uid stringlengths 32 32 | question stringlengths 16 2.61k | answer stringlengths 7 8.6k | eva4b_label stringclasses 3
values | choices listlengths 3 3 | eva4b_label_letter stringclasses 3
values |
|---|---|---|---|---|---|
978075d565067137018ddd3a6f58aaa7 | Okay, so it seems like the liquidity is well, sufficient attempt to handle the strike, at least for the next 12 months. Is that a fair statement? | Yeah, I think so. I think we've developed, you know, our continuity plans for the rest of this year with our customers, you know, and those have several different alternatives as we go forward, and we'll adjust those as we go as we need to. But we do feel like our liquidity is sufficient to earn 72,000,220 of that is c... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ed4639ffdf7c259e3ca67841ca6b68cc | You're off to a good start, and I had a couple of questions on that good start with Fiber To The Home. One, you did reiterate your capex, but it's really great to see that your cost per home passed is coming in pretty low at $350 per home. Where do you see that trajectory going? I imagine you just dealt with the low-ha... | Yes. Greg, good morning, thanks for the questions. Let me start with the capex first, and both the passings and the success base. You're right. I mean, we're dealing with the lower hanging fruit, if you will, in the places that we could move most quickly in order to get the machine running. And so we're going to see th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
139e54dcfe52fb74ebf790510b612600 | Yes, I was wondering, you mentioned the supply chain shortages. We've heard about that, particularly in the chip market, Bob, about some concerns building. So, sounds like you haven't seen anything yet, but did you see anything in the future that could potentially impact the trajectory of the build pace? Or do you have... | Yes. Great question, Eric. We feel really good with the purchase orders that we have out. We're pretty well-planned-out through the end of the year. There's always a chance that someone won't deliver on what they've committed to or they'll delay a delivery. And so far, because of the scale of the build we're doing and ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c7420566b0bb7f3cdc21d90c1d04d8d4 | Okay. Great. And then just one more for me. Maybe you could talk about, Steve, the Connect America Phase II program. I believe that sunsets at the end of this year. Can you just kind of remind us any impact that will have as we kind of roll our model through to 2022 on EBITDA or free cash flow? | Yes, Eric, this is Steve. Yes. So I think as we've talked before, the auctions kind of get a different path on us than maybe what we had expected. Let me be direct on your question. Today, we get $48 million a year in CAF II funding as we pivot toward at start of 2022, that's going to drop down to about $6 million a ye... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cf87d208a792f75fa870ed525bc567c9 | Just curious, where you're upgrading fiber to over the next few years, what percent of that overlaps with cable competition? And can you remind us of how you think about the share opportunity from that as you get into those markets and compete with the fiber? | Yes. Thanks, Mike. When you think about the way our plan is built, we assumed that we were in a duopoly position in all cases. In reality, we have 81% of our market overlaps with one competitor. And there's small percentage, three or four that has two competitors. And the rest has roughly 11%. I think that has no compe... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
78294f6f7390373db1d8c92d48ae3583 | And in your experience, just given the importance of broadband, especially as many of us have been in remote environments in some form over the last year plus. So in your experience, why doesn't everyone or all homes have broadband? What are the reasons that you find for that gap where it's not 100% penetration of home... | Thanks, yes. I think it's going to be rare. I think there are seasonal homes that aren't full-time occupied, you've got some that just won't depend on the internet at home and instead will use satellite. But I don't think you're going to see that remain in the 91% or whatever the rate is nationwide for long. I think it... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0ffdac7b7454c2a63ca8b85844f284f2 | Hi guys, thanks for having the question, I hope everyone's well. Just a quick one from me, you've added a nice amount of home so far. I was wondering if you can give us just some color, kind of early days on the penetration rates. I know Bob just alluded to some of it. But kind of how do we think of that 321,000 homes ... | Yes. We're going to get more detailed in the penetration rates as the year progresses. And so it's really hard to give you a number without putting it in the context of how long those homes have been available. So in the homes that have been three years available with a gigabit fiber-based product or longer, our penetr... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1d052da57ab252688ee3fafaadc99f0d | Great. Yes, I think everyone would appreciate that. And then I guess my final one is just kind of getting back to some of the cost side on the inflation pressures potentially. Are the contracts and the orders you guys put in, are they already fixed price? Are you getting adjustments if costs are rising? | Yes. The POs that we put in now are fixed price, and we have POs that we're letting all the way in at 2022. So we're watching the cost of materials carefully. But so far, we feel confident that there's room for some movement if prices go up. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8ebd6feea88067238c078ddd31974337 | Steve, you described a lot of momentum in terms of submissions and quotes. Could you give us a sense of how long that should be sustained? I think I've asked this question before, the new initiatives you put in place, how much momentum should that afford you in the coming quarters? | Yes. Mark, I think we referenced this at the end of last year as well. Every month last year, we saw increases in submissions, quotes and bound policies. And that trend has continued for the first quarter of this year.
We've had a couple of initiatives that were released in the last few months that I think have having... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
de07138ed065ea036ca9a377e8cf1f4e | And then the loss pick, up a couple of hundred basis points, is there a mix in that as well? Or is that your judgment, that at this point, losses there rising a little bit faster than premiums? | I think that's a fair statement, Mark. It's not consistent across the country, so I wouldn't say that we believe that everywhere, the premium trends about at pace with our loss trends. But there are certainly places where we suspect that if we're not there, we're approaching fairly quickly and so we're staying out in f... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8fa921aa109190610dc72594dbeac174 | The share repurchases in the quarter, obviously, has been pretty robust activity year to date. The authorization, I guess $58 million would be a modest number relative to your, what's been a pretty good pace here recently. I wonder if you could kind of talk about your expectations in light of, like, I say, this pace ha... | So I'll take that, Mark. It's Mike. I've been saying for some time that we have periods in which it took a bit before our full liquidity could be restored, largely the restructuring that we did in 2016, and we're now there. So we have full dividends to pace out from the subsidiaries and we've accumulated some cash at p... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2e3d6460a1346db8d35778be6310c95a | And then I'll ask one more question, before I jump back in queue. But the latest thoughts on Cerity, how much progress you think you're making? What's your early observations on the activity? | Our early observations are very positive and we just launched this so it's going to take some time before the numbers are meaningful in the context of the entire entity. But what we've built in this and our ability now to react quickly as we come to understand the market more completely is everything we need it to be. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a31bf24505ee0fb8be7b70196921c5e2 | Thanks. Good morning, Mike. Numbers question for you. On last quarter, on a lot of the technology initiatives you guided to, in expense ratio, you thought this year there might be about four points higher than last year.
