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9849d58018639ff51d67676dd5ec822c | Got it. And I presume you're confident in getting the approval of the higher 54% equity layer as part of that settlement? | That is correct. | direct | [
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] | A |
8d6c6efbca69048ff7ebe299faa05047 | Excellent. Sorry, if -- I know you guys are quick here. If I can just squeeze one more in here. On ATC, any initial thoughts or responses here? I mean folks are fixated on this RTO adder a little bit of late. Any context on how you think about on appeals process? Or otherwise, if should that materialize this summer? Ma... | You know, I think one thing we've learned is the process to get to the finish line on ROEs, whichever direction they're going is one that you have to be quite patient. I'm confident we'll get to a -- there'll be a reasonable outcome there. You know, the need for transmission isn't going to change. I do think there's go... | intermediate | [
"direct",
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3b6542bfe0bf2319a9c9972b1d7d2e14 | Hey, good morning, everybody. To start, maybe just if you could continue on the FERC ROE. If the 50 basis point incentive add were to be eliminated for you guys, what would be the EPS impact? | Yeah, Andrew, it's a pretty modest impact for us. I would characterize it as less than $0.01 per year. So that's the direct result of the ATC earnings impact on our business. We would also see, most likely, as this played out a lower transmission expense coming to both of our utilities. And so think of that as probably... | direct | [
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"fully_evasive"
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e7242ec417b9c300232cb9c5be3246b4 | OK, great. Certainly manageable there. Next, just a few questions on the WPL proposed settlement, please. So first, you mentioned the effective equity ratio of 54%, but I thought the press release showed 52.5%. Are there some accounting quirks there? | Yeah. Really, the difference between those two, the regulatory equity cap -- equity ratio in the capital structure, think of that as what's used to calculate the revenue requirement. When you impute certain debt or off-balance sheet items, that's what lowers it down to the 52.5%. So we've got some PPAs and leases that ... | direct | [
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cffa62b6a1e1465a890aba1db6f0dcbc | OK. Great. Next, in terms of the 2022 increase, what would that mean for customer bills, like as a percentage change for customers either in rates or monthly bills? | Yeah. On average, if you think, high level, about 6%. | direct | [
"direct",
"intermediate",
"fully_evasive"
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0100d7aedbe64ebdd450930af18efac8 | OK. Then does the settlement include usage of some of the regulatory liabilities that you have available? I think last time, we talked about a range of about $60 million to $80 million. What is this settlement due to that? | Yeah, Andrew, it does utilize those. The biggest of which is a regulatory liability that we were able to record as a result of some liquidated damages regarding our West Riverside facility. So it would utilize those regulatory liabilities as well as others that are in that $60 million to $80 million that you referenced... | direct | [
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0f6f6ea24d9af0ee8aad935b38fdb94e | Would it utilize all of that, I guess, is what I'm asking? Or would there be still some remaining? | It would use the vast majority of it. | direct | [
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74082bd701738ccff5ecaef1649b321d | OK, terrific. And then one last one on the settlement here. Can you explain a little more of the mechanics around the Edge 5 levelization mechanism? And how to bridge the 9.8% versus 9.2% effective return? | Yeah. Probably the best way I've heard it described, Andrew, is think of it like a mortgage. So it's got a consistent recovery level over the kind of the remaining asset recovery period of roughly 23 years, I think it is once it hits retirement. But just like a mortgage, we would recover a lower principal balance and a... | direct | [
"direct",
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af37f8f3146fbe34846722e43049a38f | Hey, everyone. Good morning. Just following on the Wisconsin rate settlement. I had two questions there. I guess, just first, how much of the 1.1 gigawatts of solar that you're adding is covered in the rate ask? And then my second one was kind of back to Edgewater. Do you guys think that the way the recovery was treate... | Yeah. Hey, Michael, thanks. You know, maybe I'll start off and let Robert add. But, you know, certainly, we see it going in, having a pretty transparent process about what we were doing from adding renewables and retiring to be a very good process to repeat. I'm certainly not going to get ahead of ourselves on how Colo... | intermediate | [
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b7e2ff9d33e0e09c93569b9d9f2c5feb | OK. Great. That's helpful. And then my other question was just more on the Biden tax plan. If maybe you could give some thoughts there, particularly as it relates to maybe the minimum book tax. I know you guys have a number of PTC carryforwards. And how you're thinking about how that could get treated. Yes, just some t... | Yeah. We're certainly keeping a very close eye on that, Michael. No question about that. It's a bit early in the process, but there's a number of tax matters there that will be you know, have some impact on our business and customers. So we're keeping a very close tab on that. Maybe I'll let Robert talk about a couple... | direct | [
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] | A |
05812c8fba7ec87f845c41591879dc27 | Awesome. That's great. Thanks. And then my last question, just on this corporate sustainability report you guys are doing, I know that's kind of an annual thing, but anything like incremental we should expect with that? Or is that more just a summary of what's been done on the ESG front? | Yeah. I you know, we get very excited to tell our story each year and updates. So, I wouldn't think of anything too notably different, but you will see a bit more focus on water resources, which has been a focus for us for a number of years, but I think we'll be putting some more stories and metrics there about water ... | direct | [
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8d261c78e675d4d3d1031cc23d512802 | Just a couple of questions. So just on the higher equity ratio in Wisconsin, have you guys quantified the earnings power on that? How that helps your earnings power? And then I guess, you have a slightly lower ROE, right? Or was it maintained at 10% in the settlement? | Yeah. Just to be clear, Andy. So the ROE is at 10% for a vast majority of the business. The only impact with the 9.8% would be on the remaining net book value of the Edgewater 5 facility. So -- and as far as the higher equity layer, think of it as each probably 100 basis points in the equity layer probably gives us $0.... | direct | [
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307f2ee807b6b62a09117f4585c9ceeb | OK. Got it. And then -- it's very helpful. And then on you know, because you guys had mentioned about -- you have been asked about the FERC ROE, and so I understand that the impact of -- for you guys is minimal. But maybe, you know, kind of asking your CEO just kind of like a bigger picture question. So as you think a... | Yeah. We don't see that really changing our plan. Andy, we've been on a pretty long runway here of transitioning from older coal resources to renewables for quite some time now, and we would feel those to still be very reasonable, and not materially change our investment strategy. | direct | [
