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9e1f3d3673ed2d6e0f7b27d6c53ef701 | Okay. Great. And then just, I guess, a modeling question. Of the 20 -- what was the contribution from the cap in the quarter toward the aggregate deductible? And how -- or the other way of asking is, how much is left on the deductible before you start recovering from it? | Yes. No, I appreciate the question. It's about $15 million, plus or minus a couple of million bucks here or there, Matt. And I say that because, obviously, we'll have more precision here. You've got our best estimate in terms of this stage. But in the next 30, 60, 90 days as we see more of the page and some of the othe... | direct | [
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0692e2b72c274523a57d72d8add0bdf6 | Yes. Good afternoon. I was looking at this solar investment. Just trying to understand the pieces. I realize you said a lot of it will come through the tax line. But I was wondering if you could kind of help us understand how that might affect the actual tax rate that we see going forward? Or how much -- how many dolla... | Gary, so I think you're asking for a projection. So generally speaking, as these things play through, I mean this quarter, we had roughly $28.6 million, I believe. Again, give me a little rounding, maybe $100,000 here or there, but benefit that came through. That's followed by an offset of the asset by about $15 millio... | intermediate | [
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911830ccaaba5019ad6109bbfaa30af2 | The item that we're actually seeing in the income statement, the negative piece, not the tax piece, but is that -- how does that relate to the actual investment that you made in the quarter? | Yes. So you're getting basically -- and I'm going to overly simplify here for a moment. Let's say, you're getting a 2% cash return, and then we're looking at, say, a 9% wherever 10%, 8%, I'm not trying to give you too much of a number, but just if you pick the number, right? At the end of the day, that's our after-tax ... | direct | [
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ec5e9c3c731c6df38efc12d20077a368 | Okay. That's helpful. I think that sets me in the right direction. I guess going back to the growth. I just finished reading a J.D. Power survey that was talking about how there was a huge amount of additional shopping. This is going back to 2020. And thinking about what you were talking about how the shopping was lowe... | Yes. Gary, it does make sense to us conceptually. And I'll tell you why. What we tend to see in a normal environment with standard -- with almost anybody, the absolute dollar amount they're paying for insurance and the price changes they see or life events trigger shopping behavior. So your typical standard and preferr... | direct | [
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1ddf55f14e4eb2f1fdf2cbe4e8dad5d0 | Hey, Thanks. Joe, just to circle back on the color you gave there. Thanks for that. Would it be right to then think about whether it's through industry or Kemper as part of it in the non-standard world that as kind of those dynamics take place, as frequency is back and as severity might build a little, you guys are -- ... | In general, I agree with your statement, but I'm going to disagree a little bit with the starting point. We look to get an appropriate return, and there is a reasonable range around that and then grow the business as much as we can. The pandemic resulted in frequency dropping and resulted a series of change that saw th... | direct | [
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ca1dacbc81637a1900c3ded3985e69bf | Yes. That makes sense. And one quick numbers question, just as you're talking a little bit top line before. If I'm recalling, about -- I know, it's $87 million of premium credits last Q2. So obviously, you have something to adjust for as you think about this Q2 for nonstandard auto. | Yes, if you're just trying to do a premium, an earned premium estimate, yes, you would definitely make that adjustment. | direct | [
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802fea7ae9b05e9dc03ca08a652778f6 | Just wanted to follow-up a little bit on that last comment that you guys made. In terms of the shares, the reserve for unsecured claimants out of the bankruptcy, you just talked about 900 and something thousand there that were issued. Are all those claims resolved? Or are there other potential issuances of shares relat... | Hey, Leo. Yeah, I think we've got a good disclosure about this in the 10-K, but we reserved 3.1 million shares for these types of claims, and we still have some remaining unsecured claims to be cleaned up, and it will take some time to go through that process. This one was -- we were -- both sides were equally motivate... | direct | [
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8e47e9a63d1546ad43b8eaffd0707ba1 | OK. And I guess just with respect to M&A, I think you guys have been fairly vocal about maintaining just a very strong balance sheet and improving it back in order to potentially do some acquisitions at some point in time. I guess we've seen a couple of deals out of the Bakken recently. Just wanted to get a sense, are ... | Yeah. We're very familiar with the transactions that occurred. They're both a little bit unique in certain respects. So we chose, at this point, we're going to continue to look at our opportunities. Whether it's Bakken or wherever, I mean, Leo, we're looking for the right opportunity. We do know the Bakken, and that's ... | intermediate | [
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d5318b71c654ff95d4c7b79b2702134f | Understood for sure. No, that's helpful. You guys talked about a second rig potentially late this year. Is that really just to kind of set up a two rig program potentially in '22? What's the thought process there? | Yeah, the whole thought is to build our drill the uncompleted count up, so we can maintain our '22 production level. Otherwise, everything starts to drop around the end of the year and the first part of 2022. So I think we've got to kind of plan late third quarter, early fourth-quarter time frame to bring it in. | direct | [
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77db94496defca4f7cb6c67814aea688 | Good morning, all. Lynn, my first question is your thoughts around Whiting's inventory. You all recently lead -- kind of laid out that showed, I think, if I recall, as many as about 432 core locations at $55. So really have one, obviously, nice increase there at $55. And so my question is, what type of -- kind of incre... | Yeah, and I'll let Chip jump in here as well. But I think, generally, we put $55. We don't want to get ahead of ourselves here. So I think you do see that inventory number growing. And certainly, as we get to $60, we see an increase as well. But Chip, you mind walking through kind of where we see all these locations in... | intermediate | [
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90a8b4a6e3d26f8196b122037eb44998 | No, I think we all appreciate that, Lynn. That I think it's a number that I don't want to say before we didn't trust, but it's a number we could definitely hang out hat on now. I really appreciate that, Lynn. And then, Jimmy, just a follow-up is, can you remind me post kind of when you came out of restructuring, I thin... | Yeah. And our RBL that our exit facility, if you will, does have a requirement to get to basically September. And so as the history of free cash flow before we would be able to make dividends or buy back stock. I think if we were in a position and desire to, we could probably push on that a little bit, but that's kind ... | direct | [
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8ed0e521fcccca4f6ba1bf8274519403 | Good morning, Lynn and Jimmy -- everyone. Thanks for taking the time. I wanted to follow-up real quick just on the fourth quarter. In the ops update that you guys put out before you reported the quarter, you highlighted that production was a little bit better-than-expected on a more favorable base decline. Can you elab... | I'll let Chip address. I mean, generally speaking, I think we had some nice weather in the fourth quarter, and we are a little bit ahead on our activity pace, but Chip? Yeah. I appreciate the question. So we created a base management team here. I guess, it was just coming out of Chapter 11 there and wound up. They've r... | direct | [