Is that still your current thinking? And if you can give any color on kind of how that might shape... | Well, I can understand that you might have been surprised by 3.9 points in the first quarter because we did lag what we had anticipated in the expense ratio for last year. But the fact of the matter is, we've been ramping up over the last five quarters and we're now hitting our stride in terms of that expectation. So I... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3b8555e233c388d37ca58e098df9821c | It does. Yes, absolutely. And then just a couple of others. One on just -- if you could just touch on -- dig in a little deeper into the loss trends.
What are you seeing in frequency and severity trends more specifically? | Matt, this is Steve. Frequency continues to be decreasing as expected. You look at the loss cost filings that we seeing in the states we do business in. We're seeing the same trends that the industry is seeing.
And so, Celerity's been pretty moderate as well. We're not seeing any impacts of medical inflation at this p... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b8dacafac94116c7045195e74e9e3aa0 | Great. And then last question, if I can. Just kind of your outlook on pricing, I mean, there's been some talk even this far this quarter and this year on broader commercial lines, seems to be taking a step in the right direction, some recent data points that maybe workers' comp headwinds are, while still a headwind, ma... | Well, Matt, I would point to what the Rating Bureau of California decided just recently, which was to forgo a midyear loss cost filing. If the train was still down, but they chose not to make a filing, and then, we think that's worth noting. Again, I suggest we've not seen the bottom yet in terms of declining loss cost... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4707b45d6547d701361dafa8ef97c497 | Yes, thank you. Mike, can you just talk about what years you pulled from for the reserve releases? | Yes. In the script, I mentioned that it was predominantly the years '14 through '17. So some of the more current accident years. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
08c459552bb7d37347c6768605936c63 | OK. And then the partner reacquisition, any update there? | No update, but we are optimistic that we'll get clearance from that soon. We recognize that this is not a great time of year for an insurance department to give us their full attention. We've had consistent and positive dialogue, and it's just a matter of time. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0daf6cb32861f98c5e9688e1131d417e | OK. And then notionally, when we think about the amount of spending for the technology initiative next year, you described the four points consistently through this year. How are you seeing next year shaping up, just relative to that level? | It's too early to tell. And again, remember that what we're really doing here, as I mentioned in the comments is, we're accelerating the pace in which we're getting these things introduced to market. So we're not necessarily spending more, we're just spending it faster because we think that, that urgency is required in... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5c66ff6f894851add088f7baa7003ad0 | And then I'll ask the question about, just the top line this year, lot of moving parts around loss costs, but then your growth initiatives, etc. Do you think Q1 is kind of a pattern for the balance of the year? Kind of steady perhaps, as a good bogey to think about? | Yes, the first quarter is certainly influenced by January because it is the largest month of the year for premium production and January can be volatile. We had a particularly strong January, a weaker March, relative to our expectations. And so I'm reluctant, Mark, to provide any guidance there. Our expectations is the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bf2f9f23a8a194ed49bd49c152d480f2 | Actually, the first question was just curious where you see sort of incremental ROEs on the capital you're putting to work, especially on the whole loan side. And then just how we should think about kind of run rate returns for the business model? | Yeah. Hi, Bose, it's T.J. I think breaking it down, I think on the agency side, we see probably very, very low double-digit ROEs when we're hedging out the rate risk. On the whole loan side, I think it's probably closer to the lower to mid-teen ROEs post-securitization. And then I think as you think about the run rate ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
da6cb43b0434808ef03f1c469feee94c | OK. That makes sense. And then actually, just at Arc Home, it seems like there's a hand-off from the agency's market to more of a QM market as that volume there ramps up. But when we think about sort of the earnings outlook, should we think there's potentially the agency market slows and, you know, before it really sor... | Yeah. So we intend to maintain our agency business at Arc Home. I think we're just cognizant of the fact that one, volumes are coming down; and two, margins are coming down. But we still are fully in that business. At the same time, historically speaking, credit products typically have wider margins. And so we continue... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
21da33c9d569561238ca2f807d5ab484 | Hey. Thanks. A couple more questions on Arc Home. On the non-QM side, volumes obviously started to pick up nicely there. Do you guys share any thoughts on sort of your targets for Arc Home and how much you think they might be able to originate in the non-QM space on a quarterly basis over the next few quarters? | I mean, we continue to -- Arc Home, I should say, continues to invest in that space. Obviously, people, technology, and equity capital, we're getting to pretty good run rate volumes. You can see on Page 10, crossing nine digits, and hopefully, that will be a fairly consistent run rate as it's less, cyclical to rates an... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
091fdb2e4c7d1952ee676344be74f2b4 | Got it, OK. And on the on the agency portfolio, I think you mentioned sort of a low double-digit return opportunity. Are you guys currently investing in TBAs and is part of that return coming from dollar rolls? Or is that more just on the pool side? And I guess a second question on the agency book, you know, your prepa... | Yeah. So we're invested in spec pools in a cash format. We're not really participating in the TBA roll trade if you will. The spec pools that we're by -- we give you a little bit of a breakout on Page 8 of the types of spec pools. That's going to be what you'd expect in terms of loan balance, or investor paper, or geo ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
16869bde62aa46789bff1b46791ae092 | Got it. OK. And then last question. We've seen some M&A activity in the mortgage originator space. So I was just curious if -- you guys already have Arc Home, obviously -- but are there any other opportunities you're looking at to maybe make investments in like non-agency type focused originators? Or are you sort of co... | Yeah. So I think just in terms of sourcing loans, in a way from our call, we've been buying from a small stable consistently over the past few years that we've obviously developed good relationships with. We always do take inbound calls from bankers about other opportunities to the extent they make sense. In conjunctio... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c1a2bf58801cd3c41d3fbc8eb72a5dc5 | Hey, good morning. How are you guys? Just a couple from me. Can you just share how much excess liquidity you estimate you have between cash and unencumbered assets? And then on the non-QM side, there's lots of different types of non-QM out there. Can you share which types you're focused on buying? | In terms of the excess liquidity, Eric, like we said, we had a couple of sales subs into quarter-end on the CMBS side. And we also generated some liquidity from the non-QM securitizations that we have. And when you think about liquidity, there's also a few other CMBS sales that we have in the portfolio that we would lo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e9619eb31c8ce710b19fa26a81acb04e | Hey, guys, this is Joshua Bolton on for Doug. In your comments, you talked about as conventional products in mortgage originations gets pressured on the margin, that you expect more competition in the non-QM space. Curious if you've seen that competition picking up when that happened and kind of your expectations for h... | I think it's all starting to happen. I think April's rate move sort of pulled people forward in terms of thinking about this. So I think it's sort of in the lab and we'll start seeing it kind of materialize in the coming months. But we haven't really seen it in the market yet, but we know it's coming. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ceb704de1f78ea1c8f06c576975c2f37 | Hi, guys. Good afternoon. Congrats on the good quarter and the simplification transaction. I just want to -- wanted to start off with the 2021 guidance here, especially on the volumes outlook.
