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34960024c9c46a2e715ee5e69ed20884 | Got you, and maybe one last question for Danion. Danion you've managed the balance sheet very well over time, and the Company has been very in conservative position, do you think on a longer term basis, there's an opportunity for Getty to maybe take off the leverage a bit to do a little bit more deals, how do you see t... | Nice question, Nikita. We've been very consistent in articulating that we feel our leverage in a conservative manner, and we've indicated that our net debt will be within a range of 4.5 to 5.5 times. As you know, today we're currently at 4.9 times. The way we knew that is, it provides us capacity to do acquisitions as ... | direct | [
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1cfa39a66ed78abed82ed4280aa1ab07 | Maybe the first for John. John, I think we've always sort of thought of the maintenance level being like a rig and a half for Seneca. Understanding right now, there's a higher level of DUC inventory. With your larger production base with the Shell acquisition now being closed, has that moved -- your assumptions moved h... | Hi, Holly. Good morning to you. That's exactly right. We really haven't changed our maintenance at 1.5 as a result of the Shell acquisition. It's still pretty much remains in that bracket, I'd say 1.5 to two. At a two-rig pace, you're looking at -- if it was consistently two rigs, we're looking at anywhere from 5% to 9... | direct | [
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180e31af023de3c880408d652c819f74 | Okay. That's good color. Maybe, it sounded like from Williams conference call that Leidy South or at least part of that project was coming on a little bit early. Is any of that capacity is going to be allocated to Seneca? | Our goal is to -- is we're targeting the winter heating season. If it's on early, and we have to sit down with wins [Phonetic] and really understand how that's going to play out. But our target right now is to make sure that we have the production to fill Leidy South as winter comes on next winter. | intermediate | [
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8657ea78629f140cfb024bdcb3005dac | Okay. And maybe another one for me. The second rig that we're talking about, is that under a long-term contract or how should we think about that, if prices start to pull back in a meaningful way here? | Yes, it will be a one-year contract. So the prices [Speech Overlap] yeah, the prices decline, and we'll certainly be able to pull a rig off the table. | direct | [
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f3f27205b4efd9b5710f1d94942970e1 | Okay. And then maybe just one final one from me if I could just on -- it looks like, as of yesterday, the cash market remains very weak in the basin. Any production that's currently shut in today still? | Yes. Actually, October our spot volumes were pretty much entirely shut in. And you're right, November has started the same way. So the spot volumes remain curtailed in Appalachia. At least with respect to us. We are voluntarily curtailing production. | direct | [
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ca4137ee16b1df74273185448f14bbe6 | To follow up on Holly's question with regards to the upstream, can you talk about how the updated economics and Type Curves across the portfolio impacts your thought process on where within Eastern and Western development areas you placed your rigs. And then as you bring on this second rate next year, how long does tha... | Yeah, absolutely. Let's start with the second part first. Yeah, it will pretty much remain in the East. Every once in a while, it will -- it may drill a single pad or a few wells in the west, but largely 90% plus of its time will be in the EDA. And certainly, we recognize that our highest returns are in the EDA both in... | intermediate | [
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5d142e0c66aea9f5a0e41f32c0712c99 | Great. Thank you. And then my follow up, I think, at the end of Dave Bauer's opening comments you made the point that, especially when you look out into 2022, there is more free cash flow and balance sheet flexibility to consider additional growth opportunities if they arise. And I just wondered, where do you see those... | Yeah. Well, we certainly have a very large acreage position that we could develop organically. But having said that, we are -- and I should add to that that we've got a great track record of expanding our interstate pipeline network. But we are always mindful of other opportunities that may come around. So I guess that... | intermediate | [
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8437089413f4be6d3c2d84140c306f73 | Thanks. Good morning. Thank you for capex guidance for fiscal 2021. Wondering if we could get directionally your comments on fiscal 2022. I know it's early days, but how should be think about the broader contour of the moving pieces by segments? Clearly E&P with the addition of rigs, you would have three months of addi... | Sure. 2022 if we see or whereas as we see the approach of Leidy South, the online date there, there will probably be a bit more costs going into fiscal 2022 related to completion and bringing those wells online. So 2022 may be a bit higher, but then going forward, we will, probably, see that drop. Again we go back to t... | direct | [
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91a60c1c5f249de71e21b5f2579b6c90 | Appreciate the details. On, just sticking to 2022, it looks like you have a very solid hedge book for fiscal 2021. What does the hedge book look like or protection looks like for 2022? And given natural gas dynamic, what's your hedging philosophy, and how you're thinking about sensitivity to gas prices in 2022? | Yeah. We've been methodical and trying to build a book for 2022 if you look at our release last night and the slide deck, you can see that we've added a fair number of positions there. Our philosophy is to layer in hedges over a two or three year period with the goal of being in the two-third hedged area prior to the s... | direct | [
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1760dc86e302c838132588849148ce48 | Great. And, if I could sneak one more in. Thanks for the color on where the second rig is going to go, but just wondering how you're operating or thinking about operating the recently acquired assets differently from the previous owner? What I'm thinking about is utilization of infrastructure and our supplier chain any... | Really the biggest benefit is on water costs. They had a fairly extent, they had a number of fresh water impoundments that we're able to utilize and so build early, when we know we're going to be active in that area. They had a watered -- produced water storage facility as well. And that's really where -- so far, it's ... | intermediate | [
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e1bf66665b6218a0e9f96e81b3666b52 | Good afternoon, guys, and congrats on the updated guidance. I was... And can you talk a little bit about, given evolving U.S. energy policy, where the California oil pit -- patch fits into your strategy? And maybe a little bit more expand on the meaningful free cash flow opportunities in 2022? What types of things you ... | Sure. California remains a key piece of our portfolio. It generates -- on every year, it generates significant cash flow in -- even at $40, going into fiscal 2021, we're looking at -- in terms of what we're going to spend, we're looking at maybe cash flow, free cash flow in the low 30s. Obviously, when prices are highe... | intermediate | [
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4dff95f3f70a993057ae25e3ef0d714b | Hi. Good morning. This is Gordon Williams filling in for John. And just, kind of, a quick question on Slide 54. I noticed that the average kind of capex on the wealth has come down quite a bit across the board. And I'm just trying to get an idea of how much of the decline is related to kind of service cost pricing? How... | Yeah. Actually that's a good point. Obviously, a lot of this has been service cost driven. We've seen, probably, 10% to 20% drop over the last year, year-over-year. Having said that, we're also seeing costs on a per well basis. We're seeing increased efficiencies with respect to our Utica program. We're drilling these ... | direct | [