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86296666b85c9fbc7273833ec765dc73 | And just to ask on activity. I know you're working down some of the DUCs in the Foreman Butte Hidden Bench area. And I know you had some DUCs in the Sanish partial area. Should we assume that, that second rig kind of floats around? Or is this going to be mostly a Sanish partial field program? | I think we'll initially move it into the Sanish area, David. That where our goals are right now, at least. That's correct. | direct | [
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a8d78d4d1947f7752fec9d6dc6e4fb7c | OK. And Lynn, I just wanted to follow-up on some of the M&A discussions. I know you can't say a lot, but I guess, one, can you characterize, I guess, how many opportunities are out there now? And you all can just elaborate a little bit on the pipeline. And I guess I would wonder as well as you've evaluated some of the ... | It's a good question, David. And we're trying to look at everything, I guess, I'll start there. You're right, the basin is older. It's one of the more mature basins. So most of these do have a very high component. Frankly, most of them don't have a lot of inventory going forward. So I think that's one of the challenges... | intermediate | [
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304ee04b94b899e741eb737ef3114d50 | I guess it would stand that with so many of those types of deals out there, there's nothing that really jumps off the page that would incentivize you to chase because it looks too similar to what you already have? | Yeah. No, it's an interesting environment. But again, I also think if we can find the situation to double where we have today, we're better shaped because, again, some of this will be to the cost. We can work on overhead costs and these type of things, which will be -- bring value to the bottom line. So I think there's... | intermediate | [
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1a59e22b99d64a3724e7dd58a4fa9012 | Hey, good morning. I just wanted to touch back on the workover program that you're putting some capital into this year. Can you just talk a little bit about the cost of what sort of productivity or returns you think you might get out of them? And how you come up with the priority of which areas or which wells to tackle... | Yeah. We think it's our best dollar spend, and I'll let maybe Chip walk through our focus and how we go about this process. Yeah, Noel. Let's start it. We have two meetings a week on the production side with all our operations. And we're looking to see what the best opportunities are out there in all of our fields. And... | intermediate | [
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2d7f050d85cc7350ca90ed252bbac48f | Great. Thanks for the detail. And just from an accounting standpoint, will most of what you do this year wind up as capex? Or will it wind up in LOE? | Get a component of both. It just kind of depends on what the work is involved. Generally, you can -- if you're improving reserves or adding reserves, then we would call it capital, but for the most part, these are repair type operations, so primarily going to be in LOE. Yeah. Of the 25, probably 20 of those are work in... | direct | [
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c887fde2fef395d670dfbcf0d85154f9 | I guess -- I was wondering if you could give us insights on the same-store NOI for self-storage, which was particularly strong. Are all those properties leased properties? And just how -- what was driving that growth and participation in the leases? | This is Brooks. The vast majority are net leased in the Extra Space transaction. We have 10 that are currently operating properties, and another nine that are scheduled to be added to the Extra Space lease and the same store performance is really just embedded in that portfolio. Those are in markets that have seen good... | direct | [
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0bea5ad6cf28aabc48c45b2e4a7daaac | And then on the leasing spread on industrial being negative, was there one deal that was skewing that? Just a little color on the leasing spreads in industrial. | Yeah, that's very much just driven by that one workout that Toni mentioned in her opening remarks. So, if you back that out, the leasing spreads were quite strong this quarter kind of in the 112% range, but that one workout transaction on four industrial properties really drove that. | direct | [
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308347baff8e28642b13af8c967218af | Okay. And last question, if you could just comment on tenant watch list, how that's tracking and if there is any notable tenants you want to call out for us to be mindful of? | Sure. Credit quality is quite good right now. Heightened watch list is under 2% of ABR. In terms of any concentration, there aren't really any industry trends in there, it's just a mix. Again, we closely monitor all tenants and are quite cautious and willing to downgrade onto our watch list quite proactively. So we thi... | direct | [
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29e89e2b7d438359907439e929ab9fdf | Toni, I was just hoping you could help us think about sort of the acquisition guidance kind of what the underwriting assumptions on there, whether it's cap rates or investment spreads. | Hey, Greg, this is Jason. I'll take that. Sure. So, in our guidance, we talked about an acquisition range of $750 million to $1 billion in a quarter of new investments. I think embedded in that, we have seen some cap rate compression over the year, both in the U.S. and Europe. If you look at our Q1 deals to-date, the $... | direct | [
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2c6216060101d8743d8d50233d83f310 | Thanks. And then I know you talked about this a bit previously. So, I apologize if this was covered, but on the capital investment side, where you're looking to deliver almost 0.25 billion of projects in 2020, do you see this as a reasonable expectation for deliveries going forward? Just kind of curious what you see as... | Yeah. We've -- I'll start here and I'll see if Brooks wants to add some color. Yeah, so, 2018/2019, about 10% to 15% of our deal volume was these capital investment in development projects that also include build-to-suits by the way. This year, you heard the numbers that we just talked about, we expect that to double t... | direct | [
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dabb6f0f92a56bcf08eef9856049205e | Hey guys, good morning. Question for Jason or maybe Brooks here, but I was hoping we can get any sort of update on the Pendragon situation, if you're having any discussions there about potentially restructuring those leases and that's something we need to keep an eye out for possibly here in 2020. And just as a follow-... | Sure. I'll -- this is Bruce, I'll take that one. On that specific question, we just went direct with a tenant that was formerly the subtenant. So, we're still on the property, but that was a good outcome for going direct with a subtenant that was already in place. And then with respect to Pendragon more broadly, we thi... | direct | [
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aea7c9c1bdc390759b1f624c47d95f2d | That's helpful. And then, Toni, I appreciate the added color you gave on the same store. You mentioned that including vacancies and credit loss, it would have had about 100 basis point impact. Not sure if you have it but interested in what that would have been in terms of impact for the full year, how much of that was ... | So -- this is Brooks. In terms of credit losses, we make assumptions that are baked into our guidance. I don't have the specific percentage right in front of me, but in any given year, we're always assuming some portion of credit loss. Our expectations are historically that we would actually perform better than that. I... | intermediate | [