There seems to be strong uplift in Bighorn crude oil numbers when compared to gas processing and gas gathering Williams change ... | Yeah, yeah. Great question. So from our perspective, we have a couple of different moving parts within Bighorn. And so part of the original volume guidance for the beginning of the year in Bighorn had the oil volumes coming down in the second quarter, as expected, and then growing back up into the fourth quarter.
We al... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
155351efb38d2f7815856a1a208c1aff | Got it. And then just wanted to follow up on the transaction and on yesterday, if I may here, when I tried to map the acreage, it seemed to be a bit far away from where Oasis Midstream assets are currently. I just want to understand, if you could share any details on who the current midstream operators are on that acre... | Yeah. So like you mentioned, the asset acquisition that Oasis did at the sponsor level, those assets are dedicated to other parties right now. And that's what's on the reservation, as well as what's right off the reservation. There are long-term contracts there for the most part.
Some of them may expire in the future, ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ea94f2ccd16219655a02367d94714aca | Thanks. I was hoping you could give a little more context to the amortization expense comment you gave. I think you said it was kind of around the $0.06 drag this quarter versus kind of model prepay speeds. How would that compare to the prior quarter? | Well prepayments -- Hi, Doug, it's Jeff. Prepayments were up, as you could see from the monthly company update that we put out last night, as much as 25% over a year ago. The exact difference in amortization, I actually don't believe we've released those numbers yet, so I need to be careful about releasing non-public i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b92e0174d23bf60b6b6b14685f53e943 | Just to drill down on the prepay, I guess industrywide prepays were down in the first quarter relative to the fourth quarter. Can you just talk about kind of what pieces of your portfolio and what kind of drove you to have higher sequential prepays in the first quarter? | Our prepayments are well under our peer group prepayments. Our prepayment rate for the last month was in the high to mid 18 CPR level. You compare that to the peer groups that are going to be at least 10 CPR higher. Our individual securities that prepaid represented our higher coupons, our positions in four and 4.5s. W... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6a23b18c654ed8550ce3f30d9ec4cd57 | Hi, thanks. I was wondering if you could elaborate maybe on sort of the thought process behind the dividend level. I know you said it's sort of based on your medium-term view. But is the way to think about that sort of -- that's where you guys see your earnings level if you were at your target leverage as opposed to ru... | That's right. That's exactly correct. And as a matter of fact, we could probably earn a little bit more than our dividend rate if we were fully invested, as I just indicated. Investing long-term on core incomes that have -- for core income with assets that have negative 20 OAS is going to lead to some book value diluti... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1c84ce4cd257bc95216c0d31ff31f06f | Okay. Got it. That makes sense. And then in terms of your rate positioning, you mentioned, I think, in the prepared remarks that you had some overall positive duration, but negative duration further out the curve. Can you kind of comment on how that's changed as rates go up? And if you guys see any value in sort of add... | So the DV01, we don't release our DV01s, but as Scott said, the whole duration pattern is a 0.28 duration as of this morning, was slightly negative in the 10-year, and that will defend us against a steepening that has occurred and we, as a firm, expect more steepening. We feel that the Fed will keep the short end of th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2538aabda59c8e821489c3979227e7b2 | Okay. To follow-up on that comment about reinvesting paydowns. I guess with OASs negative here, would you guys continue to let leverage drift lower if valuations remain this tight or even potentially get tighter? Or are you at a level where you'd like to keep leverage kind of where it was at at the end of the quarter? | I don't think leverage at all it will get much lower. Maybe you could see debt-to-equity get a little bit lower if we put more money into TBAs. I mean you can do TBA 2.5s right now, May, June rolls at 17% unchanged. TBA 2s are 11.5%. Even 15 year, 1.5s are 11.5%. So there's areas to put money there. But when we look at... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7e80bff14f44f9bf22d0d26304f9ae55 | Hey guys. The lower waiver, is that indicative of more confidence in the earnings momentum outlook for 2021? | It's actually probably more reflective of the capital raise and the way that our fee changes with capital raises. By the way, to Jim's point on that, that entire raise of the equity and the preferred combined was a total $0.04 diluted paid at underwriting fee between 1% and 1.5%. Versus peer groups paying underwriting ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ffc799283336d1ea8bc6ea38dff389a0 | No, Jeff, I was just -- is that $0.04 to book value? | Yes. All in. So what is that? 0.03%?
Yes, paid back fairly rapidly through expense savings on a larger capital base. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9c044fcc12da6ae30e8d2a847cdd07c9 | Going forward, you guys generated a 12% core ROE in the quarter. I mean, is that the type of momentum that we should see? Or should we see it improve given your comments? | That was economic return. So that's a combination of dividends paid and change in book value. So the change in book value, have trouble predicting that. The dividend, I can probably give you a little more confidence on.
