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10dec9d2afec778d7dbea9f205b558e1 | So if I look back over, let's say, on the last 18 months, I don't know if it has -- has your appetite changed over the past 18 months? Or has it been steady the whole time? | It's generally been steady. We bought $1 billion of stock in 2018, and in 2019 through now, we're just about at $0.75 billion. So yes, look, I'm frustrated. I think that stock has a lot of value. We haven't been shy about saying that. And notwithstanding that, to me, the stock still looks very cheap, but markets are ma... | direct | [
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ad1e9584728bfa0de85b59e87078e68e | And so then I'm going to ask you again, I think, a question I asked you last quarter. I was talking about where interest rates were and talked about if you'd be willing to issue more debt simply because the markets were attractive. With your appetite in mind for your own stock, isn't that a good trade right now to issu... | Yes. I don't think so. First of all, if we issue debt, if you read the rating agency reports, they want us to hold as much cash as we have debt. So there's nothing so exciting about issuing debt. Secondly, there isn't enormous volume in Loews' shares, so there's just a limit to how much you can buy. So I don't know tha... | direct | [
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e7598db14ba54c68c425c77d85154405 | OK. And then on another tract, I know you've talked many, many times on many calls about the market being overvalued for the purpose of buying both public companies and buying private companies competing with the private equity. I haven't heard you say too often, which might be the same answer, is hotel starts right no... | So first things first. I don't think that the public equities are expensive. I think that valuations in private equity land are expensive. OK. No, that I agree. With respect to hotels, we're operating in a very discrete niche in the hotel industry. So we're -- let's put aside Orlando for a second. We are not developing... | direct | [
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2fd707fab8dfe1f39de51f82173f94e1 | Actually, first just on the commercial. Mark, can you repeat what you said, just on the large transactions. You said 54 transactions with premium, greater than, I missed the dollar amount and you compared it to last year, just curious how that compared to 2020? And then just commercial, can you just talk about where yo... | Yeah, Bose, why don't I start. This is Dennis. The numbers Mark referenced are of commercial transaction, large transactions over 250 were 54 in the quarter, up over 4x from a year ago, but we have to compare last year in 2020, that was the first year, the first quarter of the pandemic, so probably a tough comparison t... | intermediate | [
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406459dc5b6f1169de34cf538923fa8a | Okay, great, thanks. And then can you just remind us what goes through that default in other line for order counts? It was up the last couple of quarters and I assume that's not being driven by default, so just curious what's the breakout there. | Yeah, it's just -- it's a lot of the default orders booked in that line item, including loss mitigation we're -- a lot of loss mitigation work for lenders right now. So it's really default in loss mitigation. I'm sorry specific mobility, it's not -- it's not foreclosure work right now -- making it work. | direct | [
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4785ba5dade5b86d4c778aa7d58bd8a4 | So on the extension of the title plant, that's exciting for you guys. I guess the question here is, how should we think about just a net effect of those -- I think you said out 1.5 or 1500 plants over the next several years. Is there a good way to think about that over the next couple of years? Is it the way to kind of... | Yeah, John, let me take a cut at it, it's really we're highlighting the strategic benefits we have with our data and our process, component across the company. So you start with, we've got the largest public record databases now, we've really accelerated the growth there. We've mentioned it before, but we've got some v... | intermediate | [
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50ae7e23f9b33b5b096b23ba1ab2b8ad | And then Dennis, I've got a bigger picture and it's a question for you, but it just seems like every day, we are seeing a non-bank originators just somebody in the value chain just looking to launch a title offering and then off course you got the iBuyers. It's almost like they have to make that attachment work over ti... | Yeah, I'll start, John with the ebbs and flows over the years, right. So this is not a new phenomenon for us and it has there been over the years, right now, we do a lot of people entering. So we'll have a -- we'll move from direct to agency, we don't want to fight that at all, we're actually trying to support it, embr... | intermediate | [
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236d95b3f107ffb753b63c5e318f3345 | Okay, that's helpful. If I can squeeze in maybe just one more for Mark here, on the Specialty Insurance segment. Once you kind of clear out the P&C contributions, you're left with obviously just the warranty business, how should we be thinking about that kind of underlying margin going forward? | So once you clear out the P&C business, it's going to take a little bit of time. Just the -- why aren't we completing in the third quarter of next year, but what is left effectively we're going to just have a home warranty segment and as we've talked about over the years, we're really high on the home warranty business... | direct | [
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9bf7308617f0b80605a7865caef71589 | Yeah, thanks. I had a follow-up question on the commercial volumes, those larger transactions tend to be pretty lumpy and episodic. If you look at your pipeline though, does it look like this is is kind of consistent with that kind of lumpiness or do you actually see sustained strength as you look out through the end o... | Yeah, we do see sustained strength, the deals you're really referencing to, I've referenced them too much, kind of mega deals, but while we talk about the large deals, those are just normal large deals and that strength we think will continue through the rest of the year. | direct | [
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55e654c98f3cee817ce1dc58346e1121 | Okay, great. And then on the purchase side, I think Mark, highlighted that the fee per file was up about 15% year-over-year, which is actually kind of consistent with home price appreciation, but you normally get about half of that. So, are you seeing a positive mix benefit here where more of the purchase is also comin... | Yeah, we are and just about I mean overall the market is very strong right now. And on this topic by the way we're very optimistic, right to lower demographics, a positive for us. We had a very strong spring selling season. I'll say in July right now and we're starting to churn a little more toward an -- I call that th... | direct | [
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2b20717e00c88e4fa9104bb9f7b6363d | Okay, great. And then can you just talk about how much of the strength in revenues in info and other, is it might be more cyclical as opposed to you taking share? | Well, it's hard to say, info and other as we know is a collection of businesses. When we look at the biggest drivers of the growth this quarter, the biggest driver was commercial business. So we actually grew info and other $50 million just because of commercial business that we did there as it with attached with prope... | direct | [
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7f361d0697d51e3ef9d5633289ec3059 | Thanks, good morning. Dennis, I wanted to follow up on your comments initially about working on developing next-gen cloud platforms and hiring a bunch of people to develop cloud at digital efforts. Can you maybe give some more specific examples on areas you're focused on, there has been talk obviously in the last coupl... | Yeah, thanks, Geoff. We're going to talk a little bit about -- more about these issues, just so people know what we're up to. And that's what we mentioned all the developers and engineers, we're hiring. In the Fast, I think the Fast system as system of record and ClarityFirst, igniteRE others we've got these type of sy... | intermediate | [
