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bb4317c325b576040e0c6820a91e6715 | Yeah, thanks, and good morning. Probably quick one or two on numbers questions, and maybe a more philosophical one. In the IRR business, you had mentioned that you transferred the wholesale specialty Contingency Risk Business, the CRB, can you help us understand how much of an impact that was or what the dollar amount ... | Yeah, Phil, glad. It was impactful to the wholesale business overall. But the CRB it was immaterial, very small. | direct | [
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397eb36dbbcaa1ef8c13a42173dc80ba | Okay. And for the unallocated business, I appreciate the comments. But we've seen some volatility out of that, and at least for me, is the number that I have struggled with. I mean how can we think about this directionally, or any framework to help us understand kind of what a normalized or "run rate" corporate expense... | Yeah, I mean, I obviously -- I think when you look at 2020's been an unusual year. That can help when you think about it. And so what you have going on in that line item, you have a couple of things. So one, as I said in my prepared remarks, I mean for -- you saw some additional compensation, in particular incentive co... | intermediate | [
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2762e633cdc49a2c7cdfc89615ed2388 | Okay. And then the last one, John, in listening to Aon management talk about the combined entities, it feels like there's an expectation of an acceleration of organic growth from your business. And I was hoping you could talk about what do you see in this better together scenario post the merger that could drive organi... | Yeah, thanks for that question. So I think when we think about the rationale for the merger, I would sum it up in one word, and that's innovation. And I think both Willis Towers Watson and Aon share the view that innovation is needed in our industry, that our industry is not helping clients' address a large portion of ... | direct | [
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428b52eba6ef626cc7c056e5729cc065 | Great, thanks. So two, I think maybe fairly small questions. First, can you help us think through the impact of a weaker dollar relative to the pound on margins in CRB and IRR? | Sure. I mean, when we look at it, we have, well, obviously, a fair amount of expenses are denominated in pounds. But I would say we have a fair amount that are in euros as well, Meyer. So I think you got to -- you really need to look at our overall view of that. As we look out to the -- as we reflected on our numbers i... | intermediate | [
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6caa79ccda7935288c51ff386ee1dd87 | Okay. Yeah, no, it certainly does directionally. And then, I guess it's been a while, I was just looking for an update on telematics consulting, as we see other companies looking to offer the same sort of services. Was hoping you could give us an update on how Towers Watson's business is doing there. | Yeah, I mean I think we are -- to my knowledge, we are not really doing that in a lot of detail these days. We really got out of that business to be fair. So I guess my answer would be nothing. | direct | [
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95db2c8625024c89aa96c375cda00e2e | Maybe first question just on the consumables and instruments side of things. Obviously, that business has been performing really strong recently. It sounds like there has been some benefit from COVID. But Steve, from your comments, it also sounds like you think this revenue growth will be durable. So maybe can you firs... | Sure. Jacob, thanks. We're able to bring capacity online. So one of the reasons you say the demand has been strong since the earliest days of the pandemic. We worked pretty hard to bring on some more sourcing so that we are able to have more capacity. So you're -- I think the demand has been sustained and our ability t... | direct | [
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e9f80bdb8df3b25624a080176b9ab740 | Got it, got it. That's helpful. And then, Steve, you also -- I heard you talk about cell and gene therapy a couple of times, I think, regarding a couple of different business lines. I don't know if you guys have numbers, but maybe can you just update us on the revenues you are generating from the cell and gene therapy ... | So, Jacob, it's the moment -- it's a question that is -- it's a really good question. We don't have all the precision that we want. When we track it on a like-for-like basis, we see 20% and 30% growth in the cell and gene therapy, but I won't say that we're 100% confident we're capturing everything nor with the precisi... | direct | [
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9cc9a0ee3fda0bf485b0c6f22de0763e | Steve, maybe first off on the Semiconductor side. I think you mentioned in your prepared remarks about the strength, particularly with your top Tier 1 and 2 OEMs, they're traditionally going to more advanced nodes and more advanced device structures, turns you usually see more advanced packaging type of techniques, how... | Well, there is a lot packed into that, Patrick. Let me try a couple of things. One of the things that we observed is there has been a much faster shift from our market leading MagnaTran 7 and MagnaTran 8 product lines. These are products that have been in the market now for more than a decade. We launched -- less than ... | intermediate | [
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b0ed80f0edfe73c5ae585898b9de1740 | And maybe as my follow-up question. You had really strong business trends on the Services side in Life Sciences. And I think you mentioned a lot of the GENEWIZ opportunities that you saw during the quarter. Can you give just a little more color on the sample storage management services business, whether anything COVID-... | Sure, Patrick. So we -- generally we had good increase in the amount of storage. Though you think everyone's aware for the past 18 months, we've had a pretty significant effort on the what used to be called the BioStorage business on our ability to continue to capture more collections and to enhance the storage capacit... | direct | [
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b171e385196f056f0526c714cb0098ef | And maybe final question for Lindon in terms of cash flow generation or the outlook as you go into 2021. With a strong Semi environment, with the Life Sciences business now also starting to turn positive, especially on the upward momentum side of things, how do you look at cash flow generation given the working capital... | Yeah, Patrick, that's exactly what we expect. And I think the last two quarters, if you look at the two quarters, Q4 and Q1 combined, we're just a few million short of $100 million in that last six months. I think you're seeing indicative capability of the business going forward. So we're quite pleased about that. It's... | direct | [
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ad69864f1ec77ff1d11d0f733cccf664 | Hey, Lindon, what was organic growth? What was FX impact in the quarter? | Paul, give me a second. It was a couple of million, but it will break that out in our 10-Q. Let me say this, you'll see it in the 10-Q broken out when it's filed, but it's a modest impact. | intermediate | [
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9000e398509f442afbafd96066441c21 | Did you talked to COVID impact, Steve? | Right. What I highlighted was I had roughly about $10 million of positive tailwinds in the Life Sciences business in the quarter. And I have mentioned that it was substantially driven by the consumables and instruments.