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ec66bfe568b68cb1e16413639a356591 | Got it. That makes sense. And then my follow-up is -- I'm just trying to get a better handle of -- kind of how you guys go on -- in terms of the curtailments of the 6, kind of, Bcfe that you guys curtailed in this quarter? How much -- I guess, what's the split between the EDA and WDA, and does that all, kind of like yo... | That's exactly right, and I don't have the split between our three key receipt points. I do know it was -- we did have -- we do have curtailments both in the WDA in Tioga and Lycoming. I don't have how that split out, but that's exactly right. It's really a function of pricing at each of those points with what spot exp... | fully_evasive | [
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6813477c487f0e8e23ee5a17bc68d6c1 | Hey, good morning guys. Appreciate the color on how you're managing the cash rent collections, but I had a few follow-up questions. I guess, as you're working with tenants that are having challenges or at least have requested deferrals, are you asking for any better terms in the leases as you think about them, whether ... | Sure. Thanks, Craig. Yes. These are all very fluid discussions. And one of the things we will look for is if there are lease terms that we feel like need to be improved, those will also be part of the discussions. As Jim mentioned, we really have very few cotenancy and restrictions in our leases. But if we do have some... | intermediate | [
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478bf9dac62c728f3d3279a4a5374992 | Got it. And as you're going through this process, are you trying to structure things such that you get paid back the rent that's potentially deferred by year-end 2020? Or kind of are you extending in 2021? Or sort of how those discussions moving along? | Yes. Good question. As I said, it is a fluid process, Craig. And we're an important part of the process is truly understanding the tenants' position, their ability to get back and open and operate. We are generally looking at short-term payment deferral plans, but those will evolve as we have further discussions. But i... | intermediate | [
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1a0c3d3ad2d02c19ccc5f244266bbcf1 | Got it. So based on that comment, should I sort of assume that the credit loss and straight-line rent was probably more tied to restaurants? Or are there certain categories that, that was more focused on? | Sure. As I said, we did stress test the collectibility of our tenants given this impact, and we identified about 40 tenants that we took an additional credit loss reserve as well as wrote off to straight-line rent. The nature of those tenants was a large amount were restaurants, some were entertainment, but it was a gr... | direct | [
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c3950b441e80b14a653c36dd3f5cffc9 | A question on OPDIVO, Bristol is moving forward with the Phase 3 in renal cell carcinoma. Can you talk about what their clinical strategy is? Do -- have they shared that with you and are they looking for this Phase 3 in RCC as a anchor study and do other tumor types in Phase 2s? | Yes, thanks, Do, for the question. We are aware of the strategy, but BMS hasn't publicly commented on it, so, unfortunately, we can't share any details. What I think we can talk about is the fact that the RITUXAN HYCELA ODAC, the FDA said that moving forward because of the more broad experience of PEGPH20, a separate c... | fully_evasive | [
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aceea933a106a54bd1612f2f70d78b33 | And any particular reason why they chose renal cell as their first tumor indication? | None that I can share, Do. | fully_evasive | [
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8ede224a848e96a2cc33b09fde140778 | And on the commercial side of things, it looks like the launch of Phesgo is much slower than FASPRO. Could you talk about what's driving that difference, whether it's the different cancer markets, breast cancer versus multiple myeloma or how your associated partner is executing on the launches? | Yes, in terms of the differences between the markets, there are several, what we don't have is a specific cause and effect. But one of the key things is timing for DARZALEX FASPRO, it was approved both in the US and Europe in June of last year, whereas Phesgo was approved in the third quarter in the US and only in Dece... | direct | [
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404c7e2b8a7a4162041b3c258656480b | When you look at Street models, which potential royalty stream do you see as most under-appreciated by the Street? | Sure. So I think -- Jessica, thanks for that question. I think -- look, I think we -- I think the Street has largely focused on DARZALEX FASPRO, which given Helen's comments and our public comments, I think is certainly driven by the strong performance and initial uptake that we've seen with DARZALEX. I think one thing... | intermediate | [
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ff4e1992492b21a5128465a42465bd40 | With respect to the share repo, just given how much you've already completed in the first quarter, is there any chance that you'll pull some of the remaining repo on the plan forward into 2021, and are there any other uses of cash beyond repos that look increasingly appealing? | Sure. So, as you know, Jessica, we have a balanced capital allocation strategy, and we -- that's support of both capital return, as well as funding internal and external growth via M&A. We've certainly been very focused on capital return, and I think we're just over 75% of our way through the $550 million three-year bu... | intermediate | [
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e8652b4e3c728b9ff148408a67e0cc6f | I just want to make sure I was clear on the DARZALEX first-line multiple myeloma 3% market share. Is that the overall market or is that the additional portion that's converted to subcutaneous? | That was the overall market, I believe that was being referred to, Roy. | direct | [
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61c7238ec691e8fe5937b92d3ca27432 | And they've never broken out. They never... | They didn't broke it -- break it to make sure of the two. | fully_evasive | [
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885093a9de433b251e93d6656b0b07c2 | Okay. They've never broken out subcu? | They haven't. The J&J have not. | direct | [
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192315100db0e0c05a19221b9f218192 | Okay, great. And then can you remind us what the light chain amyloidosis total market opportunity is in their view? | Yes, the epidemiology around this is, there is about 4,500 incident light chain amyloidosis patients in the US annually, and it's a similar number in Europe. So think about the total opportunity, I think globally of being about 10,000 incident patients, the indication is for newly diagnosed. This is an accelerated appr... | intermediate | [
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625148b08c44afd0a30c24c749049bba | Just wondering, Helen, in the last call, you had mentioned about that you were kind of reengaging with your partners to sort of have them revisit their portfolios to see if they will be able to identify new targets that could move forward into the clinic, I was just wondering, so how many sort of new targets that you -... | Yes, as we entered this year, Anita, as you know, we said five new Phase 1 starts, which represent the line-of-sight new targets we had coming in and we've already started two of those. I can tell you our discussions with partners are ongoing. And -- but we have no update I can give you with regard to whether we will e... | intermediate | [
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fd7ffe2d1f5291865b9392b7deaa6794 | And just one more question on DARZALEX itself. So I think from what J&J had -- or Janssen had talked about it before, there are about 40% of the patients that converted to the subcu form. So eventually we would expect like a majority of the population to adopt this subcu version. And we could kind of think about that f... | Yes, I do think DARZALEX, as you mentioned, is off to a strong start. And I think the comment on the 40% actually, I believe was made by us based on data last October that showed that -- this was from Symphony they showed that 40% of use in the US was with -- was with the subcu. We certainly are delighted with the perf... | intermediate | [
