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0c59ff70e5493028ebcffff9c7381156 | Perfect. And then just following on to -- on from Menno's question there, just around capital allocation. Obviously, the primary focus here is around reducing the absolute debt number and getting to a lower leverage situation. How should we be thinking about kind of the longer-term strategy, obviously, balancing betwee... | Well, that's a very -- the hard part of that is that we would have to kind of speculate in -- on certain conditions, whether it's egress or pricing and it's really difficult to say. What I can say is, if you look out, I can't see us doing a major project, in terms of capital expenditure, in terms of Horizon expansion. ... | intermediate | [
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859b2425fffd9eb5d66b31ad071812d5 | Thank you so much. You guys have proven out M&A is a core competency for your business. Tim, I just wanted your perspective on how you're seeing the A&D market at this point? And are there attractive opportunities either to buy or to sell? | What we see in that market today is that a lot of the smaller entities are doing deals merging and that. And I think they need to. On a bigger scale, I really don't see anything if I look at ourselves, we have no gaps. We have lots of opportunities within our own portfolio today. So I just -- what I see is there'll pro... | direct | [
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3f7ec0469025436169b72efd09e3d0da | Okay. That's helpful. And you guys did the Painted Pony acquisition, your large natural gas producer. Just curious what your thoughts are on the AECO market here? And any comments on how the natural gas part of your business is contributing to the cash flow in 2021? | Well, the Painted Pony assets was really an opportunistic acquisition about a year ago. Gas prices were obviously quite a bit different. And even the forecast was quite a bit different at that time. And with it, gas prices have strengthened, I think everybody is being, for the most part, significantly more capital disc... | intermediate | [
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a5a2022339afd1351cdb1d6f95ac3d25 | Yes Hi Good Morning. I want to try just the balance sheet follow-up question, maybe just worded a little bit of a different way. The 1.5 times leverage target has historically correlated. It was something around $15 billion of net debt. Your target for the end of the year at these prices would be below that. It looked ... | Yes. I mean, when we were going into 2020, we were obviously forecasting some large debt reductions in that year. Things changed a little bit, we were able to kind of enter and exit pretty much flat and do that acquisition at the end of the year, which was strong. And now as we go into 2021, we're just back on that tra... | intermediate | [
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40188bb029a25044e3fe307f730b5714 | Okay. My second question is just around the sustaining capex of the business. Coming into the downturn, I think it was around a $3.7 billion forecast, now it's $3.0 billion. And I was just wondering how much of that in retrospect do you view as cyclical versus structural factors that you've just improved and taking cos... | Well, Phil, yes, the sustaining capital I mean obviously, there's a lot of factors that change from year-to-year. Obviously, the cost -- the absolute cost of doing business changes the cost of steel and everything else. So today, we're at the $3 billion, it's based on a balance of pretty much equal of oil and gas growt... | intermediate | [
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688a24c91d82364dc832ea9ead1123e7 | I guess for the recently announced dividend, I guess, first, how was that amount decided? You increased it from $0.12 to $0.25, and a positive surprise here. I guess is this a fixed dividend for the foreseeable future? Or is this something you kind of continue to plan on growing on an annual basis? And then how do you ... | We derived the number much in the same way as we derived the $0.12 in the first place. But obviously, we've taken into account developments in the last three months. We announced the $0.12 dividend back in January. Since then, as you know, we've agreed to acquire 7 6,000 TEU vessels, four of which have been delivered i... | direct | [
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3a380ba43913557412920df2e2cd89e6 | Obviously, following this pretty busy months on the financing side, the capital raising, coupled with the very strong market, you mentioned GSL is still in very strong shape financially, probably at its strongest than it's ever been. Clearly, this is shown with the dividend increase. So I guess how do you use that bala... | Well, Randy, if I may say something on that we like always to crawl before we walk then to walk before we run. We are very risk-averse as a management team. And we stress test continuously our company with models that take the worst of the worst cases to be sleeping at night. So yes, the intention is to grow. And we ar... | intermediate | [
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011eb8f8bc06c1a41def1ea2a627d106 | On Slide 6, you have the charters that are coming available, I think you said seven ships coming due by the end of the year. I guess how do you kind of maximize return there in terms of rate versus duration? Is there a relatively larger discount for a two-year or three-year charter? Are you looking to kind of maximize ... | Generally speaking, you make always -- as a rule of thumb, you always make a lot more money in containers by retaining the asset rather than selling the asset. You make more money with the cash flows you can lock in than selling the asset. Now the intention is to grow the -- to charter the ships as long as possible at ... | direct | [
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abdcc2871f92156663e4520b39ef0744 | George, you mentioned slower speeds to meet the IMO carbon regulations coming due in 2023. So I'm curious if you could try to quantify that effect. Maybe if you look at your own fleet, what roughly portion of that fleet needs to slow down the speed to be compliant? And -- or if you have like for the whole world fleet, ... | Yes. I would just say something that is interesting. Before 2020 -- up to 2019, inclusive, the speed of the ships going from, let's say, the Far East to West, whether it's Europe or United States, was about 18 knots. And the way back, it was 16 knots, the return voyage. So the average was 17. So ships were trading at a... | direct | [
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820812ed2524a70b0cd5e7cef84d24d9 | You mentioned a fantastic market. And I'm sure you get that question a lot, but what do you say to people who ask for what are going to turn this market down again? So what should investors look at in order to try to, let's say, be ahead of the curve, so to speak? | Well, I was going to just give a very hedging answer. I find it very difficult when looking at the supply side of the equation, so the midsize and smaller vessels, to envisage a set of circumstances that would really derail the market for us. Now I know I'm sort of frantically touching wood and praying not to jinx thin... | direct | [
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a2418a0a82c8e0178f185044afd950f7 | I assume when you talk about growth opportunities, you could also look at buying your own stock. | That is also a possibility. Although -- yes, what? Yes, we could give further rates return of capital effectively buying stock, paying dividends. But one of the reasons we think our stock has been held back in recent times is because of the small free float. And we've worked very hard to increase the free float with pr... | direct | [
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22cc3da04b8101a179fee8887eb5c525 | George, you mentioned growth opportunities on the acquisition front. Are you seeing more competitive competition on the pricing front? The availability of vessels is tight. And how is that continuing to affect where you see opportunities to add assets? | Yes, Liam. Obviously, prices have gone up and they continuously go up. But fortunately, we are always placed to do deals that are off-market, special deals. They have an angle, different angle than a normal standard market deal. And we do have a pipeline of such transactions. And we pull the rabbit out of the hat every... | direct | [
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d72b64b9788e50cd3cc0288d86777128 | And you mentioned regulation. The slow speeding is an alternative. Do you see increased regulation accelerating scrap rates and further benefiting the capacity side of the equation? | Sure. I would love to say yes to the scrapping question. But I think in an environment where capacity is already extremely tight, the fleet is already fully employed and where the sort of supply side growth from a structural perspective is very limited, I think it's highly unlikely that we see much in the way of scrapp... | direct | [