Yeah, that's right. Consumables and instruments, automation is a piece of that, but we had supply c... | direct | [
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c9783b9dceec79056a2a0624dcaddd29 | And then lastly regarding GENEWIZ, the expansion in China, where specifically, what's the square footage, what's potential contribution and timing thereof? | Yeah. What I'll highlight to you is it's a significant building size. It replaces the existing four lease bases that we have in Suzhou, China. It provides us almost double the capacity in the first phase building and we have a second phase build -- when I say double what we have in Suzhou, currently, which is our secon... | intermediate | [
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3f0b3f28b39f120b0bf111807dac29a8 | Just real quick, off the top, the 6% to 10% growth range, why 6% to 10% instead of doing something like 7% to 9% or even 8% to 10% and give me some thoughts around why the low end and the high end? | The 6% to 10% largely reflects the capital that we're going to be able to deploy and the range of outcomes from deploying that capital. You can see from the growth rate at the utility. We're looking at a double-digit CAGR of rate base over that time period. SRL is going to be completed in rates for fiscal year 2022. Ad... | direct | [
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24f08931bc7989557948aa969adbaf81 | Yeah. So just again thinking about the wide range, it seems like NJNG the capital deployment is fairly steady and assuming constructive regulatory treatment would be fairly consistent in terms of growth. Is the wider range then reflective of the capital investment and deployment at CEV even more so than at the utility? | Yeah, I think that could be considered. We're ramping up in CEV where the capital that we're deploying in that space over the next two years is similar to what we've done in the past. Obviously in '23 and '24 it increases significantly. But I think like I said before, we've got a good base of growth. Our capital deploy... | direct | [
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4786e34ac3e8d6021500aae1bdac5fc6 | What would hydrogen within your system and incorporating that over coming years mean in terms of capex and then related would you think about breaking that out in future years? I know we're talking about three, five, possibly 10 years down the road. But what would that look like in terms of capex? And, again, would you... | So we're still early in the stages on hydrogen in our system and doing the demonstration project and seen how that would work. We do think it's going to be very important for us in a pathway for our infrastructure to be serving our Company -- our customers far into the future. But I'm going to ask Mark Kahrer to commen... | intermediate | [
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979004e7f68eaa602c088f20ccdac63e | Had a question, it seems like with most of your lower-hanging vintage pipeline replacement capex behind you in cast iron and seem to be bare steel, I'm just wondering what other capex opportunities that you see at NJNG that could drive rate base growth and enhance your system reliability. And also kind of an add-on to ... | So I'll take the last part of your question first, Robert. Our system is very tight. We've got the lowest leaks per mile. So we think our system aligns very nicely with clean energy future and being able to transport lower decarbonized or lower carbon fuels to our customers in renewable natural gas and hydrogen as well... | intermediate | [
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153e387566834b6d7047e7d0d3a894ea | Got it. That's helpful. And also -- it also seems like and looking at your waterfall slide on Slide 85, it seems like the IT costs are going to be pretty significant in 2021 and given that it wasn't including IIP program, just wondering how much visibility you have to those IT costs eventually being recovered in your n... | You're right. We do have quite a bit of IT expense moving forward. The system that we have currently is aging out and it's going to expire. So there's a necessity to replace that. But I'm going to ask Mark Kahrer to comment on the IT expense over the next few years and its recovery.
Yeah. From our standpoint, we talke... | intermediate | [
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84d80e248178749870c47c88d89475a1 | Okay, understood. And then if I could sneak one last one in, you had spoken about some of the constructive fundamentals in energy services heading into next year. And just wondering if you can speak to whether you're getting to see some of those profit opportunities across your storage assets and whether you've had the... | So certainly as we've grown that business over many years our ability to hedge is important to us and certainly be able to lock in profits and margin. I think right now, it's a little bit too early in the winter to really comment on performance in that business as a guide post. So we'll leave it at that for now. But as... | intermediate | [
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21af0369973a61e9d33b4123b80b3b82 | Just a question here on the ITC accounting change. It's obviously a much more conservative approach and reduces the volatility in ITC recognition. But maybe you can speak a bit more to the rationale and also the return profile on these projects where the deferred tax assets on the balance sheet pressuring returns [Inde... | So, Richard, I'll take the first part of that and then I'll hand it off to Pat to talk about the balance sheet. Certainly our strategy in changing the accounting and specifically our use of tax equity financing as we see this market unfold and essentially the growing clean energy market and our ability to make investme... | intermediate | [
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e5ed01d097938f8375f765ac61cd202c | Got it, thanks. That's helpful. And then just in terms of the 30% growth year-over-year into '22. I mean it seems a large part of that is the rate case as well as the Adelphia coming in service. Could you maybe just provide a bit more color on moving pieces there and then what ROEs are you assuming at the gas utility b... | So certainly the -- you're right, the growth year-over-year from '21 to '22 is going to be our large infrastructure projects coming into service. SRL being completed and being as part of our rate case that should be settled out in fiscal year '22 and Adelphia Gateway coming into service as well. That's certainly going ... | intermediate | [
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5010ae262f28bd5d167c7dd16d714a7b | Okay, got it. Makes sense. And then just one more if I can. I guess what drove you to remove PennEast from guidance? I mean, I understand you're committed to the project. But any updates on the timing of FERC approvals or what have you? | I think that's exactly right there, Richard, is the inability to see exactly when construction in commercial operation would take place. We've had this project on the books for quite some time and every single year we've been able to replace and make our earnings if it hasn't been able -- or when it hasn't been able to... | intermediate | [
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bc38ef9b53ee8d72a18798ce5b920fa1 | Sorry to go back on a prior question, but could you be a little bit more specific on the bottom end of the range, long-term EPS guidance range? What would drive the 6%, especially as you're projecting 11% rate based growth at the utility? | We've got many -- a few different moving parts here where we're deploying capex. Our CEV spending is going to ramp up certainly putting Adelphia Gateway into service. We do have some organic growth opportunities in a few areas as well. So I think the way I look at it is we've got a 6% to 10% earnings. We feel pretty so... | intermediate | [