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7510c8da7de26e909bdf831b8b438035 | My first just has to do with the broader portfolio, in particular, the 16 products that you list on slide 5. I'm just wondering if you could maybe remind us if there is certain products where the current IV infusion times are perhaps considered longer perhaps than others that might facilitate greater conversion over to... | All right, so turning to slide 5, I think, Greg as we're taking a look at the products that are listed here, there are a whole range of infusion times as you point out. And obviously some of them are perhaps 30-minute IV, some of them more range toward the 1.5 hours to two hours. What I think is important is duration o... | intermediate | [
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77777cd2249d2451a0a266536212088f | And then my second question, just wanted to revisit the Company's prior comments around looking for additional technologies. And I'm just wondering, as we have been talking about this over the past several quarters, I'm curious if there have been any changes in the BD environment, whether it is the number of potential ... | If I could move to the question of BD, yes, as we mentioned, our goal is to seek to find another platform that we can do what we've done with ENHANZE, which is licenses to multiple partners and be able to grow revenues perhaps beyond what the originator was able to do. And so we are very actively looking at different o... | direct | [
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b1fb734994a05ac890d9f5c02b96e02d | I'm wondering if you could help contextualize how much of the growth of FASPRO that you're seeing and its contribution to the top line is perhaps being muted to some degree by the contraction of some of the legacy products? And then somewhat relatedly, I think Genmab said some Nordic countries are seeing 90% FASPRO con... | Yeah, I'm -- I would say, let me take the second part first. Yes, we heard the comments from Genmab and really echo with the Chief Commercial Officer there to say, it is very difficult to get detailed penetration data from Europe. So we can't really comment on that by geographies. We have a general sense from our royal... | intermediate | [
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b2c72f4c19855cb291f661621a49183c | Just to be clear, I know you cited a lot of different drivers there. But simplistically, AppRiver versus core offering, which one was the bigger driver here? | The -- we're talking about the whole company level, and that's really primarily how we look at it, Nehal. Those trends were -- that we talked about were real consistent across all parts of the business. Really good momentum, especially later in the quarter and here in April, and it kind of crossed all parts of the busi... | intermediate | [
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cc938484baf3e976a316a8e35758b645 | What do you think is behind the acceleration in the month of March? Is it easier comps or is there something more fundamental going on? | That's why we used those NFIB stats. We just feel like it was really a market thing. I don't know what other SMB players, but we really thought it was just really tightly correlated to the market. April, as you know, was a super strong month in the SMB segment of the economy, we certainly saw that. | intermediate | [
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1116bd3986ef16ee03b2129bc685c079 | Great to hear about the great success that you're having with CloudAlly. Do you think that has anything to do with the news items of accelerating ransomware across the cybersecurity universe that's driving that? Or you think there was something else that's driving that? | No. I think you're exactly right. You know, the ransomware and recognizing the value of the cloud data workloads that -- that's what we talked about, first part of COVID is this rotation, work from home, is to drive a lot more cloud adoption. And that's why we also think it was really well-timed. We were close to our p... | direct | [
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3766c46136a074177e4bead3671e315f | Is it fair to assume that you're expecting continued acceleration to this sort of 16% rate by the end of this year? | Yes. So obviously, we're very pleased with the acceleration that we're seeing. When we talk about the $500 million, we'll leave a little bit room for inorganic work as well. So you had 15% where we are today, there's $30 million of acquired ARR that would get us to the $500 million. But that's exactly how we're looking... | direct | [
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155a96a20945c8c20e9d06249558a56d | As you guys started to migrate legacy customers onto Secure Cloud, are you seeing customers use this as an opportunity to add additional products? And then just overall, as we see the number of services per mailbox continue to tick up, how should we think about that having an impact on net retention and gross margins? | OK. I'll take the first part of the question and let Dave come back in on the attach rates and the gross margin, most -- gross margin dollars. So we are seeing an acceleration of the migrations to Secure Cloud. As you know, Nick, we finished up the dev work late 2020 to get all of the best features of what we call adva... | direct | [
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691d4fa8e7aa85646fafd11bbc17087f | A year ago, now we were talking about customers downgrading to lower price Office 365 SKUS. I was just wondering if you kind of saw any similar impact in the quarter of that, that you're talking about SMBs? | Yeah. That's a very good reminder. And it was different this time. It was not -- the churn was super solid. We did not see that price sensitivity, just a slowdown in the addition of fees in the installed base. That was a good question. We did not do the skewing down like we did last March. | direct | [
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28d3bf49bf664429624d6e632487012c | So just to be clear, the reason why the gross margin decline this quarter was because the acceleration to cloud migration, acceleration of cloud from basically hosted exchange to the cloud-hosted. Is that correct? | That's right. Yeah, that's right. It's the Office 365 carries a little bit lower gross margin for us. So as that rotation happens and they brought the gross margin dollar down, I think it was down $100,000 quarter to quarter, but we've seen you know, we saw that kind of went off a little bit in March and April. So we'... | direct | [
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121e5fd3baf839462dc15b3186e6cf39 | And can you explain why that's a long-term positive? | Sure. The long-term positive, Nehal, I think is the very clear positioning of Secure Cloud as a platform for MSP partners to consolidate these services. So the higher-margin HEX we've known for a long, long time that, that's not the future. The future is the cloud solutions for productivity, security compliance that we... | direct | [
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e101415502da6b9b784dcaba2877d8f9 | OK. So then what are the metrics that give you confidence that you will be able to attach additional services as customers migrate from hosted exchange to cloud base [Inaudible]? | Oh, OK, good. So thank you for that clarification. So going back to the package that we put together for our [Inaudible] into our installed base, not our partner's installed base, the direct portion of our installed base. We've been marketing a package to them that moves them to what we think is the best offer, which i... | intermediate | [
