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4e3d1b1745c080236f1825683f1158d8 | Did we hear correctly that sales May-to-date are up 25%, after April was down 42% in both of those comparing to the same month a year ago. | Yeah, you're comparing April to April of the year-ago and May to May of a year ago. So -- but if you take the rate of the first 11 days in May and compare it to May last year, we are up 25%. And yes, we were down to exceedingly low numbers in April compared to last year of 42% down.
So it really took a pause there. Th... | direct | [
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7f76b14d33266c989cd030c8405cd41c | What's your view as to why the consumer is -- I mean it seems like coming out in droves to buy homes from you. Does this has to do with low interest rates? It have to do with apartment dwellers deciding that they want to have a home because they just simply need more space, so they don't kill each other while everyone ... | I'm going to start and Jed can finish and Rick can chime in. But at Trophy, on our entry-level product, we are clearly seeing, and we looked at, I think it was not this week, the week before, we had a very low price point neighborhood that was $200,000, $225,000, wasn't it Jed?
$250,000.
And the preponderance of thos... | direct | [
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8db1526ab24d44ad7952c47f27164d8a | Have you seen any early signs of land and/or lot prices declining? And this question probably was a lot more applicable in April maybe than it is today, but is that something that you anticipate or is this recent strength basically implying that the housing industry may have already crossed through the -- through the C... | Well we're seeing one thing for sure. On any downturn, a master-plan large community typically does better than another community. Almost all master-plan communities are held by very strong owners. So we're not seeing -- obviously, they want to make as many sales as they can. We're not seeing that master plan community... | direct | [
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a838cbb7d79725ef78382520a8d26e38 | Hey, good morning, guys. Congrats on a solid quarter. I guess, Howard, my first question for you, you talked about recovery and you mentioned mammography is one that's still kind of lagging. So just wanted to hear your thoughts and your views on the recovery pace, how much upside left do we have to volumes going forwar... | Good morning, Brian. Thank you. The majority of our modalities have returned to pre-COVID levels and actually are beginning to exceed those. The one exception to that is our mammography. And in reviewing not only our statistics but national statistics, what we saw during primarily the second quarter of the pandemic, me... | direct | [
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429014463cd2df212cab2ad982499ee8 | No, that makes a lot of sense. And then I guess, you mentioned something on AI, right, in the developments that you have seen there. But as you think about the eventual commercialization of AI technology and imaging and the initiatives that you've put in place there, how are you thinking about that flowing into your bu... | Well, I think that AI will have probably a more profound impact in radiology and imaging than any other of the subspecialties. When you stop to consider that the four major cancers, namely breast, colon, lung and prostate, are the cause of about 80% of total cancers, all four of those uniquely allow themselves to avail... | intermediate | [
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541f46c571ed7ae399633f2da554381f | That makes a lot of sense. And then I guess my last question since you talked about your kind of like your expectation of volume bolus coming up, where are the payer moves now to restrict access or shift access away from hospital-based imaging to outpatient? We heard that during the pandemic, some of that was eased a l... | Yeah. I think there isn't a payer out there that isn't beginning to more firmly embrace the benefits of moving volumes away from the more higher-priced hospital pricing to the outpatient imaging sector. We're in conversations regionally with virtually all of the payors to implement tools which are both, I think, a more... | direct | [
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7ce561db3503c9f4da30437226d2c2e1 | Hey, good morning. A couple of questions. You guys have been talking about AI, I mean, likely so for a while. But why is it reasonable to expect that to have some material effect on your tail? | Yeah. I think it will take probably to the latter part of this year, John. Now that we have finally received the FDA approval on the first product, Saige-Q, we are beginning to do the implementation across our 346 centers, most of which perform mammography. And so not only do we have a lot of centers to ramp up in the ... | intermediate | [
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6a3ffc6e6c723a15c3f8f95acbf12973 | So if we're thinking about '22, there might be some hopefully measurable impact in the cost to read a scan now that you can look at some of those costs and take a little bit of a scalpel to those costs as a result of this? | Well, I don't think it's so much taking a scalpel to the cost of what we currently do, John. I think it's more a matter of as our volume increases, which we are very confident of in mammography, it's allowing our radiologists to be more productive. And where they're capable of handling this additional volume without us... | intermediate | [
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df2ce80485a22c6d67f35649c3216dc6 | And just -- I just found this so interesting, forgive me, you don't want to talk anymore, but Howard, you and I have talked about other modalities such as supplanting the current unpleasant prostate. Is there a potential for some type of technology like this to be applied to other screening such as prostate? Or are the... | Absolutely, John. And thank you for the question. I think that's something you obviously personally experienced as well as a whole lot of other men. But we are working with other companies as well as considering internally doing and making prostate MRI a screening tool which, hopefully, much like screening mammography,... | direct | [
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91c7616149bdc6d35dffc538c47f4905 | First one, Michael, what you probably anticipated in the graph of quarter, the monthly project -- progress is huge. I'm just curious if you saw any improvement as the quarter went through? Meaning, did June do any better in the beginning of the quarter? And I wanted to circle back on your commentary just now about Q3. ... | Thank you, Alexia, and I always appreciate your questions. First of all, I'm not giving you the next months' results, as you usually ask. What's interesting about this environment is, when we say a one-day, clients are very reactive to what's happening in the world today, OK. So for example, you'll see results that wer... | intermediate | [
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4c5ea91b3b3f53e6d0115edf01d2a6f6 | And just one quick follow-up. On -- in the areas where you saw relative weakness in the quarter, whether it's the auto vertical or... Industrials financial services or maybe the event business, are you seeing some signs of improvement in some of those areas at this point? | Well, clearly look, our big -- our biggest hit was on the event side of the business and we've said this before, 4% to 5% of our overall business is in the event side. Obviously, until we see recoveries in that side of the business, we can't count on recovery. Are they working on digital responses? Yes. Are we -- we've... | intermediate | [
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8305d7976af8db2207ac92a118e1a328 | Michael, it seems like every time we hit a recession or downturn, people then question the business model. So can you talk about your view on equities[Phonetic] positioning for the future, do you need to change the business competition, the offerings, go-to-market strategy or anything else for that matter, once things ... | Well, the answer to that is yes, OK. It may not be as high because some of those expenses are going to be in Europe and as you know, the payback with respect to European actions is a little bit longer. But as Ellen mentioned, the expense actions we expect for the rest of the year will give rise to sizable savings. They... | intermediate | [