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197996d1e723c070c309f62442ad76ef | Hey, good morning, everyone. Just maybe one for Toni. The dispositions, can we talk about the timing and the expected yields on those throughout the year? | Sure. I think -- I mean I think the timing is pretty well spread at this point in time. I don't really see any significant weighting. I mean, I think the pipeline is something we actively work on. Brooks, can you give some color on this just a breakdown of how we're looking at that? Yeah. So the -- obviously we've anno... | intermediate | [
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04f9dd5b74690dddd6b9454729d897ba | Great, thanks. And Jason, going back to a comment you made, you said that you're sort of maybe broadening the types of properties you looked at. You pointed out the Stanley Black & Decker deal. Does that then put you in a situation where you're competing with the different competitive set of other investors? And how do... | Yeah, I mean, on the margin there probably are some different competitors that will compete against, especially as you get into higher-quality, more infill or Tier 1 markets. I think where we differentiate ourselves on a lot of those deals is our ability to execute. The focus is still going to be on sale leasebacks. We... | direct | [
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24ddafd68e1ba251d8e5a10835e94656 | Yes. Jason, I saw an article in Crain's that you guys were thinking about doing something new in Chicago, maybe redevelop or expanded a building at Clinton Street. I was wondering if you could just give us some information on that opportunity. | Yeah, sure. It's a great asset that we've owned for a while. I'll let Brooks give some color on what our possibilities are for that asset. Sure. So it's an office asset in the West Loop in Chicago. It has a way below market rent and the tenant doesn't have any renewal option. So, we have an excellent opportunity to pus... | direct | [
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303129c586c162b7f83b50f0f94e496b | Okay, great. And that's currently not in the investments in the supplemental, correct? | No, it is not. | direct | [
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1cfb8eed8f68f7cf752f9db182c61962 | So I want to start with credit. Appreciate the color. Glad to hear that the payment trends have generally been good. So if you can first start with where are the cracks that you're seeing near-term that you're most focused on? And given your top two customers represent 35% of your lease billings and your top five is ov... | Sure. In terms of what cracks we're seeing, I think the -- we took a reserve of $3.9 million in the first quarter for one of our customers to a mid-sized customer that has been really -- I think having financial challenges for some time and where we've seen erratic payments for some period of time, but getting payments... | intermediate | [
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4cc3d58370541ebd2957e95698d9561a | Okay, great. And then just given the years of experience here in this industry for everyone in the call, would love to just get some color from you guys as to how this environment really compares to prior downturns? So assumingly, enter recession and have kind of more of a projected downturn, not a V-shaped recovery. H... | Yeah, sure. So I'd say the unusual thing so far in this crisis is that while we have -- we did see trade volumes drop significantly in the first quarter because of the -- just the manufacturing problems in China. And there's expectations for a very significant decrease in trade volumes in the second quarter. We haven't... | intermediate | [
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425f280f6843fbcc3b6a35c4f11cd36f | Thank you. That's very helpful. Just one quick clarification, does the second quarter guidance -- does that include any assumption for elevated credit cost again or is that not included there and too early to tell? | Yeah. So we don't anticipate credit losses. Again that's a -- we haven't seen any other customers other than the one we've mentioned showing real signs of stress or cracks. And so, we haven't forecast credit losses. I think the one thing just from a -- say a modeling standpoint, I'd say is that, we did take that almost... | direct | [
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d024e191435c32506ff4d8096399a14f | Great. Good morning, guys. Can you give us a little more color on the -- given the environment and the uncertainties, what's the rationale behind the $200 million or $190 million additional investment in new containers? Was that -- do you have a place to put those or is that replacing some older ones in your fleet? Can... | Sure. So it represents a number of things. One, as John O'Callaghan mentioned the refrigerated container market is not as impacted by typically economic cycles or disruptions as dry containers. So we all want to get our food and so on. And so we've done a couple of large refrigerator container deals so far this year. I... | direct | [
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5467db0af0a3d879910db4649c5f3b0e | How about on the pricing of containers, obviously, as you mentioned last quarter on the Q4 call too, it's made a nice move up since the fall even with a little bit of leveling lately read more recently. I know it's hard to sort of get your crystal ball out, but clearly things have gotten a little bit worse on the econo... | Sure. Well, there's no doubt, if we're in a prolonged period of weak global economic activity and weak trade volumes that that will have a negative impact on container prices. My personal prediction is I don't they'll go down to the same level where they were in 2019 unless we see steel prices fall dramatically. In 201... | direct | [
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8e8dc3e857094d9ba4e5b8de781c6a5c | Brian, any thoughts on the timing of contract expirations? Is there any lumpiness coming up over the next couple of months or quarters? | Yeah, so for us fortunately, our lease portfolio is in pretty good shape from an expiration standpoint. We put a chart into the back of the investor presentation on page 16 looking at the -- for dry containers and refrigerated containers. The number of containers expiring off of lease that require repricing that are sa... | direct | [
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1b6294e71ff40e02529007eeab2cb5ff | So maybe Brian, just taking it a step further, if I look back in 2016, utilization fell to 93%, so not much farther than where you are now in the Great Recession. I think it was in the upper 80%s. What then has to happen to get there? Is that kind of this low activity has to go out for another year before you can see u... | Yes. So, we've done a lot of scenario modeling just to try to understand what would it take to hit different levels of stress. And I'd say it would take a dramatic increase in the level of off-hires -- for us to see a utilization decrease, similar to what we saw certainly in the financial crisis and even to get to say ... | direct | [
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d63c2336415165f49044de87ff3a29eb | Maybe just help me understand that update given the past two downturns, is that because you're better structured post the Triton merger? | Yeah, it's a couple of different things. So, going back into the financial crisis, I think both companies, both TAL and Triton, 10 years ago, had larger percentages of short-term leases that was more the nature of the business. And I don't remember exactly what's happening with the lease portfolio at that time, but I t... | direct | [
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d0736be7dddbb93b2159b667ec26087d | That's really helpful understanding. That really shows a great maturity on the business. If the container prices are up now, what are your thoughts on pricing returns? Let me just phrase that for a second. It sounds like you thought that because of the, I guess congestion in the system you've got more box leases and I ... | Yeah, so definitely, operational disruption can move around demand relative to underlying cargo and so in periods of disruption and this can be periods like now where the shipping lines are just having a hard time moving containers because the unusual vessel schedule and terminal inefficiencies. We've also seen things ... | intermediate | [