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2889a070d36ff0268ce5c9bd6e8565b0 | Let's see, I think on the international Fluids side, Paul, I think I heard you referred to the potential to get back to pre-COVID revenue levels by end of year. I wanted to check on that and affirm that meant sort of high '40s million run rate or just make sure I understood that trajectory a little better sound of cons... | Hey, Daniel. This is David Paterson. Yes. International has been subdued the last two quarters, we're starting to see some real -- I'd say increases in activity across the board. I think the tender pipeline is strong, so it certainly positions us to get back to pre-COVID levels. I would say late Q3, Q4. And as you've a... | direct | [
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e6adbf8a7ae228c7bc4620d2cb196124 | Got it, OK. No, that's a helpful sign post for the model. And then on maybe to pivot then to, I guess the Mats side of the business, again, with all caveats around COVID impacts potentially lingering, nice to hear a guide toward double-digit growth in Q2. Is there anything that would impede the thought that growth coul... | Yeah, I'll answer that one Daniel, it's Matthew. Look, I think, based on what we're seeing right now with closing activity domestically and large infrastructure projects internationally, particularly in the U.K. where there are substantial long-term investments being made by the government that is, there is nothing rea... | direct | [
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88ed73910168528ffaf9630f4fde9476 | Okay, got it. And then I guess maybe just to finish up with one, the working capital harvest in Q1 is certainly impressive. Don't want to get wrong footed here though, I'd imagine maybe there is some room for you guys to give back a little in working capital here in the near term. Any considerations, I'll keep this que... | No, you hit it spot on. Yeah, we did have a very strong quarter, really the outliner there is on the DSO side, very, very strong quarter. We expect that to normalize, rough order of magnitude, our receivables came in nearly $10 million below what is kind of a normalized level. So yeah, I would expect to get back there. | direct | [
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47808f833e85ee1ae6d6c78a5aef27fa | Couple of quick questions. You talked about the supply chain. Could you elaborate on issues that you may be facing there, whether it's resiner or bariter, LIBOR, which you also mentioned, talk a little bit about that. It seems like everyone in the world is experiencing supply chain issues, I just wanted to get your tak... | Yeah. Marshall, it's Matthew, I'll take it from the I guess the matting side first. Look a little primary thing we're seeing is resin price inflation. I think in the first quarter, we were up over 40% in that area. The other issue that starting to play out as growth returns is attracting LIBOR back to the market. I thi... | direct | [
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a3d8bfad52ed00a814ec346193ae1072 | Right. And this maybe quick follow-up to that, your ability to pass on those prices. I assume again since it's happened, not just in our industry, but every industry is fairly good to pass on those price increases. | Yeah, so we're working on right now absolutely. | direct | [
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0d98415ac2443534abd66c7f349860a6 | All right. One last quick one from me. Gulf of Mexico, oils in the mid '60s, that's obviously a big deal, gas looks pretty good. Intuitively that you would think that's going to lead to pickup in the Gulf, but offsetting that you kind of we have an administration that's going to anti-oil and gas out there. So give me y... | Hey Marshall, this is David again. I think the Gulf is -- Q1 was quite slow, I think that was quite slow across the boards. The rig count is stable. What makes me feel positive with the Gulf of Mexico is the longevity of a lot of the rig contracts. There are some long contracts on the higher end floater work that exist... | direct | [
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70010d106429f974aa04aa0fdfbaa6e5 | I'm wondering if we can talk first about the rebranding and whether you've seen any early benefit or maybe even negatives from a subscriber perspective with regard to either gross adds or churn? | Hi, Zack, it's Julie. I think it really is too early. I mean, we just started going out to market in June and the actual system locations are just signing -- changing signage, uniforms, trucks as we speak on a rolling basis. It doesn't just flash cut. We did do a baseline study with our customers before we began and we... | intermediate | [
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a64f889b549020af22d731343a98c9ee | Okay, that's great. And then another one kind of a two parter is just if you could update us on the unlimited plan penetration. And then, perhaps, you guys are still getting a benefit from customers taking higher-speed tiers, but just wondering if you've seen -- not any change in the actual number of customers taking t... | Sure. Maybe I'll give a couple of stats from our recent pricing and packaging change that took place in January. We are continuing to see over 50% of the folks sell-in at higher tiers than our standard 100-meg flagship. We are seeing an acceleration and the sell-in of -- our unlimited plan, it is selling in over 10% at... | intermediate | [
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00d949357f221fe3417bc7a600e7e102 | For Julie and Steve, a question on margins, if I could. Steve, you called out the still elevated SG&A and some of the reasons why SG&A is higher. If I kind of normalize that you are getting reasonably close to 50% margins, how high do you think margins can get in your business? And as you think about the drivers for th... | Well, [Indecipherable] give any direction on where we go exactly over the next year, but I think what I would say, anyway, to that. And Julie, add if you agree or not. But I think in general, as we continue to migrate and transition our customer base to less and less video, and more and more data and commercial service... | intermediate | [
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b8549ac2a83d7104a5da933a83086f90 | And if I could ask a corollary question. Your capital intensity, I think you've pointed out in the past that you cautioned against excessive enthusiasm for capital intensity declines just because the denominator without video and it is smaller. But can you just talk about kind of the same atmospherics if you will aroun... | Yes. So, I think clearly, we think the base business capital will go down as a percentage of revenue. Will it go down as low? No, not as long as -- not in line with where I think the industry is talking about going. And that's for the base capital. I mean -- to be perfectly honest, I mean the best use of our capital is... | intermediate | [
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a761aa764cb96445e74bcb63baa929d0 | Hi, thanks. Julie, can you give us an update on what your typical promotions are in more and less competitive markets? And what that mix of sales looks like? | Sure. So in 2018, we sort of had what I would refer to as a cooling off period where we were establishing value with our customers. So what we did is we pulled off of our promotions and used our everyday price to, again, really established value. Then we started doing tests across a variety of different markets to figu... | intermediate | [
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784ae29c17838dd6a61b074ddcf93df1 | And you've talked about pushing harder in some of the -- again, some of the more competitive markets. Is that not happening anymore today? | Yes, no. We definitely do not have one size fits all anymore. And our -- what I would call our hypercompetitive markets, because technically all of our markets are -- have some sort of competition, whether it's big or so not [Phonetic] we could debate. But in our hypercompetitive markets, we -- our biggest lever is, ho... | direct | [
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a1dabaaae37661746146a55ad5247b5e | Got it. I understand. And between integration, savings and revenue picking up, we've talked about EBITDA performance ramping through the year. Any reason to think that doesn't happen? | No, actually I see -- when I think about how our year is shaping up, our strategy for the year is really playing out and momentum is gathering. If you think about it, we didn't take an across the board rate adjustment for HSD in January, instead we did our new pricing and packaging. And as the year goes by, we have mor... | direct | [
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7746f2c57281f024a3ad4c6d35f4962d | Hey, thanks for taking the questions. Julia, I'm curious, have you ever tried to quantify what the addressable market is in your footprint for Business Services. And then you mentioned accelerating some investments there with Clearwave. Can you talk about where those are going to support? | Sure, sure. So in terms of quantifying -- I think what you're asking, Brandon, is what is our TAM [Phonetic] sort of in the Business Services world?