So -- but yes, you can earn that in today's market, as I just said, we got right now and do dollar ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7f19f40e44d72f2517f5f62d712e34ca | So I just wanted to start off by saying -- by asking first about the new T16AMR. I know it was developed probably in conjunction with some customers, so I don't think only a few weeks that you've been out publicly talking about it with investors. But what's been the early uptake on some of the orders and interest in th... | Yeah. It's really -- it's too early to tell, but Mike -- this is Dave talking by the way. Too early to tell, but I will tell you, and you're aware of this, we develop our products in close proximity with our customers as we gather requirements, pilots and pre-prototype tests. So we're feeling very confident that T16 ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
edefa0137fc0186ee2621c3888d373b9 | Got you. Then I want to just turn quickly to maybe the very neutral outlook here in Q1. The comps don't seem that hard, but Asia was tough last Q1. The other thing that will be potentially up year-over-year in Q1 on the top-line or maybe just close the GAAP numbers we saw this past couple of quarters, maybe not being d... | Yeah. Without providing a specific Q1 target, I just want to comment on what we're seeing and feeling in Q1. We know that the pandemic has hit in earnest in the middle of March last year. And so that provides a little bit of upside potential. It's really just the second half of March 2020 that we're up against. Prior t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
583476404fd1104ce691aeb30807424b | Okay. And then maybe another one from me about the year-over-year. We've seen Asia down two years straight here organically [Indecipherable] in Japan as you just discussed and some of the reopening in China. Do you think you could have a year-over-year increase in Asia? Could that be a participant in the overall organi... | Yeah, we do. And we see some positive trends in those geographies. Again, barring any unforeseen downturn from some pandemic-related impact, our full year guidance for '21 reflects organic growth across all of our regions, including APAC. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
583fc5c39c1001ae87c405552ff2a61f | Okay. I wanted to throw one last one in here. Any update you could give us on the opening in the CFO role? I mean, I think some folks don't want to see Tom go. But what is the outlook on getting someone permanent in there at some point soon? | Well, I'm among those that don't want to see Tom go, but I'm appreciative that he came back to help us in this interim basis. We continue to actively recruit candidates for the CFO role as recently as this week. And so I'm really impressed that we're getting a very qualified slate of candidates. I'm hopeful that we can... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fd1b1cffd47e838ebbab776fb66eef0b | Hey, good morning, guys. I got cut off for a moment when Tom was going through at the end of his remarks on the sequential EBITDA expectations, quarterly dividend '21. Could you maybe just repeat that? | Yes. Chris, this is William. I can sit there and take that. So effectively what we're saying is that we expect that Q1 from an EBITDA standpoint is going to be the lowest of the four quarters and we expect to see sequential growth each quarter of this. So we'll see Q2 higher than Q1, Q3 higher than Q2. That's not to sa... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
26d83a55a785e04b8c63a61892a125c6 | Got it. It's helpful. How about a bigger picture. Any supply chain or labor availability issue that -- at this stage? | Yeah, I'll take that. We have -- we're always actively monitoring our supply chain. I would say the dynamics in the supply chain environment globally right now, there's two topics I would raise that have made the news and so you'll be aware of them from a macro level. One is around transportation-related challenges, an... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
57014afbd3d514deb48bdd1f5821b80f | Got it. Very helpful. Thanks, Dave. In terms of rising commodity prices, steel and aluminum, any impact there? Any kind of thoughts in terms of what you're seeing and what you would expect in the next quarter or two? | Yeah. We are seeing and feeling commodity inflation especially across the core commodities, steel, resin, lead, etc. Again, we've taken actions to control those within the supply chain and also mitigate the impact financially on our overall operations. It really hits us in two regards where we source primary commoditie... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2bfe8b0174f77b73fff11e851c9117b6 | Got it. Helpful. Last one for me just longer term, the autonomous trajectory. Five years from now, could it be 25% of revenue? Is that high? Is that low? Just trying to get a sense in terms of that kind of long-term place that autonomous has within Tennant? | Yeah. It's a great question. I'm not in a position to quantify what the potential could be. I would just note that we are very optimistic about the technology. We've obviously placed a significant bet on having the broadest product range available as well as and importantly to support ecosystem to make sure that our cu... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
581e27dadb1a8c36e726f5786c6a90c5 | Got it. That's helpful. And just last one, I'm sorry. With respect to the autonomous margins, my understanding, I don't know if it's correct, that the margins were relatively similar to core equipment, but the concept tell us you'd generate more consumable revenue. Is that accurate or are the margins much different? | Yeah. Without splitting it out between equipment and P&C, aftermarket, we believe that this will be an accretive part of our enterprise and in our offering. To date, our offering is EBITDA accretive both on a dollar and a rate basis. So we feel like we're well positioned from a profitability perspective with this innov... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
766bc21158b8f9241c68f9b660b103b5 | Good morning. Thank you for taking my questions. I was wondering if we could talk a little bit more about the Americas. I'm just trying to get little bit better of a handle on the Q4 performance. I know that there is a tough comp year-over-year with the large AMR sale in the prior year quarter, but if maybe you could t... | Yeah. Let me make a few comments on the Americas, and we're not going to quantify a normalized rate for the geography. But let me give you some color around the Q4 experience and what we're seeing in the business. As you know that we are lapping large AMR deployment in prior year, which optically makes achieving growth... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bfbfe60d3fe56a1dca9e87f108f8c4c2 | Understood. And then sticking with the Americas and your guidance for fiscal '21, I know that you provided some good information here in terms of obviously your expectations on a sequential basis from an aggregate EBITDA perspective. But just kind of also wondering that organic growth in the Americas, I know that the f... | Yeah. We're not going to provide specific detail by region forward-looking. But again, we have baked in organic growth across all regions on a full year 2021 basis with sequential quarter-by-quarter growth. I will tell you, since we reached the bottom in Q2 of 2020, the recovery has been choppy by month, choppy by geog... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