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d9bf99bdd1a291087ca4ec4133aa4818 | OKO. All right. And then did also this on-premise email exchange HEX? Do you think that's also been a driver of the accelerated migrations that you're seeing? | So I actually think -- well I know that we do a fantastic job on behalf of our partners and our customers, operating the hosted exchange servers. We have a team that's been doing that for a long time and really, really best-in-class. We collaborated really closely with Microsoft on that. Our partners and customers, our... | direct | [
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549e913c7ca028673cc21fc9898436a1 | OK. And then finally, for Dave Rockvam, you did say that you have confidence that gross profit dollars will increase Q over Q into the second quarter. Can you review the reasons on why that is? | Yes, it has to do with the March and April sales that we saw. So, you know, we had the Office 365, you know, really bump up with the hosted exchange in January, February, continue to see the growth, you know, Office 365 into March and April for sure, and we saw gross margin dollars there. But then we also continue to s... | direct | [
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cab627a5fbb67f83752783aee7c43f1e | I wanted to start with retail in the Cayman Islands. Could you give us a little -- are the Islands opened up? Or are they any indication that they will open up as the vaccine rolls out? Any type of thoughts on that process? | So right now, the -- there is air travel back and forth. If you're not vaccinated, you have to quarantine for 14 days in a government approved facility. If you have a vaccination card, then it's only 10 days. So it's still not really conducive for tourism yet. Once they've talked locally about opening up more, which wo... | direct | [
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89feaa1d72574448e72e74134adbf486 | And obviously, the margins in the retail segment were down. I mean, lots of fixed costs. I mean -- and the margins are down, I presume just because track result of volumes. Is that correct? So what a time -- As volume come back of tourism, that should improve as well slowly. | Yeah. That segment has a substantial amount of fixed cost, Gerry. You know they own plants and distribution system. And as revenues decline, those costs eat away the margin. So you know, once revenues come back, the margin will come back. But it -- that's -- | direct | [
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9cd654e853190f6df9f8aa28e7611f72 | I think you mentioned PERC won three contracts just this year or a couple of questions or just kind of try and bracket things out a little bit. How many contracts does PERC have in total now? And are those three projects, are they all -- are all the projects around the similar size? I just wanted to see -- I'm just try... | The projects are relatively small. The new ones this year -- Relative to two of the ones that they got last year. I mean, there two projects last year that were very sizable. The ones this year probably about represent maybe a third of that. About a third of the revenues that the new projects represented last year. Yea... | direct | [
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a29a6c251bf7b4f608bad54c60ebbf54 | One more question, PERC you were looking at acquisitions in that. Any other details you can give in terms of you know, if it's actually operating assets or specific areas? Just curious as to what the focus is on the acquisition front? | Yeah. I mean, as you know, Gerry, we love operating contracts, you know, longer-term. You can't get more than sort of five years here in the state, so that's long-term for the state. You know, operating companies that would expand our geographic footprint really, take us into markets that are benefiting from all these ... | direct | [
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20cee89b3c103f6a844483249a1261f9 | So bulk was down, I think, $27 million to $24.3 million, but $1.5 million of that was energy. So there was only a marginal decline from volume. Is that a fair assessment? | Yeah. The impacts or the things that affected bulk revenues last year, compared to 2019 where the energy which was significant. That's just a pass-through charge. So in dollars, we don't lose anything from that and just the final impacts of -- the full-year impact of the change in contract terms with the two water auth... | direct | [
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ec8b969ba50dd65ba1e4ddc4ee003df2 | Yeah. Also, what about the Bahamas? You know, there's a bulk component there. And does any of that feed some of the tourist locations? And is there -- I know the Bahamas are coming back because I know people are doing spring break in the Bahamas. So I'm just curious as to potential rebound in tourism in that region? | Yeah. The charges in the Bahamas are mainly fixed charges because there's minimum take-or-pay volumes from the two plants. So there has been a drop in volume, I think that we mentioned in the 10-K. It's definitely not as pronounced as the retail drop in Grand Cayman, but it hasn't impacted revenues because, you know, t... | direct | [
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a1ed8a43da7f2c516fda2254822d69d4 | At the risk of beating a dead horse here, just curious on Rosarito, if anything changed as far as the government willing to change direction and resurrect that, so to speak. I guess that's an appropriate way of putting it, given the time frame we're in right now. But if that were to happen, do you pursue that? Or kind ... | Yeah. I mean, John, I'm not going to answer the question directly, but I will -- I'll tell you a couple of things that are going on there. I mean, really, our goal is to recoup our investment right now. The -- there's an election coming up in the state for a new governor. I think that's in June or July, so there's a lo... | intermediate | [
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780b9e14e24a9c5e8e8e87451631aed9 | Any updates on the self-serve platform. I think you started to roll that out at best and begin to get some feedback there. And then on kind of the new FY platform at a U.S. Bank, one of the large platform, how do you think that could impact kind of conversion rates or monetization, and what you would expect there? May ... | Hey, Aaron. How are you? May the fourth be with you. So, yeah, I'll take the U.S. Bank question first. So, they are fully rolled out with that -- with our new ad server. They are not fully rolled out with the new user stream that is going to be coming over multiple quarters. So, as we talked about in the call, they got... | intermediate | [
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e75961798243fcd7697be847fbfacf08 | So, maybe just finally, the share count has to think about that for remainder of the year? | Share counts, so, we obviously, the significant jump in share count here in Q1 was the 3.9 million share sale that we had, without needing any additional funds for the foreseeable future, I definitely don't think there's going to be any need to raise funds through offerings. So, I think it's a fairly muted increase. No... | direct | [
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a235798505049fe6f226bdf733a1e29c | Just in regards to the U.S bank ad server, from a consumer experience perspective, is a U.S Bank consumer experiencing anything really different than though like a Wells Fargo or Chase or being a consumer? Or is it just those modules at this point in, really the consumer experience changes with the new platform rollout... | Just to be clear, the new platform, they are on the new platform, the new platform is API driven, they have only chosen to take a few of the API's for their initial deployment of the experience. And those API's are almost exclusively focused on education. So from that perspective is very different. You will see anythin... | direct | [
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bb1507b7b5cfe9c00fb7c1d1c4b1cb84 | If you can give any color just on the cadence of what you've seen over the last 6 weeks to 8 weeks, you're lapping some volatility from the pandemic. So, just kind of wondering how things have trended there and then any specific vertical commentary as you've lap that. I guess I had one on travel. We started to see some... | I'll comment and then I'll throw it over to Andy as well, much of our -- was because of strong increase of consumer spend that we saw in March. We didn't see it in January of February, but we saw in March, and that's why we came in at sort of the high end of our guide was really in the last three weeks. So, we are seei... | direct | [
