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b5f1c5669a6f790cea458f0e6cbbf07a | I guess I was just looking at some of the participating sites. The most updated version on controls.gov and I guess it looks like MD Anderson is no longer participating. And I guess I would have perhaps just thought that they would have been a large pool of potentially accessible patients too. Can you maybe just kind o... | So I'll actually we'll have to check on that, because as far as I'm aware MD Anderson has been participating in the trial and has been an enthusiastic center in terms of our discussion around the use of the drug in this disease. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1730e285912b4a1c2784035a973df28d | And then just on the pre-clinical publication that came out. I know that we've seen a lot of data around e-selective inhibition and and its utility in AML and its chemo resistance. I guess, I haven't had a chance to go through the manuscript in detail. But can you maybe just highlight what you think is kind of the most... | Yes. We're very excited about that Manuscript and this is definitive preclinical elucidation of the mechanism, it's assessing the specifics of how the drug is -- how AML cells are interacting through isolectin to achieve chemo resistance essentially and be protected from chemotherapy the specifics in this manuscript ar... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a1d9c173b96c01093c255bcc216eec02 | Had any additional patient has been enrolled in the 1359 study since January? | So we have advised on initiation of enrollment for the 1359 study being run at the Duke Cancer Center and that was the early guidance this year that the first patient has been, had been enrolled and we are not commenting on individual patient enrollments and so our guidance today was simply that with this trial being r... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
f09dcc8f3e1bfa546aab1cf49ad491b9 | Can you comment at all on the screening process for this. And then is this something that you could potentially expand to another clinical side as well or no? | Thank you for the question. That's an interesting question. I will say we have had interest both from investigators and researchers in the field, but investigators who are seeing patients with breast cancer and metastatic breast cancer. We've also had interest from patients and we signed the molecule one that is exciti... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7f80e60195a7b13be9ab3cb20814d1d8 | I did see the publication for upro in AML. I thought the data looked really good. I'm showing the potential for you to prevent chemo resistance in AML. So I just had two questions. I think, one of which was, do you expect that this could also be the case for other hematologic malignancies and then the second question i... | As far as the potential application to other hematologic malignancies. I think that is a very interesting question. And we have, we have in the past presented preclinical data, which you may, you may be familiar with, and if not, it's on our website where we have looked at and in fact demonstrated the potential of usin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
dc97ac19ae03a3bf1738a9e4e684d3a0 | Hope you guys are well just fund I think Brian commented earlier on the cash runway extending out to Q2 or mid 2022 type time frame and if you look at your prior guidance on completion of enrollment in second half of 2021 and given COVID situation slowing your enrollment in the Phase 3, do you still expect that you wou... | So in terms of the guidance that we've given, we've not yet changed our guidance on completion of enrollment, we want to wait and see we've had the one month of of effects of RF COVID. So we think it's too early to assess the specific impact on completion of enrollment. I will say we do feel that two years is a long ti... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b29d738f9eb3b16ab679f4041cbe1cc2 | Is there a possibility to add additional sites. So for example, with the Apollomics deal, Greater China is available. Have you discussed with them the potential to extend the Phase 3 protocol into China possibly? | Sure we're currently contemplating that as a separate study and we're not contemplating adding those sites to the sites as part of the main Phase 3 study, that's the current plan. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
d7b910c22f53a3ccb0820e4e49e1ca14 | First of all, thanks very much for the commentary on some of the proactive steps that the company is taking to address the stress in the municipal market. Looking broadly, we're looking at an environment where interest rates are at historic lows. We know that what that means to some other insurance companies. But in th... | Thanks, and good morning, Mark. Maybe I'll start off with just at a high level from a risk management perspective, and then I'll pass it over to David, who can touch on some of the capital management aspects of it. But generally speaking, with a lower rate environment, we do see opportunities to do incremental refinanc... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3707d94d21d5a8f7fa428e69dd562ce0 | I think on the last earnings call, you had implied that you bought back some Ambac liabilities in early April in the credit market dislocation. Was that the did you repurchase actual Ambac-issued liabilities? Or were they Ambac-insured bonds? | Yes. Derek, it's David Trick. Thanks for the question. We we did buy some Ambac wrap securities. We spent about $170 million or $150 million, sorry, in the quarter of Ambac wrapped bonds. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
adc84e8dd823402b768fddfd7951c7c7 | Okay. And my other question was, when you give the cash and investments at AFG of $481 million, are there any liabilities at AFG that would have to net against that amount? | The only liabilities at AFG are from payables, and that's netted against the receivables. So the $481 million is a net number, but there is no debt or financial obligations at the holding company. It's just simply working capital payables. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
6af262c2d530fe2fe4e4346c7feaf380 | Can you maybe first ask about a little bit more detail about the marketing outreach for your products? Are there any fixed marketing points you've got planned besides a rental fleet where it's just one activity? And secondly, do you have to market the Roadster differently than the other products? And is there any addit... | We've got a multifaceted approach to market development that starts with learning about the brand through online videos. We've made video sort of core competency of the venture because that's we found the absent actually driving the vehicle. That's the closest we can get to showing you what it's really all about. The e... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
1b906d86022860156744c1782525d5ba | Can I ask secondly about your cash burn? You've seen plenty of cash. Thanks to some recent activity in the capital markets. I'm just curious if you can give us any kind of quarterly or monthly feel for how you might go through that going forward. | I think we'll have more to talk about. I mean, we've maintained a pretty steady cash burn. Actually, maybe a little bit of a decline in that in 2020. I'm obviously expecting that to go up. I think we'll have a little bit more clarity to communicate on that front at our Q1 call. But I would say that Arcimoto has, I thin... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