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c32a4986c88fe7e354883b1ec446b03c | Hey guys, thanks for the follow-up here. I think I might have missed this, but could you run through the July to-date purchase and refi trends on the resi side? | Yeah, John, sure. So far July on the purchase side, we're opening about 2300 purchase orders a day with open and on the refinance side, we're almost its at little bit below 1700 a day and we -- anything in the first week or so with refi we were about 1400-1500, we have seen a pickup just in the last 2 days with the rat... | direct | [
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7e47e61b4646f6c1adb745861a1d3972 | Okay. And I don't know if you have the clarity in the system or if you guys have insights into the -- onto the price side, but it looks like that all systems are still a go on price growth and any kind of sense of what that's looking like in July so far? | That is not something we track kind of intra-month, so we don't have like a month-to-date, but there is no question, we've got tailwind in terms of fee-per-file on the refi side. | intermediate | [
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e99711ef414e9325ad61984153a55279 | Kevin, do you have any metrics you might be able to share with us about this increased penetration of Vision and Atmos? I mean, I certainly noticed at CES a lot more TVs with the combined experience. I just wonder if you're able to quantify that for us at all? | Well, so the -- so first of all, we did -- as we said last quarter, we -- for 2019 we were on about 10% of 4K TVs with Dolby Vision and 4K TVs were about half of the overall TV market. And that was the third year in a row of doubling the number of units out there with Dolby Vision. So, as we go into this year, we're lo... | intermediate | [
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11064af1dd8a95ac623fcf03c01b9595 | And then in music, what should we watch for? What's the next big event? Is it another label? Is it more smart speakers, more artists coming out in support of you? How should we judge the progress as we go through the year? | Well, I think it's all of those things, Steve. And I would -- and I would need to gloss over the point of just how strongly we've come out of the gate in this first quarter, because we've come from a standing start to our first smart speaker, Amazon Music HD streaming, adding TIDAL HiFi and just a phenomenal amount of ... | direct | [
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fc56e46d3b5d46961bf06ed46af58666 | Okay, great. And then a couple of cash flow questions. So, I understand the tough year-over-year comparison in cash flow. But just in general, free cash flow as a percentage of EBITDA was kind of at the low end of recent history. Was there anything in particular in this quarter that might have in the short run negative... | Yeah. In the short run, this is the quarter, Steve, where the one big notable item that we have annual incentive plan to all payout in the quarter. We don't do that quarterly. So you have a whole year's worth of that payout this quarter, which reflects in the pay down on some of our accruals. So yeah, I would say as a ... | direct | [
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b6832213987489fd18213ec07c645361 | Okay, great. That's helpful. And then I couldn't help noticing that the buyback pace had slowed significantly in the quarter. Is that related to the same issue? Or have you kind of made a higher level decision that you might scale back the pace of the buyback? | No. We consistently have said in the past that, as a company we have a phenomenal business model that not only generates a lot of profit from our operations and our innovations, but a significant portion that goes into returning it in form of dividends and buybacks. This quarter in particular though, because it was Q4 ... | direct | [
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e2533fa6fbeaa91e6b8473601d268397 | So first on the Amazon Echo Studio Speaker. Can you just expand on how you secured Atmos on the speaker? How long it took etc? And is there some near-term opportunity to maybe expand across kind of the whole smart speaker space? Does your guidance kind of reflect potential wins or is this a function of existing wins an... | Well, so first of all, as it relates to Amazon, I would say that we had a strong relationship with Amazon that has evolved over many years, including their support of Dolby Vision and Dolby Atmos on their Fire TV devices on Amazon Prime Video. And those relationships that evolved into the ability to kind of share with ... | intermediate | [
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6fe38501b9f966d3459eabe6c47e3992 | Okay, great. And then just on cinema, I mean, when can we start kind of splitting out the segment on the licensing part, not the product sales, but you've had a lot of locations running for quite a while now. Kind of any clarity on current contributions, future contributions per screen? And how to think about the futur... | Hey, Paul, this is Lewis. There's a lot in that question for me, so let me see if I can kick off the pieces one by one. As we said in our prepared comments we are in the neighborhood of 250 screens now. The business is doing well. I mentioned last quarter, and the same is true this quarter, because you can imagine each... | intermediate | [
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595d9aa0862bd8ab18ab3bad4e4767c9 | Before I get to what I was going to do, just following up on what you were talking about. You mentioned Dolby Cinema revenue is about -- or Dolby Cinema about -- are less than 5% of total revenues. I'm wondering what share of your total revenues are touched by the technologies that comprise Dolby Cinema, Vision and Atm... | Yeah. I think I'll give you the first piece of it and then I'll hand it over to Kevin to add any color. But as this kind of question has been asked before. We don't break out our revenue per se by technology. So just doing -- if you're saying, hey, Lewis, what's total from Dolby Vision and Dolby Atmos? Of course, those... | fully_evasive | [
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3c60cae8353dfa1060e02e191ffcc76f | Okay. Are you finding the -- your strategy in terms of Atmos and Vision, the branding and the exposure in key markets different in different markets in what you're dealing in terms of the impact on the categories they affect, the United States versus Europe versus wherever else you might be able to be generating revenu... | Well, we certainly have teams in each of those markets. And I would say, we have a combination of what we would consider to be global marketing efforts. Certainly when they're talking about title marketing initiatives with Dolby Cinema or musicians, these are investments that we typically think of as being relevant to ... | intermediate | [
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89d6b3e0c79bd7045e4998952c66a9e1 | Okay. And maybe lastly a little bit more on the Dolby Music, since you just brought that up again. Is the relationship of the artist in terms of celebrity sponsorship? Or is there something more to it in terms of how they create the music. How the music might get played back. And what equipment you might sell and what ... | Well, so first of all, it always starts with -- and this is true, whether it's a movie director or a musician or any of the creatives that we deal with, it always starts with a passion for wanting to promote this experience, because they -- in fact, in these artist stories, they speak about what Dolby Atmos does for th... | intermediate | [
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818aa89c88a75ae67f271fee75524b15 | Hi, good morning, thank you for taking my question. Just wanted to get a sense of maybe where you're seeing book value trending thus far in the second quarter? | Yes, this is John. Book value has been relatively flat since quarter-end. | direct | [
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eb934e4f74ed843db1c323aaa4e6dafc | And my question is, do you see any more headwinds in the future quarters like we had in Q1. For example, the steepening of the yield curve or higher mortgage rates that will affect the portfolio? | Yes, this is Brian. I think Agency mortgage spreads are pretty tight, so valuations are relatively rich, but practically the entire fixed income universe is pretty rich and valuations pretty tight as well. So, I think that will help keep a lid on spread widening, and also pretty strong demand from the Fed and commercia... | intermediate | [
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ea4ba292c46bc8872e22bd324925aebe | Can you talk a little bit about the price mix dynamics and how you see that evolving next year? | Sure. So in terms of price mix, we continue to see a positive contribution from both pricing and mix. As we look ahead to next year, we expect that to continue. We've been very disciplined in our approach to pricing, and we expect that to carry forward. On the mix side, we're seeing a continued shift towards our premiu... | direct | [
