uid stringlengths 32 32 | question stringlengths 16 2.61k | answer stringlengths 7 8.6k | eva4b_label stringclasses 3
values | choices listlengths 3 3 | eva4b_label_letter stringclasses 3
values |
|---|---|---|---|---|---|
b34848e3c36a6470fc2066c143600592 | You guys have recently published some real-world data on Xtampza and kind of misuse and abuse. There was a time when the FDA was kind of really pushing the idea that kind of data could eventually find its way onto a product label. Is there still an opportunity or a pathway there with the FDA will eventually put some fe... | Yes. So Kevin, this is Joe. I would say, well, the data that we continue to see, we're encouraged by we certainly share it and make sure the agency is aware of it. And along those lines, we also have some close marketing regulatory requirements that we need to fulfill. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8b692e7d3ea17b4b5dbd5d86d8e00eef | I want to start on the PPP side. And it sounds like the forgiveness process was slower than expected in 1Q, and that's definitely been the sentiment from some of your peers as well. But you are expecting, I think, the remaining fees from the first round of PPP to be recognized in 2Q, I believe. So does that mean you're... | We have actually -- Sorry, David. I'll take this one first and you can intervene. We did. In the second half of March, that actually picked up in forgiveness, and we actually ended up recognizing another $1 million of additional fee income. Remaining off of the first two rounds of PPP loan fees, we have $1.9 million ye... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ca5802bfd007ea8a41457b5f6e985497 | Got it. OK. Perfect. And just on fees in the first quarter, a little bit slower, I think, than you expected with respect to both swaps and SBA gains. I'd love to hear more about what you saw in the first quarter and your expectations on fees overall, but those two in particular from here. | Sure. So last quarter, we implemented this new swap product. So we scrubbed the existing loan portfolio, and any eligible loans that we thought should take advantage of that product, we went ahead and implemented that swap product for those customers. So that increased fee income kind of about $1.9 million, which was k... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7620e5c0d96b672ddb29753e00207591 | OK. Got it. That's helpful. And then on the loan side, loan growth side. I think you mentioned -- sold some participations around $45 million. Would just love to hear more about strategy behind this. I think you mentioned reducing concentrations. I'm curious, were there any fees associated with selling these to other i... | Well, if you remember, Matt, we did this last year at this exact same time as we're going into the acquisition of the Simmons branches, trying to balance out where our internal policies were versus regulatory targets. Again, this year, we did the same. As we build up our CRE portfolios, we are able to -- they're high-q... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6642e0a1089739dd2f338079fe7b7b29 | Wanted to maybe follow-up on the margin and kind of loan yield discussion. I was impressed that you're able to hold the kind of the core loan yield flat on a linked-quarter basis essentially. Just kind of curious, do you expect any additional pressure there? Do any of those servicing fees from the commercial real estat... | Yes. So, Brad, again, I think loan yields have stabilized for us going forward. The way those participation works is that would run through the yield there. But I really don't think that that had a material impact on the loan yield. On the cost of fund side, we're continuing to see -- we are continuing to see cost of f... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
29644e802537a9c8c63d2e44cbaac1c4 | And just on the funding side of things, Allison, I think you had about $190 million of borrowings and long-term debt at the end of the quarter. I think roughly, $37 million of that. Is the remainder essentially the funding for PPP loans and that should come down as those loans pay off? | That's correct. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
39ce811ca25f2ea79bdc01f30f28a2e8 | OK. Great. And then on the expense side of things, you mentioned kind of ongoing branch rationalization. Just kind of wanted to get a sense of run-rate expenses. I assume that you'll see the $2.2 million of FAS 91 related deferred costs come back in the run rate. But any other offsets there on kind of the branch ration... | Yes. And, again, we expect to see maybe some branch rationalization occur in the second half of the year. One of the things we did last year was we turned off -- again, given COVID, there wasn't a lot of loan growth. So we shut off the incentive compensation for our lenders. Given that we're expecting growth this year,... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
502cfe04c3de6158c10a11342dc49935 | Great. And just final question from me. For Dean, I think you guys, at the end of the year, were pushing about 365% CRE to total capital. Obviously, you had the loan participation this quarter. How much is that going to impact your ability to grow? I mean, is it -- is kind of 400% the number that you sort of view as an... | We think we're in a very good position. If you remember back last year, some of your questions last year was, what are you going to do with the CRE and from the Simmons? It's a large dollar amount. It puts a little pressure there. Are those going to pay off? What's the quality of those? And now this year, we're in an e... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
467e244b47d8ef2900e9fa123e3f9a20 | Yes. So I was hoping to get a quick update on the hotel portfolio. It was nice to see deferrals fall to such a low level. But I was just curious how occupancy rates are trending to this point. | Yes, Woody. We predicted by the summer that all of our hotel portfolio would be back on its feet. And what we're seeing is actually, they're approaching that faster. And so -- than just the beginning of the summer. Right now, we're -- we have -- the loans that are continuing to be deferred, we have three hotels. Things... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
28b1cc6426a9c5d787c56c8522d8be42 | That's great to hear. My next question is with the industry flush with excess liquidity at the moment, I would imagine that pricing competition on the loan side is pretty intense. But you sound pretty optimistic with your forward loan yields from here. I was just curious how you're seeing the pricing competition unfold... | We have a target of maintaining a margin above 4%. And so depending on the deal, we're going to get -- particularly if it's a loan that's going to be a three- to five-year maturity and they're looking for a fixed rate right now, we're being really careful with that. We're pricing that in. We want to be north of 5% on a... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9dcb48783e9aa88e7968f1956e73b23a | Got it. And then last from me, the pipeline does sound strong at this point in time. Are there any segments in particular that will be driving the growth, or will it sort of be broad-based as we go forward? | Yes. One of the benefits of being a -- basically having a statewide footprint is, is that we see a lot of different opportunities that our lenders are able to take advantage of. So if you look at the pipeline, and when we do, we actually segmented it out. We're not seeing any one segment growing any faster than the oth... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0ec4b3da2b04a0120ee07748cb7c2ca3 | Thanks. Just a follow-up on the investment securities purchase in the quarter. I think you mentioned about $200 million. I'd love to hear more details behind that in terms of products and yields and duration. Thanks. | Sure. Yes. So we have a really low-risk profile in general. The majority of that was put into cash flowing, agency mortgage backs. The average yield on that portfolio is 1.45%, and the duration is a little over five years. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e550a87df731ed5bce0f8bfded6307a1 | Perfect. And then I guess, more for Dean around M&A. Would love to hear your thoughts about the M&A chatter in Texas more broadly, and love to hear kind of what types of transactions make the most sense for the bank this year? | I'd be disappointed if you didn't ask me that question. So we have always been in that three to $500 million range. That's been a target. But as we've talked about before, there are different bank groups, outstanding bank groups at different levels, be it five to a billion to a billion to two. And are there any other m... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1b3f7a2fa5ef9d0a1db9461bb977663c | Can I start with a few quick ones for Joan around the tax rate assumption change? Any color on what's driving those discrete tax benefits? It looks, unless I've got my math wrong, it looks like this might be worth around $0.40 or so a share to pull your EPS and feel free to correct me if that's mistaken. But then impor... | Sure. So let me start with the EPS impact. It's about a little over $0.30 a share impact versus the 36% that we gave last quarter. Most of discretes were booked this quarter. The largest one had to do with our ability to take advantage of some tax attributes that we essentially acquired when we bought Silver Spring, it... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eb5a6c5e9a5735e214ef15e27905efa9 | So turning to demand and bookings, Tom, I think I heard you mentioned that there's still a shot here to get to one-to-one book-to-bill for the year. Again, just doing some quick math, I mean, there would have to be maybe historically strong bookings number for the fourth quarter. And we know that the timing of approval... | Very good. Thanks, Noah. I think that the way to think about it is we have the visibility to go do it. It will depend on some regulatory decisions and us finishing up a few contracts. But it is our target for the year to come in at approximately one-to-one. So still feel good about that possibility. And that's absolute... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5ac11fe46ff1189ac819854301b157cd | Very good. And maybe one quick one, we've seen that municipal water meter sales during the pandemic have been relatively resilient, and it seems a good time to check in on your North American Intelis water meter product introduction. How are you seeing awards and sales tracking for that? Is it beginning to contribute a... | Certainly, it can be a growth opportunity for the future. At this point, it's still relatively small and a material part of the overall business, but it is an area that we have a lot of excitement around. Even in some of my prepared comments, I talked a little bit about different ways, customers are pursuing the busine... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
af6196ec1af8be1c2b7c2ddec294273c | So for the last six months, you've talked about utilities that are slowing the pace of physical labor due to social distancing precautions. Are there any case studies you can point to of where COVID metrics have improved and as a result utility work patterns have essentially normalized to pre-pandemic levels? | So I can take that one. Good morning, Pavel. I think that there's plenty of cases are -- things that we can point to about restrictions having helped in terms of virus spread overall, nothing utility related. But more along the lines of utilities starting to continue to restore installations, we can see that in France,... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
c65e4939c7f56688db9fca8d00fe67ed | Okay. And a follow-up on that, obviously, the severity of the second wave in Europe, just in the last 30 days has probably taken a lot of people by surprise. Have you noticed any shift specifically among the European revenue mix in terms of the last kind of four to six weeks of activity of impact from either the lockdo... | The factories remain open in Europe. We had that closure way back in Q2, but you saw a nice sequential improvement in our European business between 2Q and 3Q relative to the last month or two as you had cited, we don't notice a tremendous difference in terms of the customer's behavior, but we are mindful and we continu... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
35ca00cf5d5fb2abcfdfc66f0302e9a4 | Hey, guys. Thank you. So, Joan, you mentioned that the target model and could you remind us what that is? And then it's hard for me to parse out everything that you guys have -- we've all had to deal with because of COVID during the year. If I just look at margins declining while the same time you guys were integrating... | Yeah. Let me start. So the target model is the model that we showed at the Investor Day last year, and it represents getting to the mid-teens EBITDA level. So what we showed was a range 13% to 15% of EBITDA with gross margins associated with that in the 33% to 35% timeframe and had free cash flow as a percentage of rev... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
785b35e88988f89a56192cf3a6582df5 | I guess, just a follow-up there. Just -- are you seeing pricing pressure on networks at all, I think that's something that people worry about? | Yeah. I can take that one. Good morning, Ben. Certainly, it is a competitive market, but we feel very good about our technology. We tend to see when customers are interested in buying something that has plenty of capability for the future being able to use a multi-purpose network, add additional capability to it enable... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
23d058752294e52e40ca9c452146c5a3 | Hey, good morning. Couple of questions on my end. One, I was wondering if you could just characterize the level of quoting activities, just coming back to the book-to-bill being above one, I assume the regulatory approvals or things that you were verbally awarded sometime in the past, but maybe we'll come through by yo... | I can take that one. Relative to quoting Asia-Pacific were back at pre-pandemic levels. Europe is a little slower. North America is a little bit behind that the pre-level, that's in terms of new quotes. That said the number of discussions around advanced technology, the pipeline of new activities has definitely grown d... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
94fbb66b8ebbba7cc88b184e36cf9869 | Maybe for Joan, can you touch on the inventory reserves? Was that an element of obsolescence or FX or what drove that? | Yeah, it was mostly in our devices segment and related to I would say the most of it is the shutdown of some factories from some prior restructuring reserves at the time we would not have predicted COVID. And therefore, some of the demand for the products went down and as we ultimately shut that factory down. We ended ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a73218ca5727b80054814e4e4482999c | Got it. And then have the recent lockdowns in Europe over the past week or two, have you heard from your customers, is the -- what the impact for that would be just given that last a month? How should we think about things like France, UK, and other markets that you have exposure to? | Sure. It's still pretty fresh and pretty fluid, so difficult to get a full beat on it. We've been in touch with all of our customers. They are still counting on us to make deliveries. As I commented earlier, factories are open and running, but it is a brand new and something that we'll have to watch for as we exit thro... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b3ecab78923a6692cbead0d433ab599d | Got it. One if I could sneak one quick one in for Joan, I was surprised to hear it's great to see it, but surprised to hear that you're paying back $100 million already have in October. It looks like you had $186 million of cash without the $400 million revolver. So this would take you down to sub $100 million. Is ther... | Yeah. Let me clarify. So we ended the quarter with $586 million, which included the $400 million of the revolver. We paid $100 million, so we're at $486 million. So you're correct that if you paid the entire revolver back at the end of Q3, we would have had $186 million. So the revolver payment doesn't change that, tha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3537d06e63fa583384d5012b23fcfc69 | Good morning. Thank you for taking my questions. So acknowledging the crystal ball is hazy here. I wanted to ask if you could help calibrate us as best you can with what we know today on top line. So as we look to 2021 is low-single still the right kind of compare to think about versus this year? When you get -- then w... | Yeah, let me take that. So last quarter we did indicate our expectations for 2021 were low-single digit growth rate. We don't really have any update to that. Normally, we will provide guidance in our February call for 2021. In terms of what should a normal run rate look like of revenue once we're completely recovered, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a9b804551daecab08c03685c21124eb2 | Okay, fair enough, and thanks. And then on the restructuring, you indicated in the press release earlier this year that the bulk of it would hit above the gross margin line. Any insight you can give us on which segments should see the biggest benefits from the program. | Devices should see the largest impact. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dd77b9f7530590202a3fd7c1dee947c4 | Okay. And should we expect any more charges trickling through in Q4 or next year? Or is most of that in the rear view now? | Well, we provided the detail of the total amount of charge, which is I think between $55 million and $65 million. We booked about $45 million in Q3. So the remainder will come in between now and for the most part by the end of 2021. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ad0cdad9ea3848772b19485d83af3e39 | All right. Two questions for you, first, Tom, you've talked in the past about how the procurement process looks a little different for rate-based spending versus something that would end up in the operating budget for municipality. I'm just wondering if those sort of different tracks are manifesting different way throu... | I would say that the difference that we see is how customers think about the overall situation, larger customers meaning state grids internationally are the large investor-owned utilities in the US tend to be a little bit more resilient and continue to operate, I will say a bit more normally in terms of their procedure... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a78237cf49b9c24d189fbb1e4f198ff7 | Okay, thanks. Then as a follow-on to that, obviously we know that state and local budgets have gotten well up to where --whereas I would assume that the -- if your rate base or regulated utility probably less though. So are you beginning to see any sort of rumblings of what those fiscal constraints on states and munici... | I would say too early to call right now as to anything being materially different. Everyone is being cautious in terms of new project starts. They don't want to have to start and stop a project. We've seen regulatory commissions being pretty reticent to approve cases where rate payers where the consumers would see an i... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
b2f17a1c8b4da275ffd26230ecdaddf2 | So I want to get start with CCM price costs, another -- a lot of moving parts there, but relatively stable price trends, and certain tailwinds in place, MDI in particular, seems like there could be decent upside to the $40 million, $50 million range, you talked about before, is there any update to that estimate? | Yeah. Bryan, it is still early in the year. Right now we are on track with what we thought we kind of a little bit ahead in the first quarter where we thought we'd be. But I'm not sure we're ready to call victory quite yet at one quarter into the year. So we're continuing to monitoring. We are hopeful that there could ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
45905b0648e162eae59c0ee895965dad | Okay. That's fair. And then in terms of M&A strategy, you talked about having prospects across CCM, CIT, CFT. Is there any other color that you can offer on pipeline trends, seller expectations, where we may see the most M&A dollars flow across platforms over the next year or so? | Obviously, our preference would be, I think, to get the Medical Technologies platform build out as quickly as we could. And we still see these opportunities within CCM and some nice activity there. And then, we are very excited about CFT finally being positioned to be able to take on some acquisitions and to drive some... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
644f910169294d48c89850845aa273d0 | Just one thing that you were talking about the end of the year that there was uncertainty around the competitive landscape in the CCM business for 2019, is there any, any update or the other guys acting rationally or any little help you can give us there? | Yeah. I think for the most part we've been pleasantly surprised with the reaction, when we get to certain large jobs, I'd say the price competition gets a bit more aggressive, obviously, we're continuing to drive that Carlisle experience and we expect to, I guess, we paid for the superior customer service, and delivery... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8b22b021538828d8b21975fc5e824d3e | That's great. And then, on, if we could drill down for a second into the Brake & Friction, just you mentioned construction and ag were weak, is that specific customers or is that more across the Board. It seems like construction there's a little bit of a dichotomy, right, your roofing business is very strong and constr... | Yeah. Joel -- yeah, I agree. Yeah. I would say it's more specific to us and then regionally as well. This is one of our most global businesses. I think we've got about 55% of our sales outside North America. And so we see all sorts of different dynamics within the different regions. So there is some breakdown there. We... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d7fa21a17af8bca49d0777b6e34e5795 | What's driving the higher sales outlook within the CCM segment for the full year. I mean, does the increase stem primarily from the Q1 performance or is your outlook for the balance of the year stronger than you previously expected? | Yeah. I think we are seeing Q1 was stronger than we expected and we see that -- not completely carrying over, but we see a more -- a continued healthy backdrop, I'll call it with reroofing continuing and our contractors having a healthy backlog. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5f523d39294a9b2738d8d0bd580db7fe | Okay. Got it. And then just one last one, could you talk about I guess the increased revenue outlook for the CIT segment, it sounds like you're going to get a 1% net tailwind from the acquisition, but then there is that 1% offset from the 737 MAX. So just any more color there and if you can provide an update on the Sat... | Yeah. I mean, you've got a bunch there. So I'll start with SatCom more exactly where we thought we'd be -- the first quarter ended up as expected there. I think you're right, we do have the acquisition coming through, so that's going to help us and then the the MAX decline. And otherwise, what we're seeing now is while... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