3e07c09b96e211091445a4115814851c | Maybe my last question for you here is on the gross margin and EBITDA breakeven outlook. You work with [inaudible] associates for quite some time now. You've got a new facility coming soon. But the current AMP, where you can update us on whether you've pulled down the volumes that you need to get to breakeven on the gr... | I think we made a decision last year that we were going to go for a much higher scale. And we said, OK, we're just going to stick with the current AMP and push maximum production capacity out of that. That would have been a substantial undertaking just to ramp up our sort of the way that we presently build vehicles, an... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
5a4ca6a88e0fb050ac013715fd98d2f4 | With respect to sort of the preorder book or the sales leads, however you want to define that, is there an opportunity to start taking advantage of that list and using the balance sheet that we have to maybe deliver orders to or vehicles to folks who have shown that level of interest? | We're definitely looking to deliver vehicles particularly some of the folks out there, some of you have been waiting a very long time for your Arcimotos. And that's a piece of that is, there's been really two pieces of that: One is the major scale push that we're doing that has the knock-on effect of substantial cost r... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
80f9e588d378a8416d711458711fed89 | Can you remind us which states we are certified for currently? | Well, so the vehicle is certified on the road, it's for all 50 states. But in terms of where we are presently selling, and this really has mostly to do with making sure that we have that we have service in place for our early customers and this has been, again, a substantial challenge throughout this last year. We have... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
88c6463f7e1a7815040ca3f499d98581 | Platform two versus platform one, is there any cannibalization in that? Or are these very different products and you don't expect much over now? | They are very different products. The principal overlap would be on sort of materials construction, and I think on the things like the battery and the battery management system technologies. We'll have a lot of shared effort between those, which of course, makes up the bulk of the single largest item on our bill of mat... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ddeaafb375589768ae4f00e9bbfb7d1a | On the quality issues, are those addressed or resolved already? Or are you still working through them? Any color on that would be helpful. | I would say that we believe they are largely addressed. There has been one real challenge that we've had with one of our electronics components, and we are hopeful that this last rev from our supplier addresses those issues. But we're aggressively testing those new components, and we will not stop, obviously, until we'... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
808b4f1216c9c880bb6a09b9f7cce8e5 | Can you share with us how much tilting motors will contribute revenue and cash flow for 2021? | I think we will have a much clearer picture of that at our next earnings call. I actually have to calculate this in my head, so don't hold me to anything, but we're selling a kit about every couple of days. And it's roughly a $15,000 kit. However, we're moving the company from Seattle down to Eugene. We're bringing in-... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
8d254a2561b9651bb3f43681254197e5 | The recommendations that Munro is making or has made, when will those be integrated into the product? | So it's going to be a mix. Some of the insights have actually already made it into the product. And I would say that there was one, they've got a notion that Sandy talks about, Bob, the [inaudible] one-arm builder in terms of how you design parts to be easy to assemble and to be able to be assembled without error. And ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
283806abd5f6e8cd0db0eb3df4ad468d | Obviously, you've got a lot of irons in the fire, but just wanted to ask about the federal opportunity. Obviously, you've already been targeting some state, municipal agencies. But with the new Biden administration, does seem like they're making a big push for electric vehicles, emission-free type of vehicles. Can you ... | Well, I would say, stay tuned. We've got some things that we have not talked about yet that we think might turn into opportunities in the relatively near term. But in the long term, I think I've been very heartened by the bold goals that the Biden administration has set forth for vehicle electrification, and we think t... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
cfebf521d7e49d03d80406b8c6d4b914 | You I think a couple of days ago, we saw a press release in the hiring of international executive. Yes, I wonder if you could just maybe just give us a little more color on what the low-hanging fruit there might be. Obviously, there's a lot of countries around the world, who, some of them frankly are even maybe a littl... | I would think of that as sort of the midterm opportunity for the company in the bigger picture sense. The near-term opportunity is that we have -- we continue to have substantial amount of inbound inquiries from all over the world for Arcimoto's platforms and products. And so having the reason that we moved to bring Di... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c40cfea3fe77cf1e4b4dc7972d1ff26f | I was wondering if the changes that the fireman test that you talked about, the changes that they recommended, would that end up increasing the cargo capacity of an Arcimoto? | What they were looking for is really just the Deliverator that we've already got, but as he specified it in more detail, it was sort of like they want to have one Deliverator and one Rapid Responder as we've currently articulated it so that they can have a three person team with a bunch of gear go out in terms of a Rap... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
ca2a5efe55a78539a9096f23223202ea | I wanted to ask about the recently announced hire of Dilip Sunderam as chief international business officer. He formally worked from Mahindra, which itself offers commercial three-wheel vehicles, including an electric last-mile delivery solution. I was just wondering, was he hired specifically for his three-wheel exper... | I think his depth of experience in electric vehicle deployment was certainly one big part of key to bring him on board. And this is true of the vast majority of Arcimoto's hires. It's just that when Dilip came to us and expressed a profound alignment with the mission of the company, sustainable mobility is something th... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
aa596cec641cd9959128fe1f48b11fbf | I was curious, you have been talking a lot about micro mobility recently. I think you've got a speaking engagement coming up in that sector. Are you waiting for platform two to put a product into fleets? Or does the current SUV in its current innovation have some potential there? I see where your competitors in the [in... | So we see the current sort of platform one family of products as being really kind of on the edge of micro mobility. I think the technical threshold is 1,100 pounds, and our 1.0 is about 1,300 pounds. But yes, we absolutely see opportunity in deployment of the FUV and its variance in micro mobility type fleets. And rea... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