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0559f95da18e1d63671dabfd78ccd1ac | For Michael or Philippe, I just want to follow up on the comment about Initiative as I'm hard-pressed to remember a media agency having to run a new business like this. Can you just talk about the breadth of the client list across vertical there? Are there obvious open slots that can be still filled or should we expect... | Well, I'll let Philippe take both of that. But let me just comment, one of the reasons we bought Acxiom in the first place was because we saw the importance of first party data and the potential. And as Apple and Google limited access with respect to cookies and things like that, we use the first party data in all the ... | intermediate | [
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9de3449a6151d6b47e5025b5b39b40d9 | Michael, I'm sure you know this but when you laid out what percentage of your staff is back in the office and I look at your organic revenue from those regions, kind of amazing that the market where people are working most from home and that before markets where people are still going to work. I wonder stepping back, h... | Well, that one's easy. The bulk of that is from that, that's the pass through. Let me tell you about space. Now part of the restructuring, we've taken a very seriously look at what our offices required and so on. We've taken 500,000 square feet out in terms of the structural changes in terms of the hit that we already ... | direct | [
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affeb07c08a1541f7ffe1cbcb910763d | Maybe if we could drill in a little bit more to the acquisition pipeline. It sounds like you guys have a pretty good opportunities out there. Could you just drill in a little bit and kind of give some more color on how much of that is C-store versus Car Wash or other auto related opportunities? | Sure. This is Mark. So I would say the pipeline is pretty consistent with the pipeline over the last few years on that mix. It is a bit lumpy on either side. So it's close to 50-50 at -- over time. We're looking at what we feel is a good number of portfolio transactions that have been presented to us in the last few we... | direct | [
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3e020e4f78a92a5221a637915ce92001 | And I know, would you say portfolio transactions relate to M&A that could be more sizable, similar to the Apple Green that you guys did. More recently are these kind of small portfolios that are going to be onesies, twosies kind of packs [Phonetic] together? | Typically when we use the word portfolio, we're talking about more than a handful of sites in any given deal. But the pipe, as Mark has talked about in the past, we look at single assets, we look at small packages one or two sites and we also look at large packages right. If that could have 15, 20 to up to minus 50 [Ph... | direct | [
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c7ea263c8defa12201a1554c69719870 | And you guys have a good amount of liquidity here with the wide capacity and an additional ATM, but to the extent you were able to find one of these larger portfolio transactions, what are the thoughts on financing that in this environment. Do you have to come back to the equity market? Or can you -- given there is dry... | Depends on the size of the transaction Craig, but we were in the ATM market in the second quarter. We certainly think that the debt markets are open for us, should we need to take advantage of them. So now our desire has been for the last several years and we'll continue to be to have a fairly balanced capital structur... | direct | [
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d1b851a0a77ba4a89bd55a2ca75588b7 | And just remind us, given kind of your leverage targets, how much debt capacity do you have under that -- those existing kind of thresholds? | Yes. No, I think we would certainly have enough runway. If we continue to use both debt and equity to certainly be in the call it plus or minus $100 million, somewhere in that range. | direct | [
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90e94748ded8f8c8b253d1a04eebaecc | If we could just stick with the acquisitions question for a minute there. Can you spend some time just as the acquisition market starts to ramp up again, have you guys seen an increase in competition from other buyers just given the performance of C-stores and gas stations over the last three months. | I think the competition, over my time here at Getty has certainly recognized the strength of the CNG sector, and it has been steadily growing. Given that, I think the transaction market really took a kind of a two month pause and now we're really starting to dive back into underwriting. It's a little premature to say t... | intermediate | [
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135b4681e5ebddf8e8a7a5779153b778 | Great. And then, maybe just stepping back, I mean, from the strategic perspective. Obviously, there have been some headlines lately with seemingly flashy numbers about declining miles driven, because of work from home, and in the grand scheme, it works out to be smaller numbers, but maybe just in your conversations wit... | Yes. I think the first thing I would say there is, it is highly regional, right. So across the country every situation in each major market is different. So as you have more -- when we started the pandemic and you had more of the immediate shutdowns on the coastal regions, right, our tenants in New York and in Californ... | intermediate | [
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44cfbac4e2772ac62fb4d4f57d87c490 | Great. That's helpful. Thanks. And maybe just one last one for Danion. Recognizing it's a small number because your collections have been so high, but as you think about the deferral agreements in those conversations with tenants. Does that -- has that changed any of the accounting with those tenants under deferral agr... | No, it hasn't affected the leases. We would like to under the FASB, the COVID treatment which has enabled us to not have to look at those leases and recall [Phonetic]. But obviously, with the deferrals, you do see that increase in the AR balance at the moment, as we sit here today and hopefully over the next 6 to 12 mo... | direct | [
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b8f7ce4996dbf63e6904b31b6645d920 | Hey, good morning everyone. I guess, Chris, maybe kind of big picture. How do you think about balancing future acquisitions versus preserving cash in this environment just in case things kind of turn to the worse [Phonetic]? I know your portfolio has fallen really well. But, how does it create a certain outlook for the... | Yes. It's -- sure, I think it comes back to Craig's question from earlier. I mean we're not -- we are certainly not an organization that is going to be overly aggressive when it comes to leverage. And as we think about growth, we are certainly measuring that against having available -- availability under the revolver, ... | direct | [
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3c0dcd8f334d6e6e1b68416cd44f9ed3 | Got it. And I don't think we touched on it, when we talked about the transaction market. But I guess, cap rates, what are kind of the early reads and maybe like your expectations for cap rate trend, it seems like there is lot of [Indecipherable] going on? | I think it's very early. Again like Mark said, we are really just kind of starting to dial back in acquisitions. My personal view is if everyone in our sector thought that there would be significant swings in cap rates at the start of the pandemic, I really don't see that. Obviously there's competitive dynamic across t... | intermediate | [
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63f28352b1b8ded60810772b6bf13276 | Okay. All right. Thanks. One last one from me. You mentioned in the press release you collected 98% of July's rent. Is that kind of normal for this time in the month and then that extra 2% kind of trickle in normally later, is that extra 2% all those kind of deferred or? | No. Quite frankly, we've got 98% and then we deferred just over 0.5% and then we've got 1.4% which we've abated and don't think we're going to collect. That's not normal for Getty. I think it's still strong and I think that 2%, right, is something that Getty will work through, either through deferrals or through effect... | direct | [
