're now at 70% utilization in those facilities. It's certainly a good environment to have extra capacity given the tightness in ... | Yes. Let me [Indecipherable] Gary. He is in charge for the LSC integration to answer your question.
Yes. Hi, everybody, this is Gary. I'm new to this conference call. Okay. And to answer your question, yes, we do see the improvement by the facility usage increased a lot in the second quarter And we will continue loadi... | intermediate | [
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d254a3db449062fb6ca1f3d58983f8b8 | It's been some very impressive growth both consolidated inorganically, but no secret that there's a lot of different points of capacity tightness across the industry. Diodes happens to be in a position to have some extra foundry capacity which is great. But maybe you could calibrate us a little bit on how other things ... | Okay. The most constraint of the capacity is the wafer fab. And fortunately, half of our wafer fab requirements -- our wafer requirement is coming from our internal wafer fab support. And another advantage or another fortunately is because in 2019, we acquired the fab from Texas Instrument we call GFAB and that GFAB pr... | direct | [
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c2e75b59c85d9f4d212b7f30cd127f8a | Everyone else is -- all the other companies are talking very clearly about capacity constraints. It sounds like they're not as problematic for you because of your internal capacity. Are you seeing lead times in aggregate stretch either because the company is having trouble delivering on some parts or because customers ... | Hi, William, this is Emily. Let me answer the question. So we've definitely seen the overall market constraint, right? We have very, very strong book-to-bill ratio. We have extremely strong backlog across all the regions. And just like I reported, we have very, very strong POS result as well. So definitely, we've seen ... | intermediate | [
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84f8c82f56c16393dc31658d2d048c28 | An idea that's been sort of discussed in the semi industry for some years is competition from local China-based manufacturers and there's I think a new JV announced in the last couple of days between Yageo and Foxconn to produce small ICs. Not necessarily about that potential future competitors specifically, but if you... | Right. So definitely. I mean new competitors coming from China is nothing new. We haven't seen that I would say situation for a while already. Like I mentioned before, what we usually see this kind of competitors really more on the low end of the product or the technology. So over the years that Diodes has been impleme... | direct | [
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daca993643c0938db7181dcd0d9ab6c7 | I think I heard that about 50% of your production is outsourced currency. And I think that's mostly on the analog side following the years ago Kansas City shutdown. Are you expecting to meaningfully change over the next few years and increased percentage of your manufacturing that's going to be in-source notably as you... | Yes. Let me answer your question. [Technical Issues] Dr. Lu mentioned about, years ago, we acquired BCD so we have a SFAB. And GFAB we acquired from TI we get a 6-inch and 8-inch wafer fab in Scotland. And also just recently, we merged with Lite-On semi, then we have 6-inch wafer fab and 4-inch wafer fab in the Hsin Ch... | direct | [
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f0ae09630f0da196847f636ef2acba00 | Given the relative supply advantage you have versus peers and given some larger analog companies deemphasizing certain products being supply constrained, do you basically see market share gains as you're basically taking on products that some of your peers are either deemphasizing on purpose or not able to serve the ma... | Yeah, definitely. When the capacity is very high and demand is very strong and whoever the company has a capacity will win the business.