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c99b4dda19f6ded50d20f426c19e34fc | How are you thinking about capital allocation priorities going forward, especially given the current market conditions? | Great question. Our capital allocation strategy remains focused on three key areas. First, we continue to invest in our core business to drive organic growth. This includes investments in R&D, manufacturing capabilities, and our digital transformation initiatives. Second, we're always looking for strategic M&A opportun... | direct | [
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7e177b6eaefc9cbd363703dc722fc5dc | Could you provide some color on the performance of your international markets, particularly in Europe and Asia? | Certainly. In Europe, we've seen solid performance despite some macroeconomic headwinds. Our focus on premium products and strong brand positioning has helped us maintain market share in key countries. We've also made good progress on our cost optimization initiatives in the region. In Asia, we continue to see strong g... | direct | [
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8ab84945b009f94ec0fb859f819970bd | What are your expectations for raw material costs and overall margin trends for the next fiscal year? | We expect raw material costs to remain relatively stable in the coming fiscal year, based on our current visibility into the supply chain and commodity markets. We've been successful in implementing various cost-saving measures and efficiency improvements across our operations, which should help offset any potential in... | direct | [
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0664c36d62417decead3cc7504b336f8 | Can we talk about Movies for a second? So with the stock down here, you have to pay that 12% coupon to Starboard in shares. It sounds like that's really diluting. It looks like shareholders don't -- can you tell me, Dale, why not sell Movies to try to help the balance sheet get out from under that debt and it doesn't r... | So Laura, Dale here. As I said earlier, we are looking at all strategic options for the company, and we're trying to ensure that we're not going to continue to add to dilution of the current shareholders. So we're going to do whatever is necessary to make sure those things happen. So I'm not saying we are selling Movie... | intermediate | [
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2dbbae11160581d148c208c02aec8683 | And then my follow-up question is you just said that the revenue was down and you hope it to be flat, but you think it's going to be flat for the next several quarters. Can you just give us what's changing going forward that we're going to actually hit flat after this quarter, which we hoped to be flat, is down a littl... | On your second question, Laura, just around the next few quarters, I think the trend that you've seen in syndicated digital and the custom solutions, right, are those trends that we are playing out and where we would think the second half will be similar to the first half. And so we expect that same kind of mix that we... | intermediate | [
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aaa4727b3b621e1a996d02320e50d219 | But flat revenue, not down. Like this quarter was down year over year, you're saying it's going to be flat, right? | That is the -- that is what we have said that it would be comparable, on a sequential quarterly basis, to total revenue between $385 million to $400 million for the year. | direct | [
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c4aa1fcd505c3d593ca38cdb483ed3be | Just a follow-up on the revenue outlook for the Ratings and Planning business and more specifically the digital syndication business. Just to clarify, that business has been declining at close to a double-digit pace. I think if we will rewind a quarter or two ago, the thought was that we could get closer to breakeven y... | Yeah. We -- thank you for the question. We expect syndicated digital to continue to see this decline that we've been seeing over the last few quarters, although the size of the decline, when you look at it on a sequential basis, which we've been using as our measurement tool, has been slowing. And we continue to focus ... | intermediate | [
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ff78f5b90c88df88ad061efca36e83ee | And then in terms of just when we take a step back and the big picture, you kind of talked about really refocusing the resources on a few key product areas. How should we think about, I guess, that relative to the road map that was provided to the investor community a couple of quarters ago in terms of just -- any addi... | Well, let me jump in here. I think that's a good question. And what I'd like to share, I think Dale was fairly clear in May and reiterated the same point here on the call regarding the areas that we're going to focus on. There are emerging trends that we think that we can capitalize on those. And Dale was specific in h... | intermediate | [
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db2cf38dcb04d2ef0a975e1eba73f2d4 | Understood. And then a question on expenses and the head count reductions that were announced last quarter. How much of that was in the 2Q numbers? And are we going to be at the run rate -- on the annualized run rate in 3Q? Or is that still further out in 4Q at this point? Just kind of the cadence of those expense cont... | Sure. So Dale mentioned and again I think we talked about in the last call, it was about $20 million on an annualized basis. If you think about the fact it happened in May, you will use the half-a-quarter convention, right, so $5 million a quarter, you would get a little bit about half of that in the second quarter tha... | direct | [
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f264eead00cddb7995430eb00d796b3d | That's helpful. And then finally, are you -- do you have what the expectations are for the fully diluted -- and this is more of a modeling question, but the expectations for the fully diluted share count for 3Q and then for 4Q? If the stock price -- I understand that there's some variables that will impact that, but if... | Yeah. I think that we're happy to take that one off-line at another time. | fully_evasive | [
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da4610149959b616ded3bd6420160012 | So you rattled off a few potential growth areas, video, movies on-demand, addressable advertising, under-addressable advertising. What areas are you most excited about in the addressable advertising and under-addressable? How big is that market for you guys? What's the size? I'm just trying to figure out where the grow... | Yeah. So let me deal with the growth aspect of it. I think that we have -- what we've seen in the company, we actually are very excited about the addressable marketplace and in that, the under-addressable marketplace, as I described. I think we -- because with the local market standpoint, which we -- I'm not going to s... | intermediate | [
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c3edb91e80d0037f80b195dce4cd0175 | So Laura asked about the Movie business. To do what you want to do for television, do you need to have -- do you need to own the syndicated business? Is there a way to do it without the technology? | With what we want to do with the addressable marketplace and as we described the under-addressable and the whole premium aspect of cross-platform, we need the access to the data that's in the syndicated business. We need to have it, that's core to this. That's why both these companies were originally put together a bun... | direct | [
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e85acaf46364136362709d9dd128d077 | Yeah. What if somebody else owned the tech and you license the data? So effectively, you got out of the syndicated business and you would focus entirely on television across media without being in the data collection business or -- | Yeah. Sure. I'll go back to one of the first things I said, and this is the answer to Laura's question as well, we are looking at all strategic options for the company. | fully_evasive | [
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500bf233be6d6b4520549e4017084001 | Dale, just following up on your last comment, can you just remind us, the process that you're running right now, is that entirely an internal process? Or are you working with advisors and this is a full internal and external process will be question number one. Question number two, is there any update on the CEO search... | Let's take the last question first, Greg.
