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a136e696a0fc52d5d1ebdd71b4406006 | Phil you teed up the loan growth conversation, so I'll start there and just wanted to get your thoughts on where you think loan growth can improve to in the back half of the year? | Yeah, Kate [Phonetic], this is Dan, good afternoon. The -- what we saw in the second quarter and I'm focusing my comments predominantly on the commercial book was, as I said in my prepared remarks, we were -- our production was about $300 million north of where we were in the first quarter and to put numbers on that ta... | direct | [
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196c9858ed5a970e7646ac6d9f40178a | And my follow-up question is just kind of how you're thinking about the M&A landscape, there was seen a number of acquisitions in -- smaller in the southeastern space and just how you're thinking about M&A potential for you all in this environment? | No, we're certainly thinking about it and as well as building continuing to build relationships with those that we think might be good matches for us. So we're certainly not on the sidelines and we'll look at transactions that we think will benefit the franchise and further our strategic goals. I think our -- as we pro... | intermediate | [
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1d2038825e09422733083c338e185199 | Hey. I was just hoping to touch on, just maybe utilization rates, Dan you mentioned that it remain sort of near historical low levels. I just wanted to get a sense for what that utilization rate percentages and where that stacks up relative to this time in 2019? | Sure. We are -- give you an idea of where we are, as I pull out my data here because I don't want to misquote. So on the commercial side, end of 12/31 of '20, we were at a 26% utilization rate. That dropped to 23% at the end of the first quarter and then just slightly under 23% as of 6/30. And to give you some context,... | intermediate | [
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85f1a6ae0012957488534c2634dd32e8 | Got it. Okay, thank you for that. And then, I did want to ask just on -- you mentioned some of the investments that you've made on the expense side. And so I guess, just you mentioned the MuleSoft partnership. And so I want to just ask about the nature of that partnership. Are they helping -- are they helping you build... | Yeah. Yeah, good, great question. MuleSoft is actually building what we refer to as the integration layer. And then will work with us to build the APIs to allow that connectivity to be much more effective than what it is today, but they're actually the integration layer company for us. | direct | [
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8ad11b8c4babcf2f37ba443915f5f92a | Okay, got it. And then I guess just maybe on that. So is this kind of $63 million or so in core expenses that the run rate from which we should build off of moving forward or will there be some ebbs and flows there, Phil? | Yeah. Brody, I would say there'll be some ebbs and flows. And I think we may have a talked about this in the last quarter in terms of just looking down the road, and kind of year-over-year growth in expenses, taking the current quarter and annualizing it and looking for it to grow 4% to 5% from there. It won't be even.... | direct | [
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bcf031be641c36766a84afb781ecfed5 | Okay, understood. And then just on the loan portfolio. Could you remind us what percent of the loan portfolio is floating rate and then what percent of that floating rate portfolio is currently at floor levels? | I think the answer to the first part of the question, continue to be somewhere between 25% and 30% of the total portfolio. I don't know that I can tell you exactly what percentage is currently residing at the floor, I'd have to research that for you to give you the appropriate answer, Brody. | intermediate | [
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f32bf4b1ca4d90a0cc3a6f1bd87e33d4 | Okay, understood. And then just one last one, maybe for Dan. Just wanted to get a sense from you guys as to how you're thinking about permanently repositioning the deposit base here. So last cycle, you had an above average deposit beta and a big chunk of that was due to the time deposits which you've run down here simi... | Yeah, I think that -- I think the money market piece of the business will always be part of what we do, given our kind of the demographics of this market particularly in the retail book. But I think the strategic answer to your question is our ability to continue to drive small business and commercial relationships and... | intermediate | [
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6f49817b43072a36d0e5bebaa2a64e55 | First, I just want to check and make sure I heard something right from the prepared comments. Did you indicate that you thought the second quarter run rate for the mortgage revenue was kind of a good base to use for the second half of the year? | You did hear that correctly. Yeah. | direct | [
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2b8ece4d3becd62ea5ce06790586234d | Okay, great. Thank you. And then in terms of the PPP loans with regard to the Round one, do you have the dollar figure, the remaining fees on that portfolio? I may have missed that. I don't see it on the slide. | I don't -- Erik, this is Phil. I don't believe that that particular number was on there, but given the term of those loans and how close we are to working through that, there's probably only a couple of million dollars left of the fees that are related to Round one PPP loans. The majority of the fees that are still yet... | direct | [
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f4eb911c979bfbd62e39c1af14cd2243 | Okay, that's helpful. I appreciate it. And then I'm just curious as I was looking on Slide 6 at the waterfall table and kind of curious about the $3.5 million build for the change in qualitative factors. Could you just provide any color to what changed within those factors? And then I think, Phil, you may have also sai... | Yeah, actually, Erik, we had added or adjusted some of those qualitative factors a couple of quarters ago, that were related to trying to recognize the -- the additional potential risk in predominantly the segments like the hotel industry or whatever where we felt there were higher risk levels of things relative to tho... | direct | [
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2428b4e05f6118e030b70ce3317d17db | That's helpful. Thanks, Dan. And then just last one for me kind of tying back with some of the earlier questioning on the loans and what growth may look like in the back half of the year? And I appreciate the color on the pipeline. Just curious if maybe you could add a little bit on the composition of the pipeline betw... | Yeah. Everything I talked about with regard to pipeline being level is all -- was all commercially related. The other kind of main consumer loan outside of mortgage that we generate are on the home equity side. And as you might imagine given refinance activity that portfolio has been under pressure from a balance stand... | direct | [
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bf64cfc35cf504318127f9d4b9c9e4f1 | You made an interesting comment in the prepared remarks, you were talking about the fact that you've reduced the units outstanding by 9% and that the increase in the distribution was only 5%. So is kind of the goal at least in the near-term or when I say near-term, the next year or two, is the idea to sort of keep the ... | Yes, Shneur. It's a great question. So just one small correction. The number of units that have been repurchased amounts to 7% of the pre-unit repurchase unit count. So if you looked at it second quarter of 2020, the 31.34 million units over that unit count at the time was about 7% of the market cap, which is an enormo... | direct | [
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a4c69117ed14798866343f6a2f04dcd6 | Just wondering if I can talk about the guidance assumptions that were presented earlier this year and kind of where they stand today. Presumably, your guidance for '21 was premised on kind of a given level of activity post discussions with your producer customers. Can you share with us two things: first of all, where a... | Yes. No. Another great question. So what we're actually seeing overall as it relates to activity levels is very much in line from the communications that we had received going back to the back half of 2020 at the time that we initially released expectations from a performance level for 2021. And so overall, we were exp... | intermediate | [
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33d90e911d73d927cfd02b0cb5ba4c1c | I'll start off with a quick one -- a clarification one, I think in formal remarks you talked about 130 wells, is that for -- and this is in the Delaware and I think is it 115 in DJ, is that from the entire year or is that from 2Q onwards and for the rest of the year. Just want to make sure I understood those numbers. A... | Yes, Derek it's, Craig. And just to recap in the Delaware, the 130 wells that -- those are new wells expected in the second, third and fourth quarter. So for the balance of the year post first quarter, and then up in the DJ Basin, we are expecting an incremental 115 new wells following the first quarter of this year. I... | direct | [