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08724db025234f8fce7f43a1b5b5aeb4 | So let me touch again on deferral and kind of catchment you did collect. And I guess could you quantify what percentage -- or what kind of with the numbers for rent that you didn't collect in 2Q that kind of flows through the revenue line item. And then what was kind of any rent that was written off due to kind of your... | So we collected, as we said, a little more than 96% in Q2. We deferred 2.3% right, and those deferrals, some of them kicked in as early as the month of July. As we commented on what we deferred in July, we received substantially all of that back. So we're -- we think we're in a good spot there. And the balance, which i... | direct | [
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ef4259ef7f931b661a9f0f64149e6bd7 | But did all 4% -- all that 4% flow through into your 2Q numbers? | No. Sorry, sorry. The 2.3% yes, that did. The 1.4%, no. | direct | [
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1124a1414aa4dc1835730e34e228cd2e | Okay. And then, just sticking with the income statement, a little bit. G&A was a little bit elevated versus kind of both 1Q and the year-over-year. Was this something one-time-ish flowing through those numbers, or may be just non-cash charges... | The reason for -- yes, it's a good question. The reason for the increase is primarily stock based compensation. So it's non-cash, but it does flow -- hit our G&A line and flow through into our AFFO. We don't back that up. | direct | [
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1cc44cf06b6abb900fe36d851ed3effa | Okay. That makes sense. And then lastly, kind of, as we kind of think about unit [Phonetic] level coverage going forward. I know it's a little bit of trailing 12-month number and it really be -- the first impacts from COVID will really be kind of 1Q stuff, has you have given it's quarter in arrears, but was there a sig... | It's -- it lags a quarter behind, right. And typically it's pre-pandemic. The business is somewhat seasonal because you have the summer driving period. And typically you don't see much movement in that number. When we receive the financial information and publish it, next quarter, that will have the full impact of thre... | intermediate | [
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709b649c1d18eee1785d5c088f6d57ba | Okay. And may even if you look like 1Q given kind of the Northeast focus of the portfolio and there should have been some level of impact on the tail end. I mean, is that what you're seeing or was it pretty much kind of offset by those margin increases and maybe... | They were earlier in the pandemic. Given the fact that things really started to hit specifically in the Northeast, kind of mid-March, right. I don't think there was as much of an impact to the first quarter, but it's hard for us to see that, when we get typically quarterly financial results again, it kind of gets lost ... | intermediate | [
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3812182d5ea95c2d7d92a8af71760138 | Just to clarify and make sure we're clear on it here, Dan, that 1.4%, you didn't recognize it in 2Q and it looks like that's out obviously for 3Q as well. So there's no change from like a recognition point of view that you anticipate now from like a revenue standpoint? | That's correct, Tony. | direct | [
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07479ceadb79181b66061519668e03fd | Okay. And then Danion did you give ROI capex for the rest of the year like what you expect to spend on sort of the redevelopment pipeline stuff? | On the redevelopment, Mark has that. | fully_evasive | [
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3a811c1812831bcaba83303c213ee0a0 | I mean is that order of magnitude. Is it much to spend the rest of this year. | Yes, I mean, Tony, what we talked about on Slide 15 the 11 projects that are currently working on, we have about another $6 million to be invested in those projects. But those are really over the next three years. So it is -- that is spread out. | direct | [
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577226b23c8cc4c409429ebcfb1960d4 | Okay. And then, I think I may have missed this. Did you give -- did you comment on the ATM in the quarter? | Yes, we did. There was $12.2 million of issuance in the quarter and which was at an average price of $30.16. | direct | [
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51554e70b41b02ac8b015f2f68984b8f | Grant, you mentioned some of the synthetic soda ash production in China was offline. Can you talk more about what's going on with the environmental restrictions, perhaps how much global supply that represents, and any indication of how long it could be offline? | It's a little bit of a dark space from our perspective, but that's the indications that we hear from consultants and other boots on the ground, but that's it's basically due to the environmental discharges associated with the synthetic production. So we don't know really the whole quantity or the duration of it, but it... | intermediate | [
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f65863223dff259be70d312ae2bdd12f | I guess as we think about the ANSAC price increase and a better backdrop for soda ash pricing this year, can you remind us if Genesis has much exposure to the better pricing? Or are you pretty much entirely contracted for the year? | In round terms, about half of our sales are domestically, and those are pretty much fixed for the remainder of 2021. About half of our export sales, or 25% of our total sales, are to Latin America through ANSAC. And those are typically also fixed for the period. So the other half of exports, or 25% of our total sales, ... | direct | [
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72af4faaff03d87e96113e03e5d670ad | Wanted to kind of follow up on the pricing question. Just when you boil all of that down in relation to the mix of your portfolios as far as what is contracted versus what is rerating in price quarterly, and the magnitude of the ANSAC price increases and also the mix of the portfolio of your 25% exports to Asia ex-Chin... | Well, the crystal ball is not as crystal as sometimes it would appear to be. I mean, let's go back in, Teresa, with a little bit of historical perspective. You know, we had, in late '19, pre-pandemic. And so, when we were setting prices for 2020, we had kind of the beginning of the slowdown in worldwide economic activi... | intermediate | [
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25f663189ddcbe7f6c5d220d32704b76 | And then, just turning to Marine, a lot of moving parts in this segment, as well. Can you just distill for us what the run rate should be, assuming a more normalized quarter for a drydock in session as refining, you know, utilization continues to increase, and also on the heels of the new American Phoenix contract? | Yeah. The AP contract in the first quarter was the low watermark. It's gone under contract at probably, in round terms, $6,000 or $7,000 a day more than it got in the first quarter. So that will be a 12-month contract on a prospective basis. And also in the first quarter, due to various drydocks and other things, we mo... | intermediate | [
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5ce51bdbc3544169b1ae22d2323ffc5c | Given the growing renewable initiatives, just kind of curious if it's possible for you to accelerate the timeline on Granger, and just also wondering if your customer base has expanded to include these green buyers. And if so, can you give us some examples? | Yeah. I think there's circumstances where we can accelerate the Granger expansion, but we could always at some point within probably a four- to six-month timeframe if prices supported it. So there was a dramatic recovery in primarily export prices because this doesn't make any sense to kind of bring it up and try to fi... | intermediate | [
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583fb1c3aa8f94c201ffd7d6d10285ef | You'd mentioned in your prepared remarks about a liquidation of some crude that generates a $22 million leverage benefit. Just want to understand, is that just a leverage benefit? Or is that something that we should be thinking about for second quarter from an earnings perspective as well, too? And how does this impact... | No. Whatever margin, if you will, that we earned associated with the contango marketing play was reflected in the first quarter. So that is strictly kind of a balance sheet item that the cash is coming in post the end of the quarter. So all it does is otherwise reduce our total outstanding debt. So within our revolving... | direct | [