880c24756409cf766f1225c2a433ed8b | Arcimoto filings note that its R&D spend focuses in large part on reducing the cost of products, and that sounds like a pretty smart goal. I was wondering, what are the major cost nuts to crack between now and mass production? | Well, the big cost centers of the product are the battery, electronics and everything else. So those are the three buckets. And I would say that we've got major initiatives focused in all three areas and some very interesting technology developments that we're not quite ready to pull the wraps off of yet. But that will... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
703297ed498d72783487f5b847cefc8c | Could we get a deeper update on external growth? And specifically, what are you seeing in private market pricing, also strip investor appetite? And then secondly, we're in the new year here, what are you hoping to add property profile-wise or market-wise? And then what's the mix between on-balance sheet versus addition... | Yes. Hi, Derek. Let me hit the first update. What we're seeing from acquisitions, obviously a lot of deals did not trade in 2020. Certainly, a lot of deals north of $50 million in the retail ecosystem didn't trade. We have seen a lot of loosening up from that perspective. And that's from private individuals, that's fro... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
51618cc821ba436f28b0fc104ae0b57c | Can we talk a bit about tenant demand? How do you feel about current leasing activity? And where is your pipeline now versus pre COVID? I know you've shared in the opening remarks where it was versus last quarter. But how about versus pre COVID? And then secondly, how could you describe your portfoliowide mark-to-marke... | Yes. Thanks. Statistically, I would say we're not quite back to 100% of the inquiries and tours that we were seeing pre pandemic. Some companies are not flying yet both from the retailers. But it's improved dramatically over the last two quarters. We feel qualitatively -- the activity we're seeing feels more transactio... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5799b02ba71d61294349461226280666 | I just wanted to circle back first to the acquisitions and, I guess, the GIC venture specifically. Can you just remind us how investments were to be split between RPT and the venture? And have the parameters changed at all for the venture, the scope of what the joint venture is willing to buy relative to RPT? | Yes. I mean I think, first and foremost, it's a partnership. And we're talking more now than we ever have. And even prior to COVID, we were talking a lot. And again, it's an unbelievable partnership, where I couldn't be happier. Really, the venture was set up to really focus on grocery centers. They have a ROFO for any... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
b6fc3d709239db7fce2aa52fdf765a28 | Okay. And going forward, do you anticipate -- will the venture primarily be structured the same as it was when it was initially formed with your share being 51.5%? Or is that expected to potentially change for future investments here? | We're looking at a lot of options. I mean I think the thing that we love with them is there's just great flexibility. So it's -- listen, obviously, there's -- you look at it from a lens of single assets or a small portfolio to large portfolios, which would maybe be a less of an ownership interest. So there's just -- wh... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0c1ec044e122f01987dc52cfc66d123c | Okay. And Mike, I think you said the guidance does not include acquisitions, but there's an expectation that the $100 million of cash on the balance sheet will be deployed during the year. Is that right? And then are there any asset sales being contemplated? Are you looking to monetize any properties in 2021, potential... | No. A good question, Todd. No, there's no transactions embedded into our guidance range on the disposition front nor the acquisition front. So if we were to go out, which is our intention, to redeploy the $100 million into acquisitions, that's going to be upside to our range of $0.77 to $0.87.
Yes. I think at this poi... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
32f21787dacf56954fbd88f8a6432130 | Regarding the new grocers that you're looking at, are they looking at taking new space, like converting parking lots? Or are they replacing existing space? | Hi. Craig, these would be all taking existing space. We don't have any grocers doing ground-up in the parking lot. So what I love about this is just huge value creation. And then I would say the majority of these grocers would be taking space within power centers. They want simply -- the best-in-class grocers, which yo... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
ede26fc1e6f7d1f3d5ce10a512c751da | And are you able to raise rent in the examples you're working on? | Yes. So the example I gave you, where we have a deal out for signature in one of our core markets, these were legacy leases of two tenants. We're combining those two spaces for this first-to-market major grocer. That spread, Craig, is 66%. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
17c19e65052a6b233473da008ff19ffa | And how -- I guess you did two strategic deals in the fourth quarter, which kind of lowered the leasing spreads. Do you think at the end of the year, you'll be closer to your high single-digit, low-digit -- low double-digit rate? | Yes. I would think that. I mean I think this is -- it's always tough to track spreads quarter-to-quarter. We had obviously monster spreads last quarter and these spreads were moderate. And really, we're dragged down just by a couple of strategic deals that we did on a portfolio with a tenant where we just thought it wa... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2081a61a3dc709282185882e0d0ec029 | Maybe if you could talk a little bit about -- Brian, you're always talking about IRR-driven. What are the spread investing opportunities you have in your portfolio? And how much potential ground rents could you -- do you have in the portfolio that you could harvest and redeploy into either redevelopment or new acquisit... | Yes. Thanks, Floris. So we did update our remerchandising opportunities in the sup. That list is long and there's a deeper list behind that. Where I like this is we were averaging, call it, mid-double-digit yields when we inherited 20 boxes when we first came over to the company. We see that same opportunity with these... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
277a728b0da72853aed4e604b9eadea0 | Yes. So it's around $10 million. So that's meaningful for a company your size. Maybe could you also comment on the leasing costs that you had this past quarter? Obviously, they were -- there are probably some one-offs in here. But the $75 million -- $75 per square foot TIs was about 50% higher than what you've averaged... | It was high. It was heightened on one deal. It was a Five Below deal where we had a little bit of extra landlord work combining two spaces. You take that deal off and it was $44 a box -- a square foot. So we see that as more of a moderate range of TIs going forward. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
