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9b364051efeeef372b96c90d4226c2b3 | And then my last question is just kind of as it relates to what you're doing in regard to the physical locations for Capella in Atlanta and in Orlando. As we look further out into 2020, should we look at your short-term goals as establishing these campuses or will you launch -- are you planning to launch more campuses ... | Before I answer that, I just wanted to clarify, when we use the phrase campus for Capella University, it's really a student support center. There are no on-ground classes. So there's not on-ground instruction in their locations, the way there is in Strayer's. But to get to your question, I suspect, we will open additio... | direct | [
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ca3caaf3f6e54f70c19751ee8b6d7392 | Hey, guys. Congrats on a good quarter here in the recent consolidation. My first question is just on the Northwest. Obviously, Refining margins are exceptional here on the West Coast in the second quarter. Are you guys running well? Are you able to capture that margin uplift here in the quarter? | Yes, we are. | direct | [
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5e51cf1ef0764609f06dca207e347858 | All right. Well, that's great. And there's a follow question just on Hawaii here, opex came in a little bit lower than our expectations, and just wondering what's driving that? And I'm sure we carry it forward. And then the big-picture question on Hawaii is, how do you think about this market over the next three years,... | I'll start with the opex question. As I mentioned in the prepared remarks, we think the longer-term cost structure is closer to $3 per barrel, which is lower than our historical cost, as we picked up some economy of scale and getting more efficient. Due to the acquisition, we had some timing components that gave us $2.... | intermediate | [
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52dfab46a5a48151f58e9f1a87ec3d00 | I was hoping you could share any thoughts or outlook on Bakken crude differentials going forward? We actually saw pretty strong growth in the Bakken last year. And there's been announcements of a couple of pipeline expansions or potential new pipes. But it doesn't seem like they come on for at least a couple of years, ... | It's not the -- we think the take away capacity continues to be our biggest opportunity going forward on both Bakken and WCS. So we can have input in general, and we are very excited about the potential outlook into that.
I think, Matt, you can look at the trend in the second quarter to date, where you've seen the Bak... | intermediate | [
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5543791406fc99c268f99e307fb82f41 | Terrific. And it seems like there were a few, I guess, political events that have the potential to impact you going forward. Could you walk through the Washington crude-by-rail bill and then the Colorado local control bill? And talk about whether you're expecting any impacts on your operations in those areas? | Let me -- this is Bill, I'll start with the crude-by-rail and Will take the Colorado bill. The short answer is, I don't think either of them will have certainly a substantial near -- any near-term impact. The Washington crude-by-rail bill, as you know has been -- is likely to be challenged by the state of North Dakota ... | intermediate | [
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16f492c947b07bb2e0fd51c2b34aeefb | Was wondering if you can talk a little bit about how your crude slate or your crude requirements are changing in Hawaii. Looking both kind of in Q1 as you compare it to last year, and then as you think about the rest of this year. Any changes in kind of sourcing dynamics that you wanted to call out and could those end ... | Yeah. The new crude slate or the preferred crude slade, now, I think, both locations operating is slightly different to make the different production yields that matches the demand profile in Hawaii. So you will see us running more and more sweet and lighter crude. We're probably shifting from 31, 32 API average toward... | intermediate | [
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83c8eae7423ae96a044552c494cbdc71 | All right. Thank you for that. And then also, I was just wondering on the DHT project, great to hear that it's still on time and on budget. But just wondering on the timing and just kind of how we see that contributions flow through. Is it going to be the case that we'll actually see throughput for the Hawaii assets in... | Mike, with the expanded operations and the -- as our unit, I think that you're not going to see a material change in throughput. What you'll see when the unit comes online is an increase of our jet production, which we're actually a fairly substantial jet imported today. And so it will allow us to back out some of our ... | direct | [
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d7197ab42cedebd4663021eb5f61eaff | Yeah. Thanks. I just wanted to follow-up on Neil's question about kind of thinking about the Hawaii market long time and asked it, I guess, in a different way. When you think about gasoline prices on the island relative to the Singapore benchmarks, I mean are they pricing at kind of similar levels, and what Singapore p... | Since both Joseph and Will got a cut at this, I'll take my cut at it. My -- Jason, I want to be careful about comments about any of our contracts because there's a lot of proprietary information that we want to be careful about sharing. But needless to say, with the change in the production in the state, most of the pr... | intermediate | [
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23ddbb2d59e3c26e627510c3d9799773 | Great. Thanks a lot. And just on the working capital, I want to make sure I heard that correctly. Did you say there was a $200 million billed and most of that reversed? Did I hear that correctly, and if not, can you just clarify those numbers, and kind of what that was related to? Thanks. | Sure. Jason. It's a $29 million billed and again that's first and again, that's principally associated with the additional working capital tied to our increased activities in Hawaii post the IES acquisition. And then some timing at the end of the quarter within our Washington segment, so that -- those are the two princ... | direct | [
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a93ad7b037a014d4f1d8bb9f04923fe2 | All right. Great. If I could just sneak in other quick one. Sorry. Is the DHT -- is that just certainly for diesel? Or will you able -- are you able to treat like distillate or anything heavier, or is it only diesel? | It's only distillate. So --
Meaning jet fuel and just to clarify. | direct | [
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d4a276469320a684de7587014ba67312 | Hey, good morning folks. Looking at the data presented last night. I saw export sales in Hawaii were down about 5% of refined product sales. How do you think about optimizing that number going forward? Is the goal to export zero or do you plan to be tactical if market opportunities open up? Just trying to understand ho... | Probably zero is not a realistic assumption but it is trending down and we will try to export minimum possible. I think 5% and under is a good assumption going forward because we're fortunate to have this perfect match between the combined refinery configuration and the demand profile in Hawaii. | direct | [
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ef8434d368c62ddf6cf09aa6ca0e223d | OK. Thanks for that. And then moving to Wyoming. You mentioned in prepared comments, tank construction in Wyoming finished in April. Can you talk about what kind of material changes that makes on either the run rates in refinery. Does that mean first quarter and fourth quarter kind of run rates go higher or kind of -- ... | Yeah. Wyoming is a seasonal business. It's easy to move the barrels in the summer for good net back. It's much more challenging to do so in the winter. And this is where you need commercial flexibility. In the past, we demonstrated relativity to get to other markets that was less limited in the winter. And now we have ... | direct | [