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4be332f7fed236ca22419b6d7bcddc32 | I did have a question on Nucynta. Nucynta is annualizing at over $200 million and the top end of the guidance is still $195 million. Is there some sort of quarter-to-quarter lumpiness that we should expect throughout the year? And I know, obviously, the story of giving up some volume for higher value prescriptions, whi... | Yeah, Tim, well. First, thanks for the kind words. And so, I really appreciate it and have really enjoyed my time here at Collegium. As far as Nucynta for the year, volume will continue to decline, but we think that the actions we took will just make it more profitable overall with a lower gross to net discount for the... | direct | [
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00de2517cccab608d18b866e3151cd4d | So a couple of questions, first on Nucynta. So you mentioned that you now have your growing revenues because you've pruned out the less profitable scripts and other related actions. Just curious, is positive revenue growth sustainable going forward versus declines as scripts continue to decline? And secondly, I know th... | Right, so David, this is Joe. I'll start off with the Nucynta questions, I'll hand it off to Scott to talk about off-cycle with Xtampza and maybe come back with some thoughts on BD. So look, when you think about Nucynta, I think it's important that we continue to ground people. When we did the acquisition, we had commu... | intermediate | [
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8f4acd1ac498bece7a79c7b0c784b0bf | So first on Xtampza and the gross to nets. I understand the near-term dynamics in terms of driving that wider spread between gross and net. But I wanted to ask you Joe about your longer-term thinking about contracts, in particular as you continue to gain share of the Oxy market -- I'm sorry, the ER oxycodone market. Do... | Yeah, so David, thank you for the questions. First off, when you look at gross to net and I know your question was longer-term, but I'm going to make a comment shorter-term. We do believe when there is a return to normal and hopefully that will be the back half of this year that we'll be able to have a greater impact i... | direct | [
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a5fb03df781e8c9b8ea07723366de8c1 | I would assume that you are seeing pockets of improved activity and that this is kind of a continuum of activity not a sort of toggle in a model. But I wonder how -- since you made the comment, how does it affect your model specifically to say that there is normalization versus not normalization? Help me think about th... | So Gregg, I'm going to ask Scott to share some thoughts on that. Yeah, thanks for the question Gregg. So it's a very specifically how we think about, it is anchored to two things. First, it's patient visits. And you're right, it's not peanut butter uniform across the country, but overall patient visits are still down a... | direct | [
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46555ffcba98f91d11a5c10d3a2d63a0 | Did you guys noticed any differences around the country in performance in Q1, specifically. | Yeah, thanks for the question. Yeah, the biggest thing I'd point out differentially is when you add a plan like Optum PDP, one of the largest Part D plans all over the country. We absolutely saw that had a differential effect in some regions that were lagging in market share, where they've more aggressively accelerated... | direct | [
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c9b8355b8c8a865a773bdd68cfc0bd30 | Have you noticed anything about Purdue as a competitor changing ahead of an emergence from bankruptcy? Or is it status quo from your perspective? | Yeah, Gregg, this is Joe. I don't think there is anything that we've noticed different as a result of those proceedings. And as you know, we stay laser-focused on what it is that we're trying to accomplish. | direct | [
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d4089eed92786bab3ddabbd5e131cfdf | And lastly, Joe we've talked about just the overall long-acting opioid erosion rate and what you have built-in longer term in a moderation, I think to mid-single digit. Are you tracking sort of towards that as expected? Or has there been anything interesting that's changed in that sort of erosion rate for the overall p... | Yeah, so great question, Greg. From our perspective and relative to what we modeled, the market's performing this year in line to those expectations. And as you said, over the next five years, we believe it will moderate to a low single-digit decline. | direct | [
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49bb8d5f5c53907d10c70936f04a6a8e | This is usually the time of the year where we start seeing penetration in the newer exclusive formulary plans kind of stabilize. Are we reaching that same level this year? Should we expect anything different given the nature of the newer plans and the expectations for COVID recovery in the second half? | Yeah, thanks for the question, Serge. So, yeah I think when you think about the shape of the curve for this year, I would think of it similarly. We expect growth throughout the rest of the year, skewed toward the first quarter. I think the one thing I'd point out that's different when we talk about this return to norma... | direct | [
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f37d2caecf9ac95af8a31f4e7e1810b3 | You've talked about the non-exclusive formularies being a much more profitable business. Can you just give us an idea of how much more profitable that really is? | Yeah Serge, this is Joe. We probably won't get into specifics on that. But what I would say to is when you think about a continuum, Medicare would be -- Medicare exclusive would be the least profitable commercial better parity, better than those two and then obviously, non-contracted is the most profitable prescription... | fully_evasive | [
"direct",
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] | C |
540f563d099ab3d40a6907b875ddd885 | You talked about patient visits being down, but how much of your sort of in-person reps, how contingent is sort of these wins in the non-exclusive, on those face-to face-interactions? And maybe just sort of any context kind of maybe what percentage of your sales force are back-to-face to face across the country in Apri... | Yeah, thanks for the question Brandon. For the sales force, so yes. So basically what we're seeing is, our overall, the capacity is at 100%. All our reps are out there making calls. About 70% of those calls are live in office. So that's where we see improvement or increase as the country continues to open up and we mov... | direct | [
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] | A |
5941b8ea39b73a88a5b714678d145a4d | Medical exceptions in the beginning of this year and then maybe any from the beginning of last year? Any impact there? Anything material we should consider. | Yeah, so I think when you're asking about medical exceptions, you're probably talking about in Part D and the 12-month approval. What I would say is when you look across all of our exclusive books of business, inclusive of the 2020 and legacy wins, we saw progression across all exclusive. And I also want to emphasize t... | intermediate | [
"direct",
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] | B |
76c60987842165f9b49d73396320f3a0 | So certainly, a very impressive performance, both top and bottom line in the quarter here. Just wondering, even with the -- you called out obviously the winter storm impact. Any idea as to how much in terms of revenue impact that was on the quarter in terms of the winter storm? I'm just trying to get a sense as if that... | Yes, that would be speculating, Anthony, if we were to do that because it happened on President's Day itself and then the week after that. We did our sales. We were able to open stores back as far for the retail business. But we -- deliveries were where we really were impacted in receiving on the distribution side. We ... | intermediate | [
"direct",
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] | B |