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a7b11a260dec4d2302ae63997038f3de | OK. And then my last question is just around rates, in general. So I guess, is this the first-rate increase because you talked about a 6% rate increase in Wisconsin in quite a while, is that correct? | Yeah. Thanks, Andy. And, you know, maybe to clarify that 6% covers the next two years. And if you look from -- I believe, it's around 2010 until now, it's been over a decade. I think in Wisconsin we would average, it's less than 1%. It's maybe a 0.5% or so over those 11 or 12 years with this increase. So we've done a v... | direct | [
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7d772315c81e20d90d68e39ddb64d6e6 | I was wondering, of the $90 million of loans that you have modified, are most or all of those paying interest? And also, could you help us sort of think about the schedule of the maturity of those deferrals and kind of when they come off [Phonetic]? | Hi, there, Mark. Virtually all of those are paying interest and at this point, what's been deferred our principal payments. The deferrals that we've granted have been largely 90-day windows at time, there are certain credits, where we have offered different kinds of deferments, which more are like a rewrite, but these ... | direct | [
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79b1f7aa5ed6feabe040e21a8d5fc207 | Okay. Great. And then, Carl, I wonder if you could help us think about the core margin. I know you'll have some noise related to PPP stuff forgiveness. But the core margin what the trend might look like? And also, if there is any unusual items that you anticipate in the course of 2021 on the expense front? | Yeah. Certainly, Mark. On the -- from a core margin standpoint, we do expect the margin to continue to improve on a core basis, simply because we still have liabilities repricing lower. So, I do expect the core margin to be probably flat with this quarter's margin for the first quarter before the benefits of PPP forgiv... | direct | [
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0a9d879440a6dd6a7d876b32a63b3680 | And Paul in that same vein, I guess, I'm curious as your thoughts on the branch network in the wake of the pandemic and people moving to a greater degree to online banking. Do you -- are you rethinking some of your physical locations? | Not much more than I usually do. You've heard me say many times that I think branch systems need to be pruned from time to time, good locations become less good, you want to be in different places. But we're not a branch heavy company per se, we are thinking about the density of those branches in the inner circle of me... | direct | [
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1ce00d0c6ff7a6b85f65e6cdae432615 | So I wanted to start out just with the move in 90-plus days past due, is that kind of a factor of the CARES Act deferrals coming to an end and there is a transition period or is there something in particular driving that? | No, there is nothing in particular. They're actually free loans that are in the process of being renewed and their renewal has taken just a little longer than usual. But it's got nothing to do with the CARES Act. It has to do with just getting collateral and organizing ourselves. | direct | [
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6e35918205f4fc50d9d8dacf7500f141 | Okay. So presumably all else being equal, then we would see a decline from that level as those loans renewals get completed? | That is correct, unless some new one comes along, that is a category with bounces up and down a bit, Chris. That sometimes a loan runs past maturity and the loan officer has some delays in renewing it. And that's usually the case, when you see that bounce around like that. | direct | [
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003ddfbe5c23f52b52aae8433ca12322 | Okay. That makes sense. Thank you. Then, I guess, just move to loan growth and stepping back to look at it from kind of a big picture standpoint. When do you expect news like the vaccines and the stimulus that we had recently, when do you expect that to translate into more strong growth and when should we get back to k... | Christopher, I'm afraid that that one is a little bit too hard for me to even try to take a guess at. We've seen lots of prepayment activity. We've seen lots of stuff going on. PPP is not immaterial to us, so that moves around a lot. Originations have been uneven but not terrible. I think we've got pretty good pipeline... | fully_evasive | [
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] | C |
a08cd12f22e15cf9d6ef64a78cc74e82 | Okay. Got it. Got it. And then, just looking at the deposit composition, I'm curious, do you expect to see further run down in the CD book. | On the CD side, I do expect the CDs to continue to decline. We've got about $371 million in CDs, that mature in Q1 at 170 basis points. And our offerings out there right now, even specials are between 40 basis points and 55 basis points and people aren't really too excited about locking in their money for a period of t... | direct | [
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d30a27f656e6f38d134191d0d6c36bae | Yeah, hi. Thanks. Good afternoon. [Speech Overlap] if we could go back to margin and I apologize if this was in your comments and I missed it, but the dollars of PPP income that rolled into net interest income this quarter and the impact on margin, do you have those, Carl? | Sure. So, two big pieces, certainly, this quarter. So deferred fees and this is in total. Deferred fees in total were $1.9 million in net interest income this quarter. A $1.4 million of that was PPP forgiveness. And so, in total, deferred fees were up about $1.6 million from the prior quarter. So it just give you sense... | direct | [
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cb4148bdbc2127476941350afd9d49b3 | Got it. Okay. And then do you happen to have a calculated margin number on the PPP forgiveness? | That was $1.5 million. I want to say, it was about 7 basis points. | direct | [
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1323ad06f9641c63f34916fd1b473278 | Okay. Thanks. That's helpful. And of your $490 million or so of PPP loans that are remaining, what are the -- what's the unamortized fees around that? | You know what, I think you asked me this last quarter and I didn't have the number at my fingertips. And I still don't have the number. | fully_evasive | [
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e87ca86c78dfc92268b7a6617f00b675 | Okay. Great. Thanks. And then, Paul, a question for you. A bigger question, I mean, in the past year you've talked about M&A, obviously, there has been a lot to think about here in the last 10 months, but your stock currency is back up. There's obviously a lot happening in your market. How are you thinking about M&A he... | Well, we keep our eye [Phonetic] out of the ground. We would be open to looking to do something. But even though the stock has come back somewhat, that's a relative term, it's not back so strong as to make some of these things easy, particularly given expectations. But I feel about the same way. I think deals are doabl... | direct | [
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] | A |
598c3cbb715c41791482d4ae5a8523aa | Hi. I apologize if this question was asked and answered already, my call dropped, so I had to dial back-in. But I caught in the live transcript some conversation about loan growth and I know that you said that it was hard to answer. I'm curious if you can talk about how pipelines have -- had been building, if they've b... | The pipelines have been slowly rebuilding. You got to also remember that besides the pandemic, the early part of the year, particularly in commercial banking is not the most robust by any means, things usually slow down at that point, companies are getting themselves reorganized, getting ready for their taxes and all k... | direct | [
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f48cd11637f43eb56f5e7dd60e31561b | Yeah. Yeah. So what is the dollar amount of the applications on Part 3 so far and as you kind of watched the cadence of those applications come in, what might you think you might end up with on the Part 3 PPP? | The last part, Wally, is almost impossible to tell, because people are moving more -- in a more paced way than they did at the last one. I think, I was just told, it's about $130 million.