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941938cd9c851ab45f164f7a54bd2362 | Hi, thank you. I have a few, I'll back out and hopefully give a shot at the other ones here. On the last call you discussed being able to sell over 100,000 barrels per day on-island. And is the 107,000 barrels per day the upper bound of what can be sold on-island? Or are there any initiatives you can act to increase th... | Andrew, it's Bill. I think that -- I don't know if I characterized it as an upper bound but it's a pretty healthy number just given the market demand. I don't think I would change materially. There certainly could be periods in time, we do have some bulks of transactions even within the state that could boost the daily... | direct | [
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2b316f9af3d21014b77b6760d4d6fc86 | OK. And then how much net debt at Laramie? Is there any publicly referenceable value for Laramie as well just trying to get a feel for this now meaningful enterprise. | Sure. So Andrew the net debt balance at the end of the quarter was roughly $190 million. And the -- there's also a preferred stock that's senior to our common position that's roughly $44 million. So -- and that'll be included in our investor presentation. | intermediate | [
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ac67390f19e42bce076c4d221d23b027 | OK. And I didn't -- I don't recall, did you mention are they on a one-rig program? Or what are the -- what's the rig program for the current year? | They're continuing a one-rig program. | direct | [
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00a80e018488e8664561d025e876f10f | Hey, thanks for taking my follow-ups here. I guess just on the balance sheet, I think net debt to cap is in that 50% ballpark. Just wanted to see if that was the level you're still comfortable with. And if so, do you have any targets you might be able to share on debt reduction either in 2019 or 2020? | Sure, Matt, it's Will. I think we're comfortable at the 50% level. But I think our targets may remain consistent, we'd like to see our net debt to cap in that 30% to 35% range. And again, I think our principal allocation of excess free cash flow is to delever during the foreseeable future. So we'd like to work toward t... | direct | [
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907e29d8b9944f7fed41a76c5a379e27 | OK. And then, can you share any outlook on Laramie for Q2? It seems like NGL prices have declined further compared to Q1 and Opal natural gas prices are also down quite a bit. But I know you have quite a few hedges too. So I guess any early thoughts on how Laramie is trending in Q2 versus Q1? | Well, I think from a production standpoint it's probably relatively consistent with Q1 with slight growth. And then I think on the pricing standpoint, again, I think just seeing lower prices for natural gas and natural gas liquids. That being said, I think we had some realized hedge losses at Laramie during Q1 that are... | direct | [
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78c873f2b57f9863eaee00b69267a4d5 | Sounds good. And then lastly, I think, Bill, you mentioned that agreement with the Hawaii Public Utilities Commission, would that have any impact on your gross margins at Hawaii going forward? Either positive or negative? | Well, sure, it certainly will have an impact because they are now our largest customer. The margins going forward are probably pretty consistent with the first quarter though in terms of impact because the contract with the HECO, the local utilities similar in many ways with the contract that we normally had with the s... | direct | [
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87e310837340ecc7231397ac1f3971c1 | Hi, thank you for the follow-up opportunities. So what do you see as any further consolidation or integration time lines for the IES in Washington acquisitions? Or is the digestion completed and if it is, and you're now more balanced, is there any particular areas of the energy space you view more attractive than other... | Andrew, we usually don't comment on M&A but just in terms of the integration efforts, with respect to IES, we still have some capital work that is taking place that will allow us to fully integrate the two sites and allow us to move crude, and other products back and forth between the locations, that's ongoing. We expe... | intermediate | [
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0a7879892c4371cf7d0d3da9c83ac1fe | OK. And then I saw recent announcement, just basically next week, of an upcoming conference. Looking a little bit further out, where one could maybe make travel plans, etc.. What are your upcoming non-deal road shows or investor presentations that you have on the calendar? | Andrew, it's Will. We've got the Tudor, Pickering conference next week in Houston June 4th and 5th. We've got the RBC Energy conference, we're planning to attend in New York. And then the 5th and the 6th Bank of America Energy credit conference in New York. | direct | [
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072974fa6e6685fee1d73d131103ac92 | I just wondered -- I realize that there hasn't been any change to NII guide. Just wondering about some of the moving parts there, and I wondered if you could talk a little bit about outlook for loan growth, and within that commercial loan growth in the back half of the year. | Yes, Frank, for the NII guide there is -- as you've seen so far this year we've recognized $19.5 million and $11.5 million in PPP fees in the first two quarters of the year. We still have $35 million to go, and the timing of that. I mean, we have our own estimates as to when that will be recognized which may differ fro... | direct | [
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8136736f5fddd5de5a3ae93f21230b83 | Okay. And then you mentioned Phil, you looked at some of the deals in terms of M&A that have taken place in market. Is it fair to say that you feel you can more actively pursue deals in the back half of the year given your confidence level now on the macro environment? And I wondered if you could just remind us of what... | Yeah, I mean, I think will be as active as there are opportunities, Frank. And I think that will continue in the second half of the year. We'd like to be looking at banks over $1 billion. But when -- would be impossible that we could look at something smaller that was really strategically positioned well within our foo... | direct | [
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4cfe6dea683c17a1948aa88fe51534f8 | Maybe if I could dig into the NII from the NIM side a little bit. What is your assumption for excess cash levels? It sounds like they increased again in the second quarter. What is your assumption for those levels within the guidance for the rest of the year? | [Indecipherable] And our guidance is that they tick up a little bit again during the third quarter because that's when we tend to see our muni business at a tied watermark [Phonetic] for the year, and then coming back down a little bit in the back half. But candidly, we don't see much decline in the excess cash level C... | direct | [
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c6aa9bec4be66b49155564cab010e673 | Okay. Thanks for that. And then switching over to fee income. I heard the comment you made about the interest rate swaps within capital market income going back to normal. What kind of environment do you need for that? Do you need rates to go up from here? Do you think this level of swaps would be kind of the run rate,... | Yeah, Dan, it's Curt, just a little more color there. The second quarter was a light quarter for us. We were putting more fixed rate loans on the balance sheet. We are continuing to offer that. It really comes up -- comes down to loan origination mix and larger deal mix and types of loans. So we do think linked quarter... | intermediate | [
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00d2d4e79e2c63ba6aacb69eb93612f6 | There are two -- hey, as a follow-up on the expense comments earlier to see if I got this right. So you guys have done a really nice job keeping a lid on that and the recent initiatives. Can you just remind us of those previously announced are they fully in the run rate now as of the second quarter, or is there more to... | Yeah, they are, they are fully in the run rate. But remember, Russell, when we announced that $25 million we did say that we were going to invest a portion of that in the similar digital technology initiatives. So if you look at our income statement, you can see on the category for data processing and software, you can... | direct | [