f2945f42f6b25007c4931975045eccb6 | Got it. And last one for me. Just circling back on the strategic objective of reducing complexity in your operations, some very helpful data and information in the prepared remarks, in the slide presentation. But I was wondering if maybe you can sort of string where we are on that process? Like maybe what sort of innin... | Yeah, great question. So our enterprise journey is a five year journey. We started in 2020 and it takes us through 2024. I think the simplification you're referring to is our product portfolio optimization, the 35% reduction in Tennant model. So let me just give you a little flavor on that and where we're at on that jo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4437fb0ab6474f64d5077653edd60e78 | Yes. Hey guys. Just one quick follow-up question on the coatings business that was sold. Could you tell us whether there is a major EBITDA impact? Was it running in a loss or below average margin? Proud of selling it? | Yeah. Mike, good question. So to your point, it was even a rate dilutive. So by divesting, we will see a slight pickup. We're not -- it's not overly material that we're going to bring out the exact amount. But it was dilutive to the overall enterprise. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
55778a195b58063a0b9dea0c3d210709 | Bill and Greg, thanks for taking the question. Just given where the first quarter came out, I was wondering if you can discuss how we might think of revenue growth cadence over the next three quarters and what will be the key growth drivers in each quarter? | Thanks, Dan. I appreciate the question. Look, we're really pleased where our first quarter came out and we're very optimistic about the back half of 2021. So, let me start there. And while we haven't provided specifics regarding the 2021 quarters, we are very focused on revenue growth and continue to believe it's going... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2a8a9ae4ee3ff42becece8dc807da707 | Could you share a little bit about the progress in all the government projects you have won. In terms of percentage, what kind of order contribution is now coming from the government? And do we need to wait till the airworthiness certificate, I think when you can get that to next year, before the mass production for th... | Regarding the progress of the government project, right? So basically, we secured the partnership with two city governments in Spain, one is Sevilla, the other is Lliria and so far, we -- the two projects have done so far, so good. We have started the test flights and pushing forward the regulatory process for EHang 21... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0b118a5b928d8192c1ee1faba5c792ad | My second question is about current revenue or business model, because we noticed that the third quarter revenue significantly outgrew the volume growth for the EHang AAV. So just wondering if there's any change to our business model? Was it client mix or the business mix? | In the third quarter, actually, we are experiencing a change in our business model, where we are adding new models. Because previously, we have been working as an OEM provider. We are selling our equipment. But we realized that to -- we are going to be operating our system and equipment. So that means, given a lot of t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3e2d05bb872feea79512180e12d43d73 | And my last question is about the outlook; I know it might still be early, but could you please comment a little bit on the 2021 outlook for next year and probably specify what would be the key drivers for the growth there? | Frankly speaking, as referring to our latest press release, quoting the latest circular issued by the State Council, we are currently assessing the situation. But definitely, this circular will stimulate the future demand and which will lead to more orders in the future. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6383faebeb15c7c5de44a7b2c3183151 | The first one is about the government's support in the regulation. So with regards to the circular released by the State Council of PRC, have we seen any progress made in the regulatory front, in terms of like state subsidy or incentive for manufacturers? | It is very clear that we see more and more positive attitudes or messages sent by the government, including the CAAC and the State Council. For example, CAAC recently selected 13 cities to be the experimental city for unmanned aviation zones in China. And specifically, EHang, we had a connection with at least three of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
413bfbec5a4c0dd07d0353383c72da77 | My second question is about the margin trends post COVID with new firefighting products line, as we have already started selling this product. | So in respect of our gross margin, we have seen our gross margin maintained at a stable high level of around 50% plus since we started the commercial delivery in the first half of last year. If you look at other electrical transportation technology products such as electrical cars, our gross margin is much higher. So i... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5d65529b011b521258599d1f009089e6 | And my third question is actually about the guidance. Actually, we -- in the beginning of the year, we said we will -- the guidance is at least 200%. So obviously, due to the COVID, we see in this earnings, we said we are going to make -- lower it to 50%. That's still a pretty high number, but a big difference compared... | We just did the 2020 annual revenue guidance, mainly because the extended impact of the COVID-19 pandemic caused delays in our business development, mainly including: first, as our CEO, Mr. Hu mentioned, comprehensive infrastructure is needed for operation service; and some of our customers have been developing the inf... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b0878e1f190a4b0eddee303ef89f733d | Can you kind of give us a sense of how you move from being an OEM, to being kind of following a command control center model? And how that is impacting your kind of receivables. So as I do look at your outstanding receivables at the end of the quarter, it's quite a substantial increase from the corresponding period. So... | First, we are not saying that we are going to change our business model. We just added new business to our existing platform. For example, previously, we were OEM provider. We didn't manage to operate the AAVs all by ourselves. But we understand that we -- now, we are going to operate the AAVs or platforms by ourselves... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
05089363126f5c0190941311fb31dc8e | So can you sort of -- in an ideal situation, let's say, for example, when you're working with the Hezhou government, let's say you build the infrastructure, you manage the command control center for six months, when does receivables start flowing in? Is it after handing over? What is the usual sort of business terms? | For building this command control center, we will get a one-off fee or revenue from the government for building this command control center. And second, we're going to charge the service fees for operating this command control center for the government and so basically, there are two portions of the revenues. First, is... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b155825e5e98908891e92db3cc2b0314 | There are other companies in China. I recently spoke to a company called RocKontrol, and they are doing basically video-based IoT-AI sort of integration with smart cities, where for example, traffic management is managed by stationary cameras, for example. But they're also talking about a control center based on kind o... | We see there are big differences between our UAV smart city management model and the other static camera model. For example, one of the application scenario is that for our command control center in Shaoguan and Hezhou. A major function is for this firefighting -- for forest firefighting prevention. And so normally, yo... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f2ffab01606e54182ebb1224ac97677e | Ron, I know it's very tough environment and pulling the guidance makes sense. Is there any just kind of color you can give, maybe on business over the last maybe one or two weeks versus the last three or four in April? Or maybe touch on again I know you covered it, but maybe a more detail, just some of your end markets... | Yes, I think on to bookend things, on the positive side, Opengear's had really steady demand for their products. A lot of their customers have longer strategic initiatives, whether they be cloud or edge, and so their businesses performed as we had expected. On the other end of the equation, SmartSense has had a more di... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