Right. So let me just add a little bit on top of that. I think Tristan it's all about balancing, right? So keep in mind, our strategy doesn't really change. What we've been focusing ... | direct | [
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8e49dcc0c7de21bce352a17d27d0da55 | I wanted to see maybe if you could help size-up maybe your backlog or maybe any color around math of velocity of the orders through the quarter. Just kind of how you've seen orders tracking? And how you think about that, as we move through this quarter or maybe into the third quarter? | Okay. Hi. David, let me answer your question. So we do actually continue to see strong book-to-bill ratio, much higher than one. And like I reported in the Q1 result, right, we have seen very strong POS results and the record POS from Asia as well as for Europe. Even for North America, we're actually seeing very, very ... | intermediate | [
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3d590378c33d2a8f5e2b7a6d34b53d5f | Maybe just from your customers, do you get a sense that they are being fairly rational, in terms of their orders? Obviously, double bookings are a thing and may not mean much, but do you get a sense that maybe they're becoming a little more rational in their ordering and understanding the lead times and placing orders ... | Yeah. So I think like, I mentioned before, we work very closely with the Tier 1, Tier 2, customers to understand their true demand. What we see is very rational. But going through the distribution side, the Tier 3, Tier 4 is not something we have the bandwidth to work with each individual customer to understand it. So ... | intermediate | [
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381be32d5b5bd2ce0cdf77c5731f0604 | How do you -- how do you think you hedge TBA differently than if you hedged pools on balance sheet? In other words, would the strategy around hedging necessarily change material if you held specified pools in place of the current TBA position? And then what was the average -- average drop that you guys captured on the ... | Yeah. Hi, Eric. Yeah, so to answer your first question, the hedge ratio on TBA is different than it is on specified pools. I will say in the lower coupons right now, it's really a primary -- it's not going to be much different. So in terms of whether we're choosing a different instrument on the part of the curve, it's ... | intermediate | [
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9d33a2dae4e0fc19f00b9e95a8c6d545 | On the options on futures contracts, if you guys rolled that position at the beginning, or I guess today, how would the cost compare relative to what you paid last quarter? | Yeah, that's a good question. I think the implied wall in options has actually stayed relatively low, so you're paying that carry cost, and that carry cost comes out of book value. It's been relatively stable over the last two quarters and relatively stable in the last two quarters in terms of our roll cost, if you wil... | direct | [
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b2458efda8931bc0c584ca03e75063ba | In light of the shift in the portfolio to heavily favor Agency RMBS. Can you guys share your thoughts sort of generally on the prepayment environment and maybe more specifically talk about how you think some of the lower coupons would perform like particularly 2.5% in the event that primary mortgage rates were to decli... | Hey, Trevor. I'm going to give you a high-level response, I know it's in order to get more specific. When you notice that back at the beginning of March or so, in the February or beginning of March, we literally sold most of our pass-throughs and we definitively sold our premium, a lot of our premium position. We kept ... | direct | [
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d40063d3630ac4796ff60ab35ec4ae9e | As you guys are thinking about reinvestments and investing the marginal dollar, is it fair to say that you guys are more focused on TBAs at the moment given the roll specialness. I think, can you maybe sort of quantify how different you think the returns are in pools versus TBAs today? | Yes. It is fair to say that we would be more focused on TBAs. I think in the lower coupons, I mean, the differential is multiple ROE. I mean it's like 7% ROE better in the short-term versus the long term. So the interesting thing on that trade-off is in a TBA trade, you're really counting on the financing costs to be c... | direct | [
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945b134984e0a8df00f61b5d394f3964 | Okay. And then also saw that you're targeting now a core ROE of 8% to 16%, which is up from the 7% to 8% from last quarter. Is that also correct? | That is actually just the marginal return that we see on investments. So that slide is intended to say, if we had to put the marginal dollar to work what types of returns are we seeing across the capital stack.
And the lower end of that that 7% or 8% is more like 15 years pass-throughs that kind of stuff. The higher e... | intermediate | [
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b676ac4c39ea480fa8cc5b1e949cce2e | But if -- from your earlier comments that you expect to renew the current dividend in the second half of the year. The current dividend requires a core ROE of roughly 10%, am I correct? | Chris, this is Steve. Good morning. I think the way for you to think about it and what we're trying to communicate is sort of, we've taken the earning asset balance up. So, we've invested in our capital and you can see on Slide 12 sort of the net interest spread and how that's expanded. Right. And so we're 196 basis po... | fully_evasive | [
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f1a837195c2e50cd7d46be623670419b | And then that leverage range increased from since last quarter you're targeting 6 times to 7 times but now closer to about 7 times to 8 times, which you would say? | Yes. And I think that's actually an excellent -- one of the things that that drove us to actually take the leverage up higher than what we had mentioned before was simply the environment and the opportunity that we saw in the TBA market. So, at this point, we're fairly comfortable sitting at this position. The advantag... | direct | [
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0b2f4e10b56dbabbc6d3af2648484ffa | Okay. So it looks like the leverage is going up the incremental return, the period of fee is going up as well if you take away from them. Is that fair to say? | I agree.
Let me just throw in, you're absolutely right. Look we didn't just increase the leverage to chase after a dividend of selling source. We've made a very disciplined capital allocation decision here. We think it is absolutely our responsibility to try to capture that return for our shareholders. So I appreciate... | direct | [
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81a53926be09c6588307d786474de354 | Good point, Byron and I'm looking at the stock and everything. 12% dividend yield, your target ROE, it's going to be somewhere around 10% or so. You have a pretty liquid balance sheet. I mean, I guess the big variable here is going to be your portfolio returns, which I think those to the question of prepays if I am not... | I think so, I mean I think even in the prepays, you've got cushion from being in the lower part of the capital stack -- in the lower part of the coupon stack. Also, I think the div yield is 10% at this point.