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eb8c7e125f50acbeb6222c9a131408fb | Okay, that's helpful, Mark. And then I guess as you look out and start thinking about 2022, do you contemplate additional initiatives to continue to keep a tight lid on expenses, are there opportunities to do something similar going forward? | I think there will be constant reinvestment in our franchise, but I don't anticipate there being investment in the franchise that's going to change the trajectory of our expense levels, I would expect at this point that there would be not -- nominal increases in certain categories, but nothing materially off the run ra... | direct | [
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06243429a8d67068b703ee501cf46b9d | Okay, that's great. And then just switching gears. Phil, you touched on the buyback a bit in prepared remarks and with the discussion around M&A. I mean how should we think about you guys being active or not with repurchases. Is that more of a hope to land a deal and so we shouldn't expect to see in the market or how a... | I'd say Russell, it would be driven more by the price of our stock. So we do think we have enough capital to do a deal and buyback but we want to do both of them at the right price. | direct | [
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dc0216f96ebaaccea982e9e193c2b5bb | Okay, understood. And Phil, thanks for that. And then just a reminder as to sort of what that price to tangible book multiple or earnback is for repurchases for you guys. | Yeah. So if you look at kind of current levels for us right now, that ends up being a by [Indecipherable] dilution or earnback of about 2.2 to 2.5 years, if you're kind of in the mid fifteens right now which is fairly attractive relative to certain M&A transactions, so it would be kind of equivalent to buying a bank th... | direct | [
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eed33dde797df29ee4c43919d19baed2 | First question I guess for Mark, maybe on your comments about the gain on sale margins declining for the residential mortgage I think you said from kind of 3% range down to about 1.85% or so. Now curious is that largely just market dynamics or is [Phonetic] there just been a change with you holding more of those loans ... | Yeah, yeah. I think it's more been -- I mean, while we have shifted the mix a little bit in terms of our originations, have shifted a little bit from last quarter there about 49% purchase 51% refi to this quarter they were 60% purchase, 40% refi. So there's been a little bit of a shift in terms of product type, but I w... | direct | [
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402a9e0a76a24db824e2f2254b001a64 | That's great detail. Thank you. And then the second question from me. Still, I believe, in your prepared remarks, you mentioned that you're bringing more of your workforce back to the office starting in September, but there will still be a component that works remotely. Curious what that ultimate kind of percentage of ... | Yeah, so pre-pandemic, I'd say we had a few people who worked remotely. As we are moving forward, I'd say, 6% to 10% of our staff will be fully remote. A big chunk will be hybrid. So we will be looking at all our real estate, and I would suspect that over time it would decrease. | direct | [
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a5cbd0c3aa26e2a965c21a627e48e6c3 | Hey, I was hoping for a little bit of more detail on the interest rates into your loan portfolio. So last quarter you provided that I think you had $12.6 billion of loans either tied to prime or LIBOR. How much of that is subject to floors where you wouldn't benefit from higher rates until rate hike two or three, and m... | Yes. So, Matt, we have about $2.5 billion of loans that are currently at their floors. We have total loans with floors is about $4.8 billion. But we have no loans that are below their floor so your question really gets to if there is rate increase would we need to see too before rate impact. The answer is really no on ... | intermediate | [
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8507ce87c31358b22405b4cff4a8feaf | Okay. So we wouldn't see the same delay as last time. | We would not. | direct | [
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c14b035f69fa454040289939c2d15a32 | And then the other question I had is residential loans continue to drive our big portion of the recent loan growth. Balances there are up to 19% of total loans. At what point do we start to see you take your foot off the gas pedal where exposure is enough and where you you sell more of the production versus retaining. | Yeah. So we continue to be asset sensitive. One of the more assets of the banks that we track in our peer group. So we think there is still room to continue putting high quality customer base mortgages on our balance sheet. We have based on our current origination levels, I mean I think there is capacity to at least th... | intermediate | [
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637cb3d071de14f19265c859fced8863 | Okay. And could you talk a bit about the securities portfolio outlook for the balance of the year? | Yeah, I think I would expect it to stay pretty range bound from where we ended up in the second quarter. We did -- I mean a lot of that depends on obviously where the tenure goes, and the last couple of days have been going in the opposite direction. But we, as I said in my prepared comments, I mean we selectively rede... | direct | [
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5d778805fc8490cda61c614f67ea1098 | Understood. Okay. Last one from me. If I exclude commercial swap fees, the other commercial fee income line item so merchant card income, cash management, other commercial banking, all really nice quarters up sequentially. What were the drivers behind those type of fee income improvements? | Yeah, I would just point to increased business activity and underlying transactional activity as well as effectively managing the earnings credit that would offset any of those fees in the treasury business. But we're seeing increased activity in business in all those categories. | direct | [
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17a45f7162e15c1ac9c86fc576a0fece | Do you feel like these kinds of levels are sustainable or level you can grow off of from here? | Yeah, we expect them to continue to grow. We will see what pace they grow and it would really be tied to kind of underlying business activity of our customers, but we do anticipate them continuing to grow. | direct | [
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8781a1dece07664a6de7b3eb15e841b4 | Yeah. Hey, guys. Hey, the first question is just sort of on non-Ocwen, NRZ, RESI revenues. It's been running low $20 millions a quarter. How do we -- what's embedded in 2021 for that, roughly the mix of revenues from non-Ocwen, RESI and NRZ sources? | Hey, good morning, Mike. Michelle, correct me if I'm wrong, is it Slide 9 that shows the breakdown of -- this isn't between Ocwen and non-Ocwen, but if you look at our default business, Mike, the $99 million -- sorry, in the origination business, the $99 million at the midpoint, that's almost completely comprised of re... | direct | [
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a3d04417df2e7d67d88b0409fa483cbf | Got it. Bill, that origination revenue growth, would you say that's primarily coming from new customers or deeper penetration at existing customers? | Yeah. It's a combination of the two, Mike. So, when you look, we've got these 226 Lenders One members that comprise 16% -- roughly 16% of the mortgage market. And so, we have a set of existing products and services that we're selling to those members and we're adding more members that are buying those products and serv... | direct | [
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c4b55d014bc364b6d9e6d8e1df4302f9 | Hey, Bill, you talked about, I'll call it, costs dropping from $93 million to $64 million. Is that in process or you're almost done getting to that level, how do we just think about that? | So, we made a lot of changes last year. I think you'll see in the press release, our fourth quarter cash cost came down by about $12 million compared to the prior -- the fourth quarter in the prior year. Is that right, Michelle?
[Michelle D. Esterman]: That's right, yes.