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5ff5d66c49274af942357963a15c3cca | Got it. Okay. Thank you for that. And then second, could you provide some more color on the hurdle rates for CEV as we try to assess you deploying capital between the utility in that segment? What returns do you actually see when bidding for projects? And then what is the average tenure of the PPAs as we assess the -- ... | This is Patrick Migliaccio. So I think it's fair to say that we're under a new paradigm here for investments in CEV. So as we think about New Jersey, the old program, we target unlevered returns in the high single digits moderated a little bit here now under a New Jersey market where we've got a TREC which is a 15 year... | intermediate | [
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8c54bf3aac22c5ee6a99bc2e9447fb1f | Let me start off by asking about demand in your core markets, U.K., Denmark, Belgium. All three countries were in lockdown, at least partially for all of Q1. There is some reopening taking place in kind of April, May time frame. How much did the business closures impact electricity demand and, ultimately, usage of pell... | Pavel, great to hear you, and thank you very much for the question. As we have, frankly, been very privileged to report during the broader pandemic, which unfortunately continues to persist in many parts of the world, we haven't seen any interruptions in demand. Our customers themselves are, of course, core baseload po... | direct | [
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77a2ccc8487049f5743199f38686bc3d | Maybe I'll ask the same question in relation to your brand-new market in Japan. As of just last week, about a quarter of Japan, including Tokyo and Osaka, are in lockdown. Do you envision that having any impact on your kind of initial year of sales into the Japanese market? | No. Not at all. We're very proud to report some of our first vessels under long-term contracts getting out of our ports through the canal. Of course, very different experience than the folks on the Suez Canal. We're very, very pleased with what we've been able to deliver, consistent, reliable, ratable deliveries from o... | direct | [
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8538682abb63324ea3ee3ff607cf8e06 | OK. And then lastly, let me touch on your biz dev activities in the press release. You highlighted Poland as your focal point for kind of incremental supply contracts in Europe. Why Poland? And how quickly perhaps can we expect to see an announcement? | Well, Pavel, thank you. And I'd add Poland in terms of the markets that we think are emerging and attractive, frankly, any of the industrialized nations of the world that are committed to broadscale reduction in greenhouse gas emissions. And so naturally as a member of the EU, Poland being the largest per capita user o... | intermediate | [
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f4c1f08e46ef87849fe4cc4d904ef5b5 | Yes. Regarding the distribution coverage, you're -- you talked about wanting 1.2 times coverage over time, striving for that. You've had such large distribution growth, at least on my model. And given your guidance, we have you a bit below that later this year, that longer-term 1.2 target. How comfortable are you being... | Marshall, thank you for the question. I think that when we are looking at the 1.2 times on a forward-looking annual basis, we discussed like when we talked about last quarter about earnings. We just talked about that we were like over 1.2 times when we looked at the results for a full year of distribution in prior year... | intermediate | [
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6724b1246f329b61eb5f654a82e0467b | Hi. Good morning, everyone. So with respect to Epes, what sort of cost savings can your sponsor achieve by utilizing the existing infrastructure as you noted in the press release and in your prepared comments? | Elvira, thanks for the question, and always good to hear from you. The Epes facility -- and any time we have the opportunity to leverage the assets of a large, fully integrated wood products manufacturing facility, again, we have a large integrated woodyard, lots of infrastructure. I think we're still trying to figure ... | intermediate | [
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9864da226ed92523cbb13e779a87323f | That's helpful. Thank you. And then as your EBITDA continues to grow, and you're going to see some good back half growth, at what point do you think that Enviva EVA will consider developing some of its own projects at the EVA level versus at the sponsor level? | So, again, another great question. I think you're starting to see us do some of that today, certainly, with the benefit of the successful Northampton and Southampton expansions. We're very, very pleased with capital deployment and the investment multiples that we're able to do internally. As well as the multiplant expa... | intermediate | [
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1b6a4e32556d931d3874e8cbf9395c4d | That's great. That's helpful. I have two more questions, one, again related to the sponsor. I mean, at what point do you think the sponsor or EVA adjust IDRs? And then what is the sponsor's kind of longer-term plan for EVA? | So great questions. And, of course, I can't speak for the sponsor itself, but it did go through a broad recapitalization last year, where the outstanding membership units of the Enviva Holdings entity, which had at the time been held within the Riverstone/Carlyle Renewable and Alternative Energy Fund II. All of those o... | intermediate | [
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3ec46ac44b340bb6bc31a2e9aa5df1ba | Great. And then, sorry, just the very last question, just because it's in your press release and you discussed it and just out of curiosity. With respect to the comments in the U.S., given President Biden's comments, so what do you see as the potential opportunity for EVA in the U.S.? | It's a great question, Elvira. And what I'd say is, I think our perspective on the U.S. market continues to evolve. The U.S. has never been a focus of our core business development activities. What we have seen though is, of course, with the transition to the Biden administration and one of their first step's reenterin... | direct | [
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6d262ed8a2f6cf287081afda2646860b | Good morning, and congrats on another successful quarter. Just one quick question in terms of plant expansions and particularly the multiplant expansion with the $50 million investment. I know last quarter you highlighted how those expansions were gleaned from the Waycross acquisition. But just curious, are you seeing ... | Heidi, great to talk to you. And absolutely, we're pretty excited about that. We do see follow-on opportunities as we look to complete the multiplant expansions. The underlying approach that we're taking, we do think that there's opportunities to continue to roll that out to the rest of the fleet. And so we're kind of ... | direct | [
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326f4de5417d3a9f78ca6604d5522d51 | Just to maybe start with BRK Ambiental and Jaspreet touched on this, but I think there were some legislation passed in Brazil recently that was looking to leverage private capital to develop infrastructure, that would be including water and wastewater. Just can you give us a sense as to how that organic capital backlog... | So maybe I'll start and then Cyrus can chime in. Hi, Devin, it's Jaspreet. So just in terms of the legislation, you're exactly right. There was legislation being passed through the Senate, which to oversimplify things, makes it a lot easier for the private sector to participate and bid on concessions that come up in Br... | intermediate | [
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22f18091bf6b22935e0949678770616d | Maybe just switching gears to BrandSafway. Look, I think this is a business that was believed to be less cyclical than a lot of traditional construction firms. Now clearly, this downturn has been different. But just can you give us some thoughts around how this business is holding up in the current environment? With th... | Sure, Cyrus. Yes. Can you hear me?
Yes, I can hear you.
