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3cdc328e94a6a87f2d9ad7a3a89bfd5f | So thanks management for taking my question. And my question is about the user growth outlook. As we have achieved the 130 million MAU target this year, I'm wondering what's management's updated view on our user growth target for the full year 2020? And as we are targeting with mass market appeal this year, what is our... | So as we communicated with the market, before that we have set up our user growth goal for 2020 to be 180 million and 220 million for 2021. And we have done a lot of -- we have conducted a lot of efforts and to help us to achieve this goal. And so far, it all looks like the program is well on track.
So while we are qu... | intermediate | [
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] | B |
82f0826d290a1bef4224f28f552d9270 | So my question is on advertising business. We note that fourth quarter advertising growth is very robust and also the first quarter guidance is also very solid. Could the management share some color on our advertising business performance in first quarter? And also for full year 2020, could you share some updates on ad... | So historically, Bilibili has been very strong in terms of converting customer -- converting to be related business. And we've seen a very strong conversion in terms of many consumptions including our games, live broadcasting and advertisement business. So we do achieved very solid growth across all business lines in 2... | intermediate | [
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7812a4c3af9e2a8fd2de5a5d2a376c2d | Thanks management for taking my questions. I have two questions. My first question is about the GP margin trend. Given the solid GP margin over the past three quarters, can management comment about how we should think about the GP margin outlook in 2020?
And my second question is about the Gala event that we host very... | Okay, Thomas. I will take your first question and Rui will take -- will comment on your second question. Yeah, you're right. Our gross profit margin has recorded steady improvements throughout 2019 from like 13.8% in Q1 to like 18.1%[Phonetic] in Q4. In the future, we still see some room to further leverage between our... | direct | [
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cd3ed69beda993d6b9b64bb748211067 | My question for management is about the competition landscape. We saw some of Bilibili's peers, Chinese Internet peers are talking about ramping up investments this year in either anime or PUGV content. So we understand these peers -- this move by peers may show the huge potential in this market. But the entry of these... | So as regards the overall video industry, actually it's a fast-growing and a very big market. According to third-party research data that the current video user has already reached 750 million in China, and we think as the adoption of 5G technology and the revolution of hardware and infrastructures, I'm projecting that... | intermediate | [
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3a263d93f80599777ab5e8f01b93bb59 | Hi, first question just on the regulatory front in Washington. You ultimately elected not to file the multi-year rate plan but seem to find a convenient solution with the tax credits. Just curious of any initial feedback from stakeholders there in the state and any precedents for the accelerated flowback for customers ... | Good morning, Richard, it's Kevin Christie, good to hear from you. The -- we talked in advance with our commissioners in Washington and give them the heads up. But no, we haven't had any conversations with any of the parties, since we filed.
Richard, with respect to the tax position, we did file also with our rate cas... | intermediate | [
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37e7008010443926482757c5bd9555fc | Okay, got it. Thank you. That's helpful. And then just on the COVID deferral docket in Washington, I know the commission now was taking a more of a wait and see approach, but it sounds like you're confident you'll get something in 4Q here. I guess what just gives you confidence in that FM? | Yeah, this is Kevin again. We expect the Commission to take action in meeting in November. And as we went through the process, the proceeding with third parties, we saw the commission take the steps to move forward with this first aspects and no pun intended deferred the deferral part of until a subsequent meeting. But... | direct | [
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e63eadf219a0a44f16ab5a62606fce02 | Got it. That's helpful. And one more if I can just slip in. Any update on the timing of the DNR investigation? | No, we don't really have any update on that. Dennis, anything?
No, we don't have any updates. It would be very difficult to speculate. So I think that would be a question-best asked of DNR. | direct | [
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] | A |
f83666732dfe33ba90c0bc894fda12aa | Hey, good morning, everyone. Just to clarify on the midpoint of the guidance, it includes $0.08 for the ERM and it also includes COVID recovery of deferred bad debt of deferred costs in the fourth quarter, correct? | We do expect to be able to cover to differ most of the bad debt, there is a calculation there it may not be 100% of it, but we do expect to differ most of it that we do expect to record in the fourth quarter, but the ERM is only $0.06, Brian as I mentioned earlier on the call, not $0.08. | direct | [
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016ec791432f90a091702922c6f04b1b | Okay. So the midpoint includes the $0.06 benefit from the ERM and assumes COVID -- most of the COVID cost recovery on the bad debt in the fourth quarter? | Yes. Well, we will report it, we don't -- we're deferring those costs, we don't necessarily get recovery until the commissions in each of our states rule that we can recovery, we're just allowed to defer it. So it's not an expense in our books that will reverse an expense we've already recorded, not to give you an acco... | direct | [
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304b963a4732a9d45db572ba4fa2b152 | Yes. Understood, thanks for the clarification. And then the wildfire plan costs that you're requesting deferral of in the recently filed Washington rate case, is that O&M expense cost that would be incurred that you're looking to differ for recovery of later? Or is that rate base or capex or rate base investment that y... | Yeah, Brian, I'll take the latter first. We're including about $2.6 million of capital for the first 10 months, I'm sorry, first nine months of 2021. And then its O&M for the tracker of balancing account that we are proposing in the filing. And in 2021 that's about $5.4 million. And I think of it as a balancing account... | direct | [