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1b29f977b31babab4e7faaee3f3fe0be | You mentioned opportunities around further compression to reduce methane and you're also kind of participating in some studies. I guess you have an idea of when some of these opportunities to come to fruition, when do you expect some of these studies to wrap up and how big of an opportunity that you think this could be... | Yes, it's a great question. We would expect to be able to provide some additional details likely the latter half of this year as it relates to some of those initiatives that we can undertake within our business. You may recall from the last call that we had, we already commented around the enormous impact that we've ha... | intermediate | [
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e5dab87e17f40351901e86346fd05aa6 | Just wanted to touch on the DJ for a minute here, we've seen a lot of consolidation over the years, you had continued M&A and just wondering how you think that could impact WES' volumes both in the near-term and the long-term? | Yes, Jeremy. It's good question, I would say that we don't really look at that as potentially impacting overall. We feel like we've got a great footprint there and feel like we've got great relationships with any of the counterparties that may engage in consolidation overall in the DJ or the Delaware Basin as a whole. ... | direct | [
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8570caf7d1cd9dbb8e56f518a852a927 | Oxy seems to have noted several carbon reduction goals and just wondering if there is a role for WES to play in achieving this or just any thoughts on that in general? | Yes, Jeremy, we do think that there are opportunities for us to work together with Oxy and part of that effort was in the formation of the ESG committee where two of the three members are current Oxy employees and again the point around that was for us to try and facilitate and piggyback off of a lot of the incredible ... | direct | [
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740dc612f885a99af000f4fd5f4f5be5 | It seemed in some of the filings there was some dispute between Oxy with one of the contracts there. Just wondering if you might be able provide a bit more color what was happening there and just kind of any potential range of outcomes? | Yes, I would call it, just kind of regular way normal course types of interactions overall between producer and midstream provider. We disclosed it, particularly with regards to the secondary offering, so that we can ensure that there was full and complete information out into the marketplace. As we sit here today curr... | intermediate | [
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4ff21b3c1a31c8200b5972b3ae476115 | I think there has been, if you get a bit of industry discussion on carbon capture opportunities around processing plants, I was kind of curious, is that something you guys are also looking at and considering the capex in volumes just like investments how should we be thinking about funding of these opportunities if the... | Yes. So it's a great question. Yes, we definitely are looking at capture opportunities that in particular at many of our gas plants. Actually, the amount of capital for those, at least just the capture side of it, is relatively minimal. What I would say, though, and it's a great question is that the efforts that we hav... | direct | [
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a889b4c3ef68d2943fdd4588ca84d131 | On M&A, you obviously did a small transaction last year. How should we be thinking about that in the context of the fact that your number of equity investments in a number of assets. Is that kind of the first place for you to go to for being opportunistic in M&A market? | Yes, no, it's a great question. So the answer is that, yes, we've got a -- we're in a great place from the standpoint that we don't need to execute anything on the M&A side to be able to achieve the targets and objectives that we put out there and we can be opportunistic in looking at whether it's enhancing our busines... | direct | [
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3567bb6d3d6ac189e413658586a7a8c4 | With regards to your discussion with rating agencies. So you obviously, kind of, delivered on paying down the debt and also laid out a path for further deleveraging. I was just curious, how have been your recent discussions with rating agencies and what would it take them to move on the ratings and are there any explic... | Yes. So we maintain a very active dialog with rating agencies, meet with them on a very regular basis. We feel as if we're at investment grade, from a metric standpoint as we sit here today. And so our focus is on making sure that we can continue to maintain those overall metrics in totality. So that we're in an opport... | direct | [
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24c8d36b7b1e8831ff3fd0df7bbb0039 | The first would be around the reserves, specifically in the International. You said that you did a exhaustive review, had an independent person, company come in is are you going to go through that same process, say, in the third quarter of this year, so there will be another review? And I guess, ultimately, one of the ... | I wouldn't anticipate that we would do an external review more than once in a year. We have mentioned that we will be accessing probably the services of the same firm in subsequent years. I would say that the activity that we saw in the first quarter and the second quarter. I mean, we took a lot of action last year, ri... | direct | [
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a94f9aeff94fae02975971d406b73a72 | One of the things that most everyone's reported is that there's been a reduction in first notice of loss, new claims, etc. Do you think through as a result of COVID and the economic shutdown, do you believe that, that's also affected some of the issues that were in your International business, the reserves so that mayb... | Well, I certainly wouldn't think that would have had an impact on the first quarter. I don't think things really got started that early. And the claims level, the activity level that we've seen, the reduction in claims was most pronounced in the U.S. We didn't see it nearly as much in International. So I don't think th... | direct | [
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b93b69bdb3716bd6162462e16d338674 | I'd like to pivot. And I know there's been some press reports regarding businesses that are up for sale. I think, it was rumored that or I saw a report that Ariel Re was potentially up for sale. And then in your comments, you talked about businesses under strategic review. Obviously, you're probably not going to give a... | Yes. I think, first of all, we don't comment on rumors. So I'm not going to do that like you anticipated. The second thing I would say is that until anything is done, we don't know where things are going. So there's there've been I'm going to use the U.S. as an example, where we have, over the course of the last seven ... | intermediate | [
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6a003021820279a659d9e64c3962bab9 | Well, that's a good last point to make, Kevin, because it would seem that except for workers' comp and maybe a couple of other lines, you're probably in the best pricing environment that we've had in the last 15-plus years. So exiting businesses right now may not be a good long-term strategic decision. But again, you'r... | Yes. Don't forget, we are a specialty company, and we write subsegments of businesses. So the fact that rates are up in a particular area, maybe true, and it may be great, but that's not the only thing that drives the environment. There's the external exposures. There's the court precedents that are set. There's the ca... | direct | [
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14a96081222faa82649bbaaa21788559 | Jay, in your comment, you said, obviously, the investment income was affected by alternatives in the second quarter that reflected the March 31 marks. And you said I don't know if it's a direct quote, but it's almost direct, a not more normalized result in private equity going forward. Can you please help define what t... | Sure. I mean, if you go back over the last couple of years, when we tried to several years ago and almost, probably, was five or six years ago, when we like many in the industry said, OK, wait, alternatives are generating income. We're going to include that. We try to provide some sort of back of the envelope math that... | direct | [
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1f90527f20c54eab139e5b19db744b01 | Looking at the U.S., the accident year loss ratio ex-CAT, obviously, was really good under 55%. It sounds like that was a record. And are you surprised to see that much of a drop, 290 basis points, just given the uncertainty that's still out there, social inflation is still out there. How much of that was driven by, I ... | Yes. I think thanks, Jeff, for the question. It was a combination of the lower frequency and mostly driven by that. But don't forget, we're getting rate and reunderwriting as we go along. So I would say it's a combination of all of those things, but the largest of the three drivers in that would be the drop in frequenc... | direct | [
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07c01d284188d482a2df91ce022b0c78 | I believe you'd mentioned the average rate increases in the U.S. were 10%. Others had mentioned they're seeing loss costs increasing at kind of 4%. I mean, is that in line with kind of what you're seeing? | Just I'll let answer Kevin, I'll let you jump in, but I made the comment that the 10% was across the entire group. So it's every business across the group, 10%. So U.S. and International. But Kevin, if you want just comment on loss costs.