[William B. Shepro]: And, Mike, we did continu... | intermediate | [
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13bcd39c0581f3e37610210ce518b13d | Got it. Okay. And then just last question. The Hubzu ending inventory, can that inventory -- that ending inventory gets sold over the next few quarters or is that really held up with the moratoriums? | No. So, what you're seeing in Hubzu is, generally speaking, we had a decent inventory going into the pandemic. In April, May, it was very, very difficult to sell any homes in inventory and then that really picked up quite significantly in the third quarter. So, what's happened, Mike, is our inventory has been coming do... | direct | [
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3b82c0f7512d2ccbd86194a10b080fad | Hi, good morning. Thanks for taking my questions. I had -- on the breakdown, I wanted some -- just some detail if you could please talk to on that. To break down, in the fourth quarter, on just field services and Hubzu and Lenders One and then sort of the assumptions underlying your '21 and '22 projections of default o... | So, Raj, on the 70-30 break down, that's between -- that's for our default related businesses. The roughly close to $100 million of revenue we're forecasting for 2021 in our origination businesses, the vast majority of that is from other customers, other than Ocwen and NRZ.
In terms of the breakdown between businesses... | intermediate | [
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a2afbe597379e3a5f603e8fe6aeda8bc | All right. So, I just wanted to understand of the default related business of $110 million midpoint in 2021 with the moratorium ongoing where -- are these foreclosed mortgages that are already in the pipeline in the process that -- this is -- none of this is the new business coming into -- or the new foreclosures comin... | That's right. Our model, Raj, assumes -- my understanding is the President extended the moratoriums through the end of June, the foreclosure and eviction moratoriums. And the forbearance plans, you can now request to two additional three-month periods if you went into forbearance before June of 2020. So, that really --... | direct | [
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57e5f5df847336cc30ac4f6b68c0cb4c | And what percentage of that $242 million or $396 million would be in marketplace? What would the break up be between -- breakdown be between field services and marketplaces? | That's right. When you think about what happened in 2020 with roughly only 70,000 or so foreclosure sales, this business -- the marketplace business has been impacted quite dramatically. That should reverse itself once the foreclosure market reaches a stable environment. And at that point, the Hubzu business should be ... | fully_evasive | [
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98723da9a222a367d024fb1693912972 | Got it. And then you usually give new customers added in the quarter, is that -- can you comment on that? Is there any new customers... | Yeah. No, there's no reason why we -- we have a pipeline of something like $210 million of business, the sales pipeline. And from a new customer perspective, we are very active, Raj. And I'd say the fourth quarter was very similar to prior quarters and we're happy to include that in appendix in the future. The sales pi... | intermediate | [
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5389c47682a70212e4b224e5995bcf61 | Yeah. Good morning. Thank you very much. So the first question is on the $120 million benefit from the several initiatives that are -- that you guys are implementing to improve EBITDA. Can you talk a little bit more about how do you see this progression to that level? I think you guided $220 million incremental annuali... | Hi. Thank you for your questions, Carlos. This is Tito speaking. About the $120 million, I would say that you will see along -- spread it out along the year. We're expecting to have it being added to our cash generation along the time. Why is that? Because there are a group of almost 300 initiatives that we are carryin... | intermediate | [
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daeb5bf3c8d094d8719b3b0d3f939728 | Hi. Good morning. Could you please clarify what's happening with the Aripuana development? I find the language in the release a little bit confusing because you've disclosed that there is a delay in development, but at the same time, you don't think there's any impact to the three-year production guidance. Can you mayb... | Hello, Orest. Thanks for the question. Basically, the following is happening, when we provided guidance, we were very conservative. If you compare the guidance with the technical report, we were already being conservative. That's why we think that there will be no impact. On the other hand, we are -- there will be the ... | direct | [
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ab34e20ee593443d7c4f4d660d23b230 | Okay. Thank you for that. And then as a follow-up -- as a follow-up, Tito, just on the consulting investment that you're making, I'm a little surprised by the magnitude of the investment that you're making. And I think you mentioned last quarter, it's a success based fee. So I'm having trouble understanding why the fee... | It's a technical thing. Let me try to explain. What happen is, you generate initiatives that will result in gains. When those initiatives are validated and they validate based on technical procedures, technical approach, you pay the fee, the consultants doesn't take the risk. So we are now in the process of implementin... | direct | [
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1da2f8ea1e7f88b13ba2c1bb3c355ff1 | Yeah. Good morning. I just wanted to follow-up on the $120 million. I'm not sure, if you answer this question, but how much of that should we expect to see coming through COGS and SG&A? And how much of that is going to be showing up in revenue through improved recoveries and things like that? | Yeah. Actually, I can't answer that right now. Of course, there will be impact in some of them, in the SG&A and the other accounts, but I cannot be precise right now. Once we appropriate it throughout the year, Alex, we will be providing this in our earnings release. | fully_evasive | [
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0b91ecce11b85d0550cebff042e9efc1 | Yeah. Thanks. It would be helpful just so that we can track it, given the amount of fees that have been paid, it seems like we should be kind of all the thing like -- that the benefit. And just one follow-up. Could you just remind us the cost guidance for Aripuana? And how we should -- I guess, how we should think abou... | Hi Alex. This is Roberta. Remember that for cash cost guidance, we only provide for the 2021, so we didn't provide Aripuana and update. And -- but if you consider what we provide in our report back in 2018, it was like $0.14 per pound. This is the numbers that we had, OK? Yes. That's the idea in terms of what we have w... | intermediate | [
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d051f28fe488f6adaa10bb5bdfdc2a57 | Thank you for the call. Just a question regarding the dividend policy. What is -- what is the dividend policy going forward? And also, in terms of the presentation, this is back to text one number that I couldn't match. On the -- at the beginning, you mentioned to that the cash dividend payment of $50 million, that is ... | Okay, Diego. Thank you for the question. First of all, let me answer the easier one. When you say dividends and the cash flow for 2019 that we declared and paid approximately $70 million of dividends from Nexa Resources SA, in Luxembourg, right? But we have internal payment -- dividend payments between Nexa Peru and th... | direct | [