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d1ec1201e771b76163ea0a55cb08ccc5 | Andy, two quick housekeeping and I have a couple about the business. Just to make sure, interest expense on a go forward should it be around 500,000 a quarter is that about right post offering post paydown and redemption of convertible and everything? | We're paying 1% on that. So that's about right. $2.3 million on that per year. | direct | [
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64b2654b2b653099621083be00e09efc | OK, perfect. And then the other one was, I noticed in the add backs this quarter. I think it was 998,000 for acquisition intangible, along with the merger charge. I know the charge you sort of add that back hard to predict those, is that $998,000 numbers sort of a way to think about one month of amortized to Dosh or is... | You're absolutely right, it's the former. It'll be the amortization under the quarter intangibles going forward. So, you're right, it's just a partial month or 25 days of amortization on those intangibles. | direct | [
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7b405f31112b2de1b8363e267ac06008 | And you will free to add back that as I'm assuming for adjusted EBITDA in net income, just want to make sure the adjustments of the models? | So we added that as discrete add backs in our non-GAAP net loss as we discussed in our press release. We already add back depreciation amortization in our adjusted EBITDA calculation. So it is reflected there as well. We don't add back all so you'd see a difference there. | direct | [
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8d63acaffcea167c4bcb47106f0ec95b | OK. And then just going to back to the business, I can appreciate the UK and everybody sort of, I think, understand what's going on in Europe. I mean, then last year you talked about, I remember the exact verbiage of the strategy which your U.S customers and retain rise. And there are three words put together about how... | It's a good question, and I don't know that I have the exact answer. Here's what I would say the rise, retain return strategy with a multi-quarter strategy for us, as you know. And I would now describe to U.S as fully as the return part of that strategy, right, we're covering, we're talking most of the verticals, we ju... | direct | [
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6065db3ae4e1fc711d86e53d03d17164 | The first one, I had as a follow up to the rise and retain the RR strategy. To speaker is like consumer marketers within core within the rise and retain category and like any other behaviors have changed out the world or advertise U.S post are to be open? And how should we think about like the behavior of the customers... | So, on the 3R strategy, as you'd like to call it, which is like CP3, may the force be with you. I think that -- sorry, guys, I just -- you got a little bit with these things. I think the direct-to-consumer the rise in the direct-to-consumer vertical, I think it's fair to say it's just become a very, very powerful verti... | intermediate | [
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7fb814b1e915c9a93b8434eaa175ccae | So the first question is regarding Phase two here of Project Centennial and the supply chain optimization, I mean -- I know you said something but I missed it in your remarks. But how long is this review going to take? I would have thunk that Phase two would have been planned out as Phase one is going along. But now th... | Yes. So Mitch I mean it's -- the whole thing is kind of the next step in the evolution under Centennial right? I mean, we had a we had a lot of org changes that came about in the first phase that we want to make sure we got bedded down and all in place. And all that frankly is settled out now. But I think more importan... | intermediate | [
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2a94a7407bf3a60980aff92fa7d78df8 | And when you look at this is there -- are you looking at your portfolio profitability optimization? I mean, is there any -- are we going to see sales being cold in a material way? Or I mean would it be a drag on revenue growth in a material way I guess is the question? | Yes. I mean look I mean, there's an element of SKU rationalization involved here. Obviously, I can't quantify that for you today. That will come later on but it's much more than that. I mean this is a much more holistic approach that is rooted in portfolio optimization but it's also about the network right and making s... | intermediate | [
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c8f09b9ba49052647d0188e66c8e7c43 | Okay. And then when it comes to the tight labor as it affects efficiency is that the inability to fill second shifts? Or can you talk about that a little bit? | Yes, Mitch, it's really turnover. The turnover has been the biggest problem. And to address that we are doing some short-term things. And then obviously the portfolio and supply chain network stuff is a little longer term. But we are trying to do some creative things with scheduling. As a fresh perishable DSD business,... | direct | [
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d5296b1d23a5256c360a3b1f2bbd6162 | So first, I just wanted to look at -- go back to the fourth quarter. So if you could give us a sense as to how the quarter progressed in terms of your same-store sales, were they consistent throughout the quarter or is there any one particular month that saw greater sales growth than the others? So just curious as far ... | Sure Anthony, this is Richard. So just in terms of the cadence in the fourth quarter, in terms of delivered sales, we were up in the plus 20% range in October, we were actually down mid-single digits in November and then up in the plus 20% range in December. So that was kind of the cadence of the delivered sales in the... | direct | [
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1d0009c4fdad045678afae51d2585573 | And then in terms of the traffic versus ticket and then, just curious also about the customer order penetration where you guys are now? | Well, our average ticket continues to go up. We're doing a little more special order and more custom. And I think that will continue to be a big driver as we are able to get more decorators in people's homes and also I think when you're selling a more custom product --and just doing a better job with better quality. Tr... | intermediate | [
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98ae37a3b340726e358e2ed22e195a2a | Okay, great. That's good to hear. And in terms of the supply chain constraints and the release you talked about the mattress sales a little bit, but overall, I mean can you -- Clarence, maybe you could just kind of go over as far as which product categories are you seeing the most issues with inventory availability? | Well, I mean we're having -- we're having challenges both on domestic upholstery, primarily due to labor and suppliers, but also just as far as import the containers are a huge issue. And you know about that. I do think that we are now in a little better condition with our best sellers. We've been flowing those and fra... | direct | [
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b2ad65bbc3ea94155e20a4ab2096085f | Got it, OK. And then the last couple of questions from me. So as far as -- you said, you just said that having a premium -- to get those products delivered. Do you think you'll be able to offset that with higher prices at retail to offset the cost of that? And then last question, as far as the backlog, if you could qua... | Well, we are increasing prices. We recognize that we're going to be -- have to -- we have to recover freight. We think will come back down later in the year. So as Richard pointed out, we're looking at a little bit lower margins because some of that's going to hit us now -- this quarter, in the second quarter we think ... | intermediate | [