Well, yes, the U.S. is just slightly under 10% is what where we are. And it real... | direct | [
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14dfc9d95d9d17d334655bc3f6e17ba5 | And then just one last one on investment income, the non-alternative piece was down quite a bit to $25 million. And you talked about some of the portfolio derisking. Could you maybe explain them? Just trying to understand how much of that drop was from that versus just the yield pressures? | Well, so there's two there's really there was a couple of things that happened, right? In the fourth quarter of last year, pretty much coincident with when Kevin stepped into the role, we were looking at the environment, pre-everything that's going on right now, right? And thinking, well, this is a great underwriting e... | direct | [
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bc2f02e213f87dc9e2b7236eb44cce82 | There's a lot of reports around the current FCA case in the U.K. around business interruption that. And so if you could just take a moment, if that case goes against the industry, is that going to be something that's going to be come back in sort of hit for you guys? Or if you don't want to answer that question, maybe ... | Okay. Thanks, Greg. So the FCA case is U.K. specific, and it is about particular wording types, and there are a number of different wording types. We write less than $10 million of that business in the group. So while there will be potential exposure there, it is not a significant book that will have an impact. Going f... | direct | [
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ca6d6c3a3aae65798e2269821b6e4556 | You said it's $10 million of subject premium or $10 million of limit exposure? | No, it was premium. | direct | [
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b3ec01f61bdaca58961e3cda56f2c9b0 | Here in Florida, we had our first hurricane already or semi hurricane. Can you give us an idea because we are in CAT season? If there's a major CAT event, what how is your reinsurance structure position this year hold up if there's a if a major event hits the U.S., how should we be thinking about that for your company? | Yes. Greg, it's not dissimilar from what it was last year. Our reinsurance retention is designed to manage quarterly volatility and meaning the retentions that we had in 2019. I know, there was a lot of questions around this in 2018. And but we haven't changed we haven't made any material changes. So we have the same a... | direct | [
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518eaf879832e21763fedfa8213197aa | The last question is around capital management. Obviously, you talked about the capital raise. It's the stock is trading at a substantial discount. I know some of the larger companies have paused their share repurchase programs, and I know you have a dividend. But I'm just curious what your positioning is on capital ma... | Yes. This is an obvious one. When you look at it economically, but the unknowns in the COVID arena and on the liability side have more than just regulatory and rating agency scrutiny. So the potential buyback of shares is a lot more limited right now than it was in prior years. | intermediate | [
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0633c609b06238fa6f71a6c29cb82536 | Now that you're expecting acquisitions to be more back-end weighted. Can you provide any more color on transactions you have in process currently or opportunities you're looking at in the pipeline? Just to get a better sense for timing in Q4 as well as the mix of sale leaseback first in place tenant deal? | Yeah, good morning, Katy, and welcome to coverage of National Retail Properties to both you and Christy. We're glad to have you on board. The -- as I mentioned in the comments, the lighter activity this quarter was totally driven by just some delays in closings that drifted into the fourth quarter, slipped into the fou... | intermediate | [
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9d01fd78846953a5ff0cece90f2d3386 | Could you -- just real quick, could you give us a the sense of what were the cap rates on the dispositions this quarter, and maybe this year so far? | Yeah, so, I mean generally they have been running in the low-6's in terms of dispositions for us on average for the fourth quarter. And for the year, it's actually been lower than that as a result of a very low cap rate, a large transaction in the first quarter of this year, which is actually closer to 5% cap rate for ... | direct | [
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7f154e91128e5fe0e3576ae64e5e6c66 | You talked about sort of funding for the fourth quarter. Just looking at the 2019 kind of where we are in terms of the rate environment you've managed your balance sheet very well. Just kind of get a sense of like could dispositions figure -- be a bigger part of next year? | Yeah, I -- we've chopped a lot of wood in 2018. So, we see 2019 pretty well to not need to do a whole lot of anything in terms of capital markets and-or dispositions. But, as you can see from our guidance, where we've put out 80 million to 120 million for next year. And I'm guessing, we will lean to the high side of th... | direct | [
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c4349cdb60e4fae8ad11745db20291ee | Any large restaurant related sale leasebacks you can talk about anything out there in the market that you may be looking at? | Vikram, we get to -- we hit -- it is important to us to be able to see and underwrite all the transactions that are going on out there in the market and we do that. And then we sort through those four, where do we think is the best risk adjusted return a big filter for us on restaurant transactions or any property type... | intermediate | [
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e2a406a81474fabe7a89f6c5095c08af | So, my first question, I guess, is just and -- within your pipeline are you seeing more portfolio deals or I guess, what's kind of split between portfolio deals and single assets? | Yeah, Brian, our focus on acquisitions is on doing repeat programmatic business with our portfolio of relationship tenants. So, in that instance we are dealing directly with retailers and acquiring properties directly from them and not looking in the open market at either one-off properties or portfolios that are being... | direct | [
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6228bed0f89af764f2df0d3bc8e4e56b | And then, I guess, are you seeing well -- if you're probably not seeing much change in the competition for them. So you're kind of just picking them off old relationships? | Cap rates are not moving in the competition fields like it always is, we are always in competition with public companies, with private companies, with debt and sometimes just with mindset among sellers for properties and it feels about the same as always. | direct | [
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daa5e610cb7a78c2bdd38884de0562a8 | Well, just wanted to see if you all would talk a little bit more about your Q3 acquisitions, maybe share some details around lease term and occupancy level for those from the quarter as well as, if you can give us a range of cap rates that you saw across those properties? | Yeah, sure, Jason. Good morning. It's a small sample set. So, I wouldn't draw much conclusion from it. As I mentioned in my comments, our initial cash yield was 6.9%. I think, there was something around 15 different relationship tenants that -- that we did business with to make up that, my recollection is that there wa... | intermediate | [