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c82a0c1d13dc97373d3c06070684edaa | Okay. Right. So deferral of that helps your lag relative to historical levels? | Yes, it would. | direct | [
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4ebfe8d26704dc44b1954843c7974d85 | Okay. And then just on the increasing capex in 2020 to $430 million out of this Utilities, is that just one time, meaning it's just for 2020 or is that a step-up in the annual capex run rate of about $405 million? | All right, at this point, we just -- were given the guidance on this year, we'll continue to look at it as if growth accelerates, we'll have to look at that if in the future. But in this year, we did see some higher cost associated with customer growth. So we added that in there. So right now we're not giving guidance ... | fully_evasive | [
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d565ef42c9d3b8a1b5c9f04b8f8770e2 | Okay, got it. And then just on that. The wildfire plan you're referring to was that $200 million, I think $70 million of 10-year proposal filed with the commission several months ago, that is still pending review the two quarterly... | To be clear there, Brian, we filed with Idaho for Idaho's portion previously, and now we're including the Washington portion here. | fully_evasive | [
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b316ffd95db77ed6d8e83c6aeed38ef6 | Yeah, thanks. Just wanted to really just quickly that's based on the balance sheet rate would be -- we're just looking at the rate cases that you have in process or planning to file. It looks like you did in earnings, but not necessarily cash flow in, how are you thinking about balancing impact of that and is that a co... | So what we looked at is given what's going on, we were -- as Dennis mentioned earlier in the call, we are looking at ways we know that we need to get recovery of the cost and the capital that we're spending to serve our customers, but we also recognize that significant increases when customers are hurting right now due... | direct | [
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f9053325ccb1d29a0df053d10564daee | Can you talk about what you've learned so far from Trident now that you've had the chance to get under the hood for the last several weeks, anything special stand out at you there? | Hope everything is well with you and your family. Yes, the thing that's probably has been most encouraging is the quality of their team, their staff, their faculty. We're very encouraged by, again, their understanding of the industry and again, their ability to continue to execute and operate in an integration-type set... | direct | [
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ef49847c0e10ef622cc2677b2f001506 | If you could just remind us what percentage of these students across the board, CTU, AIU, including Trident, have their education partially or fully funded by their employer? And are you seeing any measurable uptick or changes in that with the high unemployment there now? | We haven't I'll let Ashish comment on that. I don't think that we've disclosed any of that this quarter. We had, last quarter, which we did at a percentage but just in general, we've not, to this point, noticed any material change in our relationships with those corporations providing reimbursement. Obviously, we'll co... | intermediate | [
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1b3b41933c071b2148b49d076ec4a8c1 | And then if, in fact, there were to become an issue in terms of the unemployment, creating a problem, what other levers do you think could you still pull to prioritize profitability? | Well, again, I think that we have an enrollment staff and our ability then if we were to see maybe a pullback in some of those areas, the corporate areas, we would redeploy those resources in to areas that other areas of that are not in the corporate area or the reimbursement area. But again, those resources are still ... | intermediate | [
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9053676fb0fb521c33eff2f7ae803cbf | Just one on the numbers question in terms of the guidance. It looks like adjusted operating income and adjusted EPS went up modestly, approximately $4 million operating income, and I think $0.04 to $0.05 adjusted EPS despite the addition of Trident, which I believe carried an $8 million to $10 million EBITDA on an annu... | Well, again, like I said, it's only a partial year. So we don't you're right, we don't bring in the full year of that, that's number one. Number two, there are some associated integration costs that you'd expect. And I think we want to be cautious, especially as we combine the two that we're not too overly optimistic a... | direct | [
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7896a629b25774554e5dbf0f064fa17e | I wanted to talk to you about the top of the funnel. You noted to the previous question that you haven't seen much change from your existing relationships with corporate partners. What does the top of the funnel look like? One could argue with everybody being home, there's more time to go to school online. One could ar... | Yes. It's interesting because, again, that's such a good point you make. I do think that, at least from my prior experience that in this type of environment, there tends to be a higher level of interest from prospective students, mostly because, again, there's I think there's a certain amount of concern that we all fee... | direct | [
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dba5fe6891f55aa73764fe2026cc30d3 | Corporate students aside, anything noteworthy in stop-outs or dropouts since this COVID situation started versus your normal expectations? | Good question. Again, relatively stable. Again, from a retention perspective, I would say we're encouraged by things. We haven't really seen any negative impact. But let me just see if Ashish, if you would like to add to that.
No, I think nothing from my end. I think, as Todd mentioned, it's relatively stable. And we ... | direct | [
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c3ee0269b2e2de3582ef2e5239b059e2 | How about the campus-based students? I realize it's not a big number. It's a small number. You're 95% online across both universities. But those who have been forced to move fully online, anything noteworthy there, stop-outs, refund requests, anything like that? I have kids that go to traditional schools and in the 18-... | Yes. It's interesting because you're right. Over 95% of our students being online already, it was not difficult to migrate those on-ground students to an online format. And Ashish, I've not seen any additional refund requests over normal, have you? I mean, again, I did not look at that specifically, but have you?