Okay. Yeah. The business, there's no question it's a resilient business. I hope everybody appreciates during fat tail events like we're experiencing, I think nobody escapes the impact. But we've just seen as quickly as customers have put maintenance on hold, the... | intermediate | [
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541f1623810fc987293dcfcf159b4626 | Are you able to provide a sense for where you see the EBITDA potential of the business? | Well, I'm not sure we provide guidance on a company-by-company basis. But I'll say, we're probably off plan by about 30%, but see that springing back here in the back half of the year. | intermediate | [
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7cac47d3c2f54fe4d48796eefa68f732 | Okay. That's helpful. And maybe just one more from me. Just can you walk us through what you're seeing from a new investment perspective, how that pipeline looks in terms of geographies and sectors? And if you're starting to see some of those large covered opportunities come forward? | More broadly. Okay. So look, clearly, things had slowed down in Q2. And I'd say they're definitely picking up. Activity levels have picked up. Companies are talking to us again. And it's across -- it's in all the regions we operate in, Latin America, North America, Europe, India, Australia. We are seeing mid-size and i... | direct | [
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5e933d112e846af841b0bdcec76569ca | Hi, good afternoon. Just was wondering on Multiplex, I know you kind of talked about the second half in liquidity there. But thinking about it from the Company EBITDA perspective, are there -- is that going to have implications from Company EBITDA versus what we saw in Q2?
And then the second part on Multiplex would b... | Yeah. So the funding of the business and EBITDA are separate items, Geoff. So the fact that we may well put some capital in here is not going to impact EBITDA going forward. That answers question number one. Jaspreet, did you want to add anything to that?
No. All I was going to add is just from a run rate EBITDA persp... | intermediate | [
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443decfe8c0b6cb67f3749aa086be619 | Okay. I know you've talked about buying back the units. Just wondering how you're thinking about the relative investment return potential regarding buying back the units relative to outlaying cash for new investments? | Look, it all -- we consider this every day. We are limited in how much we can buy back under our issuer bid program. And obviously, at current levels, we'd be very happy to buy back our units in very large size. If we can, and at higher price levels, we may scale back the activity a little bit. But we have ample capaci... | intermediate | [
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5c674c2181924196f6319c82cdcf9a0a | Okay. And maybe if I can ask one last question. I mean, obviously, it's a very dynamic environment that we're in right now. And maybe just focusing on your larger investments. The impact that COVID-19 has had on the investment thesis for these large investments, are there any of them that you'd say have kind of changed... | Yeah. Well, look, it's a good question, Geoff. So on the one hand, we clearly lost a bunch of cash flow when you think of late Q1, Q2, revenues are down, EBITDA is down, cash flow is down. So some of that is just permanently lost. That said, things have rebounded really strongly.
And as I said, we're looking at July, ... | intermediate | [
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7da9f2450056dcfee5ae42ae969958e7 | Thank you good afternoon. Question relates to Clarios, and it's just around any color you could provide us on the aftermarket sales and how those were positive, and I think that was indicated in the latter versus the OEM sales and just the margin dynamic between the two? And to the degree that your cost-cutting plan wa... | Yes. So why don't I start, and then I'm going to hand it over to Denis to talk about our cost cutting initiative. But for Q2, aftermarket sales, as Jaspreet said, overall sales were down about 10%, sales volumes, which is pretty remarkable. OEM sales generally were devastated in Q2. So demand from the OEMs was down pre... | direct | [
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ec1472c97610323aefbef22041abd500 | Okay, that's very helpful. And then maybe just a final question is just from an investment standpoint and capital allocation and maybe it's a broader Brookfield kind of question too, but it really relates to the investment in Superior and just the process of that being a BBU investment. Is that really just in the guise... | So Andrew, I'm not sure I understand the question, but let me take a stab at it and if I don't answer, tell me. But we've always had this flexibility to buy securities, make loans, and do things like that. And we do that across the broader Brookfield. And obviously, if it's a real estate initiative, that will be done o... | intermediate | [
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6064682db0dd01bb8efa20f8bd9e94c2 | Hi good afternoon. A couple of housekeeping questions to start. With the sale out of Healthscope, what percentage of the business did that represent? And can you give us some color on the returns you'll book on that sale? | Yes. So it's a small part of the business in total, probably in the range of 10% to 15% of the EBITDA. And it was always our plan to sell that business and deleverage. And we did a little better than our expectations, internal expectations. So we're pleased with that outcome. What was the second part of your question, ... | intermediate | [
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195ae21b0606bfeb8199cfd4828f9ac7 | Okay, fair enough. And with the position you took in public securities, you mentioned it's up maybe $165 million. It doesn't sound like you've sold any of those positions yet. Could we see some sales of those positions, given that the markets recovered? | Yeah. We've had a little bit of sales and a little bit of purchasing going on, not very much. By and large, we've held onto what we purchased. And for the time being, we're going to continue to do that. | direct | [
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56345293f0860edcf6f18c5b16136912 | All right, great. And then secondly, more of a high-level question. Following up on your earlier comments on the changing view on valuation, but also the fact you've been managing costs down. I wonder if we can look at as the business from a different angle here, has COVID accelerated your transformation plans in any w... | Sure. As I mentioned, we are really on track on all the major businesses, in particular. Some of the smaller businesses, I would say there's puts and takes in that, we've got cost reduction going on. We're accelerating it. On the other hand, we're getting a lot of pressure from customers or elements of the supply chain... | direct | [
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"intermediate",
"fully_evasive"
] | A |
a4b7029e2bc7ad3437d176546bef1a26 | The single-family resi portfolio has been running off for quite some time now and turn the corner, though, this quarter. Is the expectation with some new originators that those balances may start to stabilize and maybe grow in this environment? | That's correct. That's our plan, yes. | direct | [
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"intermediate",
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] | A |