746df157d29acd4d3bb8bbaa86fd4a5c | Just trying to pick apart price cost a little bit. I'm kind of backing in, I think, you said $14 million was kind of the net price cost realization in the quarter. I'm kind of getting to -- maybe $12 million to $13 million of price and the rest raws, is that kind of in the ballpark? | No. I think you'd want to us. I think we had higher raws costs and better price realization than you're characterizing. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9ab519c57345a2023a58b8ee21224d9f | Okay. Okay. And then, I don't know if this would be helpful or not, but if you just kind of think through the quarter and kind of January, February, March and April, I don't care about the data, but how did volumes kind of trend for you guys by month, was March the strongest month of the quarter? And is that kind of le... | Yeah. Exactly. I think if you come to the year, you look at how things unfolded, Tim. It looked pretty rough there in January and February and then, I think, we held our own pretty much and as soon as weather turned and people could get back on the roof, March turned out to be a very strong month and they exit into the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f3b954de678db1ddf5284fc6c8a81c25 | Okay. Great. And then, I guess, just last one on Accella, I guess, how was the performance in Q1 relative to your expectations and has your outlook there changed at all for 2019 relative to when we entered the year? | Well, we think the team is doing a great job. We had a lot of changes in the fourth quarter, I think, they've executed really well, they met our expectations as what we would have expected or wanted in Q1, and we're holding to the numbers we talked about for the full year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5bb2d5e8991cbfb3b0df6b8f516ee95a | Yeah. Thanks and congratulations. I'm just wondering just on CCM volumes, it looks like coming into the year you're looking for somewhere in the maybe 3% growth range for this year. It seems like Q1 tracking a little bit ahead of that even with, but I think was some expectation of some weather concerns. So I'm just won... | Yeah. Bob can weigh in and I'll just hit it. But I think we're -- I think actually on volume we're seeing what we expected in that 3%, 4%, 5% range on sales volume price, I think, it was the thing that made us a little bit better than we thought in the first quarter in terms of surprises I guess. Acquisitions contribut... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1a052ba408dc50b31457445ea341255a | Okay. Thanks. And I guess you partially answered my follow up just around market share. From the sounds of it, if I heard you correctly, you are growing more in line with the market. Is that your expectation for the balance of the year? | Yeah. I think that's correct, Garik. There are obviously differences between EPDM, TPO, PVC, that, but on the whole we are right there with what we see as the market growth and we're pretty happy with that given the price discipline we've showed. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
782d56e2e848bc76baa0e6818ae6cc02 | I just wanted to drill back a little bit on CCM and the -- I don't know if you discussed this. I know its the fourth quarter $14 million price cost, but I'm wondering what your expectation is for the full year on price cost for CCM? | So that remains the benefit would be between Bob had talked about as we entered into this quarter $40 million to $50 million, and I think we are saying today is with the better than expected first quarter we're probably going to be at the higher end of that all things being equal. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e6b86d66746abb1620939e2244246f7a | Great. Thanks. And then on the CFT business. Can you just talk about kind of where the progress is on cross-selling some of those products into the CCM platform, obviously it's a natural fit with that? | Exactly. Yeah. The -- there's a lot of work being done and I would say it's done on the market analysis side, certainly in the polyurethane, foam side that -- with the Accella business and there are some with the adhesives and sealants and water proofing that we do in CCM. Now that equipment -- the issue is that CFT ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
52e40afb126e089e85008587751652ec | Yeah. Got you. That's helpful. And I guess just on CIT you touched this a little bit, but I mean, Q1 clearly better than expected, given that you had positive -- we have tough comp in RevRec, you had the exit of some of the lower margin med stuff a year ago. Can you just dig into a little bit more on really what's driv... | Yeah. I mean, aerospace continues to be strong. I mean, very strong market content per plane and the production of planes. I mean, everybody talks about 787 MAX, but everybody else is building as much as they can every month. So that's doing really well. We're getting more content per plane. There is some, I'll call it... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
22f5ea4b99200c1f77a0d5c9cbf96b2d | Great. That's helpful. And just one more for me. On kind of straight labor costs, are you seeing any kind of relief particularly on the freight side, is that coming in or is it still a significant headwind to what you're doing at margins? | I going to say, it's a significant headwind year-over-year. I think it's kind of flattened out at that high level. But we still -- I wouldn't say we've seen any great improvement in availability of trucks or labor or for truckers of that. And so, it's still a tough thing to deal with, but from a cost perspective, I'd s... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
089841fe512a25a3627051dcd7993ff7 | Okay. I'm going to sneak one more here, sorry. Just on CIT again, Airbus has a number of potential quota wins with you coming up in 2020. Can you just maybe and to the extent you can talk about the opportunity you're seeing in getting deeper into Airbus? | Well, it's a big opportunity, I mean that was one of the things we constructed the Nogales plant, that was a key structural piece that we needed to help us get some -- start with Airbus, we had success with the SatCom at Airbus. We did win the Supplier of the Year award in one of their segments when we first started, w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1d2b5538f67fb83879c7ef8f11a1672d | May be with the 737 Max, you mentioned that will be a 1% headwind of the year, is the assumption there just that it's not produced for the balance of the year? Or do you have some assumptions that ramps at some point in 2019? | That's just the 20% reduction calculated out through the end of the year. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0b890ba89394678a300ceffe71ea9f86 | Yeah. Just so oil prices have moved higher, I mean, I know your raws are -- it's precursor to a lot of raws you buy, but your raws have different supply/demand dynamics. And it seems like your raws have slightly moved up, so you mentioned that price raws you expect to be -- to the higher end of that $40 million to $50 ... | Yeah. In the original $40 million to $50 million, we talked about a couple months ago, we did assume that it would turnaround -- start turning around by the second half of the year and that's still the case. We didn't see a lot of tailwind in the first quarter, because obviously you tie up some savings in inventory. We... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bc9173f5cd60376d37f259d1ab01ffee | Regarding good morning. Thank you. An interesting observation, so your local small shop collections were higher than the overall portfolio collection rates. I think it was 82% for 2Q and 87% for July, even a bit ahead of peers. Can you comment on why that is? And also on the flip side, the anchor collections were a bit... | Sure. Derek, let's start with small shop. About 1.5 years ago, we decentralized the leasing team. So we have leasing agents in our markets. And I think that's a good that was a good catalyst for this rent collection. So we have boots on the ground. We have obviously very strong tenant relationships in those markets. Th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8fb24035237755df49afba8356622113 | Okay. Great. And what was your process in determining the level of reserves needed, the $5.9 million to date? And then the second part of that question will be, what do you believe is the likelihood of future reserves further reserves in future quarters? | Sure. Derek, thanks for the question. So I think the one thing that's proven and rearing seat again for RPT is our small size. It's proven to be an advantage. We have 48 assets, 10 million square feet. So we were able to take a very, very granular approach, tenant-by-tenant, bottom-up approach on what we deemed uncolle... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6dcbee3601f16e892686bd50ec535e71 | Hi, thanks, good morning. First question, Brian, with more than 90% of the tenants open in the portfolio and on the after the 10% increase you saw in July collections versus second quarter, are you able to comment at all on August and what you expect in terms of the trajectory as we advance further into the quarter fro... | Yes. Sure, Todd. August right now is about 15% higher at the same period as July was. So to say the least, we expect August to ramp up quite nicely. And it's kind of going back to Derek's question, I couldn't be prouder of the team on this collections effort and even as part of the reserve. This was a several hour, sev... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