We have $130 million in process right now.
In the pipeline, but there's a lot more capacity left in the plan at the federal level ... | intermediate | [
"direct",
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] | B |
436a2582f3e35998a43c3e2956f610fd | Maybe if I could start a question in terms of the securitization and the path forward there. Can you maybe talk about what do you expect I guess customer bill impacts will be ultimately on an annual basis once you're able to implement securitization by the various jurisdictions? And maybe also, the second part to that ... | So Gabe, this is Curtis. And I'll take the first one around the customer bill impacts. And it's really premature to know that until we make those initial filings and continue the discussion with our regulators. Obviously, everyone wants to minimize the impact, but also to be able to collect those amounts within a reaso... | intermediate | [
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] | B |
fb57133f4668e61c74aff22c2da5e51b | Maybe if I can pivot to RNG and the joint venture with Vanguard. Just how that's going to work from, I guess, the standpoint of the recoveries, that's something, an investment you are looking to potentially rate base in some of your jurisdictions or is it the investment you're making -- looking to do outside of any reg... | Sure. Great question, Gabe. And the way to think about that is really nothing is precluded in the longer term, there is not a preset course. The first part of the alliance with Vanguard is to complete an analysis of all the sources of RNG across our service territories so we can high grade where those opportunities are... | intermediate | [
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] | B |
6ee0391c025ef7e4a8bad9d5003cf4fd | Could you please provide more color on that COVID impacts in 1Q and if you expect any other impacts from the pandemic further as of this year? Thank you. | Good morning, Aga. This is Caron. We did not have significant impacts in the first quarter. We're still monitoring our bad debt expense. We are just now resuming disconnects in Oklahoma and Kansas and they're still suspended in Texas. So still working on the bad debt side. The COVID cleaning and direct expenses, those ... | direct | [
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"intermediate",
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] | A |
c681f2938c8bd04be4babc0469602c1f | Just one more follow-up for me, if I could, on just sort of where -- I know the discussions and the big push has been around securitization sort of in the near-term, but maybe any thoughts and color on discussions with the regulators around gas supply and where that's trending by jurisdiction? What other changes are go... | So Gabe, there have been some conversations around that. I wouldn't say they're real detailed at this point. As Pierce indicated, we're still completing our post-incident review. And through that, we would expect to make changes and talk to our regulators about those. So it is ensured. There have been some questions. W... | intermediate | [
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f949aa067e7eefaaac047a81e6f3e781 | How should we think about the second half of the year, considering the pressure you might see in the cost side, given the level of grain prices? And then the second one is, how have you seen volumes in April? Just to understand the supply and demand balances and the potential for any price? | Well, in terms of pricing we have a very good increase year-over-year. But with the raw materials, as you mentioned, the cost is going to keep increasing as well. But we need to see if we can translate that cost. It's going to be a very tough challenge to keep moving in that direction. Because we need to see and to mai... | intermediate | [
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3c72231636c81779318f29a8877c49a4 | Hi, thank you very much for taking my questions and congratulations for the results. First one, could you give us an update on how the foodservice channel is doing particularly in Mexico? And the second one, you also are mentioning right now a better supply and demand balance. Just wanted to know how [Indecipherable] o... | Well, the first question about the rotisserie and that channel, the performance of that market is very good. I think the pandemic affected at the beginning. But at the end, in the next month after the pandemic hit the outbreak here in Mexico, that channel did very well. Right now the volumes in that particular channel ... | intermediate | [
"direct",
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e3554c1cc778584ac3a273ef8c407060 | So in terms of price increases, I mean, you wouldn't say that you are very confident that these are going to be sustainable. You prefer to have a more conservative approach. Right? | Well, it's very difficult to predict that. Because if the industry maintains their discipline, well it can be fluctuating we don't know exactly. | intermediate | [
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] | B |
0068d8e527353632be007abea0f54e26 | Thank you. And the last one, your current cash balance is over 40% of your market cap. So could you remind us please your possible M&A priorities per region? And how soon could we be expecting an announcement of this nature, if any? | As you know, we're now in the process of -- have the authorization of the last M&A activity that we reported in the last year the acquisition of RYC Alimentos. But besides that, we are also working in expanding our capacity in the swine business, as we already mentioned. So part of the money that we have, we're going t... | intermediate | [
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dfb97c2662f58255299800c043701fc3 | Hi, Rodolfo, Daniel. Thanks for taking my question. The Mexican Congress recently passed a bill that will prohibit outsourcing and insourcing except for what qualifies as specialized labor. What do you think could be the impact on by Bachoco's operating expenses, if any? | Of course, this measurement will affect our business as everybody -- everyone else. But in accordance with our calculations, this impact is not significant for our business. Of course, we will be working in some activities in order to reduce the impact. For instance, we are looking to build Shared Services Center in or... | direct | [
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] | A |
02924380245d045fdb031e46972e2409 | Hi, Rodolfo, Daniel. Thanks for the space for questions, and congrats on the results. A couple of questions here on side. First, any update you can provide us more or less how the cost levels related to the raw materials are looking for in the second quarter? I mean, how would your hedge levels look like? And what kind... | Well the first start -- we normally only hedge the contracts that we close for the year with some long-term customers that we have a contract with them. And normally we hedge the grain that we use to produce the products for those customers and that's it. We don't speculate with that. So normally we have two, two-and-a... | direct | [