No, ... | direct | [
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4c3f95f01e8388d2e81fdb68b7199621 | Just to be clear, have you announced that you're returning to campus at any of these campuses? Have you set a date for that? Or are you still kind of watching it? | We have not we have had some discussions with certain programs in our Atlanta school and have had, obviously, looking at a few things in Texas. But at this point, not a definitive date, no. | direct | [
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ed14b1239a2d9730a8c93acb5dd61827 | And sometimes, I think one of the ed tech companies that reported recently sometime said something along the lines of crisis could sometimes create great opportunity. And there are already very strong long-term trends toward online. And this particular company said this should accelerate it, pull forward demand for onl... | We have not had any discussions as a result of this to this point. I do think, as you said, though, there are some opportunities here because, again, our experience of managing a very our large online operation with good academic outcomes. And I think as more traditional universities with large on-ground numbers, they'... | direct | [
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b04a7eca46198d0aa4c57e421a3571e6 | Just real quick, how should we be thinking about revenue per student at AIU, just given the Trident acquisition second half versus the prior year? And just, I guess, within this quarter, is the downtick reflective of just a partial contribution from Trident with the March close? | Sure. Yes. So from a revenue per student, I think, Greg, the best way to be, to look at historical trends. And as with AIU, you need to look at a couple of quarters together to normalize those trends. And yes, to your point, for this quarter, the denominator, like will have total all these students at Trident, but you ... | intermediate | [
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87bf383e33bf17c4100f0a6f2f77598d | And then also, just as we think about integration risk with Trident, just given the calendar and also maybe a difference in schedule of credits. Is that something we should that you guys feel you've worked through? Or is that something that poses a little bit of integration risk over the maybe the next quarter or 2? | Well, they will keep their same calendar. Trident will, again, because their model is a little bit different, and so we don't want to disrupt that. As you know, it's a much it's smaller institution. So again, it will have an impact, but not a significant impact. But as Ashish said, this coming quarter, there is a signi... | direct | [
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edb46df9fb653a9b7206e7971f259743 | This is the first quarter that you didn't break out IT Deal Alert, and I'm just wondering, as you go through this, are you giving any kind of commentary on how IT Deal Alert is doing relative to maybe the traditional online business. And if not, then I have a follow-up. | Great. Mike, it's Mike Cotoia. First of all, yes, as we mentioned last year as well as the quarters, we were going to combine the numbers for the first time coming into 2019 and we've continued to do -- and we have done that and executed on that. With that being said, all of our business is really being generated and t... | intermediate | [
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beba38fdf09d7a845dde84dbe11e0891 | Can you talk a little bit about what those investments are focusing on particularly as they need sort of new products or any specific offshoots of IT Deal Alert? | Sure. As you saw that we had a really strong gross margins and incremental EBITDA margins and EBITDA margins and when we came out of Q4, we all recall that December was probably the worst stock market in 80-plus years being reported. So we take a look and we do a good job of managing our expenses as we head into the ye... | direct | [
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6960e6bc1e7f0da67e3d133907c4e80b | I was wondering if you could go into a little bit more detail just kind of on the regions. Obviously, international saw some pretty strong growth, 15% year over year. I understand the priority engine in the quarter, in general as an aggregate, was up 37% year over year. Just trying to better understand from the segment... | Right. Yes, we saw good growth in our international regions, and we break those down into EMEA, APJ and Latin America. In EMEA, we saw some really good growth rates in priority engine, as well as the quarter was up in the international business a little bit in EMEA. If you take a look at our -- and that's driven by our... | direct | [
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9356524f334bed279d562e8431c0d1a8 | And expectations as far as the two different segments, North America and international, your expectations as the quarters progress from a revenue standpoint? | I think, consistently, the international business is about one-third of the overall business and we could see that continuing to be relatively the same this year. And we expect the growth pattern to be relatively similar to what we saw in Q1. | intermediate | [
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e2062be570d2b1c59d6f51e074484743 | Where are those investments going to be when we look at the operating expense line items? Where are we going to see an uptick? | You'll see it in -- we're making our investments in sales and marketing and product development around, obviously, the new products, enhancements to priority engine and around our customer success and sales enablement teams. And that will be both with some head count, some technologies that we're launching and rolling ... | direct | [
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1db685e59bc63c87370ab0504bdbdbed | So with the investments that you're making, would those be, by and large, completed by Q2? Or should we see something bleed into Q3, Q4? | I think some of these investments when it turns to head counts, they'll be on for -- they'll be on our books. And some of this will be technology -- will have some technology services that we've invested in that will remain with us. With that being said, we're still reiterating and guide to really strong gross margins ... | intermediate | [
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42cc9a1d2f0fb69755ece779ee7f7c7a | On this priority engine express, this lower-cost version here for smaller entities, can you maybe provide a little bit more color there in terms of the differences between pricing and features for the client? And then also, is there an expectation as far as when that rolls out live for clients, and who's going to be se... | Right. So I would take a look at -- so priority -- so as you know, priority engine is really an enterprise solution that we sell across all of our customer segments, the global, the next 100 and all others. We've done a soft launch. We have identified several prospects, a group of prospects that we've allocated some se... | intermediate | [
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f2468dccdfae4e350b7ab1ab07318b39 | And the ability for this to cannibalize other, I guess, the enterprise version and the lower types of accounts? | Yeah. Based on all the analyses and the data that we have and the customer segmentation that we're breaking out, this would be a net new customer segmentation for us that hasn't really spent in the past. | direct | [
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ac7947186ba2319ae85c0a79a6aee246 | Just the first question on the UPC transaction. Are there significant shareholder approval process involved with this? I remember there were some hurdles with the Central Fund transaction before. Just wondering if there's major differences. | No, no material differences between the approval process for this and going through Central Fund. We've gone through this a number of times. So we've -- we know the drill. We've got a lot of good legal counsel behind us to get this through. And so we're expecting a vote in early July with the closing shortly thereafter... | direct | [