50eaa618a257395a96257b16b880f71f | Okay. And in terms of the deferrals, with some of them starting to roll off already here, can you talk maybe, Mike, about the timing of the deferrals overall? Maybe can you quantify, I guess, the cadence of when the deferrals will burn off and how long some of those agreements were for? | Yes. Sure, Todd. On average, we defer around two to three months in totality. And then in terms of the payback, 40% will get paid back in the second half of 2020 and the vast majority of the remaining will get paid back in 2021. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
03929395a2dadc4d746cf11e6f22afaa | Okay. And then in terms of leasing, can you just comment on, I guess, sort of the time that it's taking to get deals done today and how that lease process is normalizing? And you commented a little bit about the negative new lease spreads in the quarter. It was a small sample size impacted by a relocation. But curious ... | Yes. So it's really mixed across the board. It comes down to space-by-space, asset-by-asset, very partnership-driven. I think the good is shedding our bottom-tier real estate in late 2018 and early 2019, we have real estate where retailers want to be. Grocery has been a big demand driver, as I said, with over seven gro... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ec8be8b0eb37a8b72111af46f62057cf | Okay. And just last question, Mike, how much ABR exposure in total do you have across the portfolio to tenants that have filed bankruptcy or in the process of reorganizing? | About 3% or so, Todd. Majority of that is related to the ascena brand. And about 2/3 of that, we did reserve for in the quarter. The other 1/3 was representative of tenants that had very, very strong locations with either high sales, low occupancy costs, low rent per square foot that we have a pretty good confidence le... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
732953865ec599ed0629ec5036801088 | Good morning. You've done a good job holding on to occupants. But given the accelerated store closings that are starting to occur, where do you think occupancy can be by year-end? Would it be lower than we are at the end of the second quarter? | Yes. It's tough to say right now, Craig. I mean what we've been doing to and as I think as healthy occupancy is early on, we've been releasing the Pier one, so we only had 2. We've been releasing the dressbarns, even if they've had term. And we've been releasing Gap full-price stores, and I believe we had one left with... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
255b9db68337ff62daf8d839102595ef | Okay. And then just is there a potential for leasing spreads to increase sequentially, given what happened in the second quarter? | Yes, absolutely. I think that was an anomaly. And again, that was something we would do again and again and again to get a mid-teens return. The grocery deals that I've talked about are very accretive and are preleasing tenants at a much lower rent. And the pipeline, even of off-price and medical, those deals are on an... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
87fe14f994db9e24d438411495f2849f | Morning, guys. A question for you on your it looks like you're reserving about 1/3 of your uncollected rents. Maybe if you can give us a little bit of a is the bulk of those reserves, are they for national tenants? Or are they for small shop tenants? | Floris, I think I don't want to get specific about what we reserved for in terms of category. It's pretty broad-based. But I'll go back to the what our portfolio consists of. Almost 90% of our portfolio is national and 10% being local. And you saw that our collections for the small shop was mid-80s, mid- to high 80s, w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
376d5c2cfd560695c33d6e9dd1c45330 | And maybe if you could give how do you feel about the outlook right now for as the investment community is looking at trying to balance the reserves versus the expected occupancy declines that should occur if your reserves are correct, how should people think about those going forward, where you could see as I'm thinki... | Yes. I mean, look, it's hard to have a connective tissue between what your bad debt reserves are and occupancy. I think we're in a very, very fluid environment right now. The there's a lot of variables contained within the pandemic side, whether it be vaccine treatments or the deployment of those two items to the gener... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
83fb4d918da904827e378fe3a42db934 | Fair enough. It's we're all trying to figure out exactly what's going on here. Maybe one last question for me. And Brian, I'd love to get your comments on where what do you think is happening to cap rates? And what do you obviously, there's not much activity going on in the markets right now. But where do you see cap r... | Yes. So I think cap rates, it all depends on the NOI right now. So in my view, it's very early, outside of triple net or distressed retail, where you're just looking at replacement cost. So the NOI obviously goes hand-on-hand with the cap rate. So just getting a handle on what's going to be what's going to stick for ca... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9d5cea7b70fb4e3e92064aa8cd5d86ad | Okay. Yes. My connection is terrible. I think I missed a good chunk of what you guys were saying. But a quick question. So for the $5.5 million reserves, how much of it is tied to the deferrals you've made thus far? And then is any of the $5.5 million tied to CAM, aside from just base rent, reimbursement for base rents... | Good question, Mike. But of what we reserve for against that of the deferrals, about $1.2 million of that $5.5 million or so is reserved against those deferrals. Hopefully, that answers your question. And then and the second part of your question, the our reserves contemplate both rents and some triple net charges. I w... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
064a66733bfe5d33f592b205701a0922 | Can you give us some color on what you're seeing in terms of the mix of SKUs online? Was it in the store and the clearance and full price mix? And also, what is City Gear doing currently? | Yeah. We continue to move. We do -- we are seeing the more full price business growing. And as we first started, clearance was a much higher percentage. So we're starting to see that clearance is becoming less as things -- as we progress in this. And we think that it's a huge opportunity. And also since our inventory i... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cee900dd2e7c09252d2d2b27587f0c83 | Finally, just sticking to like the store closings plan for this year, I mean, as you close these stores in Q1. I mean, can you just share some of the learning especially regarding what are you seeing in terms of the sales transfer from closed stores to your existing stores? | So, yeah, we've closed 25 stores this year and there's not really -- because of the way we place the stores, there's not really a lot of transferability of the sales. Those stores are typically about half the volume of a typical Hibbett store, and so they were running unproductive and we're closing them for that reason... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
cc8be70e36c018b7af03dcdbdb383ac1 | First, it looks like your store comps were flattish. First, if you could confirm that my math is right in that regard? And second, do you see an opportunity for store comps to turn positive for the balance of the year. Just given a lot of the initiatives that you got in place to drive that person, that customer back in... | Right. So store comps were positive low single digits for the quarter and we're very pleased with that. Feel that a lot of the digital, improvements that are happening are driving that, we've got BOPIS transactions. We've got reserve online, pickup at store. About 20% of the time when someone walks in for a BOPIS trans... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