aca0a5a0d24762b606875cc66524faab | Thanks. No, that's helpful. And any update on the large Smart City project? Did that help at all during the quarter and is that still moving forward or somewhat delayed also given the pandemic? And any other color you can maybe on that project in the pipeline for other city projects with your partnership there? | Yes, we actually continued to deploy the Smart City project last quarter, and that should be largely complete from a one-time revenue this current quarter fiscal Q3, and then there's ongoing revenues that we'll get from maintaining the solution for the next five years. We have had additional wins, not to the size or ex... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
69551ca91f581e14100f383f67411e04 | Great, thanks. Last question. I'll pass the line on. Jamie, just strong gross margin in the quarter, and then you're talking about having the cost kind of match the hard to predict revenue. Do you expect to be cash flow positive each of the next quarters or just for fiscal 2020? I just wanted to kind of clarify how you... | Yes, Mike, I think as we see it today, I would expect that we would continue to generate positive cash flow quarter-over0quarter. So I don't think it'll tranche out one big period. I think we'll continue to see that cash flow remain positive in each of the quarters. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a1eed3301b5fc68bed052bd4797e62a9 | Great, thanks. And for opex, is this more just limiting travel and other expenses that can be implemented pretty quickly in terms of that run rate, as you change the way you do business? Is that where most of the change is coming from? | Yes, there's a lot of items that are embedded in there, Mike, from travel and T&E to other measures that we've taken. So there is a little bit of a hit list there that we have that, as we scrub through the business, we really kind of proactively managed where the pennies are. And so, it's more than just travel, but kin... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1380f9ad9157f9cb8804619a6877805a | Hey, guys. Thanks for taking my questions. Just following up on that previous question, Ron, just curious if you could comment on sort of the linearity of the order patterns you saw in April and here in early May? | In April, I think we're a little bit different than maybe some other businesses that are seeing some higher variability. So the quarter has been progressing as we expected. We're not seeing dramatic shifts up or down, as you might see in other businesses. So we're pleased with the start of the quarter. Long way to go c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5ca357ccc2c98ca264faff54e16c0b7e | Okay. And looking at the smart solutions business, are you seeing any push back from customers when it comes to pricing, just given the current backdrop in what they're going through? | No, it's really it's not a pricing issue because the ROI's so compelling. It's a priority issue. If you've got a grocery store that's trying to support hours for people that are more vulnerable to the pandemic, you've got additional cleaning and sanitation you need to do, you've got Plexiglas you're putting up the cash... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8f104da62bef2bb6e6f96321ff951d45 | Okay. And then, just the last one from me, just want to make sure I heard correctly. You guys are not seeing any sort of supply constraints or component shortages? | No, we've worked very hard. And the supply chain is never perfect. You always have spot issues here and there. But real credit to our team to maintain the flow of components, and also ensure that our contract manufacturers and our two logistic centers in Minnesota and Utah are running safely and productively. So knock ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8e40b888288dd89c515e45a573280481 | Hey, just a quick question. What was Opengear's revenue in the quarter? What was the contribution? | Rick, we don't as we mentioned in our last call, we've got Opengear fairly well integrated into the business already. And so, as such, as part of our segment reporting, it's embedded inside of the segments, and we don't break that out. We stay inside of the segment, given where we're at with the integration. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
cd70dfc2758f81b71349f9b710ec4cac | Okay. And then on the expense controls, just to circle back there, and a lot of that sounds I don't want to say discretionary, but it's temporary. Is that so I guess the way you position this, we'll be able to, for the third quarter, get about $2.5 million. So our adjusted opex to drop by $2.5 million sequentially? | Just to kind of give you some context, and maybe Jamie can fill in additional details as well, is if you look at our forecasted opex and our forecasted model, we've taken $10 million out of that model throughout fiscal 2020. Some of those savings actually occurred last quarter, and the majority of those savings occur i... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3f27ec56d7d66df54c7541d799ef71e5 | Okay. And then just on the solutions business, Ron, how does that customer base hold up here? I mean, did you have a higher churn rate at all in the quarter with the site count or any customer retention? Does that tend to go up? Or I mean how does the base act if their facilities shut down? Do they again, are they payi... | Yes. It's a really good question, Rick, and I'll give you some context here. Of our 68,500 subscribers, the biggest single segment is healthcare. And so, if you think about pharmacies, hospitals, clinics, labs, those businesses are up and running. They're operating in an altered environment in some cases, especially ho... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
96739c2dd3f1404f3b14b177bfaa397c | So maybe when I look at the site counts you didn't hit your goal. I understand that. But is that more-that's not a function of churn. That's just literally a function of the customers are closed down. | That's correct. It's really not getting new business. So we didn't lose many sites in the quarter. It's really we weren't able to gain as many sites and add as many sites as we were expecting. It's largely driven by these enterprise opportunities that they were in a position to make this kind of commitment and had to f... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6a1deb6d8c2eead71a450b3a1ad0d462 | I see, OK. All right. And then just last question from my standpoint, I mean, the one number that you referenced, you referenced the ARR, and if I look at the ARR and the run rate there at $16 million, so obviously, about $4 million of ARR in the quarter. If I pull that $4 million out of the $6.5 million of sales, was ... | Yes, that's correct. So that would be driven by a combination of new site additions or expansions within existing sites, that one-time installation, and equipment, and training. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5a869f0db783e9d2bcd9a0b5a3e5bbc6 | Okay. And that was down 50% or | Yes. So if you recall, we expect to add | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