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134273638869bf2bd5523397b78f6751 | And no pushback from any of the shareholders, currently? | Thus far, I have not had any engagement with shareholders that have not expressed a positive response. Now having said that, we still have to publish a circular and with all the nitty-gritty details on it. But thus far, based on what we've announced, I think the marketplace is cheering the deal. So that's the initial r... | direct | [
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d95cbd5111129e1bce4694823550b8d2 | Are there other physical uranium funds out there still in the marketplace that you might be able to bolt-on to add greater scale here? | Well, there's really only one of any material size in the world, and that's Yellow Cake plc, which is listed on the London Stock Exchange. I can't really comment on that, but there is one other large fund out there. And I think there's lots of room for both of them to grow. And we think the category is going to attract... | intermediate | [
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34c22e7fde3934a8d2410bbec9347ce3 | How does the pipeline look so far in Q2? And maybe outlook for the balance of the year? | It's Peter. The brokerage divisions are both doing well, U.S. and Canada. So we have a private client side to the business, which is adding to its AUM and seems to have a lot of inflows. So that's been steady and steadily increasing. And then on the institutional side, the sector is just much busier than it used to be,... | direct | [
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2546bb60829a021f414636b669aedefd | Just some questions, the performance fees that you booked in Q1, it looks like that came from Lending Fund I. Just wanted to see if you can confirm that. And if there's -- that's all the performance fees you expect to collect? Or would we see some come up in future quarters? | Geoff, it's Kevin here. I'll take the first half of that around the components, and then I'll turn it over to Peter to speak on the outlook going forward. But yes, you are correct. The lion's share of that carrying performance is the carry from, from LF1. But then, to a lesser extent, there's some performance fees comi... | direct | [
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0aae4eb74182ecb3ee5f95c2dce840f1 | So that's helpful. And then on Lending Fund II, though, is like timing-wise ballpark, like would we be seeing that 12 months, 18, 24 months? And also, two was, if I remember correctly, I think that performance restructure might also be different? Not just the size of the fund, it's bigger, but the structure of the perf... | It's not materially different. It's not materially different. And I would say 12 months would be really early and 24 months might be more realistic in terms of timing. | direct | [
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9aadc80d7dffdb4c734d230012e4c53e | OK. And the performance fee -- the payouts of the compensation, I think the math was something like close to 60%. Is that typical for these funds? And are there different comp allocation payouts? Are they similar for other products that you have, that have that? Or is it all the same? | I think on the private equity style funds, you would see that across the industry, it's quite normal for the house and the team to split in the rough percentages of 50-50. On the public fund side, those splits are a bit lower, and it depends on the exact fund, probably closer to 25 or 30%. | direct | [
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7a195355bbbe7270f9eeac551a8e600a | OK. So 50-50 on the private equity and then the 25% of the performance fee would be for more of the public stuff. Is that correct? | Yes, that's the ballpark. | direct | [
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ec00cfcbdb53734760ea8748222c9d00 | And just my last question was on the uranium transaction, assuming it closes, how should we kind of think about the associated revenues and also the expenses that you'll be taking on? | Sure. Geoff, it's John. Well, the proposed management fee is 35 basis points. And I would assume that the margin on the fund wouldn't be too materially different than the rest of our Exchange Listed Product suite. It might be a little bit lower in the beginning because we're going to be giving it more push and profile ... | intermediate | [
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b8999136937abebb7990688e5db3fd29 | Peter, can you just remind us what the difference in size is between your LF2 and LF1? | Oh, boy, you're stretching my memory now. Kevin, help me out if I'm a bit off here, but I recall LF1 was probably in the range of 550 million and LF2 is probably in the range of 800, 850 in total. | direct | [
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098317cb95916576056920f847a8b130 | Is that Canadian or U.S.? | No, those are all U.S. dollars. | direct | [
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d1d135a5051e88db294e32cd1849ff6c | And then the performance fees that you booked in Q4, were those related at all to this? Or no, what drove the performance fees in Q4? | No. It's -- no. So in Q4, it was mainly performance fees coming out of our managed equity segment. This quarter, it's primarily carried interest that came from the lending segment. And then to a lesser degree, there was a little bit more coming from some of the flow-through products in managed equities. | direct | [
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a570e13e9767488f92b5f87f8760e76d | In the cash flow statement, there was a 27 million payment for management contracts. What does that relate to? | So if you recall in the -- we talked about at the -- in the Q4 board meeting -- sorry, the Q4 analyst call, the restructuring of the contingent consideration with the former owners of Tocqueville funds we acquired. And we were able to successfully renegotiate those terms to our advantage. The impact of that being that ... | direct | [
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06a3a553b64bd32b2cc2f03168340314 | Peter, I'm just interested in your comment around the tokenization of gold, how you think it's going to be adopted by the gold sector. What would be the main benefit that you think is going to drive the industry in that direction? And then secondly, can you remind me how you're positioned to benefit from that trend? I ... | Yes. So I think the benefit is that gold could be registered via blockchain, become more efficient in terms of trade reporting, standardization of contract. It could also be used inside and outside of the financial system. And perhaps attract a new generation of users who are more interested in using it as a payment me... | direct | [
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4e3e1cccb85355863db16ea9af92f1f5 | I just wanted to dig in a little bit to the Redflex opportunity. Again, we know that they have a variety of programs that are different to the ones that you have. We know you have some similar ones, similarities being red light, for instance, and new ones being railroad crossing, work zone speed, etc. Can you talk a li... | Yeah, I think it's more -- think of the opportunity more geographic based than necessarily product based. And so, what I mean by that, in different countries outside the U.S., they use different types of technology solution. So as an example, in Australia, they use a product, which is called point-to-point speed, which... | intermediate | [
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3eb316afd83beea4f582136c514513fb | Got it. No, that's super helpful. And I guess in terms of from whenever the deal closes, let's say, in late May, is there a relative timeline you can give as to when you think you might be able to achieve some of these and/or kind of the loose hanging fruits? As you mentioned the international expansion stuff, when you... | Yeah, we're not going to say six weeks, no. What -- I mean, look, I think -- look, it's a really -- it's a complex global organization. It's going to take some time for us to figure out. We've, obviously, given the competitive nature, have been doing this be a clean team sort of an arm's length process generally. So I ... | intermediate | [