Yeah. I think to kind of articulate as best I can, right, I think the actions that we've taken and the things that we're undertaking, as I mentioned earlier, around other things that we're doing to reduce costs provide us with a view that we can get to the cash flow that we ta... | intermediate | [
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7dd0cdb9d74e89661a966a370040739f | Wanted to follow-up on comments you made about M&A being a priority for Berry here. Just wanted to kind of get a sense, if you guys have been able to start to identify any potential targets? Just trying to get a sense of where you might be in the process? Are you guys confining yourself to California or just a much bro... | Leo, this is Cary and I'll let Trem fill in on the holes. The answer is, we've always had identified assets out there and opportunities we want to look at, the targets. The bid/ask has always been a little wide that we continue to work on managing that. Scale is very important. As you know, the market is looking for la... | intermediate | [
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7f325eb6028e8482bf8bd16efffa35cc | I guess, I recently saw that there's a new Senate bill that's been proposed that contemplating a potential frac ban in the state. I think there was also some language around there that was contemplating, eventually banning cyclic theme operations as well. Just wanting to get a sense of, what you guys may have heard loc... | Leo, this is Trem. I'm going to answer this because this is not a surprise question. The bill was long anticipated. Senator Wiener telegraphed very early that he was going to be proposing such a bill. It is much broader than maybe he had originally intended. The -- let me just say that the time it will take for that bi... | intermediate | [
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939f88b2d7b6d171d346c5d635386066 | I guess, you guys talked about the Lawrence Livermore study. It sounds like coming due next month in terms of when you guys will receive it here. Do you have any early indications from either them directly or in the governor's office, or you just still wait-and-see [Phonetic] mode here? | Leo, what we've been told by CalGEM that it'll be released at the end of the first quarter. I think Fernando said that. And we'll see -- hopefully, they'll deliver on that. But we've also been told by CalGEM that they're developing a process to evaluate those operators and those assets that are least troublesome to the... | intermediate | [
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51a603667574427e0379839249d70cdb | One, if -- assuming you can -- assuming Berry can go back to doing some of your thermal diatomite development, would that be attractive to -- enough that it would compete with some of the sandstone projects that you currently have slated for '21? And if it is attractive enough, would it possibly slot into '21, or is th... | That's a very good question. And our thermal diatomite development is very attractive in terms of our rate of return. And it competes very, very well with the rest of our portfolio. So, if we do have the ability to do some work in the thermal diatomite in 2021, in the second half of the year, we would. But as you heard... | direct | [
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0752f482f895ee5669d9d2b0736e4a23 | I think the conventional wisdom is that -- and it certainly seems to fit what we've seen in A&D over the last 12 month, say, is that as oil prices rise, like they have done for the last 1.5 months, we're happy to see it, but it makes the bid and ask get a little wider in the A&D market. And so, I wonder if you guys are... | Yeah. I will say on oil prices, Charles, a rising tide lifts all boats. But again, I think -- again, people understand the importance of scale; people understand the importance of cash flow, living with the cash flow, even the resource guys are having to go that route. So, I think there is still some willingness regard... | intermediate | [
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66977ee80b055182d2230ab0c456c5b9 | It looks as though the RSUs that you guys deployed yesterday for your exec team amount to about $3.5 million in value to the executive team. And the dividend distribution looks to be about $3.2 million for the period. And I just want to know, many oil companies in this space have sort of offered to take discounts in th... | Yeah, good question. The LTIP, again, the shares that were issued were associated with the annual LTIP plan. Year-over-year, we're going to see about a 30% reduction in LTIP. So that is again [Phonetic] actually below requirements under contractual obligations and [Phonetic] employment contracts. So compensation from L... | intermediate | [
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13d9019073359607ddc021764062e321 | In terms of your debt structure, I don't know -- I took this out of context, but Trem had mentioned that there was no debt earlier in the call, which -- I think you guys got approximately $400 million of debt outstanding that's refinanceable at this point in time. And it's sitting at about a 7% interest rate. Is there ... | Again, I think the focus for us is to keep the balance sheet fairly simple. The unsecured debt at 7% still a very attractive rate today. Obviously, a high yield market has been attractive. But for E&P names, it's still not wildly attractive. There are some hesitant and still probably the highest yielding industry secto... | intermediate | [
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b7189c8ff6cb055d79eb14447db3549f | I had a little quick question on the reserves numbers. And I know there's going to be more detail on the K. But it looked to me like the PDP reserves had dropped a bit more than production. And I was trying to understand -- I'm looking at kind of last year's K, it seems like maybe some PDP and P had been taken out, or ... | I think most of it is really on -- there were some PUD drop, but that's the only location. Obviously, if any PDP fell off, it was in the -- it would be in the Rockies area where pricing was challenging based upon -- the returns were challenging based upon the current pricing at that -- on the SEC pricing. We did lose s... | direct | [
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0cc75f68696a6804f432a1ae082c3065 | And one other item, just a clean up item. The last two quarters you've had a non-recurring component of G&A, which I think was part of just management changes. And how much is left of that non-recurring? How long should we expect that number? Because I think we've seen a couple -- several million each of the past two q... | Yeah. I think it -- there'll be just a minimal amount this quarter as all those contractual obligations are finished up. But that should be it, Nick. | direct | [
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747e2b5213f7a7a9ab0f38e178675759 | So much for the recent year. I wanted to ask first just on the cash flow from ops guidance. I think compared to last quarter, you raised the midpoint by $20 million, if I'm reading that right. Obviously, that's a little less than you -- the benefit from Energy Services. So I'm just wondering if you can speak to that a ... | Gabe, this is Pat Migliaccio. You're correct, cash from operations increased by about $20 million, which is just a little bit less than what the ultimate guidance raised. There are a couple of other minor tweaks in there, but the majority of the change is related to Energy Services. | intermediate | [
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04d38653a27780645758baddc0af7848 | Okay. Maybe if I could also talk about some of your projects. On SRL, I noticed the cost moved up a little bit. Is that something -- first of all, are you confident this is where your costs kind of stay with the last couple of percentage you kind of have to finish up on the project? And then in terms of recoverability ... | Yes, Gabe, this is Steve. So the project is about 97% complete, so almost finished at this point. And yes, we expect to recover all those costs. Remember, this project has been approved by BPU, received all necessary permits. And really this is borne ahead of Superstorm Sandy and the need for resiliency, so a lot of su... | direct | [