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b09a2269ad3b34ee53c7a245e408a0e9 | In the Gulf, just one question around your prepared commentary on the discussions with new stand-alone deepwater hubs that would hit maybe in the '24 or '25 time frame. Are those hubs where you have the natural system to get the volumes? What type of magnitude, either volumes or to your segment margin, are some of the ... | We're probably not in a position under NDAs and other things to go into a lot more detail out. I can give you I'm comfortable that, from a volume metric point of view, that the sum of it would be that it is somewhere arguably on peak production between 200,000 and 220,000 barrels a day of incremental production, everyt... | intermediate | [
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46a514583b7559df672ac6db578b0d96 | Just out of curiosity, when I sort of think about the soda ash business, you know, I imagine that there's a lot of fixed cost absorption within that business. I was wondering, in a constant pricing environment, at this stage right now, what does the marginal ton do to your margin, you know? If you add an incremental to... | Yeah. I mean, in part, some of the financial results that we saw in 2020 was that, even after we made the decision to temporarily mothball Granger, even at our Westvaco facility, which notionally can produce 3.5 million tons of soda ash because some of it goes to make caustic or specialty products, it doesn't exactly m... | direct | [
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b058dd4db20574703753e443be6c8724 | Do you have a scheduled longwall move this year or next year? Just wondering if that's something that we just need to think about in terms of modeling. | We've just completed a longwall move, so to the extent there's any effect, will show up in the second quarter. But we built up as much inventory in the ore pile as we could prior to doing that and continued to have more mining operations while we were doing the longwall move. So we don't anticipate a significant effect... | intermediate | [
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cf24577fd0f8aedc2733b72875c3fe56 | How has the retail leasing environment been since the end of March? So the first four weeks or so of April. Can you describe where [Indecipherable] is? What's -- I guess much of California [Indecipherable]. | Leasing has definitely picked up, exactly picked up since the 4th March in respect to the -- more phone calls [Indecipherable] of our retailers starting to look for space, starting to show a step up. It's -- now it like obviously in 2019. It is starting to pick up toward and starting to go on. So I'm way more optimisti... | direct | [
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bc5d7fde643d791ce9aa22e362d67007 | And then, I was wondering if you're experiencing much in terms of cost increases on your development and redevelopment projects. Are they possibly impacting the yield. | We're seeing cost increases in the construction industry as a whole. Year-over-year it has gone up, we were very successful in the buys that we made in our three major projects with the 710 Oregon Square building, the One Beach project and La Jolla Commons. I think Ernest had asked me a question yesterday that, if I ha... | intermediate | [
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6b126d836676b86e1855344781e3787a | And then just finally on the Asian lifting tourism, is that -- it really what required to return Hawaii to help or can an increase in the domestic travel somewhat mitigate the disruption? | Domestic travel would help for sure. But I've -- that's the cake, the [Indecipherable] on the cake is the Asian travel. | direct | [
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e9ce4365f0dc118a45483a2540be79a6 | Just first question on the multifamily segment. You saw a nice increase in occupancy in Portland. Has that continued into April? And can you comment on the decrease in rents and the use of concessions to drive traffic there? | That's been very tough, frankly, in Portland. And we had a management issue, which we solved immediately when it came to our attention. We are now having to give concessions, which are painful. But the biggest cost of operating real estate is vacancy and we'd sooner have somebody in there, then have it vacant. But we h... | intermediate | [
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16224cff5c45c29749d79e81d718193f | Should we expect to see the concessions burn off in the second and third quarters and drive the face rents higher? And is the occupancy increase, is that continuing? | Todd, I'd like to tell you, I know, but I really don't know I've ever been through a circumstance like Portland before. I'll tell you this though, we'll do as well as anybody in the market. We have a team in place, they are who have been with us for a number of years, we've just hired a new project manager, she comes v... | fully_evasive | [
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f244ed5e23d8dd95c7734c79d39abc5d | I also -- I wanted to ask about the retail segment and the 2022 NOI bridge that you provided in your latest corporate presentation. The retail cash NOI in the quarter was a little over $60 million, so $65 million annualized, I think, and that's ahead of the 2022 projection for retail cash NOI, which was $63 million. I ... | Yeah. I mean, I think we're pretty close to what our presentation is -- our quarterly presentation, Todd. And I think really what it points to is that and the way we look at it is that, '22 is really the recovery year, because in '22 you continue to outperform and the growth of the office cash NOI plus the mixed-use, w... | direct | [
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d99396a5bab2a15af7f2bcd7b939d7be | I was just wondering if there was an update at Landmark related to the Autodesk expirations that occur later in '22 and '23. Not sure if it's too early, but if there is any update there that would be great. | No update at this time, except they just gone through extensive renovation at their second and fourth floor. The second floor is a space that expires at the end of next year, with the remainder in '23. And what was the investment there... We are investing upwards of $450 a foot. Like $15 million, And we just toured it ... | direct | [
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31135e3d2cd884c78bcb5f73273bbfb6 | Maybe could you touch on the same store NOI this quarter. I saw it was down maybe what happened there? And actually just a bigger picture question, which is, just what are you hearing from sort of the office tenants and return to the office? | Well, to answer your first question, that negative was due to one deal, and it was a business decision to keep us a law firm in 17,000 feet. There are 24,000 foot full floor law firm, they had subleased about 7000 feet of their space to somebody else, and that's subtenant have moved out, so there lease was coming up an... | direct | [
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66d46781e9bba90c2dfb36a865cb28c1 | And then if I could sort of -- the second question was just on sort of the mixed used assets and Hawaii and so forth. Obviously, the NOI is still sort of flat to slightly negative in the quarter. I remember, I think three months ago, you sort of felt that there was a decent shot at a recovery in the second half of the ... | You know, Ron, everybody I talk to is looking forward to the end of this pandemic and getting back to a normal life. And particularly people feel deprived that they can't travel. Now if you're going to travel, you're going to go to someplace safe and Hawaii is safe. So I'm as confident as I can be that Hawaii is going ... | direct | [
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d3acd29707135ba29ddd793ee083d841 | I guess, starting off as a big picture on Puerto Rican GDP. I believe that baseline number is looking for 3.4%. If you could just talk and kind of put that in context when it was the last time we saw a number like that for Puerto Rico? | Wow, I'm having trouble. I mean, I don't think we've seen that since maybe 2000. Yes, exactly. The first few years after 2000 it's probably the last time that happened. Yes. A long time. Yes. Yes. | direct | [
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e8d2c359ddf00e18349d23e3da9f1131 | I guess, given your market share and continued momentum in growing customers, could the gearing to this recovery be greater than what you project where you really don't sound like we should expect material loan growth to overpower the PPP run off until next year. Could it be sooner than that? | I mean hopefully, it will be sooner, maybe we could see something at the end of the year, but it takes time for this money to come through the economy. What we expect the pace of the funds to flow that is because I think the government of Puerto Rico with the federal government have agreed on procedures for much of thi... | intermediate | [