d5d034734ed2258c5704f2fd46780764 | Okay. And then your reserves on commercial real estate declined about 18 basis points to 146. Can you isolate the reserves on your hospitality portfolio and retail CRE portfolio separately? | The real estate secured element of our portfolio, my recollection, a coverage ratio of about 2.3%, but that excludes the C&I elements, which we do have as part of that. And I don't remember that number as well off the top of my head. It's not a larger piece, but there's another element to it. | fully_evasive | [
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85f5d178c515d6a818378c3394725667 | Okay. Okay. And then I was going through the release, I thought I might have seen something, but the contribution of PPP to NII this quarter. If you happen to have that? | So for the third quarter, interest includes fee and cost amortization, $1.7 million. | fully_evasive | [
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"intermediate",
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] | C |
b6bc63731b6b8b2bccb82ef3d80ad87e | Okay. And then just on the SBA gain on sale, it looked like good volume sold and premiums are a little bit higher than expected. What's your expectation in terms of production going forward in premiums? Can we sustain this level? Or do you think we'll have some seasonal slowdown here in 4Q? | Based on the pipelines that we have for the FDA, in terms of production, I think that, that will probably sustain the production level in the fourth Q and hopefully, in the first Q. As far as the premium levels are concerned, at least it's holding up, and it's 9.5% -- in between 9.5% to 10%. And hopefully, it will stay... | direct | [
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a7174cdfae3402dca12c6e81ddd13e26 | Hi. Thank you for the question. I guess my first question has to do with the migration of special mention and classifieds. I was just wondering, was that mostly within what's in second round deferrals? And about how much of that second round deferral amount has migrated into these categories at this time? | So our release covers in terms of a special mention category, about $31.6 million is COVID-impacted loans, and that's composed about six loans. For the substandard category, it's about $21.7 million impacted by COVID and that includes about five loans. | intermediate | [
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16fe1ca5c3d6643f70a8836b9a5331d5 | Okay. So since the ones highlighted as COVID impacted, are those currently in those second round deferral buckets? Or are they currently paying right now? | The ones in the special management category, some of -- most of them are in the interest paying bucket. And there is a -- in terms of a substandard category, there are -- some are in the interest-only -- interest payment and then some are in deferral category. | direct | [
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ca0f1d00dbdcbc9429c8127f988f2132 | Great. Thank you. And then on the securities book, you added a fair amount, it looks like -- of securities this quarter. So just wondering if this is kind of a good level to hold that at? Or if you're going to continue to kind of put some of your liquidity into securities going forward still? | So securities are roughly 12% of our balance sheet. I think up from about, if I remember correctly, 10% at year-end before the pandemic struck. So I suspect, Kelly, that, again, most of our book is actually pretty much, substantially, all of the book is a high cash flow book. So we do put back to work the remittances t... | direct | [
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17917cac8681a47fec083af40ae99730 | Great. And if I can sneak a final one in. Given where your valuation is, and you continue to build capital. At what point do you start to revisit the buyback? And is that entering the discussions at all in terms of how you're viewing capital return? | Well, as I think I've mentioned in the past, the Board, particularly given the onset of the pandemic, discusses quarterly our capital actions and whether that's dividend or whether that's year repurchase. So I think we're all encouraged of what we saw in the third quarter, but we're still in the pandemic. So we'll deli... | intermediate | [
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9e7d440ce077f096003937e351b3d92c | Great. Thank you very much. I had a couple of questions on the hotel modifications for the quarter. When do these -- the hotels that are in modification, where those modifications set to expire? | Those majority of modifications -- second round modification expires toward the end of October, November and December. We have given three months -- limited to three months in the first month and second month, three months as well. So it's maturing starting end of October. | direct | [
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0366a2096639487a7e35e1dc0725aeaf | Okay. The cash collateral that you've collected, do you plan to apply that to the back end of the modification? Or has that already been used up to for interest-only payments? | No, we're holding it as a reserve. Customers will pay as agreed, whether it's interest payment or... So Tim, just to add on the payment reserves, some of our customers, although they are in modification, some of the customers are sitting on ample liquidity, so we wanted to have customers commit to their payment going f... | direct | [
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96035cdc211bac90d33bb6adbd2951fb | Okay. Yes. And that kind of follows on my next question, Bonnie. As you look at the loans that are on the second deferral, just generally speaking, are these properties where the owner just needs a little bit of time to -- just needs a little bit of time, or is it a situation where they're actively seeing occupancy rat... | It's a combination. Some -- as we look at the individual financial conditions of the hospitality borrowers. Some of them do show debt service ability. However, given that we're still in the pandemic, some of the customers are taking more conservative approach of still asking for the modification. That's where we requir... | direct | [
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814becb2b6b82a217a36144e2a96831b | Okay. Okay, that's super helpful. Thank you. And then just my last question was, just looking at the PPP loans. Has any of your borrowers started the forgiveness process? | Yes. We actually just began the process. SBA came out with the -- at least for the loans up to 50,000, they came out with the guideline. So we have started the process. | direct | [
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86b2e3413467a1a11ee54bd244b241d5 | Hi, thanks for the follow-up. Just a quick question about the loan portfolio. This is the second quarter that leases fell kind of substantially. I was just wondering if there's any pivot there or if it's just a change in demand and how we should be thinking about growth in leases in this environment? | So it's not so much of the -- that the market has changed or there's a lesser demand. I think that there's a consistent demand in the leasing industry. Having said that though, we are being very cautious in terms of providing new leases to the service industry accommodations or retail. So that's why I think that if you... | direct | [
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10addaf930e4b262afd923ca003cd0f1 | Hi, good evening. I had two questions. The first one is in relation to IMTU, the large sequential jump. If you could just go into a little more detail there as to product development initiatives and, you know, the extent to which you think that's sustainable in future quarters.
And then the second question was on Mark... | OK. Marcelo, if you want to answer any or part of it, please feel free to jump in. The IMTU business was really a broad-based, you know, gains. I mean, we had gained at retail, wholesale, direct to consumer, Africa, Latin America.