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2eea84585a6e156d19ffc18689c9e900 | Got it. And then on Adelphia, in terms of getting the permits from the FERC to start construction, and the collaterals you're expecting in service, has that timing shifted at all in terms of the project? | I think it hasn't shifted too much, maybe by a month or two. So we have adjusted margins slightly, that certain portions of the projects are going to start going in service at the end of the year. But a little bit of detail associated with the contracts that will come in, we're not changing anything from a financial gu... | direct | [
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3516cabfa97993b2027def1d919e8b98 | That's helpful. And just last one on this, maybe just an update on Leaf River. Clearly, it sounds like the asset performed well during winter storm. I know it's mostly contracted, but what are you seeing from customers there as far as, I guess, interest in, I don't know, expansion or contract value at the asset? | Yes. The asset performed very well. Everybody knows it was an extreme weather event took place down in that region in February. So we're pretty pleased with some pumps in -- some earnings due to some short-term services they were able to provide. As you look forward, you would expect that, that need for reliability in ... | intermediate | [
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f76df07d80a55d884c293457c656adb9 | You've talked in the past here recently about derisking Energy Services, and I guess two questions on that line. One, have you already derisked it such that your games would have been even larger? Had you not gone through the derisking process or started it? And then two, is this kind of delta, I guess, over a normal l... | I wish I could answer that question accurately as far as what would be the delta or what would be the amount that you would expect in a period of high volatility. But you can see, if you go back and look at prices down in that area, they were up in the $1,000 per MMBtu type range. We've never experienced that before. A... | intermediate | [
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d3ec93f58c71ea60c2e507e15e2f5e46 | Okay. So you do still have the optionality even under your derisking strategy, you would want to keep that optionality? | If there's still going to be a significant portfolio that needs to be managed in the future, yes. | direct | [
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917806e85d0f00c0480056c6c8d211fa | Okay. And then on the Clean Energy Ventures, how are you thinking about financing that as it becomes a larger share of your capex program? Is it project debt or do you plan on taking that on your balance sheet? | Travis, this is Pat Migliaccio. So our plan that we laid out at the Analyst Day is to finance all of our commercial solar projects with tax equity sale-leaseback. And that is still considered on balance sheet, although it does receive, what I'll describe as, favorable treatment from Fitch in terms of how we select and ... | direct | [
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c729ef4ae67c83061c9f3d1acd0927cd | Just wondering on OpenEdge. First off, as you look to renew some of your OpenEdge agreements and both in ISVs, but I was also thinking in terms of the direct sales as well as you have -- and in chunky renewals coming up this year, what are you doing to manage any risk around those renewals getting done, around maintena... | So Steve, actually, the OpenEdge business is running really solid. We are seeing our renewals staying in the same renewal rates on maintenance, both for direct and indirect, in the same range that they have been prior to COVID-19. So really, really, a solid business. Obviously, if there were some opportunities to maybe... | direct | [
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b4ca5aefcab4bd6322ad6ced418960f2 | Would love to get color on the $10 million to $13 million COVID impact for the full year, which is unchanged. Can you give us some color on a little -- maybe a little granularity on that? What -- is that mostly license? And are you seeing -- your ISVs from OpenEdge are -- they have -- they sell into the kind of a lot o... | When we did the -- our assessment last quarter, we started with sort of the vertical analysis, and we really wanted to understand if we had exposure to any industry that might be hit unusually hard. And I think the answer to that is, no, there was no exposure to travel leisure, oil and gas, things like that. And so we ... | direct | [
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c9da033441b1c32da33129d0e371d7e5 | If you can -- I mean, acquisition is going to be a strong driver, and you touched on the pipeline. Can you just maybe speak a little bit about how the environment has changed since we last spoke? It's maybe like three months, I think, since the COVID broke out. So how has that affected the environment? | So, Anja, thank you. As I alluded to a little bit, the -- I think the environment is more favorable to Progress, right? And it's more favorable to us on three different points the way we see it. I do think that a lot of the investors out there who have been looking at their businesses and saying which of their companie... | direct | [
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7f893dbc9c53aff9bddfcc34ff16c792 | OK. And do you think -- do you expect valuations to come down further? Or -- so what are you waiting for to execute on something right now? | What are you waiting for, that's a good question, Anja. It's always we continue to look at opportunities, right? And really, to us, it isn't whether the valuations in a broad basis need to come down further or not, right? It is asset by asset, right? What is it that an asset is available at? What is it that we can do w... | direct | [
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c9a878e0be1522d01e72aa295a392383 | OK. Thank you for that additional color. And just curious for your recurring revenue. How long does those contracts tend to be? And how sticky is that? | So that sort of varies a little bit by portfolio. So let me share with you. The DCI portfolio has probably the longest contracts, in fact, definitely the longest contracts on the average. Many of the ISVs that OEM, DCI will sign five-year contracts.
That's not unusual. Three years to five years is the vast majority of... | direct | [
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faa118f3b36d0b0b58c4efd75a78905c | OK. Thank you. And then I'm also curious. You being a tech company, I assume you have a lot of foreign workforce. And now with this executive order on foreign visas, how do you anticipate that impacting your business? Do you have a lot of [Inaudible] | No. We -- actually, we -- yes. So Anja, interestingly enough, we don't really have a lot of employees that come to the U.S. from abroad that are on the kind of visas of -- the extended work here type of visas, right? They -- we have -- our international employees actually work out of India office and Bulgaria office, a... | direct | [
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f0b2f96185565eed2a2b8437df99f3db | Yogesh, a question for you. Just a question on the share buyback program. With such a strong balance sheet, why suspend the buyback? If I recall correctly, you spent about $20 million last quarter on share repurchases. But maybe just give us a little bit of the thought process on suspending the buyback this quarter. | Sure. So I -- and I'll let Anthony add as well. But from our perspective, it was purely prudence around making sure -- I mean, Mark, as you know, right, in March, the world was looking very uncertain, right? And we felt very confident about our business. But at the same time, right, it made sense to be prudent and not ... | direct | [
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ad9149c6ee3d97fc0f59c51f23a9cce0 | OK, great. That's fair. And then just a follow-up on your DCI business. You've had some really nice wins over the last year or so in DCI, which is a pleasant surprise for renewal business. Just -- if you can just give us a few additional details, if you could, on two new DCI deals this quarter. | Yes. So, Mark, thank you. It's actually an interesting business, right? In general, it is a -- as you said, it's a maintain, renew business. That really is what it is in the vast, vast majority of it, right? What these two deals are, are basically -- so let me talk about them separately.