74941947bd3f1c3b3d97d3edefe6be8a | So, as far as your product segments, just wondering where are you seeing the biggest sales increase when you look at the different product areas that you sell? | The interesting in this past quarter, our case goods have been the strongest category, bedroom, dining room, occasional. Upholstery is still the driver. But the big increases were in case goods. And I think part of that was because we had the product. We were able to deliver, and it was flowing in. But it's great to se... | direct | [
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] | A |
25beb0774f8a7be8f1261347244212a6 | So looking at the different supply chain constraints that are out there, which have been certainly well publicized, for you guys specifically, where are you guys seeing the greatest pressure points in terms of the supply chain? | Anthony, this is Steve. I would tell you, certainly, our vendors are having the same hurdles that we are hiring people. And being able to have staff and be able to handle the production at the volume that we're right in the business right now to keep up with that pace. First quarter was impacted, as we said, with the w... | direct | [
"direct",
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] | A |
8dfba087b233eab462d87db9890ba4f3 | My first question was just around modeling sales. I just wanted to make sure I'm understanding some of this right. Really impressive sales growth over 30%. As we look at the trend in written orders and delivered same-store sales, these have typically been running up in the kind of 10% to 20% range and north of 20% the ... | For the most part, it is, yes. And then just take a look at how the performance in the fourth quarter and the first quarter, we don't give revenue guidance, but Clarence talked about the position of our backlog. Steve talked about how much a much more production or orders we got -- product flow we got in in the first q... | direct | [
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] | A |
1a062522385b058a7da083d7435c1b0e | And so as we think about 2Q, historically, Havertys has often had 2Q seasonally come in with revenues not too far off from 1Q, and you're obviously sitting in a fantastic position from a backlog perspective. It looks like your customer deposits are the highest in company history. The written orders have obviously been ... | Brad, we really don't give out revenue guidance. I mean, again, I'd go back and look at, I think their thought process going back and look at how we did in the first quarter. And the message that Clarence and Steve gave on our backlog and on our receipts, there's probably -- you're heading in the right direction, but w... | fully_evasive | [
"direct",
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] | C |
8f4eb3532e1e7e0105379957f430007d | And then just the last one, if I could. I'd be curious, just what you hear from customers and what you hear out of the field in terms of maybe how consumer spending is evolving, how sustainable you think this all can be? And if what the customer is buying from you is changing at all, probably? | Well, I mentioned the case goods are coming up, but it's across the board. I think the weakest growth has been in mattresses and some of that, I think, was because of the supply issues. We feel good about what people believe in for furniture in their home. And we also like where we are. I mean, our biggest states are F... | intermediate | [
"direct",
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] | B |
ef1ce5e2fa1ed6b86a136e62a7351c91 | The first question is about the location of capital. The numbers here, we see that you have the leverage -- leverage has been dropping compared to four, five years ago, the leverage was about 3.5 times and now after the IPO 2.5 times and now we're talking about 2.2 times leverage, so with an expectation of generating E... | Carol, thank you for your questions. I'm going to start with the capital allocation. I think it's important once more to register that the reduction measure of the payout is very much preventive and I think it shows the idea that we don't know exactly what opportunities will have in the next few months. I think we have... | intermediate | [
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] | B |
8eec050cafe8ede657f7bddf17d47dda | Are you looking at other segments because they are -- is the segment of sanitation in your scope, not right now? | It isn't. | direct | [
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] | A |
139cc88374cd938e1af50d72fa55292f | I think the first is about M&A, following -- the first question, if there is any possibility or if it's being discussed to have a combination of CPFL with State Grid transmission assets? That's the first question. And on the regulatory side, I know that there have been a lot of conversations with [Indecipherable] and t... | Thank you for the question. About the first question, kind of possibility of the opportunity. And of course I have to tell you that in the past two, three years, we had a lot of progress. And recently in the first quarter we also of course, the country shareholder has some kind of progress there, mainly in the team [Ph... | intermediate | [
"direct",
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] | B |
143ac7f236faba7d3710f49dd0de2097 | I understand this discussion point that you had in the past that it evolved in the company during the last years and that if I understood, this is one of the most relevant points that is in the head of the controllers and this could be a real possibility for some time, but this will be shared when a decision is taken t... | Yes, you are absoloutely right. And there is some, definitely this is always in the minds on the top left. This is a huge strategic topic. And as you said, if there is any progress, do service released to the market, we got let you know. | direct | [
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] | A |
9a75b7d39f56b00ad5392ec1617e8fb3 | My question is more related to opex we saw, sequentially an increase in the costs of the CPMs besides the increase of the legal costs compared. So I would like to better understand what happened sequentially, how recurring this is or not, and also if you could detail a bit better what's included in these legal expenses... | Thank you, Flavio. So, responding your question in relation to the PMSO in this quarter, specifically, we had an increase due to some some legal expenses. Of course, when we look at the opex of the year, we see a reduction of opex, and of course, a lot of this is influenced by the pandemic, especially with the actions ... | intermediate | [
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] | B |
fa549da8d279129dfc46c64469a59aab | Well, hi, guys. I have two question. I would like to be more -- I would like to talk about the CTR, we understand is it's a said challenge of, I would like to know what do you see the challenges of the ICMS, how you're working on the modeling of this, of the C3E? And can you merge the assets with the ACTS3? The differe... | As we mentioned, I think it's highly complex asset. I don't know exactly what you're saying. I would say it's an operational challenges. Well, not only the balance sheet or the financial statement. So it's a challenge to turn around the company, and it's of course the challenge with the accounts. So here you have discu... | intermediate | [
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] | B |
d64d6dd3153584ab6c443667ea8d6983 | Maybe you guys could talk a little bit about just how the epinephrine vials, how the uptake of that product is doing. Obviously, you guys are the first generic in that market. And how are the GPOs sort of receiving the multidose vial at this point? | Yes. Thanks for the question. We've kind of all along said that we're not out to destroy the market. We're looking to get a reasonable share of the market. We are working with the GPOs. We do feel like this will take some time to we stated that on the last call that it would take some time to penetrate and gain market ... | intermediate | [
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] | B |
169f617ca977e12be998e30c93a32241 | AMP 001, I guess that's a FDA approval decision that could be coming sometime in the second half of the year. I mean is there a hard date in terms of when you expect an FDA decision? | Yes. We've said the third quarter of this year. And it is we're waiting for the agency. That's the action date that they've provided to us. | direct | [