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2257eca07809f2df8a99802a7a8e787f | Hi. Good morning. A very brief one. Can you give us an up to date on the Cajamarquilla conversion project? Is this going to happen this year? If not, when? If it happened at all? | Thank you for the question. Yes, it will happen. We are not sure when it's going to be along the year. But we are reassessing -- as we've said in our press release, we are reassessing the whole project, also talking with the contractors and equipment suppliers in order to rearrange the schedule. We should be news about... | intermediate | [
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81064d53df89f049c6d4755ec1d0e242 | Right. And the recovery rates, they should remain the same from 94% to eventually 97% or would that change it as well? | Yeah. We are -- it's interesting. Good question. We were recovering something around 91%, 92%. And last year, the performance was much better than before, it was 94%. And the 3% still applies. So which means that we -- after the part, we should be able to go up to 97%. | direct | [
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d3ada164071697e03b173f1b5f612404 | Great. Thank you. So just could you comment about the trends that you have seen in the premiums that you realize in your different markets? Particularly Brazil, is probably a little bit more of a unique situation. Could you comment or talk about how those are moving? That will be very useful. Your realized prices came ... | So Carlos, I'm not sure if I understood the second question. The second question. Okay. Let's talk about the premiums first. We actually -- we have not seen a big change in the premiums along the year. I mean, the premiums we are having in Latin America are pretty much the same we had in the year before. Actually, if y... | direct | [
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7815c8d1a5b8568eb649df99830ffb2a | Thank you, [Indecipherable] and good afternoon, guys. I apologize, I came in late in to the call, so if you already answered this question, I can just go back to the transcripts. You have had what appears to be a very successful exploration program for the second half of 2019. I'm just wondering, if you feel confident ... | Well, Oscar, thank you for the question. Exploration, yes, we have a very aggressive program. If you look at the numbers, we released from the guidance, it's a little bit lower than the number from last year. We still intend to reach the 12 years, but we are slowing down a little bit, given the price volatility -- zinc... | direct | [
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9f169c0211c3ff0d796af743b9d978b0 | Okay. Thank you, Tito. Just taking the -- if you were to start Magistral in second half of 2021, do we then lower expectations for mineral exploration. I think you're spending about $60 million in round numbers in 2020. Would that expenditure decline or would just keep it at the same level to get your research to 12 ye... | No. It still can -- doesn't affect Magistral at all. No. In general, the slight reduction we have in exploration will slow down the increase in life of mine of some of our operations, but doesn't mean that we are not pursuing to reach the 12 years resource available, OK? | direct | [
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b6efd70439ce9ca7302e9d09c179e6f1 | Hey. This is Michael [Phonetic] on for Mike. Thanks for taking the questions. Maybe just first on the Ocwen deal. It seems like a nice sort of solution expansion overall. Do you lose any solutions or states there, is it just overall net positive there? | Yeah, hey, Mike. Good morning. So the agreement with Ocwen actually we view as a very positive. We're adding five years term and we're adding a slew of FHA related services that we weren't previously providing to Ocwen. Pre-pandemic, those FHA services were generating, I think roughly $2 million a month of service reve... | direct | [
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0e1f0477d006d16fcb40f0b4e14beaee | Got it. And then just since the end of the first quarter last few weeks here, I think in a new there is federal judge on the eviction moratoriums. Anything new there as far as how that -- how you're looking at that, and outside the business? | Sure. So I think there was a DC Circuit Court that ruled the CDC eviction moratorium was unconstitutional. That ruling did not address the foreclosure moratoriums. There are different opinions among the circuit courts with respect to the eviction moratoriums. And it looks like it's going to go up on appeal.
We're work... | direct | [
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e88efb0c9b859b12e25a3492360c9028 | Hey, thanks for taking my question. Can you talk about how you see liquidity for the remainder of the year? Obviously, if things are starting to pick up that's a positive going into the fourth quarter. But can you just sort of address your thoughts around cash? | Yeah. So we ended the quarter with $41 million of cash and we continue to implement cash savings activities in the first quarter and into April of this year, and we believe that's going to considerably reduce our EBITDA loss as the year progresses. Also in the first quarter typically working capital is a -- uses cash a... | direct | [
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55c024da46585bb9ddb8179814a0cb0f | Hello, good morning. Thanks for taking my question. I wanted to -- can you touch upon the single family, the rental opportunity? How much is -- does that -- what does that comprise of your business today? And also -- and what is different in how you're approaching it? But also, how does the marketplace and the default ... | Hey, Raj. Thanks for your question. So in the real estate investors space today we're developing two programs. One is called the signature buyer program and the second is called the signature seller program. In the signature buyer program, we have a couple of channels to drive business to that suite of services that we... | intermediate | [
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41b8a03d08d282fb16a6065e8795c146 | Got it. Got it. And then on the Ocwen extension, I think you mentioned that it was a settlement of all issues with part of the -- was this -- I mean this was four years ahead of schedule. Can you give some color around that? Does this take care of your -- the -- I guess, the issue that you had with NRZ? | So this is an agreement between Altisource and Ocwen where we had a disagreement as to whether not Ocwen had the ability to move services that were covered, what we believe were covered by our agreement to Altisource to NRZ's captive vendor. So this was -- this settles that disagreement by extending the term of our agr... | direct | [
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1f5ea740e1ca02a9eb6cd7db62fbcb1f | The first question regarding to our number of sales agents and annualized premium equivalent and he is wondering why number of our sales agents and APE decreased sequentially from the second quarter? And what happened -- was there -- was causes for this? And the second question is regarding to the year opening strategi... | In regard to your first question, answering in two parts. First part is regarding to the number of our sales agents and the decrease in the number of sales agents mainly due to the sales force cleanup as required by the regulator and basically the law code bureaus of the CBRC have attached great importance to this requ... | direct | [
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f551087309d3f06a82b04e063739b9ed | The first question is regarding the change in our first year commission rate, is it increased or decreased from last quarter? And then secondly is regarding to the recent developments in our Shenzhou 100 strategy. | Our first year commission rate remains unchanged at around 112% in the third quarter.