Yeah. But yeah --
You're right. I mean it's going to be, it's going to be prepayments and book value and I th... | direct | [
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e8b10fafd71ffd29c91e19d36ecc4082 | Thanks for the comments on Agency CMBS premiums. Given that we have a little bit more data. I was wondering if your view on buyer risk in Agency CMBS has changed at all? And then along the same lines, how do you think that develops in Agency RMBS. | Hi, Jason. Yes. So I think again fundamentally, we love Agency CMBS as a product. It's a great product. It positively come backs. It has an agency guarantee you can earn roll down, it's financeable, it's liquid. It's in the alignment with government policy as the Fed has guided and it's a basket of assets that it's pur... | direct | [
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abcb4110e7ffd5941de90fc765192168 | Okay. And then what's your -- what's your view on the credit? When you look at credit availability in the space, there's obviously some positives and negatives, but how that impacts prepays in sort of that marginal coupon that's may be like 3%, 3.5% instead of the really low coupons? | So I think in general credit availability is being tried to be expanded as much as possible. So that the agencies, the Fed, everybody really the -- they have a tremendous incentive to increase credit availability in general. Where you're seeing the shrinking of credit availability is really going to be in things like t... | intermediate | [
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f7849a08a8c443d8273dcf75ca51af0b | Hi, Good Afternoon. I'd like to focus first on the litigation charts you put on page six, some of the commentary you had in other parts of your presentation. So the legislation was passed, and it's going to go into effect on July 1. So there's two parts to the litigation question. First of all, there are other parties ... | Thanks, Greg. This is Dan. So we've heard a lot of feedback from the various parties on how effective the legislation will be. And of course, we did not get everything that was originally in the Senate Bill 76. And there were a few key things that were removed. However, from the standpoint of just the dynamics of a cla... | direct | [
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d018e630acff652076ec1b4894e1c35b | Thank you for that answer. And then just as a follow-up, I know you report the underlying number. I'm just curious about how meaningful the underlying number is in the context of the unfavorable reserve development. It would suggest the $29 million with -- or $29.769 million, it would suggest that, that is -- you had u... | Greg, this is Brad. I'll try that one. I think the underlying number tends to help with comparability between periods by stripping out the noise. So for example, if some of the data that emerged in the second half of the first quarter this year was available at year-end when we were making certain decisions, and that $... | intermediate | [
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bc93bd2c2272b591a024b11c27f41e2b | I got it. And then the last question would be on the reinsurance and risk-based capital. I guess with this first quarter results, your risk-based capital ratios deteriorated. Obviously, with the reinsurance, you have an opportunity to sort of reset that. How are you thinking about risk-based capital ratios as we go thr... | Yes. We're comfortable with our capital position. We've put a lot of work and thought into that. Obviously, at year-end, with some of the additional reinsurance protections we put in place both at year-end and at January one with our all other perils catastrophe excess to loss program, which did help lower our retentio... | direct | [
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a4ee529a600e4c6f427a3097f6717252 | Hi, thanks. My first question, I think, Dan, you started off your discussion by saying you're targeting a low 80s on an underlying basis. Could you just give us a sense -- kind of provide an update on a time frame when you guys would expect to get there? | Okay. Well, the way to get there is, of course, to drive down our loss costs and increase our revenue. So we're on a run rate -- we have achieved a 10-point -- let's say, 10.2% or 10.4% rate increase, looking backwards, and we have filings -- there's two filings in Florida for 14.7%. And I think Texas, Louisiana, South... | direct | [
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9031bc7a28d1a6f91c5ead3a0f678df9 | Okay. That's helpful. Then in terms of the color that you guys gave around bringing down your net cat costs, right? And just in reference to what we saw last year from the event. So this is following the addition -- the full placement of your reinsurance cover as you see it getting placed, right, as of June 1? I mean, ... | So the -- what we said was at the most $70 million, $25 million for the first and the second occurrences and the $70 million aggregate. We're working to potentially bring that down even further, and we hope to have news over the next couple of weeks. But yes, that would be applicable at June 1. We have a separate, what... | direct | [