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5de40c95b935662da0f2c86929383b5e | Ignacio, could you share with us maybe an update on the Puerto Rican debt restructuring, I think there was a proposal may be made at the beginning of March of this year on the public debt, the $35 billion or so, and then also the public pensions. And then in addition to that, any updates on what's going on with PREPA r... | Okay. The public debt is moving along. I mean, the I was going to say the arbitration, but it's really mediation, the mitigation on the going forward, and it looks like they're getting pretty close to an agreement that a significant amount of creditors can sign on to. I think that the fiscal board has put a goal of try... | direct | [
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b39b69d6d5ff268c3428316db245e518 | Now can we now take it to the next step, let's assume at some point, it is restructured the public debt and they resolved the public pension initiative as well. Can you guys walk us through how you think the deposits that are now sitting here, I think, Carlos, you said they're about $15 billion. How do you see those wo... | Yes. Well, the -- no, we do not know, Gerard, the exact execution plan for the restructuring. But the things we have seen imply that there will be an upfront onetime payment of something in the magnitude of $7 billion. Now a good chunk of that payment will probably be funded from the accounts the government has in Popu... | direct | [
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344d926cacfad3fad73fc706561149f9 | When you look at your relationships with the Fed and I know you're not part of, obviously, the DFAST process that the big banks go through, do you think you will be relieved of any pre-approval process on your capital action plans going forward in '22? Or do you think you'll still need the pre approvals that you've got... | Yes. I think what we've done with the Fed is we've established a good relationship. And technically, they don't approve the stimulus checks, I think, is the word I would -- we've been careful to say, I think, in our releases. So I think we are going to continue that process. It's worked for us. We share with them our c... | direct | [
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5a4772408f4f4de83a042d743e45e908 | Just following up on the debt restructuring. Beyond just the deposits going out, how do you expect that to kind of flow through to the island in terms of either new business development or new business? And how would that impact Popular? | I personally -- and I personally believe it's going to be a positive. I mean, a lot of good things are happening if we can get the restructuring. It's one more stripe off the tiger here, I guess. First of all, it will show the world that Puerto Rico has -- is moving forward. We had a lot of negative headlines in the pa... | intermediate | [
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ca7a47b3145ae1962eddd7e476a0b616 | And then with the loan growth or I guess, loans being expected to be kind of flat this year, what is the balance of your current PPP loans? And excluding the PPP, would you have at least modest growth expected for the year? | The balance is about $670 million, I think, in the first -- in the first -- the PPP one and $478 million in PPP two. And so it's whether we see some growth ex that, it will depend on when they get forgiven, right? Because it's evolve of the second phase wait until the beginning of next year than what's going to be leav... | direct | [
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8bbfb3ac1ffd2c8fee91e1c022507c6e | First off, just a couple of questions around some modeling stuff. As I look at NII, Carlos, maybe you can talk about some of the levers that you have or that you've been doing to see NII actually increase this year even if we don't get any change in rates or anything like that. For example, I think you put on some secu... | Yes. Well, we -- you are right, Alex, in that we did some movement of cash into the investment portfolio in the fourth quarter, as you recall, we did some more of that also in the first quarter. In the first quarter, it was largely at the latter part of the quarter. So while you see the balances going up, a lot of the ... | intermediate | [
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7e7a036b5348a2938eee0b00b008e144 | If we just boil it down, take out PPP, right, because that's obviously going to be volatile, take out cash and maybe just ignore the NIM. And just look at NII for those securities purchases, what was the -- there's $1.2 billion, if I'm not mistaken, what was kind of the blended yield on that, that could potentially hel... | I don't remember exactly. I think it is probably slightly under 1%. That's probably the range in which it was, Alex. But don't remember that -- so that piece goes up from $0.10 at the Fed to something probably under 1%. I don't remember that those are -- they're mostly treasury, they are tax-free from our point of view... | direct | [
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bcb6a10790092ff55f1e77c720ba8aea | And then what about the trust preferreds or other higher cost of debt? Is there an opportunity to retire that at some point in 2021? | We will continue to look opportunities to manage our capital in the remainder of the year. I think our statement stands for itself. | fully_evasive | [
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d29d2107c2a648271f5ea05a1d3877da | And then as I -- just circling back to the loan growth question, obviously, it's a pretty tough current is one against this year. But as you kind of line up some of the things that are going to be happening over the next year or so, exiting bankruptcy, rebuilding the power grid, rebuilding the housing stock, resurgence... | Well, I think we have the resources and thinking about the human and technical resources to handle that. The loan sizes in Puerto Rico have grown over the years. So we're expecting that a lot of that will be in larger loans, and that's something that it's a bit more efficient to handle. We're looking at the different i... | intermediate | [
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bdda7fa0780ce29f8f56c860772d1366 | So, I appreciate the second quarter guidance for revenue to be up mid to high single-digits and the kind of geographic breakout that you gave us. I was wondering if you could help give us an idea of how revenues trended kind of throughout April. And what's kind of assumed for the monthly progression of revenues to get ... | Okay. So let me start a little bit with the first quarter. So January started off slow. I think we mentioned that in our February call. And during our February call, we were in this room without heat and we were contemplating giving guidance, and we moderated it with based on 60 locations hadn't been closed at that tim... | intermediate | [
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a31d201d28faf81695ca953efecf87d9 | Understood. Thanks for that. And then, obviously had really strong performance on the gross margin front in the quarter. Curious if just on the sustainability of that level of margins in 2Q and then later in 2021, obviously you have inventory charges that you need to consider. But then, also what were the moving pieces... | Okay, so in terms of the change in margins, of course, the lack of inventory charges have a big deal to do with that, as your question implied. Inventory charges during the quarter were $5 million, more of a normalized level, not so much as a percent of revenue. But where we are in the cycle, those will be in that-in l... | direct | [
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51dca866e72a7f7c285918125a8f101d | Thanks. It was a really good quarter on the cash conversion cycle, working capital x cashes, with stronger sales, lowest seen in fairly at least quite a while. Understand that's going to increase a little bit in the second quarter. Have there been any revised targets regarding working capital, cash conversion cycle, as... | Sure, Doug. Yeah, this is Mark. Appreciate that. And you're right, this quarter on strong sequential revenue growth inventory came down. And so you're right, I think we expect as we model in 2Q, there'll be some easing of that, where we'll see some consumption of cash. And so I think as we -- as we model the top line g... | direct | [