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267d59a0d7aa51faa2f7f7942d9bfe61 | And just one other kind of housekeeping question as we think about modeling the 2019 acquisition guidance. Is it fair to spread that fairly evenly across the quarters or is there some reason why we might front end or back end load, a larger portion of that? | I'd call it probably 40% first half, 60% second half as in general guidance. | direct | [
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483ae42e12efbc899c404d4cd06fa0e7 | Going back to the dispositions for a second, how many of those were vacant in the quarter? And can you provide a little color on whether the retenanting environment has changed at all in terms of trying to resolve some of the properties that become vacant in the portfolio. | Yeah, so the 18 properties we sold, four were vacant, which is a lot for us to be quite honest. All four of those related to the batch of SunTrust properties we got back, so that's why -- that's running a little higher than what I've called normal just for some context. Our dispositions -- the sale of vacant properties... | direct | [
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24b772229d085c19708b8c1c520364ab | And then you also commented that the portfolio continues to be geared toward more service experiment -- experiential-based retail. It makes a ton of sense, obviously, given the evolving retail environment. But just curious, if you look out into maybe 2019 and beyond, are there any specific industry that you guys want t... | But the -- I think, the primary filter you should take away is that, what we are going to look for in 2019 and every year in the future are well-located parcels with good access, visibility, signage and at reasonable rents leased to strong regional and national operators. If we -- what we've learned is that, if we buy ... | intermediate | [
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0cd1bc17f892603382367112f379cb4d | I was hoping that you could perhaps touch on new products. And you mentioned Franciso and Antonio about revenue growth and partnerships that would be required for really investing on new products. And I wonder if you could comment around both the turboprop area as well as eVTOL area. How much Embraer is willing to spen... | Well, let's separate this, answering in two parts. First, I mean, we do have a very new and competitive portfolio of products, right, that we have considered in our five-year strategic plan. Now, the E2 family that we're still working in the E175-E2, the Phenoms, the Praetors in executive aviation, in the new C-390 Mil... | intermediate | [
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d657da8845e2436fae0b9b9f7a8ea140 | The profitability that you think the company can get to in your vision '21 to '25, should we think about the EBITDA margins of Embraer over the past in the mid-teens, 14, 16%? Is that where you're trying to get to? Or do you think you can have a pathway to get above those margins? | We are going to tell you around the EBIT margin first. We do believe we are -- with everything we have in front of us, being able to reach higher single-digit EBIT margin throughout this five-year plan, which leads us automatic for the EBITDA that you had just mentioned. | direct | [
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3cbde653e6b2f987bd78d8ecbba019ba | On urban mobility, would you seek a strategic partner there either for the aircraft side or for the air taxi side or might you access the public markets? And I'm specifically asking about Eve accessing the public markets as a separate company? | As I said in my introduction -- in my closing remarks I'd say, we continue to invest in innovation programs and projects. And it is one of the most important ones that we are working at this moment. We see a great potential in that market, no doubt for the vehicle itself, the eVTOL, but also for the urban air mobility ... | intermediate | [
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bc8d621c09d7cde205b23541503de868 | In the regional jet business, we've had a fairly significant change with Bombardier and Mitsubishi essentially dropping out of the new aircraft production market. So, now, really, in RJs or at least up to 110 seats, it's only Embraer. To what extent does this change the market dynamics for you? And are you seeing any e... | Rob, it's Antonio -- It's Antonio speaking here. For sure, we do -- I do believe what's -- with the two competitors not putting aircraft to compete with us, didn't change too much because we were the market leader anyway. We just see a V-shape recovery very strong in U.S. for the regional jets, where we are almost done... | intermediate | [
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fc6809a4dfe64105f1a807b663be5ae6 | Do you see any chance to get the E2-175 into the U.S. market? | Robert, we do believe the scope clause is still resisting to '25 and '26. We are monitoring this, yes. And we are concluding the development certification of the aircraft in 2023. And we do have other guys outside the U.S. for this product or the customers. But until 2025, I will not make any forecast right now. That s... | intermediate | [
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e8b2d14dc9d2ea172dff2b7f8e36636d | When you say recovery in 2021 and then growth beyond, is that specific? I mean, do you see 2019-type numbers in 2021, at least in any area, regional jets, bizjets or cash flows? Or is that really going to come after '21? | Well, we see 2021 still as a challenging year. And -- but I think we did our homework in 2020. We rightsized the organization. We put in place a lot of initiatives to improve our efficiency to sell more. And we don't see a big growth in 2021 in terms of revenues, mainly because of the commercial aviation that are still... | direct | [
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e2815eb6e1b42a3faca6a58fb941008e | And when in there, would you expect cash flow breakeven? | Rob, I don't want to give you a guidance, but we are fighting for the best already in 2021, but we are evaluating here before I give a guidance to the market. 2021 will be still a challenging year for us. For sure, free cash flow will be much better than 2020, no question mark, but we are still evaluating to give you g... | fully_evasive | [
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eac6546eec2c940f66de1a0a61f16c31 | Could you please give us some color on the strategic, I mean the strategy about spinning off if last year, is it because of operations, is it because of like attracting investors? And if you can give any color on -- if you were to see that company come public, how can that be? | Mariana, it's Eduardo here. I'll take that one. As we said, we created Eve at the end of last year. As Francisco mentioned, we believe a lot on the urban air mobility market. It's a exponential growth market. And we are really, I would say, excited about that opportunity. And that was the reason behind the Eve creation... | intermediate | [