There were some significant opportunities that we seized upon this quarter that we believ... | intermediate | [
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043f2ffa6434d8929ced160edcb2a02c | Thanks. without wanting to hog the microphone, is there an update you can share with regard to the potential spin-off or spin out of the UCaaS division? | It's still on track. We don't have any change in the status as to what we told you last quarter. | direct | [
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] | A |
9ace95a11a75a63dcb6360310af83af1 | Hi, guys. Could you comment on the change in reporting for the NRS and POS? | Yeah, sure. Yeah, I mean, we decided to show the metric the amount of points-of-sales units that are active in the network, which is the method that we use to show you a few quarters ago. We found that to be a better metric to help investors in being able to associate that with the growth of the POS terminals and asses... | direct | [
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c160002f3d34e6c5941a8073700ab2ab | Hi. Sorry about that for I'm not sure what -- when I got cut off, but I had three questions. One was maybe if you can give us a little more color on what you're doing in mobile top-up to take share there because that was quite a quarter? And maybe you can frame the opportunity as you see it over the next few years for ... | So maybe not in order of the way you ask them, but on the third one, I mean, I think that we answered that question to a previous caller, there's no change in the timeframe that we provided last quarter. And as far as the MVNO through T-Mobile, it's actually going very well. You know we had our best growth so far, the ... | intermediate | [
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04687bdeb911d6663fe083e7e3012742 | So a lot of investor conversation is around the state of the RV supply chain. And it sounds like you are in a position to meet demand potentially better than others. But what are you seeing across the broader supply chain? And I guess, maybe said another way, what gives you confidence the supply chain can meet a 25% to... | Brett, this is Andy. Good Morning. Thanks very much for the question. Yeah, I think we're in a really good spot as it relates to where we're situated today. We went into COVID with a very strong financial platform, first of all. And so as we work through the COVID shutdowns and then the subsequent ramp up, we really pu... | intermediate | [
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6abb2236fb4b5cf38a64f3972f8c5844 | Got it. Okay. And then a follow-up on the, I think it was 15% to 20% 4Q RV retail outlook. I mean, it's definitely an encouraging outlook. But is there anything that you're seeing in October trends that give you the confidence for the remainder of the quarter on retail? | Trends have been very consistent, both on the retail side as it relates to our channel checks with our partners. New buyer activity still remains strong. Retail units are still sold really through November and December at this point in time. So there's no channel refill occurring at this point, which, from our perspect... | direct | [
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] | A |
a7e453359162d57e184396b63fc4ce2f | I wanted to drill down a little bit on the inventory levels, both in RV as well as marine, you talked about how many units have been stripped out. Maybe talk about where we are in terms of absolute levels, whether it's weeks of production, percentage of annual shipments today and kind of where that stands in terms of t... | Sure, Dan. This is Andy. In the RV industry, in particular, we track the statistics there as it relates to retail wholesale and inventories. And weeks on hand have been halved from where they were back in 2014 on roughly 45% to 50% more in retail volume. Inventory turns have doubled at this point in time compared to wh... | intermediate | [
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a28de587e0ebeda9ce01dd15b4a352dc | Helpful. You mentioned despite the really strong operating leverage, some labor and overtime constraints, understandably. Any -- can we quantify that margin impact in the quarter and thoughts on either lingering inefficiencies or opportunity to correct those in Q4 and '21? | Yeah, Dan, this is John. Just we really feel that labor inefficiencies in Q3 were 30 to 50 bps, and over time, being probably the most significant component of that. Second item would be, as we ramped up just some labor efficiencies as we work to ramp up our facilities. So those two items, needless to say, we've kind o... | direct | [
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5e830e8a9c0c970d623ad7b270725894 | Got it. Very helpful. And then what are you hearing about, obviously, demand is robust. The OEMs regarding holiday schedules relative to Q4 last year. And are you seeing or experiencing any rising COVID cases or intermittent shutdowns either at Patrick or across the supply chain? | Right now, I would tell you that we're expecting the production schedules for the holiday season here to be improved, if you will, over what they were last year. So we would expect more days of production than what we saw last year at this point in time. And then as it relates to COVID, our team has done a fantastic jo... | intermediate | [
"direct",
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2b2fa0bef600b2759cc1906cadb0d3cb | Perfect. And last for me. On the MH side, backlogs are through the roof for most of the OEMs but there's some significant near-term bottlenecks to production. How fast do you think they can alleviate those? And how fast do you think the MH business can grow in '21, the industry in general if not Patrick's? | Right now, as it relates to kind of MH, we're kind of thinking low to mid-single digits up in 2021. I think certainly, the labor is the biggest issue out there today. I know that some manufacturers are looking at opportunities to increase production and throughput in that space. And -- but they're dealing with the same... | intermediate | [
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b03432b55b36fd67b03582f0cc21df6f | Can you maybe talk about your view for RVs for next year? I know the RVIA is looking for a nice increase in shipment activity. But that -- when I look at those numbers, one can think that they're just looking at replacement demand. We're just trying to refill the coffers on the deal a lot. What are your expectations fo... | Our current expectation, I would tell you is that retail is going to be up low to mid-single next year, and that's going to continue to, again, prolong the channel refill cycle, I think, even with RVIA numbers. That being said, again, the manufacturers are adding capacity today to be able to support that. We're doing t... | direct | [
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74348ab6c83a97e939fedb9582049006 | And on some of the supplier issues, obviously, you're faring much better than most. Could you give us any examples of any share gains that you've had because of some of your competitors not being able to fulfill demand? | Yeah. I think that as we look at it, really, in Q3, I would tell you that our share gains have been relatively nominal. We picked up a little bit, but we've really been focused on making sure that we're taking care of our existing customers at this point in time, given the significance of the ramp-up. I think as we loo... | intermediate | [
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d056fb38b5eb073f59cd7b866c4b85d2 | Got it. And on the industrial side, nonres, could you talk about how those business trends are, whether it's high-rise or hospitality? Obviously, there's some weakness there. But maybe just give us a flavor of what's going on that side. | The biggest issue we see today, really two things. One, multifamily is a little bit constrained due to some COVID protocols. At least where we're at out in the Pacific Northwest. But as it relates to high-rise commercial, the biggest issue is constraints on the number of subs that can be inside a project at any given t... | direct | [
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64cebe82136ec2bbb8a103e23b5abc3c | So I'm sorry if I missed it. Did you report organic growth by category? | No. The -- we didn't in -- for the quarter, Craig, organic was 2%. And just to give you the rest of the story, we feel out of the 24% sales growth in the quarter, organic was 2%, acquisition was six percentage points and end market industry was 16%.