de93d91ff148a27ec12a9bae1f7dd61c | So with the comp guidance as is -- is there an anticipation that the store comps maintain a positive trajectory? | I would say we built in -- we didn't build in a lot of upside on the store base. It's early in the year and there's a lot of -- there's -- we're subject to the whims of the customer and there's a lot of things that can happen. Q2 is kind of a non-activity quarter, Q3 has some potential with back-to-school and then we g... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f99759a4d6ae1d810858e6c7a24c7ac5 | Maybe could you talk about any sort of product launch changes that might influence how we should think about the Q2 comps that could have differed 90 days ago? Have you seen anything on that side on the floor side? | Yeah. I mean, there -- there's certainly some launches during the quarter, I think as Christine mentioned, it's certainly a much smaller quarter. There is some volatility historically with second quarter. So that's where some of our mindset around our plan for second quarter comes from. There is some noise around some ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
63628a057cb529dea83ad3bb2ec659cb | You mentioned that you converted one Hibbett store to a City Gear store. I'm wondering if you've had enough time between that conversion and now to see any changes and the performance of that store? | Yeah. We've done actually two. One in Murfreesboro, Tennessee, one in Jackson, Mississippi and we're very pleased so far on how both stores are performing. We're doing the analysis right now on how many would we do and those type things, but we're very encouraged by the results of those two stores. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dae3561ce2a771a95d68472ee634195b | Jared, I was hoping that you could just talk a little bit about within footwear and apparel the trends you're seeing, if you can just talk about basketball versus running? And then on the apparel side what you're seeing in performance on apparel versus some of the lifestyle products? And then how you're positioning for... | Yeah from a trend perspective, I think some of the -- looking at the business through the category lens can sometimes be a little bit difficult on the footwear side of the business. We're a little more focused on just what's trending little bit less concerned about what category it comes from. Some of the -- specific t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3e6587447c50bd6baa8d4d0534940804 | One of -- one of your key vendors and actually one of your competitors have highlighted today that there's been some supply chain constraints on the apparel side. Have you seen anything in apparel that maybe hurt you or Board. The products you weren't able to get in the first quarter that you'd expect better availabili... | Yeah. There's been some supply chain issues overall. Our team has done an incredible job of working with our suppliers to ensure that our business was covered and to try and fast track as much product as we possibly can. Some of the challenges we did anticipate and we did over leverage in some places to try and compens... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6388f979e3052d43ecba0d27d1a4be3a | The SG&A leverage was pretty strong in the first quarter for the rest of the -- for the full year you're guiding to sort of flattish SG&A which obviously implied deleverage for the rest of the year. Is there anything that -- in terms of timing of expenses that drove the leverage in the first quarter? Or was it just str... | Yes, it is -- you're right. It is primarily the leverage of the strength of the first quarter. It's our strongest sales quarter and a lot of our sales even on the labor side are fixed because we have some minimum store labor hours at the stores and a lot of the occupancy rent is fixed. There is a little bit of timing o... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5c5e9d063f869f5e95f8c001f34bc1f4 | Jeff, you talked about enhancements in the pipeline increasing to improve the experience. And then can you talk a little bit more about that? I mean is it the store format change that you're working on and the delivery starts out, is that what you're referring to? Or are there other things that are coming that you have... | Yeah. Really, there's a bunch of things that we're working on to make sure that we have the best customer experience. We work a lot more on just the overall experience in the store. We're looking at definitely putting in a new format on what a new store should look like for the future. We also are looking at how to get... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
43215d79b72a3869595c5bac9a8a09da | Given the volatility that can be in the business over the next few quarters, you have calendar shift issues that can impact 2Q and 3Q. Certainly, there's probably some variability. Christine, you just mentioned that around City Gear and some of the expenses. Can you give us a sense just from a cadence standpoint as we ... | Yeah, I would agree with you, Peter. And Q2 and Q3 are the smallest quarters. We expect them to run fairly similarly, but Q2 has a less opportunity and I think that's a fair assumption. And then Q4, we expect it to be -- it will be much less than Q1, but it's sizeably more than the middle quarters. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f7b0af64c29a4028f10078e97968559b | My last question is just really around tariffs more broadly speaking. I know you guys don't bring a ton in directly, but obviously your suppliers do. So what -- just where -- how you're thinking about tariffs at this point? Is there anything baked into the outlook for that? Or is it kind of a wait and see? | Yeah, Peter. It's a little bit of a wait and see at this point. I still think we're looking to get as many detail as we can. The overall I think -- based off today that we feel like some of the impacts could be moderate. Again, there's still a lot more to learn from that over the next few weeks and months. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1095de0bdd109fcb97e2ec184abb0ed2 | My first question is can you tell us what the sales were by month since your sales changed by month? | Sure, Sam. So sales were positive low single digits in February around 1%. And then as we said, they improved throughout the quarter, so mid-single digits in the -- for March and low double digits in April. And just as a note, there's a lot of variables that can impact the -- not only quarterly comps but monthly comps.... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
41d65a49aaaddeee44a36c17f6ee1055 | Can you talk about -- can you talk a little bit about the last -- can you give us last year's revenues for City Gear, so we can get an idea sort of how that's doing year-over-year? Or it's same -- and give us sort of what your e-commerce penetration was ex City Gear? | The City Gear penetration of e-commerce is much lower than at Hibbett. That's why we're excited to get them over to that -- our platform and be able to help them grow that business. And we don't have City Gear's prior year sales. You asked about e-comm, we were double digit without City Gear. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ff8e6ad65425071c622339b6620aceea | I might have missed it, can you give -- I might have -- I might just be spacing out, so can you just let me know what the -- what your merch margin and your BD&O was for the quarter? | So the -- so I'll tell you that logistics and occupancy leveraged and it leveraged around 12 to 13 basis points. So merch margin overall was down -- our total margin was down 70 and the logistics and store occupancy side was a positive leverage. Now without the gross margin recognition at City Gear, total margin was do... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fcf690878bea079e24f763a3b559fb50 | And when you look -- when you think about the margin guidance for the balance of the year, do you see that sort of happening the same way, continued pressure on the merch margin and then getting leverage on the -- leverage or less deleverage on the BD&O? | I would say so, yes. Again, we get the best leverage in the first quarter, but I would say that's the trend we've expected to continue. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8866c51e6878c5dc1b8fae7392ecdfa0 | Maybe just talk a little bit about your inventories, how is it standing with your inventories, your customer inventories? Brian, you mentioned a little bit at the beginning on where your customers' stand, but maybe just kind of talk through that a bit? | Yes. So in terms of inventory, we think of it different ways. For us, we focus mainly on container inventories, say as opposed to retail inventories or manufacturer inventories. For container inventories, the deals we've done recently in July, covered a large portion of our existing inventory of new factory containers.... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