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7f398c918c4cc5c9226697e179ea32d0 | Okay. That's helpful. And how much, Brad, sorry, I think I might have missed some of your commentary on capital in your prepared remarks. I think you were talking about having to contribute some capital to the pooled entities just because of the reserve charge in the quarter. Did you provide a number? Or can you just k... | Certainly. We -- I had mentioned in my remarks that we had approximately $40 million of cash on hand -- unrestricted cash on hand at the hold-co level, and we intended to utilize up to half of that liquidity for contribution. Those have not been finalized yet in terms of exact amounts, but we do want to backfill the ho... | intermediate | [
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8762ba5b4e650fe49404028c9d3bafc6 | Okay, great. And then a couple of quick numbers ones. I had heard from another reinsurer -- a reinsurer, actually, sorry, that they said that even though it's kind of more than three years out, that they're still seeing some adverse development on Irma. So have you guys seen your gross loss from that event move recentl... | Yes, we did reevaluate Irma at March 31 as well, and our gross loss increased $150 million for Irma. | direct | [
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54a30271329e53a216f7f01a3eecf004 | Okay. And then one last one. So there's been some events in April, just in terms of some of the storms. I've heard some at the end of the month could be, I guess, of more significant losses. Is there anything that we should think about you guys in terms of April to date, maybe having more or perhaps you're less exposed... | Sure. Yes, we can acknowledge some cat activity in April, but nothing out of the ordinary, and we don't have anything to preannounce at this time. | intermediate | [
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b43e1c499b7bce87fcf92accc8363dea | Maybe, Karen, I can start with you on the revenue side. So I think you noted that about 10% of the revenue in this quarter was probably catch up, right? And so, I think that leaves something around $30 million or so as kind of the base in the quarter. Is that a good starting point for where you think you can settle or ... | Well, you're right to back out the deferred procedures and thinking sequentially what will happen, because those were really injuries that happened in Q2. But I think we're mindful of the impact on COVID-19. And remember that usually, we're sequentially flat between Q3 and Q4. So, while we think we'll show year-over-ye... | intermediate | [
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5ad2595b6a466887776ccdffc655ec99 | From that $30-ish million? Okay. Fair enough. And then maybe, Pete, I'm just trying to parse out the comments that you made around expenses, right? So the expense load in the quarter was not as low as it's been in times past, but I guess as a percentage of revenue, it was a little bit lower. But it sounds like as you'r... | Yes. No, that's right. I do think it's going to continue to tick up. Now it's not going to go very quickly. But we're going to -- we've begun to make additional investments on projects that we put on hold, things that are pretty important around clinical trials and continuing to get back into growth mode. Look, we're e... | direct | [
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479e4dd52bbb1d4449565d3dc48cc12d | Fair. Fair enough. And then maybe just one last one, Karen. So for you, I guess, you highlighted the MATCH cohort, or the RANGER study, I guess, in the press release as well as the publication that came out. I guess the question is really, is there any reason why one couldn't reasonably look at the results from that st... | Well, I think every study is its own study, so you can't assume that one study tells you the results from the next study. But having said this, yes, it's confirmatory to the data that we planned for when we put the RECON study together, and we see those same types of results coming out in the MATCH study. | direct | [
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c784d7a913928c01f99de0be6253e020 | Congrats on a nice quarter, guys. I'm curious, on the deferred procedure component, how much visibility do you have into when the injuries occurred? Are you confident that, that 10% number is pretty solid? Or is some guesswork involved there? | It's an estimation, but what we did see was a very noticeable surge in procedures done as hospitals opened up regionally around the country. And so, for a discrete period of time, you'd see a big spike in procedures, and that's what we're defining as that surge or deferred case volume. We supplemented that with going o... | direct | [
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18069d3ca2cba357f165fb8199437519 | Okay, that's helpful. And then second one for me, slowing the pace of rep hire is driving more efficiency from the sales force makes a lot of sense. I'm curious how you're thinking about the triggers for resuming hiring or resuming expansion of the sales force at this point. Is there a certain level of revenue per rep ... | Well, we haven't set a fixed number. I think we're looking at individual territories and the growth that they're driving. But we've always said that we thought a territory, theoretically, could be around $2 million in revenue per territory. We want to continue to see productivity move in that direction. We'll obviously... | direct | [