Yes, yes. So we've done that for Legacy CABO. We have not done that for NewWave, certainly not for Fidelity yet.
And we have it for Clearwave.
And we have it for Clearw... | intermediate | [
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273ffc56ddd0669c0da068b940ba3fa6 | Got it. I guess I didn't quite catch a TAM number. And then I guess I'm curious, within this commercial business, is it primarily carrier customers enterprise SMB? And what are the products -- the service that you primarily provide? | That's not something that we've shared before. We typically will talk about our penetration in the marketplace, but not our total TAM.
Yes. Needless to say our penetration of the addressable market is much lower than our penetration of customers because we kind of own the SMB businesses in our market and we are really... | intermediate | [
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1277537ad74ab57cfb1faacae6597ab6 | Just a couple. I was wondering -- could you kind of describe Fidelity's profile and how it looks compared to CABO. I guess how far down the road they are on shifting to connectivity and improving margins? | Sure. So just from a where they at in the process, I would say they are much closer to where we are from a strategy standpoint than NewWave was when NewWave was acquired. Their video penetration looks similar to ours. I think from a mentality standpoint I think there is a lot more people that's kind of already embraced... | direct | [
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6de61b957759407eb182a8bf2cb70c5c | Great. Is that margin improvement where you see the most opportunity in those assets? | I guess, I would call it sort of the look-alike to our financials whether from HSD ARPU to overall margins to -- there is a little bit of synergies turn [Phonetic] in there. It's little bit of everything.
Yes. And they are doing a lot of the same things [Indecipherable] growing commercial, they've got nice opportuniti... | intermediate | [
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d9531a61cdd24fa24ca56bb3a618a8af | So, if we look at your revised revenue guidance for the year, it does sort of imply a deceleration of growth in the fiscal fourth quarter, which I guess I would have expected. I'm just kind of wondering EMEA and the Americas in particular have really hard comparisons. I mean, do you think -- like what are you seeing in... | Yeah. Thanks, Linda. It's Garry. Yeah, the sales revenue guidance that we've given shows Q4 somewhere between approximately $105 million and $120 million. The top end of that will be growth year-over-year. That's why we give a range. So, we increased the year-end target because of the strong results in the third quarte... | intermediate | [
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3eb05340a2ee988fcee0bc8efdf084fa | Okay. And I mean can you give us any color about what you're seeing in June? I mean is that a month where you're facing the hard comparisons and so you see a little bit slower growth already in June? | Again, Linda, I'll just refer back to our full year guidance, and we've given that out there and that guidance will show some growth in the quarter year-over-year if we -- if you took the medium that. So, it's a hard comparison, but we don't see that the fourth quarter is going to be necessarily anything different than... | intermediate | [
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42b64ed931b1944d7e118cb67e9e56e0 | Okay. And then just -- you mentioned you're already starting to take some price increases in your various regions. Is that kind of across the board? Are there any emphasis in any particular product lines? And can you give us some ideal percent of magnitude of price increases being taken? | Yeah. It's across our major product lines in varying place -- in most major countries around the world. And it's mid to high single digits depending on what country and what impact we've had on our cost of goods. So WD-40 Multi-Use Product, WD-40 Specialist, this is really passing on the real price increases we're seei... | direct | [
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32688810d482b6c11bab3b5b50fe6f13 | Okay. And then, in the last call I believe Jay had said like a little bit of a quantification would be -- gross margin in second half would be down 200 basis points to 300 basis points versus the second quarter. And quite frankly in the third quarter, it came in pretty close to my estimate. So, I'm just wondering with ... | Yeah. Thanks, Gary. And Linda, thank you. I think what -- we did not see the kind of the full brunt of some of the costs we were expecting in the third quarter. Even though our margin was down, we still see and expect some continued margin pressure on the short term. The one thing to note is that many of the price incr... | intermediate | [
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f2607ac7a4113eb05aead5571f32997e | Okay. Thank you. That's helpful. And then, can you talk about -- I think you had talked about launching the new next-gen Smart Straw in the U.S. in this quarter, in the fourth quarter, but then you said you had some push out of the capex. So, are there delays or anything that's changing that timeline or are you still e... | Thanks, Linda. Now, you will see the appearance of Smart Straw next-generation 1.5 on the shelves in the United States as we start to move through the fourth quarter. | direct | [
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4996235feea9cce3b59d17ecc4d34dff | Okay. Great. And then I guess just a question on your -- I mean, clearly, your cash flows are very strong, with your strong earnings, but you didn't -- you have not resumed share repurchase. Are you -- like kind of what are your plans and what are you thinking in terms of timing for maybe resuming some share repurchase... | Yes, we haven't -- we don't have an authorization. Although we would expect to be looking for an authorization as we move into the New Year. | intermediate | [
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ec3f1a77d643653d0f9ee164d87b3daf | I was just wondering you increased the outlook for the Americas. I think the 5% to 8% from 2% to 5%, I mean, the long-term sales growth. I was just looking for more color on where exactly you expect that to come from the elevated increase or the [Indecipherable] growth? | Sure. Thanks, Garry. Hey, Daniel. So, it's really we see -- you see, you heard about the fantastic growth we've had as we've taken the market Mexico direct, that's driven significantly faster growth and has really helped the overall Americas grow quicker. So, Mexico is a part of it. Latin America, we see strong growth,... | direct | [