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2bac7f922a2bafd8302b7b7bf18065ad | Got it. No, super helpful. And I guess one more if I might, real quick. We heard or saw I guess Avis report recently, and it seemed as if they had also cited kind of improving trends. But despite there may be some tough comps coming up obviously in June and Feb, coupled with some incremental lockdowns, I mean if you co... | Yeah. So I think what you're going to see is kind of what I said in my forward-looking statement that Q1, the first quarter of 2021, we actually think from just a raw dollar service revenue will be just on par or slightly below Q4, that's sort of a normal seasonal trend pattern that you might see as we move forward. An... | intermediate | [
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76da598fe116106ac2f4f2d8bb75a0cc | I just had a quick question on the on the New York City contract. Is there any potential for the contract to be extended before you're paid for the outstanding receivables or there are like too different? | Yeah, I wouldn't expect so. I mean the contract currently goes through February of next year and I think our optimistic view is we're going to tighten these, sort of, outstanding issues over the next couple of months. And so I don't think that would be their next step in the process. | direct | [
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b3f6ec6b14724109584149706ac8d1ef | And then the follow-on to that or maybe a different way to think about it, are there opportunities in other states and cities that are of similar scale that you could pursue after the New York? | No, there are purple speckled unicorn from that perspective. They are very -- their commitment to photo enforcement as a part of their Vision Zero, candidly it's really unparalleled across the globe. They -- given their -- they just have a scale on the commitment that's much higher. So no, they would be certainly an ou... | direct | [
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e29672d69d63dfe279a3cb6ab596b507 | Yeah, yeah. And so I was wondering, throughout the year, you gave the monthly trends, the revenue trends by segment. Do you have those for the last three months of the year? | Yes. So for the last three months in the Commercial Services segment, they were sort of more flat. We do know that the quarters continued to trend, so we had consecutive improvement from Q2 to Q3 and Q4, all improved from an overall growth perspective, but we didn't report the individual months. | intermediate | [
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ad3630f8f531876671fc5b0eb05a134e | Okay, got you. And one thing just to understand that the way the business works a little better, excuse me, in the 10-K you talked about total transactions were about $171 million. So that was down something like 30% or maybe a little more traffic violations at Commercial were down almost 50%. So I'm just wondering wha... | No, I mean those are just volume because what you're not seeing is the dollar value of those toll transactions, the margins on those toll transactions. I don't know that that's necessarily helpful. What we've said is that what we've seen in the pandemic timeframe, especially as it relates to our rental car customers, i... | intermediate | [
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6f681d0b2d1afd8145dad741db31a7bf | Want to just start, as we recover in Commercial Services, Trish, how should we think about incremental EBITDA margins over the next say 12-plus months? Any deviation good or bad from sort of longer-term algo? | Yeah, I think what you're going to see as we cross over into Q1 is you're probably going to see some margin compression from where we were in Q4, and there is a couple of reasons for that. Even though service revenue is going to be sort of, call it, flattish to where it was in Q4, your product revenue is not going to b... | intermediate | [
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bbeb47df31b1c4dbd91e20b2f6a96f10 | Okay. And one more. Appreciate all the color very much on this topic, and sorry to beat it with a dead horse. Accounts receivable balance, you mentioned clearing in coming quarters. Fair to assume based on that statement we haven't done so significantly to date in Q1. Just any commentary and color around timing expecta... | No, it is difficult to predict, but this is what I think is going to happen. We are continuing to perform work for New York and we will continue to do so. So we would expect that that receivable balance would continue to grow, probably well into Q2. So -- and then we'll see if they can do[Phonetic]. So the likelihood t... | direct | [
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956bd2463da416eb22f429ef571f865d | Good afternoon, guys, and thanks for the opportunity. Just one more point clarification on New York, if I may. You guys are not precluded from winning any future contracts until this is settled, right? You can still -- you doing business as usual, you still compete, nothing is getting in the way during that... | That's correct. | direct | [
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cea02af50c6251f8f7278dd1f350db70 | Okay. And then in terms of the tolling business, it sounds like it's holding up a lot better than I think a lot of perhaps feared six months ago. So it sounds like your penetration rate or adoption rate within the rental car companies has improved significantly over the past year. Is that a good assessment? | No, not necessarily. What really has happened is we've seen -- it's not that the overall adoption rate, which is based on the total number of rental agreements, that have product in it versus the total number of rental agreements in aggregate. I don't know that that's changed significantly. But what has changed is the ... | direct | [
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ecdf8e12c35c13b4cce00993ffd391d3 | All right. Helpful. I appreciate it. If I could just squeeze one more in here. Last year if we go back to pre-COVID, Verra Mobility was talking about the need to update a lot of its systems throughout 2020 and of course COVID happened, so a lot of it was for the back burner. How should we think about that this year? Is... | No, we are definitely moving forward. We're doing them probably a little bit more serially, meaning we've sort of stretched them out over a longer period of time. We actually did some of them last year just to make sure that we weren't leaving anything aside. So we prioritize what we would consider the most critical it... | direct | [
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9950f8c105d91b6dba246e6792866baf | So I'm just wondering if we could get a little bit more color on how the renewals process is proceeding. In this environment, is it making it easier or a little bit easier for you to raise rates or drop policies that you had already planned to drop? | Thanks, Marla. This is Randy. One of the things that's kind of happening with regards to renewals is we're actually working more days out. We have a lot less new business coming in. So we're processing renewals out a bit further. I don't know rate increases, we went over what we've been getting for rate on an aggregate... | intermediate | [
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5648fe9c18aa361dfd245c94319eaf49 | OK, that makes sense. So you touched upon another question I had, which is about new business. How in this environment [Inaudible] given a lot of your activity is with other customers who initiate [Inaudible] prior to this stay-at-home orders or existing customers? How -- are your agents [Inaudible] initiate conversati... | I'm sorry, Marla, you really broke up there. I didn't really catch the gist of that. Could you? | fully_evasive | [