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fef46edb240d385e0803b73ad5a2135a | Perfect. Thanks, guys for the color. And then another question that I had was, maybe we have been focusing a bit on Mexico. So if you can share some of your thoughts and kind of expectations for the US business? I know, Rodolfo, you mentioned some kind of expectations for volume decreases there in the US and etc. But m... | Well, in the US operation, as the commodity prices, the chicken prices, various meat like leg orders and wings are having a very good level. The wings are the record highs, historically. Leg orders have been going up on the commodity breast meat, it's in the univary [Phonetic] quote. It's at the highest level for the a... | intermediate | [
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] | B |
75fcb249714758c167af608bfea3be31 | Can you give us a better sense of how your current book of work gates out over the next year or so? And when do you think that waning of COVID work is going to happen then the non-COVID needs to ramp up? | It's hard to be too definitive at the moment. There are a few possible scenarios. One is that current vaccine trials find an exceptionally effective vaccine and work decreases in the near-term. The more likely scenario is that current trials find a partially effective vaccine, but authorities will want more than one, s... | intermediate | [
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83d24eab985cbefe6ccbde6bf7fcdb91 | Have you seen some slowing in site reopenings and is it related to some regional flaring of infection cases? How do you see that proceeding? Can we avoid shutdowns as we proceed through the fall? | We have seen some slowing in site reopenings, following an asymptotic curve as it approaches the top. We don't expect all sites to be fully reopened until well into 2021. Reasons include concerns about virus reemergence, patient hesitancy to travel to sites, and sites being involved in large COVID trials taking some ca... | direct | [
"direct",
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] | A |
8caf8207e5a182d6da18c3f5f0661a14 | Can you just talk about how COVID bookings trended in Q3? | COVID bookings were strong in Q3, at least on par with Q2 and probably a bit ahead. It was a good substantial part of our new business wins. This will translate into an increasing proportion of our revenues in Q4, as it wasn't a huge proportion of Q3 revenue yet. | direct | [
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55a0a32c350d92e4ba15cf46fea6c956 | Can you talk through any cost control measures coming back and the margin profile difference of COVID work relative to other trials? | Most cost control measures have been dealt with by the end of Q3, except for reduced travel budgets due to remote work. This shouldn't impact margins in Q4. For COVID work, particularly vaccine trials, there is a heavier element of pass-through costs which earn little margin. This will have a decremental impact on gros... | direct | [
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] | A |
8ccd9087dec315a0db503c1d5c6ff47a | Is there a difference in terms of cancellations for vaccine work versus other trials? | We haven't seen any particular unique issues or trends around cancellations with vaccine work. The main difference is the large number of patients enrolled in a relatively short period, which presents challenges in projecting revenues and resourcing. Vaccine trials are more material financially due to their size, but b... | direct | [
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] | A |
1f0ca89c575001d6fdcbd7ffafc90824 | What are the factors that have historically prevented sponsors from moving a larger percentage of their trials to a more virtual model? Are regulators on board with the shift to more virtual trials? | Factors preventing more virtual trials include industry conservatism, regulators not being fully on board previously, and lack of precedent for getting drugs approved based on virtual trials. However, during the pandemic regulators have been more accommodating of remote approaches. We've seen a major shift, with pre-pa... | direct | [
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] | A |
116d08a0fee2cb5e14ffd18f21586b16 | Can you comment on industry clinical trial capacity in a scenario where COVID work maintains into 2021 and traditional trial work resumes? Are there any bottlenecks that could limit growth? | We don't have immediate concerns about capacity constraints at the site/investigator level to execute both COVID and non-COVID work. If needed, we can bring on new investigators and train up sites, leveraging our Accellacare and Oncacare networks. The speed and accommodation of sites in taking on COVID work has been un... | direct | [
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] | A |
9b2defa907f42d08143a3bc0cc162181 | When do you expect to get back to normal trial activity levels? Has your timeline changed since last quarter? | The timeline is consistent with last quarter but has pushed back slightly. We're now thinking more into Q2 2021 rather than Q1. The pace of site reopenings has slowed. While COVID work is ongoing, which is positive, the non-COVID traditional portfolio still has some way to go to recover. So we're now thinking middle of... | direct | [
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] | A |
96f7ce91b2505ccc875ba1c5618d9d81 | What are the main factors holding back a return to normal trial activity? | It's multifactorial. Factors include: 1) Some patients are still hesitant to go to hospitals/institutions due to infection risk. 2) Some sites don't want to take on new trials as they're busy with COVID clinical work or existing trials. 3) There is still an impact on the current portfolio of sites. 4) While site initia... | direct | [
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372479ae4999a0e44ce028522868c10c | Can you just give us a breakdown of what you're seeing month-to-month, specifically in April? Are you seeing a month-over-month trend continuing into April, are you pleased with that recovery that you are seeing at the retinal clinics in April, and then just how does that compare in the U.S. versus O-U.S.? | Alex, I mean I would say it still remains inconsistent. We've had some good weeks in April, and we've had some tough ones. I think that we experienced a little bit of a slowdown over the Easter holiday and it feels to me like it did. Back in Christmas, people have more aggressively taken breaks at holiday time. So we s... | intermediate | [
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4975bb48430f28156ab3cebd6abddb77 | Okay, that's great. And then just speaking to the inventory sitting in the channel, outside the U.S. I don't feel mentioned there is still some high inventory out there, but is it as high as it was in Q4 or do you see inventory draw down a bit here in Q1? | Yeah, it's -- I mean it's definitely, beginning to draw down some. We saw some good sales picking up over the course of the quarter in France, which is one of our largest distributor markets as we've said. We've seen sales start to pick up in Spain. But we continue to see pockets of shutdowns pop up in some of those co... | direct | [