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c6c5b2df398c5a0f3f9f37473c36a91a | Okay. And then given what you saw in the third quarter in sales in the different regions and with especially rest of the year, I know in the past sometimes order timing is played kind of -- has move things around, specifically, last year I think in Asia, there was a delay, which caused a decline. I was wondering if the... | Nothing significant that we would be concerned about or be happy about. I think we've -- the delays that we saw last year were really due to shutdowns of COVID and the major ones were in the beginning of the year, basically when China, around Chinese New Year of 2020, shutdown completely, and we all have the scar tissu... | intermediate | [
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90a4789b8097bd046c8104c4c4091257 | Okay. And then final question. So, the third-party issues that you kind of highlighted last quarter and then we kind of correlated, I think they still exist, but it seems like you just completely offset them or masked them. I was wondering why it's different, because it was such a strong quarter this time and why it's ... | Because of the actions we took. We were able to redirect some of our manufacturing across different areas. There was -- we didn't have the impact of the big freeze in Texas, which certainly impacted supply chain, particularly around aerosol cans, some of our major suppliers of cans were shut down for weeks. So, a few t... | direct | [
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f67bff4e02b8777ae32d61efb3bc5430 | Thanks, good morning. Jack and Jeff, I caught in both your comments. You both mentioned record consolidation agreements with agents in 2020. I was hoping you could just expand there a little bit. And really, what are your thoughts on kind of environmentally, what was driving that? I mean, obviously, some of it had to b... | Yes. Thanks, Matt. This is Jack. Listen, first and foremost, we have worked hard over the last several years, building a strategy around accounts and around specialized businesses where agents want to deepen their partnerships with us. At the same time, as you know, the consolidation on the distribution side of the bus... | intermediate | [
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4bfd8751b66c3471fe9da6c0daca64e6 | Great. That's really helpful. And then just one other one, if I can. You also mentioned policy exposures and endorsements coming back. I was hoping you might be able to give us a little bit more color there. Are there particular areas of the economy, you are seeing that more than others? Or are there other areas that s... | Yes, I'll let Dick and Bryan add on to these comments. In the Commercial Line space, I believe, we were one of the most proactive carriers in terms of trying to address mid-term endorsements and exposure changes at renewals for customers that frankly knew they were not going to have payrolls and sales at the levels tha... | direct | [
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cb260fb7051c8f41f84d826c33f234ac | Good morning. Maybe sticking -- starting with the outlook. You can maybe kind of offer some color on are you -- which lines of business -- maybe Personal Lines versus Commercial Lines, you feel better or worse about? Or I don't know if that's something you could provide, but it feels like -- are you -- maybe you can gi... | Yes. Thanks, Mike. This is Jack, again. I'll say a few words about that and then ask my colleagues to chime in. In a lot of ways, I would start with the fact that we are really pleased that we have a broad-based profitability across our portfolio, but we do have different market conditions on the Personal Line side and... | intermediate | [
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e89dc84bc958144fcf809d60afa7977d | Okay, great. Very helpful and comprehensive. I guess my last question, so shifting to capital management a bit. The stock evaluation has improved a bit. Maybe you can kind of give us some clues about how you think about payback period in terms of buying back the stock. I guess, if we think about profitability dynamics ... | So thanks, Mike. This is Jeff. We left the third quarter and talked about it clearly. We had added some capital through debt that we issued, and that created meaningful additional capital in addition to what we already had. We put a plan together at mid-single digits, and you're right. With the earnings where they are,... | intermediate | [
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6ed1b77db4aa4eedc941d9686227e937 | Good morning. At the end of the day, 2020, was the pandemic net negative or net positive on the underwriting performance for your workers' comp business with the obvious offsets back and forth. How did it ultimately shake out from the year? | Okay. Yes, I believe you said workers' comp. I just want to make sure I heard that correctly, Paul?
Listen, I think as we've talked about before, I -- having been around the workers' comp business for 3.5 decades, I continue to be amazed at the loss trend trends and not only benign, but negative loss trends over a cou... | intermediate | [
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94d6ce5a4146eec855c988b832d7d7c9 | Thank you. And I want to make sure I've got the simple math right with respect to your guidance on premium next year. You're getting a mid single-digit rate. You were flat this year. Hopefully, the economic effects of the pandemic will go away. Am I right to say that essentially, what you're thinking about next year is... | So I think over the course of the year, you'll see some changes. So, the exposure will start springing back and then we'll continue with more rapidity as you get later in the year. We expect the rate to continue and be strong, particularly in the Commercial Lines and even more so in the specialty businesses where comme... | direct | [
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01a381e9eb3afa61b0a17b1adf8971d4 | Okay, thanks. Good morning, all. Jeff, you mentioned, I think, in your comments, you expect frequency for personal and commercial auto to get back toward pre-pandemic or to get back to pre-pandemic levels by the fourth quarter. I know there's a thesis bouncing out around out there -- bouncing around out there expecting... | Yes. I think Dick is probably best positioned to cover the flexibility, right?