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7be6a4bf756468daa5037ab69c0ba049 | OK, I apologize. The gist of the question is about new business. In this environment, [Inaudible] in your previous remarks. How do you see all your agents [Inaudible] to try to reach out to potential new customers? Or has that sort of [Inaudible] at the moment? | So unfortunately, you're breaking up a little bit there again, Marla. I kind of maybe caught that how are agents able to kind of solicit new business. And I haven't talked to a lot of our agents about that. I get the impression that a lot of them are working from home as well. And you don't just see -- a lot of insurer... | intermediate | [
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4bac5fadec190b253635d6498eca09cc | Good morning. A little bit of an uptick in the expense ratio. I was hoping you could talk about the outlook for the expense ratio perspectively. | Hey, Paul. It's Dawn. Thanks so much. We're running historically somewhere in the roughly 32% range, and that's what we would expect under normal circumstances. With the commercial auto loss ratio, producing a total combined ratio of over 100, we did have to recognize about 1.6 points of additional deferred acquisition... | direct | [
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00fc7480b0b353f4b63b084777159c53 | Would the deferral continue? How long is the acceleration deferral last? Is it just a full year? Or is it just a quarterly impact? | You know we have to evaluate it based on the actuarial estimates every quarter. And because -- and it's somewhat of a look-back scenario. So we did have to look back to fourth quarter, which had a large uptick in the commercial auto loss ratio. We evaluated over number of quarters, but there are some good signs of thin... | intermediate | [
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0b6a873ec54cd20343269269f121f104 | Does your thoughts on the top-line growth also include some factor for the effect of the higher -- low level of employment, higher levels unemployment that possibly could reduce revenues for workers' comp and other lines where they're tied to the economic activity? | Well, we did grow a little bit in the first quarter. I don't anticipate that that is going to continue. And if you kind of even look at the last two weeks of March, things really -- we had some good momentum going. The economy is working well. And when the pandemic hit, things changed a lot. So I think we're already se... | intermediate | [
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f5b74895c367435ab0b632869f96d0e5 | No doubt. But I think you mentioned about keeping premiums flat, and I was just wondering if that also included the impact of what could be a fairly significant decrease in the -- well, change in the auto premiums? That sounds like that is not the case. | Rates are going up. So that's a positive. But I think endorsement premium and cancellations, we're going to see premiums. Certainly, right now, they're headed substantially lower. Now when some of the economy gets opened back up in maybe late May or early June, maybe things will rebound a little bit, but what we're see... | intermediate | [
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42dc4eb4c58d03f7ddc371998d4ebf74 | Hi. Thanks a lot. Seems like a lifetime since I saw you last, Randy. It was just two months ago. | Well, we were shaking hands and eating in the buffets. That looks like a longtime ago. | direct | [
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0cebdb314da6f9562ebd53f2d99ba42f | Yeah. although I wasn't touching the buffet even then in any event. I had -- | You were smarter than I was. | fully_evasive | [
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23896c4f817593b6a9caab4bf2766b95 | Yeah. Well, hopefully, we both dodged trouble. So I had a question, and I'm sorry if I'm reading your comments in the press release too literally, and I'm sort of the question is sort of misplaced, but I want to ask it anyway. The BI reference and the sentence or the two that touched on BI in the press release about vi... | Well, our lawyers have to approve what we put out. And we struggled with -- we started with most, and that to be seemed not enough. We talked about 99.9%, and we have very few policies that don't have that exclusion. And most of our -- not most, nearly all, I think, is the best way to term it. We have a couple of isola... | direct | [
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] | A |
e5b4019e8c713db913a5057c46e6bb0f | Hey, thanks. Good afternoon. Paresh, I've got a couple of questions. The first one is, thank you for giving some -- your updated views on TypTap and kind of where things are and where you expect it to go. I was hoping that you might be able to give kind of a very brief update on whatever is going on in some of your oth... | Absolutely, Matt. And unfortunately, it may be something slightly less than brief, but I'll go through that individually.
So let's start with Greenleaf, our real estate operation. In selling the headquarters property, Greenleaf has gone the full cycle of buying properties at the right price, managing them well when th... | direct | [
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f16fcece44c81af2d045a705fbcac77e | It does. No, that's great, and I appreciate the detail. My other question relates to kind of that last part, going back to TypTap and that $35 billion opportunity in the initial 20 states and then ultimately nationwide. This quarter is really highlighted for a number of your -- others in the market of Florida that have... | Thanks, Matt. Look, great question. And as a way of background, when most of the other Florida carriers decided a few -- several years ago to expand outside Florida and diversify away from Florida, we avoided getting on that train. And we fundamentally didn't get on that train because we couldn't see if that expansion ... | direct | [
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d6c8fc6f1c4d2657b508bdbcf73c1a44 | Hello, Paresh. Mark, you were going through the components of the loss expense increased $24 million. I didn't pick up the last one. I think you had mentioned the TypTap. What was the impact there? | So I talked about the growth in -- I didn't specifically talk about TypTap there. So it was just the $24 million -- yeah, it was just premium growth of about $9 million and then about $15 million of net exposure from Sally. | direct | [
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55f27bd6b2e2e3d6393dc563a14a2990 | So the $9 million was a component of the TypTap? | Yeah, yeah. So we've got -- I mean, as I mentioned in my prepared remarks, we've got premium growth in TypTap as well as premium growth in Homeowners Choice. But a big chunk of that $9 million, about $7 million of that, $7 million, $7.5 million of that is the growth in TypTap. | direct | [
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aa16d93f2c46b1f01a8f00ea57263351 | When you think about the loss profile for Homeowners Choice versus TypTap, say for 2021, are they going to be similar? Is TypTap going to be better in this new business, you're thinking of TypTap as more attractive than your existing book? | Mark, let me answer it in a slightly different context. It is similar. The HO-3 is similar to the HO-3 business that Homeowners Choice has. But the reason why things work out differently is the mixture of all the different product lines that you have. TypTap's numbers are affected by the fact that we have a flood book,... | intermediate | [
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3e2c32d26c0670d65125534ef63e123b | When you think about the takeout opportunity, say, I think you said the next year, is that -- I assume you do that after wind season. So literally is it kind of next year, late 2021 that that comes to fruition? | Yes. That would be the rational logical way of doing it, yeah? And by the way, to the point about forward-looking statements and whatever, this is me talking about what happens if Citizens grows. Citizens is currently sitting around 500,000 policies, but it could grow to pick a number by this time next year. That's whe... | direct | [