1cda907b33a4098e2db6b001dbcffd7b | I guess looking at the $0.075 dividend for the first quarter, was that set by the Board by looking at taxable net for the first quarter? Or is that based more on a full year view where you're expecting that dividend to be kind of constant throughout the year and then grow it in the future years? | I mean it's based on a full year. And I could say we set it really with obviously improved visibility and confidence in the cash flows. But we really want primarily to focus on retaining our cheapest form of capital, especially in light of all of that huge upside with the remerchandising opportunities that I've been ta... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
14202f60d1e84715abd739a7962a1986 | Got it. Okay. And Mike, you talked about the variability of where you could end up in the 2021 range based on theaters paying or not paying. How much of the $4.4 million reserves is tied to theaters, just ballpark? | Yes. I would say 2/3 of it, Mike. I think the best way to think about it is the clean number for the fourth quarter ex any prior period adjustments for bad debt and abatements was about $3.7 million. If there is no change in that number throughout 2021, that would bring you to the low end of the guidance range of $0.77... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
f9cd0fb75c8ec3c926b15d12dcabc8c3 | In terms of acquisitions, to the extent you're targeting high-growth, high-return markets, you've noted Miami, Charlotte, Richmond, Phoenix, Orlando, how has pricing changed since pre COVID? And are you seeing more assets come to market? | We have seen much more come to market, Linda. And a lot of that is talking with, like I said, whether it's private buyers or institutions directly. I think pricing hasn't -- from a cap rate hasn't changed much. NOI has in some of these centers, not all. But we really are really focused on assets with the under-market r... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a1d4f8c28ec06f066f4f0abf68339dff | Can you talk about how you were able to get such high heavy-duty sales in the quarter and the year relative to the market? | Okay. Hi, Greg. This is Weng Ming here. I mean, the first -- there is -- I think, it has a lot to do with the gas engines. They were implemented in the later -- from 1 July 2019. So, a lot of the heavy-duty engines that we sold in the fourth quarter are actually gas engines. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
c2c967aa30bbf9b83d0537d04c998722 | Okay. And is that -- are you expecting to see similar growth on that going forward? | Well, we will see sort of more gas engines being sold in this coming year. Now, that's partly because of the government's push to have a better environment. So, we do expect to see -- but again, a lot of it depends also on the oil prices as well. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
458ce7920863e635dd22b76e7057e1f7 | Okay. And it looked like you ended the quarter with a pretty good inventory balance. Have you had any interruptions in shipping or part availability or anything like that related to the lockdowns in different areas of China? | Well, OK. Now, we'll break it down into months now. In the month of January before Chinese New Year, there were no problems at all. After Chinese New Year, when the coronavirus or COVID-19 outbreak were at its peak, yes, we had problems getting components. But it has since improved now, now it's not very much. It seems... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
91fcb4fa830510ab0baa0d9b3868418a | Okay. And then what kind of impact have you -- I mean, have you seen any other direct impact from this? I presume first quarter sales are going to be quite a bit lower just because of the different shutdowns. I know you can't go too much into detail on that, but can you just kind of talk generally about the impact othe... | Okay. Yes, sure. Now, the whole country was in a lockdown, especially the Hubei province, Wuhan, that's kind of Chicago of China. So, some of the critical components came from that region. Of course, not all our components are from Hubei. So, without certain critical components, we can't produce. We can only use up wha... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
fd7a4971f2df19dff1643a5f135ba3a7 | Okay. Yes. And you think that's pretty much back to normal, now going into the fourth quarter -- sorry, the second quarter? | Yes. There may -- it's not 100% yet. Although -- yes, it's -- I think, from what we have seen, our own production has improved a lot compared to February. So, we are gradually getting there. I think by second quarter we should get mostly there, if not third quarter. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
5c6bf694abfa71041d55defa1466aad5 | Okay. And last question is, what was the amount of the write-offs of receivables in the quarter and then for the full year? | It's -- it was actually happened in the last quarter. And the payment is approximately 25 million.
William, actually we made a provision for it, because there is -- there is a delay in payment and having some issues with the customer. So, we will take some actions to try recover it. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
4302d735b07bb1c58ddcd14e09bcafc2 | Good morning, all. Don Espey with Shah Capital here. You provided color on National VI, but please provide an update on your electric powertrain and natural gas engines. | Okay. Firstly, natural gas engines, as I mentioned earlier, the natural gas National VI emission standard was implemented from 1 July 2019, and since then we have sold several natural gas engines. So, in total, for the full year of 2019, we probably sold about 21,000 units, most of them in the second half.
22,000. Now... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
3786a282f483a26f4a7b390c8c9bff9b | Okay. What was your operating cash flow in Q4 and calendar year 2019, and approximate U.S. dollar capex for 2020? | Okay. You are referring to the free cash -- the operating cash flow, right?
I mean, we -- in the fourth quarter, we do contribute a positive cash flow of about RMB600 million. And for the full year, we have contributed about RMB1.5 billion.
I'll answer. Now, we can break it down into two components. One is for the ma... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
9f0188256f84aa39abc56bee335b1c31 | Okay. And we saw engine sales were up in March in China. Same trend at CYD? | When you say up, compared to which period? Compared to February, it's definitely up. Compared to -- for this year, you're talking about 2019, or 2020?
Yes, I can't go into too much detail because March financial numbers are not really finalized here. But compared to last month, yes, we expect it to be up. | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
614da8aa648d4befd0eadbaa8a7d96f9 | Okay. Okay. We were glad to see the dollar plus dividend. However, with CYD Board, with over $50 million sitting in Singapore, why is the Board still not buying back shares trading under IPO share price and with net cash level? | Well, I mean, I think we have gone through this many times. Even with you or your colleague before in the past. I think the Board has preferred to reward the shareholders through dividends as opposed to other methods. So, I think that the Board hasn't changed its approach yet as of today. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
25666042ccfeda993e07acec923606ad | We don't understand why they're still electing to not do it even at these prices. I mean, is the company planning on going private? | No, we haven't discussed any of this issue. I don't know. I think the Board is -- it's up to the Board, our shareholders. Cash is very important to us in this very difficult environment right now we are. So, especially for now with the COVID-19, the whole environment is very-very uncertain right now.