So the organic net of 2% is net of industry, just FYI. | direct | [
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5b544d4659e4705d7395cd5b3d883188 | Yeah, that's a good important clarification. I appreciate that. And then I know that in the RV market, there's been tremendous demand for entry-level units as more people join this industry. So ASP trends have been, I think, under pressure. Curious what your expectation is for content per unit, looks like it held flat.... | Yeah, Craig, this is Andy. I think as we look at it, we've definitely seen smaller units, a little bit of a shift there. It was already kind of on the low end of the spectrum as it relates to size of units heading into COVID. The new buyers certainly have been attracted into that space. And so ASPs under pressure as we... | intermediate | [
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a000d4b0fbb377138715a7198da70056 | Great. And then on the margin front, a lot of incremental revenue coming in, how should we think about your incremental margin today given your changes in your portfolio and new acquisitions? Just trying to get a feel, I guess, for the incremental profitability of the business. | Hey Craig, this is John. Just a couple of things. We're -- we set out on a journey to improve op margins 30 to 50 bps this year. We're on track to do that. And as it relates to kind of higher sales volumes and our ability to leverage fixed costs. Absolutely, we saw that in Q3. We expect that to continue as we push forw... | direct | [
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bbcd248dd3e5ea611e4bc22b455ce625 | Just maybe on maybe previous commentary made by some who you kind of dispute the impact of COVID on demand. And I'm just wondering, is there a way to kind of -- how do you guys think about the maybe COVID driven demand and maybe that's around the new buyers coming in versus kind of what growth might be outside of that? | Steve, this is Andy. I think that as we look at it, we think that the new buyers have certainly been on top of what was already strong fundamental demographic trends that were supporting the market. And so certainly the need and opportunity for social distancing but being able to get away has been a very attractive opt... | intermediate | [
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af6609f056627495aeaa10d8e216e996 | Okay. And then I guess just on the -- your kind of revenue per industry segment. I mean is the -- are there areas where it's not due to the delta between you guys and the industry is not due to acquisitions where maybe your outperforming kind of unrelated to acquisitions or underperforming due to supply constraints on ... | I think that we've got hotspots here and there across the platform as it relates to just some supply constraints, but nothing overly significant. And what I mean by that is that we see opportunities to be able to improve going forward. I would tell you that our operations, we would tell you are performing as expected, ... | intermediate | [
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bc0ba016eb5fcb32bb310c3860829603 | Thanks, again. Obviously, as once again, aggressively reallocating strong cash flow. Maybe just talk about rank ordering priorities as we go forward. Obviously, capex to ramp up is first and foremost. But we spent a lot more on acquisitions than buybacks. Stock is kind of 10% free cash flow yield or higher by my math. ... | Sure, Dan. This is Andy. I think as we look at things right now, we've got a very strong acquisition pipeline. Very excited about the candidates and partners or potential partners that are in that pipeline today, which we continue to cultivate. So we're going to continue on the strategic path there. Capex has absolutel... | intermediate | [
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52155b81d34323c65b028d9fa9f3188f | Just -- I wonder if we can start off with the decision around the dividend reduction. I'm just wondering if you can walk us through the different scenarios that you shared with the Board and how you arrived at the level that you cut it to? I think we fully appreciate the prudent nature of not borrowing to fund capex an... | Yeah, thanks. The Board of course considered every alternative and you stated it, I mean, the plan at the end of the day was to set the dividends such that we had ultimately positive free cash flow after payment of dividends and capital. So we have a bit of a surge in capital for the next couple of years, because of th... | direct | [
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da0da20e30b0f02e5c6eb377342f451c | Okay. And you talk about being at a point where you can actually buy back shares at some point in the future return capital, I think was the word you chose, given the fact your stock is obviously trading down significantly today, I mean, do you sort of sit there and sort of oscillate between potentially buying back sha... | No, we'll always be opportunistic, and we have been in the past. We bought back I think it was 30 million shares at just under $5, $4.80-something over the past couple of years. So we will be opportunistic, and that's paid-off very well, right? So I wouldn't be surprised to see us buy back shares if the shares is not p... | direct | [
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317c4ef9cb3b587a0501eb5e561ffa81 | Okay. And then maybe a quick follow-up question. On Slide 12, you talked about you're targeting an ROIC of 15% to 17%. What are the chances, odds, probabilities, however you want to characterize it, that there's another drilling partnership down the road that AR does, and we get like an incremental $65 million up in ca... | Well, number one, it's not a variable dividend, and it was sat -- like I said in the sweet spot, on the -- at the lowest level, in terms of from here, we think it's just upside, in terms of variability. It will be increasing the dividend over time. But AR, if you followed AR, this was a one-time deal to fill up firm tr... | direct | [
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9577be8db0e582cab3fd74927f52c726 | I totally get it. I -- it was just we're trying to understand, how to be thinking about all the different, almost like putting it on a Bayesian tree of how you're thinking about it. So there's some conclusion here is it's basically surgical in nature, you were targeting something specific. And there is -- there was no ... | Yeah, I think that's -- I think that's well said, absolutely. | direct | [
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e14908488c3f1129f15ce60bbc6a7678 | Hey, good morning, guys. This is James on for Jeremy. Just following up with Shneur's question, he asked, just doing the math on the savings from the dividend reduction this year, taking out the incremental capex, you still have about, call it $90 million to $100 million of savings. Do you expect that to all go back to... | Actually it ticked down a little bit. But yes, those amounts that would have been pay dividend, we used to pay down debt. Also may have some amounts for allocation for repurchase of shares that was opportunistic. | direct | [
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c3f5ea47d4dd351582de1860fea812fd | Okay, fair enough. And just a second question, if you can remind us when you expect to become a cash tax payer, and within the guidance for free cash flow through 2025, is there any consideration for cash taxes to that? | Yeah, we're not a cash taxpayer over that five-year period. | intermediate | [
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fd5d5a71bb3a8ac88524c01c88054f57 | Hey, thanks for the time. I just wanted to follow-up, appreciate the longer-term outlook for free cash flow and EBITDA. Just wondering, if you can talk a little bit about maybe the risks to those numbers, either to the upside or the downside? Thank you. | Well, I think you can look at AM historically, right. I mean, it has been steadfast in terms of its capital spending, and the generation of returns. And these are the same types of projects that we've been doing. It's just accelerating projects, whether it's compression, or LP gathering, or HP gathering, water, etc. So... | direct | [
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9c504a09af85fecbf539aa419e31a162 | That's fair, thank you. Maybe my follow-up will be on that, that last point. Seems like AR probably mostly done with kind of liquidity management steps right now. Any new thoughts on that remaining AM stake and what they might want to do with that? | Yeah. AR continues to enjoy that ownership, that stake, the dividend stream, so no, no real change there. I mean, AR is generating so much cash, free cash flow this year and going forward at the current strip, even a backward aided strip that there's no need to sell any AM shares. | direct | [
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2cf41a640ff9913c1417b534de9a2b15 | Hey guys, good afternoon. I appreciate the comments there on the -- not being any cash tax in the forecast. But are you able to share even broadly speaking, sort of when you do expect to start paying cash taxes? | Yeah. No, we don't have that here. It's not in any of our forecasts. And they go out six, seven years, so it's not in that timeframe. | fully_evasive | [
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1a5ee90131c5ea536f9cc7d1ff2ceb35 | Okay. And then, maybe as a follow-up to what I believe Shneur was asking, looking through the AR slides, it looks like, they kind of hit max FT capacity in that 2025 timeframe. And so, if I marry that with kind of what you guys said about, not really anticipating further drilling partnerships or ramps in capex, should ... | No, I don't think so. At some point, especially with higher prices, you'll see companies like Antero go back to some growth, at least in the single-digit range. So I wouldn't read that as driven strictly by the FT. And then also the drilling partnership, it drills and completes last completions will be early year 2025.... | direct | [
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75da2ff87252fc538454492d4533238a | Okay. So I guess not necessarily a ton of concern about pipeline constraints at that point in time? | That's right. I wouldn't read too much into that FT chart in terms of growth, that doesn't mean it doesn't hamper our growth at AR. | direct | [
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641bc9cd25d66aa247c08936787d6752 | Okay. Okay. And then a final question from me, just on the water side, can you share sort of what your latest usage assumptions are for well completions, and then kind of how long do you expect to run those 30,000 foot laterals? | We do have a bounty, just a long inventory of 30,000 foot laterals that benefit you've seen it on the maps of our acreage being so contiguous. And where we control it in terms of being the operator with nearly or almost always 100% working interest.