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50f626c5200377c844eef54b2382a80b | You used -- I think you were describing the only competitors in the market or main competitors would be HCI/TypTap and Citizens. Is it that bad? I wonder if you could just comment a little bit more on the competitive environment and who's kind of shutdown not even in the business for new customers? | Yeah. So let me answer it in the following manner. I think most of the industries either shutdown, as you put it, has some financial distress. So you've got those kinds of things going on. But beyond that, the ones that are -- don't fall into those categories, they are repositioning their book, their business, meeting ... | intermediate | [
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d71bb0d0a855024e33cea0bd3c9b35d7 | And then is there a way to characterize kind of the pocket which you are seeing as most attractive for TypTap? I guess, you don't want to give us the secret sauce so to speak, but I'm just curious if there is any general profile of what looks particularly good to you at this point? | Yeah. Look, I think this is again goes back to the things we can now do, which are just amazing. Because we are no longer making decisions based on, oh, we think Orlando is a good place to write or Jacksonville is a good place to write or whatever, right? Our systems now can decide on an individual rooftop, an individu... | direct | [
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e0fac87accd61b29ebd6f2c00a7e3f21 | And for the less educated on Florida's geography, that's... | Sorry. I should -- if you draw a line between Tampa and Daytona Beach on the East Coast or you could say Orlando South kind of thing, that would get you the same sort of area. | direct | [
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77078f1044b7c7356167fdb57d239111 | On just some line item detail. Katie, I think I got a pretty clear read on the mortgage if we kind of back out the MSR and the outlook there. I heard you on the high watermark and the push and pull. But how about the retirement and benefit, and then the wealth management lines? I would imagine the sequential retirement... | Sure. Run rates in regards to both moving forward, again, strong production on the wealth management side, exceeded our expectations. I think we were in excess of 100 million of production this quarter. Last year, we were at 300 million for the year. So I'd expect to see, assuming stability in markets, pretty consisten... | direct | [
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145271f0078b6ee5d15beb1771d81aef | OK. Great. And then if I can just follow-on with the expense side. Is that a pretty sustainable drop? You talked about some hires and continue to look for talent when it comes. And I'm sure you'll be opportunistic but wanted to kind of see about this 43 million run rate. Any expectations for expenses through the year? | Based on where I would guide to today, again, I think that we'll be pretty consistent in this line item also, with the exception, of course, of the incentive comp dropping on the mortgage side of originations. | direct | [
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5f2ef1b796f92eb00e6a6e682ad8b835 | Got you. OK. And maybe just the last one and more big picture. I noticed the synergistic deposits down in the quarter. Really, rare times from a liquidity standpoint. Maybe just big picture, kind of what are you seeing on -- I mean, I imagine that's still a focus. But also, you've got a ton of liquidity. So anything to... | It's a good question. The decline in synergistic deposits was driven mostly, as we saw some of the retirement money market cash that flowed in during the times of volatility in 2020, being redeployed into the markets in that particular synergistic deposit. And so that was really the driver of that decline. And overall,... | direct | [
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81fcac1dad0bf9908b6ab15af3e96cdf | Katie, you were talking about on that discussion around the margin outlook. I think you alluded to, ex PPP, the market kind of trending into the 2 80 range over the next few quarters or two. Does that just contemplate some redeployment of excess liquidity in the securities book that you guys have been doing lately, alo... | Yes, yes. So I think from a margin outlook, when I -- I think we've guided to the 2 80 last quarter, and we just haven't seen much change. And so my guidance is until we see some of this liquidity move out, because no matter how much we continue to build the investment portfolio, the cash just seems to replenish itself... | direct | [
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66ed416289ec468f531294919a05075c | OK. Great. And maybe changing gears a little bit, just kind of thinking about the credit cost outlook. All of your asset quality metrics continue to improve. And I think the outlook remains fairly benign, particularly just based on where deferral stand at the end of the quarter. Any sense in terms of kind of where you ... | Yes. This is Karin. Our provisioning this year is going to be driven by loan growth and/or credit deterioration. So if we don't see deterioration at this point, we'll see what happens as some of the stimulus comes to an end, how that performance looks. And as you know, we are still in the accrued loss model. And much o... | intermediate | [
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] | B |
12767be4060136c69fc48adb8b081fe4 | I'd like to circle back on NIM. So understanding that the liquidity just kind of doesn't seem to end. Maybe help us think about what your guidance means from just an NII dollar basis. Do you think that we see growth there? Or does continued potential kind of pipeline weakness in the loan portfolio and pricing pressures... | You know, I think it's going to be tough to hold ex PPP without some substantial loan growth here. So I think that we will see some decreases probably characterized in much like we saw in the first quarter ex PPP on the net interest income side. | direct | [
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fc6561d436772c932889894ff4785c5c | OK. Great. And Katie, I don't know if it was my cellphone or what, but when you were talking about your expectations on the fee income line for wealth and retirements business, did you say continued growth or stabilization at current levels, I apologize. It sounds like you were saying growth. | Well, I apologize. So thank you for the follow-up question. Based on what we see today, I would say those line items will be stable from the level of Q1 revenue. | direct | [
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f0c50e77b24e13b1bae94f35094f6b5b | OK. And then along the same lines, within those two businesses, I'm just curious, I don't know, Randy, if this is for you, but -- or Katie, are there -- are you seeing additional opportunities for potential acquisitions within either of those fee businesses? | I'll take that one. Yes, we are. We continue to explore opportunities, and we continue to be proactive in our outreach too. So we're seeing more opportunities come to us, but we're also continuing to build that pipeline of kind of proactive outreach and establishing some relationships with some potential partners out t... | direct | [
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17eb21ec32968a6dfe60f91a71f6774d | It sounds like upro is now kind of taking center stage with the plans to not move forward with repotrectinib, which is OK, in our opinion. But I think I just kind of wanted to just get some additional clarity on how you kind of came to that decision about upro? And then also, just kind of what can we expect next from 1... | Yes. So you're right, upro is, in fact, at center stage, as it has been operationally for some time with the focus that we've had on advancing the registration study at the company as well as the support we've been providing to the NCI. As far as the decision around rivipansel, there were a number of factors that went ... | direct | [