And going to the second question, Shenzhou 100 strategy, it's our medium-term and long-term strategy. And since we launched this strategy in August, we have received very enthusiastic response from the market. And currently we have s... | direct | [
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d7b0ba7727b4c0c211e58b93572a6980 | My first question -- I have two. The first one is about the 600 new reserve sales teams. I was wondering if you could tell us more about the teams are they -- how large they are? How many people are on the sales teams, one or many? And also if you have expectations for turnover in these teams related to the regulatory ... | Regarding to your first question, our 1000 Reserve Entrepreneurial Sales Agents Campaign, which we launched in our half-year operational conference earlier in June, July and the Shenzhou 100 strategy, which we launched in August and September, both of these strategies and campaigns are launched and according to our jud... | intermediate | [
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fe56cad38bbea81caea6640c23e1f0bd | I guess, in your prepared remarks, you mentioned you'd received all regulatory approvals for the merger, just waiting on the shareholder vote. I think, there were some news item, can't remember when it came out, around the FCC sort of questioning the Apollo financing, given the cross ownership of TV stations and newspa... | Well, the FCC has no jurisdiction in our transaction, Jason. We're -- we don't have licenses that are being reviewed for transfer by the FCC. And so we have committed financing from Apollo that's not subject to the FCC review and approval, and our transaction is not subject to any review or approval. So I think that wa... | direct | [
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2d5f56261852df23f1e453df4e62ddf7 | When I listen to you, Mike, on the call, I'm reminded of the deceased comedian, Rodney Dangerfield, who used to complain he gets no respect. And so I look at Page 88 of the S4, the proxy statement that came out and connects with the merger. And if I take the numbers there, the stock is presently trading at 2.7 times EB... | Yes. Thanks, Lee. I'm highly confident that that's going to be the case. And what's really driving the historical declines, which you'll see reverse as we go forward is print advertising.
And in the combined company over the next three years, print advertising is projected to go from over 30% to less than 15% of the t... | direct | [
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d4bc9d7e3defae87f43a92d5da6d78a8 | How quickly in the new year, 2020, will you be able to generate asset sales or it'll become clear to the public that the projections that you have are realistic and that you can start paying down debt dramatically. What kind of asset sales, order of magnitude, do you anticipate in 2020? | We're working on those things right now, Lee, so I would expect that you would see asset sales throughout the entire year, beginning in the first quarter and continuing through the fourth quarter. We'll begin to realize synergies immediately. So you'll see those in the first quarter as well. So I would expect sharehold... | intermediate | [
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ce9c3c16d820cbf11c7e11fd620c0525 | Could you just talk a little bit about the digital business? It looks like it's basically been flat here for about a year. It had been a really good source of growth. And I know the combined company is going to have a much, much bigger digital footprint.
So maybe you could make some forward-looking statements about th... | Yes. Thank you. The third quarter is a one snapshot in time, so I wouldn't read too much into that. If you look at the first half of the year, we produced much better revenue growth on the digital side, and we expect that going into fourth quarter as my remarks indicated this morning.
There definitely was some distrac... | direct | [
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3e575fba7fd5541b06929b0665025952 | So I think it was touched on a little bit in the prepared remarks, but the FDA clearly has high standards of gene therapy these days, particularly with the recent news, so has your approach with EDIT-301 changed at all, especially with what you use in the clinic next year and do you see this as a potential way to perha... | First of all, the manufacturing for EDIT-301 is being done in-house through the leased space clean-room space that we have at Azzur and we don't have any plans at this point in time to bring that wholly in-house. We will evaluate our options as we move the program forward and we do believe we have gained ground with th... | intermediate | [
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282b7f5d02573cfcb7436782477d1b72 | So when can we expect some initial data on presentations either from the low-dose cohort or after you dose some additional patients? And the other one is about on EDIT-201. So after the ASH presentation, what's your next step in the preclinical and clinical development, have you identified any particular tumor types th... | We have not determined when we will disclose data at this point in time. We have a new CMO who will be joining us who we will consult with to discuss the plan for releasing data. But as you've heard, we have now achieved the dosing of the first cohort and we're eager to move forward. But it will be largely dependent on... | fully_evasive | [
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1b6b36d1a237da06307cdf047645e4d6 | First is on the LCA program. In light of the fact that the first cohort is enrolled, but you're experiencing some delays versus COVID, I'm curious to get your most recent thoughts on when we could see data from that trial? | As I mentioned, the data will be reviewed and we'll do that in consultation with the new CMO who is joining us. And it will depend largely on what the data set looks like and we want to be responsible about what data we release and make sure that it is a wholesome set of data and we're not eager at this point to releas... | fully_evasive | [
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2b9e42659440f0aceb2fe291e1775786 | Can you tell us the significance of going in as the senior party? | So, the senior party generally has the stronger position, as I mentioned. The junior party holds the burden of proof for the proceedings. And so, they have to go first in terms of putting forth their depositions and their data. And we will -- or the Broad on our behalf will go second. So, we believe that this puts us i... | direct | [
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9f5e8cefec68fe72a96854ef8694a518 | Can you talk about your thoughts on initial dosing strategies in sickle cell? Given that you're editing a unique site, how low the dose do you need to start versus being able to start at a more, potentially efficacious dose? | So you don't do a dose response in a hematopoietic stem cell transplant experiment like we're doing for sickle cell disease. The dose is set because you want to ensure that you get good engraftment. And so, there is no dose finding study. We know what the dose should be and that's why it's so key that you add in a real... | intermediate | [
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3acec2ac95043de8ca6614db0c6fc281 | So our first question is about the BRILLIANCE study. So you mentioned there was a slowdown and to what extent does that impact your dosing in the mid-dose cohort because I think previously you were guiding to dose some patients in mid dose by year-end, but we haven't -- we don't really see this guidance anymore. | That's correct. We've adjusted the guidance. As I mentioned, we are seeing a bit of a challenge with the COVID situation. We have patients that are located outside of the US that cannot easily travel because of travel restrictions across borders. There's also some reluctance of patients to be treated during the COVID p... | intermediate | [
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b2618fb1ce434c80520bda141640384c | I'm not sure, if you can comment on any safety from the BRILLIANCE study? The first patient looks like he has about eight months of follow-up now. I'm not sure if you can say whether the safety is good enough to continue dose escalations now assuming COVID delays fixed corrected? | So I will say that we are clear to dose that there are patients. | fully_evasive | [