35 barrels of water per foot.
Right, is our current formula, we're d... | intermediate | [
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193df602c7730bbf6d56961dcd06f070 | Okay. And I guess maybe more of what I was getting at is, is there any risk to either of those numbers starting to creep down in the next 12 months to 24 months? | Not materially. The entire -- in terms of lateral length, entire five year plan average is 13,100 feet. So, we've got long laterals as far as you can see and with our land efforts, we continue to add on to laterals that are in the plan six, seven, whatever that are shorter. We continue to add to that and grow those, if... | direct | [
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6541b127a5e887ec177a911da80f3ec3 | Hey, thanks for taking the questions. Based on the current production plan, do you expect to offer any low pressure gathering fee rebates to AR in 2021? And then also, does the incentive fee agreement that you have in place, are there any thoughts on potentially extending the term of that? I know that it goes through 2... | Yes, your question on the fees. We've got a slide in the AR presentation that outlines the current forecast and there are no fee rebates in 2021, but they do achieve them in '22 and '23. So there's a schematic out there and it does expire in '23. | direct | [
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bba96cd6e143db633e9616551a8dc7e9 | Okay, got it. And then maybe can you talk about the cadence of the remaining $110 million of growth capex associated with AR's drilling partnership that's expected in the period 2022 through 2025? | Yeah. The majority of it is in 2022 and then a little bit in 2023. So the mid point of this year's guidance $250 million, you can kind of think of 2022 it will be a little bit higher than that maybe $275 million to $300 million and then '23 and beyond steps back to $200 million and below, returns below $200 million in ... | direct | [
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"fully_evasive"
] | A |
75390151634b4b86c7cea55a167f928c | I was just wondering, in terms of CX-2029, I appreciate the data update today. Anything that as you looked at the patients that progressed, any similarities about those patients in terms of what might be driving that progression? It sounds like maybe it's not adherence, but anything in terms of pathways or anything you... | We're still early in characterizing this drug candidate. This is a really big idea. And the -- I'll give you one example of something that we need to do more work on, of course, which is the relationship between target level and response. So we're very early in our assessment of that particular biomarker, if you like. ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
013ab630b8e28abf37970fe52dea0857 | And then I guess, as you think about -- maybe for Carlos, as you think about the balance sheet, are there additional partnership opportunities as you guys think about it? I know, Sean, you mentioned there's been a lot of interest in ADCs, but as you think about further partnership opportunities, is there anything that ... | You're right, of course, partnering is -- has been and will continue to be an important part of our plan moving forward. We do enjoy a robust balance sheet at the moment. We have -- within our existing alliances, we do expect over the next couple of years to earn additional milestone payments in those alliances, which ... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
f21ebf2189226c4c89f6ab4cd7083355 | On -- sorry, 2029 on the breast cancer studies and that redesign trial where you'll have the three arms there. Do those expansion studies have the ability to convert into registrational studies? | So we do know that response rate can be a mechanism for accelerated approval in triple negative breast cancer that is very much on our minds, and we are going to be keenly interested in the results that we get from that. Whether or not we observe a registrational enabling -- well, the studies that we designed for the h... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
116c1e4632df0a5b468240e0a92d1985 | Okay. And if I could also just ask another EpCAM-targeted drug recently went into the clinic. And I'm wondering if maybe you can talk a little bit about that program and what are the differentiating features for your own asset? | There -- I mean, EpCAM has been on people's radar screen for a long time, and multiple approaches have been tried. And certain approaches are being tried right now, including certain antibody approaches, even cell therapy approaches. And so there are a variety of different agents being evaluated. We have the view that ... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
09e8670124e22ac2543ab3fa378a7f95 | I have one about the EGFR CD3 with Amgen. Just kind of wanted to get a broad view on where you see this program playing a role in EGFR cancers. Any indications that seem particularly interesting for this mechanism for targeting EGFR? And also wondering if there's been any kind of preclinical data to suggest potential a... | Obviously, given that the programs partnered with Amgen, we're not communicating at this stage on potential indications, but we are gearing up to get this program into the clinic. It's an exciting program. And really, given how broadly expressed EGFR is on a range of solid tumors, we see a number of potential opportuni... | intermediate | [
"direct",
"intermediate",
"fully_evasive"
] | B |
2c41147e609fbb6b9bb43cb3cff38446 | Let's talk about the guidance, though. So your guidance, 14% Q-o-Q revenue guidance, given that you did have these solid results for Q4, can you characterize what you have seen in the March quarter so far to provide this guidance, which I would characterize as in line to slightly better than expectations? | Yeah. I think in line is what we're seeing. Things have been progressing nicely, in line for us since Q2, as you've been watching things grow. I think from the commentary, you're seeing that this security built-in message with our partners is working really well. And the CloudAlly success, not a really big business, bu... | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
a6fbdef142b97459b9e3a0cc9834f397 | OK. Great. And then just to be clear, your ARR numbers, you say it is organic. Does that include or exclude the CloudAlly contribution? | That does include the CloudAlly contribution. So it would be one point or two less without the CloudAlly in there. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
2faa9fe867b2ae4434f4e30631927e9a | OK. Good. I think it was going to be bringing about $8 million of ARR in calendar '20? | That's right. | direct | [
"direct",
"intermediate",
"fully_evasive"
] | A |
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