05b3110975d57f0a2a1bc93e70b471a1 | And then, a follow-up would be on kind of leasing yields, it seemed to take a tiny step down in the quarter, both on a per diem and then annual lease yields. What are your thoughts now, given the pickup in demand? Are you starting to see that turn? It sounds like with box prices up at $2,000, maybe that starts to tight... | Sure. So I'd say market leasing rates for new containers were actually fairly stable during the quarter. There weren't a lot of new transactions during the course of the second quarter, but container prices were fairly stable at just under $2,000 and market leasing rates again were fairly stable too. Our average lease ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dbb96c2c94386ea8038bb0ba59d08693 | Wonderful. If I can get two more quick ones in, your units in trading fleet were up significantly in numbers of TEUs and fleet, but very small in terms of growing trading revenues. Is there something in those numbers that would cause that to change? And then just a final wrap up I'll give you all my questions at once, ... | I will have to look at that Ken. But I believe the reason for the increase in the units, is that we did a -- sort of a large trading transaction with one of our customers. It was structured as a sale leaseback, where we buy containers from customers and lease them back. But the containers in this case are expected to c... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7c118ae4543dfa32836e1b914b15396d | So just wanted to dig in a little bit on the outlook here. So it sounds like your expectation for a sequential improvement in EPS is it possible that the second quarter really represents a kind of trough in EPS for this downturn? Obviously, there is potential for unforeseen credit issues putting that aside. Is that the... | Yes. So certainly, it represents, we think, a near-term trough. We've seen, as we've talked about a fairly significant inflection in leasing demand over the last -- really last few weeks. As you know, trade volumes improve with reopenings and customers find themselves short of containers, and we've booked enough of our... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4074e43cf61cdce23be0f05ea5425797 | Got it. I appreciate all the color there. And then on the customer credit, obviously it does sound like the financial strength of the shipping lines has been holding up well, and during the quarter we saw some positive developments regarding some of your bigger customers. So where do you see the major risks now? I gues... | I think the main thing we're looking at, frankly is just the macro picture. Again, I think, as I was just trying to say, I think we -- it just feels the world still hasn't yet reached a stable place, when it comes to dealing with the pandemic and getting the economy going again and I think the biggest concern that I ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2758a0472b4bf3c504efa145cbdbdd88 | Great. And then just one more for me, looks like your cash levels came down from just over $400 million last quarter to about $250 million this quarter, but that's really still well above your last year range, where you were kind of in the $45 million to $60 million level. So how should we think about the cash levels o... | So during the second quarter, we drew down some of our revolving facilities just to build cash on the balance sheet, maybe during the end of the first quarter. And really just as a safety precaution we've got, as John Burns described, a lot of liquidity with existing borrowing facilities, and a lot of cash flow and rel... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bc799ce5c3685666e156c2e6fc5a88a0 | On the loan growth front, it kind of more than doubled your expectations. I just wanted to kind of see what happened in the quarter? Is it payoff subsided, new demand, a bit of timing? And then -- so that's kind of part one. And then part two, just if you could color that with any geographies that were particularly pro... | Yeah. Jeff, I think that we did in our minds, kind of overachieved what our forecast was, but it really was the culmination of our pipeline and a lot of those new relationships, which I referenced, about 170 new relationships. That's been our focus going forward and we're just very fortunate that we won new business an... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
784d972da35438f0a14b865900f6602d | And maybe I'll circle back. Bryan, on the expense line, you talked about professional services staying perhaps elevated. You talked about kind of the expenses flat to 101 and 102. What's the difference there? Did you have some one-time in the expense that we should back out? | Yeah. Well, I think obviously, projects and consultants are in there. So as we do projects, some of that moves around. But I think that line was higher than when I had given guidance in the last quarter. Part of that is we did think about upping our timing of some of our projects, moving things forward given that we ha... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
58eff7af712abbd75d90206b95c7784a | Okay. And sorry, I just have one last one on the M&A front. You guys have been pretty active on the M&A discussions, and I think you've really signaled California was -- there was quite a few conversations there. Obviously, we've seen some deals. Just wanted to kind of check back in and see any territories in particula... | Yeah. Jeff, this is Lynn. We're seeing a lot of activity. Some of the activity we're just simply passing on because it's too small or it's not a good fit. And we've lost a couple of deals because where our stock is trading for a larger transaction, it's a little difficult to make those work and still stay committed to ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
daaaaaeedf27328b3cc94019dec1438b | Bryan, thanks for all the financial outlook. That's always very helpful. Maybe I'll start. The rollout of HTLF, was it in April? We talked about it last quarter. I'm just curious, three months into that, what's been the early feedback and are you hearing what you were expecting and has it been effective? | Terry, this is Bruce. It met our expectations, I guess, is how we would say it. We think that HTLF is more contemporary. It's easier for some of our customers to understand. And every one of our markets uses the kind of financial strength of HTLF a little differently and some of our tag lines are Rocky Mountain Bank po... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c12ddbe3d2d4947e8c328d7e4a7140b4 | Thank you. And maybe ask a question on slide 13, which is the HTLF digital strategy. Somebody put a meaningful amount of time into that slide. Bruce, what's the key takeaway from that slide? And then from an expense standpoint, there's still a lot of work-in-progress icons there. Where are you and maybe use the basebal... | Yeah. I'm going to let Brian take the kind of what inning we're in. But I think that the big takeaway here is that we are focused on the customer and the customer changes or their behavior. We're trying to get out in front of what the customer expectations are. Clearly, our industry is being disrupted on many, many fro... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0b67800ef1518f82e60c5de6c3f28e55 | Hi. Sorry. Oh my God. I apologize for that. My phone was on mute there. Sorry, you've covered most of my questions. Just one on the utilization rate on page 27 or slide 27. Obviously, trailing five quarters been depressed, just given the environment. But where can that eventually get back to? And any sort of timing on ... | Yeah. I think --
Was it line utilization, is that your question?