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95a4095e5a733345363bb2bad4c025cc | That's great. I guess when you speak with the rental clinics, are they hearing about a pent-up demand or there is a backlog of patients that either need to get anti-VEGFs or ILUVIEN and that could ultimately benefit as these clinic starts to reopen, patients come back? | Yeah, I think so. I think that we're doing a good -- the clinics are much, much more open and in fact, our face-to-face access with the physicians steadily improved over the quarter and continues to be pretty good in April. I think the challenges the diabetic patients that specifically we treat have been a little bit s... | direct | [
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e85bd377d00c573655933906b0d7413b | Yeah, absolutely. That makes sense. Just on the Ocumension deal, obviously that helps bring in some additional capital. Do you expect to invest more aggressively? Specifically, if you look at the P&L, would you expect your operating expenses to go up here over 2021 now that you have the capital? And really what are goi... | Alex, it's a great question and we are taking a hard look at that right now. It's hard to give specifics on that, but we do think one of the things we've always felt like is that ILUVIEN was underfunded even from day one as a small company. And so with a little bit more cushion on the balance sheet, we are evaluating w... | intermediate | [
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4c0a5401507645b65927095c1e165e83 | That's great. That makes sense. And then just last question. Just what is the current penetration of uveitis in Europe? If I remember back to the last call, really uveitis was only within a handful of hospitals in the U.K. and Germany. You mentioned Denmark in the prepared remarks, but where are the near-term opportuni... | Yes. So I think it's still low-penetration because it's been hard to get and convert new hospitals during the pandemic. It's only been launched in Germany and the U.K., so we think as things open up and we can get into more of those hospitals in Europe, we will be able to see more uptake uveitis in those markets. I wou... | intermediate | [
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a227ce6e8ac0b0ec120af8a968ce0e71 | My first question is, has Ocumension provided any guidance on how quickly we can get ILUVIEN on the Asian market? | Yeah. Good morning Yi, right at this point in time, we're expecting it to be about three to four years because the current expectation is that they will have to run some clinical trials locally and they're looking at how to do that. However, they -- we do believe that they will continue to look for ways to get there fa... | direct | [
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981b6a0f2111ebe64a5397274e7a168c | Got it. And do you still believe at this point the NEW DAY trial can complete enrollment in early 2022? | That's our goal this point time but certain we hope that some of these changes will speed things up because we need to improve the pace. Based on where we are now with a lack of access to some of these new patients, it's been challenging to date, but we hope some of the changes we plan to make over the next month or so... | intermediate | [
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667898a4d6b9a4ac468fc1fa6720db4c | Hi, good morning. Thanks for taking my questions. Rick, I had a quick question on the -- excellent deal on the Ocumension bringing in good chunk of cash. Are there additional Ocumension type deals out there that you guys are working on, that you see, what are sort of the market for additional geographies? | So, Jim, there's nothing that's eminent out there but we do believe that the geographic expansion is a key part of our strategy going forward. And there are some big markets, we would certainly be interested in trying to access the Indian market where we already have quite a bit of data on ILUVIEN, potentially the Russ... | direct | [
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eaf2ea746f115546bbd65bb117887a33 | So you are aware what's -- the latest been going on with India, the absolute disaster that COVID there. Any thoughts on how that may impact if that bleeds over into Europe at all? | Not at this point, Jim. No. | direct | [
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55dbe2645c1f04e4fc26093d4c450506 | And then any suggested guidance here in the second quarter on what the year looks like? And you guys have almost tripled the stock here year-to-date in the teeth a first quarter that was as you guys guided down 20%. So I think your message has been excellent. Any thoughts on what 2020 may -- 2021 may be looking like. | Jim, we always have typically said mid-to-high teens growth. I don't think we'll be able to be quite back to that but it's hard to say at this point. But I don't think we'll be back to the normal mid-to-high teens growth, but I think you'll definitely see some growth over the second quarter of last year and some sequen... | intermediate | [
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687c2ef2a926a198fe752ec7c318f3a5 | Okay. And maybe last question would be the opex numbers you guys posted in the R&D, G&A, and sales and marketing, are these kind of in line what you expect and maybe the sales and marketing going up a little as the sales hopefully kick in through the rest of the year. | Yeah, Jim. That is correct. We do -- we are putting a little bit of money behind things as you well know. People are being able to get out a little bit more, so that travel, a lot of the things that were kind of hampered previously are opening up. And we see our salespeople doing more traveling, more engagement with th... | direct | [
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5556eb94d51290e448456f6284146f1d | Got it. And then last question -- I know I typically ask the question on the calls. It's hard to question-answer of course. But any potential acquisitions or opportunities coming in now with I guess $38 million pro forma on the books that are looking at attractive? | So, Jim, we're out there looking. The one thing I would say about the Ocumension transaction is it frankly, it does give us some dry powder to have a bigger seat at the table in some of those conversations, right. So I think there are parties out there that we've talked to in the past that frankly with that currency in... | intermediate | [
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2b61d9565e62a60529b96168b7918c78 | So obviously, losses are up because of new customers. What gives you comfort that the new customer loss rates are going to mean revert to what historically seasoned customer loss rates are? Because it seems like we're all or nothing here, right? I mean if you don't get this mean reversion back to prior loss levels, we'... | Yes. So that's a good question. The way that we look at our portfolio, we break it down to several different tranches based on customer tenure with the company. And we haven't seen within those buckets, large deviations from historical norms in terms of performance or charge-off rates.