162a3e83beda25bf4990b3962421924e | I guess I could do the math. | We expect to add 3,000 to 4,000 sites per quarter, and we added under we came close to 2,000 sites. So we were 1,500 sites off of the midpoint of our expectations. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2caf5425481404fa29506c69749f19db | Yes, OK. Okay, I got you. And do you expect to have into fiscal Q3 with the issues that are out there and maybe full COVID impact here, do you expect to be able to grow your site count sequentially? | We think we will. We think we're going to grow our subscriber base. We think the growth won't be as strong as what we've had in the past, given the things we talked about. But we still think between retaining existing customers and adding new customers, we'll continue to grow that subscriber base. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5a3209a54435721e9eb8f5692cc8aba1 | So Good afternoon. Thanks for taking my questions. Ron and Jamie, glad to hear you guys, and your teams, and your families are safe and healthy. Maybe to jump right in onto Opengear, it sounds like that really tracked expectations. I just want to clarify that. I know there's a lot of data center market exposure there, ... | Yes, I think you're spot on. Opengear has really two primary markets, it's a data center and, if you will, cloud-based applications. But increasingly, and actually the faster-growing part of their business has been edge deployments. So those would go out into either retail or other distributed environments. But the dat... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
927d0fb9093bce1e6d875528c0dc416f | Got you. Very helpful. And I think in your opening commentary, you indicated that cellular routers and gateways, some of the end markets and customers on the enterprise front, were reconsidering or slowing down some of the purchase activity there. Could you kind of delve into that a little bit deeper? Were cellular rou... | The cellular router market for our business really held up pretty well. The bookings were actually stronger than the revenues, and it was largely because we might get a purchase order, but the customer's unable to deploy it because they don't have resources to go out and install these. Or in some cases, let's say mass ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1fbba065557131f388c751f17bd692ea | Okay. And just to dig in one more on Smart City, deployments continued in the March quarter. It sounds like they continue to wrap up this quarter. Could you give us just kind of size that opportunity for us and put that in perspective? What would be the potential follow-on or any timings related to that as we look out ... | Yes. Thanks, Scott. So yes, we continued deployment of that project last quarter, second fiscal quarter. We should be wrapped up with the one-time portion of that project in the current quarter. We have gotten additional business secured in that same application. We're unable to deploy those at the moment for the reaso... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
33879ef9159295018e35da05a915cbb7 | Yes, I guess just to minus back in the queue. How are we kind of thinking about ant opportunities that might arise on the M&A front later in the year here as maybe come out split that come out the other side and maybe sellers' expectations are a little bit more realistic than maybe they are at this point. So just curio... | Yes, Rick. That's a really good question. As Jamie mentioned, we do feel that we will continue to generate cash, to continue to be profitable through this pandemic. And so, as you saw in last quarter, we do anticipate our leverage position improving, our cash position improving. So we are still on the offense. We are l... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e697f8b742b6827e83935fce513451f8 | You know, with the integration of a couple of new businesses with complementary solutions, can you talk about the potential to optimize the design of those products and simplify, you know, some of the interoperability, you know, to, you know, de-risk the supply chain, and some cost savings that you might see, and what ... | Sure, Colin. Let me unpack the different pieces to it and kind of go kind of what our priority orders are. One of the differentiators of the D-VAR or a VVO or a NEPSI product or a Neeltran product is energy density. So, in almost every type of market that we serve, we sell the ability to do less civil engineering, to d... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b123e2ecfb064be4c061a4f89cf03a92 | And then on the business, obviously, you guys are going through the process with the implementation and, you know, the next steps. But can you give us a sense of the pipeline of interest level? You know, obviously, as we move toward the net-zero economy and increased reliability on -- or reliance on electrical infrastr... | Yeah. I think what we're seeing are some early indicators that the economy is really positioned well for a rebound in the coming, call it, year. You can see our ability to convert pipeline into orders demonstrated. We just put out a release yesterday where we have 19 million new orders in the new energy power part of t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
e77402564835b3ed4d98cee44df48807 | So just -- maybe just coming back to NEPSI and Neeltran. And I know it's early with Neeltran, but I would love to hear just some thoughts or feedback you've gotten from the market regarding them being under your umbrella.
And then are there other areas that would be logical to add to your offering given, you know, you... | Yeah. So I mean, let's go back to kind of how all this came to being. You know, we had a relationship where we had done work with NEPSI. We realized that we were both filling into sort of the same either kind of project or same exact project.
It seemed to make logical sense to expand our market and expand content by b... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9f812a86c63a24550e75a0008723a000 | Maybe just turning to VVO.
I know that was a component of the order announcement yesterday. Can you just give us an update where things stand maybe in terms of number of utilities that you are shipping to? And I know the ultimate goal is that, you know, this would just be part of regular order patterns. It'd be a stoc... | Yeah. I think, you know, frankly speaking, VVO is the one part of the business that may have seen some order flow and some pipeline development limited by COVID, simply because of the access to labor of the utility to do these projects. Typically, how our utility looks at it is they want to do, you know, wonder a few o... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
279f36aa42586c78ef214ce2eda38671 | Maybe last one just, yeah, for John. Just on the margin side, you know, maybe just some of the puts and takes. Fourth quarter, you know, was down. And just some details there. And obviously, your guidance implies a rebound in the first quarter, so maybe just some details there in the thought process and that outlook. | Sure. So you're right. In Q4, our gross margin was down at around 15%. There was a fair amount of revenue associated with the progress we made in ComEd and DHS.