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2430931d1b617ab62563a654e3a62918 | And then just on 1359, it's really nice that you guys saw some clear evidence of biological activities. So I was just wondering what's the next step as well with that program? Would it be another investigator sponsor study, or would you initiate something else on your own? | So we're in the process of defining next steps. As I indicated, we do intend to share that data at an upcoming scientific meeting. And based on what we're learning in that trial and looking at quite a wide range of potential opportunities for uses of 1359, we're in the process of defining where specifically we would go... | intermediate | [
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317d42595850740fe82048f8a627ceca | And then the last one is just on upro. I'm excited to see some of the combinations because the science is supportive of that. But just kind of wanted to know, have you picked a potential partner for the investigator sponsored study? What needs to happen before we can start to see some of that? | Yes. So we've had -- we've been really gratified by the high level of interest from a number of investigators around potential other uses of uproleselan. And so we've been working with a number of investigators toward advancing these investigator-sponsored trials. We will not -- we don't intend to announce details unti... | intermediate | [
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f1af0daea18e7bf75d47abcbf6ffb16c | So on the NCI trial, is the event-free survival analysis that's going to be, I guess, triggered presumably some point, maybe later this year. Is that both the utility and an interim look? And then can you just remind us with respect to the co-primary endpoints within this trial. I know it's event-free survival and over... | Yes, sure. Thanks, Rachel. So with regard to your first question, the trial is basically -- it has run in two sequences. First, there's an event-free survival, which is a phase -- randomized Phase 2. And then following that, if that is considered positive enough, it moves on to a Phase 3 with an overall survival endpoi... | direct | [
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d6d6b487e6ef3ab9f2b99ec120b748b3 | And I guess it's safe to presume that with Breakthrough, you've had some of these conversations with FDA? | Under the Breakthrough Therapy designations, we've had multiple conversations, ongoing engagements with the FDA with respect to our program, yes. | direct | [
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d18b3e27618b477bb148a6fc8ed30047 | So on 1687, I guess, what is your preclinical pharmacology tell you about the half-life of this product? And whether or not you can formulate this into kind of a single-shot subcu? And then just from a clinical development perspective, given that the mechanism appears to be derisked in the context of acute VOC just bas... | Yes. So those are some of the details, we're not yet in a position to answer. With respect to the pharmacology, we have put 1687 into multiple animal models where we've dosed in a variety of different times and settings and actually -- and indications. So we're building up what we think is a strong overall preclinical ... | intermediate | [
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b619a65261813033bfc25e846aeffada | For your Phase 3 trial, what kind of benchmark should we be keeping in mind for the readout? And how should we be thinking about the market opportunity in this setting versus the NCI-sponsored trial? | Yes. Thanks, Rachel. Yes, to answer your question, the readout is an overall survival readout, and our study is powered to show a significant benefit for relapsed/refractory patients over standard of care chemotherapy. And the frontline AML study from the NCI line, of course, is the EFS initially and then the overall s... | direct | [
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7700ccd9f3f25ca14b8789ced96f254a | So on, I guess, GMI-1687, can you -- I think at ASH, you presented some data on the TALENs model in sickle cell with 1687. Can you tell us how 1687 compares to rivipansel in that model or in other preclinical models in terms of potency? | Yes. So in terms of potency, it's many, many times more potent, 500 or so more times -- times more potent than rivipansel with respect to the target of E-selectin. Therefore, we're able to dose at much lower doses than we're able to dose with rivipansel. And that's why we've been able to dose subcutaneously in those mo... | direct | [
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fe3d0ed1a62abadbca006854ba90b9c9 | And then on upro and the NCI study, how many events would that study need in order to conduct the EFS analysis, the Phase 2 portion that's expected at the end of the year? | So I don't believe that the NCI has disclosed that publicly. And we don't want to get ahead of their public disclosure. So I don't know that I can comment on that. Eric, do you know if that's been disclosed publicly?
I'm not aware of that either, Rachel.
Yes. So sorry, Biren. We can't get ahead of the NCI's disclosur... | fully_evasive | [
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31cef86d9e6927401fa0cb04f4f1f879 | And so NCI is, I guess, keeping you guys updated in terms of the number of events that are growing on a quarterly basis or regular basis. | Yes, we do have regular updates and communications with the NCI group, yes. | direct | [
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0531b812ca3424484863b466b16ef65c | Okay. And then I guess maybe a last question on that study. You mentioned that you potentially could approach FDA with the EFS data. What type of a scenario or improvement would you need to see or benefit in the EFS analysis that would allow you to approach FDA and potentially file that data? | So again, I don't believe that the NCI has disclosed the specific details around that analysis. And therefore, I don't think that we can. But I think suffice it to say that if they meet -- see, if they meet their prespecified criteria for the valuation of EFS at that point, then we would be able to take that forward. | intermediate | [
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"fully_evasive"
] | B |
17e9db6742273794ec05a44138f72072 | Okay. Because I thought there was a poster a few years ago that outlined hazard ratio of 0.64 for that analysis. So if they meet that, is that something where you could approach FDA with? | So I'm not -- so thank you for reminding me, Biren. I'm -- I don't remember what the public disclosure was on that. But if the -- so they have to meet their criteria, and I believe there's some out of spend that needs to be accounted for in that analysis as well. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
55a33be53f20786b7a5891f4fea5c204 | Can you help us understand -- I mean you made comments about California being close or kind of locked down for a lot of the quarter and opening up later in the quarter. If I recall, American Access' kind of biggest exposure is Texas, which has been kind of opposite end of the spectrum as California with regard to lock ... | Yes. We'll do a couple of comments. Duane will provide some in a second, Matt. Just one over the top. We closed on them on April 1, so none of their numbers are in the quarter. So we can give you a little bit of a view where we have some sense of that.
Yes. Matt, this is Duane. It's not too dissimilar from what we're ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8ed6fb7f0cc2cc026bdadc84483a80f1 | Okay. And that would extended kind of your comments about frequency and severity as well. Just by geography, you aren't seeing much terribly different in Texas versus your bigger concentration in California and Florida? | That is correct. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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