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3aa8282de5258d396b66a7a60cf9d026 | This is Erin on for Rich. I was just hoping maybe you could flesh out some of what's contemplated in the moderate growth outlook for 4Q, maybe just kind of across the different segments like trauma, BRN, OMF and pain. And what kind of growth do you think you might get in those types of segments? | Sure. If you look that next layer deep at our overall growth, the majority of our growth -- majority of our business is upper-extremity trauma, and the majority of our growth has been upper-extremity trauma. That's been really the first segment to rebound and to continue, not only to recover from where we were from COV... | intermediate | [
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05add4f43b6afde4e83a244f6e67b3ac | Okay, great, and then just one more quick one for me. I was just wondering if you could maybe shed some light on what you've seen in the first couple of weeks of October. Given the recent rise in cases, have you heard any feedback from customers indicating that there's a slowdown or that some of the elective procedures... | Well, of course, everything that happens in COVID-19 is very regional. We've seen strength into October from -- in the same way that we saw it in Q3, but we have heard of hospitals that are starting to signal that they may need to defer some elective procedures, including, in this case -- and again, typically, trauma i... | direct | [
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156a830c5513418f8d7606a9d36069a5 | This is Ian on for Kyle. I wanted to piggyback off the previous salesforce question a bit. Just how do you think about driving utilization in existing accounts versus focusing on getting those new users? I think you mentioned top 10% of accounts for 35% of sales again. Are those surgeons using Avance for 100% of their ... | Sure. Yes. No, we're really clear that our best opportunity is to drive penetration with our existing users and existing accounts. We'll continue to see expansion of accounts, but our focus is really on driving adoption among existing users, because most of our users are extremely lightly penetrated. And with the data ... | direct | [
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2e2fa31b30e4204c3ed70d24d55dfcf4 | I was wondering if you could elaborate on what you're seeing in the aerospace submarkets, fasteners, engines, structural components? And maybe how if at all, things have changed with the 787 production reductions? | Yes. Gautam, this is Tony. From the last time we spoke three months ago at the first quarter earnings call, things are relatively the same. You have a little bit of movement here and there. Obviously, this quarter, on the engine side, that was a little bit better than what we had expected. But on some other areas, prim... | intermediate | [
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d1112cb1c21422ca09523f224a13c14d | Just to probe Gautam's question there a little bit. I know you said things haven't changed much, but can you talk about lead times, just with airlines pushing out an aircraft recovery almost three months here from early summer to Q3. Curious if your lead times mirror that? Or it sounds like maybe they haven't. | Maybe you can clarify. When you say lead times, lead times for us supplying aerospace billet to our customers?
Yes. Okay, Josh. So I just wanted to make sure, if you look back at a year ago and if you're speaking specifically on aerospace billet, those lead times were approaching one year. As we said right now, those ... | direct | [
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b61df79430838aea56ea83885741507a | And then just one on the medical business. I mean, what does the rebound look like when elective surgeries returned? I mean, is there any break on the number of elective surgeries that you can supply into the hospital? Or do you think that the restocking can be pretty quick for the suppliers, just with regard to the me... | I believe that the recovery in medical can be pretty swift. So I think you can see a nice rebound. Now to be fair, we thought that, that rebound would come sooner. We really thought we'd see it in this quarter. However, with the resurgence of the virus and the ensuing capacity in hospitals inch higher, that didn't happ... | direct | [
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868f56438cb3ccea5a2130779c8c6c07 | Got it. And then just one last one on the hot strip mill. With the change in administration here and some of the efforts in clean energy, have you seen any uptick in demand or interest in the capacity from the hot strip mill from automotive customers or aerospace or elsewhere, just since the administration change? | Yes. I think that the momentum behind electric vehicles, our electrification in total is extremely strong, and it was strong before any administration change. So that specific event, I don't think change the dynamic much at all. The point is that in totality that is a trend that is going to accelerate, I think, going f... | intermediate | [