Yes, absolutely. So Meyer, we -- the investments we made in our technology really enable us to be quite agile with this -- on this notion. If we -- and we're watching this frequency question, intensely, right? We have -- we've built a tower... | direct | [
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dc6dbf8a770012f8fc6e13cc3252157e | Okay, that's very helpful. A second question probably unrelated. But when we look at the business coming through from the various consolidation agreements, does that business typically carry a different combined ratio than other new business that you'd be generating? | This is Jack, Meyer. The way we've tried to assess that over the last half a dozen years as we've ramped more and more of our new business in both Personal Lines and Small Commercial and to some degree, in our small specialty business is looking at leading indicators of claim frequency and looking at the mix of the bus... | direct | [
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3afa0cd5c2b11e839e5f8c1e49439a75 | I guess my first question is, there's a market share transition going on in your global components business. If there is any way to speak about, are you seeing that share shift beginning here in the first quarter and maybe how they transition to you throughout the calendar year? | Yes. We don't anticipate any contribution from any supplier program changes. We didn't have anything in the December quarter. We're not forecasting anything meaningful in the first quarter. If you remember, most of the transition supplier changes were happening sometime in the second half. And if you look at it, the ot... | direct | [
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7ea2f7fac09bed318bfcc8495f892d67 | Okay. And then as a follow-up, Chris, do you think operating cash flow conversion for either the first quarter or the first half of the year will still be in excess of 100% of net income? | I think we'll see the rates start to slow, Shawn. Normally, in Q1 -- I think for the last five years, in Q1, we've had negative cash flow performance. And I would expect that we would all other things being equal, be in that negative territory, although trying to fight our way to neutral. That said, we do think that th... | intermediate | [
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c71398270cddfa217e72f49609401850 | Mike, I just wanted to start on some observations from this end market downturn versus prior downturns. I think you mentioned in the press release the greater resiliency this time versus prior. Could you just maybe touch on what you attribute that to? And on the flip side, as we think about the potential upturn, should... | Well, I think that what you saw this time was faster reaction time. The first quarter, as you know, was what I would consider the start of the downturn. And during that time, we did our best to try to offset the sales and the earnings to try to keep earnings per share going for the customers. And then in the second qua... | intermediate | [
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148d94cf0eef426729ed2bb8b3457d9d | Okay, very helpful. And I just want to make sure I'm understanding the comments on the no contribution yet from supplier changes. Is that kind of what you expected internally? And just to clarify, I mean, is there -- are you messaging that there could be a scenario where the expected move to Arrow doesn't occur or just... | I don't think there's been anything that has changed. I think we said the exact same thing last quarter. I think it's been the same from the beginning. And customer transition is the most important thing out there, and I think it's being handled appropriately. And it's allowing the supply chain to continue to go. And I... | intermediate | [
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c6bac35a8d7589d9119464863575cb17 | Yes, thank you. I just wanted to ask about the gross margin trends and particularly given it sounds like, Mike, that the mix will continue to work against you with Asia holding up better, Europe and North America still under pressure. So in the last couple of quarters you've been running about 100 basis points down yea... | I would say, at least through the first half, Matt, I don't see any catalyst to change that, that much between now and then. But if the market changes and then new orders come in, then you have a blend and you kind of get half of it back and then you get the other half back. So I would say we would honestly be later in... | direct | [
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41b4836b1458bb7eb62dbb901a8c851d | Okay. That's helpful. And in your commentary around the coronavirus and some of the issues that you're -- the early issues that you're seeing, I guess, one good positive is that you do have inventory. And have you looked at your inventory position relative to the supply chain and where the bottlenecks might be? And cou... | Yes, I think you hit it. We have no problem now with inventory. We've got plenty of inventory, as you can see. It's the ability to move the inventory around. And the good news is, we've heard that the board is closed until the 10th. We don't know what happens on the 10th, is there an immediate snapback from manufacture... | intermediate | [
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a8eae79e8f55222ed44b759925eeaf80 | Hi, good afternoon. Can you talk a little bit about the components margins by region directionally on a like-for-like basis, how they trended versus, say, a year ago versus prior quarter? | Yes, probably not, Steve. I think that's getting a little bit too far down. What I can tell you is that given the numbers that you saw, everything held up better than expected for this time of year. But if you look at the downturn, really, Europe came in later in the year. So I expect Europe to come out of it later in ... | intermediate | [
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93a6ac21525b9c8ab91b8deb6ec89c36 | Okay. And then in terms of the comment about offshoring sort of picking up at your customers in the western regions. Can you expand on that a little bit? Specifically, are you seeing -- are you able to follow the customers' manufacturing as much as you would like? Is it winding up not being as much in China going forwa... | I think we're well positioned for that. Any of the offshoring that we have seen, we have followed the customer to the destination, we have captured the business. We are seeing benefit from that. I would like to see that slow a little bit. So to me, getting a deal with China is important. It's going to be important for ... | direct | [
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3ed089ae5f34f64eb10c8ae345d484d9 | Hi, thanks for taking the question. A follow-up question on gross margin. I think the gross margin underperformed by roughly 20 basis points last quarter of his revenue roughly in line. And I think your implied guidance for gross margin is to increase 20 to 30 basis points sequentially next quarter. So my question here... | Well, I think it's mix, 20 basis points. You can do the math, it doesn't take very much of a mix change for 20 basis points. So wouldn't read anything into that. We saw the margins pretty much stabilize in all regions over the quarter, which is good news to where we believe there's going to be a slight trend trending u... | direct | [
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8cf118bfbc1e43ea7b92585e4e605299 | Got it. That's very helpful. And then how should we think about the ECS operating income growth for next year? I understand that those selling days could impact the results, but do you feel that 2020 is still a growth year for ECS operating income, if we exclude the selling days impact? | Yes, sure. Thanks, Mike. And thanks, Tim. So Tim, as Mike pointed out in his opening comments, we did make some progress in the back half of the year with operating income growth, and it certainly remains our goal for the full year of 2020. So I actually like our position and our path forward. Our strategy is not going... | intermediate | [
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740f6457fdebe5a73996d435d536e888 | Yes, thanks for taking the question. Chris, I was wondering if you could help us understand with regards to the cost optimization, I think you said that's done. How should we think about opex. And I guess, the right level of opex into the March quarter and then, I guess, as we start to see some improvement in demand in... | So really, the bulk of the $130 million cost cuts, as Mike said, are in the P&L today. So as you look at where we closed Q4, I'd say that's a good rate. I think the only caution around that you guys in your model will see that our corporate expense was quite a bit lower, and that really relates to incentive compensatio... | intermediate | [
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9d86d3c50b54e95823bbb7d1e2081286 | And then just as a follow-up. On the ECS side, I was just wondering if you could kind of share your sort of expectations for just IT spending in general in 2020? | Well, in general, I think it's going to be legacy products that, I think, are going to be relatively anemic. Where we're seeing actually good growth is on the rest of it, software, networking, virtualization, storage, those types of things, we're seeing really good. It's the industry standard servers that we're still s... | intermediate | [