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085c0e00db3582957348d4834f85de2b | And this question is regarding one of your ASH 20 abstracts for double knockout NK cells. Could you talk about the importance of IL-15 presence, you sort of mentioned the cells are grown in the presence of IL-15, but is that something that can also be used to co-administer during actual treatments? And what other -- I ... | Well, yes. So, we decided it's preferable to increase the sensitivity of the NK cells, the IL-15 and that's why we are knocking out the CISH gene because it's a negative regulator of the IL-15 pathway. And when we're doing, we're not going to co-administer with IL-15. And we've seen both in vitro and in vivo that -- in... | intermediate | [
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9e2aeaed190070f142dfad3d405971d9 | So, on EDIT-101 data disclosure, I appreciate that you're trying to be responsible for the patients, but I'm sure the investors are eager to learn about some of the efficacy and safety. Is it fair to assume that you will face something about the efficacy and safety in 2021? Or are you not willing to commit to that just... | We are not ready to commit to that just yet, and I want to do this in consultation with our new CMO and develop the data release plan with her. | direct | [
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f0160979267245725307b71c68e28d2f | For 301, EDIT-301, there is a duplication, I believe where -- for hemoglobin 1, gamma one and two promoter, where you kind of target. So do you need to knockout both to have a clinical set to therapeutic effect? There are obviously several combinations of outcome such as a deletion between the duplicated promoters, inv... | No, it's a great -- that's a great question and you're right, it's a complex locus and so we have done a detailed genotype, phenotype analysis and we will -- we look forward to disclosing that at an upcoming scientific meeting, because it is fascinating. Suffice it to say that we -- more than 90% of the edited cells ex... | intermediate | [
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6e5de6f5ae6ff5959f3a6ba67a6e66e2 | So, first, maybe a few questions on EDIT-201. So, this is to be used together with an antibody therapeutic. Do you expect repeat dosing for EDIT-201? And also, I'm wondering, what about the strategy to prevent rejection by host T cells? Would it be just lymphodepletion? And also lastly, on lymphodepletion, is there any... | Right. Great questions. This is Charlie. So, yes, we do anticipate doing lymphodepletion to prevent the rejection of the NK cells that we're using in this first iteration of our NK cell platform. And we think that the NK cells that we're adding are -- we're going to select ones that are very efficient and engaging the ... | intermediate | [
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b32a44a5aa81259651ea029125c248f0 | The BCL11A targeted approach has demonstrated roughly 45% to 50% hemoglobin -- fetal hemoglobin in a couple of patients in Phase one trials to-date. Do you think that can be surpassed -- that benchmark can be surpassed based on your preclinical work? And also would higher HbF be bringing in additional clinical value --... | Yes, we do believe that more than 50% fetal hemoglobin in sickle cell patients can be achieved and in fact, we aim to do that with our medicine and we do believe that will provide clinical benefit above and beyond which you can see with the current therapies and so while they are showing impressive results on vaso-occl... | direct | [
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2d3e17633462a2c52faea47c07549fc4 | Did you give what year-over-year rent growth was in Charlotte, Tampa and Phoenix? I know you said Atlanta and Austin. | Hey, Jamie, it's Colin, and good morning. And I'd say across the entirety of our portfolio of the markets, we've seen really, I'd say, favorable rent growth across all of them. There is a whole -- on average, it's been about 6% or so trailing 12 months in our markets and really Austin and Atlanta have been right around... | direct | [
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8610a2e9ceae6cbd6cba10814116b6b9 | Okay, that's helpful. And then I guess, can you just talk about some of the larger leases you guys have been working to backfill in the last couple of -- last year or so? I didn't really hear an update on the call. Then also your -- some of the larger 20 expirations, just an update there? | Sure, Jamie, it -- we continue to make really good progress with any move-outs, and I think it really speaks to the quality of the real estate that we've got, and Richard touched on the FLEETCOR lease that backfilled the Bain space that we had talked about on some prior calls. So as we look forward over the balance of ... | direct | [
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69cbff91ffcf4c60aa3d0bb712411dd0 | Okay. And then last from me, just we've seen an uptick in construction in Midtown Atlanta. I just want to get your thoughts on that sub-market specifically and how you guys think about potential for new starts there, just whether you think you could end up in some sort of oversupply situation in the next couple of year... | Yes, we continue to be very bullish and excited about Midtown, and I think that's certainly reflected in our purchase of 1200 Peachtree, which we will get the entirety of that space back at the end of 2021. So that overall was reflected in our purchase price at $220 a foot and 11.5% cap rate, but we're very excited and... | direct | [
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750e5affdd69a3805a45b9120d35b0b3 | Colin, you just mentioned 1200 Peachtree, so I'll ask about that. At this point, are there any plans for redevelopment once Norfolk Southern moved out at the end of 2021? Or do you think there is kind of enough demand as you see it going forward in that market to take that space as is? | Yeah, Blaine, 1200 Peachtree is very well positioned for us to go attack (ph) the re-leasing of that in a few years without significant capital. Norfolk Southern has -- that building has served as a regional headquarters for them, and they've invested quite a bit in the building both back of house as well as updating a... | direct | [
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ae5cc2a797f1ea7732b4744fed574b50 | Great, that's helpful. Great job on the backfill of the Bain space. Can you give any color on the mark-to-market you guys saw on that deal versus what Bain was paying, and when should we expect (inaudible) cash commencement there? | So, Blaine, we've never disclosed kind of specific leases in the mark-to-market, but obviously, we've executed that lease during the quarter, about 50,000 square feet, and as you look at the portfolio as a whole, we delivered 7%, 8% cash mark-to-market. And as we've said consistently in the past, the portfolio as a who... | intermediate | [
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bca527c38532cc97ff5c74aee6200e82 | Okay, that's helpful. Last one for me. Colin, you guys have done a great job of sourcing development opportunities recently, and now, obviously, you guys have a lot to digest with the TIER deal. Can you talk about your ability to continue to focus on taking advantage of investment opportunities during the TIER process ... | Well, to be clear, as we look forward to the TIER transaction, number one priority for us is integration, integration, integration, and to do that thoughtfully, to move that opportunity -- strategic opportunity forward, and we've got great experience with that process, given the Parkway transaction just a couple of yea... | direct | [
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0c0e6ee6e9bb7b68b89d413faccdc17d | Great, thank you very much. Couple of questions. Your starting (inaudible) Colorado looks like about $540 a foot. You just started Avalon a while ago about $380 a foot. How do those numbers compare to -- I mean are those good representations of what it costs to build in these particular markets? Or are there unusual as... | Yeah, John, it's a great question, and you pointed out the 10000 Avalon and 300 Colorado, which are very different projects that ultimately lead to the different pricing there. 300 Colorado is obviously in the Austin CBD where land can be quite a bit more expensive. In addition to that, the 300 Colorado project has pod... | direct | [
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f880850ee0fcf7374990e11eb2f7b88c | Okay, then the next question, I ran into the guy who runs WeWork in the Southeast, Gellerstedt, a few weeks ago. Do you think that -- how do you feel about WeWorks these days? Do you think you're missing an opportunity? Do you think it's a -- do you like the idea of co-working more than you did a while ago? What are yo... | Yeah, John, we've continued to have a favorable view on co-working and we've enjoyed a good relationship with WeWork and they are in three floors at Terminus here in Atlanta and that has gone well. They've filled that space up quickly, and I think importantly for us, we've seen a few of their underlying customers look ... | direct | [