And so the question of when does... | intermediate | [
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afcaf91326a3085aa444f713f0d945bf | OK. And do you guys have any thoughts on CECL? I'm just trying to understand capital heading into next year. Obviously, there was a big decline in book value per share as you bought back quite a number of shares well above book value in the quarter. Is your lending group OK with that? Do we think that there is the poss... | Yes, right. So at the end of the quarter, we ended around $395 million in net worth. And under the current facility, we can go down to $375 million. Obviously, we'll continue to add to that $395 million going forward, both from net income, but also the share-based compensation also adds that network in addition to net ... | direct | [
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ef0dbfc662747e131fb3bcbff1e27abc | But you would have to -- you would conceivably have to renegotiate the net worth covenant though, given where your shareholders' equity stands today and the covenant is -- | That's right. Yes. | direct | [
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c1e2ac1bf9218872888e15b467bde05c | And CECL. Are you guys adopting CECL? Or are you going to defer it? What's the outlook for next year? | No. So we'll adopt on April 1. So we've been running our new model parallel to our existing models. And there could be a material impact, but it seems to track fairly closely to our existing model. | direct | [
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da209a31fdfada4cdc37e0fbcaea60a5 | What's the lifetime loss assumption that you're using for the allowance under CECL? | I don't have the details at this point. | fully_evasive | [
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5b0568278bc7e2faf1e8b7d198ec5843 | Well, I mean, I'm just -- I'm looking at -- I mean, the charge-off rate here is 16%. I've never seen a lender that has a lifetime loss south of their net charge-off rate, especially in a growth model. I mean, now -- I mean just back of the envelope here, I mean, it looks like you have a material increase in the allowan... | No. Because -- so the new model will be based on the expected loss rates of new borrowers, current borrowers and former borrowers, right? And the historical performance of those classes of borrowers, right? Where today, our model is based on roll rates within -- so a migration analysis, right? So how our customers migr... | intermediate | [
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b1842314852c125433fafea77cd0f23a | Well, I mean, what we're seeing with some companies is, CECL charges are going to take another bite out of book value. Are your debt covenants -- do your debt covenants exclude the impacts from CECL? I mean we're not -- there's not a lot of daylight in between your current net worth and the covenant threshold. And I'm ... | Yes. So we're not worried about the impact of CECL threatening our minimum net worth. | direct | [
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dfb7bb8b1187b19d8933aab859b3be02 | But your -- is it in the covenant that it's excluded? Or is this just based on -- | It's not. No, it's not excluded. But we're not -- just knowing what the size of the impact is, we don't expect it to be an issue. | direct | [
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ce6a80bd88f678c0ac0aa1e58b5610dd | OK. And then, obviously, as we go into next year, I mean, there's a big increase in the allowance ratio this quarter. And historically, we've seen that number bump around a little bit. And sometimes, it used to be prior to all the accounting issues that you guys had with the prior management, it used to be a flat numbe... | Right. So it's going -- to Chad's point earlier, right? It's going to follow the proportion of new customers, right? So as long as we maintain a higher proportion of new customers as a percentage of overall -- the overall portfolio, we'll expect delinquencies to be higher, which will impact the current model, right? So... | direct | [
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423ae379f21ad93a787f78050eafb1a6 | And just last question. Can you give us -- you did it last quarter, can you give us what the forward numbers are in the next two quarters for stock-based comp expense that you're projecting currently? | Right. Yes. So it's the same as we gave the last quarter, that hasn't changed specifically there. | intermediate | [
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8bdcfe6fc7ec7fd02981cc56fbec9071 | Hey, good morning, guys. Thanks for answering my questions. I just want to touch base on growth. Obviously, it's been very strong, and I just wanted to get a sense of what's driving that growth? Obviously, some of it is acquisition-driven.
But even on a same-store basis, it looks like you're growing in the double digi... | Yes. So it's a combination of several different things. One, we've had a tremendous change in our marketing over the past couple of years. At the same time, we've had changes in our incentive plans across the company.
We've had also changes in technology that allow folks or potential customers to apply online and chan... | direct | [
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ddb4592a23e1d55bd6c0f63e188268b3 | Got it. And then just to dumb it down, could you give us sort of a balance between organic growth and acquired growth? | Yes. So organic growth last quarter was up -- I want to say it was -- go ahead, Johnny.
Yes. So growth during the quarter, the acquisition growth was similar to the same quarter last year. Organic growth and balance was actually down this quarter. That's largely being driven by the higher charge-offs, right? When you ... | intermediate | [
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ba9894ca53f0ccafdb50e902e2092576 | Got it. And then -- and just on the acquired loans, can you give us a sense for sort of the multiple you're paying on those and the accounting, as well as it looks like a lot of the increase in the delinquency was a result of acquisitions. And typically, if an installment lender acquires another, they'll kind of do the... | Sure. So as far as -- again, we don't want to go in too much detail about how we price acquisitions. But we -- I will say, we approach it from a unique customer cost perspective versus paying a multiple for the company because we don't typically buy whole companies, we're buying the assets. And with some of the small a... | intermediate | [
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a860e00af0532c8dbfe7d57f14f9fec6 | Got it. And then last question for me. I think you guys are going through what someone else in the industry referred to as growth math. And it sounds like demand is still very strong, but just sort of any sense when, ultimately, we should see some of the headwinds from this growth math start to weigh in, in terms of th... | Yes. So it really depends on when we stop growing at the same clip, right? So organically, I think we continue to grow at similar rates that we have in the past two years. A lot of it comes down to the opportunistic opportunities out there from an acquisition perspective. So we're getting ready to enter the third quart... | intermediate | [
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10082114cd64e83c0bdc94229d51aade | My first question is regarding your online literature business. Because it seems like that the DAU continue to grow quite very well sequentially despite the normalization of user activities after COVID in China. Could you elaborate what are the main reasons contributing to the solid sequential trend in second quarter? ... | Yes, the DAU growth trend is quite solid. And I think the most important reason is that we optimize our content ecosystem to generate proper content, which is more suitable for our users to consume. So we establish our content ecosystem. We think more about how to enable our registered writers with AI-enabled data plat... | intermediate | [
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890c034702b8fcb99099c394faddf834 | And my second question is regarding the revenue from online games. Given the revenue contribution from online games is roughly at 45% this quarter, will online games become the major growth driver in the coming quarters? What will be the company's approach of growing the online game business versus online literature? A... | And as for our online game business, it actually benefited a lot from the fast-growing online literature business because they are highly synergized in terms of targeting user base and copyright. As long as we can sustain the growth momentum of our online literature apps, our online game business will continue to grow ... | direct | [