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46eefa515b289e8e830624e3e59b6d70 | If I'm not wrong, your margins this quarter were close to 13%. And is it first time you have or you're seeing double digits since 2014? How sustainable is that kind of margins? How should we think about margins going forward? | So I do -- we do see the -- we are trying to follow a structure in the executive aviation, which has tried to build so many aircraft as we can so, we can deliver, first one. We finished 2020 without any whitetails in the inventory, first one. Second one, we are seeing a recovery. Even that last year, we delivered much ... | intermediate | [
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b2e1147971342c5e558b4e4702756f9e | How should we think about this balance sheet structure and trends in the near term? | Yes. We had a very strong fourth quarter, right, Mariana, in terms of cash generation. We generated north of $700 million in cash. That was very important to deleverage the company. We ended the year with a very strong cash, $2.8 billion in cash, net debt around 1.7%. The company's highly focused, as Francisco mentione... | direct | [
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6bb775b4fd21eef9511144ed8bf58c41 | The first is regarding the sales campaign, right? You virtually commented during the presentation that you do expect to have some results in the short term. So, just wondering how much more can you mention about it. And also, if we look at the backlog of the company, I mean, do you think it could go back to levels pre-... | Thank you, Marcelo, for your question. But I think I would answer in different ways, I'd say. For commercial aviation, yes, we have -- we are working on a lot of campaigns. I mean, for E1s, especially in the U.S. and for E2s in different markets. But the written, to close those deals really depending on the vaccination... | intermediate | [
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3950760fa5c7efdd4ffab75d85570ba4 | How are you seeing commercial production or unit deliveries for 2021 versus 2020? | Noah, it's Antonio speaking. We see a slightly better than 2021, not a big spike, but it's slightly better in regard to units. | direct | [
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1ccabe83893971a0fb3d22081dd97d09 | I guess, I respect that a lot of the companies in the industry aren't providing guidance. And we're also working through a pandemic. So, there's just general high levels of uncertainty. But, I guess, I'm a little surprised you're not providing guidance because if you're speaking to regional jet deliveries up a little b... | No, I would say -- Noah, thank you for the questions, really a great question. But we -- from the operational side, we are leaving in crazy times in Brazil. We all know about this. We do not expect issue in our operations, but you never know what can happen, but it's one point. And the second point, we are just evaluat... | direct | [
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7f855083d68760994ed857de38a51810 | Last one, your answer to Myles' question on future margins was a little surprising to me where he was making the point that the company used to have a mid-teens EBITDA margin. And your answer to him was you were looking at and thinking about high single-digit EBITDA margins in 2025. The company has had DNA that's prett... | No, no, no, just to correct. It was comments in regard to the EBIT margin, not the EBITDA. We do see higher single-digit EBIT margin for this period. And we are there already. If you see executive, we closed with 8%. In defense, we have 6%. And now say we're to be much better. I was mentioning in regard to EBIT margin.... | direct | [
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1d4f8fc701ac98ba85e0e526afd41cfb | My first question is about the second half outlook for Bigo, in particular, how we should think about the business trend in developed and emerging market in the second half? And my second question is about the competitive landscape. How should we bring above our competitive position for Likee and Bigo Live in coming ye... | So, regarding the second half performance forecast of Bigo, we think Bigo is well balanced across different regions and we -- if you look at the second quarter performance, it's 148% year growth which is very tremendous. We expect that growth momentum to continue. So, we will raise up our full year guidance for Bigo's ... | intermediate | [
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5160d1ae6d27e4026eaae0a7d51aad6a | So, first question is regarding the overseas strategy, we noticed some markets have some uncertainty. So, how we address our expansion strategy, for example, key markets in terms of user acquisition and the monetization?
And secondly, is about cash usage, we noticed you have very abundant cash reserve on balance sheet... | In terms of our expansion strategy for Bigo, as I've laid out, we'll remain very focused for globalization and we want to diversify our original exposure to compensation some of the geopolitical risks. So, we will continue to strengthen our presence in existing markets including Southeast Asia, Middle East, North Ameri... | intermediate | [
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280d5fb99b269ef7389d66d65214b2ca | My first question is on the Bigo's growth. So, this quarter Bigo live streaming grow by close to 50%. What is the -- what are the major growth countries in such a strong growth? And the second one is on the margin outlook. So, previously we guided kind of a monthly breakeven even by year-end, is there any update on tha... | First one is regarding the driver of the tremendous growth of Bigo. I think, it's continued to be very strong across all the regions we operate that includes Southeast Asia, Middle East and also developed markets. Developed markets as a potential of revenue continues to be very strong. And we expect going forward the r... | direct | [
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196efde14043aa34c6ba517685a767df | My first question is related to the progress of Likee monetization as you have revised up the Bigo revenue guidance to 100% this year, how much of this is driven by Likee? And Likee has above 5 times the MAU size of Bigo Live, if we take reference of China situation, short video makes much more live streaming revenue t... | First, regarding the progress of the monetization of Likee, as we explained to investors before, we are foreseeing 10% of Bigo coming from Likee this year. But right now because we raised the revenue forecast for Bigo as a total. So, Likee's contribution, in terms of percentage will be less than 10%. But in general, Li... | intermediate | [
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57bd6dc25f6ab64e6951641ad9935ac1 | My key question is about the strategy you mentioned, like for YY. And can you give us more color on the expansion in our [Indecipherable] in second half and 2020, especially considering the instability in US and India. Secondly, wondering what's your plan for the remaining shares you have for Huya. | So, first, regarding the potential for four times of YY Live sale overseas. We'll remain to be very confident, and the forecast I just mentioned for this year Bigo's revenue growth already taking into account some of the uncertainties resulting from COVID-19 and geopolitical risks.