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] | A |
3afd57a5fc7b7bd3813905b72e15250a | Primatene Mist. I mean, obviously, you guys are still doing well with that product. It seems like the sales were around $12.5 to $13 million a quarter. But you do expect that product to get to around $65 million on an annualized basis next year. What sort of are the drivers to get you from what your annualized run rate... | Sure. So as we said, we're going to increase our advertising spend. We feel like our advertising and our digital advertising with TV and radio has been really successful and also launching into the Kroger family, which is a large, like I said, 2,700 outlets. We still have other opportunities that we think are catalysts... | direct | [
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862c5c2bf4ef29d922c7a1883ea692cc | So you had alluded to in the past some impact from shortage products, and that was tied into your expanded capacity. And I think sodium bicarb is one of those products where you stood to benefit. Can you just remind us what the dollar impact of that is going to be this year in terms of the expanded capacity/benefit fro... | Sure, David. What we had said previously was that having this additional capacity was a $20 million opportunity just for the products that we currently sell on the market and could sell into the future now that we had this higher level of capacity. So we did take advantage of that opportunity this quarter. Sodium bicar... | intermediate | [
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] | B |
70c9cc99475342f387a1bb1abc63fabd | And then just toggling back to epinephrine, and I'm sorry if I missed any color here. But what's your take over the long term of how much of that market you can capture maybe pretty differently, how much of that market can you supply with your existing capacity? | Yes. So let me take the second half of that question first. So when we were in this market previously, we had about 80% market share, and we were not at our full capacity. So we have the capacity to take 100% of the market. But we're clearly not going to be we're not going to do that. What we've been describing is what... | intermediate | [
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] | B |
71d2984a0f26f43cc10c91b58039d57d | And then last question is on the rest of the inhalation pipeline. Can you just give us some more color on expected filings over the next sort of 12 to 18 months? | Yes. David, this is Tony Marrs. We've disclosed that we have one filing that we'll be submitting at the end of this year. And moving forward, we have several other products that are in our pipeline that will be coming shortly thereafter. | intermediate | [
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ae1f7047b1882665a2efb6cd550d9ff2 | So for Primatene, could you comment on the most recent weekly trends that you're observing? And then I think you had previously talked about mid- to high single-digit marketing spend this year behind the product. Is that still the right level to think about? Or are you planning to exceed that with a step-up in the thir... | Sure. So the trend is still the trajectory that we see with the trend in the in-store sales is still on a similar path of increasing. As we said, we do plan to increase our advertising spend in the second half of this year, probably around 20% or so. So that's kind of what you can see there. | direct | [
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fea1aeadf675bcc24a0001a33679794a | And then given some of the strong demand that you're seeing for sodium bicarbonate and certain other products from your IMS facility, how are you thinking about the potential to expand capacity even further, especially given your strong balance sheet? | Yes. So it's certainly something that we are considering. Right now, we believe we have enough capacity at that facility to handle the market that we see for all those products. But as we look to the future, we are considering adding more capacity at our Amphastar facility for future products. So when we take a look at... | direct | [
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] | A |
3f7397df5165fd9676045d9d88dbd778 | First question, I just want to confirm the time line for 002. Is that still a late 2020 potential approval? | Yes, that's correct. Our action date is the fourth quarter of this year or the first quarter depending on whether an inspection would be required, which we don't anticipate but is a possibility. Nothing's changed from that perspective. | direct | [
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1539c21f7d13a605a3abcd70facb2b47 | And then with respect to Primatene, obviously, upward momentum continues. You launched into Walmart late last year, Amazon earlier in the year. Maybe just kind of a quick update in terms of how the products performing in some of the newer outlets. And then I don't know if you have the stats in front of you, but if you ... | Sure. So just I will say we did update the slide in our investor presentation. It's available on the IR section of our website. So there's a chart that I think a lot of investors have found very helpful that shows the weekly sales at the total aggregate from each store that includes Walgreens, CVS, Brad Aid, Walmart an... | intermediate | [
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] | B |
82223e5edcb6bc3e3e83cd5fb53189bf | Okay. And Bill, earlier, you had talked about capacity expansion and capabilities with respect to the injectable portfolio, but maybe just a quick update in terms of where you guys currently stand with respect to inhalation capacity, especially considering the strong trend in Primatene. Is that an area where you're goi... | Yes. So we have enough capacity, we believe, for Primatene for some time. However, with the other ANDAs that we have in our portfolio that are using similar technology, the MDIS, we are adding more filling capacity at our Armstrong facility. And so that's not online yet. That's really in the it's been ordered. And so w... | direct | [
"direct",
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] | A |
1aa824afd46a806d49122df6233b1c54 | Okay. And then last question. Is there any update with respect to your concurrent vasopressin filing and the outstanding litigation? | Yes. We have no comments on that. As you know, we're the third filer, and we think it's a great product overall. It's a little bit crowded, but we're happy with where we are in the product development, and we really don't want to comment on the litigation. | fully_evasive | [
"direct",
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] | C |
9bdd6b2801717e4d3dadcc52814ca165 | On your intranasal naloxone program, how does the Teva decision affect you're thinking there? | Yes. Jacob, this is Tony. We're aware of the decision, and it really hasn't affected how we plan to do the development of our product. We've we're already invested and we have a clear path and a clear channel with the agency on what we're doing and how we want to do it. And we feel essentially that it does not have a c... | direct | [
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] | A |
d2e10693ec46adc8497cfcb2791c627e | I had a couple of questions about 001, 002. I think in the past, you've classified them as multiple hundred million branded drugs that are off patent, and you have no competition because they're hard to copy, which is right up your alley. Just curious, are both of them still competition-free? And could you just frame t... | Yes. Sure. So AMP 001, we've said, is greater than $100 million opportunity. And just I think our confidence comes from the fact that we've the discussions with the CRLs that we've had have gotten smaller and smaller and smaller over time. And we still feel very confident about this product in the third quarter or the ... | direct | [
"direct",
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] | A |