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73c2e4897929464c1158c29b9a9d90ec | Just wondering, could you provide some color on the third quarter profitability? Given third quarter revenue guidance is down sequentially, does that mean that the bottom line is also supposed to be down sequentially? And how do we think about third quarter net income given our changes in strategic focus and exit of th... | Well, yes. Here I want to emphasize that we have experienced a profit growth for three continuous quarters, and in the second quarter, we returned to profitability. So our core app Fengdu Novel is recognized as a future star in the market. So our business has proven strong and sustainable. So we are confident on our lo... | intermediate | [
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abcdcf15cc367337dbe4ee39b60be437 | I guess, Julia, as you guys kind of look at the course of things, over the course of the quarter, you were pretty late in giving guidance just given the timing of the call on May -- on March 7. Wondering how much of what we saw on the shortfall in the quarter was something that changed materially in the last three week... | Thanks, Heath. I'll let Randy answer the first question on guidance, and then I'll answer your questions on music and competition. Randy? Yes, Heath. So on the guidance front, you are correct in that we gave guidance relatively late with the benefit of the February and January close. We didn't see anything materially c... | intermediate | [
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7be4d14b53771701c49467d051270a52 | Can you just elaborate a little bit on the increase in contra revenue items? You mentioned I think they were driven by higher -- more of creators signing fees, which I think had a negative impact on revenue per ticket. Is that a onetime? Is that something that's with us for the remainder of the year? Just trying to fig... | Yes. Youssef, thanks for the questions. On amortization, our amortization of signing fees grew faster than revenues as is evident in the 10-Q. As a reminder, we -- whenever we have a signing fee, we basically amortize it over the life of the contract or three years, whichever is shorter. And that is our accounting, and... | intermediate | [
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37ed4c41d7b34398b42c9fde2566829e | Let me just follow-up on that last one question. I just -- I recall on the quantification of the music migration that there were about 700 venues that were left in that music migration. Can you just talk about where that number is now, if I got that number right? Secondly, could you talk about the non-music verticals a... | Thanks, Mark. On the first question around the number of venues, we aren't disclosing that number. But I can tell you that we've seen an acceleration again in the migration pace in Q1 that is closely linked to the product capabilities that we've now launched on the platform, and we'll continue to see that momentum incr... | intermediate | [
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67e5debf5aa20ade8b318dd419f0fe25 | First, Randy, I was hoping you could clarify, just want to make sure on the gaps between the 21% self-sign GTF growth down to 14.5% paid tickets growth and the 9% revenue growth. Between GTFs and paid tickets, is that all kind of music and Ticketfly related? And then between paid tickets and revenue, is that essentiall... | Yes. Doug, so let me take the first question. So at the highest level, we generate paid ticket growth in the quarter. It was 14 and a half percent. You adjust from that paid ticket growth by changes in gross ticket fees or you can think of it as revenue per ticket. So all else equal, we look to drive for volume on the ... | intermediate | [
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29fc736434784620632d828bc01b4d70 | First, I wanted to dive in on the gross margin. Historically, if you look back, there's usually a several hundred basis point decline from Q4 to Q1, and then it recovers and grows over the course of the year. That didn't really occur. In fact, your service gross margin was actually ahead of Q4. Was -- maybe what contri... | Yes. Well, I -- we actually see the year going down just a tiny bit, I think, about 60 basis points here from 50.4% to 49.7% on a non-GAAP basis. But you're right, it's relatively flat and not much of a decline. I think we can point to a couple of strengths that we did mention publicly before. We believe in the third q... | intermediate | [
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06bfb44b146e7142e0ca3dad9604f366 | Great. And then as far as -- you haven't broken out historically, but how should we be thinking about software as a percentage of your mix? Obviously, with Performance Center, the shift toward the autonomous platform, is that a growing percentage? And where does that sit today, if you don't mind breaking that out? | So if you look at our strategic framework, right, as Randy also talked about, the cloud data platform, the automation layer secondly, and then the intelligence layer plus then the IT-enabled services, there are of course software components in each of those layers that are very important to the Autonomous Pharmacy. I w... | intermediate | [
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b68794c6035974903c51eddef392f96e | Okay. Maybe one last one from me, and then I'll hop back in the queue. I know you're not providing the historical metrics as far as greenfield versus competitive conversion. But maybe if you could speak anecdotally about what you're seeing from the competitive landscape and whether or not you're converting there? | Yes. This is Randy. I -- we still are continuing to get competitive wins out there. And that particularly in the last 10 years was a key driver of our growth. And while we do want to continue to win in the competitive landscape, it's really about helping our customers understand how we're going to help them transform t... | intermediate | [
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27e249ad09333b8f79167bdd37317e1c | First on XR2, can you give us any color on how many you implemented so far and what the feedback has been and how does the pipeline look for the rest of the year? | Yes. I think it's going really well with our initial customers, has been well received. The ability to implement the system for both individual patients and other distribution points with perfection is the piece that really excites people. And so we get a lot of traction from that, and it is so central to the story of ... | intermediate | [
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6242f20b3b9d2cf0694015994f7475ac | That's very exciting. Single dose tracking, this -- that product when you launched it, was very interesting. How has the feedback so far? Any customers that are going to live -- go live this year on that product? | Oh, you mean the Patient Engagement platform? On the software side? Yes. So that's tracking well, right? So that platform consists of multiple products on the same software platform, and it's achieved essentially for retail pharmacies to not have to log in to 10 to 15 different screens. It combines those different acti... | intermediate | [
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cf6f33289770460f9caf41a1ba9bb1f5 | Got it. One last one from me on the bookings guidance. What's the confidence level, given that in Q4, you had some, really honestly, $60 million of pull-forward, but you took out some bookings from 2019. I guess, are you stretched to get to the current guidance? Or have you baked in enough buffering there for bookings ... | Yes. So we feel good about our product bookings guidance. I would say they're tracking really well through the first quarter. Pipeline is very healthy. We see definitely the uptake from a platform perspective. And then, of course, we did the sales realignment in the fourth quarter. And we had minimum to almost no disru... | intermediate | [
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a8b06f9c564e9b7b217b1a7864fdc602 | What portion of your retail pharmacy footprint already has this patient engagement software in place? And again, what's the cross-sell opportunity for this product across your base or other products into this space? | So there's sort of 3 questions there. Let's kind of go through them one-by-one. So we don't break out the number of pharmacies out of 40,000-plus. But in our network, how many are on the patient engagement platform? That number is increasing, and it's becoming more significant. But it's not necessarily the majority qui... | intermediate | [