So, the more cash... | intermediate | [
"direct",
"intermediate",
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] | B |
ea75ec386df0d3df0ec3842a5b619818 | How much revenue do you expect to decline due to the virus? What is the impact on trade receivables? Are you able to elaborate further on the RMB 300 million rise in the SG&A? | Okay. Now, the impact from the virus is largely in the month of February, largely. It will be soft in March. So, both domestically in China we hope that the things will get better in the second, third quarter and fourth quarter. So, hopefully starting in the second quarter. Now, it's going to be very difficult right no... | intermediate | [
"direct",
"intermediate",
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] | B |
7f356bf5f2108986a0937d184329750b | What was the unit output revenue, gross margin and profit for MTU unit? And what would be the target in 2020 for these numbers? | Yes, this is Kelvin. Regarding on the operating profit for the engine and it depends from selling price and then the -- so, I don't think that we can specify what the margin we are taking from the engine on selling to the customer here. But I would say -- and then the engine margins are better than what we are doing on... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
6b30142227d4b15194529b718a52a3c4 | What will be the gross margin trend in 2020 with more National VI sales? | Yes. National VI sales contribution to the gross margin is not very big at the moment, simply because we are still -- we still haven't reached -- we haven't been selling a lot yet, and we expect to sell more in 2020. But it will still not be large enough to give us a volume or the economy of scale that we need. So, we ... | direct | [
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] | A |
ba31a42a7b026404b93c7c2f919f0de2 | What will be the percentage National VI sale in 2020? | Well, it's too early to tell right now, especially with the COVID-19 outbreak. We had hoped to sell more than 13,000 units, which we did last year. It will definitely be more than that. But with the COVID-19, with the first quarter being affected by the COVID-19, it's going to be difficult for us to forecast right now ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
0c80dc495dc137df7de4d16a9e54c5e7 | Can you elaborate a bit about the $30.8 million litigation set aside? | This is pertaining to one of our earlier acquisitions, which we have also reported earlier, as part of our 20-F for the last fiscal year. This is a matter which has been under litigation for a fairly long time now. We had received some adverse awards from the tribunal, which was arbitrating on the matter. And those awa... | direct | [
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] | A |
d8acae23e50e744f8ee7f9ef87f83192 | These are extraordinary times, we all realize. But does management have any goal for when MakeMyTrip will become a profitable enterprise? | Like I had called out, if you see the last fiscal year that we have reported, the objective was to, kind of, get into a range of within $10 million in terms of losses per quarter. The company was able to get there in the third quarter of the fiscal year, wherein we had -- our adjusted cash losses were down to about $6.... | intermediate | [
"direct",
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] | B |
cdfeec9d05dbfd0541e7e7e65e78642a | One, from an inventory perspective, what are the trends you're seeing in terms of that [Phonetic] and especially the S&P business? Are we seeing a lot of fallout because some of these guys will be at a margin and they'll not able to survive this pandemic, right? So, that's one. And then, how will that impact the take r... | Yes. Rishit, hi. Rajesh, here. Maybe I can just take -- they're both good questions. On the supply side, if you look at it from the Hotel business standpoint, as you know, that it has been very fragmented supply ecosystem that we have. Our understanding and belief right now is, and this is based on all our engagement t... | direct | [
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] | A |
b0d6b47ad4c509221c14020e73facffa | Second, just wanted to understand, I think, there is a fair bit of areas that you mentioned that you're confident of gaining share. So, just wanted to understand what are you seeing in terms of competition? I would assume on the Air side, as we see, Yatra and ClearTrip are sort of weaker, which should give us some runw... | Again, Rishit, if you look at the competition overall, so you know that we have OTA, the other OTAs, couple of them that you already mentioned and then there are global OTAs, specifically in the Hotels and Packages side. And then there has been competition from the offline world as well, all the tour operators, the tra... | intermediate | [
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] | B |
7310976279c12e4ae022a2b90987d551 | As far as the guidance goes, I was pleasantly surprised by the fact that you were able to give both quarterly and annual guidance in 2021. I think that's a good sign. What are you assuming for the non-medical piece of the business in terms of revenue? Do you think that will grow at a faster rate, slower rate, and is th... | Jim, I think you just call that good summary. We -- our expectation for Electrochem on our last earnings call was we expected no growth in 2021 versus 2020, and you've seen in the financial results the business decline from 58 to 35 million in sales due to the oil gas energy decline. What we're seeing right now is we r... | direct | [
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] | A |
febb52c34719e286232052305bd73409 | And on the medical side, are there any key new products in the industry that you think will help drive the recovery, maybe the neuromodulation business or one of the other businesses that you think are going to kind of drive the growth for 2021? | We would point to all of the areas that we've been focused on. I think neuromod is a great example where they were particularly impacted by the pandemic in 2020. We saw that almost immediately back in March when the pandemic hit because it's such an elective surgery. And we saw neuromod start to really come back strong... | direct | [
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] | A |
7849e96a805ebfa3186a1807d619c746 | All right. And the last one for me, if you look at your EPS guidance, the non-GAAP versus the GAAP guidance, really, the biggest delta there is the amortization expense and then the other one-time charges, and it really trickle down to 20, less than $0.20 annually, does that indicate that at this point you're done with... | Jim, we reduce the non-GAAP adjustments, like you said, it's single digit -- kind of million -- single digit millions, maybe you're thinking back to four or five years ago when that number was $40 to $50 million that was really due to the integration of Greatbatch and Lake Region. We've gotten that number down to, as y... | direct | [
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] | A |
8ec725f58a067785966a9f65cda90736 | Joe, just bigger picture after the last couple of kind of very strange years, what kind of changes are your medical device customers kind of thinking through with their supply chain and how they manage that supply chain over the long run after this last couple of years and how does that benefit you? Or how could that b... | Thanks for the question, Matt. I think what the pandemic as well as some of the natural disasters that have occurred over the past two to three have done is it's reinforced the importance of the supply chain, both from a resiliency from a financial story [Phonetic], and I think even more so from the innovation perspect... | direct | [
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e6cbef388c961cd271a52434e89307b5 | Joe, as you see this recovery progress for you guys on the hopefully sequential basis from here, how do you -- how are you thinking about commodity prices or potential supply chain shortages through the industry? Do you think the industry can handle the pace of change? | I know Integer can. I'm confident we can. I'm confident that we've demonstrated the agility during COVID to address the potential supply chain disruptions; so, modify how we run our business, protect our associates and still deliver for our customers. I think -- I think this is a strong industry. It's mid single-digit ... | direct | [