There's a large U.S. financial... | direct | [
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2999237f7ce171eafbccbb809390e3cf | Is this an outbound outreach that you're trying to generate this business? Or are these companies coming to you in DCI? | I think it's a little bit of both. We are doing a little bit of online demand gen stuff through email marketing and so on. And then that's how the leads show up, and then we engage. It's primarily an inside sales effort to begin with.
And then with some of these large ones, we might even have a meeting. But of course,... | direct | [
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fb3a31b8f03421f45a96203a3d011f49 | Hi, thank you for taking my questions, and congratulations on a very good results. I had a couple of questions actually. So I was just thinking, if I look at your revenue growth, obviously you outperformed on both revenues and EBITDA. But if I look at your revenue growth, I would say that the service of the -- call it ... | Ondrej, thank you very much for the question or questions. Let me start with the revenue growth part. This was mainly driven by Turkcell Turkey's strong ARPU performance on the back of larger postpaid share and higher data consumption and upsell efforts. Equipment revenue backed by sales particularly digital channels a... | direct | [
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252ebf08c360a0326d603bc1f2bfd8c2 | Yes, thank you. If I may one short follow-up on the enterprise revenues. So, those seem to be very strong, but usually, those are sort of, by their nature, usually come in sort of larger projects with pretty big upfront cost meaning low margin. But it seems you've also done very well on the margins. So can you just tal... | The -- for -- I mean we already -- actually initially, we said that for the corporate market we are going to focusing higher profitable areas, which are cloud business, security, IoT and that type of business. So yes we are entering into the project sites and we are going after, for instance, healthcare hospital busine... | direct | [
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adaf93ea78a6a2a618b4ba3d387adf34 | Thank you. I apologize, everyone on the line. Can you just please clarify in terms of the subscriber acquisition cost that I asked earlier, they seem to have jumped up again quite a bit in the third quarter. What is the outlook for those in the coming period? | Yeah. To be honest, with the normalization of our mobile customer acquisition, increased 38% compared to previous quarter and third quarter, while fixed customer acquisition rose 16%. These are the main driver behind the increased subscriber acquisition cost. | intermediate | [
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f2bc6abe071ba67005810d01f58c231f | Yeah, thank you very much for the opportunity and congratulations on the strong results. I had a couple of questions on the similar theme where Ondrej was. First, maybe looking at the device sales. So if I'm looking at the -- there has been strong increase, but if I'm looking at the gross margin especially year-on-year... | Okay, thank you very much, Dilya. First of all, regarding device sales and the impact of the gross margin, so we are not doing device sales just sake of the revenue increase. Every device that we are selling to our customer has related ageism -- adjacent revenues as well, which are mainly profitable revenues. If you lo... | intermediate | [
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a775a20c1a91e1e2aa3bad0537f79280 | Thank you for the presentation and congratulations for a very good result. My question is about the prospects for 2021. Could you give any indication about the trend for 2021? Any significant change in the outlook? Roughly, what are your expectations? Thank you. | Cemal, thank you very much. I think to be able to prospect from now, it is -- it might be little bit difficult, especially in the COVID environment. So now, there are some revenue rely on the -- for instance, roamings revenue rely on the COVID situation because if the COVID goes earlier, we will see the roaming revenue... | intermediate | [
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358c0286a5f69a558f994e55b2b6b702 | Yeah. Thank you very much for the opportunity to pull off and to ask follow-up. I have three actually, if I may. First is on margin or maybe cost structure this quarter specifically. Do you -- if -- I understand that some of the cost may have been lower because of the lower commercial activity, for example, sales and m... | Thank you very much. Let me start with the margin side. I mean, third quarter is the high season for telecom market in Turkey. It was historically like this. And this is due to increased usage during the summer period and this was the case despite the pandemic environment. On the cost side, lower selling expenses, very... | intermediate | [
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7d5d351df00de2a01269b538fc3f67c4 | Oh, apologies, I was on mute. I wanted to have -- ask a question on the consumer finance business. So clearly that's -- the loan book of it has sort of bottomed out, but I believe it's bottomed out quite below what you were sort of expecting it to reach about a year ago. So I wanted to ask whether that is intentional, ... | Yeah. First of all, at the beginning of the year, our -- in Turkey, the regulation is changed for the installment -- number of installment in the device business. So it reduced three installment for the price of -- toward TRY500 range and six installment lower than TRY3,500 range. So, this impacted our finance business... | direct | [
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6986a42110563b11ac7faf5591942cc3 | Okay, thank you. And one more follow-up please. On the prepaid market, you said you -- if I understood correctly, your strategy would be to sort of converge prepaid to postpaid pricing, logically that would be making the prepaid services more expensive.How confident you are that the market is going to follow you on tha... | To be honest, we would like to close the gap between prepaid and postpaid pricing because -- so that customer would like to move to the postpaid environment rather than prepaid environment which is more sustainable, more ARPU and more steepness for us. So this is intentional job that we're doing, during the year, actua... | intermediate | [
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7615f37e2546f77b3c85ad27b8bebdef | Okay, thank you very much. And if there is no one else in the line maybe one follow-up on TV, please. Your competitor yesterday announced a new suite of TV services with more content, is there any reaction or potential reaction from your side in terms of how you run the TV business at Turkcell? | Yes, so our TV business is quite strong and year-over-year growth is the also quite positive on our side. For the -- I didn't know that -- what the competition announced, but one of the richest content is in Turkcell TV+. Actually, we announced new things like TV+ Ready, which means we can attract competition broadband... | intermediate | [
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f8d696aaf3d83685eb8b7a7a4113129d | You're pointing to the low end now for Enable guidance. Enable's management recently came out with saying, essentially, they needed to see like a rebound in commodity prices to get to the midpoint of their guidance range. I was just curious how you're feeling about the Enable distribution now? And if there was any pote... | Yeah. Thanks, Richie. Thanks for the question. Their guidance supports a one to three coverage ratio. So if you back in to do the math, that's roughly $160 million of cash cushion there. So there's -- we feel very good about the distribution in that regard. As far as the distribution cut, we don't see it, but we've sai... | direct | [