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b7fa27f590f842379a35f980481e5ac0 | That all makes sense. The $30 million to $40 million that you mentioned, Mark, that's for the full year? | No, I was just looking at a sequential bill. If you hold the efficiencies, let's say where we are now maybe with a little bit of easing, just with that revenue growth alone, we're going to add that sum to the balance sheet. Just looking at working capital as a percent of revenue staying similar, we're going to put on s... | direct | [
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50887d9916f094b84ba844347f951270 | Understood. Obviously, a pristine balance sheet, just want to get a little color on the M&A pipeline in the near term over the next couple of quarters? | Okay. So we just closed two acquisitions and we're excited about them. And that's a major focus for us is successful integration and returns on those acquisitions. However, our deal team is dropped -- is off those integrations. We have a separate group working on that. And we're still looking for deals to fall into the... | intermediate | [
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15f38482a5df3dfbd85261ffab7177f5 | So first off, if you can, can you talk a little bit more as to how you think about the trajectory of Rhode Island here? I mean, obviously, you've got a clean energy mandate in that state. I know we're still early. I know you filed the related documents here recently. But can you speak at least a little bit more as to h... | Yes. You cut out a little bit throughout that, but I think your question was how are we thinking about Rhode Island's trajectory given the clean energy mandate there. So yes, the state has enacted a net zero by 2050 goal. They, through executive order with the prior governor, had aspirations for 100% renewable generati... | intermediate | [
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01a1dbbda29f8b64124cca365c97bd48 | And if I can follow up on a question on acquisitions here in brief. Obviously, we've seen a number of transactions across the space, probably higher valuations than perhaps one would have expected a few months ago. Does that put a pause at all with respect to your strategy, especially as you think about competing again... | Yes. I don't think we have much in terms of further details to talk about versus what we talked about in March when we announced the transactions. We do continue to explore various options for the best use of the remaining proceeds. We will certainly update the market at the appropriate time when we make a decision on ... | intermediate | [
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5402e0e30bc4b0580f4af461a9b87122 | Just to sort of follow-up on Julien's question with respect to Narragansett, is it the case that you guys feel that, I guess, rate base growth will pretty much be on the same trajectory that it has been historically there? Or do you think it might increase or change? | Well, again, Paul, I think we certainly don't want to get ahead of ourselves in terms of putting those investment plans together. After we make the acquisition, we do certainly think there's potential opportunity to deploy more capital than what was being spent previously, especially if the state wants to meet some of ... | intermediate | [
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34b9df9ca82bad852be33d2a6b954142 | So just moving up to the -- just on transmission and the comments that Joe made. Just could you elaborate a little bit further on this lower peak transmission demand? And how much -- can you just sort of give us a sense as to how much that was versus the reserve that you -- that you're booking as a result of the challe... | Yes. Maybe I'll answer the last part, and then I'll ask Joe just to cover the details on the P&L variance between the two components for transmission. But on the negotiations, Paul, I don't think there's anything discernible regarding the NOPR. We and the intervenors or the counterparties, we've been negotiating in goo... | direct | [
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1f845237cc2a83800d09fae2b9ec6421 | I guess, one, given that you still have a lot of potential money to be put to work, one strategic question. How willing are you to add more coal to your mix as part of any strategic option as you look out there? | Yes. Our willingness to add more coal to the portfolio will really, I think, depend on the specific asset, Steve, and whether or not there's a clear transition plan for those coal assets. We are very mindful of our ESG profile. So that would certainly be something that we would take into consideration, both from manage... | intermediate | [
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765235fac6b7c12dc1bf61f40fae454d | I have two questions. So, first question is just about Bigo, and just wonder, what is the latest market split by revenue for Bigo Live business in the third quarter? And we saw Bigo achieved very strong revenue growth, and also trend profitable in Q3, and just wonder how we should look at the trend for Bigo's revenue a... | Thank you, Jialong. I'll answer the first question and David Xueling can answer the second one. For the Bigo Live's gross trajectory, things we cannot provide specific numbers, I'll just give you some colors. In the third quarter, you can see on a year-on-year basis and also sequential basis, Bigo Live continue to give... | intermediate | [
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031067a9aff94e79990b2235c5184506 | My question is related to Likee. Could management please help to share with us some of the monetization progress and monetization user growth and investments target for next year? And in terms of monetization, for example, for live streaming, how is it compared with the engagement metrics with Bigo Live and short video... | Thank you, Alex. Let me address that question. For the monetization of the Likee business, as I cannot disclose this numbers, in general, it's going very well. As I explained in the first half of this year, it's still in a relatively, I would say, early stage, but we have freed up the monetization effort from the third... | intermediate | [
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07792e72931902e16e3c3ab651015c1e | Thanks management for taking my question. I asked your view on live streaming model in the future. So while I pioneered with a future showroom, a decade ago, and it then evolved into mobile showroom and then incubated at again, live streaming, and then it also has exposure industrial video sidebar market in overseas. S... | Thank you. Let me address that question. I think interestingly, live streaming is not -- was a business model per se. It can be integrated with many different business model, that's the beauty of live streaming. For example, our social networking platform can use live streaming for monetization. I'm using app, I use li... | direct | [
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cd4842302c409c1cf94d31c6ed77d58f | I'll translate myself. My question -- the first question is on YY Live China business. This quarter, we see there's a substantial improvement in the margin. What's the driver behind? The second one is on Bigo. Among all the market segments, which market do we think has the biggest potential in both user and monetizatio... | Thank you, Daniel. Let me address the question. If you look at the YY Live segment, it has two components; one is YY Live streaming in China domestic, and also the other is HAGO, and other business. In terms of YY Live domestic live stream business, we have achieved better and better operation margin as you can see fro... | direct | [
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f204fa893c506c0b19c1aa213fa3bb22 | Thanks management for taking my question, and congrats on adherent strong results. My first question is regarding the competition in short video in overseas market, especially after the potential geopolitical change after the U.S. election. And secondly, about the YY Live deal. Previously we have seen synergy in terms ... | [Foreign Speech]
This is David. Let me answer your question. As far as the short-form video competitions large scale overseas, I think our long-term strategy will be consistent. Number one is that we'll continue to wait for the right time. Secondly, we will make sure that our business stay on a healthy and balanced tr... | intermediate | [