Yeah, I think we would have been in the mid- to upper 30s, if you would go back and look at, say, the end of 2019. And honestly, Andrew, this has been one of the things that we've been, I guess, wrong on in the last couple of quarters, because we though... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
9847f4a9ec8d66efb8506186ba7cc638 | Got it. Okay. So then presumably, it sounds like a lot of this -- any commercial growth you have going forward is going to be continued market share gains? | Yeah. That is true. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
7e73f74386b5b723933a867d1f9d1b2f | Great. Most of my questions have been answered, but just kind of curious on the outlook here for the reserve level going forward. I think, Brian, you had mentioned that it could be potentially negative or very low for the upcoming quarters. I think you're at 1.47% right now, 1.47% right now. What's a comfort level for ... | Well, I guess I would answer that if you kind of look and I don't know what page it is in our deck. But if you look back, when we implemented CECL day one, we were at about 115 basis points and that was, as you might recall, under really good economic circumstances. We haven't kind of hit COVID. COVID was still only in... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2f9b1b8677a002e4002c72cbc412e989 | Okay. Great. That's helpful. That's good color. And then just one other kind of question here. I think, Bruce, you may have mentioned about longer-term reduction in branches of around 10% over-time. Was that like a hard and fast decision you guys have made already or is that something you're just saying, in general, gi... | I'll answer it two ways. We definitely feel that we will be reducing by 10%. We do have a process that's ongoing, and we expect to have it completed here in the third quarter on sort of specifically how many and we should be able to provide you guidance at the end of the third quarter on exactly how many and when. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
01ec1ba1d706f57cb23dfb6b5e6a9c43 | Hi. Good morning, gentlemen. Thank you for taking my questions. I have two. First is, I would love to hear your thoughts on Disney+ and its arrival in Mexico. I think it's expected to come into the market around November. But just from a broad perspective, and maybe this is for Salvi, how do you see this new competitor... | Thank you, Arturo. Yep, as to Disney+, and Salvi will expand on that, we cannot basically talk about it because we have signed a confidentiality agreement with Disney. However, it's going to be important for us and it's going to be a complementary service for our izzi products. Salvi, can you expand on that, please?
Y... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bc7c0b2117f734418cd43a1f3fa90571 | And then second, in the Content division, the cost savings have been pacing ahead of, at least my expectations, but I was wondering these cost savings, how permanent they can be thinking about the MXN2.4 billion you intend to save this year and how we should think about that for 2021? | Yeah. And Arturo, to your second question, we are happy to have exceeded your expectations in terms of the cost and expense reduction program. We have been really focused on delivering what we promised. We committed to MXN2.1 billion on the Content side, and we will get there. As to next year, we have -- we are finaliz... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a80b69ce01ce741dbede8a3283140123 | Thank you. Good morning. My questions are related to Cable. First, I was wondering, if considering the solid demand for Internet services that you have experienced, are you expecting to raise prices in the near future? | Yeah. Well, I mean, Rodrigo, we did increase prices. We increased prices September 1st of this year, the same as last year. You're right, at the beginning of the year and with the pandemic, we were not sure if we were going to be able to increase prices. But the business has been pretty resilient, especially on the bro... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
e57a3a6c521cf81ca46d6f97c9f91e90 | And the second question is related to basically your updated thoughts with respect to the potential to see further consolidation of the Cable market in Mexico. | And Rodrigo, to your second question, we have always been open as to our goal or aspiration about having a national cable presence. I think basically you can accomplish that through consolidation or overbuilding. We have those paths going forward, so that's our aspiration, that's our goal. It makes a lot of sense to ha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
d07299e14dac304c2e4e15e8accd36cd | Hi, good morning. Good morning. Thanks for taking the question. There's actually two. The first is, you were discussing the changing way that people consume video. So could you make some comments on how do you see the video penetration going forward, since users are going more to OTT? Do you think there is room for fur... | Thank you, Marcelo. Well, what I think is that, the video -- the programming of the linear channels in the Mexican market is pretty strong, especially over-the-air channels. As you are aware, Televisa has a lot of relevant content that people want to watch, and it's not only watching it linear, as feed is transmitted, ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3481a41ac33b59ba729e7e5dafb3e404 | And the second question is, with the strategy for the upfront season. So last year the upfront was delayed and it was -- coincided more in the first quarter. Should we see more a normalization this year or because of COVID, should also be a delayed upfront? Any comment there will also be helpful. | As to your second question, Marcelo, for 2020, we have indeed a delayed upfront. It was a very complicated upfront and very complicated negotiations with the largest client -- well, all clients. We accomplished a lot of things, which got distorted because of COVID, and what has been going on this year. But in general, ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3e947ec50408e64b47d36e3d5e323571 | Hi, thank you. Thank you for taking the questions. There're actually two. The first one on Cable. So Salvi, your main competitor was focusing on increasing its fiber footprint, focusing on basically having half of their homes passed with fiber. So all of the 15 or so homes pass that Izzi has, how many of those are rich... | Yes, thank you. Thank you, Carlos, for your questions. Rich with fiber except 10% of our overall homes passed. However, I don't think that the right way of looking at it is just looking at what it treats with fiber, because if we go fiber to the node, or fiber deep, that it's what we have, then we're at about 60% of ou... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f49bbb58244ed8e37555e79def07b4eb | Okay, thanks. So basically, with the current levels of capex, you feel comfortable? | Yes, I mean DOCSIS 3.1 terminal equipment costs, I would say about 80% more than the terminal equipment of DOCSIS 3.0, but DOCSIS 3.0 allows us to give speeds of 200 megs with no problem. If we want to move to speeds higher than that, we would simply change the terminal equipment, and then we will have to decide if the... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9671730a3751135af5a63c80a7c526a6 | That's very clear. Thank you. And if I may the follow-up on Content, I don't know if Alfonso or Patricio, I read something on the press about relaunch of the content strategy for Blim, the online distribution, if you could talk about a little bit of that [Indecipherable]. | Yes, thank you. Thank you, Carlos, for your question. In the case of Blim, we have a hybrid direct-to-consumer platform. We have both direct consumers and also customers carried by both Sky and izzi in their television everywhere apps. It has a VOD offering of 41,000 assets and 35 live television channels, including ou... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
688105b6b698cd85dda67e1ec07b780e | I wanted to start on FM100, but really more from an E&P perspective. As FM100 ramps up at the end of this year, can you talk a little bit more about what goes into the picture from a DUC rig count and ultimately production perspective? You added a second rig in the Eastern Development Area, how do the DUCs and rigs evo... | Yeah, I'll take that. You'll see the production increase. If you go to one of the slides in our deck, let me pull it up. Yeah. If you go to Slides 27 and 28, you sort of get a sense for what we're looking at as we go through the remainder of this year into next year. The majority of the production will certainly come o... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.