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d76b82b29cc11e7d9b1878edfe7e77e2 | I wanted to ask a little bit more about, looking through the strong backlog and how long do you think at this point it may take for the supply chain to catch up with the demand that you've been seeing? Is this something that we should expect to continue through 2Q as well? | Well, it will go through the summer. I mean we are already placing orders that we know that we won't get till summer and Chinese New Year, we still have product over there that we didn't get out and that's going to be a challenge. As you've seen for the rest of the industry, I think that by the fall this should be sett... | direct | [
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b071dce169af15fe9e71b451ace0c42f | Yeah. And I know you're not giving us sales guidance, but if you look at the last two quarters you've delivered over $200 million, this past quarter over $240 million of sales. Given the backlog that we're working with, is it reasonable for us to think we can work through that backlog and potentially generate over $200... | Just say that we have a strong backlog, which bodes well for 2021 and we're fighting through the supply chain issues like everybody else, but I think we're in a -- compared to some of our other peers, I think we're in a good spot in terms of how we handle the supply chain. | intermediate | [
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a8fd31248417cbb408e6222f1e4b8880 | Okay, correct. Fair enough. And as we think about some of the gross margin puts and takes and I appreciate the guidance you did -- you comment about some issues like freight, can you help us think about the magnitude of maybe how much headwind and basis points you may be looking at as you consider freight and perhaps p... | Yeah, I'd say we came in at 56% [Phonetic] for the -- for the total year, margins were up to 57% in the fourth quarter. You got the freight headwinds going into 2021 and you've seen the in all of the trade journals, the reports about how expensive freight is now. We have contracted freight rates, but due to volume, we'... | intermediate | [
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97ef42deedccc2150940d221e12ec9f9 | Okay, great. And then just circling back on some of your comments on the mattress category [Indecipherable] we think there some inventory challenges there. Where categories to that end specifically and what line effect you have on that area, improving for you? | Well our mattress business has been challenged with just capacity and suppliers. It is improved recently and we commented on that. The steel was an issue, I think there is still a drag there, but it's improved over what it was last quarter. So we feel -- we feel better about it, it's improving, but it is still a challe... | direct | [
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c7c217671108cddcceb6b7b430d7a895 | If I could squeeze one more in, just with the topic dominating news here of the weather, really unusual times. Can you give us any comment on if that's presents much of a risk around that? All important President's Day weekend and around deliveries? | Yes. It hit us pretty hard. We were down about a third of our stores or 30% of our stores for at least four days, and if they are still down and the same thing goes with the deliveries, our deliveries we weren't able to get out about 30%. Very heavily impacted as you know in Texas and still are. We probably can't get o... | direct | [
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1f1510006e528a919c8460505e508379 | Hi. Good morning, Rodolfo, Daniel and team. Congratulations on the results. I have two questions. The first one is on 2021. I mean, we saw 2020 with mix signals, a weak start of the year and then an outstanding recovery in the second half, which as you mentioned, has to do with more rational supply. So entering 2021, o... | Well, the first one, you are right. 2020 was a very difficult year with a swing -- the second quarter, which normally is the best one, this -- the 2020 was the worst. And third normally is a bad quarter, this year it was a good one. We started this year with a very good balance between supply and demand. So I can say t... | intermediate | [
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02eb7a5836cc994bbff38dfece3e852b | The second one is on your pork business. In here, I would like to better understand your expectations of this business line and how capital intensive should be going forward? I mean, with the SASA deal and now the pending RYC deal, pork has clearly become a priority for capital allocation at least in Mexico. So I would... | Well, as you know, SASA was one of the first companies to export to Asia many, many years ago. So, because of the lack of supply, they were -- the growth of this company was a little behind of the market -- the total market. So right now we have a very important opportunity to expand that capacity, because the plant ha... | intermediate | [
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3cc81cbfcd4791c653c7150d2e864dbf | So the first one is, if you could give us some color on how the channel mix has changed versus the third quarter? And what is it that you are seeing in the traditional channel versus a modern channeling in this first month of 2021?
And the second question is, the share is below six times EBITDA for 2021, it's been clo... | Well, in the second -- the second quarter was very tough for the traditional market. And we saw an increase in the retail market because of the panic purchasing that occurred in that quarter. And with the shutdown of the foodservice restaurants, the dining -- mainly the dining restaurants and tourist destination, the h... | intermediate | [
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71749c6e4523f2a40d5e1b8fec55da1d | Hi, Rodolfo, Daniel, thanks for the space for questions, and congrats again on the results. A couple of questions here on my side. But first, I don't know if I missed this, but did you comment on Miguel's question regarding the expectations for margin into this year that you already have some -- maybe some visibility o... | Okay. The first question, Ulises, I could say that [Indecipherable] at the beginning of the year how well we can perform during the year. Even that we have a very strong beginning, remember that we're facing a very volatile market in terms of raw materials, as well as a very uncertain -- a lot of uncertainties in the e... | intermediate | [
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a045448cda8294d56d52ab63050c67ea | Can you remind us how much of your cash you currently hold in dollars? And how we should think about this going forward, kind of, on the FX impacts related to this? | Well, we are now around 60% of our cash position in US dollar term. And our work is for just to maintain that level for balance of the year, at least as we face this uncertainly in economic -- market and in the Mexican economy as well. | direct | [
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b352f29ec8ac8c2c1eee79fab4bce7e7 | Hi. Thank you for asking -- answering my questions. The quick question is -- this is a follow-up to the second question somebody asked about the valuation of the Company is being cheap relative to how well your capitalized. And I understand that majority of the capital you're inclined to invest in subsequent businesses... | Well, as I mentioned before our priority is to use that cash for our growth strategy. So we don't have any interest right now to have a different capital allocation. Of course, it's something that we are evaluating. It depends on how the market is performing. But right now, our priority is to continue growing organical... | intermediate | [
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5c3901fcfe8ff594dcd4781f0fa0b10c | Hello! thank you for your time and congrats for the good results. This is more like a long-term question. How do you see the corporate structure [Phonetic] once the latest acquisition is approved? Because right now all those is more than 11% of total sales. And when you include rate element of that, this will probably ... | Well, over the long-term, we would like to have at least 20% of other poultry [Phonetic]. Also, this is only for our Mexican operation, because outside Mexico, there is a lot of opportunity as we have -- we search in poultry. So it depends on how fast with poultry consolidation in other countries could be, so the mix c... | intermediate | [