And then as you recall, that's cost-share project. So that will have a drain on the gross profit. And on -- and quite frankly, our business quarter to quarter... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e318fa3111f3e5bb191cd284dd326c9f | My first question is on loan growth. I just want to know how are you perceiving the demand for corporate loans? Are you seeing companies withdrawing credit lines to improve liquidity? And are you implementing structure lending to privileged asset quality over loan growth? And how should we think about the loan growth f... | We have seen in -- a couple of things throughout -- since the whole pandemic crisis started and throughout April and May. In the first place, we saw very large corporates increasing loan demand for liquidity purposes and we were able to lend to some of these companies and being very selective in terms of the credit qua... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0be5fcc28c4c538b323429b32357a1c6 | My second question is in asset quality. We noticed you have created additional provisions based on expected losses, except for the consumer portfolio. So, I just want to know which are the macro assumptions that you're considering to build your expected loss model? And when do you expect the peak in provision charges, ... | Yes, as you mentioned, we are from this quarter apply in IFRS 9. And you know that IFRS 9 make us calculate adjusted inflation, expected losses considering the past behaviors of our customers and we're still looking forward with favors. So it is difficult to assess as of March the adjustment. As you may have read, we d... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4e8d2e95977444505609645e8e88852c | My question is based on what you described or describing the Central Bank and government measures, freezing mortgage and auto loan payments, postponing credit card payments, the loan support programs for SMEs at 24% annual interest rate. Can you talk about the operating cash flow implications of this? So I mean, I imag... | Good morning, Jason. Thank you. I mean, yes, you are right in terms of the impact that that has in terms of extension of instalments. In the case of the inflation-adjusted mortgages, what essentially is happening is that the adjustment that occurs in the period in which this is frozen has to be collected in three conse... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5a9992cc2ecf443eeba0dcc433941b77 | So, these loans that have been rescheduled, if you want to call it that, or postpone payments, the interest is being accrued but without penalties or how is that being reflected in the financial statements? | Yes, that's correct. I mean the contractual interest -- I mean, you have two different situations. If it's a loan, you continue accruing contractual interest rate. If it's a credit card loan, the Central Bank has imposed a cap on interest rates on the credit cards, which stands at 43% per annum. Originally, they were 4... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a0d335413d4cccccda38370bb4302035 | A separate question related to what you show on chart -- on Slide 7, where you showed the gap between the blue chip swap rate and the official exchange rate at 77%. How do you expect that to proceed or be worked out? And what are the implications for the economy and your bank? | That's a million dollar question. I mean, if you look at past history, normally what tends to happen is that at some point in time, both rates tend to converge. And what past history in Argentina shows is that's normally the one that is below that goes up, and other one that is above that comes down. However, we could ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
94b1c8802cd771ff6f7a90704f850068 | My first question is regarding margins as a follow-up in the previous one. So if I understood correctly, we should not see a pressure on NII in the second Q. The bank will continue to recognize the interest on those renegotiated loans. My question is, what you expect in the future? Because many of those loans, at some ... | Good morning, Yuri. Okay. Your -- regarding your first question is, in our consumer finance company one of the things that we're doing is, despite the Central Bank grace extended of 60 days extension, we are continue to provisioning following the prior rules. So we're not -- we're taking advantage of this situation to ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
27792b9b6fb1c53c11378398b01f8bde | You had mentioned in terms of the synergies from the merger to be on track. I'm just curious, you know, now that we're -- you're into this. Do you think there's potentially either more synergies may be not only on the expense side, but more importantly, on the revenue side going forward? | Sure. Jeff, I think, it's slightly too early to think about 2020 in the way of cost savings. Other than to say, we continue to have a disciplined approach to managing our operating expenses. And some of the technologies that we've deployed certainly on the Strayer side pre-merger have generated some significant product... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6aecbe628d6eb73e9533e67517c4d7dc | I believe in the past, your team has thought that your business was a little bit more cyclical or may be not as countercyclical as some of the other companies, I think, their business might be because of your exposure on the corporate partnership side. I know the economy is still going strong, but we're seeing signs of... | No. Not -- I wouldn't say that we've seen any slowing down of sort of macro demand. We've seen growth across all of our degree levels. So that's not something that we've seen so far, Jeff.
Jeff, this is Rob. I would definitely agree with your assertion. Our view is that, both because of our working adult-focused unive... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ea54dd7cb819dd8925da3f8099142f00 | There is a lot of noise in the market today about some of these potential rules impacting California residents that are attending online non-for-profit school. I just want to double check and see the schools that you run are for-profit or proprietary. This is not an issue for you. Is that correct? | Correct. It's not an issue whatsoever. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7ed89668d9a29c8d3bc2d6274afc0119 | Can you give us any gauge of what you're expecting for operating expenses in the back half of the year? | Jeff, we're still on track for what, I think, we originally talked about was. Pro forma operating expenses in 2018, we're going to be flat to slightly above that. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
02ea3f5612fb90408d24373bf769723b | So a couple of quick questions. First, Karl, when you said that student-facing AI has been deployed at Capella. You were talking about sort of the outside the classroom uses or is there some in classroom use that's been deployed? | It's both. It's -- the virtual assistant technology has been deployed on the chat function for student support function and inside Capella. And then some of the technologies that Strayer has used to scale its online classroom around student engagement, video feedback, various other faculty tools. Those have also been d... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0eb41c8ffbee8c6299a3dcdf9a5f2ef3 | Could you may be elaborate just a little bit? I know you said that the early returns have been good, but just the in-classroom part, how that's working relative to outlook at Strayer? And also just I think conceptionally it's going to be tougher to get the same kind of leverage because there's so many more classes at C... | Well, I think, it could be deployed across all of Strayer and Capella's online course room, the tools that I'm describing. You're correct in asserting that it's likely to not yield the same kind of productivity that we've seen on the Strayer side just because they have a more disparate course catalog. But we do expect ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1670a301cbd90480459a61d35af3336d | And in terms of the dynamic that helped the revenue per student at Strayer, it sounds like, you don't think that's sustained, but is there anything you would point to that drove that dynamic of more classes per student other than random walk? | Yes. Corey, the classes per student is a bit volatile, not volatile, but variable from quarter-to-quarter. So that that's not anything that we necessarily model in on a forward-looking basis. The drop rate improvement though is real. And as Karl mentioned, we expect that to continue. But again, it's offset by scholarsh... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7a6fe6656fd59ddef12b07d14f894c82 | And what was the magnitude of the average tuition increase at Capella? | It's about 2%. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0c994065da49cd5c61dd19514cc10e29 | Okay. And sort of going from that, I don't know, given you're reporting to a few of them at times, you look at any other company, but 2U's stock is down pretty big on for a number of reasons, but they commented that, the competitive environment is getting tougher. And realized you're at a totally different part of the ... | I am not sure, Corey, that I would say that we're in a different part of the market. I mean we're running 2 first-rate universities, which we think compete very well with a number of the state schools and private universities that and use like 2U supports. And we've said for years that there is a large supply of educat... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ad7cee5d96329f65e11e1c394fb56c70 | Just on FlexPath, it's been growing well, 30%-plus. And where would you characterize your position as far as in your evolution of FlexPath as we move forward? Are we in the early innings? And then how should we think about maintaining this growth rate as we look more longer term in your outlook? | Sure, just on that question FlexPath, I'd say it's still probably in the early innings, so to speak. FlexPath has an enormous value proposition essentially enabling students to get through a degree program in half the time and therefore, half the cost. So there is substantial value being created for the student. And as... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d52d44f6e03f792841b2bf6cc140ee97 | And then following up on a previous question about competition. More specifically when it comes to FlexPath, are you seeing any change in the market this past quarter? Or has your competitive position or strength been maintained? | No. With regard to competition for FlexPath, I should note that Capella is 1 of only 6 institutions in the country that is approved by both their accreditor and the Department of Education to participate in Title IV programs for direct assessment programs, which FlexPath is. So the company is clearly advantaged by havi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.