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caac56d26494c2a91705b0263d79ac5a | So after sale of YY domestic to Baidu, I guess the company's focus is going to be your overseas business, including Likee, Bigo, IMO and HAGO. So I wonder, in terms of live streaming, the business operation isn't going to be the similar to YY domestically, which is a union-driven? So that's number one. Also, among diff... | [Foreign Speech]
As for our growth in the overseas sector, for Bigo, we've been -- we're seeing obvious growth both in our revenue and user base. So Bigo's business model has been relatively healthy. As for Likee, at the current stage, mainly -- our current focus is mainly on the growth of user base. We have kicked of... | intermediate | [
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3a3a4c562913f45ad00a5bddb39f91eb | So I guess maybe few questions from me for -- first of all on the gastroparesis program and the submission outside obviously of completing the efficacy study that you described. What other steps need to be taken by the team to kind of get that package ready to go and be submitted in the timeline that you described? | As you know, there are three main components, the preclinical package, which we have exhaustively discussed and it is complete. The clinical package which has been completed along this Phase III clinical side, we were conducting a pharmacokinetic clinical pharmacology study, understanding the -- for the fact is there a... | direct | [
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588d810afdaff27260834a6ee9f34d2c | The second question would be, very interested in thinking about the opportunity for I think you said it was P88 the, the active [Technical Speech]. So what specifically are the potential advantages that that metabolite would have over the parent molecule? | As you know, iloperidone because it's also one [indecipherable] blocking affect, it does have orthotic hypertension in the beginning of treatment, leading to titration requirement. And then [indecipherable] twice a day. Of course, we don't know the answer, but there is a likelihood among other potentials for P88 is to ... | direct | [
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156073762072881d37af07f24bf0c5b8 | Yeah, no, I mean I, first of all, thank you. So that's very clear. For the -- I guess [Technical Speech] would be with respect to the pharmacokinetic features. Is that kind of like speculation at this point or is that supported by evidence that your team has generated? | Yeah, we have some initial data, but of course we need to have direct studying of that before we can make any definitive claims. And another interesting part about P88 is that as you know, we are developing a long-acting injectable iloperidone which actually is based on a crystal formulation that we're injecting direct... | intermediate | [
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9abb86627511deafb5ac457aead9f75e | Good. Yeah, I mean I actually, I was -- that was one of the questions in the back of my mind was just if there were advantages for P88 along both the clinical path and then certainly for sustainable growth as you say, does it make sense to continue to invest on the long-acting injectable formulation for iloperidone as ... | It absolutely does. We are actually very late in that development. We have surprising results, so being able to achieve great pharmacokinetic profiles with the crystals. And you understand we have increased is actually the most straightforward manufacturing you can possibly have. It's actually crystals of iloperidone t... | direct | [
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c7246de122f9e1dff7c672b610b1bfcf | And my guess the other question that I had was just related to the guidance. Yes, that's the breaking out SM. Kevin? Please go ahead. | Yeah. And just as a reminder, our financial guidance for the year included $180 million to $200 million of HETLIOZ revenue. We didn't provide any detail around the breakout of that between HETLIOZ Non-24 in the US are or HETLIOZ Non-24 in Germany or HETLIOZ SMS here in the US. So what I can tell you though is that we'r... | intermediate | [
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3868c72515cfe718cb86d3b5f655bc6c | Hi, congratulations on the very strong quarter in this tough environment. So, with the new lockdown returning at least in the U.S. in the fourth quarter, how do you anticipate the impact to the overall online ad budget affecting the platform in China and the global market? And can you disclose roughly the amount of rev... | Okay. I will take the first question. We have seen the growth pressure, obviously in the online advertising market, both in Chinese and overseas regions. According to Quest Mobile, the market size of the Chinese internet advertising market in 2020 is projected to be RMB528 billion, with a year-on-year growth of 12.4%, ... | intermediate | [
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0c7c908d222430956497277f7fa4727e | Great, thank you very much for the additional details. So, my second question is, the company, obviously, is targeting the global online literature market and plans to launch apps overseas. Can you just give us some color and details on the prospect of expanding overseas? How you expect that contributing to daily activ... | I will take -- yes, we have been incubating our online literature app for global market, especially for English-speaking countries as the first step, since early this year. So, during the past couple of quarters, we have validated that our growth model and our philosophy of cultivating content ecosystem, which have bee... | intermediate | [
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6d2c08c0de44f84901ce486b55498a15 | So, the first question is regarding the growth strategy and competitive ads between between Fengdu and [Indecipherable]. What are the advantages of -- sorry, what are the advantages of Fengdu that you would like to elaborate? And the second question is regarding these regulations in Chinese market. What would you say r... | Okay. So, I'm going to take all the three questions. So, the first question is about the competency of our Fengdu Novel and how we compete with our competitors. So, I'm not, I think, in the right position to comment or judge our competitors, but we believe that we have different growth philosophy and point of view on t... | direct | [
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5de7cd4e2fbd25068651d08275aa41a2 | Hi, management, thank you for taking my question. This is Nelson Cheung from Citi asking on behalf of Alicia. A few questions. First, regarding your guidance. Could you elaborate more on the flattish revenue guidance implied for fourth quarter? Is that mainly due to technology or weakness in gaming on mobile? And what ... | Okay. Thank you, Nelson. I will take these two questions. So, the first one regarding the revenue guidance. So, the revenue guidance for Q4 of this year is reflecting the -- mainly the restructuring of our game product portfolio, targeting at building a more balanced pipeline to avoid further volatility in relation to ... | direct | [
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4d8b8a0ff2e25e436f827340cc2e8ab7 | Hi, this is Aaron. Thank you, management team for taking my question. So, I have a question, also regarding the Fengdu Novel. The time in China is basically going back to normal. And we still see that DAU and the user reading time of Fengdu Novel continues to grow very well sequentially as imposed by the COVID in China... | Yeah. Thank you, Aaron. I will take this question as well. Yeah, in relation to the key reason of the continuous growth in our average daily reading time per active user in the third quarter, it is mainly due to our continuous enhancement and upgrade of our content resource within our platform, because we continue to i... | direct | [
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0317b344e35063ca9194a445a5ba10ab | So I guess two things if you don't mind. The first quarter -- I mean, obviously, when you're talking about small numbers, incremental margins can look kind of funky. And very strong in some cases here. As we think about going forward, do you think you start to see those normalize closer to historical levels? How should... | No. You're absolutely right. And you see some unusually strong incremental margins. And if you think about it, as we continue to cut costs and streamline operations, you have a cost reduction benefit, which is clear.