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5907d8a5b7dde43879269c073ba48f45 | Farooq, I was hoping to ask about this important topic of converting these orders into revenues, particularly because the order trends that you've been seeing are just so extraordinary. I mean, this is the best that I can recall in over a decade of covering the company. I know that this is an unusual world that we're i... | Yes, Brad. It's -- yeah, it's a very important issue. It has been a challenge. I would say that, overall, I don't have to mention all the issues that -- I'm sure you've all heard about the issues of transportation, of raw materials and all of that. Our advantage is the fact that 75% is made in our North American worksh... | intermediate | [
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05afbefd5644f208f3ec4345922925af | Okay, is there a -- any sort of way you can help frame up what a reasonable revenue range or reasonable revenue growth rate might be for this March quarter because in a normalized year, if your supply chain and your factories were 100%, one would think that we would be seeing double-digit revenue growth this quarter...... | Yeah, Brad, I mean, obviously, we have a 146% increase in our backlog in our retail division. We have a major in the wholesale. I would say that I'm just thinking loud right now because again there's so many factors beyond our control. I would say that we should increase our delivered sales that we are talking about, r... | direct | [
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8dfc73c54e962640c09ff0551e5133b7 | And lastly from me, I was curious if you could just give us some sense of how you're managing some of the inflation that we're starting to be -- to see bubble up? Obviously, some of the raw material prices are increasing, transportation costs, etc., how do you feel like Ethan Allen is positioned to deal with some of th... | Yeah, they are increasing and in fact I'm sure that you are also aware of the fact that obviously, our exposure to external sourcing is less than 25%. But even there we see a major increase in transportation costs, especially -- I think the short-term thing that we are -- everybody is being asked to pay somewhat of a p... | direct | [
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6e841e41b9fcce9e94af7b3e242887c5 | So I wanted to ask, with the January backlog up so much did stimulus help that at all or is it just that the demand is so strong, like what's driving that? Was it the marketing that helped or it sounds -- are you seeing new customers come in? What do you think is the -- behind it all? | Joe, we've got a great company, we've got great products, we've got great people, that's the number one but also I would say that the result is -- certainly the result is people have been interested in home. There is a lot of interest in home and then people are looking at our brand where we have quality, we can delive... | direct | [
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fe9d923331729e20039d4cf2d9b95118 | Got it. And there was another topic, we wanted to ask you about, was on the promotional side. I mean, do you -- have you had to -- have you scaled back the promotions this period just given the demand is so high, and how do you envision the environment in the coming six months to round out the fiscal year? | Joe, take a look at this -- when you take a look at what we have done, we have given more discounts. We have had somewhat less production. We have been faced with all issues but our margins at wholesale increased and our margins at retail increased with all of this. So lot of reasons behind it but efficiency in terms o... | intermediate | [
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81a8df993d4e654aad916a003380977d | Understood. If I could just sneak one more in, I guess if I were to walk in today and buy a new sofa, how -- what are you telling people these days, is it eight weeks? What 12 weeks, I assume, 14 weeks like what's the timeframe you're giving them these days? | The good news is that it's being reduced and approximately eight, nine weeks is the time we are giving. And keep in mind it's all custom. And we also have an element, which we call Quick Ship, which is still made custom but there we are now shipping in less than six weeks. | direct | [
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2ec541c094d2dd078f3e18a520a8ef9f | Wanted to ask about the outlook for next year. I apologize if I missed this maybe in the prepared remarks, but didn't see a revenue guidance in the press release. So just curious, as you're thinking about your EBITDA and free cash flow guidance for the year, just what type of revenue trends are baked into that? And spe... | We decided not to give revenue guidance. I mean, there's so much change in business model around -- here's an example like publisher consignment rental where we don't take titles of books, we don't -- we book -- only book the fees and the margin that we receive of those transactions. We want to get away from comp store... | intermediate | [
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f23cf479e76bbf91cc14ce5c190ff345 | If I could ask just about the Digital Segment. Specifically, I guess, the Bartleby piece, I mean, it sounds like you're -- you've got some nice early signs of subscriber growth there. Just wondering what it's really going to take for you to get that business and turn it into a growth engine. Obviously, there is a big c... | I think by fall, we feel very good about where the content will be in terms of coverage of the most important, most frequently used titles, so we think we'll have fairly good coverage in area of increased investment. Our focus is Q&A, and we are very focused on being able to grow that library. So, I guess, in short, we... | direct | [
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95c6b67c590afaf80b9457ff1063023d | I guess, just following up on sort of the Bartleby question and as you're sort of looking at the growth trajectory there. Now, we're in at the end of June, you've had sort of a full semester to sort of monitor the usage and sort of habits of the 50,000 subscribers you got in the spring. Can you just talk about maybe wh... | We've seen sort of typical patterns emerge for a user sort of what you would suspect in terms of Q&A usage becoming more piqued during midterms and final periods and sort of -- it's consistent with what we thought in terms of churn behavior. Likewise, the seasonal falloff, that's associated with the summer. So it's pre... | intermediate | [
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8afa480547de49da2b6d11c5f133c2d2 | I guess, following up sort of on the new retail operating segments, sort of combining the MBS and the BNC sales teams there, it sounds like there is a lot of interesting developments in innovation going around in terms of the adoption insights and some of these concept stores. Can you talk about sort of what the go-to-... | I'll give a quick answer, and I'll let Lisa Malat, who's our COO of college who's heading up the sales effort, expand on it. But in essence, what we've done is expanded that sales team using internal resources. We promoted people from within the BNC field manager ranks, regional manager ranks, as well as combined the f... | direct | [
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0c571b22d73f183dc917a731b7c5118b | I just -- I wanted to, I guess, understand the 50,000 subs, that was last quarter, and I just want to understand that was with one month free, correct? And I know there'll be some serious seasonality to the Bartleby Textbook subscriptions but it's not -- it wasn't at 50,000 during this quarter, was it? | 50,000 was the number of subs we acquired during the Spring Rush, which was what we disclosed. There was initial introduction of the product, Greg, and we discussed it fairly thoroughly I think in the last quarter call. And as Kanuj said, it's fairly early days in analysis and the learnings on retention and engagement ... | direct | [