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] | A |
e54d2e8a22bb3b331e75017276c84e5f | Okay. And I'll combine last two questions into one. You made two smaller acquisitions in US BioDesign and then Inomec [Phonetic], first how, how have those acquisitions contributed to the new product introductions or the backlog of companies under developed that you were talking about last quarter? And then, also, just... | So, it's specific to the two acquisitions we've done. They've delivered exactly what we had hoped they would and expected. They brought differentiated capability. They brought the ability to enable our customers design and development and speed to market. We made and are making investments in both of those acquisitions... | direct | [
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] | A |
2182319e9f2ab164de94e02d3439c71a | Digital advertising at Dow Jones continues to outperform some of your peers. And I'm wondering if there's any further color you can give on why you think you are doing relatively quite well on that front? Is there a vertical SKU or specific advertising products driving the outperformance? And then just on Foxtel with b... | Well, first of all, Dow Jones. We have a great team at Dow Jones led by Almar Latour and Josh Stinchcomb, our Chief Revenue Officer, he's done a sterling job in developing our digital ad expertise. And that's across wsj.com, MarketWatch, Barron's and beyond. And the increase has been across categories, but also in new ... | intermediate | [
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] | B |
057fcc5c4decee48312fa74f12567b9b | Firstly, just the Move revenue outlook. You're talking about $40 million of incremental investments. You're seeing strong traffic growth. You won't have the agent concessions in the fourth quarter. And do you think it's possible that, that revenue growth continues to accelerate in the second half? Or just how should we... | Thanks, Kane. I might take those questions, and Robert can add and supplement as he will. So just in relation to the sustainability of Move's growth. I mean, we remain very confident in the growth of the business and are encouraged by the traffic and the lead volumes, as we talked about in our prepared remarks. Notwith... | direct | [
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2b083eec547c39dced77b7a54eee9f04 | Hi, Robert. Hi, Susan. I've got a couple; firstly within News Media, obviously, significant cost reductions in the quarter. Just interested in whether you can make any comments about the extent to which those cost reductions are permanent. You've obviously indicated that print circulation may be challenged in future qu... | Entcho, maybe if I start with your first question, just in relation to News Media. Obviously, there's been a lot of cost work that's been done. And you're right. Some of that is obviously volume related and some of that will scale up and down depending on how those businesses trade in light of COVID. But there are also... | intermediate | [
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aec48cbeea5389820b8c279ade56b347 | Do you know, if there's much overlap at the moment between the existing Kayo subspace and the Live Pass users? | It's relatively small, Entcho. Well below 20%. | direct | [
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] | A |
3e14621f9257039368da401dbf3149e4 | Susan wanted to hear a little bit further about the costs within your Subscription Video Services, just the remaining part of the year and maybe as we think out the next fiscal year, anything out of the ordinary there you want to call it further you haven't already touched on? | I guess, it could be the easiest way to maybe frame the cost in the second half is I expect them to be broadly in line with the cost for the first half, which is net of any of the movements that we've obviously talked about with the deferral of sports rights. With the remainder, we are reminded that the full-year cost ... | direct | [
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c6044cfe979f93719068f3ca2d2f1843 | And then my follow-on question, if I quickly ask, if you think out to the next fiscal year. Is there any large sports programing contracts up for renewal that might have a significant jump if taken into account in our models, the next fiscal year? | No we've got -- we've obviously just executed the renewals of the AFL and NRL. So we have those deferred up now 2024 and 2027, and we're not expecting in next financial year significant step-ups from a overall basis on sports cost. | direct | [
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3609100a50af9af8045bd1fe5b074cac | Maybe can you start out with some of the commentary around the current environment accelerating the B2B pivot and I guess how sustainable do you think it is, and how do you think the environment changes on the B2B side going forward, given the pandemic? | Right. Hi, thanks Chris. And Chris, thanks for all your work you did on our coverage. We really appreciate that. So Chris, I think if I look at it from an overall environment obviously and as we've said, guidance is very hard to predict. We're encouraged by -- I'd say three or four key things, number one, we have the o... | intermediate | [
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8d4c759d7681bbee9575e6d944a121eb | And just I guess to touch on one piece of what you're talking about. That -- the strength of the balance sheet, the ability to source products, given I would imagine financial constraints around some of your competitors within that market, how are you maybe changing your go-to-market strategy to capitalize on -- on tha... | Well, we're using our cash, obviously we're conserving cash wisely. But we're also using our cash to go source those products as our customers have a big demand for that, and we're listening to our customers and giving them the essential products and services that they need. And I think again being conservative with ou... | intermediate | [
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f34e660fb0c748a9d218411a8d94cd5d | Can you just talk about the impact to operating margin from COVID versus BAP? In other words, how much of the savings from BAP are offset by costs and/or deleverage associated with COVID? | Yeah. Hi Liz, it's David. Yes. So when we think about the BAP program, we saw a significant improvement in our SG&A expense line item from that consistent with what we've seen in previous quarters. What we experienced from COVID-19 on gross margins was a little bit of pressure as a result of product mix shift, out of s... | intermediate | [
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] | B |
b2e6b0195bf2ed2c519fda60cb2df5e4 | Okay. And as we start -- as we model out our second quarter, you mentioned that B2B is experiencing lower revenue trends in the Q2 '20 and retail is experiencing reduced traffic and lower revenue expected in the second quarter. Is that, when you say lower, is that quarter-over-quarter or year-over-year and how much low... | Obviously, we're like -- we can't give specifics on that, but we clearly talked about the fact that there was challenges in the last half of March and early in April, and I think it all depends Liz on what happens from a reopening perspective. And why it's so hard to predict and I wish I could is, we don't know how qui... | fully_evasive | [
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] | C |