And then every dollar of incremental revenue, in theory, can comment on the early stages, near 100%. A... | direct | [
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958b1f76d2bf07433602587b449cc049 | And the second part, and I apologize, I may have missed a little bit of this, but on the first quarter and the weather disruptions, I'm not sure if -- was the offshore/manufactured products business? Were there just some deliveries and some disruptions that weighed on the revenue in 1Q because the margins were very goo... | There's nothing spilling over into Q2, but I would characterize Q1. We knew it would be a soft quarter. We just kind of had avoid of major project backlog for a short period of time late last year. Again, a lot of people delayed awarding those projects, as you can expect, in a COVID-induced downturn.
So it's an air po... | intermediate | [
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] | B |
dd194f0cd7fff13152c11025e2fb817d | Just a quick question on supply chain, if you guys are seeing any stress points right now and how you see that playing out over the course of the year. | I haven't really seen any significant stress points. I think everybody in the U.S. economy broadly has listen to the early morning news this morning, is really kind of watching the impacts of potential inflation, hitting the industry. I would just say at this point in time, with our product and service offering, again,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3e2cb407dedcf26c11c8b7fb483e348a | OK. And then just one for me on the labor front. I mean, we hear a lot about labor tightness. Can you -- I'm just curious if you would characterize that more being sort of that entry-level worker or trying to bring back the experienced person. Just any thoughts on that? | It's more -- we're seeing some challenges is, again, coming off a horrible year in 2020. It's painful for our workers, whether you are laid off temporarily, whether your hours were cut and some people have chosen, particularly entry-level, chosen to seek other employment. And I think everybody at entry-level has altern... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9e483c83ec6759bad455a43d0aa92def | OK. And then I guess last one, again, big picture, not necessarily Oil State specifics, I apologize. But when you look at the strip and where it is and what it could imply for potential activity uplift call it, Q1, 2022, once budgets reset, all that good stuff. How hard do you think it's going to be for the industry to... | I do worry about it. It's a combination of the cyclical nature of our industry that is challenging. I'd say, for people that want to make a career in this industry and to attract new workers for all those things. I am concerned about it.
I think for that reason, the energy industry is more sustainable, quite frankly, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f01aa709789a97b574c6e04b1891386a | Thanks for taking my question. Good Morning. I'll start with a question on the balance sheet. So your debt metrics, as you talked about, they're coming down really quickly, and you've made it very clear that the balance sheet will continue to attract the vast majority of free cash flow over the near term. So my questio... | Hey! Thanks Good Morning. Yes, it's Mark. I think that when you look at the free cash flow generation, there is lots of optionality going forward here. As you have recognized the focus, though, is going to be on the balance sheet or on absolute debt repayment in the near term. We evaluate this all the time, and we'll c... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dbb89e431fc0f45f0322f4c128c7f337 | Okay Thanks Mark. And then my follow-up would be on basin egress. Maybe we could just get your thoughts on the current market access, including any thoughts on apportionment and inventories and how that is impacting your very early thoughts, I suppose, on pure maintenance versus growth into 2022. | Boy, there's a lot of speculation on that one because there's a lot of different items going the news here today. And -- but I think we're just going to step through it. As we expect the egress to continue to improve. Line three looks like it will be Q4, TMX maybe a little late, but still moving forward. Obviously, the... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
38151d81bf230928bf05484025733fff | So fair to say that you're in a holding pattern through the end of the year? | Well, we're not changing our capital. It's -- we're basically just staying with the status quo. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
56da3df12a058f746cc58b6c953feb7b | Thanks Good Morning. Tim, just in your -- I guess it was Corey in the opening remarks, you talked about solvents and so forth. And I'm just wondering if you can maybe give us an update on where you'd expect to apply the solvent technology? And then just anything you might have to say on in-pit extraction and then also ... | Sure. So for the solvents obviously, the pilot at Kirby South is very advanced. And if we look across our asset base, both the Kirby sites and the Jackfish sites could be very amenable to that technology. So we're very happy with the results today. And now it's just trying to work out a plan of going forward. In terms ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
76f3eab835de462fb305f684172524c2 | Okay. And just as a second question. You touched on Carbon Capture and Storage at the outset you guys have done this very early on, I think, with Horizon. And obviously, you'd mentioned AOSP and the Northwest upgrader as well. But maybe just focusing on Horizon for a moment, I think you've got that Carbon Capture and S... | Sure. What we did early on and part of it was the sequestering the CO2 and the tailings. So off of one of the hydrogen plants we have Capture and it's not fully utilized because there's only so much CO2 that we can put into the tailings. And -- so there is available capacity there as well as on the second hydrogen unit... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2c51f5585f3cda3e0002db94271321aa | Hi! Good Morning Thank you for taking my question. The first of me is just a follow on with the solvent strategy. I appreciate that you kind of gave us a little bit more context as to the stage of development for your work at Primrose versus the SAGD component of things. And obviously, you guys have been doing quite a ... | Yes. I would say it depends on, obviously, on how aggressive you want to be on that target. So if you look at just a normal approval building and that you're probably looking in that 2025 time frame for something like the SAGD piece here to really start to get into service. But that would be, in my mind, pretty aggress... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ce31dd5bb707eb6457456e04094747f8 | Okay. So the idea then would be that any of these technologies could provide incremental benefit versus your existing 2025 goal of GHG intensity reduction, i.e., like the benefits are not currently kind of included in your goals added yet? | Yes, that's correct. If you look at -- well, there's a number of technologies we're working on. Obviously, in the meantime, there's a lot of other work being done to reduce our GHG emissions. But yes, carbon capture, the solvents are all future technologies. And same with the molten fuel carbonate cells. They're all fu... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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