169561a17b3d012195fa1b07e2684639 | I think you mentioned that it's going to be launched at Krogers. Could you just tell us about the timing, expected timing of that launch? And then historically, COVID has some pantry-loading effect. So I guess what are your expectations for the rest of 2020, especially if the impact continues for the remainder of the y... | Yes. So the first question on Kroger, they should be taking it in early fourth quarter, but we probably will be shipping we'll be shipping to them at the end of the third quarter. So they don't have as many stores as the other outlets that we're in, but so we won't have as much of a onetime buy in the third quarter, bu... | direct | [
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] | A |
dce7351f8546b95d2ab5be5fcdf664e0 | Just if we could start off by the Q2 commentary in the release. Maybe you could expand a little bit more on the guidance there in terms of tightening up a little bit more of the thought process there. You talked about continued improvement in revenues with solid margins. That certainly gives us kind of a wide girth to ... | Yes. The second quarter, Charlie, we think, from -- on a revenue basis, we start seeing positive growth here as we lap the initial major impact from COVID. And I think that becomes the launch pad for the rest of the year. The thing you should know, as you plan for Q2, is we also took really meaningful temporary expense... | intermediate | [
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] | B |
a9a67abe717b902dfe78690be0ed6098 | Got it. So definitely should be impacting margins, I would think a little bit here with the returns on that conversation. Is that correct? | We're confirming the margin for the full year, Charlie, in the 20% to 21% range. We think -- we feel confident about our ability to do that. But it does put some pressure on our ability to expand. | intermediate | [
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] | B |
b0ecaafed76c3b9f812c40a51341f566 | Excellent. And looking more kind of bigger picture, what are you seeing in terms of kind of small business creation trends versus, obviously, last year, there was a lot of small businesses that were impacted severely. Are you seeing a pickup in small business creation? | We had a release about this in Q4, and we continue to see positive momentum. We see two things that we think are really encouraging. We do see small businesses continuing or accelerating reorder of core products. We mentioned that in our promotional products business. The business we have there, which is business essen... | direct | [
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] | A |
a43a671d4d73ea219cc632f48a3b4bee | That sounds encouraging. And just lastly, you sound like you had some nice wins in cloud. And I think it sounds like the trends are improving there. Maybe a little bit more color there in terms of what you're hearing from your bank customers on that side of the business. | Yes. And so -- Charlie, we're really proud that we have closed two of the company's largest deals in its 100-year history, and we closed both of those in the last six months in the middle of pandemic. And we think it really says an awful lot about the strength of our company, the strength of our strategy, the strength ... | intermediate | [
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] | B |
ed214d489508db72f083ff544865dbdc | Nice execution. I apologize. I've missed much of your commentary so far. But just wanted to ask around, you had -- you referenced this in the amount of large deals you won really over the last, say, 16, 18 months. What's the outlook for new wins look like given kind of One Deluxe strategy and how kind of produce these ... | Yes. I mean, Chris, we're really optimistic about our future not only because we were able to close so many large deals. And in my prepared remarks, I talked about the scale of our deals that we sold 1,600 deals and a number of them large, $50 million ACV, just on the top handful of them. So what makes us especially en... | direct | [
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] | A |
7e136552051bc6a22e5cefc09cf64dc4 | And I know one of the issues around Q1 was just the ability to get into the customer's office. Can you just talk about how -- it seems like economies are starting to open up. How has that changed? Indicated by your guidance, obviously, you still feel good about increased kind of revenue growth rates throughout the year... | Yes. And so it's a great question, Chris. And we are excited about that because as people -- more and more people get vaccinated and more and more of our customers and businesses in general are going back to the office, it just opens up the opportunity for us to complete implementations and help us board that revenue. ... | direct | [
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] | A |
cb35107e8c386cff0c99628604a733db | Okay. Just given -- I guess, maybe more industrial based, there's a real strong comeback in the economy. Are you starting to see that on your small business side, maybe in certain pockets as the economy starts to open up a bit more? Just greater conversation, maybe that would probably relate more to checks in the sense... | Absolutely. So we are seeing marked improvement in what we would consider sort of leading indicators here, which are our forms business, which are consumed in the normal operation of our business. So the forms business is [Indecipherable] that means that businesses are operating more, and they're just consuming because... | direct | [
"direct",
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] | A |
0c8e6c147e2157f0190610dfd24d2719 | I guess just a follow-up on the lighter sales so far for fourth quarter. It sounds like it's mainly within wholesale, is that correct? And then also maybe if you could talk a little bit about what you're seeing in your resort locations, particularly Hawaii and if there's been any kind of change in performance in any of... | Yeah, the sales moderation is both the combination of Tommy Bahama direct to consumer and the wholesale at both Tommy and at Lanier. And as we mentioned we have moderated our comp assumption. We had a mid single-digit comp assumption before and we've moderated that to a low-single digit in our direct businesses and tha... | direct | [
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] | A |
17addb56a84091ebb815199abdfdf4c0 | Great. That sounds good. And I guess at Tommy then are you seeing the lighter sales across both men's and women's or are there any product categories specifically you could point to or it's kind of just really across the board? | It's really -- actually women's has been performing very, very nicely and has been really tracking, I think, a little bit above what our expectation would have been. Men's is lagging a little bit and that actually, we believe we're going to make that up in large part. I think when we look back at the '12, '13 calendars... | direct | [
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] | A |
583f2873c0d8d471b0edbf7af735412c | Great. I'll look for that. And then I guess, finally, just on the gross margin, maybe you could talk about a little bit the puts and takes for the fourth quarter, but then also for Tommy, is there still opportunity, particularly [Indecipherable] to continue to grow that margin? | Yeah, I think there is certainly opportunities at Tommy. But the gross margin, we -- at Tommy, we were a little bit lighter, but that was in third quarter, but that was really the wholesale mix where our wholesale business had more all price sales, which is extremely low margins which weighed that down. Fourth quarter,... | direct | [
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] | A |
7484c79faa21b54a0f09a9b1be36549f | I had two questions. I was hoping in your DTC businesses for the third quarter, you could tell us what the drivers were of the comp between AUR, traffic, UPT, etc.? And then also how that's looking fourth quarter to-date. I guess, really at the Tommy business, what's changed there? Is it traffic conversion, etc.? | Yeah, I would say, Tracy, the big driver on the comp is really conversion that's the story, I think, is getting better conversion out on the traffic that we're getting. I don't think there's big movement at AUR, ADT so much. It's really the conversion that's driving it.