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50e18359aaa791e8280ae272ed3df144 | I was just curious on the utility growth outlook, 4% to 6%. Should we be using the new 2020 guide at OG&E or still the 2019 base after you adjust out weather and normalize that for other one-time items? | Yeah. Richie, a clean number for 2019 that we would use as our base for growth is $1.65. So given where our midpoint of our guidance is, that's 6% growth rate from '19 to '20. | direct | [
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7708762668a659a686a86045f2d5d793 | Just curious how much regulatory lag could that potentially mitigate if that were to be approved? | Yeah. It will basically mitigate all of it because these projects are short-term in nature and we would go in each quarter with those projects that have been completed. And then rates would go into place within 30 days after Commission review. So at the most, 30 days of lag associated with each quarter's completed inve... | direct | [
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6218a543f2b5c274a90dd796a73cb346 | Can you -- just so I understand this regulatory mechanism, has this been approved or is this already part of some statute that already exists that you'll be applying these expenditures to? Can you explain it to me a little bit more and whether there's any regulatory steps that need to occur prior to initiating this? | Yes. So good question. So this has been a very constructive and thoughtful process, a partnership really that we've had with the Commission and customers and the staff, laying out this framework. So we made this filing. They will -- we will go through the normal customer hearings. And we filed testimony. We -- the Comm... | direct | [
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21acc90fd3c45989bbb451eda0b34850 | So this will be principally a 2021 and ongoing effect? | Yeah. This has a bigger impact in '21. We certainly want to get this done this year and get started and get mobilized, but yes this is a '21 impact. | direct | [
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137e10b7525c2e31c88a0b48da8ac563 | Hopefully easy question. Just if I wanted to I guess dig deeper into the writedown. One is, you're including that in your operating number. Any chance, why you don't exclude it. I believe that some of the reason you wrote it down was lower commodity prices. If commodity prices rebound, you then mark that back up? | You don't. This is really goodwill with Enable which the way the accounting rules work now, there is no -- you don't amortize goodwill. It just sits there. So now that it's been written off, it's gone. It will have no future impact on a go-forward basis. So there is not a write-up that would occur if commodities reboun... | direct | [
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7fc3008e7733c0ae0d085c3ba0025c04 | Any reason you guys didn't back that out of your earnings number, like an ongoing number. | Well, we called it out but the SEC is really cracking down on non-GAAP items, and that's considered a non-GAAP item when we back that out. So we just chose to at least highlight it but not report that as a special item. | direct | [
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44034bbe81a6375958372bc346bcb0f3 | I guess to start, Tae-Sik, you talked a little bit about leverage in your prepared remarks and that it will -- you -- the Company was going to continue to look for ways to reduce it from here. Is there a target you have in mind? Or what do you think about is the right leverage level to operate the business going forwar... | Sure. Good afternoon, Stephen. Thanks so much for your question. No. It's a -- that's a great question. While we don't have, I would say, a target per se, in the past, we had sort of mentioned 3.0 debt-to-equity as sort of the right balance between leverage and earnings. And I think we have been successful in staying w... | direct | [
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ccf246da1fa1cfef2e50d6c202e7f6f1 | Great. And then unfunded commitments, I think I saw the total in the funded, it's about $250 million I think. Please correct me if that's not right. But can you talk a little bit, of the $250 million, how much of that is available to be drawn down now? How much has milestones or completions attached to it? Or for leasi... | Sure. As you know, the type of loans that we have historically made are transitional loans, where we fund the majority of the commitment upfront. So we certainly have in most of our loans, a component of the commitment that we believe will be funded over time. The primary use of that funding over time, the unfunded com... | intermediate | [
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f3024937e543e3a8e3bd70d5028f7508 | Great. Last question from me, I think I ask every quarter, but the Ares facility, I know it's been a pre-funding facility, but not really doing the new originations now to pre-fund the portfolio, I don't think. Has there been any development with that facility? Is there any optionality to it that you could use that fin... | No, absolutely. The Ares facility has been a tremendous benefit to ACRE pre-pandemic and during the pandemic. So, one of the potential uses is, given the liquidity of ACRE, given the balance sheet of ACRE, if we found a very attractive investment that we -- at this moment, don't want to take on to ACRE's balance sheet ... | direct | [
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6aafd0e990646413faa89a912101b6b1 | Hey, guys. This is actually Josh Bolton on for Doug. You talked about in your prepared remarks talking about going on offense or the ability to start going on offense. I'm wondering if you can talk a little bit about the pipeline that you're seeing or the opportunities you're seeing currently. And how spreads available... | Yeah, absolutely. I think what we've seen over the last 45 to 60 days as a pretty significant expansion in the pipeline of opportunities, I'd still say that's coming off of a relatively low bar during the more acute portion of the COVID crisis, but we've been very pleased with what we're starting to see. Still, I'd say... | direct | [
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292a1a2c5a72256c9c2e164cd3b3ec96 | Thank you very much. Can you say -- can you give some indication as to whether you expect the current level of earnings to be maintained? You mentioned a few positives that could bolster earnings, including LIBOR floors, as well as some recent improvement in credit and expense curtailment on the Westchester Hotel prope... | Sure. Jade. This is a Tae-Sik. I can start with that question. So, I think the asset transactions that we've talked about, the five that we talked about, while that will have some impact on earnings going forward, we do think it will be mitigated by some of the other aspects that we've talked about, right? So, we do th... | direct | [
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cbafdc90c39b4665704b518c3ebc3ee5 | Right. And would there be somewhat of an offset in the reserve based on that? | For the third quarter, obviously, it's a little too early to tell. But as we mentioned in our Q and prepared remarks that of the CECL reserve that change that we had in the second quarter, about $1.2 million of that was due to the transactions that resulted in the sales in the third quarter. So, that's already, in esse... | direct | [
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27d8050ca0ffb5aa9f674b45fb4c1ace | Okay. In terms of the second quarter, away from loan sale activity, did you -- what was the magnitude of loan repayments, ordinary course loan repayments? | So for second quarter, we really did not have material loan repayments. We obviously didn't [Phonetic] refinance the $138 million now loan that that Bryan referred to. So that technically is a repayment and a new origination, but obviously it was really a refinancing of our own loan. Subsequent to second quarter in ear... | direct | [