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d9828aab475023c68a492baa12b5e708 | Hi. Thanks for taking my questions. Maybe another question on the ECS margins. You saw good -- about 130 basis point sequential improvement in the fourth quarter. So trying to understand, can you elaborate how much of that was mix versus how much of that was higher volume? And how should we think about margins in the f... | Yes, sure. Well, if you look at margins in the fourth quarter, for this business, I think it's more important to look at it year-over-year versus sequentially. And we certainly held the margin line year-over-year fairly steadily. And it tends to be more a function of mix than volume, and that was certainly the case in ... | direct | [
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db536c24314d32a55842c1191dee3f82 | Okay, that's helpful. I appreciate that. Maybe just the second question on capex. How should we think about capex for 2020? And specifically, do you think you have enough infrastructure to support the incremental share shift that you're seeing with your semiconductor customer or would you have to add more warehouses? O... | Yes. So our capex for last year finished at $143 million. And as we've mentioned in the past, if you go back in time, we obviously had a great deal of spending around ERP implementations. That's largely behind us. Just a little bit left in the ECS business in Europe. And in 2019 and again in 2020, we are addressing the... | direct | [
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7265e5f3c7409e6564686571384d0a83 | I kind of wanted to dig in more on local accounts and local mix. Being they're 60%, clearly very high, does that reflect any seasonality? Is that an optimal level you would like that to be at going forward? | Yes. This is Bruce. I would say that's the level we're looking for. And there's probably a little seasonality in that, just seeing that, as Larry spoke earlier on our national business, our national business was down a bit year over year due to some comps and some timing of some large downstream OEG customers. | direct | [
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4a2039128843c13a78788bc5f1a61365 | And then, thinking more on local mix, can you talk even directionally to the customer type of local accounts? Are they more weighted to contractors? Are they more weighted to industrial? Just trying to figure out how that high local mix reflects in market activity. | Yes. I would tell you the local customer base is a broad, diverse customer from your kind of contractor base like you're talking about to retail to facility management to smaller government. So it's a whole mix of just a local customer base within that concentrated large urban market. | direct | [
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86bcad9cf3a116440ede7c823d327fa5 | Great. And last, on new customer accounts, are you winning these from other competitors that are larger or smaller? And is there any way to talk to the fleet mix that is rented to new customers, if it's different than accounts that you have had for some time? | Now again, it's a broad range of customers. As you can see with the way kind of we're -- we've been executing on our pricing. It's not really a competitive market out there and that. It's just -- a lot of it is this conversion from ownership to rental and just new rental customers entering into the marketplace and just... | intermediate | [
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7aa96f359bb86845ff061700487791fe | Hi. Good morning, everyone. I hopped on a little bit late. I just wanted to talk a little bit about the rerent decision. Is there a way to quantify the year-over-year impact on revenue and the year-over-year impact on EBITDA? | Yes. It's -- I mean, it's not necessarily meaningful on either. It's more of an impact on margin. So it's around $5 million in terms of revenue. It's not a huge amount. But it's really just focusing on self-help. It's a low-margin business. If we're rerenting at something -- came to 20% margin, if we can use our own eq... | intermediate | [
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78dbdb7d8f7133d69454c92e979af0c9 | Right. No, I think I get that. I guess the question is just relative to the lower volume in the quarter. I guess, well, we've heard from two or three peers so far. You obviously -- you made a strategic decision to give up some business. I'm just wondering how much of that was rerent versus just general volumes. | Yes. I'm not sure that's the case. I mean, some of that rerent can get supplanted with an actual rental of our own fleet. The gap between -- the impact of the rerents might be 50 bps of that growth. So that's not a big driver. Our strategy is more focused on organic growth, so I think that's probably why you're seeing ... | intermediate | [
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d1dc95bd3c27bb9570f886503314f6cd | Hi. Good morning. Thanks for the time. I wanted to check in on the bonds. Both your 2022s and 2024s are callable next month and are trading above their respective call prices. What's the latest thinking on those and the potential for a refi? | We're comfortable with the balance sheet as it is. We don't have any immediate needs in terms of refinancing. We continue to analyze the markets and we're in discussion with our Finance Committee in terms of opportunities. So it's something that we'll all attack opportunistically over the next couple years. But there's... | direct | [
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7543204e0f800a5019fbf183fa92b868 | Got it. Thank you. That's helpful. And then just quickly, as you've put up some good results over the past few quarters and leverage is coming down, have you had conversations with the rating agencies recently, in particular with Moody's, on any potential upward momentum on the ratings front? | We have ongoing and annual conversations with the ratings agencies just as part of our normal treasury function. You know as well as I do how rapid they are to adjusting sort of EBITDA and leverage. So it's something that we look forward to changing it at their leisure based on their analysis and their say conversation... | intermediate | [
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4c591ba36a647fb2664f2167bd9f6b32 | Good morning, everyone. This is Ben Burud on for Jerry. Just wanted to touch on rental rates. So you grew pricing 1.6% sequentially, which is well above your normal seasonality. I was just curious if there was anything we need to keep in mind regarding applying normal seasonality over the balance of the year. So typica... | Yes. I think -- I'm not too sure. Some of my numbers are different, Ben. I've got 90 bps of sequential rent growth from Q4. And looking last year Q1 to Q2 is like 10 basis points. There's not a real sequential -- there's not really a real seasonal cadence to the rate. I mean, Q1 is definitely the most seasonally impact... | intermediate | [
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8a0f8e1fc53661b337918b7043e713d1 | Got it. And then I know it's not the biggest piece of your business, but can you give us an update on what you're seeing on the public construction side of things? | Yes. This is Bruce. I would say we're seeing kind of stable, good environment in infrastructure in the public side. And then if in fact additional funds go toward that in infrastructure, then that bodes well for the entire industry overall. | direct | [
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386178d98b0169c9e1bbb1790f07296e | And is there any -- are you cognizant of increasing your exposure there? Or are you kind of just taking business if it comes? | Well, I would tell you it takes the mix of fleet we currently have and it's in the markets we're in. So we play in that to begin with. It's not a huge part of our business overall. But we would benefit from any additional dollars going toward that type of work. Yes, particularly since we operate in concentrated, highly... | intermediate | [
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e897da6684af3e3ea98297f16a561c2c | Thanks very much. Good afternoon, guys. Hey, guys. My first question is in Mobile Modular. I'm just curious to get a little bit more in depth on the classroom business versus the construction business and just a general question on going a little deeper on both, please. Thanks. | Sure. Scott, we're -- I mean, the funding environment for the classroom part of our business has been good in 2018 and it continued that trend into Q4. We've experienced healthy bookings levels in Q4 for classrooms in virtually all of the markets that we operate in. And it appears as though this year, school districts ... | direct | [
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e9e6301e84bfadcdc59e7f669a261db6 | Great. Thanks. The -- you mentioned new geographies. Could you expand a little bit on where you're going and the financial impacts of the move? Thanks. | Sure. We're going to expand in the south central part of the U.S. We'll announce specific locations in the near future. And as far as a drag on performance, obviously, when we're opening up a location, there is a slight upside down there as we get operations moving, but it's not significant and really won't affect our ... | direct | [