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bfe9744d9b2ff2dc0778b11edd0a9c51 | So you mentioned opportunities within the land-based gas turbine replacement cycle. Could you talk about what you're expecting there and where we're at in the current replacement cycle? | Michael, it's an area that's quite frankly, very low percentage of our sales right now. We do see some improvement. But in the whole scheme of things, it's not overly material to us. So there's not a lot of -- not a lot more color I can give you on that one. | intermediate | [
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6c8967442aef514c5aa434a4aa2fcb3c | Okay. And how much more do you see in terms of net working capital benefits? Inventory has gone down in the past four quarters or so. So I'm wondering if we're near a low point there, but any color you could provide on how you're thinking on net working capital going forward? | Yes. There's still opportunity, as I said. It won't be at the same magnitude of the first half. So it will be less than the first half. When I say less, the second half will be less than the first half, but still material. And we still have some opportunities out there. So we'll keep pushing them. | intermediate | [
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facd082ce02f08d237f03f195b5717a9 | And then lastly, could you provide jet engine sales in the quarter? | I usually -- I will tell you this on the engine sales. Sequentially, they were up almost 20%. Now I wouldn't read too much into that to think that, that's some type of recovery. As we've said in all these subsegments, it can be a bit choppy. So you see some things pull in, some things push out, but they were almost 20%... | intermediate | [
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3227f782df92a39f92b114eb71f628b8 | Can I ask two questions, please? The first is just on your maintenance trajectory. It's obviously an important component of getting back to revenue stability. Can you just give us a sense of where churn rates are for your maintenance portfolio? And behind that, were people are choosing not to renew with Micro Focus? Ar... | Yeah. Let's do the last question first. Charlie, yes we are. We -- this year, we're making the right decisions for the long term for the business, and we have less of the kind of normal tailwinds that we would have to offset through things like natural attrition, for example, in the business, plus we've got our major s... | intermediate | [
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75f9cded92524081d57ce85c65e120f9 | Thanks, and good afternoon. Two or three from me if I may. I think historically, Brian, the Company disclosed the bonus and commission accruals. 2019 was $75 million, down from $163 million. Understandably, that was a difficult year. And I'm just wondering if you can give us a feel for how 2020 progressed and do we go ... | Okay. Well, let me take the cost reduction question. And cost reductions, we intend to carry on roughly at the rate we have been generally through '19 and '20. But against those cost reductions, we've chosen, as we said in the presentation, to reinvest quite a lot against those cost reductions. I think we mentioned ear... | direct | [
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41bc9bb39ad3cbcd9592f5a4baba1ed3 | And then, Stephen, just on the business transition, I mean, obviously, a lot of other software companies are talking about the move to subscription and SaaS too. You still got $650 million of licenses. What's that going to look like in 2023 or even beyond? This is not a multi-year transition here, which is a headwind t... | It is a multi-year transition Michael, and we were looking at the business we got. In the immediate term, we've got new capability that we're introducing in pretty much every portfolio and we've got improvements in the delivery infrastructure to underpin the quality of service improvements. We've also got pretty advanc... | intermediate | [
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e84dbd9200185e6c66ac32d1df4fd271 | Thank you very much. A little bit of a follow-up on Michael's question. I had a similar question around SaaS and the percentage it would be. Sort of an extra piece of that, what is difference in retention or renewal rates [Technical Issues] maintenance and SaaS offerings, if any? Second question... margin curve thought... | Okay. So I got the first two, we might need to do the cash one offline because I couldn't hear you, unless we -- we're going to try again. But the renewal rate opportunities in SaaS and in maintenance, we have range -- we have a range of more than 10 points between our best and our worst. And we are -- in every single ... | intermediate | [
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] | B |
9a024e4041602970747f29ad722c3b11 | Great. Thanks for taking the questions. I have a couple on the product portfolio and one on cash flow. Firstly, can you provide some color on the partnership with AWS on mainframe migrations, which was announced late last year? What segments benefit from this? And is it possible to quantify any financial impact?