bb89355800a3314518d1c7e018dc29b8 | Okay, great. And if you don't mind, if I can squeeze one more in. I mean are you finding that any of your small and medium business customers are pulling back significantly on spending or on their -- have renegs on any contracts that were already in place or have any of your customers been driven out of business? | Well, we have over 10 million customers across from a B2B perspective. So clearly, there's been some customers who have been impacted. But we are here to support our customers. We obviously, we're listening to their needs, and there is a lot of need to have a dependable reliable supply chain, which we have. There's a l... | intermediate | [
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] | B |
062558a66aa6aa593e90098a8413c2fd | Hi, this is William Kafoure from Elevation. I appreciate the commentary on the variable cost model. I wonder if you give a bit more color on how we should think about kind of the fixed versus variable cost structure in BSD? | Well, this again this is really highlighted the importance of being and having a variable cost of business. And from the day one, I've joined here, I've had this decision to driving us to be a B2B Company, and the more we can pivot toward, you've heard me use low cost model, many, many, many times. I'll continue to do ... | intermediate | [
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] | B |
5a14c757501e3cd1fa525ec3c4da88df | So first on BSD, can you talk about what the organic trend was prior to mid-March and to what degree acquisitions benefited sales overall on the quarter? And then second, similarly, can you talk about what the retail comp was prior to mid March? Obviously the tech sales and cleaning and breakroom benefited on the last ... | Yeah, Chris, what I would tell you is that on the B2B side, if you recall, we came out of Q4 with a little bit, down 2% and coming into Q1, we saw improving trends, our B2B business was starting to see some -- some signs of improvement. Certainly, as we progress through the quarter, we were fortunate enough to kind of ... | intermediate | [
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c7b9e3c538f052e04675fba8dc657088 | Got it. And then, two questions on, just on the corporate structure side, can you talk about what the benefit is of operating as a holding company? And then secondly also announced the poison pill this morning, so I understand it's -- you're proactively giving what the stock market gyrations, but in the -- it is only o... | Well, on the holding company, obviously we wanted to simplify the legal and tax structure of the Company. I think it was important that, that happened, and David Bleisch and his team have done an amazing job doing that. And we also wanted to improve the alignment of the operating assets with the respective operating ch... | intermediate | [
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a3692ed88e19902bce34fb682e3d41cf | Good morning. Thanks a lot for taking my question, it's UBS. Gerry, if one of the enduring legacies coming out of this situation is that white-collar workers, work from home more often, is it that a net negative for the office supply industry? | I don't think it is at all [Phonetic], firstly, I mean that's if you define yourself narrowly, I think the way we're defining ourself is a traditional just a pure paper and ink type of Company. We're super excited with the tech, the furniture, the other categories that were seeing a very strong year-over-year growth ra... | direct | [
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] | A |
b29ac3b1c7956ea1c562ba57f9f8c9d2 | Few more quick ones. When should we expect to see positive sales growth from the CompuCom division? | Well, I think, Mick and his team have done a tremendous job of getting the right cost structure in place, getting the right strategy in place, getting the right offerings in place. I think obviously as we get through some of this COVID-type of responses and as we said in the script, we -- they had a lot of -- they had ... | intermediate | [
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] | B |
81236a1803900fbed5fcc95311477202 | Two last one, can you quantify what sales have done in April, so we can calibrate our models accordingly? And then -- | No.
I mean, if I could predict economic activity, we would do that. I mean it's extremely challenging. We want to make sure we're credible. We're literally watching it every single day, and we're seeing, we're across all of our routes to market and we're making investments to make sure we have the right sort of resour... | fully_evasive | [
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0a8b616fcd144ca977cd4cae8e8b0bc5 | Last quick question, a lower operating lease costs due to the newer lease accounting standard was a driver of the profit improvement and retail business, how much did that change [Phonetic] for you during the quarter? | Yeah, that was less than $5 million. So very immaterial. | direct | [
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] | A |
0029126796a3bc0fe02128342e505d3a | Can management share your thoughts on the business outlook for the second quarter and the second half this year? Especially for the second half, because, previously, management mentioned that Company will announce action plans for strategic upgrades in the second half. So can you give us a sense of what kind of areas w... | Okay. Thank you for reading this question. I'd like to take the question about the strategic upgrading. You know that in China our auto market changes very fast and we do witness three different characteristics. First characteristic is that the sales volume for Autohome has been volatile and has been very dramatic chan... | intermediate | [
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] | B |
d021f6c66c0d94c40709e3ba15829d0c | My first question is about your comments on the new car sales in April, which has been a little bit slow down. And in May -- first three weeks of May, actually, you see a year-over-year decline in terms of new car sales volume. So would you please give us some color how this will impact our revenue in the second quarte... | So to answer your first question, you can see that in the first of two months of this year, in particular from January to April as well as the first three weeks of May, there is a declining trend of the new car sales. So I think that there are basically two reasons for that. The first one is the shortage of the chips a... | intermediate | [
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] | B |
875098697b56a3eb3010cde47695ad5c | I have a follow-up question on NEV. So could management elaborate a little bit more on the cooperation model of NEV automakers and our future, like potential other models for this business? | So I'll [Technical Issues] question. We have very comprehensive cooperation with these NEV automakers as well as the premium EV brands. Actually, I think, 2019, we already entered into cooperation with the big names like Xpeng, like NIO as well as Li Auto etc. So there is very sustainable and very stable cooperation be... | direct | [
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d35c9da496f2920de4353d2bef1d9270 | I have a question relating to our opex trend. Can management comment about our cost strategy for this year as well as our headcount spend? And my second question is about the overseas expansion strategy, given that COVID is still quite uncertain outside China and our strategic upgrade actually it has some changes in ou... | Okay. I would like to take the first question and Mr. Long will take the second question. Just like our Chairman said in the opening presentation, now we are planning about the upgrading of our strategy. So it's very difficult for me to give you a forecast about the changes in the cost as well as the expenses. But acco... | intermediate | [
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a27d41687bb7e52e0f53decc03dd32ec | So can management share some thoughts on the deepening cooperation with Ping An Group? And what's the role Ping An Group play in our strategic upgrade in the second half of this year? | In terms of our cooperation with Ping An, I think that there are mainly three dimensions that can discuss about the cooperation. The first one is technology collaboration and the second one is traffic collaboration, and the third one is product collaboration.