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05f256e616d3c557929e347d876f235d | Got it. Are you [Technical Issues] to paying any additional repayments in the third quarter? And should we expect the fundings of previous commitments to be similar to what took place in the second quarter? | Sure. I think we're obviously closely monitoring business line progress and availability of capital that would permit refinancings or payoffs of our loans. And right now, I think we don't expect there to be material amounts. But there could be some level of repayment in the third quarter. It certainly would not be comm... | intermediate | [
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7f4efb26ff058ab1fecfe5161d40be8d | Hey, guys. Ron for Steve today. Thanks for taking the question. I want to see if you could just give some general commentary about the student housing in the portfolio. We've heard some positive trends from some other people in the space. So just want to see what you guys had to say about it. | Yeah. We would probably echo that, I think it's been a very positive last 90 days in this space, owing a little bit to less folks being housed on-campus and pushing some demand off-campus. But universally, we've seen occupancy and rate outpace 12 months ago. And importantly, to add on there, early in the COVID crisis, ... | direct | [
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"fully_evasive"
] | A |
23ce2b2a25e6a45dc5837ac48c5839f0 | The cash flow outlook for 2021, I wonder if you could comment on that. You clearly did quite well this year. Are they going to be any sort of reversals or adjustments in 2021 that might restrain that free cash? | Thank you for the question, Mark. We -- the team has worked very hard, obviously in terms of the improvement on a year-over-year basis, and very proud of those actions. Obviously, I think we'll have some -- a little higher incentive compensation payments that will get paid out in 2021 from cash. But I think the similar... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7e630413061e661b9813aa44a91076a9 | And then maybe just some details on TRANZACT. I wonder with the election ongoing, did the higher ad rates impact your growth there, and also having to hire agents remotely, did that lead to any operational challenges? | I mean I think the -- I think the ad rates had an impact, although it was an impact that we had expected. In fact we had alerted, I think, analysts to that coming up. I think the -- we certainly had to be flexible and adapt to the new environment with COVID, but I thought the team did a fantastic job of that, and that'... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
caa19e0b034cd3bac890a882dfb6ebe7 | Hi. Thanks, good morning. My first question, I was just wondering from your side of things John, you can just give us an update on the regulatory process, expectations just for the transaction with Aon to close in the first half of the year. From where you're sitting does everything seem on pace given where you are in ... | Yeah, thanks very much for the question, Elyse. And in March of last year when we first announced this, we had said we expect it to close in the first half of 2021. And that's because this is a complex process and has filings required around the world. We are still on course to close in the first half of 2021. We still... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
fde2763d96c159a1a2519f4ba6f03537 | Okay, that's helpful. Then moving on, within CRB, pretty strong growth as seen within North America, and then it sounds like some of the international EV decline was due to the change in this remuneration model. I think this is the second quarter you guys pointed that out, correct me if I'm wrong. So should we be think... | Sure. Let me -- I'll let Mike go into some of the details on that, but let me just mention, I think you're right, this is the second quarter. We talked about it in -- for 2020 results. Of course, we highlighted that in 2019 when we first made the change, and when it had a very positive impact on our -- some of our resu... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f0209b11686ea1868a246dedb03625c8 | So with CRB segment, it was down 1% in totality, would this segment have been around flat, with the rid of the CRB bed [Phonetic], if we kind of adjusted for the accounting noise this quarter? | I guess -- I'm not sure I would look at it that way, Elyse. I guess what we looked at was we did see in our international, NGB down. Overall the accounting noise is just -- it didn't change the bottom line in terms of where we just saw volumes down there a little bit on a year-over-year basis, just in terms of one-time... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
59cb3b8d61252858ea4396a76819cdd8 | Okay. And then one last one on free cash flow, you guys obviously pointed out $1.6 billion close to, right, well in excess of the guidance. You guys have been spending many years working to improve the working capital generation of the firm. Is it just kind of seeing the fruits of the labor that you guys put in over th... | Well, thank you for the compliment, Elyse, I appreciate that. I think as I mentioned on the prepared remarks, our colleagues have worked extremely hard, and as you pointed out, I mean this has been an effort that's been going on for several years, in terms of improvement around what we could do on working capital and t... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
0f7292a3172b591c6ece3db410ddebff | Thanks, good morning. I was hoping you could just give us a sense of, as we move through 2021, any sense around where you think organic growth could be, and in particular, I'm just curious on some of these discretionary businesses that you talked about facing some pressure? How quickly do you see that rebounding? | I think that is very dependent on the macroeconomic environment and how that -- how that develops. And frankly there is a lot of variation in what we -- what we think could happen, depending on whether there are new variants of COVID, that cause new and more substantial lockdowns or whether the vaccines are relatively ... | fully_evasive | [
"direct",
"intermediate",
"fully_evasive"
] | C |
c66e05eb0a89f7d28c84b9b2af265719 | Okay. And then secondly I wanted to pivot over to employee retention. One of your peers talked about a pretty significant level of hiring in the fourth quarter. And given the pending merger, I'm just wondering if you can give some color around what you're seeing, where employee retention levels are, maybe relative to h... | Well, I think for -- If I look at for all of 2020, our turnover was lower in 2020 than it was in 2019. So I think it's running at about the kind of levels we have experienced, may be a little bit below for 2020. I think, as always we are constantly focused on making sure that we have the right kind of employee value pr... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
7d31decfad2a8ebfa124c3d8d8998e4d | Hey, good morning, and congratulations on the year, considering the environment, particularly on the free cash flow. I'm wondering, just with regards to the merger, I know that you're limited in terms of what you can say. Appreciate that you laid out what the organizational table is going to look like, but just wonderi... | So I think the biggest -- thanks for your question, Mark. I know that the biggest, so the most immediate issue we have right now toward moving the transaction along, is getting the regulatory approvals throughout the world to do that. And we are, as I said, in response to an earlier question, we had targeted the first ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
43c7d4940c08a121d655ea9a6005cf80 | Great. And can you just talk a little bit about the reinsurance market, and just how strong it is now? And how people who are focused on this space would think about it over the next 12 to 24 months? | Yeah, Mark. I mean, when you look at reinsurance, we are very pleased with the reinsurance results as we touched on, the growth rate of 22% this quarter and we look at it from an annual perspective, and looking at it -- it's been a very strong performer overall. Obviously, we've had a pricing tailwind that's been helpf... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
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