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57d956f6024e1e9c79fec4904030a1ae | All right. Thanks. Just a couple more for me, guys. One being TRS rental revenue growth, nice acceleration in fourth quarter. Could you speak a little bit to the end market dynamics a little bit more and discussion of 5G considerations? Thanks. | Sure. 5G is -- we all hear in the news, it's -- different carriers are announcing different programs with 5G. It really hasn't made it onto the towers yet. Most of the 5G work is through backhaul and bandwidth expansions up through the networks and into the towers, but not so much tower work at this point. That 5G band... | direct | [
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6f72ebe2ac502a286fa011ebe8bc4935 | Great. Thanks, guys. I appreciate that color. My last one, you may have partly already answered, but I think there may be more to it. The guide for next year looks good. Rental revenue growth guidance, 6% to 9% and then operating growth profit guidance of 5% to 10%, so not a lot of operating leverage there. Looks like ... | Sure. Let me make a couple of comments. The first comment I would make is, in our business, here we are in February, it's very difficult to give full-year guidance, as you can imagine. And I think, we put a lot more information out there for you to work with than some other companies. Keep in mind that in our Adler and... | direct | [
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1c180eb3584f46b20c669abee057c7c6 | Hi. Good evening. I was wondering if you could share a little and forgive me, I was sort of back and forth a little bit. I did want to follow up on the progress around the testing equipment that you're seeing. And I'm sorry, I didn't hear the mix as far as general purpose versus the rest as far as the growth over the q... | Sure. Marc, just to recap, rental revenues for the quarter at TRS-RenTelco were up 8%. And when you break that into the two major segments, the general purpose and then the communications, general purpose was up 9% overall and communications up 4%. So we've been talking on these calls now for probably over a year that ... | intermediate | [
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abb2406052d7f5460f766d9068beabb0 | OK, great. And then I wanted to switch gears a little bit and follow up on, I guess, Portable Storage. I was curious as to whether or not Portable Storage growth in the quarter was in line or above or below the pace of Mobile Modular's growth, because, if I remember correctly, you're sort of approaching about -- I mean... | Yeah. I'm assuming you're speaking about Portable Storage's total revenues being 10% of McGrath RentCorp's revenues. I'm assuming that's what you mean. Yep, they're not there yet. But I would say that the business was growing very nicely. As a matter of fact, in Q4, Portable Storage rents were up 12.5%, and so it's rig... | direct | [
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d9ca8a15f5decbc32b7c8c9099ca3756 | OK, so there's still a little room before you get to 10%. OK, that's helpful. And then I was wondering -- I mean, it seems as though that the opportunities are broad-based. But also, I'm wondering if there were any particular geographies that maybe we should be thinking about as -- if there were any that were problemat... | Sure. Yeah, business activity has been good in all of the geographies that we operate in. Our Texas region, we saw a small dip in utilization, but that was due to returns. And our bookings have been very, very healthy all through the year. And so aside from just that we consider to be kind of a small blip there, we're ... | direct | [
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5cd24b920a5bee9ae7600ff77bfde7fe | OK. And then I guess, maybe you -- you mentioned the strength of the economy and being helpful, the funding environment certainly. So wondering if you could -- was there any commentary or any thoughts that we should be looking at as far as maybe what you're seeing within construction? | Well, we hear, and when we look at data -- I mean, we try to make our decisions based on as much information as we can, and then we listen to our customers. The information that we see and things that we hear right now are that, perhaps, construction activity could slow in the last half of 2019. That's what we're heari... | direct | [
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9ee268dff28e6d27e72e7191616f281e | I guess, just to start, last quarter, it sounded like in Q2, churn was less than you expected, but that was likely to show up in Q3. Just wondering if you could talk about how that played out. And then, as we look forward into Q4, how should we think about churn? I think the idea was that, that would be the biggest imp... | Sure, Ryan. I assume that you're talking about customer retention in the music category, which has kind of been the primary area of focus. And assuming that that's what you're asking about, our retention during the third quarter and throughout this year as we migrated has been roughly in line with our expectations. As ... | intermediate | [
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11d6dbffeecb3906b65afffdbfa83d18 | But then as you kind of get through the fourth quarter, do you see potential more losses coming in 2020? Or does that kind of end the Ticketfly drag at that point? | Ryan, I can jump in here. When we look forward, we're focusing on the total music landscape in the mid-market, and that includes the global opportunity that we have. So not only are we deeply committed to helping these customers that have transitioned on to the platform, really find their footing and reap the benefit o... | fully_evasive | [
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ce8cf2f62ee3556f4d56a32d62c6d894 | I guess just to follow up there, Julia, in terms of the -- I mean, clearly, you've added a lot of functionality here this year. Any feedback from customers that maybe left earlier in the transition process that maybe would be tempted to come back now that you have some of this functionality? And then second, as you add... | Great. So when we've created a feedback loop with these customers that has been incredibly informative for us as we've added capability and strengthened our features that meet the needs of these frequent event creators. So I think your comparison of these music customers to highly frequent creators is quite astute and ... | intermediate | [
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77c711cd27d2b697a754e5540e8d25ea | This is Nate Mitchell on for Youssef. Just maybe turning back to the migration, are you able to quantify for us the approximate annual revenues Ticketfly's larger customers, the ones that you referenced at the end of the letter? And is there anything specific that's driving the related caution in your outlook since it ... | No, there's nothing specific. I think that it is prudent as I described, we've brought these customers through a transition in a really important operating system for their business. And we're trying to be -- express our caution about retention of those customers in the very near term. In terms of quantifying the perce... | intermediate | [
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270c87f392a5fb4405b3d1cef7f4e54c | Small number of customers, but revenue-wise, they weigh more, though, now? | Yes, that's accurate. There were larger customers who migrated later. | direct | [
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f9840217186beecaff623083ef18cdf3 | But we're not quantifying kind of the annual -- what the annual run rate of those customers are. | That's correct. | direct | [
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42e3118e64ae16892e698087598dd107 | OK. And then maybe turning to Self Sign-On, continues to be really strong. Can you help us understand specifically what's going on with international and Self Sign-On up 30% paid ticket? And can you give us a sense of how big international is as a percentage of Self Sign-On, even if it's directional as to the whole? Or... | Sure. So Self Sign-On is our core business, and this is the Eventbrite platform's mission is to really drive enablement through the Self Sign-On channel. We saw, as you mentioned, strong growth in international paid tickets through Self Sign-On of 30%, and really, that is a nod toward where our product works to meet th... | direct | [
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1affb9e486dd9a25301a1d6e3885feda | I don't know, Julia or Lanny, I'm not sure who'd do it on this, too. But any kind of implications or thoughts on once the relationship with Square and kind of how that is going to move forward? And if there's -- how your processing is going to go, I guess, after that, that would be great. | Sure. Thank you. Square is and has been a great partner to us, and we'll look for opportunities to integrate the Square solutions into our platform for our creators benefit and the, I guess, positive news on our front is that we partner with many different payment processing platforms and have done so for a very long t... | intermediate | [
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fa6c8ccfc3189e25fc05e6b45c1d896f | This is Nate on for Youssef again. Maybe just one more on add-ons. Can you maybe speak to the uptake of the product this past quarter and how investors should be thinking about contribution to the top line over the next year, two years, three years? That would be helpful. | Thanks. So add-ons is the ability for any event creator to sell something beyond a ticket on their event listing. So you can imagine parking, merchandise, up-selling opportunities. And this is really important to our event creators because it helps them capture more revenue from an event.