And in the first one being technology collaboration, I thin... | intermediate | [
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] | B |
4b9628ef7d4b16536a6762a2a6e3dad2 | So it looks -- correct me if I'm wrong, but provision is $32 million, but it looks like you charged off about $49 million. I realize that you reduced the allowance ratio as well sequentially because of a reduction in 91-day past due accounts. But I'm just curious, why release reserves when potentially -- and correct th... | Right. Well, so we actually saw some really positive trends during the quarter. So the charge-off rate did go up, which you would expect because we came into the quarter carrying a lot more 90-day past-due accounts than we did last year, right? But the positive trend that we saw during the quarter is that, as we charge... | direct | [
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1b29da696fc585f165c9a5829dbe0536 | So every other lender who is building allowances has some really large noncash provision expenses that was all obviously, because they have a different fiscal year-end than you guys do, they had to adopt CECL one quarter ahead of you. So as we look into the next quarter, though, when presumably you will have to adopt ... | So I think, in our case, because the impact would have been in place at April 1, it would fall into the day 1 impact, right? And not necessarily -- because that portfolio was in existence at April 1, and then the conditions that would impact those future losses were in place on April 1. So for us, it would likely go in... | direct | [
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ec5cc8738e194a1f910f738971ee5be3 | OK. And then did you give out a -- I don't think, Chad, you mentioned it, but a number of consumers who are on forbearance, whether or not they are included in the delinquency buckets? | So we did have some deferrals during the quarter. It wasn't -- During the first quarter. During the first quarter, correct. So in total dollars, it was around $21 million, $22 million, right? Most of those were in the current bucket when they were deferred. And what I've mentioned before that we saw improvement in ever... | direct | [
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cb084ec0f2db08303a68c95561fad424 | OK. And then have you guys reevaluated or looked at how much your reserves are going to have to come up under CECL? And is that part of the reason why you negotiated, I believe, you recently negotiated down the net worth covenant on your revolver? | Yes. Certainly. So we were in the process before COVID to negotiate the net worth covenant down because of the impacts of CECL, so that was already in process. As we go forward, we'll assess whether there's any additional reserve that needs to be added over the next three months. | direct | [
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] | A |
a2cfb8da859a16c1c770e33e43fa1a6a | OK. I remember, I think, last quarter, you were guiding to not having a significant build in allowances for CECL. Is that still the case? | Well, so as of April 1, based on our models, the adjustment is around $20 million, $20.3 million, but that does not include a COVID-related adjustment. | intermediate | [
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] | B |
3780f91fea995055db49208a08bcab26 | First, I appreciate the table on the loan volume growth rate prior to the state actions. But could you maybe give us an update on how things trended as you exited the quarter and through April? | Yes. Yes. So getting into the beginning of March, we were trending pretty well, typically up around anywhere from 5% to 10% for most of our loan customer types. And then beginning around March 13, 14, 15, that weekend, we began to see declines pretty much across all of our states. For the last two weeks of March, we en... | direct | [
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] | A |
53a8b4b6bc383954a4467d6ebb150253 | OK. Great. I appreciate that. Also, as a follow-up, could you maybe talk about your appetite for new customer growth? I know it's been a big driver of your loan growth over the past several quarters but wondering if the pandemic has or will affect your mix shift at all. | Yes. It's a great question. So throughout April, our demand is down. Loan applications are down specifically for new customers, but our booking rates are roughly the same. We have made changes to underwriting criteria to be proactive against increased potential credit risk throughout all this uncertainty. Going forward... | direct | [
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] | A |
96c29def18ba709932b1bff8a20ff8ab | Great. I appreciate that. And then lastly, if I could just squeeze in one on the amendment to your credit facility. It seems relatively minor, but I'm just wondering if we should expect you to get close to that net worth covenant in the near term. And also, how are you thinking about share buybacks? | So on the net worth covenant, as of the end of the fiscal year, we had around $49.5 million in headroom over that covenant, so we feel pretty comfortable with that headroom. And as we move forward, we'll continue to assess the situation and assess whether we will continue buybacks. | intermediate | [
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] | B |
f41870b20414acae94abad3532d4003d | When performing out the one-timers, what's the correct tax rate to use for this quarter and future quarters? | So simply, we project in the low 20s, right? Over the last year or two, we've been able to take advantage of some tax credits and get that rate a little bit lower. If we're able to continue to take advantage of that in the future, that tax rate could drop into the more like 17%, 18% range, but that's depending on, agai... | direct | [
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] | A |
896f30318e300eb2dbe74dbeb4490add | OK. But for the quarter, obviously, the effective rate looks like 11%. But if we're trying to -- I assume that's affected by the accrual. What would be the real rate here in the quarter for trying to exclude that accrual? | It's around 18%, I believe. | direct | [
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"fully_evasive"
] | A |
698add850325ca787be6dee26304ef50 | 18%. OK. And was there anything else in the quarter that was onetime in nature other than that $13.7 million in accrual? | No, that's the big thing. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0ed593935e495e756aeb5220f5ec2549 | This is Lance Jessurun on for John Hecht. Most of my questions have been answered, but just a quick one on the charge-offs. I know you talked about they are moving from the 90-day past due bucket into charge-off territory. But how much of that was because of growth math versus COVID-19? Thanks. | During the quarter, there have been very few charge-offs related to COVID. So most of that was already just related to the growth in new customers over the prior 12 months. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fdc98aa7801f99928a078443e3a31e09 | When the third quarter began on July 1, I know this isn't necessarily how you value the company, but if I take the value of Loews as described by the market and subtract out the public values of CNA and Diamond, what I call the stub value was trading at about $5 billion. Two months later, given the decline in Loews' pr... | Not really. And I think of it that both CNA is undervalued and the stub is undervalued. And we've talked about this an awful lot, and that's what makes me so bullish on the stock. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
eabf3e713f49805bcdc45c25f81562d0 | Is there anything that we can detect in your repurchase appetite that at certain point, there's certain valuation says that you're doing that make you more or less anxious to buy stock over a short period of time? | All you have to look at is how much stock we buy in a particular quarter, and that will give you a pretty good insight in seeing what our appetite is. | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
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