Secon... | Sure thing. So there is -- we believe -- we've always believed and is beginning to really ramp up that there is a latent opportunity to modernize mainframe workloads. And we've been pioneering that modernization in a number of ways. One, we help people modernize and stay on the mainframe. Secondly, we've been the leadi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
68b7f9ed860cb6bb9e580ab859ad8ab0 | Thank you. I just have one question. I think, Stephen, in your prepared remarks, you had mentioned changing how field representatives are incentivized on renewals, if I heard you correctly. Can you elaborate a little bit on that? What exactly do you mean by changing how to incentivize? Are you actually paying commissio... | Yeah, sure. We know have materially more focus and materially more resources over the maintenance opportunity and challenges we have in the business than we had in any prior period. A part of that is some of our more senior sales leaders and our -- the sales teams that look after some of our biggest customers now have ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d54e24325f27db0bbca02153f009ce2b | Within Colorado, can you -- how have -- so how is the new case been affected by prior settlement discussions? Has that -- do you found that to be, I guess, helpful with the new filings? Is there, I mean it's basically the same staff, right, so you're -- is there a, I don't know, is there a reason to be hopeful that the... | Thank you, Mike, for the question. We will refile that case during the -- in the second quarter, we have not quite refiled that yet, want to make sure that wasn't implied in your question. We were asked to refile the Phase 2 and file a new Phase 1, so that's what we're working on now. We'll have the Phase 2 filed short... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5750ddeaee4c5e4e5d857b8c59bcbc5d | Sounds like a smoother process going forward. Is there anything in terms of large projects for the capital plan that are not included in the capital plan? Are there any, maybe any color on potential projects that you might be looking at or could be considering at this point? | Yes. Thanks again, Michael. We've got the $3 billion capital program over the next five years, and as we've always said, we anticipate incremental opportunities that are inside of that and perhaps beyond that. An important element that we're working on now is integrated resource plan that we'll be filing or submitting ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2cde5bc27cfc143eca48aae0692180ee | Can you talk a bit about how you guys are kind of trending in the guidance range here given the Uri impacts and dive a bit deeper into the mitigating factors, particularly when it comes to the regulatory actions around what's hitting the income statement here? | Yes, well, first, Ryan, it's Rich. First of all I'd say, it's early in the year, so we're not going to -- we reaffirmed our range, we're not guiding toward the upper or lower end. We're comfortable with the range, we're comfortable we can mitigate the impacts from Uri. When you look at Slide 12, the items that we can t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0744c10ce13ed0fe216aee06092d45d7 | Got it. Fair enough. And then in terms of the regulatory process from here, the agenda is getting pretty busy again. Can you just remind us in terms of expectations for timeline and process in each jurisdiction with the upcoming rate cases? | Sure, we can do that, Ryan. We have three rate reviews that we intend to file during the second quarter and that's on top of the Phase 2 that we'll also be filing in Colorado. So starting with Colorado, as I indicated in my response to Mike's question, we anticipate in this quarter to file a rate review in Colorado Gas... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a67ccc2bc534e9ee4b80095fef26ea25 | My first question is on the credit metrics. So obviously Uri is weighing on them as you described about a 3% increase in debt to cap. The -- first of all, does that include the term loan? And then looking forward, you said you expect to recover. About how quickly would you expect to get back to under 60% debt to cap wh... | Yes, so there were a number of questions there. One, the 62% does include the term loan. So that's why we popped up from 59% at year end to 62% now. Second, in terms of recovery, we're deep into discussions. As we noted in our comments, we filed in a number of our states already for recovery and we'll get the rest of t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ee31f828ec33ed866a9b6f34bb93e20c | Okay. It's really helpful. Thank you. Then just one follow-up. You put out the press release about joining our nation's energy future, the ONE Future Coalition. And Linn, I think you mentioned that in your prepared remarks. Apologies if I missed it. But please remind me, do you have a stated goal toward methane emissio... | Correct, on the fact that we joined ONE Future, Andrew, and we also -- our goal is 50% by the year 2035 in reducing our intensity in our natural gas utilities. The reason why we are joining them, is it allows us to really join a team with respect to how we report being very consistent, also using best practices and lea... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0e21532600ea3fefa06516c7d363d646 | So are you committing to a 1% methane level or is that not -- is that still being sorted out? | That's been sorted out, that's part of what ONE Future is about, ensuring that the members of those companies have reduced their emissions to 1%, which is a different from the intensity goal that we put our reducing our intensity by 50% by 2035. So it's kind of measuring apples and oranges there a bit, Andrew. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
05e736a0782f39795f7e038a741b40fa | I just had a quick question, and thanks for all the updates on the regulatory filings. For your storm cost recovery, do you expect to issue the debt at the opco or at the parent? And if it's at the parent level, do you expect to recover all the interest expense? | Yes, it's going to differ by jurisdiction. First of all, the issuance will be at the parent. That's typically how we do our financings, much more efficient with our smaller utilities than issuing small chunks of debt at all the opco's. So it will certain, almost certainly be a parent company issuance.
Relative to reco... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a28e483dd191958b731a46be58ffe6a2 | Hey. So just, when I look at Slide 22, the capital expenditures outlook, you have your base forecast $2.7 million and then the, I guess, incremental forecast. In the press release under the 2022 guidance assumptions, you noted you're going to spend $600 million, right? So you've layered in the $50 million of incrementa... | Effectively, yes. We were very confident, I mean we -- between projects you identified, which are not yet included in the base forecast and they're being evaluated for timing, cost and so forth, that's what that line represents. But we're confident we'll find those projects and get those numbers filled in as the coming... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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