And so we've seen some really... | intermediate | [
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59f18f7c5ffa666835fcc5b51c66738f | So first, on the formulary wins and particularly the United Part D, can you talk about how we should think about the pace of new Xtampza ads or pace of switching? One thing we've seen in past years when you get the big exclusivity contract is a big bolus volume growth in the first quarter and then moderates to some ext... | Yes. Thanks, David. So yes, to answer your question first about the PDP win, we do expect acceleration right out of the gate in the first quarter, like we see every time we have an exclusive win. To give some perspective, the PDP business right now has about a 5% market share. And as a high control plan, we know that w... | direct | [
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"fully_evasive"
] | A |
139fd703cad1bd708a35103bf0d51698 | You talked about biz dev in the past. I wanted to get your latest thoughts, and you talked about the addition of an asset that has some line of sight into commercialization down the road, obviously, looking at keeping an eye on the loss of excessivity on Nucynta in a few years. So with all that in mind, what are your l... | Yes, David. Thank you, and I appreciate the question. As always, when I get that question, I'd like to emphasize the confidence that we have and the runway of the core business and how it is that we anticipate that it will perform. In terms of our focus, our focus remains the same. Our highest priority is looking at la... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
a00a9cc9b5e71c18001835867942727a | So I was just interested, can you give us a sense of sort of what your penetration into current plans is? And as you think about you sort of future growth sort of 2021 and beyond, how that's going to be driven by increasing penetration versus continued expansion of coverage and formulary, lives on the formulary? | Yes. Thanks for the question, Lachlan. So yes. So with the wins we just announced, in commercial, about 45% of lives will be in an exclusive position and about 42% of Part D lives. So strong penetration. But obviously, if we need to pull that lever more, there's still more room to grow from a standpoint of exclusivity.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2fa0ce1988f3efc341f6ad3f6070b9c9 | On the recent Part D, the United Part D plan, can you give us a sense of the volume of that plan in terms of Oxy prescriptions? You mentioned 5% market share. I wasn't sure if that referred to the volume or the size of that plan. | Yes. So Greg, this is Joe. On United Part B., what I would say right now, we're really confirming the final numbers as we work through our forecast for 2021. And as you know, there's ins and outs of lives. What I can tell you with confidence is it's the second biggest individual payer of extended-release oxycodone. Oxy... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6592720e9ce2e0e2fe412e4bc19ac6cd | And that's the second largest payer for Part D or overall Oxy? | That's the second largest individual payer of OxyContin. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e900651c405a9fad3f47f4d21a189232 | And then just curious what you see as the potential implications on the Oxy ER market or potential opportunities for you due to the new ownership structure purdue and what that company is going through? | Yes. So look, I'll take that one. And as you might imagine, we're -- I don't want to speculate or get into the potential outcomes or impact of what it is that one of our competitors is going through. What I would say is from a collegium perspective, we feel really good that our pain portfolio is viewed as highly differ... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
5dbd9d760bd76de2e36ee926311cf5ac | The first is, this year, the ramp of the scripts has been slower than most people thought, largely attributed to the fact that there's just been a lot of less in person visits to the doctor in order to get the handover from Oxy content to Xtampza script-wise. And I was just curious, in the third quarter, has there been... | Yes. Thanks, David. Look, when we look at patient visits, really what we're seeing is still they're down over 20% since pre covet time period. And with cases rising across the country, we don't really see any improvement in that, and we're not counting on that for the rest of the year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
875ec228bce75905c88744a1be09e2cd | And then secondly, you touched on business development. I was just curious we're getting different messages from different companies. Some companies say they've paused business development because they can't have face-to-face meetings during the pandemic or the valuations have gotten too expensive. Just curious, are yo... | And then, David, from a business development perspective, what I would say is we're focused, we're active. I think the key for us because of the strength of the overall business is we're going to be selective, both in the belief in the program, the differentiation of it and also what it is that we're looking to do from... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
794486112c63cdef680c997bb3814324 | Joe, in the past, you talked about prescription growth in the second half of the year being a focus and somewhere where you sort of improve for items. You did mention and Scott gave some color, obviously, things remain challenging in terms of getting the patient -- I mean, in person, salesperson visits and patient visi... | Yes. Brandon, so thanks for the question. I appreciate it. The first thing is with regards to exclusive plans, and as we look to 2021, I think, one, we're excited about the new plans that will be taking effect on January one and look at those as a source of acceleration and with a trajectory, kind of in line to what we... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
42d2a687d9fd74788f1599f32cab851b | Joe, you mentioned that, that 60% level for the exclusive plans. Just wondering on the parity plans, what sort of level of share within those plans, would you need to get sort of on the same level from an economic standpoint as what you're getting on exclusives? I mean, obviously, I would imagine that you need less pen... | Yes. So Kevin, I appreciate the question for a multitude of reasons. I'm probably not going to give you a specific answer. But what I would say to you is, it is correct. Because it is better margin, we would need to achieve a much lower market share from an economics perspective. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f42a7623f95397f38b16dc50bcef6216 | Even if it's -- with the time lines, do you think within two years on a parity plan, could you start getting to an economic level where you anticipate being after the first year on an exclusive plan? | Kevin, I'm not going to get into too much detail. One thing I'd ask you to keep in mind with Kramer with the parity approach. This is the first -- often the first one that we've had. The reason we referenced it as a bellwether is, although we have hypothesis, we model what it is we think it will be. We -- we actually n... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
1657092325cc142716bcfb6aab0d7851 | And then I wanted to ask about -- you mentioned going forward in 2021, you're going to give adjusted EBITDA as opposed to net income outlook. Just wondering kind of rationale behind is it in any way a function kind of the volatility you might see in tax rate as you utilize NOLs? And kind of how should we think about NO... | Yes. It's a great question, Kevin. So for us, the main reason to do it is, it's a more comparable metric for investors and analysts to use to compare collegium to other companies that they follow. So that's the reason we're doing it. As far as our tax rate and things going forward, for 2020 and 2021, we should only -- ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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