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586551c78577b014e5af1938c0d2b960 | Thanks that's helpful. And regarding your University of Tennessee win, you mentioned that they're upgrading to XT. Is that a housewide upgrade? Or they're going to take all of their previous systems and switch them over? | Well, I don't want to necessarily disclose customer specifics. But it's a significant booking. It's also a platform booking. That's the only thing I want to... I think they're going to start with a significant portion and eventually they will, and that's seasonally what happens with most customers. | fully_evasive | [
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a06b8711445e861096aec94e9bc69ae1 | Good afternoon guys. What was international like in the quarter? | Yes. So of the $4 million exceeds on the top line for revenue for midpoint of guidance, a portion, $1 million-plus of that was -- the exceed was driven by international. So we definitely see some good uptake as well as international in the quarter. | direct | [
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5503f2382c1c586476207cb1ebb016fc | It looks like that's a trend? It wasn't just a one quarter kind of situation? | I think in general, international, as we look at it, is growing roughly in line with total company. | intermediate | [
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658eeb1ea8968e73e12698882c3e8618 | Okay. And then, Peter, as you -- as the rollout of the XT continues, are you getting a sense, i.e., I know you have a very firm feel for the replacement aspect of it. But are you getting a sense for the growth potential beyond just replacement cycle? | Yes. Of course, XT is not only replacements. Of course, there's competitive wins that we will -- we anticipate to have for many years to come. But also expansions of ADC footprint at customer sites, right, where the percentage of corporates (ph), if you will, of awards we also see increasing over time. Yes. Yes. It's a... | direct | [
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5ab77ac9fe77f0d7ccadd4fbaad0eaff | A couple of questions. First, now that the Sprint, T-Mobile merger seems like we're almost to the finish line, I wanted to ask, Ken, kind of what do you think of the industry structure with DISH coming in as a fourth 5G operator, cable companies with their MVNO strategy, AT&T with its FirstNet project, how do you think... | Well, that's a multipart question to start the day off on. It's fascinating the way to see how the industry keeps broadening its appeal, right? It's addressable market. We started off voice, voice data, voice data video, cable companies coming in. I see -- I think we're going to see continued evolution of this. And I t... | direct | [
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fc399f8575569be44998ce870374a13d | Obviously, capex was one that is trending up as you buy spectrum and deploy it. The equipment supply side, capital is going up. How do you think about return on capital, what your hurdle rate for return on capital is and how you guys are going to achieve return on capital? | Okay. So yes, capital is going up. That's because we're in this overlapping period right now. We're still finishing up Voice over LTE, while we're starting down the road to 5G. And 5G, well, the way I'm thinking about it, at least, there's two parts of that 5G investment. First is the one that is -- allows the network ... | intermediate | [
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b9fab440241b61c2310de0b091c88843 | And people have been debating if this 2020 will be a year for a "super cycle" with 5G iconic devices coming out. How is your view in the guidance right now and also your view of what's actually going to transpire with the switching pool? | Wow, too soon for me to tell. Yeah, a lot of talk about it. But I think that we're still early in the 5G deployment. And in fact, if 5G deployment isn't far enough along, we actually run the risk of a dissatisfaction with consumers if we get the super cycle change and the network isn't there because people will expect ... | intermediate | [
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99b1d582d9ba27962893f24b9a71a60d | Hi, this is Reed for Phil. Thanks for taking my question. It's just the fall of tower multiples have increased anywhere from a few turns to as much as five times. So especially in the context of your capex guidance in the upcoming spectrum auctions, could you share your thoughts on taking on a partner or changing your ... | Okay. Yes, I think my stance on towers has been pretty consistent, maybe paying full lease out. And that is their strategic assets, and they continue to be strategic. They continue to be important as we change our network configuration with 5G, just like it has with every other technology change. But what I also said w... | direct | [
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93e7a0904c7c59e9f19c6a3aa57d46a7 | Great, thanks. And then maybe a second one separately. We've seen solid growth in cable, particularly broadband over the past year. Can you kind of estimate what the portion of out-of-territory build accounts for when you're looking at the total subscriber and revenue growth in cable? Like or in footprint markets less ... | So let me make sure I answer your question. And if I don't, please follow back up. But Reed, this is Vicki Villacrez. As you're looking at cable, we are expecting strong broadband growth, similar to the trends you've seen all this year into 2020. And that's really separate from our out-of-territory broadband growth, wh... | fully_evasive | [
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"intermediate",
"fully_evasive"
] | C |
a46e7357bbf0592e78630d74233ff874 | Okay, great. Thanks for taking the question. On the US Cellular side, you guys are emphasizing this idea of expanding addressable markets as a priority this year. Is this just a reference to the edge out expansions you guys are doing over VoLTE? Or is there anything beyond that? And also wondering if you can help us ki... | Yes. There's two aspects to it, Zack. One is the small what I'd call the small impact of the edge out, right? It's not that material, but they are adjacent -- markets that are adjacent where we can leverage our network, we could leverage our distribution and name awareness. I think the bigger opportunity is what we're ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bf5323a7e96d46c762f8eb2937425965 | Okay, makes sense. And then another one for you, Ken. Just -- given that it looks like T-Mo-Sprint is going to go through and you've got DISH coming in as a new entrant, anything that we should think about in terms of the trajectory of both the roaming revenues and roaming costs? | Boy, that's a great question. I think we have got most of the -- most of work done around the cost side already. I think we -- the team has positioned us really, really well in terms of allowing our customers to get the benefit of their packages wherever they're at and doing it in a way that we can afford to do that no... | intermediate | [
"direct",
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"fully_evasive"
] | B |
33e4e4f7ea62970368cc92f2a91de017 | Okay, great, helpful. Thank you. And then if I could switch over to the telecom side for a quick one for either Vicki or Jim, could you just remind us what your sort of target penetration rates are for the out-of-territory fiber builds? And also, has there been any change in competitive intensity in either the current ... | I'll take that one. So in our out-of-territory fiber markets, we're hitting penetrations over 50%. So to translate that to market share, it's up in the 6% range in our out-of-territory. And the only area we've seen any competitive reaction is largely in MDUs, where as we go into them, whether it's charter, we largely h... | direct | [
"direct",
"intermediate",
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] | A |
7a0154554f689c336061d45a82c96766 | Great, thank you. Good morning. Ken, you talked about spectrum. And you have a slide showing mid-band spectrum as being key to 5G. So how are you thinking about CBRS and C-band and how much you need there to be successful? And a related question now, what's your thoughts on dynamic spectrum sharing? | I'm going to let the experts talk about dynamic spectrum sharing, things that are well beyond my headlights. And Mike Irizarry, our CTO, is sitting here just waiting for that. As a kind of strategic matter, the discussions that we've had, like CBRS, we view that more as augmenting our network, not one that becomes prim... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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