Hang on just a second. It was down slightly at T... | intermediate | [
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] | B |
c60962aecaf21f4d5fc946f623e52814 | Got it. And then my follow-up is, I was just wondering if you could update us on some of your omni channel initiatives like buy online, pickup in store? | Yeah, great question, Tracy. Thank you for asking. We've got some really exciting things going on there. We recently, in Tommy Bahama went live in all stores with our enterprise order management system, which allows you to go into your local store and if they don't have the particular item you're looking for, your size... | direct | [
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] | A |
2c5549c09ce52904cd6976b12b6fe030 | Hey, how are you? You guys have tried a little bit of a different strategy this year [Indecipherable] within Tommy Bahama with key item pricing and I notice you also ran a Lilly Pulitzer promo that I think was [Indecipherable] seen in a while. I guess, how would you score the efficiency of those promos and did they per... | Thank you, Ed. Good question and you know the key to all of that is, as you know, during that Cyber 5 or whatever you want to call it that Thanksgiving weekend through Monday, as you know, the market is very noisy. There is lots going on, everybody has got a deal and an offer. And so what we want to do in our brands is... | direct | [
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b623da038358a134e0ba7391cde4136d | Great. And one just follow-up, if I may, on inventory. I guess how do you feel about the quality of inventory and how do you plan to exit the quarter, given that the comps are a little bit maybe softer than you initially planned? | Yeah, thanks. We feel good about the inventory. Tommy -- we're up 8% year-over-year and the lion's share of that is at Tommy and most of it is really being in stock of key items. And that's one thing we feel good going into holiday where last year we were starting to break in some key items. We are well stocked in thin... | intermediate | [
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] | B |
226b6ecea52af0f4df1071372bf851a1 | I'm hoping you can help us understand what's embedded in the updated guidance. Tom, you talked about expecting to see a bounce back into Christmas. Is that improvement reflected in your current guidance right now or are you assuming that the weakness persists? | So we have some improvement baked in. We believe there is opportunity for improvement above what we have baked in. But we do have some improvement baked in. And just looking, studying the calendar, studying the last time this calendar existed, that's exactly what happened. We are -- and again the planning is difficult ... | direct | [
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] | A |
84663bea41e0e67af0a75b94f7f5137b | Got it. And can you also provide some color on your new store test for Lilly? Maybe compare and contrast that smaller format location with your legacy stores and if the test does go well, what's the longer-term opportunity you see for these smaller format locations? | So it's kind of a nooks and crannies strategy, if you're familiar with Siesta Key it's our store in Sarasota, one of them. We've got a couple of them, but one of them is on Saint Armands Circle which is actually on, I believe it's called Lido Key. And the next island below that is Siesta Key. And it's a beautiful, Flor... | direct | [
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"fully_evasive"
] | A |
725cbf5aa8e5ca0df69940e983e200d5 | Scott, as far as the quantitative impact of tariffs next year, I understand clear and what the mitigating factors are, but I believe you said that it wouldn't be until mid next year that they'd be fully offset. Can you talk a little bit about obviously without giving specific guide into next year, what would be a norma... | Yeah, we think it's probably going to be similar to the second half of this year, which will be in kind of that 15% to 20% range. We think right now that next year we'll probably be something in that ballpark and a lot of the way goods flow and exactly when they flow out. But we do have -- we're really happy with the a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
63da1169f3b27f05e06513195c6e0534 | Okay, as far as the Marlin Bars that were opened this year, are they all tracking on plan? And can you talk about how long those delayed Marlin Bars were delayed? | None have opened this year. We opened...
Yeah, the two that opened have been Coconut Point just continues to do fantastic and Palm Springs is doing well, that area is still being developed. So it's not at full production, but it's in a money-making mode and we feel good about it. The ones we're going to open, those ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8e16f58d892606c24e7b21ad3432786f | First, I wanted to ask on your gross margins. Obviously reported very strong margins in the first quarter. As you look into 2Q and the rest of the year, I was wondering if you could -- yeah, I was wondering if you could talk about what you're seeing in terms of incentive levels and also maybe you degree of confidence t... | I'll start with the first part and Jed can chime in. Looking at the increased sales that we experienced in the first week of May, we achieved those sales with only moderate increase of incentives, less than a percent. So we are not -- it's been very surprising because of the very low levels of existing homes in all of ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9008504e73ed757368f957538ad7a307 | I believe in the past you've talked about how you have the option in August to increase your ownership in Challenger Homes to controlling ownership. So I was wondering if you could talk about how the current environment has changed any plans there or how you're thinking about that opportunity. | Yeah, we -- well first of all, Brian Bahr has just been a fantastic partner at Challenger Homes; and Tom Hennessy, his Division President and CEO have just been -- really done just an unbelievable job for us as being a 49% already investor. And the way we left it with Brian is that he did not want to lose control of hi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
043cd190d888dc8b071ac477ef43a96d | You said that you've kind of decided not to expand into Houston for the time being, but as you look forward, is that still an opportunity that you'd evaluate and has the current situation change -- I mean outside of the obvious limiting land spend and development, has the situation changed how you're thinking about Tro... | Yeah, I'll address Houston. Really, we made the decision internally, not to expand into Houston in late February before COVID-19, just because of oil prices and we didn't really announce that internally until mid-March, because if you were watching that closely, our exit, we made no investment in land lots, etc. So we'... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
369a652257559067a43ff23ea1940f5d | Rick, can you tell me where the option walkaway charges were like what markets. | They were all in the Dallas market. They were basically communities that we had not started up yet and just felt that the competition was not what we wanted to face, without any kind of momentum or more sales presence. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0b9e603cb07dac63ba233ab4e7fb65fc | So when we look at community count for you, which has been growing fairly rapidly, given the new environment. Is the right way to think about this at, let's say, at current sales basis that you would try to replace communities you've closed out of. So keep your community number of neighborhoods flat or would you attemp... | Carl that's very fluid, I think is the best way to describe it. If you would have talked to me in April, I would have said we were going to really shrink and I got my sales report last night and I would say, gosh, we shrunk too much and we should be a little bit more aggressive. So I really think it's going to be -- be... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1ddaf8324eefc6f938821ace02dcfac9 | Again, sort of given the new environment, given the lots you have on the books, given the importance of liquidity cushion. How are you thinking about cash flow sort of for the rest of the year? Is it right to think about you being positive OCF for the time being for the next few quarters or are we going to see sort of ... | Well, I think it's -- we are going to see increasing free cash flows over 2020, but because we had such a large backlog going into the second quarter, we are not going to produce a lot of free cash flow in June or July. It's going to take place after that, because of that huge bulge of backlog that took place. And obvi... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
145e1cad674e502de99b036a1be801f4 | Is there a difference in how the consumer is approaching and how your can rates are trending on your to-be-builds relative to the spec that you have? | Yeah, it's been really interesting because, first of all, we've seen our specs really decrease. And as we mentioned in our call, we're not unique that we really cut back on our spec building and our -- many of our peers did the same thing. So when the buyer comes out to a neighborhood, typically, they're not seeing a l... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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