In terms of the key markets, I think... | intermediate | [
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8ca390e44981a0873ce0fc0e8ae46e64 | My first question is on the monetization level of Bigo Live. I think, the total revenue -- yeah, the total revenue of Bigo Live is already larger than our legacy business. I was just wondering whether the management can share some color on the monetization level driver of Bigo Live in the next few years. And second que... | First one regarding the drivers for the per user value, we think that overseas live steaming will have high potential or higher single unit user lifetime value than in China. There are several reasons for that. First one, overseas is what we pan live streaming model. The entry barrier for live streaming is much lower. ... | direct | [
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e8ff544b4fc63a10f37cdc406791495b | Don, I was hoping we could start with overall award activity around EVs. Just in recent weeks here, we've seen the number of traditional auto OEMs either go kind of quasi-all-in on EVs or at least noticeably increased or accelerated those investments. Curious what you're seeing in terms of conversations around new busi... | We're seeing the same. We're -- well, easily, we're saying the most RFQs that we've seen probably ever, for EVs. And if you look at the bookings, better than half the bookings were EV-related. So again, we're seeing the same thing. And you're right. We are seeing traditional customers that are kind of -- either ramping... | direct | [
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a50567988be36d01e8e04a5d60d4299a | And then following up on that, you noted, I think it was in the press release, particular strength in Asia as it relates to EV. I was just wondering if you could expand on that perhaps. | That's an example of our cross-selling into different regions. We added to our sales force there. And then we did that a while ago, and we're starting to see the effect of that, although I should point out that a portion of our sales, their increase in Asia, it was the transfer of some EV product that had been -- had b... | direct | [
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12d62cc18e39266b27dc9d04dc9c48bd | Okay. And then, Ron, maybe a question for you, and you mentioned on the guidance slide that we do have this modeling issue related to the extra week in last year's third quarter that doesn't repeat this year. Can you maybe put a finer point on what guidance assumes for that as it relates to, I guess, mainly top line an... | Yeah. So with that -- it's -- let me start by answering it. It's a little bit challenging in the third quarter anyway because of holiday shutdowns and things of that nature, there's typically less workdays in there anyway. But -- so what we're modeling would be the -- in terms of in terms of the sales, about maybe some... | intermediate | [
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863f8a2aff23d8663d3edf2650297b00 | Okay. Any -- yeah, assuming we should sort of think of expenses in a similar framework? | Yeah. We'll get a little bit less because we're -- yeah, the expense lines and all that would be consistent quarter-over-quarter sequentially in that. So just typically modeling the less -- one week less revenue and the accounting for some type of holiday shutdowns in that nature as well. | direct | [
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eae0165bb087a71055dfee110a2a0e4d | Great. Thanks for taking our questions. Good morning, Don, Ron. Just -- you mentioned it a little bit, but I wanted to dig a little bit in the guidance. You mentioned some holiday shutdowns, but OEMs are ramping production and kind of looking at industry forecast, I guess midpoint of your guidance is for 9% revenue dec... | No, nothing was pulled forward into the quarter. And we'll have to see what at the automakers do on their releases and what kind of shutdown that they have. We know they'll shut down for a period of time, but it does vary from year-to-year, so we'll have to wait and see a bit more on that. But other than the reduced we... | direct | [
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73583aa366cef25b784b55e40c0cf3bf | Yeah. I guess, more pointedly, IHS is forecasting global auto production up quarter-over-quarter, calendar Q3, Q4. You guys are down 9%, doesn't something like anything else. I guess, can you help me? Are you guys taking a more conservative approach relative to kind of the industry forecasters? | Well, we look at the industry reports. But then we overlay that with the releases we have, what programs we're on. And that's what gives us our guidance range. And we don't necessarily -- because of our concentration on trucks and SUVs, we don't necessarily track to the SAAR. And that's why we go into excruciating deta... | direct | [
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a44c9233ad671619c9897afb3efe7155 | Good. Just moving over to aerospace. This is the first award that I can remember in some time. Can you comment, I guess, on traction you're getting there and then opportunity if there's more behind that or if this is kind of a one-off award? | It's always very hard to predict. It was a sizable award, noteworthy. So I don't -- I don't know that that makes a trend. But we have seen an increase in RFQs. Whether those materialize in this fiscal year or not, that's always hard to predict. It's a very dynamic business from that standpoint. So I don't know that I w... | intermediate | [
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ca5c6fdd81779a96bac8a0db9bca5bb3 | Just following up on the last question regarding your outlook and specifically demand for automotive. I know over the last couple of quarters, in the June quarter, you saw -- or July quarter, a lot of volatility quarter-to-quarter in terms of customer orders. And then, of course, the big surge last quarter. Are you sta... | For the quarter, and I hesitate to say this, but things have stabilized. Keep in mind that that could change here. But there's enough volatility really around the world, maybe more in North America and Europe that makes it difficult for us to go past the third quarter. That's still -- schedules are changing dramaticall... | direct | [
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43829633bba4ce9be3833391c665d739 | Yeah. And are you getting a sense following this big increase in orders and sales that the auto supply chain is largely kind of normalized after being inventory depleted and building back in that going forward, it's really sort of up to end demand that's going to drive your sales? | If you look at supply of -- or the inventory in truck and SUV, those are still down. So I think it would be difficult to say what percentage is the sell-through versus inventory replacement. But we do know that there still is a -- inventory is still down on some of our key customers. On the other hand, as reported, sal... | intermediate | [
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5b0ecdaa24f85d43c4df062010256e15 | Can you talk about, first, the decision to declare the special dividend and how you decided on the $2 per share amount? And then also with the rising rates that we've been seeing, any reason why 2Q results would not exceed the results we've seen here in 1Q? And if improved, what are those additional plans for that free... | Thank you, Randy. I will maybe start tackling your first question. The special dividend, you may remember that during the IPO, we communicated on our initial dividend policy, which was from zero to 50%. And we also did mention that we were limited by the indenture by the documentation of the notes in our ability to dis... | intermediate | [
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bce1f790212441de575d803e45f078db | Can you provide an update on how much of your business is on those one year or so contracts following the contracting period in April and May? Trying to get a sense for percentage of volumes, maybe duration, if they are all for 12 months or maybe some longer. And then, ideally, an average contracted TEU rate for the co... | Yes, the percentage of long-term contract -- long-term contract very much applied, first, on the transpacific trades, not so much on the other trades. And transpacific trades account for 45% pretty much of our overall volume and contribution. So now, with -- so when we are focusing on the transpacific, we continued thi... | intermediate | [