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5723d70097a8920b185821f09efe73c3 | Yes, good morning, Colin. For you, maybe a nuance on Blaine's question in terms of development. What is the level of development conversations you're having today now that you've kind of put out the announcement with Norfolk Southern? And I guess with regard to those conversations, are you thinking differently given yo... | Well, Dave, it's a great question and one that we talk about kind of every day here at Cousins with the broader team, and as we sit today as a stand-alone company, we've got four terrific land sites within our ownership, one in Midtown, one out in Tempe, Arizona. We've got the ability to start the fifth building at Cor... | intermediate | [
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b4ee9501c986674bc711ef71b7ce8fd0 | And then maybe with regard to Westshore, you mentioned the land parcel that you have at Corporate Center. With the two larger either known or becoming vacant buildings kind of in that submarket, do you -- are you seeing any slowdown in the activity for that particular space at Corporate Center? | We really haven't, and activity at Corporate Center has been terrific and I think in particular highlighted that space being in high demand as T. Rowe Price announced they were doing a corporate consolidation out of Tampa, you know, very quickly our team was able to re-lease that space. And Corporate Center from our pe... | direct | [
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260679e4ee8cdef9d60dba7f61259a02 | Thanks for the color. Last question for me, the DFA backfill in Charlotte, if you gave an update I missed it, I apologize. Just curious on kind of the activity there. | Yes, Charlotte has been very active, and so the DFA space, as we mentioned on a few prior calls, has been a little bit challenging for our team in the sense of trying to balance and time the expiration of that space to the move-in of the new projects, and we just delivered that here in the first quarter. So I think our... | direct | [
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"fully_evasive"
] | A |
0e3573e1892a378b2e06e580e8dbd4d7 | I was just wondering if you guys could talk to recovery in regions where you were not seeing COVID surges. What is demand are you seeing demand start to recover in July and early August in the regions where things have calmed down a bit? | Rob, I'll have both Kelly and Landry weigh in on that. Kelly, from the client perspective, but also Landry, maybe more specifically for Nursing and Allied. The short answer, however, is yes, we are seeing recovery of non-COVID-related orders really across most all of our businesses, I'd say, less evident in our permane... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9934df7236b8eef2ed3ad2babfb5701c | When I look at the Q3 guide, I see revenues are coming down in the 7% to 10% range, but your margin is improving. Can you kind of talk to the puts and takes on how you're getting that margin progression even in the headwinds to revenue? | Sure. This is Brian here I mean, if you look at the guidance we gave for EBITDA margin, we said over 13%. So that would be relatively consistent with what we reported in the second quarter, getting there kind of slightly differently. The gross margin, we do expect to be up a bit in the third quarter. It's in part drive... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
463a132d9216b783f31ea6e564dae838 | I was wondering if you could give us a comment on what you're seeing from a supply standpoint across your main categories. And I'll pause there and just follow up. | Thanks, Tobey. It's a great question because as you can imagine, supply is critically important now, particularly in nursing, where we are at all-time high levels of demand, and I mean that literally in the history of the company. And so the supply that we saw come into the industry and into our business in the early p... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f0f6bb731e84723b0f8dbc43a8cdfb4e | Could you comment on what you're hearing from customers about their intentions to utilize tents and perhaps penetration within their workforce, specifically in the MSP book, and maybe you could update us on how big that is for your various lines of business, and if you're able to stitch together any of your technology ... | Tobey, it's Kelly, I'll be happy to address all of those points. First of all, we continue to see a strong need coming from particularly our most strategic clients, not only to support current COVID needs but also, there is a level of strain that's on the current workforce, even for someone of those organizations that ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
85bf9dde08894f7172d94500ca2198fd | What is all this better-than-expected EBITDA going do to the leverage ration? And when do you think you could have it back down to two times? | We've got better ways to get to two times. We're very pleased with where we sit today in terms of just our credit facility, overall, and the maturities of our debt, and we're a little above right at three times at the end of last quarter. So with the debt reduction during the quarter, we got down to 2.7. And I'd expect... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
59392bb379c1d520f386d3aeb0dd11c9 | Based on your comments earlier on the volume potential getting back to 90% to 95% by October, November. Is it safe to say that you expect 3Q to be the bottom in terms of revenues? | Well, the fourth quarter would normally be a sequential uptick for us, particularly in Nursing. And as Kelly alluded, we're starting to see the winter orders come in at a good rate, again, sort of as good, if not, in some cases, a little bit better than last year, and we're adding on many new clients. And so we would e... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3d196c7d7a5020d5f8a6277ad98d2236 | You also talked at the beginning about the fact that you spent maybe investments in technology, being able to have, I won't say a smooth kind of transition here, but smoother than most. Do you think once we get through this, that the business might be structurally different than it was in the past, potentially getting ... | Yes. We do think that's still a very achievable goal for us. And if anything, this crisis has forced us or enabled us to perhaps make some of the investments even faster because we needed to move quickly to get automation in place, and we saw what was possible and the benefit that could be achieved. And so a lot was ac... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
62fbb4ee8ede2e809f8cec964315495d | So I know your visibility is kind of limited. But if we're thinking about continued surges, right, into next year, and do you feel like that's a good baseline to be thinking about in terms of the strength of the business if this will build on from we're seeing right now in terms of Q4 demand for Travel Nursing? | Yes. So I want to I make sure I understand the question. So if we have a kind of undercurrent of normal growth and a resumption of normal services. As Kelly alluded to, the predictive analytics that we put in place using our clients' information would suggest that we'd be back to those levels. And on top of that, you w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8142e154b33544adc59e503d3a535cd8 | And then my second question, over the years, as people look at your story, one of the things that you guys always said is that adding the MSP angle to the story was a way to reduce risk from whether it's economic shock or external risks, right? And as we sit here, this is really the first quarter where you had a big te... | Yes. I absolutely do. In fact, if you look at the second quarter, in particular, where our clients, of course, our MSP clients needed us so desperately, we were able to fill their jobs and, certainly, we had great help from our strategic partners and affiliate vendors, and they also deserve a lot of credit for ensuring... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
01a28353cfe740852261e0887d0c535c | My first question is about the recent coronavirus outbreak. Wondering weather management could share your thoughts on how the outbreak may impact our business? Related to that, can you give us more color on the user trend in fourth quarter, especially after people are back to work and this time user slowing down? And h... | So taking the virus situation under consideration, we are currently projecting our Q1 total net revenue to be between RMB2.15 billion to RMB2.2 billion and which has considerable growth quarter-over-quarter and year-over-year. And given that we have multiple business lines for different business lines, e-commerce becau... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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