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b7aded2c86b3bda6d016e92a4ef074ad | And then just one more question. I mean, just the bundled offering with FirstDay, it sounds exciting given where you stand, having the college store footprint. But just kind of wondering, I think a competitor of yours in the space is trying to bundle sort of the writings of the -- has at least talked about bundling the... | So I alluded to in my comments actually that we do have some schools that are interested in it, and from our personal perspective, our home run would be in addition to selling it direct to students, if you put yourself in the place of a student or a parent that's looking at a bill for inclusive access and that bill inc... | direct | [
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d0ea73c48bcc494e2474f5ab483380e2 | You mentioned 78, I think, store openings. Can you just talk a little bit, is that wins or is that Company a lot -- are you seeing colleges kind of move to the outsourcing model? I think roughly 50% of college bookstores are still managed internally. Can you just kind of give us a sense on just the overall environment?... | As I -- this is Lisa. So as I was mentioning before, definitely the complexity in the market is creating a lot of opportunity for us to grow the top line. So, truly a combination of both, but we're continuing to see a shift of self-operated bookstores looking to -- looking for solutions, looking for experts, looking fo... | intermediate | [
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5c9d735b1f07025b6a4522af9411bced | I was wondering if we could and the losses, given the volatility, you managed very well as well, but I was wondering if you could talk about April when oil went negative, obviously, tremendous amount of volatility there. We saw Interactive Brokers preannounce a big credit loss. Is April kind of more of the same of what... | Okay. So a couple of things. As I mentioned, our business model is such that when we see extreme events, obviously, we make a lot more money, but we tend to have some charge-offs. And I think I said that earlier. I think you can see that in our Q1 results. I think that's the pattern we're going to see going forward, ri... | direct | [
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071b9d488acfff827521c5b25c7f6e9a | And then the thank you for quantifying the interest rate headwind. It looks like, I think, $0.94 in the presentation. It looks like that includes money market fund fee waivers, correct? | Yes. We try to aggregate everything related to our float all in one this year. | direct | [
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"fully_evasive"
] | A |
400359516469b84d786976a3558978f7 | Are there any offsets you can do? I mean, now it's going to it's probably going to cost you money to hold these balances. Is there any can you add fees or anything else to offset this revenue headwind? | Yes. Well, a couple of things. I mean, firstly, we are in a borrower situation. So there is a natural offset on our borrowings cost, right? So that's somewhat helpful. If we assist with negative interest rates, us and the rest of the industry, are going to have to figure out how we turn that from being a net cost to be... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
8aa4ddfefd7f6cc505eed2a1894a1368 | So you've probably seen lots of crazy stuff in your career. Where does negative oil stack in all the crazy things that you've seen in your career? | It's going to be my top 3, I would say. I mean, never in my wildest dreams that I think that a commodity would ever go negative. I mean it's probably top one. I mean it's just unprecedented. And the speed of the move was crazy. So yes, it's definitely up there. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6cd3c1af2e11fa5791db0bc98540ea34 | I mean you mentioned this. So you have some credit provisions or whatever, but it's not being material. I'm just kind of walk me through what you guys were doing. I mean, you said it a little bit in terms of moving people out of front month, but like how was there not just major impacts on your business? And are there ... | Yes. So the only things that I can tell you are things that are public. I mean, there's nothing else that I know. But Interactive Brokers announced. And this is also the Bloomberg article that announced our letter and everything. So they announced that, about $88 million of losses. We had some small losses. I'm sure th... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fdf41e1b27253b3825ac33a6a6f03dbb | From a risk management perspective, what we saw in March and early April, was it a situation where you were having to kind of have direct oversight on every single thing that was happening? Or you sort of have all the systems in place where it was being managed the way it should be based on kind of what you've put in p... | Yes. I have to say, we've been through a number of these things now. As I sort of said, I kind of feel we have a really good battle hardened sort of management team. We came through the financial crisis, we went through the flash crash. I mean, we haven't got everything right, right? I mean, you know we had some issues... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
97fef54a25a353210abc44845f29d0ad | Could you spend a little more time talking about how payment segment has seen any issues from coronavirus? | Yes. I guess the two things we've noticed there is obviously, there's been sort of a traction in trade and sort of cross border activity. That ultimately feeds into the payments business, right, because there is just less cross border stuff happening. So that's a pretty negative general trend. And I think we're probabl... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
565255a7a66a59b99264fe3b09d1ea30 | Any update you can provide on the debt capital raise for GAIN Capital? | Yes. So we're working with Jefferies. Perversely and surprisingly, the markets actually look fairly stable at the moment, and the high-yield issuance has been pretty active. So we're sort of in-process with getting ourselves organized to get the capital in place in good time for the closing of that transaction. So all ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9ac10a28fbb0484023daa2a790119858 | You talked a lot about additional consolidation and opportunities over the next few years here. What do you think would make sense to add to the platform in terms of another leg? Or are you looking at just adding scale to the existing platform? Just talk a little bit more about what you're thinking the big picture ther... | Yes. So I think the thing that makes our platform more valuable to customers is to make sure that we have sort of the one-stop shop for execution and clearing. So it's a little bit like a network, right, a network that goes to one place is not really valuable. So over the last 10 years, we've tried to add all of the ma... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
550821675f4d3b81b8e2665bbd38cd06 | In terms of the second half update for 201, could you clarify if you need any more patients for the registrational cohort and what kind of durability we could potentially see at that update? And then also, maybe whether you're saying it's going to be a medical meeting or when that could be in the second half? | Yes. So those patients are fully enrolled. We'll have more than 12-months' follow-up, even on the last patient in that cohort. As for the announcement of the data, we will likely announce top-line data via sort of a non-scientific event and then follow that up with the detailed review at a scientific forum. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
bb34fee59428fcf668b29421fcc23a8a | And then just on the time line for the Brinci contract, so is that something that we should still potentially expect this month, or is that just something that's between now and the PDUFA could be announced? | Yes. That's a great question and one that I'm not going to predict the date on the RFP anymore, honestly. I'm very confident that as BARTA is looking at the NDA review process and they know our manufacturing schedule and that on both fronts the process is going very well, that they'll be in a position to execute both a... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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