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52d3df4f720489300acc692d83cb4543 | And then, on the -- when you use the term long term, are those entirely 12 months, or do you have some 18, 24 months? | It is mainly 12 months. It is true that we had customers that we're willing to discuss potentially -- agree with us longer-term commitment at the expense of a reduced rate. It is always the same strategy, a longer commitment for cheaper in a way. We were not so keen on pushing those discussions forward and quite please... | direct | [
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678851b28cbca9b949c5fa2ede755794 | Slide 5, pretty incredible chart here showing your net cash leverage ratios coming down. Based on our cash flow projections, we could see being net debt 0, right, by some point in 2021. Is that a target? Do you have any kind of goal, leverage ratios or net cash, net debt amounts by year-end? | You're right. We are continuing the downward trend in this respect. Do we have an objective to be at net debt zero? The answer is no. For us, we wanted to have -- to deleverage our balance sheet, and we more than achieved our initial expectations and targets. So there is no such thing as an objective to come down to ze... | direct | [
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5952cfa863b74c518c995084af510675 | I wanted to ask about the guidance. And obviously, the $2.5 to 2.8 billion is a huge jump from where you were just a couple of months ago. And obviously, since then, we've seen a surge in freight rates. And I guess my question is, do you think that your EBITDA guidance for the year, just knowing what you know now, is s... | First of all, I would very much hope so. This is a very good situation to be, to be in a position to raise the full-year guidance. This comes on the back of a few favorable elements. First of all, we have and we enjoy a significant increase in volume. When we compare ourselves to the rest of our peers, when we compare ... | direct | [
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d4331afe41a254e8f7ec337076dc5361 | You mentioned the 588 million that you've invested or you're planning to invest for this year on new equipment, primarily containers? You also recently contracted those 10 dual-fuel newbuildings. What are your thoughts on -- do you feel comfortable with the existing fleet capacity? Do you see a need to go into the newb... | Well, from a container, from an equipment perspective, it was very important to us to continue to bring in new containers as we are growing quite significantly quarter over quarter. So we took the initiative to order equipment quite a while ago, and we started that into the third quarter of last year already, and we ar... | direct | [
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9192d2ba68bd853e60ac5db61e2f0f5b | Just firstly, just building on a bit of the previous questions. In terms of kind of size of the business now, I mean, clearly, you've talked about 112 vessels. And do you think we will end the year at a higher number? And then what do you feel is the right number to kind of run the business with the current contracted ... | Thank you, Alexia. I will try to take one after the other. So starting with your first question with respect to the number of vessels, we don't have a number of vessels in mind that we think is appropriate for us. Quite the contrary, we see vessels as a means to an end. We look at the trade lanes where we think we can ... | direct | [
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ff8c89b6c61615aa51b4ad922eb5683f | I mean, there's a little bit of a debate at the moment whether LNG is the right fuel -- transition fuel to kind of get the industry decarbonized. I mean, clearly, yourselves have voted with your feet toward kind of LNG. I guess, what is your view? I mean, do you feel that it's good enough, and therefore, that's where y... | Sure. No, we don't think that LNG is going to be the long-lasting technology that will allow for the industry to fully decarbonate. LNG solves and addresses a few emission issues, but doesn't address CO2 emission. It is more CO2-friendly, if I can put it that way, than the [Inaudible]. It is not the long-term solution,... | direct | [
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7c6142718e59626687f9c14b466c03aa | Could you give me a little bit more detail about the components of the reserve development between what was the impact of issues in your Gulf Coast operation versus commercial auto versus kind of everything else? Just to kind of get a sense of what may or may not persist? | Paul, this is Mike Wilkins. I'll take a stab at it. We have Corey Ruehle here, our chief claims officer, too. He may have some additional information on that.
The components would be heavily weighted toward commercial auto, but most of that commercial auto impact is coming from our Gulf Coast office. So, it's focused ... | direct | [
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2f09a91497f7689637fe4617c9967785 | I was a little bit surprised to see that incrementally the rate increases had decelerated slightly, fourth quarter versus third quarter. Maybe you could talk about the components of that change? | Yes. This is Mike again. So, first, the reduction was primarily driven by less rate increase in the auto line of business. That surprised us a little bit at first.
As we dug into it. Two comments I'll make. OIe, it seemed to rebound in January. And two, I think what may have driven that, we really took a lot more aggr... | direct | [
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314d0381e61b80d0be568706864473c3 | Do you have any sense of sort of what is the all-in claims inflation for the book? Obviously, there's some negatives in workers' comp and deposits in commercial auto. But I guess, we're all trying to figure out whether or not net for the entire book, we need more rate or less rate than you're currently achieving? | Paul, this is Randy. And I wish I could help you, but we're kind of struggling with that too. We see evidence of the inflation every day. But to try to put a number on, we haven't really been able to do that either. | fully_evasive | [
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aeeef5c25952aa4f1b442aa78ff0183d | The debt balance that you cited in the release, the $1.79 billion, that was a little bit higher than I had, and I was just wondering, does that include some assumption of pension liabilities? Is that the piece I'm missing? | It does not. It assumes the cash purchase price as well as the refinancing of all the debt on both companies' balance sheet, including Gannett's revolver. | direct | [
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546fbd32336b09ba3ed3146802ed1675 | And then is there any color you can provide on the interest costs related to this new Apollo line of credit? | The interest rate is 11 and a half percent. | direct | [
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b30cba7be6281bec3fbf90d2769f9c63 | And then the last question, in terms of phasing of the synergies, I got the majority within 24 months. For those on the buy side that are trying to sort of come up with a reasonable 2020 EBITDA or 2021 EBITDA, is there any color you can provide in terms of rough cadence of the savings and sort of cost to achieve? | Yeah. I think we will obviously start to integrate and realize synergies in the first quarter that the company is combined. So in the first year, you'll be at -- certainly be at less than 50% because you won't have the full run rate in given that you just started. So I think from a run rate perspective, you should thin... | direct | [
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2b902c747c38f378450913235e623109 | Hi, thanks. A few -- the first, and a follow-up to Jason's, the cost to achieve, the $275 million to $300 million, what do you estimate those to be? | About 30% to 35%. Those are one-time costs. They don't continue with the business. So that's what we've kind of pegged. | direct | [
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7c839dd8a5d4cb73076df61962bfaf4a | Great. And could you provide maybe a little bit more detail around the newspaper operation synergies of $115 million, maybe some of the bigger moving pieces in there and, especially, if it's in there, kind of taking redundant print presses out of the equation? | Yeah. So Kyle, both companies have done an extensive review to look at synergies in this transaction, and obviously, we see a significant opportunity for efficiencies and cost reallocation across the combined companies. We really need, over the coming months, to finalize our plans and, importantly, discuss them with ou... | fully_evasive | [
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323800e3f7e1e4b1a3ebc3e08fc8abe8 | Got it. The new dividend yield is a pretty big shift downward for your New Media holders. If I look at the net leverage goal for three years out of onetimes, where do you think the payout on free cash flow to dividend goes in that third year? | We're pegging a payout ratio per se. We love the opportunity we have to deploy capital right now among the dividend, among deleverage and among investing in growth, especially digital growth as well as our enhanced opportunity to improve local journalism around the country. So -- and as -- and with regard to capital de... | intermediate | [
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c8ea17e1d141630d00c541dfd0584c5b | Got it. And lastly, what kind of regulatory hurdles do we need to clear to get this done this year? Thanks. | Regulatory, the HSR filing in the U.S. and then there's a filing in the EU merger regulations as well, so those are the two regulatory filings. And of course, both companies are subject to shareholder approval as well. | direct | [
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596d05d804c3920346d04026ecaa8306 | Yeah, thanks. I guess, from the Gannett side, Jeff, I'd be curious to get your thoughts about why you felt the need to do this now. I mean, obviously, it's been interesting for you guys. You had a hostile that you had to fend off. Is this about scale? Is it about digital? Is it about cost cutting? I mean, what was the ... | Thank you. So I wouldn't describe it as a pressing need but a very attractive opportunity. So we said some time ago that we would always look at any bona fide offer, and our board has consistently looked at strategic options. And when Mike approached us earlier in the year and it was when we were in the proxy fight mod... | direct | [
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c1e74d7cab013de262abf29b4d470e37 | Thank you. Thank you and congratulations. My question is more of a 64,000-foot view question. Obviously, this merger brings a lot of unique visitors. You have a lot of cost cutting opportunities as you consolidate facilities. My question is more on a longer-term revenue track. Does this combination give you more heft t... | Yeah. This is Mike. My belief is yes. The scale and the significant cash flows that we generate on a combined basis give us the ability to not only invest in our digital business but be able to do the things you just mentioned. I mean we'll have more than $1 billion of revenue in this company, and we'll be combining tw... | direct | [
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"fully_evasive"
] | A |
4130a2bf40fe59e7ca52f85803904028 | And the newspaper industry for many years have been saying that Google and Facebook have been getting content for free for many years off of the backs of newspapers. Are there opportunities that you could get more favorable terms from Facebook and Google for the content itself? | That remains to be seen. We have a lot of work to do in front of us over the next four to six months to get this transaction closed and to work on our combined strategy, both on the top line and the bottom line. So I'd say stay tuned on that. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
c12a5cf7f3acfbe3fed601d6fbb33fbc | So just to start with, you just mentioned rivipansel, how long do you think it's going to be reached before we see what's the full dataset world? And then also because a sickle cell disease trial would be rather large, is this something that you would bring forward on your own or do you think once you go over the data ... | As far as when we see the data, it's hard to predict specifically when that would be, because we are in the process of reviewing the data and looking at the overall program. I would say within the coming months we would be able to say something about that data. And as far as what we would do next again, that would foll... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
364d29111dbbba79303df454b44bb0ac | I understand, it's tough to comment on any of the timeline for upro and it seems that 1359 has completely stopped now, but just on 1687, I'm curious as to, since this is preclinical data, when do you think you can reach the clinic or at least have the IND filed and be ready to go with that product? | Yes, that is the product that we're excited about and the preclinical data has been very compelling in a number of indications. We think it's an interesting potential follow-on to uproleselan. We have not given forecast as to IND readiness for that asset. So at this point I am not prepared to say when we would take tha... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
b8230a4e5d3893c30de39613bdb6f892 | Maybe a question for Brian, just with the COVID-19 and working from home and everything I'm curious as to impact on SG&A and R&D. If you're going to see any impact, has there been any layoffs or expense cuts that will be material to R&D or SG&A expenses going forward. | No, as we've discussed in the past, we have just under 60 employees. So we've been very capital efficient over the years with a very low fixed burn rates. So we did evaluate the impact of that -- some reduction in travel expenses and some other overhead expenses with working from home, but no anticipation of any layoff... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
4fc946bc7c82ce2e7b1e73ca98c833c6 | When you say you have cash through two years is that instead of firm through 1Q into 2Q 2022? | I'd say two years right now into Q2 of 2022 and again, as we get through this, we start to see the rent pick back up of the Phase III trial, we'll be able to give a better cash guidance on that. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
dfd2fd7dc664a9cb44dfed5fc1013bd0 | I'd like to focus on the upro. I'm just curious how frequently do patients need to show up to the hospital in the trial, how long do they have to spend their during each visit and how does that compare to their alternative options? | The uproleselan trial is in the setting of intensive induction chemotherapy and so the patients are being admitted to the hospital for usually multiple weeks and perhaps longer than a month for their treatment of the relapsed or refractory acute leukemia. And so that need for hospitalization for intensive chemotherapy ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2660a24c3ef30b7c184db6e96e4594a5 | And then, just wanted to understand how does that compare to their alternative options like, how much extra burden or is there any extra hospital stay burden being on the trial or so not being on a trial? | So they, this trial is designed quite specifically to be assessing during as routine medical interactions and so there is -- there are -- there is no additional hospital stay that would be trial specific, it's just during the routine treatment. So for example, the hospital stay is driven by their medical care, not by t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6464df875895e5630eb215492339ec28 | Just maybe if you guys, I guess, specifically Helen might be able to comment just to the rate of patient screen failures that you might be seeing, as you enroll the trial and I guess just whether or not if there is any variables that are proving to be not necessarily problematic but I guess occurring more frequently on... | We are, we are, are seeing risk assessment of patients, risk presentation of patients for screening for the trial. There are some patients who are screened and do not meet the eligibility criteria. As you would expect, we are seeing a great number of patients. I would say, a good proportion of patients who are approach... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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